VRTX

VRTX

VRTX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Loomis Sayles Global Growth Fund	16.6%	12.7%	MELI, NFLX, ORCL, TCOM, VRTX, YUMC	Competitive Advantage, Global Growth, innovation, Reinvestment, secular trends	The commentary focuses on global secular growth driven by innovation, productivity gains, and expanding end markets across regions. The manager stresses bottom-up security selection, favoring companies with durable competitive advantages and reinvestment opportunities. Volatility is viewed as a tool to accumulate long-duration growth assets.	VRTX YUMC TCOM ORCL MELI NFLX	View
2025 Q2	Jul 17, 2025	Hardman Johnston Global Equity	16.7%	17.2%	6501 JP, BN, CBK GR, ELAN, HWM, LLY, MELI, MRVL, PRX NA, RHM GR, TEAM, TMUS, TSM, UNH, VRTX	AI Demand, Global Growth, industrials, Margins, stock selection	The commentary emphasizes global growth driven by industrial recovery, defense spending, and AI-related demand. Management highlights strong stock selection in companies with margin expansion, pricing power, and visible growth runways. Regional diversification and sector leadership underpin outperformance.	BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM	View
2025 Q2	Jul 17, 2025	Hardman Johnston Large Cap Equity	10.6%	3.4%	CW, HWM, UNH, VRT, VRTX	Capital discipline, innovation, Large Cap Growth, margin expansion, secular demand	The letter focuses on sustained large-cap growth driven by margin expansion, innovation, and secular end markets such as AI infrastructure and global industrial modernization. Management stresses owning companies with visible revenue runways and strong capital discipline rather than chasing cyclical rebounds. Growth is expected to persist despite valuation dispersion across sectors.		View
2025 Q1	Apr 8, 2025	GreensKeeper Value Fund	3.0%	3.0%	AXP, BRK/B, CHKP. ELV, GOOG, ICLR, VRTX	-			View
2024 Q1	Apr 15, 2024	Harding Loevner Global Equity	5.2%	15.6%	NFLX, NVDA, ROK, SU FP, VRTX	-			View
2025 Q1	Mar 31, 2025	PGIM Jennison Global Opportunities Fund	-11.1%	-11.1%	1810 HK, IOT, ISRG, SE, SHOP, UCB BB, VRTX	-			View
2025 Q1	Mar 31, 2025	Harbor Capital Appreciation Fund	-10.1%	-10.1%	CEG, FLUT, GE, NFLX, SBUX, TSM, VRTX	-			View
2023 Q1	Mar 24, 2023	Andrew Hill Investment Advisors, Inc.	-	-	AAPL, ANET, DE, GRMN, LECO, MRK, MSFT, ULTA, V, VRTX	-			View
2025 Q4	Feb 5, 2026	ClearBridge Investments All Cap Growth	-	-	AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD	aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility	AI continues to represent a powerful long-term opportunity, though early beneficiaries such as semiconductors and infrastructure have already seen significant gains. The team is focused on ensuring proper exposure within the AI complex while also positioning for potential market leadership broadening. Eli Lilly rose strongly after striking a deal with the U.S. government to offer its GLP-1 treatments to Medicare and Medicaid patients while readouts on the company's oral GLP-1 treatment indicated a broader market than expected. Long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. Hilton has a long runway for growth supported by continued mid- to high-single-digit net unit expansion. The company has strong margins and free cash flow conversion, enabling consistent return of capital through share buybacks.		View
2025 Q4	Dec 31, 2025	Edgewood Management	1.5%	7.0%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, Quality, semiconductors, software, technology	AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends.	APH AXON	View
2024 Q4	Dec 31, 2024	Parnassus Core Equity Fund	0.3%	18.5%	AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTL, KLAC, LIN, LLY, MDLZ, O, ORCL, SYY, VRTX, WDAY	-			View
2024 Q4	Dec 31, 2024	Parnassus Growth Equity Fund	4.9%	26.9%	AKAM, AMAT, AMD, AVGO, AZN, BSX, CRM, DASH, DDOG, EFX, EXAS, FERG, INTU, MC FP, MELI, MSFT, NTRA, NVDA, PCOR, TEAM, TMO, TSM, UNH, VRTX	-			View
