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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 11, 2025 | BlackRock Mid-Cap Value Fund | 5.6% | 4.9% | BAX, BDX, CAH, CVS, FCNCA, FIS, LHX, SSNC, STM, WDC | AI, dividends, financials, healthcare, Mid-cap, technology, value | Optimism about artificial intelligence endures, with companies emphasizing it in earnings calls and delivering strong results. The fund views AI as a continuing driver of market performance despite broader volatility. | View | |
| 2025 Q2 | Jul 31, 2025 | Fidelity Dividend Growth Fund | 13.5% | 7.5% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, industrials, large cap, Quality, technology | The fund benefited from AI-driven demand across multiple sectors. Taiwan Semiconductor Manufacturing gained 23% amid strong demand for AI processors as tech firms continued spending on data centers. The utilities sector was boosted by AI-driven demand for electricity to power data centers. The transformative potential of generative artificial intelligence drove outperformance in technology and communication services sectors. | View | |
| 2025 Q2 | Jul 22, 2025 | Columbia Seligman Global Technology Fund | 19.5% | - | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, global, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending by cloud service providers continues to grow, with companies indexed to artificial intelligence infrastructure and cloud being primary drivers of returns in the technology market. | LRCX BE SYNA 6723 JP BE AAPL LRCX |
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| 2025 Q2 | Jul 22, 2025 | Harbor Mid Cap Value Fund | 4.9% | 2.1% | ADT, BK, CNHI, FLEX, FOXA, HIG, HPQ, JAZZ, JBL, KR, MCK, NRG, ORI, PHM, SNX, STT, SYF, TAP, TXT, WDC | earnings, energy, financials, mid cap, technology, value | Value stocks were left behind in the market rally and continue to trade at significant discounts to their growth counterparts, enhancing the potential for outperformance if valuations between growth and value stocks revert to a more normal, historical average. The Fund trades at just over 10x forward earnings and 7x cash flow, which are significant discounts to the core and value benchmark. | MCK ADT |
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| 2024 Q2 | Jul 17, 2024 | EdgePoint Global | - | - | AAL, ACQ.TO, BBWI, CC, CNK, CWK, CZR, DISH, FDC, FTR, HCA, MTL.TO, O-I, OR.TO, PHII, PRM, PSD.TO, SMG, TEVA, WDC | active management, Benchmarks, credit, fixed income, portfolio construction, risk management | Manager argues that using indexes as benchmarks creates perverse incentives similar to Goodhart's Law, where the measure becomes the target and ceases to be a good measure. Fixed income indexes weight companies by debt issuance size, meaning the most indebted companies get the largest weights, which is counterintuitive for credit investing. | View | |
| 2024 Q2 | Jul 12, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | ADYEY, ALGN, ALNY, BILL, BMRN, CPRT, CSGP, EFX, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SQ, TER, TT, WDAY, WDC, WST | AI, growth, Housing, Life Sciences, mid cap, semiconductors, software, technology | The fund maintains an overweight position in semiconductors, which was the most significant contributor this quarter. Holdings include Teradyne, KLA Corporation, and Monolithic Power Systems, all benefiting from AI-driven demand. The fund re-initiated a position in Western Digital to participate in AI via an undervalued memory semiconductor stock. | View | |
| 2024 Q2 | Jul 10, 2024 | Artemis US Select Fund | 2.4% | 20.1% | AAPL, BLDR, COHR, ELV, GOOGL, LW, META, MU, NVDA, SAIA, SYK, TSLA, WDC | AI, growth, large cap, semiconductors, technology, US | Nvidia finds itself in a unique situation as the only company that can supply the means to develop AI models. Its customers are the largest, most cash-generative companies in the world who are extremely motivated to make their own AI tools. The fund identified key beneficiaries of AI infrastructure buildout including companies supplying network cabling, lasers, and memory chips integral for training large language models. | NVDA |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Mid Cap Growth Fund | 13.3% | - | ALC, ALNY, BLDR, CSGP, DDOG, EFX, GWRE, HLT, HOOD, JBHT, KLAC, MELI, NET, ODFL, POOL, RCL, RGEN, SARO, SN, WDC | AI, Cyclical, growth, Logistics, mid cap, semiconductors, software | The fund maintains thematic focus on artificial intelligence exposure through software and semiconductor companies. Portfolio includes companies like Guidewire, Autodesk and Cadence that are well positioned with large datasets and existing customer relationships to train AI technology for specific use cases. | View | |
