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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 1 | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI's long-term potential, considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | View | |
| 2023 Q3 | Sep 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, ROG.SW, RRL.AX, RYA.L, THO, UMG.AS, WBA | Concentration, global, Gold Miners, healthcare, retail, value | The fund maintains a value-oriented approach, buying companies trading below their intrinsic valuations. The managers discuss specific valuation assessments for holdings like Capri, HCA Healthcare, and Dick's Sporting, making buy/sell decisions based on price versus value considerations. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. | View | |
| 2025 Q2 | Aug 20, 2025 | Pershing Square Holdings | - | 15.5% | AMZN, BN.TO, CMG, FMCC, FNMA, GOOGL, HHH, HLT, HTZ, NKE, QSR, UBER, UMG.AS | AI, E-Commerce, large cap, Music, technology, Travel, value | Amazon's AWS cloud business is well-positioned to capitalize on AI-driven growth with customer demand for AI compute far exceeding supply. Alphabet's AI leadership is evident through AI Overviews serving over two billion users and strong performance across its consumer app portfolio with AI-powered features. | View | |
| 2025 Q2 | Jul 9, 2025 | Sequoia Fund | 14.4% | 19.7% | CACC, COF, CSU.TO, ERF.PA, FWONA, GOOGL, ICE, ICON, J, LBRDK, META, RR.L, SAP.DE, SCHW, UMG.AS, UNH | financials, global, Portfolio Management, technology, value | View | ||
| 2024 Q2 | Jul 9, 2024 | Sequoia Fund | 7.1% | 20.8% | CHTR, CSU.TO, ELV, FWONA, GOOGL, ICE, LBRDK, RR.L, SCHW, TSM, UMG.AS, UNH | concentrated, long-term, Quality, value | View | ||
| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity | 7.9% | 5.4% | ADI, AHT.L, AMZN, BDX, DLTR, FI, FND, HAS, ICE, J, META, MSFT, MSI, ORCL, PM, SCHW, TMO, UMG.AS, V | Cloud, financials, healthcare, tariffs, technology, value | AI sentiment turned negative in Q1 but quickly positive in Q2, with Information Technology sector accounting for 65% of S&P500 returns. The AI theme continues to drive significant market volatility and performance. | FND ADI TMO FI BDX META MSFT ORCL |
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| 2025 Q2 | Jun 30, 2025 | Baron Health Care Fund | -5.1% | -7.6% | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, large cap, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider pricing and look for mispriced securities in expensive market conditions. | UHAL BOL.PA 005930.KS |
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| 2024 Q2 | Jun 30, 2024 | Peapack Private | - | - | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOG, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, Media, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and the price fairly compensates for risks. They carefully consider the price paid for investments and look for mispriced assets. The portfolio is positioned to deliver strong risk-adjusted returns in tumultuous markets. | UHAL BOL.PA 005930.KS |
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| 2023 Q2 | Jun 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, RRL.AX, RYA.L, THO, UMG.AS, WBA | AI, Airlines, Concentration, global, gold, healthcare, value | European airline consolidation accelerating post-pandemic with weaker carriers collapsing while efficient operators like Ryanair gain market share. Ryanair ordered 300 new Boeing aircraft for delivery 2027-2033, targeting 300m passengers annually by 2034 with improved cost advantages from newer, more efficient planes. | RYA.L |
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| 2026 Q1 | May 5, 2026 | Palm Harbour Capital | -0.6% | -0.6% | BWO.OL, CNVRG.PS, DAN.MI, IBST.L, PRT.MI, UMG.AS, VAR.OL, VIV.PA | energy, Europe, gaming, long-term, small caps, undervalued, value | View | ||
| 2025 Q1 | May 24, 2025 | Quercus Fund | - | 6.5% | ACWI, FPP.L, OTIS, SPY, UMG.AS | Asia, Banking, dividends, emerging markets, Petrochemicals, Resilience, value | Portfolio has always been curated with resilience in mind, aiming to withstand most macro developments. Manager believes they continue to be in the resiliency spectrum despite potential impacts from paradigm shifts like tariff changes. | HSBK.L |
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| 2024 Q1 | May 15, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AAPL, AVTR, FIS, FISV, FMX, SPOT, UMG.AS, WMG | Buybacks, Fintech, Music, payments, Recovery, value | Multiple portfolio companies are executing significant share repurchase programs. Fiserv reported its fifth straight quarter of buybacks over $1 billion, while FIS increased its buyback goal for 2024 after completing the Worldpay sale. | WMG FIS AVTR FISV |