2024 Q4	Dec 31, 2024	ACATIS Investment	-	16.2%	ADP, GOOG, NVO, PLTR, UBER, VRTX, VU FP	Artificial Intelligence, Data centers, Nuclear Energy, Power Infrastructure, semiconductors	The report highlights the accelerating global investment cycle in artificial intelligence infrastructure, emphasizing semiconductors, data centers and energy supply as critical bottlenecks in scaling AI capabilities. Management argues that exponential growth in computing power requirements and model training costs is reshaping capital allocation toward chip manufacturing equipment, grid expansion and power generation, including nuclear solutions. In this environment, ACATIS positions portfolios to benefit from structural AI-driven capex while remaining selective on valuations amid heightened market concentration.	ADP VRTX GOOG PLTR	View
2025 Q3	Oct 21, 2025	Hardman Johnston Global Equity	5.0%	23.1%	BSX, CBK GR, CTVA, IFX GR, PRX NA, PRY IM, STAN LN, STMPA FP, TEAM, TSM, VRTX	AI, Europe, financials, Global Equities, semiconductors	The fund underperformed due to weakness in tech and healthcare but remains constructive on global equities. Financials like Commerzbank and Standard Chartered led gains, while TSMC and STMicro highlight exposure to AI semiconductors and industrial electrification. Management sees opportunities in Europe and Asia despite macro uncertainty.	TSM ADYEN STAN	View
2025 Q3	Oct 21, 2025	Alger Weatherbie Specialized Growth Fund	-	-	AORT, PI, PLMR, SMTC, SPSC, VRTX	AI, Automation, Cloud, Digitization, small caps	The fund underperformed as small- and mid-cap tech and health care names faced pressure amid shifting macro conditions. Managers remain focused on growth opportunities in digitization, cloud adoption, and AI infrastructure, where companies like Semtech and Impinj are showing strong product momentum. The team expects secular tailwinds in automation and connectivity to drive long-term growth.	VERX PLMR SPSC AORT PI VERX PLMR SPSC AORT PI	View
2025 Q3	Oct 17, 2025	Harbor Capital Appreciation Fund	5.0%	12.7%	AAPL, AMD, APPL, AVGO, DIS, MSFT, NFLX, ORCL, SHOP, TOST, TSM, TTD, VRTX	Artificial Intelligence, Cloud Computing, Growth Stocks, semiconductors, Technology leadership	Harbors manager cites AI-driven innovation as the dominant force behind market gains, though warns of valuation risk in mega-cap tech. The fund added exposure to cloud and AI enablers such as AMD and Oracle, reflecting confidence in structural growth. Despite short-term volatility, it remains committed to high-quality growth companies with durable moats and earnings resilience.	ORCL US TOST US AMD US	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	2.0%	-	ACVA, BJ, CWST, INSP, KTOS, MIR, MRUS, NAMS, PAR, PRSU, SITM, SLNO, UNF, VRTX	AI, consumer, cyclicals, small caps, valuation	Small-cap growth leadership remains narrowly concentrated in AI beneficiaries. The strategy finds opportunity in cyclicals and consumer-oriented firms where fundamentals and valuations diverge, anticipating normalization of sentiment.	SITM US KRAT US	View
2025 Q4	Jan 7, 2026	ClearBridge Investments Large Cap Growth Strategy	1.2%	0.0%	ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY	AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance	AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher.		View
2025 Q4	Jan 23, 2026	GreensKeeper Value Fund	0.0%	0.0%	ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX	AI, Concentration, Discipline, financials, Luxury, technology, value	The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige.	ADBE ICLR NVO LULU FISV CFRUY AXP GOOG	View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 18, 2026	Davenport Core Leaders Fund	0.1%	10.7%	AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX	AI, diversification, large cap, Quality, risk management, technology, value	AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios.	MRVL CTAS GOOG	View
2025 Q4	Jan 18, 2026	The Davenport Value & Income Fund	1.5%	13.7%	ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX	AI, Buybacks, dividends, large cap, technology, value	Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before.		View
