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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Bianco Research | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, long-term, Private Capital, Public Companies, value creation | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The manager took advantage of this performance to realize gains from Oracle. | View | |
| 2025 Q2 | Aug 4, 2025 | Artemis US Select Fund | 10.1% | -6.2% | AAPL, ABBV, ALL, CEG, CHD, CMFY, FI, KO, MU, NVDA, PCG, STX, TDG, TMO, TXN, WFC, WMT | Data centers, nuclear, semiconductors, tariffs, technology, US | The fund is positioned in data center beneficiaries including Comfort Systems, Constellation Energy, Seagate, and Micron. Management cited strong demand persisting across tech/data centers with no current signs of slowdown in capital expenditure. Constellation announced a 20-year agreement with Meta to provide nuclear power for data centers. | NVDA CMG AAPL |
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| 2025 Q2 | Aug 4, 2025 | Artemis Global Select Fund | 4.2% | -7.5% | 000660.KS, FI, NU, NVDA, RYA.L, SDZ.SW, TSM, TTEK, TXN, UNH | Biosimilars, Europe, Fintech, global, healthcare, semiconductors, tariffs, Trade Policy | Semiconductor shares rebounded strongly during the quarter with SK Hynix, TSMC, Nvidia and Texas Instruments among top contributors. Texas Instruments was initiated as a major position based on being at the trough of the industrial cycle with inventory run down, and coming to the end of heavy factory investment cycle in the US. | SDZ TXN |
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| 2025 Q2 | Aug 29, 2025 | Brummer Multi-Strategy Fund | - | - | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, global, growth, payments, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre and Amazon. MELI continues expanding with new services like wholesale platform Mercado Libre Negocios and digital health service Dr. Virtual. The manager views these as platform businesses with structural advantages and operating leverage. | V RBRK MELI INPST |
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| 2025 Q2 | Aug 25, 2025 | Davis New York Venture Fund | - | 11.5% | AMAT, AMZN, BRK-B, COF, CVS, DANSKE.CO, DGX, HUM, META, MGM, OC, SOLV, TECK, TOU.TO, TSN, TXN, UNH, USB, VTRS, WFC | AI, Concentration, financials, inflation, Quality, technology, Transition, value | GenAI is likely the most transformational technological development in modern history, driving major advances across industries while creating significant competitive, economic and social risks. The market for AI products and services is still in early days with fierce competition, making it risky to project long-term winners based on recent performance. AI will prove disruptive to once stable industries in ways difficult to anticipate. | View | |
| 2025 Q2 | Aug 18, 2025 | Baron Durable Advantage Fund | 15.6% | 7.4% | ACGL, ACN, AMZN, APH, AVGO, CME, DHR, GOOGL, LPLA, META, MPWR, MSFT, NVDA, SPGI, TMO, TSM, TXN, TXRH, UNH, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI infrastructure buildout is proving durable with NVIDIA maintaining leadership position. The company disclosed line of sight to projects requiring tens of gigawatts of AI infrastructure, with every gigawatt representing $40-50 billion opportunity. Scaling laws have expanded beyond pre-training to post-training and time-test scaling, all driving GPU demand. | CME APH UNH META NVDA AVGO |
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| 2023 Q2 | Aug 1, 2023 | NZS Capital – Growth | - | - | AMZN, ASML, BALL, CDNS, CGNX, CSTM, DHR, FI, GOOGL, ISRG, LIN, LRCX, MSFT, OKTA, PGR, PYPL, RGEN, SUI, TXN, WDAY | AI, Cloud, Digital Economy, growth, innovation, semiconductors, technology | The manager views AI as creating vast opportunity for change with a wide range of outcomes, similar to the early days of the internet. AI has widened the range of outcomes for all companies and increased disruption risk. The manager believes some AI-themed stocks and large platform companies have become marginally less attractive due to this uncertainty. | View | |
| 2024 Q2 | Jul 8, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, AMZN, BF-B, GOOGL, IDXX, META, MSFT, NKE, NOVO-B.CO, NVDA, OR.PA, SYK, TXN, WAT | Concentration, long-term, Quality, semiconductors, technology | The fund began accumulating Texas Instruments during the period. The manager notes concentration in semiconductor names like Nvidia driving market returns, though they avoid Nvidia due to unpredictable outlook concerns. | View | |
| 2023 Q2 | Jul 8, 2023 | Torre Financial | 13.2% | 31.9% | 6367.T, ADYEY, AMD, ANSS, ASML, CDNS, FI, GOOGL, JNJ, LIN, LRCX, LZAGY, MCHP, MEDP, MSFT, NFLX, NOW, NVDA, NVO, ON, PGR, SWAV, TSLA, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble where long-term promise is significant but near-term corrections are expected. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree rather than direct beneficiaries. | View | |
| 2024 Q2 | Jul 3, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM | Beta Hedging, Long/Short, quantitative, risk management, Systematic | View | ||
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Large Cap Strategy | 2.9% | 4.3% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, consumer, defense, infrastructure, large cap, technology, Trade Policy, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment around AI's potential to radically change life remaining high. However, manager believes sentiment is partially disconnected from reality as AI's potential is yet to be fully proven, creating opportunities for discerning investors. | EQH ZTS TMO FDX ADBE FERG RRX |
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| 2025 Q2 | Jul 27, 2025 | Weitz Partners III Opportunity Fund | 2.5% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Hyperscalers, Long/Short, Quality, technology, value | Early days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | KMX |
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| 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 |
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| 2025 Q2 | Jul 23, 2025 | PM Capital Global Companies Fund | 8.1% | - | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, Fintech, global, growth, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. The manager emphasizes platform businesses with structural advantages as a cornerstone of investment philosophy. | V RBRK MELI INPST |
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| 2025 Q2 | Jul 22, 2025 | Harbor Capital Appreciation Fund | 19.5% | 7.4% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators. | ORCL TOST AMD BSX SHOP HUBS |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Income-Equity Strategies | 3.8% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, Banking, dividends, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | HRL ELS COP |
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| 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 |