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| 2024 Q1 | Apr 24, 2024 | Sequoia Fund | 7.1% | 20.8% | COF, CSU.TO, ELV, FWONA, GOOGL, ICE, RYCEY, SAP, SCHW, TSM, UMG.AS, UNH | financials, healthcare, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 21, 2026 | BNY Mellon Global Equity Income Fund | 2.4% | 2.4% | BARC.L, COP, FANG, MSFT, PSX, PUB.PA, SGOB.PA, UMG.AS | AI, dividends, energy, Geopolitical, income, rates, valuation | View | ||
| 2026 Q1 | Apr 21, 2026 | Vela International Fund | -0.9% | -0.9% | ABEV, ABF.L, AGI, ALLFG.L, ARCO, BAKKA.OL, DUE.DE, GLOB, GRG.L, HIK.L, IPAR, ITP.PA, JET2.L, NOMD, OGC.TO, SBRE.L, SU, TTE, UMG.AS, UNTR.JK, WIE.VI | energy, Geopolitical, gold, international, Luxury, Travel, value | View | ||
| 2026 Q1 | Apr 21, 2026 | Alluvium Global Fund | -1.7% | -1.7% | AMZN, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MA, MCK, RYA.L, UMG.AS, V | AI, Concentration, defense, Geopolitical, healthcare, technology, value | AMZN |
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| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity | -2.3% | -2.3% | ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS | AI, financials, Quality, Resilience, technology, Trade Policy, volatility | New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions. | MSFT ASHTY ADBE |
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| 2025 Q1 | Apr 18, 2025 | Templeton & Phillips Capital Management | - | - | AMZN, BN.PA, FFH.TO, HDB, IBN, UMG.AS | Banking, Bargains, India, Quality, Selloffs, tariffs, value | Trump administration's tariff strategy represents a negotiation tactic designed to generate government revenue and foster US reindustrialization. The approach creates intentional uncertainty through extreme opening positions, with actual goals lying much lower to allow both sides to claim victory. | IBN HDB |
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| 2026 Q1 | Apr 17, 2026 | Magellan Global Opportunities Fund No. 2 | -11.0% | -11.0% | ASML, MSFT, SAP, TSM, UMG.AS, USB | AI, energy, Geopolitical, global, software, technology | View | ||
| 2025 Q1 | Apr 10, 2025 | Sequoia Fund | 4.4% | 4.4% | AHT.L, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, RR.L, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, mid cap, value | View | ||
| 2024 Q4 | Mar 5, 2025 | Palm Harbour Capital | - | - | 9404.T, BOL.PA, EOAN.L, GSMI.PS, IGT.MI, LTO.MI, MDIA3.SA, ODET.PA, OWIL.L, PPA.AT, PRT.MI, TKA.VI, UMG.AS, VIV.PA | Europe, gaming, global, inflation, Media, Politics, small caps, value | Fund focuses on overlooked securities trading at significant discounts to intrinsic value with above average returns on capital. Portfolio trades at weighted average P/E of 8.5x with 98% upside to estimated NAV. | ODET.PA |
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| 2026 Q1 | Mar 31, 2026 | AVI Global Trust | -5.0% | -5.0% | 005930 KS, NWSA, UMG.AS, VIV.PA | Asia, discount, Geopolitical, Media, value | VIV.PA NWSA |
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| 2025 Q1 | Mar 31, 2025 | BNY Mellon Global Equity Income Fund | 7.8% | 7.8% | 1299.HK, AZN, B3SA3.SA, BAE.L, CME, CSCO, DEO, DPSGY, EL, JNJ, MDT, PUB.PA, SIEGY, SNY, STLA, TAP, UMG.AS | defense, dividends, Equity, global, income, inflation, rates, value | NATO members' pledges to significantly increase defense spending due to US pressure boosted defense stocks like BAE Systems, which reported record annual profits for 2024 and huge increase in sales guidance for 2025. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum International Technology Fund | 15.2% | 15.2% | ADBE, ADSK, AMAT, AMD, AMZN, ASML, AVGO, GOOGL, LRCX, MBLY, META, MSFT, MU, NFLX, ORCL, QCOM, SAP, TSM, UMG.AS, V | AI, Cloud, semiconductors, software, technology, value | Fund holds companies benefiting from AI investment including TSMC, ASML, Applied Materials, AMD, and Lam Research. Manager focuses on reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as downside protection. Portfolio exposure to AI beneficiaries is roughly 14%. | View | |
| 2023 Q1 | Mar 31, 2023 | Alluvium Global Fund | - | - | BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LEA, LNR.TO, LUV, MCK, MU, RHI, ROG.SW, RYA.L, THO, UMG.AS, WBA, WFG.TO | Airlines, Cyclical, global, healthcare, Recovery, technology, value | Ryanair was the Fund's best performer over the quarter, up 21.9%. Now operating above pre-Covid levels, management's bold purchase of additional Boeing Max aircraft during the pandemic is proving prescient. Given strong traffic recovery and pricing, Ryanair raised its full year profit guidance by 25%. | LBRDK |
