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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 24, 2025 | Atherean Value Fund | - | - | MO, ULTA | Buybacks, dividends, global, small caps, value, volatility | Altria is a mature business in the cigarette, cigar and smokeless tobacco industry with operating margins of about fifty percent. While the cigarette market in the United States is in decline, the smokeless tobacco market is experiencing growth, and the company has been able to hold revenues relatively steady. | ULTA MO |
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| 2024 Q2 | Jul 23, 2024 | Pelican Bay Capital Management | -6.3% | 0.8% | ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA | Concentration, Homebuilders, Quality, retail, technology, value | The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time. | ULTA |
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| 2025 Q2 | Jul 11, 2025 | Pelican Bay Capital Management | 5.9% | 3.1% | BF.B, BLDR, CSCO, EXPE, GNRC, MU, ON, RPRX, SLB, ULTA, VZ | concentrated, energy, semiconductors, Spirits, technology, Travel, value | Technology stocks, particularly semiconductors Micron and On Semiconductor, were primary performance drivers with gains of 42% and 29% respectively during the quarter. The manager views this as recovery from previous underperformance. | BF-B VZ BF/B SLB |
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| 2024 Q2 | Jun 30, 2024 | Platinum International Brands Fund | -1.0% | - | AAPL, ADS.DE, AMZN, BEI.DE, COST, DG, GOOGL, HD, HEIN.AS, ITX.MC, LULU, MCD, META, NKE, NVDA, PUMA.DE, ULTA, V, WBA, ZTS | brands, consumer, E-Commerce, global, Luxury, Recovery, technology | Chinese consumer sentiment remains weak and the recovery lacklustre. There is increased anecdotal evidence this weakness is spreading to higher-end luxury brands and that discounting is picking up. European consumer activity is recovering, having been battered by the pickup in global inflation and the energy price shock following Russia's invasion of Ukraine. | View | |
| 2025 Q1 | Apr 23, 2025 | Pelican Bay Capital Management | -2.6% | -2.6% | BRK-A, CBOE, CME, CPAY, EXPE, GNRC, Gold, GOOGL, ON, RPRX, SLB, TOLL, ULTA, VZ | Exchanges, gold, Pharmaceuticals, Quality, value, volatility | The portfolio focuses on high-quality companies trading at steep discounts to intrinsic value, seeking wide margins of safety. The manager emphasizes identifying significant differences between market value and intrinsic value as the core investment opportunity. | RPRX |
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| 2026 Q1 | Apr 20, 2026 | Pelican Bay Capital Management | 4.3% | 4.3% | BLDR, ELV, EOG, FANG, FDS, FIS, MU, SLB, ULTA, ZM | Concentration, energy, oil, Quality, software, value | ZM |
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| 2024 Q1 | Apr 15, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, CASY, FISV, JPM, LFUS, META, MSFT, NVDA, NVENT, RHHBY, TECH, TTC, ULTA, UNH, VZ, WK | AI, growth, healthcare, large cap, productivity, technology | AI is driving transformative possibilities across industries, particularly healthcare, banking, and telecommunications. The fund holds positions in companies serving as pick and shovel providers of AI tools for businesses. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. | ULTA CASY VZ RHHBY |
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| 2023 Q1 | Mar 24, 2023 | Andrew Hill Investment Advisors | - | - | AAPL, ANET, DE, GRMN, LECO, MRK, MSFT, ULTA, V, VRTX | Banking, Bear Market, Federal Reserve, healthcare, interest rates, technology, value | Recently added to position in gold via GLD exchange traded funds that closely tracks gold prices. Gold seems to perform better when interest rates are falling which may be the case later this year. Industrial uses of gold are only about 10% of users, thus the store of value remains the global interest of gold investors. | View | |
| 2023 Q3 | Dec 10, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC | China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value | Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity. | SUNP IN AHT.L ANDURIL MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2024 Q3 | Oct 23, 2024 | Pelican Bay Capital Management | 11.8% | 12.8% | BLDR, CPRI, CSCO, CVS, EOG, FANG, GOOGL, MO, SLB, TOL, ULTA | Concentration, energy, Homebuilders, Oil Services, Quality, value | Home builders rebounded significantly as interest rates declined, offsetting weak first-half performance. Companies like Builders FirstSource and Toll Brothers contributed 3.8% to portfolio gains as two of the largest holdings. | SLB CVS MO |