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| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Balanced Fund | - | 2.7% | ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC | AI, Balanced, financials, healthcare, long-term, technology, Utilities, value | AI-related stocks have driven 75% of market returns since ChatGPT launch, with 40% of capital expenditures linked to AI. The Fund lacks exposure to mega-cap AI leaders but sees durable momentum in AI infrastructure including data centers, power generation, and components. | WEC AMZN FI UNH |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Fund | 0.3% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade | AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Brands Fund | 6.6% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies. | IDXX WING GALD SW |
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| 2024 Q2 | Jul 17, 2024 | ARK Invest | - | - | AMZN, CSCO, HD, KHC, MCD, MMM, NKE, SBUX, TMO, TXN, UPS, XOM | AI, Deflation, Fed policy, innovation, rates, Recession, technology | ARK expects AI and other disruptive technologies to drive broad-based deflation and pull the economy out of recession. The convergence among 14 technologies in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly software applications that are underrepresented in broad-based benchmarks. | View | |
| 2025 Q2 | Jul 15, 2025 | BNY Mellon Appreciation Fund | 8.8% | 5.2% | AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V | AI, earnings, large cap, tariffs, technology, Trade Policy, volatility | President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans. | View | |
| 2023 Q2 | Jul 12, 2023 | Generation Investment Management Global Equity | - | - | AMAT, ASML, BAX, BDX, HSIC, LRCX, MSFT, NVDA, PANW, TXN | AI, Quality, semiconductors, sustainability, technology | Generative AI has entered public consciousness with ChatGPT usage growing rapidly. The technology holds great promise but economic impact will take time as companies experiment with tools. GPU usage is only 7% of servers globally. AI will benefit semiconductor equipment makers and cybersecurity companies while transforming software development. | AMAT |
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| 2025 Q2 | Jun 30, 2025 | Zeno | - | - | AAPL, ADI, IFX.DE, TSM, TXN | Analog, Automotive, Cyclical, Industrial, Manufacturing, Onshoring, semiconductors, technology | The semiconductor industry has grown at ~8% annually for 40 years, driven by exponential innovation. The fund focuses on analog semiconductors, which are more stable than digital chips and have multi-decade product lifecycles. Analog chips condition real-world signals like temperature and pressure, requiring high precision for applications in medical equipment, automotive, and industrial systems. | TXN TXN |
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| 2024 Q2 | Jun 30, 2024 | Carillon Eagle Growth & Income Fund | - | - | ADI, AVGO, AZN, CVX, ETN, GS, HD, JPM, MDT, MRK, MSFT, ORCL, PLD, PNC, PPG, TGT, TXN | AI, dividends, growth, large cap, Quality, semiconductors, technology | Technology stocks driven by artificial intelligence trend fueled remarkable S&P 500 performance in first half of 2024. Broadcom is a key beneficiary of AI spending which continues to accelerate. Oracle signed dozens of new customers including two leaders in generative artificial intelligence with strong growth appearing poised to accelerate. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2024 Q1 | May 21, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH | Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic | The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks. | View | |
| 2025 Q1 | May 1, 2025 | Mairs & Power – Balanced Fund | 0.0% | 0.0% | ABT, DIS, FIS, FUL, GOOG, HD, LFUS, MDT, MSI, QCOM, RHHBY, TECH, TTC, TXN, V, WEC | balanced fund, Defensive, healthcare, inflation, technology, Trade Policy, Utilities, value | Tariff uncertainty in March caused equity declines while benefiting fixed income through flight to safety. Prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs function as a tax that businesses must absorb or pass to consumers, likely creating upward pressure on prices and inflation. | View | |
| 2026 Q1 | Apr 8, 2026 | ClearBridge Investments Large Cap Growth Strategy | - | - | ALNY, ASML, BX, COST, CRM, EQIX, ETN, FICO, GWW, INTU, LIN, MSFT, NFLX, ORCL, PYPL, RHHBY, RTX, SHW, TSM, TXN | AI, Biotechnology, defense, growth, industrials, large cap, semiconductors, technology | PYPL CRM ALNY ROG.SW TXN |
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| 2026 Q1 | Apr 29, 2026 | Weitz Partners III Opportunity Fund | -8.1% | -8.1% | ACN, CRM, DHR, IEX, LBRDK, MSFT, POOL, ROP, SIRI, TMO, TXN, V, VMC | AI, energy, Geopolitical, Long/Short, software, technology, value | View | ||
| 2026 Q1 | Apr 29, 2026 | Weitz Multi Cap Equity Fund | -8.3% | -8.3% | CSGP, DHR, GOOGL, HEI, IR, IT, MSFT, ODFL, RGEN, SIRI, TXN, V | AI, energy, fundamentals, Geopolitical, multi-cap, Portfolio Management, value | View | ||
| 2026 Q1 | Apr 29, 2026 | Mairs & Power – Balanced Fund | -1.8% | -1.8% | ABT, ADP, CRM, ENTG, FAST, FISV, LFUS, PANW, TTC, TXN, UNH, V, WEC, WM, XEL | AI, Balanced, energy, healthcare, inflation, semiconductors, technology, Utilities | WM PANW |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, AMAT, AVGO, AZO, CHTR, CP, DE, FI, GILD, GOOGL, INTC, MSFT, MU, NVDA, O, ORCL, RHHBY, SPGI, TXN, VZ | large cap, REITs, semiconductors, technology, Telecom, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductors industry. Broadcom benefits from the adoption and proliferation of AI and has established itself as one of the leading providers of custom silicon products. Rising investment in AI fuels demand for memory providers like Micron. | View | |
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2025 Q1 | Apr 23, 2025 | Oak Ridge investment | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft and Alibaba Group were strongest performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realise gains from Oracle position given strong AI-driven performance. | View | |
| 2026 Q1 | Apr 18, 2026 | Madison Large Cap Fund | -2.7% | -2.7% | A, ADI, CRM, DE, DHR, IT, KEYS, META, PCAR, SBUX, TXN, WDAY | AI, large cap, Quality, semiconductors, technology, value | META CRM |
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| 2026 Q1 | Apr 17, 2026 | Sandhill Investment Management | - | - | TXN | AI, fixed income, Geopolitical, Middle East, semiconductors, volatility | TXN |
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| 2024 Q1 | Apr 15, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH | AI, dividends, financials, large cap, rates, technology, Utilities, value | Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio. | TSN AEP |