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| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – International Growth | 1.0% | 9.6% | 1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC | AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation | SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia. | TEAM ARM DSY FP SRT GR 9983 JP |
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| 2024 Q4 | Feb 6, 2025 | Quercus Fund | - | 35.8% | 0700.HK, ACWI, SPY, UMG.AS | Concentration, Conglomerates, global, Media, Spin-Offs, value | Detailed discussion of Vivendi's split into four independent listed entities including Universal Music Group, Canal+, Havas, and Louis Hachette Group. The manager notes that despite expectations for re-rating post-split, the newly listed companies are trading at lower levels than before the spin-offs. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 11, 2026 | Pershing Square Holdings | -5.4% | 20.9% | AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS | AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation | AI is having a transformative impact across portfolio companies, particularly in search, cloud computing, and digital advertising. Google's AI Overviews reach over 2 billion users globally, while AWS benefits from AI-driven compute demand requiring datacenter capacity doubling through 2027. Meta leverages AI for content recommendation and ad targeting improvements. AWS operates as the leading cloud hyperscaler in a highly concentrated market, growing 20% annually at $140 billion run-rate despite capacity constraints. The planned doubling of datacenter capacity through 2027 is expected to be rapidly absorbed by scaling AI inference workloads. Amazon operates the largest global e-commerce platform enabled by a unique logistics network fulfilling over $700 billion in gross merchandise value annually. The retail business has significant margin expansion opportunity through increasing advertising revenue mix, network density, and automation initiatives. Digital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. Universal Music Group operates as a high-quality, capital-light business benefiting from greater music consumption. Streaming 2.0 deals incorporating wholesale price increases should drive higher subscription revenue growth, while AI partnerships with new platforms create additional monetization opportunities. Uber demonstrates strong momentum with 19% bookings growth and accelerating user engagement reaching new all-time highs. The company is positioned for continued teens-plus bookings growth and 30%+ earnings growth while expanding autonomous vehicle operations across 10+ cities by end of 2026. | CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN |
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| 2024 Q4 | Feb 11, 2025 | Pershing Square Holdings | - | 10.2% | BN, CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG.AS | activism, Alternative Assets, Concentration, consumer, Hospitality, Music, technology, Transportation | Alphabet's underappreciated leadership in AI drove impressive business results in 2024. Early results from integration of AI Overviews in Search have been highly encouraging with users searching more frequently. Step-function improvements in cost per AI query down 90% over 18 months enabled rollout to over 1 billion users in more than 100 countries. | View | |
| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Focused Fund | -6.5% | 0.7% | 005930.KS, 033780.KS, 2451.TW, AAPL, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, SPOT, UHAL, UMG.AS | Capital Allocation, Concentration, large cap, Media, technology, value | The fund focuses on companies trading at compelling valuations, with Samsung available near tangible book value and Bolloré valued at potentially two-to-three times current market price. The portfolio represents some of the best values the managers can recall in the current market environment. | UHAL BOL.PA 005930.KS |
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| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Fund | -4.0% | 4.9% | 005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS | Buybacks, Capital Allocation, energy, large cap, Media, technology, value | The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation. | BOL.PA 005930.KS |