2025 Q4	Jan 18, 2026	Parnassus Core Equity Fund	1.6%	11.6%	AAPL, AMAT, AMD, AZO, BALL, BRO, CRM, DHR, EFX, FISV, GOOGL, HD, KLAC, LIN, LLY, MSFT, ORCL, TMO, VRTX, WDAY	AI, growth, healthcare, large cap, Quality, semiconductors, technology, value	The fund views AI as a generational demand driver creating durable need for faster, more powerful and energy-efficient computing. They are likely in the early stages of a decade-long AI investment cycle, seeking upside capture while managing risks of rapid technological change, rising competition and growing financial leverage. The gap will widen between AI winners versus AI losers, favoring active portfolio management. The fund maintains exposure to semiconductor companies benefiting from AI-driven demand. Applied Materials and KLA gained from sustained AI-driven semiconductor demand with improving customer outlooks. The portfolio includes semiconductor manufacturing equipment suppliers and chip designers positioned for the AI infrastructure build-out. The fund invests in hyperscalers and cloud infrastructure companies. Alphabet showed improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy. The portfolio includes companies providing cloud services and infrastructure supporting the AI transformation. The fund holds pharmaceutical companies like Eli Lilly, which rebounded sharply as concerns around pricing, penetration and competitive dynamics for GLP-1 weight-loss drugs eased following stronger-than-expected demand data. The portfolio favors companies that continue to innovate to improve patient outcomes. The fund invests in life science tools companies such as Danaher and ThermoFisher that provide valuable equipment and services for clinical research. These companies benefited from improving sentiment around life sciences end markets as pharmaceutical customers signaled higher-than-expected spending on research and development.		View
2025 Q4	Jan 14, 2026	Hardman Johnston Global Equity	2.9%	0.0%	6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX	AI, banks, Data centers, defense, financials, global, nuclear, technology	The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy.	VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C	View
2025 Q4	Jan 12, 2026	ClearBridge Investment Growth Strategy	-	-	ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO	AI, balance, growth, innovation, semiconductors, technology, volatility	The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion.	ELF SHOP	View
2024 Q3	Sep 30, 2024	Hardman Johnston Global Equity	4.5%	22.2%	ASML, HWM, MELI, META, PRX NA, SAF FP, TEAM, VRTX	-			View
2024 Q2	Jul 19, 2024	GreensKeeper Value Fund	4.7%	16.7%	BRK/B, ELV, GOOG, HSY, V, VRTX	-			View
2024 Q2	Jul 18, 2024	Harding Loevner Global Equity	5.2%	15.6%	AAPL, ADYEN NA, ASML, CRM, DHR, GLOB, MSFT, NVDA, TSM, VRTX	-			View
2025 Q1	Apr 14, 2025	Parnassus Growth Equity Fund	-8.6%	-8.6%	ADBE, ADYEY, APP, ASML, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX	-			View
2023 Q4	Feb 26, 2024	Aristotle Core Equity Fund	2.9%	21.3%	0YXG LN, BDX, BMY, HAL, LLY, PEP, SPR, VRTX	-			View
2023 Q4	Feb 26, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	0YXG LN, BDX, BMY, HAL, LLY, PEP, SPR, VRTX	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Dr. Hendrik Leber	Vertex Pharmaceuticals Incorporated	Health Care	Biotechnology	Bear	NASDAQ	biotechnology, clinical trial, drug development, pipeline, Placebo Effect, Risk	View Pitch
Jan 20, 2026	Fund Letters	Cassandra A. Hardman	Vertex Pharmaceuticals Incorporated	Health Care	Biotechnology	Bear	NASDAQ	Biotech, Catalysts, growth, pipeline, Pricing	View Pitch
Jan 8, 2026	Fund Letters	Cassandra A. Hardman	Vertex Pharmaceuticals, Inc.	Health Care	Biotechnology	Bull	NASDAQ	Counterfeit, Cystic fibrosis, Margins, Royalty, Transition	View Pitch
Jan 8, 2026	Fund Letters	Aziz V. Hamzaogullari	Vertex Pharmaceuticals Incorporated	Health Care	Biotechnology	Bull	NASDAQ	Biotech, cashflow, Genetics, innovation, pipeline	View Pitch
Aug 8, 2025	Seeking Alpha	Edmund Ingham	Vertex Pharmaceuticals Incorporated	Health Care	Biotechnology	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Manika Premsingh	Vertex Pharmaceuticals	Health Care	Biotechnology	Bear	NASDAQ	—	View Pitch

BSD Shareholders of VRTX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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