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| 2024 Q1 | Apr 15, 2024 | Matrix Dividend Income | 0.0% | 0.0% | ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH | dividends, financials, large cap, Rate Cuts, technology, Utilities, value | Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio. | TSN AEP |
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| 2026 Q1 | Apr 13, 2026 | The Davenport Value & Income Fund | 1.9% | 1.9% | ACN, BDX, CMCSA, CSCO, CVX, ELV, ENB, FDX, NEE, NSC, NVO, SLB, TXN, UNH, UNP, VSNT, WAT, WY, XOM | AI, dividends, energy, Geopolitical, income, infrastructure, large cap, value | View | ||
| 2024 Q1 | Apr 10, 2024 | NZS Capital – Growth | - | - | 6367.T, ADYEY, AMD, ANSS, ASML, FI, JNJ, LIN, LONN.SW, MCHP, MEDP, NFLX, NOW, NVDA, ON, PGR, SWAV, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble with long-term promise but near-term correction risk. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree. The fund notes AI's potential impact is unknowable but enthusiasm is bordering euphoria. | View | |
| 2025 Q1 | Apr 1, 2025 | Guinness China | -0.1% | -0.1% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2026 Q1 | Mar 31, 2026 | Diamond Hill Large Cap Strategy | -2.4% | -2.4% | ABT, ADBE, CARR, COF, COP, FANG, IP, KMB, MSFT, TXN | AI, energy, Geopolitical, large cap, technology, value | CARR KMB MSFT |
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| 2025 Q1 | Mar 31, 2025 | BlackRock Global Dividend Fund | 0.7% | 0.7% | ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH | AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy | The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions. | View | |
| 2025 Q1 | Mar 31, 2025 | BNY Mellon Appreciation Fund | -3.3% | -3.3% | AAPL, AMZN, BA.L, BRK-B, CVX, GOOGL, META, MSFT, NVDA, PGR, TXN, V | AI, large cap, Quality, tariffs, technology, Trade Policy, value | The Trump administration announced 25% tariffs on Mexico and Canada, 20% on China, and 25% on foreign automobiles, with future reciprocal tariffs telegraphed. This created uncertainty over trade relationships and pressured equities as investors feared higher consumer costs and slower growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Impax US Sustainable Economy Fund | -5.8% | -5.8% | AAPL, AVGO, AWK, EIX, GILD, GLOB, GOOGL, LLY, MA, MSFT, NOW, NVDA, PGR, TXN, V | energy, Esg, healthcare, sustainability, tariffs, technology, Utilities | The portfolio focuses on companies positioned to benefit from the transition to a more sustainable economy, including renewable energy sources, energy efficiency, and clean technology solutions. The fund's sustainability tools emphasize energy efficiency exposure and companies optimizing energy consumption through technology. | NOW GLOB EIX AWK PGR GILD |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | The Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. | View | |
| 2025 Q1 | Mar 31, 2025 | Evolve Private Wealth | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, long-term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The company took the opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2025 Q4 | Feb 3, 2026 | The Sound Shore Fund | 7.8% | 18.2% | C, COF, FLEX, GM, HII, LUV, MSFT, PVH, PYPL, REGN, TEVA, TMO, TXN, WBD | defense, earnings, healthcare, Manufacturing, Transformation, undervalued, value | Sound Shore specializes in identifying undervalued companies undergoing transformations, focusing on stocks trading at attractive valuations relative to earnings power. The portfolio trades at 13.5 times forward earnings versus S&P 500 at 22 times, providing meaningful discount despite strong balance sheets and free cash flow. Healthcare was the best performing sector in Q4 after lagging earlier in 2025. Portfolio holdings Regeneron and TEVA provided positive pipeline updates and were among largest contributors as regulatory clarity emerged around previously uncertain policies. Huntington Ingalls Industries, the largest US Naval shipbuilder, was a standout 2025 performer after working through post-COVID supply chain issues. The company benefits from US Navy's commitment to rapidly expand the fleet and prospects for further margin gains. FLEX evolved from low-value electronics assembly to high-value specialized manufacturing for medical, industrial, and automotive industries. Under CEO Revathi Advaithi, the company achieved operational discipline and double-digit earnings growth with expanding margins, benefiting from accelerating data center end-markets. | View | |
| 2023 Q4 | Feb 29, 2024 | Easterly – Global Real Estate Fund | 12.6% | 7.2% | AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, Fintech, growth, Logistics, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. Manager emphasizes platform businesses with structural advantages as cornerstone of investment philosophy. | ^VIX RBRK ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM INPST |
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| 2024 Q4 | Dec 31, 2024 | Madison Investors Fund | -0.4% | 16.4% | A, ACGL, ADI, ALC, AMZN, BRK.B, CPRT, DLTR, ELV, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V | consumer, healthcare, industrials, payments, Quality, technology, value | Two payment companies, Fiserv and Visa, were contributors in the quarter. Both are benefiting from resilient consumer spending and the digitization of cash transactions, despite participating in different areas of the payments value chain. | View | |
| 2024 Q4 | Dec 31, 2024 | Madison Dividend Income Fund | -1.7% | 7.6% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, ROK, TEL, TXN | dividends, income, industrials, large cap, Quality, Relative Yield, technology, value | The fund employs a relative yield strategy, buying stocks with dividend yields at least 1.1x the S&P 500. The portfolio's relative yield of 2.15x the S&P 500 is at the high end of its historical range and 25% higher than at the end of 2022. Portfolio holdings have increased their dividends by nearly 8% on average over the past year, well above inflation rates. | TEL ROK |
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| 2024 Q4 | Dec 31, 2024 | BNY Mellon Appreciation Fund | -1.5% | 12.4% | AAPL, AMZN, ASML, GOOGL, LVMUY, MSFT, NOW, NVDA, NVO, SPGI, TXN, UNH, V | AI, Federal Reserve, growth, large cap, Quality, rates, technology, Trade Policy | Corporate results indicated AI infrastructure investments were yielding tangible returns, particularly in cloud computing offerings, efficiencies gained, and improvements across advertising and content. Management for many large technology companies signaled plans for further investments in this area, which should benefit semiconductor designers and manufacturers. | View | |
| 2024 Q4 | Dec 31, 2024 | BlackRock Global Dividend Fund | -4.6% | 9.5% | AAPL, ABBV, ACN, AVGO, AZN, CRM, MDLZ, MSFT, NVO, RELX, TSLA, TSM, TXN, UNH, WMB | dividends, energy, global, healthcare, Quality, technology | Broadcom significantly boosted performance as it reported a sharp increase in artificial intelligence revenues and a major design win from Apple. Salesforce also benefited from AI competitiveness and new product launches that boosted investor confidence. | View | |