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| 2023 Q4 | Dec 31, 2023 | Platinum International Technology Fund | 6.8% | 24.9% | 0700.HK, 6861.T, 7974.T, ADBE, ADYEY, AMD, AMZN, ASML, AVGO, BABA, CSCO, GOOGL, INTC, NFLX, NVDA, QCOM, TSM, UMG.AS, V | AI, Quality, semiconductors, Streaming, technology | The fund examined Nvidia's exceptional 250% returns driven by generative AI demand but decided against investing due to concerns about unsustainable private market funding and overly optimistic investor expectations for future GPU demand. The manager believes current AI spending is driven by private capital rather than genuine consumer and enterprise adoption. | View | |
| 2023 Q4 | Dec 31, 2023 | Evolve Private Wealth | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI monetizing its limited current revenue base, creating increasing risks to the market. | ADS.DE |
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| 2025 Q3 | Nov 13, 2025 | Palm Harbour Capital | - | - | 111770.KS, AMZN, ATYM.L, CAL.MI, CNVG.PS, DAN.MI, ESP.MI, GOOGL, INDF.JK, LOMA.BA, META, MSFT, NVDA, RHI.L, UMG.AS, VIV.PA | AI, Asia, Copper, Europe, LatAM, small caps, value | Investor attention remains heavily concentrated on artificial intelligence and a narrow group of related equities, sidelining much of the broader market. The concentration of capital in AI-related stocks is even greater than the technology sector's concentration in 2000. Questions remain about profitability models and sustainability of current AI investment levels. | View | |
| 2025 Q3 | Oct 30, 2025 | Stenham Asset Management | 0.8% | 8.3% | AAPL, AFG, AIR.PA, AMD, AMZN, AVGO, CSU.TO, ENEN.DE, GOOGL, META, MSFT, NVDA, ORCL, SNPS, TSM, UMG.AS | AI, Cloud, energy, infrastructure, Quality, semiconductors, technology, valuation | The AI infrastructure boom remained the dominant theme driving markets to new highs. Oracle reported customer commitments of $455bn, surpassing expectations by over 200%. The fund holds picks and shovels of the AI opportunity including Microsoft, Amazon, and TSMC, focusing on companies with flexibility to reallocate capacity and disciplined approaches to AI infrastructure deployment. | SIE TSM SIE TSM |
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| 2023 Q3 | Oct 25, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, OSW, SHC, SPHR, STHO, UMG.AS, WMG | Buybacks, Concentration, Cruises, Entertainment, Music, small caps, value | OSW operates as a quasi-monopoly in cruise ship spa services with limited competition and modest cyclicality. The business has returned to profitability with ~$85MM EBITDA expected in 2023 and ~$100MM in 2024. Cruise demand has been improving throughout the year, helping OSW post its best quarter since COVID. | OSW |
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| 2023 Q3 | Oct 23, 2023 | Biondo Investment Advisors | - | - | FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, SSNLF, UHAL, UMG.AS, VIV.PA | AI, large cap, Media, semiconductors, technology, value | Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue. | UHAL BOL.PA 005930.KS |
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| 2025 Q3 | Oct 19, 2025 | Smead International Value Fund | 9.1% | 28.5% | AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO | Banking, energy, Europe, Mergers, oil, Scale, value | The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations. | UCG MEG SCR CVE |
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| 2025 Q3 | Oct 16, 2025 | Magellan Global Opportunities Fund No. 1 | 3.0% | - | ADS.DE, AMD, AMT, AMZN, AVGO, DEO, DISH, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, SATS, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given limited current revenue. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation. | View | |
| 2025 Q3 | Oct 14, 2025 | Sequoia Fund | 1.6% | 21.6% | COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, J, META, RR.L, SCHW, TSM, UMG.AS | financials, healthcare, Media, semiconductors, technology | View | ||
| 2025 Q3 | Oct 1, 2025 | East72 Dynasty Trust | 1.6% | - | 1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY | Europe, Family, Holdings, Luxury, value | Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations. | UHR SW |
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| 2023 Q2 | Oct 7, 2023 | Sequoia Strategy | 7.1% | 20.8% | CACC, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, J, KMX, LBRDK, LMCA, META, MU, NFLX, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, Portfolio Management, value | View | ||