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| 2024 Q3 | Oct 21, 2024 | Tourlite Capital Management | 4.5% | 13.8% | ABUS, APG, FTAI, ROIV, SBUX, SOC, ULTA, WMT | aerospace, consumer, Correlation, healthcare, industrials, Long/Short, technology, volatility | FTAI Aviation benefits from strong aerospace aftermarket tailwinds, with Boeing issues providing additional upside. The company exceeded Q2 expectations and raised 2026 EBITDA guidance by 25% to $1.25 billion. Significant valuation gap exists between FTAI and aerospace aftermarket peers. | APG ABUS ROIV FTAI SOC |
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| 2025 Q3 | Oct 20, 2025 | Pelican Bay Capital Management | 7.8% | 11.2% | CPAY, CVS, ELV, EOG, FANG, FIS, GOOGL, KNSL, MU, ODFL, ON, TOL, ULTA, UNH | AI, energy, gold, healthcare, insurance, technology, Trucking, value | Gold miners benefited from heightened investor excitement as bullion prices increased 17% in Q3. Barrick Mining jumped 60% and contributed 3.4% to portfolio returns. Despite strong gains, current stock prices still reflect an underlying gold price of $3,000-$3,400 per ounce, well below the current spot price of $4,300 per ounce. | ELV ODFL GOOG MU ELV ODFL MU |
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| 2025 Q3 | Oct 17, 2025 | Harbor Mid Cap Value Fund | 4.1% | 0.3% | AL, AMAT, ANSS, ARW, CBRE, CHX, COLD, CTRA, DRI, GPN, HP, ICE, MAS, MUR, RGA, RJF, RSG, SF, SMG, ST, SWKS, ULTA, WWD | aerospace, AI, Commercial real estate, fundamentals, mid cap, Quality, Trade Policy, value | Trade tensions dominated headlines with Liberation Day tariffs affecting imports from China, Europe, and Canada causing significant market volatility. Markets initially dropped 19% following tariff announcements before recovering as policy reversals and bilateral negotiations helped stabilize conditions. Long-term implications of trade policy changes remain uncertain for supply chains and corporate profitability. | WWD US |
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| 2025 Q4 | Jan 26, 2026 | Brown Advisors Mid-Cap Growth strategy | -4.7% | 12.5% | AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS | AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology | Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform. | View | |
| 2024 Q4 | Jan 22, 2025 | Pelican Bay Capital Management | -5.5% | 6.6% | CBOE, CPRI, CSCO, EXPE, GNRC, GOOG, KNSL, MU, TPR, ULTA | AI, Concentration, insurance, Quality, semiconductors, technology, value | Artificial intelligence is driving demand for High Bandwidth Memory (HBM), with market projections suggesting HBM demand could surge to over $100 billion by 2028 from $16 billion in 2024. AI agents require specialized memory systems, positioning companies like Micron as technological leaders in this space. | KNSL MU |
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| 2025 Q4 | Jan 20, 2026 | Fairlight Global Small & Mid Cap Fund | 0.0% | -7.9% | CPRT, DPLM.L, FDS, G24.DE, HLMA.L, IDXX, IT, MEDP, REC.MI, ULTA | AI, global, healthcare, Quality, small caps, technology, underperformance | Several portfolio companies experienced sharp multiple contractions due to perceived higher risk of disintermediation from expected widespread adoption of Generative Artificial Intelligence. The manager estimates this was an 8% hit to returns, though believes the extent of recent derating is excessive given companies' successful track records of defending market leadership. The fund focuses exclusively on high-quality businesses with demonstrable track records of earning outsized returns on capital, stable management teams, conservative balance sheets, and avoiding single points of failure. Portfolio companies collectively grew revenues by 6% and EPS by 9% in 2025 despite challenging conditions. Healthcare represents 13% of portfolio exposure with holdings like IDEXX Laboratories in companion animal diagnostics and Medpace in clinical research. These companies benefit from recurring revenue models, market share gains, and structural industry growth tailwinds supporting improved diagnosis and drug development. | IT |
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| 2024 Q2 | Jul 26, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, BKR, CELH, COR, CRWD, DASH, DXCM, ENTG, FIVE, GEV, MPWR, RBA, ROST, SNPS, TYL, ULTA, WAB, WCN | AI, energy, growth, healthcare, industrials, mid cap, technology | The fund continues to see strong momentum within the AI data center buildout megatrend. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries. | View | |
| 2023 Q2 | Jul 22, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 7741.T, 8035.T, A, AJG, APG, CCI, CDW, FER.MC, FYBR, HDFCBANK.NS, IBKR, LSEG.L, TSM, ULTA | AI, global, Japan, mid cap, semiconductors, technology, value | AI has become the dominant new paradigm for equity markets this quarter, with generative AI driving significant investment interest. The manager views semiconductors and semiconductor production equipment as the picks and shovels of this trend, investing in companies like TSMC and Tokyo Electron that provide critical infrastructure for AI development. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CDW ULTA 8035.T AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2024 Q2 | Jul 15, 2024 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC | AI, global, growth, Quality, semiconductors, value | Portfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging. | View | |