| 2024 Q4 | Dec 31, 2024 | Impax Global Environmental Markets Fund | -8.0% | 4.9% | 2454.TW, A, ADSK, AI.PA, LIN, MSFT, MTD, NVDA, SIE.DE, SU.PA, TXN, WAT, WM | Environmental, global, healthcare, industrials, materials, sustainability, technology | AI demand continues to drive growth for portfolio holdings like Nvidia, with strong momentum from continued demand for high energy efficiency GPUs driven by AI and data centre investments. Key client announcements of further data centre spending bolstered growth prospects. | View | |
| 2024 Q4 | Dec 31, 2024 | Davis New York Venture Fund | - | 17.2% | 005930.KS, AMAT, AMZN, BRK-B, CI, COF, DGX, GOOGL, HUM, META, MGM, OC, TECK.TO, TOU.TO, TSN, TXN, USB, VTRS, WFC | AI, Concentration, financials, healthcare, industrials, inflation, technology, value | Generative AI is likely one of the most transformational technological developments in modern history, creating new risks and driving major advances across industries. The market for AI products is still early with fierce competition, making it risky to project long-term winners based on recent performance. AI will likely prove disruptive to stable industries in ways difficult to anticipate. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Technology Fund | 13.0% | 30.0% | 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CSU.TO, GOOGL, MA, META, MSFT, NFLX, ORCL, PTC, SAP, TSM, TXN, UBER, V, VEEV | AI, Automation, growth, SaaS, semiconductors, software, technology | AI investment opportunities continue to drive portfolio positioning, particularly in hardware and semiconductor manufacturers that power AI models. The fund recently added NICE, which provides AI modules for contact center software, demonstrating the expansion of AI applications beyond core infrastructure. | View | |
| 2023 Q4 | Dec 31, 2023 | Bailard Technology Strategy | 20.0% | 68.2% | AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI | AI, growth, semiconductors, software, technology | Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries. | View | |
| 2025 Q3 | Nov 3, 2025 | Sigil Stable Fund | 2.9% | - | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, Fintech, global, growth, Platforms, software, technology | Portfolio includes significant positions in e-commerce platforms like Mercado Libre, which continues expanding across Latin America with new services like wholesale platform Mercado Libre Negocios and digital health services. The manager emphasizes platform businesses with structural advantages as a cornerstone of investment philosophy. | View | |
| 2025 Q3 | Nov 25, 2025 | Caledonia Investment | - | 7.3% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | AI, diversification, global, Private Capital, Public Companies, technology | Strong performance from Oracle, Microsoft and Alibaba Group driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of shares. AI developments are creating opportunities across technology holdings. | View | |
| 2024 Q3 | Nov 19, 2024 | Artemis Global Select Fund | -3.7% | - | 0700.HK, 2020.HK, 3690.HK, 6273.T, AAPL, AMZN, CEG, ELV, GOOGL, MTX.DE, NVO, SNPS, TCOM, TXN | China, Cloud, healthcare, semiconductors, Stimulus, technology, Valuations | August began with a severe sell-off as investors questioned whether potential profits from artificial intelligence were enough to justify the lofty valuations of giant technology companies. The market was quick to recover though, suggesting continued underlying interest in AI themes. | 6273.T 0700.HK 2608.HK SNPS AMZN |
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| 2025 Q3 | Nov 11, 2025 | Artemis US Select Fund | 9.6% | - | AAPL, ABBV, BE, CAH, FIX, JPM, NVDA, TSLA, TXN, WDC | AI, Data centers, growth, large cap, semiconductors, technology, US | Continued momentum in AI spending with very little sign of let-up. Strong demand from AI servers boosted Western Digital's memory chip business with 30% revenue growth. The fund took profits in AI-related names like Bloom Energy and Nvidia while remaining positioned for the ongoing AI infrastructure build-out. | PH |
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| 2023 Q3 | Oct 31, 2023 | Davis New York Venture Fund | 0.0% | 0.0% | 2318.HK, AMAT, AMZN, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, OC, TECK, TXN, USB, VTRS, WFC | Banking, fundamentals, healthcare, Quality, Resilience, technology, undervalued, value | The fund focuses on companies trading at attractive valuations despite strong fundamentals. Portfolio companies trade at 11.4x forward earnings, a 45% discount to the S&P 500, while growing earnings faster than market averages. The end of the easy-money era has created opportunities in undervalued, high-quality businesses. | View | |
| 2023 Q3 | Oct 31, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, PM, TGT, TXN, VZ | defense, dividends, energy, large cap, Quality, technology, value | The Income Equity strategy focuses on higher overall dividend yield orientation and companies with attractive shareholder yields. The portfolio emphasizes dividend-paying companies as a significant component of expected total returns in the current environment. | View | |
| 2023 Q3 | Oct 31, 2023 | Ensemble Capital | 0.0% | 8.0% | ADI, BKNG, BR, GOOGL, ILMN, MA, MASI, NFLX, TXN | growth, interest rates, large cap, payments, semiconductors, technology, value | The 10-year treasury yield rose 0.73% in Q3 as investors recalibrated long-term interest rate expectations. The Fed shifted from expecting recession to a more positive economic outlook, forecasting they would not need to cut rates as soon or by as much. Higher rates driven by real economic growth rather than inflation have mixed but generally positive impacts on equity valuations. | View | |
| 2025 Q3 | Oct 28, 2025 | Weitz Partners III Opportunity Fund | 0.0% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCIA, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Buybacks, Long/Short, Quality, technology, value | The fund acknowledges AI as a dominant theme with early returns accruing to chip makers like Nvidia and Broadcom. They remain on the sidelines of pure-play AI investments due to uncertain long-term growth forecasts, preferring exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can invest in AI while maintaining durable core businesses. | View | |
| 2025 Q3 | Oct 24, 2025 | Mairs & Power – Balanced Fund | - | 6.5% | ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC | AI, Balanced, financials, healthcare, technology, underperformance, Utilities, value | AI-related stocks have dominated market performance since ChatGPT's 2022 launch, with 40 AI-related S&P 500 stocks accounting for 75% of market returns. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, and thermal management components. However, the Fund largely lacks exposure to these high-performing AI companies, contributing to underperformance. | View | |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Large Cap Strategy | -0.1% | 4.2% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, Data centers, defense, large cap, Quality, technology, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment potentially disconnected from reality as AI's potential is yet to be fully realized. Markets are rewarding companies with minimal AI exposure while punishing those at risk of disruption. | ZTS FDX |