| 2023 Q4 | Jan 9, 2024 | Guinness China | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, global, large cap, Quality, semiconductors, technology, Trade Policy | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. Considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | ADS.DE |
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| 2025 Q4 | Jan 6, 2026 | Tapasya Investment Fund | 0.0% | 23.5% | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession. | View | |
| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
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| 2025 Q4 | Jan 23, 2026 | Alluvium Global Fund | -1.1% | -0.1% | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V | AI, Airlines, global, healthcare, technology, underperformance, value | The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies. | View | |
| 2025 Q4 | Jan 20, 2026 | Highwood Value Partners | 5.7% | 10.2% | 2333.HK, ALIM-B.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, JZC.L, MOT.L, ODET.PA, PROT.OL, RYA.L, STDRL.OL, SYY, TAP, TGO.PA, UMG.AS, VIV.PA, VWS.CO | Capital Cycle, Concentration, energy, Europe, Litigation Finance, special situations, value | Manager emphasizes concentrated value investing approach, buying companies at significant discounts to fair value. Portfolio trades at 48 cents on the dollar of estimated intrinsic value with median P/E of 7.5x. Focus on fundamental bottom-up analysis with 5+ year holding periods. Burford Capital represents the largest position as a litigation finance leader. The business generates returns by funding commercial litigation claims and managing third-party capital. YPF case represents major catalyst with clear judgment in favor. Borr Drilling is a special situation in shallow water drilling rigs. The capital cycle investment thesis centers on industry oversupply working through the system, with rig rates recovering from current levels toward long-run averages as old rigs retire. | RYAAY FEVR LN GETB LN BORR NO BUR LN |
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| 2024 Q4 | Jan 15, 2025 | Brighton Jones | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUMA.DE, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q4 | Jan 1, 2024 | Oak Ridge investment | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetizing its user base given limited current revenue. While positive on GenAI long-term potential, considerable uncertainty remains on pace and degree of monetization. | ADS.DE |
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| 2024 Q3 | Sep 30, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930.KS, ARCO, ASSA-B.ST, BABA, FFH.TO, TESCO.L, UBI.PA, UL, UMG.AS, VIE.PA, WTW | China, Europe, international, Japan, rates, Stimulus, value | China was a standout performer in Q3 as late-quarter stimulus measures boosted stocks significantly. The government announced monetary policy shifts including rate cuts and reserve requirement reductions, plus a forthcoming fiscal policy package aimed at spurring domestic demand. However, details of fiscal stimulus are yet to be announced, and whether this proves a true game-changer remains to be seen. | View | |
| 2024 Q3 | Sep 30, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, BABA, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MCK, MU, RYAAY, THO, UMG.AS, V | active management, capital preservation, Concentrated Portfolio, Global Equities, long-term, Quality, Value Investing | The fund initiated a new position in Visa, recognizing the value of high-quality payment network businesses. Visa and Mastercard operate essential open-loop payment systems with insurmountable barriers to entry, benefiting from digital payment growth trends including e-commerce, mobile payments, and emerging market adoption. | LMT V |
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| 2024 Q3 | Sep 30, 2024 | Stenham Asset Management | 3.7% | 14.0% | ADYEN.AS, AMAT, ASML, CDI.PA, CLNX.PA, GOOGL, MC.PA, RMS.PA, TMO, UMG.AS | global, large cap, Luxury, payments, Quality, semiconductors | The luxury sector is undergoing normalization from post-pandemic euphoria, with polarization between high and lower desirability brands intensifying. China's stimulus measures provide relief as investors view them as commitment to addressing economic challenges. The fund initiated a position in Hermès, viewing it as uniquely positioned to balance desirability and exclusivity through structural undersupply of iconic products. | RMS.PA ADYEN.AS |