| 2024 Q2 | Jun 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST | AI, growth, healthcare, industrials, Mid-cap, technology, value | The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers. | View | |
| 2024 Q2 | Jun 30, 2024 | Bell Global Equities Fund | -3.5% | 5.8% | 3064.T, AAPL, ADBE, AMZN, CRDA.L, DEO, FI, GOOGL, MA, MSFT, NESN.SW, NESTE.HE, NKE, ORCL, POOL, QCOM, ROG.SW, ULTA, UNH, V | AI, global, Quality, software, technology, value | Strong demand for AI large language model training and inferencing drove Oracle's cloud infrastructure growth, with management guiding 50%+ OCI growth in FY25. Oracle signed IaaS contracts totaling US$12.5 billion with 43% YoY growth, including partnerships with Google, Microsoft, and OpenAI. The AI theme continues to propel technology-related names higher across semiconductors, software, and hardware segments. | 4768.T NKE ADBE ORCL |
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| 2023 Q4 | Jan 30, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADBE, ADYEY, AMZN, CRM, DE, EFX, GOOGL, HSY, INTU, LIN, LLY, MSFT, NVDA, PLNT, SBAC, SHW, TMO, ULTA, V | AI, growth, inflation, large cap, rates, software, technology | The market rally was driven by exceptional earnings growth and positive investor sentiment surrounding artificial intelligence prospects, particularly among the Magnificent Seven technology stocks. Adobe's AI opportunity through Firefly gained market appreciation after initial disruption concerns were resolved. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CRM ADYEY ADBE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | Ulta Beauty Inc | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Beauty, Cosmetics, loyalty program, Recession-Resilient, retail, Specialty retail, store expansion, US consumer | View Pitch |
| Apr 13, 2026 | Fund Letters | Atherean Value Fund | Ulta Beauty Inc | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Beauty Retail, Consumer Discretionary, Cosmetics, growth, market share, Share Buybacks, Specialty retail, store expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Mairs & Power - Growth Fund | Ulta Beauty | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Beauty Retail, Generation Z, loyalty program, Millennials, Specialty retail, store expansion, Suburban | View Pitch |
| Apr 13, 2026 | Fund Letters | Pelican Bay Capital Management | Ulta Beauty | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Beauty, Competitive Advantage, Cosmetics, Free Cash Flow, loyalty program, market share gains, share repurchases, Specialty retail, Value | View Pitch |
| Mar 17, 2026 | Seeking Alpha | Seeking Alpha | Ulta Beauty, Inc. | Retail | Specialty Retail | Neutral | NASDAQ Stock Market | Competition, earnings, growth, investment, Margins, Q4 2025, retail, strategy, Ulta Beauty, valuation | View Pitch |
| Jan 22, 2026 | Twitter / X | @wallstengine | Ulta Beauty, Inc. | Consumer Discretionary | Specialty Stores | Bull | NASDAQ | Analyst, Beauty, Overweight, Photonics, Promotional, Renewed, retail, Ulta | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Gary Alexander | Ulta Beauty | Consumer Discretionary | Specialty Retail | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | May Investing Ideas | Ulta Beauty, Inc. | Consumer Discretionary | Specialty Retail | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $6.2M | 0.01% | 10,200 | -64,000 | -86.25% | 0.0200% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $8.9M | 0.01% | 14,700 | +13,200 | +880.00% | 0.0289% |
| Lee Ainslie | Maverick Capital | $9.3B | $494,293 | 0.01% | 817 | -5,899 | -87.84% | 0.0016% |
| Bill Smead | Smead Capital Management | $4.8B | $86.8M | 1.80% | 143,477 | -9,946 | -6.48% | 0.2816% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.5M | 0.00% | 2,500 | -6,300 | -71.59% | 0.0049% |
| Israel Englander | Millennium Management LLC | $233.2B | $8.7M | 0.00% | 14,400 | -61,350 | -37.59% | 0.0283% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.6M | 0.00% | 2,578 | +252 | +10.83% | 0.0051% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $5.5M | 0.00% | 9,036 | +9,036 | +100.00% | 0.0177% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.2M | 0.00% | 2,000 | +2,000 | +100.00% | 0.0039% |
| Cliff Asness | AQR Capital Management | $190.6B | $180.2M | 0.09% | 298,204 | -134 | -0.04% | 0.5846% |
| Rich Handler | Jefferies | $19.3B | $3.3M | 0.02% | 5,460 | +203 | +3.86% | 0.0107% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $145 | 0.00% | 0 | -5 | -100.00% | 0.0000% |