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| 2025 Q3 | Oct 21, 2025 | BNY Mellon Appreciation Fund | 3.3% | 8.7% | AAPL, AMZN, ASML, BLK, GOOGL, INTU, ISRG, META, MSFT, NOW, NVDA, NVO, TSM, TXN, V | AI, earnings, large cap, Quality, rates, technology, Trade Policy | Large technology companies reported benefits from deploying AI internally and for clients, which boosted revenue growth. These companies also expanded investment plans for additional AI resources to meet growing demand, as consumers and enterprises rapidly adopt AI. Companies that have exposure to the AI datacenter buildout benefited. | INTU TSM ASML NA NVDA MSFT |
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| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Income-Equity Strategies | 3.6% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, dividends, energy, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | TTE HRL ELS COP |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner International Small Companies Equity | -1.1% | 17.3% | AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN | AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap | The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery. | MEDI NO AFX GR 6869 JP |
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| 2025 Q3 | Oct 17, 2025 | Harbor Capital Appreciation Fund | 5.0% | 12.7% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally. | ORCL US TOST US AMD US |
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| 2023 Q3 | Oct 17, 2023 | Mawer International Equity Fund | 6.9% | 16.0% | ASML, CCA.TO, CME, CNQ.TO, DG, EQNR, KSPI.L, MC.PA, NVO, SHEL, SU.TO, T.TO, TSM, TXN, VZ | energy, global, healthcare, inflation, rates, semiconductors | Energy companies positioned to benefit from higher oil prices performed strongly during the quarter. Canadian Natural Resources, Suncor Energy, Equinor, and Shell were among the stronger performing holdings as oil prices moved higher. | View | |
| 2025 Q3 | Oct 16, 2025 | Platinum International Technology Fund | 6.0% | - | 8035.T, ADI, AMAT, AMZN, AVGO, GOOGL, GRAB, ISRG, MA, MCHP, MSFT, NFLX, NVDA, SAP, SNPS, TSM, TXN, V, VEEV, VRT | AI, defense, growth, infrastructure, semiconductors, technology | AI infrastructure stocks make up around 30% of the portfolio and drove majority of returns with companies like Broadcom, Nvidia, TSMC up around 20%. The fund stands to benefit from ongoing massive investment in the AI build-out. OpenAI's user growth from 200m to 700m weekly users poses existential threat to incumbent tech companies like Alphabet and Meta. | View | |
| 2024 Q3 | Oct 16, 2024 | ARK Invest | - | - | AMZN, CAT, CSCO, DOW, FDX, KHC, MCD, MMM, NKE, PG, SBUX, TMO, TXN, UPS | AI, Deflation, Fed, innovation, rates, Recession, technology | ARK expects AI and other disruptive technologies to drive productivity growth and create new products and services that replace legacy solutions. The convergence among 14 technologies involved in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly among software applications that are underrepresented in broad-based benchmarks. | 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 |
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| 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 |
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| 2023 Q3 | Oct 15, 2023 | Madison Sustainable Equity Fund | 6.1% | 20.1% | ADI, BMY, COST, DIS, EL, GOOGL, HD, J, LLY, NEE, ORCL, PEP, TEL, TGT, TXN, UNH | growth, healthcare, infrastructure, large cap, Quality, semiconductors, sustainability, technology | Eli Lilly's diabetes franchise, particularly Mounjaro, continues to drive performance with approval for diabetes and expected approval for obesity treatment later this year. The company is also awaiting approval of donanemab for Alzheimer's by year end. | TXN GOOGL 0JZ0 LN ALLY |
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| 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 | |
| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | Concentration, discount, healthcare, Hotels, Quality, semiconductors, Spirits, value | Vulcan focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value. The firm emphasizes companies with sustainable competitive advantages and superior returns on capital. Price-to-value ratios are at historically attractive levels across their strategies. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | DEO, ISS.CO, ITRN, MAR, MLKN, SEE, SMRT, TXN, UNH | Concentration, free cash flow, large cap, Margin Of Safety, Quality, value | Diageo is a global spirits and beer producer with over 200 brands. The spirits segment generates more than 80% of revenue and has been taking share from beer and wine. The premiumization trend has been a tailwind driven by an expanding global middle class and preference for higher quality spirits. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | healthcare, Hospitality, large cap, Quality, semiconductors, Spirits, value | The firm focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value with sustainable competitive advantages. They target companies with pricing power, strong margins, and high returns on invested capital across multiple strategies. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | Competitive Advantage, large cap, Margin Of Safety, Quality, value | The firm focuses on purchasing securities with substantial margin of safety in terms of value over price, targeting companies trading well below fair value. They emphasize reducing portfolio price-to-value ratios through disciplined buying and selling decisions. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | concentrated, discount, large cap, Quality, small cap, value | Vulcan focuses on purchasing high-quality businesses at substantial discounts to intrinsic value with sustainable competitive advantages. The firm emphasizes price-to-value ratios and margin of safety as key investment criteria. They recently reopened Small Cap and All Cap strategies due to historically attractive price-to-value ratios. | DEEPSEEK SMRT EDELWEISS ITRN MLKN AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2025 Q3 | Oct 1, 2025 | The Wolf of Harcourt Street | 1.2% | 23.4% | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, growth, Latin America, payments, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. InPost continues UK expansion with Aldi partnerships and Post Office trials for parcel lockers. | View | |