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| 2023 Q3 | Sep 30, 2023 | Stenham Asset Management | -4.8% | 9.5% | ADYEN.AS, ASML, DHR, GE, GOOGL, MC.PA, SAF.PA, UMG.AS | aerospace, AI, global, Luxury, Music, payments, technology | The fund discusses AI disruption threats to portfolio companies like Universal Music Group and Alphabet. Music generative-AI was seen as a potential threat to UMG but legal and adoption hurdles were deemed high enough to prevent structural disruption. Alphabet faced ChatGPT competition but responded with AI products including Bard, driving share price recovery. | 0GEG LN MC.PA ADYEN GOOGL UMG.AS |
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| 2024 Q2 | Jul 31, 2024 | McIntyre Partnerships | 14.7% | 6.0% | SHC, STE, UMG.AS, WMG | Concentration, healthcare, Legal Risk, small caps, Sterilization, value | Manager focuses on buying companies at discounted valuations, exemplified by SHC trading at 10x 2025 EBITDA versus peer STE at 15x. Exited UMG position when it reached 30x earnings, stating unwillingness to underwrite multiple expansion beyond 50% premium to market. Portfolio concentrated in undervalued positions with clear catalysts. | SHC |
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| 2023 Q2 | Jul 26, 2023 | Stenham Asset Management | 4.7% | 15.1% | AI, AMAT, AMZN, CHGG, CNI, CP, DHR, DUOL, GOOGL, KR, MA, MSFT, NVDA, RACE, TMO, UMG.AS | AI, global, infrastructure, large cap, Quality, semiconductors, technology | AI is this year's favorite buzzword with companies mentioning it on earnings calls to boost stock prices. The fund takes a picks and shovels approach, investing in infrastructure companies like semiconductors and cloud providers that benefit regardless of AI winners and losers. Historical technological revolutions show most companies fail, making infrastructure plays the most sustainable investment strategy. | View | |
| 2024 Q2 | Jul 21, 2024 | Alluvium Global Fund | 0.0% | 0.0% | AEM, AN, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, RGS.AX, RHI, RYAAY, THO, UMG.AS | AI, Airlines, Auto Dealers, Buybacks, Concentration, global, gold, value | The manager draws parallels between current AI euphoria and the dot-com bubble, noting Nvidia's eight-fold price increase over two years and its 25x forecast revenue multiple. They suggest Alphabet's 20.8% return was driven more by AI sentiment than fundamentals. The manager warns that AI-driven valuations may be unsustainable, citing historical examples of tech bubble collapses. | View | |
| 2023 Q2 | Jul 7, 2023 | East72 Holdings | 6.3% | 0.0% | BOL.PA, GOOGL, MANU, MMB.PA, NWSA, UHR.SW, UMG.AS, VIV.PA | Complex Structures, Europe, Family Companies, Logistics, Media, value | Extensive analysis of Universal Music Group as an exceptional business with strong economics, dominant market position, and high-quality annuity characteristics. Discussion of Vivendi's media assets including Canal+ and Havas, with focus on international expansion particularly in Africa and Asia. | ODET.PA BOL.PA |
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| 2023 Q2 | Jun 30, 2023 | Evermore Global Value Fund | 0.0% | 0.0% | BOLLORE.PA, BWLPG.OL, CADELER.OL, CLMT, DHT, ENOVIS, ESAB, EXO.PA, GNK, HAUTO.OL, HEMNET.ST, IAC, INWIT.MI, KBCPF, KKR, LIFCO-B.ST, MTG.ST, NETI, UMG.AS, VIV.PA, VPLAYB.ST | Catalyst-driven, Energy Transition, Family-controlled, global, shipping, special situations, Streaming, value | Fund has significant exposure to shipping companies including dry bulk operators like Genco Shipping & Trading and offshore wind installation vessel operators like Eneti and Cadeler. The shipping sector benefits from favorable industry fundamentals including low order books, environmental regulations leading to slower speeds and increased scrapping, and geopolitical disruptions creating longer shipping routes. | View | |
| 2023 Q1 | Apr 27, 2023 | Stenham Asset Management | 10.0% | 10.0% | ADBE, ASML, CNI, CP, DHR, MA, MC.PA, MSFT, RACE, SAF.PA, UMG.AS, V | disruption, durability, infrastructure, long-term, Luxury, Quality, Railroads, technology | The recent rise of Artificial Intelligence represents rapid technological change that is calling into question the outlook for many businesses. ChatGPT set the record for fastest app to reach 1 million users in just 5 days, demonstrating the accelerating pace of technological adoption. The debates around whether AI will disrupt internet search and change our lives are driving shorter investment horizons as narratives change faster than investors can keep up. | ADMA ^VIX UMG.AS SAF.PA RACE MC.PA CNI ACP.WA |