| 2024 Q4 | Jan 7, 2025 | The London Company Income Equity | -2.3% | 11.9% | AAPL, APD, BLK, BRK.B, LOW, MSFT, NSC, PGR, PM, TXN | dividends, downside protection, income, large cap, Quality, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 23.1% pre-tax ROC versus 11.4% for the benchmark and lower leverage at 1.5x net debt/EBITDA versus 2.4x for the index. | View | |
| 2023 Q4 | Jan 5, 2024 | Sparrow Wealth Management | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, Long Term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 2025 Q4 | Jan 30, 2026 | Matrix Dividend Income | 0.0% | 0.0% | ACN, LMT, META, TXN | AI, consumer, dividends, Fed, financials, rates, technology, value | Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. The Dividend Income portfolio's companies increased dividends by an average of 5.8% in 2025, with holdings having raised dividends for an average of 17.5 years. Lower short-term money market rates following Fed cuts should renew market interest in dividend paying stocks, providing an additional tailwind for the portfolio. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect rotation from Large Cap Growth stocks with highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. The Federal Reserve cut interest rates three times in 2025 and is expected to cut at least twice more in 2026. Matrix remains cautious on intermediate and long-term bonds due to questions about Fed independence and potential for renewed inflationary pressure, focusing on shorter-term maturities. | FISV TXN |
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| 2025 Q4 | Jan 30, 2026 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ACN, FI, GNRC, LMT, META, TXN | AI, dividends, Fed, financials, rates, technology, value | Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect a rotation from Large Cap Growth stocks with the highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. Matrix expects high quality Value and Dividend stocks to perform well in an environment where investors are seeking to replace income lost due to declining short-term interest rates. Lower short term money market rates following additional Fed Fund cuts should renew the market's interest in dividend paying stocks. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Small Companies | 0.4% | 8.5% | AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN | global, healthcare, momentum, Quality, small caps, technology, value | The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns. | 2344 TT DIA IM 298380 KS |
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| 2024 Q4 | Jan 19, 2025 | Sharp Capital | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, Long Term, Private Capital, Public Companies, value | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Balanced Fund | 0.0% | 6.6% | AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC | AI, Balanced, earnings, financials, healthcare, rates, technology | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence. | View | |
| 2023 Q4 | Jan 14, 2024 | Generation Investment Management Global Equity | - | - | A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT | AI, Climate, Global Equity, healthcare, real estate, sustainability, technology | The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2024 Q4 | Jan 13, 2025 | Miller Wealth Management | - | - | AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V | Cloud, E-Commerce, growth, Latin America, payments, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. InPost continues UK expansion with Aldi partnership and Post Office trials for parcel lockers. | V RBRK MELI INPST |
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| 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 | |
| 2024 Q3 | Sep 30, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACN, ADI, ALC, AMZN, BN, BRK.B, CPRT, DLTR, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V | consumer, financials, industrials, large cap, Quality, technology, value | Parker-Hannifin continues executing well despite slowing industrial economy, improving margins and integrating Meggitt acquisition. PACCAR facing weakening sales from declining freight rates and softening economic backdrop, though high-margin aftermarket parts division provides support through cyclical downturn. | KEYS |
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| 2024 Q3 | Sep 30, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CME, FAST, HD, HON, JNJ, MDT, MS, NEE, TXN | dividends, income, industrials, large cap, Quality, value | Fund employs a relative yield strategy targeting stocks with dividend yields at least 1.1x the S&P 500. Portfolio holdings increased dividends by nearly 8% on average over the past year, well above inflation rates. Fund maintains focus on companies with consistent dividend increase records. | HON |
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| 2024 Q3 | Sep 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, ACN, ALLE, AMAT, AZN, LVMUY, MDLZ, MSFT, NVDA, NVO, OTIS, PM, SHEL, TSM, TXN | dividends, global, healthcare, industrials, Quality, technology | The fund focuses on carefully selected quality companies with strong dividend growth potential. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through global dividend-paying companies. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, BAC, BK, CAH, CNQ, EPD, ETR, GILD, GS, HST, JEF, JPM, KO, LAMR, MRK, NTR, OGE, ORI, PSX, TXN | AI, dividends, financials, Market Concentration, Utilities, value | The firm focuses on high-yield dividend stocks that offer yields over 2.5x the S&P 500. They had 7 dividend increases in the quarter and believe their portfolios are well-positioned for dividend growth throughout the full market cycle. The relationship between market breadth and high-yield dividend stock performance is central to their investment thesis. | ETR |
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| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities | The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, income, inflation, Recession, Utilities, value | The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, income, inflation, Utilities, value | The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, GS, HESM, JPM, MPC, MPLX, NEE, NS, NTR, PAYX, SO, SUN, TRGP, TXN, VST | AI, dividends, energy, income, inflation, interest rates, Midstream, Utilities | The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide downside protection. | View | |
| 2024 Q3 | Sep 30, 2024 | Impax Global Environmental Markets Fund | 7.9% | 14.0% | A, AI.PA, AMAT, ASML, CARR, CGNX, LIN, MSFT, MTD, PNR, SU.PA, TXN, WAT, WM | Energy Efficiency, Environmental, global, industrials, semiconductors, sustainability, technology | Portfolio holdings providing energy efficiency solutions, such as heat pumps and HVAC technology, continue to benefit from resilient end-market demand and reshoring themes. Data continued to point towards a new recovery cycle in US residential HVAC, along with continuing secular trends in commercial HVAC. Energy efficiency remains a tailwind for portfolio holdings. | View | |