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| 2025 Q1 | Mar 31, 2025 | Cooper Investors Global Equities Fund (Unhedged) | 0.9% | 0.9% | BME.L, FWONK, FYBR, LSEG.L, RYAN, SONY, TKO, TSM, UMG.AS, WMG | Customer, equities, Focus, gaming, global, Music, semiconductors | The fund established a position in Universal Music Group, viewing the music industry as undergoing a monetization cycle after streaming subscriber growth slowed. Music assets have high cultural relevance and enduring value, with streaming creating a subscription model that improved monetization significantly. The industry is positioned for pricing power as penetration matures in developed markets. | UMG.AS |
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| 2025 Q1 | Mar 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LMR.TO, LMT, LYB, MCK, PAG1.L, RHI, RYAAY, THO, UMG.AS, V | global, healthcare, tariffs, technology, uncertainty, value | Trump's tariff policies are creating significant uncertainty across portfolio companies, with managers unable to make investment plans due to constantly changing directives. Canadian companies like Linamar are particularly exposed, while broader implications affect auto dealers, recreational vehicle producers, and other businesses with international supply chains. | THO RHI MCK BABA |
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| 2023 Q4 | Mar 22, 2024 | Pershing Square Holdings | 0.0% | 6.3% | CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS | Concentration, Engagement, Long Term, Quality, value | Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps. | View | |
| 2023 Q4 | Mar 2, 2024 | GreenWood Investors | 0.0% | 16.6% | BOL.PA, CTT.LS, LDO.MI, MEIP, NXE, PDD, RTO.L, UMG.AS | activism, defense, E-Commerce, Europe, Music, Owner-Operators, uranium, value | European Aerospace & Defense is having its moment, being very active. Europe's defense industry will likely experience a decade of tailwinds as the continent responds to its 9/11 moment that occurred in 2022. Leonardo is only just starting to hit its stride with substantial improvement potential. | View | |
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value | Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue. | View | |
| 2024 Q4 | Jan 24, 2025 | Sequoia Fund | -0.1% | 19.8% | CHTR, COF, CSU.TO, ELV, EUFI.PA, FWONA, GOOGL, ICE, ICLR, J, KMX, LBRDK, LUMN, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | aerospace, Concentration, healthcare, Long/Short, Quality, technology, value | The letter discusses AI extensively across multiple holdings. Alphabet is making strong progress in AI products with AI Overviews reaching over 1 billion users and Gemini reaching technical parity with OpenAI. Taiwan Semiconductor benefits from AI-driven datacenter demand with 30% revenue growth. Rolls-Royce sees AI-driven demand for backup power systems for datacenters. | View | |
| 2023 Q4 | Jan 24, 2024 | McIntyre Partnerships | 14.7% | 6.0% | ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS | Concentration, Event Driven, Litigation, small caps, turnaround, value | Manager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation. | GTX SHC |
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| 2023 Q4 | Jan 14, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, MU, NST.AX, RMS.AX, RYAAY, THO, UMG.AS, WBA | Cash, Consolidation, Cyclical, Diversified, global, Quality, value | Gold miners rebounded strongly as falling long-term interest rates reduced the opportunity cost of owning gold. Regis Resources gained 46.3% and Northern Star 32.0%, with Agnico Eagle also performing well at 18.6%. The fund completed its divestment of Northern Star after a 2.6-year holding period that returned 18.5%. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Stenham Asset Management | Universal Music Group | Communication Services | Entertainment | Bull | Euronext Amsterdam | AI, Content, entertainment, Music, Revenue-sharing, royalties, Streaming | View Pitch |
| Apr 27, 2026 | Fund Letters | Stenham Asset Management | Universal Music Group N.V. | Communication Services | Entertainment | Bull | Euronext Amsterdam | Content, digital media, entertainment, Europe, infrastructure, Music, royalties, Streaming | View Pitch |
| Apr 13, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | Universal Music Group N.V. | Communication Services | Entertainment | Bull | Euronext Amsterdam | Catalog Assets, Content, entertainment, Intellectual Property, media, monetization, Music Label, Streaming, subscription model, Technology Disruption, turnaround, Value | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||