| 2024 Q3 | Sep 30, 2024 | Impax US Sustainable Economy Fund | 6.6% | 21.4% | AAPL, AMAT, BBY, CBRE, EMR, GILD, HUBS, LLY, LOW, MA, MSFT, NVDA, PGR, PINS, ROK, TXN, UNP, V, VFC | Esg, financials, large cap, real estate, sustainability, technology | The fund's energy efficiency tilt was additive as Energy Efficiency-related names outperformed the market and Energy stocks. The portfolio takes allocation from Energy and reallocates it to companies focused on energy efficiency solutions. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ABT, AIG, CAT, COP, CVX, DIS, EXR, FANG, GM, HCA, KKR, KMX, LH, SHW, TGT, TXN, VZ | energy, fundamentals, large cap, rates, real estate, Utilities, value | Energy sector had the best Q3 performance with 12% gains driven by rising oil prices. Portfolio benefited from holdings in ConocoPhillips and Chevron which outpaced the index. Added Diamondback Energy as a pure-play Permian operator with strong operational capabilities and intelligent capital allocation. | View | |
| 2023 Q3 | Sep 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | ABT, CRM, ECL, ENTG, GGG, GOOGL, HON, HRL, LLY, MSFT, MSI, TECH, TTC, TXN, USB, XEL | AI, Balanced, fixed income, growth, inflation, rates, technology, value | Artificial intelligence is creating efficiencies and driving investment opportunities, particularly in technology companies. The fund sees AI as crucial for creating workforce efficiencies amid changing labor dynamics. Microsoft's leadership in AI helped propel it to all-time highs this year. | View | |
| 2023 Q3 | Sep 30, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, financials, large cap, rates, Utilities, value | The Dividend Income portfolio focuses on companies that pay regular dividends, with 17 companies announcing dividend increases in 2023 averaging 6.8%. The portfolio maintains a 3.35% dividend yield compared to 1.61% for the S&P 500, demonstrating the strategy's focus on generating strong and growing current income. | NEE HRTX |
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| 2023 Q3 | Sep 30, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, Fed policy, inflation, large cap, rates, value | Interest rates rose sharply in Q3 with 10-year Treasury reaching 4.57%, highest since 2007. The Fed raised rates by 0.25% and signaled higher for longer policy. Matrix believes the Fed is nearing the end of its hiking cycle and expects rate cuts in 2024 as economic slowdown becomes evident. | NEE HRTX |
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| 2024 Q2 | Jul 28, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN | Logistics, multi-cap, Quality, technology, value | The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth. | ODFL |
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| 2024 Q2 | Jul 28, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value | AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. | SBUX IP |
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| 2024 Q2 | Jul 22, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ | Buybacks, Consumer Staples, dividends, income, large cap, Quality, technology, value | The portfolio focuses on higher overall dividend yield orientation with income generation as a core objective. Apple announced a 4% dividend increase and $110B share repurchase authorization. The strategy emphasizes shareholder yield through dividends, share repurchases, and debt reduction as comprising a significant percentage of total return. | TEL |
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| 2024 Q2 | Jul 22, 2024 | The London Company Large Cap | 8.1% | 14.6% | ALB, APD, GOOG, MLM, NEU, NSC, NSRGY, ODFL, TEL, TXN | dividends, industrials, large cap, Quality, technology, value | The London Company emphasizes quality factors in their investment approach, seeking profitable, financially stable companies with consistent free cash flow generation and high returns on capital. They note that Quality factors had mixed impact during the quarter but remain central to their long-term strategy. | TEL GOOG |
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| 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 |
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| 2024 Q2 | Jul 17, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, AMZN, CMCSA, EOG, FAST, HD, HON, MDT, MS, NEE, TSLA, TXN | Concentration, dividends, Quality, technology, value | The fund focuses on high-quality dividend-paying stocks with above-average yields and sustainable competitive advantages. Portfolio holdings have increased dividends by nearly 8% on average over the past year, well above inflation rates. The fund's relative dividend yield of 2.20x versus the S&P 500 is at the highest level in 25 years. | View | |
| 2024 Q2 | Jul 16, 2022 | Ensemble Capital | 0.0% | 8.0% | AAPL, ADI, AMZN, BKNG, CMG, CSCO, DELL, FAST, GOOGL, ILMN, INTC, META, MSFT, NFLX, NVDA, NVR, RACE, TSLA, TXN, VEEV | AI, Biotechnology, Concentration, large cap, Mean reversion, semiconductors, valuation | The letter extensively discusses artificial intelligence as a transformative technology similar to the internet. The manager believes AI enthusiasm is correctly recognizing massive potential, but incorrectly assumes incumbent market leaders will capture all profits. AI is described as complementary to genomic sequencing, enabling automation of complex data analysis and accelerating discoveries in digital biology. | View | |
| 2024 Q2 | Jun 30, 2024 | American Century Equity Income Fund | 9.6% | 0.0% | ADI, BDX, CB, EPD, INTC, JNJ, JPM, KMB, KVUE, MCHP, MDT, NSC, RHHBY, TXN, UL, VZ, XOM | Consumer Staples, dividends, financials, Quality, technology, Utilities, value | The portfolio focuses on higher-quality stocks with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience against uncertain economic environments and lagging effects of elevated interest rates. | View | |
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Appreciation Fund | 3.7% | 10.7% | AAPL, AMZN, ASML, CP, CVX, GOOGL, MC.PA, MSFT, NKE, NVDA, NVO, SHW, TXN, UNH, V | consumer, growth, healthcare, large cap, Quality, technology | Large technology companies continue to focus capital expenditure on expanding artificial intelligence capabilities to meet burgeoning demand. Management teams from many companies across various industries discussed potential monetization opportunities and efficiency gains from deploying AI. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, AXP, AZN, CRM, GOOGL, MC.PA, MSFT, NESN.SW, NVDA, NVO, PRU, RELX.L, TSM, TXN, UNH, UNP | dividends, global, healthcare, Quality, technology | TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. The fund added IT exposure through Alphabet and Salesforce during the quarter. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AMZN, CRM, ECL, ENTG, FISV, GOOGL, GRCO, HD, HRL, LLY, META, MSFT, NTRS, NVDA, TSLA, TTC, TXN, USB, XEL | AI, Balanced, inflation, Regional Banks, technology, value | Artificial intelligence has driven significant outperformance in technology stocks, particularly benefiting mega-cap names like Microsoft, Alphabet, Amazon, and Nvidia. The fund maintains a favorable long-term view on technology given growth in AI, automation, and cloud computing, though valuations appear over-extended near-term. | View | |
| 2023 Q1 | Apr 20, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FIS, MSFT, NSC, PFE, SCHW, TXN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Investors Fund | -0.9% | -0.9% | A, ACGL, ACN, ADI, ALC, AMZN, BN, BRK-B, DHR, ELV, FERG, FI, GOOGL, LOW, NKE, PACR, PGR, TXN, USB, V | concentrated, insurance, large cap, payments, Quality, tariffs, value | Three insurance companies topped the contributor list during the quarter's negative market returns. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Progressive continues benefiting from robust premium growth and strong underwriting margins. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Small Companies Equity | -10.5% | -10.5% | AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN | emerging markets, Europe, growth, international, Japan, Quality, small cap | The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets. | View | |
| 2024 Q4 | Jan 29, 2025 | Weitz Multi Cap Equity Fund | -0.6% | 15.6% | AIF.TO, BRK-B, DHR, EFX, GOOGL, GWRE, HEI, KMX, LBRDK, LBTYK, MA, META, ODFL, PRM, SIRI, TECH, TXN, V, VRSN | inflation, Multi Cap, rates, small caps, technology, value | Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. | View | |
| 2024 Q4 | Jan 29, 2025 | Weitz Partners III Opportunity Fund | 1.1% | 15.4% | AMZN, BRK-A, CCRD, CHTR, CSGP, DHR, FIS, GOOGL, GPN, LBRDA, MA, META, MSFT, PRM, ROP, SIRI, TECH, TMO, TXN, V | Life Sciences, Long/Short, Megacap, payments, technology, value | Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. | View | |
| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V | Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value | The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings. | View | |
| 2023 Q4 | Jan 14, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ALC, BDX, BN, CHTR, DHR, DLTR, GOOGL, LBRDK, SCHW, TXN, USB, VEEV | financials, healthcare, large cap, Quality, technology, value | The fund added to Texas Instruments following share price weakness amid investor wariness of the analog semiconductor downcycle and negative margin impact from capital investment programs. Management expects end markets to grow above GDP rates long-term and capital investments to generate attractive returns. | View | |
| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, AMZN, ATCO-A.ST, BF-B, DEO, GOOGL, IDXX, LLY, META, MKC, MSFT, NKE, NVDA, NVO, OR.PA, PM, SAP.DE, SYK, TXN | AI, Concentration, long-term, Quality, technology, volatility | The AI boom continued in 2024 with focused attention on fewer real beneficiaries like Nvidia. Tech companies are racing to build AI capacity through GPU chips and data centers, though whether this arms race produces adequate returns remains an open question. The AI enthusiasm contains hype similar to the Dotcom era, but key differences include current profitability of leading companies like Nvidia. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Madison Investors Fund | Texas Instruments Inc | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Analog, automotive, capital investment, Embedded, Industrial, manufacturing, semiconductors, switching costs | View Pitch |
| Apr 28, 2026 | Fund Letters | Madison Sustainable Equity Fund | Texas Instruments Incorporated | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | analog chips, automotive, Embedded Processing, high margins, Industrial, semiconductors, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Analog Semiconductors, Free Cash Flow, High Barriers, Long-term Focus, Mission-Critical, Pricing power, Stable Markets, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Focus | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Analog Semiconductors, Electronic Content Growth, Free Cash Flow, High Barriers, Long-term Management, Mission-Critical, Stable Markets | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Analog, Free Cash Flow, High Barriers, long-term strategy, market leadership, Mission-Critical, Power management, semiconductors | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Analog, Free Cash Flow, High Barriers, Long-term Management, market leader, Mission-Critical, semiconductors, Stable Markets, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Analog, Free Cash Flow, High Barriers, Long-term Focus, market leader, Mission-Critical, semiconductors, technology | View Pitch |
| Apr 23, 2026 | Fund Letters | Sandhill Investment Management | Texas Instruments | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Analog, CapEx, Cyclical, Fabrication, manufacturing, recovery, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Zeno | Texas Instruments Incorporated | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Analog Semiconductors, automotive, Catalog Products, Cyclical, Free Cash Flow, geopolitical, Industrial, manufacturing, US Domestic Production, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis Global Select Fund | Texas Instruments | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | analog chips, capital expenditure, Cyclical Recovery, electronics, Industrial cycle, manufacturing, semiconductors, US | View Pitch |
| Apr 9, 2026 | Fund Letters | ClearBridge Investments Large Cap Growth Strategy | Texas Instruments | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Analog, Cyclical, Embedded Processing, Free Cash Flow, Industrials, manufacturing, semiconductors | View Pitch |
| Feb 4, 2026 | Fund Letters | David A.Katz | Texas Instruments Incorporated | Information Technology | Semiconductors | Bull | NASDAQ | Cyclicality, Industrial, Margins, semiconductors, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Cristiano Souza | Texas Instruments Incorporated | Information Technology | Semiconductors | Bull | NASDAQ | Analog Semiconductors, capital expenditure, Catalog Chips, Free Cash Flow Growth, Supply Chain Security, US Manufacturing, vertical integration | View Pitch |
| Nov 30, 2025 | Substack | Rijnberk Invest Insights | Texas Instruments | Information Technology | Semiconductors | Neutral | analog chips, automotive market, cash flow, industrial market, Investment cycle, long-term growth, manufacturing moat, semiconductors, Texas Instruments, valuation | View Pitch | |
| Oct 23, 2025 | Value Investors Club | nassau799 | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Auto, buybacks, Industrial | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Sivanand Birusumanti | Texas Instruments | Information Technology | Semiconductors | Neutral | 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 |
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| No investor data available. | ||||||||