| 2026 Q1 | Apr 29, 2026 | Alger Spectra Fund | -10.9% | -10.9% | APP, GEV, MSFT, NVDA, WDC | AI, Cloud, Data centers, energy, growth, software, technology | NVDA APP MSFT NBIS WDC GEV |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | BAC, BALL, BEPC, BIIB, BMRN, CHTR, CMI, DOX, FIS, GILD, INTC, MU, NICE, ORCL, PFE, PGR, SPGI, SYY, VZ, WDC | AI, financials, large cap, semiconductors, technology, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductor industry. NICE is positioned to benefit as enterprises continue to embrace AI and cloud-based solutions for customer experience software. | View | |
| 2024 Q1 | Apr 25, 2024 | Artemis US Select Fund | - | - | AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS | AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation | Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance. | CNM ALL NSC META AAPL |
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| 2025 Q1 | Apr 24, 2024 | CrossingBridge Advisors | - | - | WDC | credit, Debt, fixed income, policy, Spreads, Treasury, volatility | Corporate credit spreads have widened toward long-term averages from historically tight levels, though they remain well below recessionary peaks. The manager emphasizes being especially discerning with investment selection as economic fundamentals may continue weakening toward recessionary territory. | WDC |
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| 2026 Q1 | Apr 22, 2026 | Columbia Global Technology Growth Fund | -6.1% | -6.1% | AMAT, ASML, INTU, LITE, LRCX, MSFT, MU, NOW, NVDA, ORCL, TSM, WDC | AI, global, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 22, 2026 | Columbia Seligman Global Technology Fund | 4.8% | 4.8% | AEIS, AMAT, AVGO, BE, COHR, CRM, GDDY, GEN, LRCX, LYFT, MSFT, ORCL, TER, WDC | AI, Data centers, growth, semiconductors, technology | View | ||
| 2026 Q1 | Apr 21, 2026 | Harbor Mid Cap Value Fund | 4.6% | 4.6% | ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC | AI, energy, mid cap, quantitative, Rotation, small caps, value | View | ||
| 2026 Q1 | Apr 17, 2026 | Parnassus Value Equity Fund | -1.6% | -1.6% | AMAT, BSX, CBRE, DE, DHR, FDX, MA, MSFT, NVO, SPGI, V, VZ, WDC | financials, Geopolitical, healthcare, large cap, Quality, technology, value | View | ||
| 2025 Q4 | Mar 6, 2026 | Polen Capital – U.S. SMID Company Growth | -0.3% | 27.7% | BE, CORT, FSLR, NTNX, NVDA, RKLB, WDC | aerospace, AI, Biotechnology, Electrification, growth, innovation, SMID Cap | AI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting AI-adjacent industries like semiconductors, electrical equipment, and tech hardware. AI data centers require enormous amounts of power, creating demand for solutions like Bloom Energy's fuel cells. The theme reasserted dominance after NVIDIA's strong earnings in late November. Portfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. This includes companies like Bloom Energy providing power solutions for AI data centers and First Solar manufacturing solar panels. The theme benefits from energy transition and infrastructure needs. Portfolio maintains significant conviction in Aerospace theme alongside Electrification within Industrials sector exposure. Rocket Lab operates as end-to-end space company developing rocket launch and control systems, with strong earnings results and growing backlog during the quarter. Biotech delivered its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in drug discovery efficiency. Corcept Therapeutics represents exposure to this theme with drugs modulating cortisol activity and expanding pipeline in oncology. | View | |
| 2026 Q1 | Mar 31, 2026 | Fidelity Dividend Growth Fund | -0.1% | -0.1% | AAPL, GEV, GOOGL, OWL, STX, TSM, WDC | aerospace, AI, dividends, energy, large cap, technology, value | View | ||
| 2024 Q4 | Mar 1, 2025 | Columbia Seligman Global Technology Fund | 7.5% | 26.7% | AAPL, AMAT, AVGO, BE, DBX, EBAY, GDDY, GOOGL, GPN, LRCX, META, MRVL, MSFT, NVDA, NXPI, ON, ORCL, WDC | AI, Cloud, cybersecurity, global, growth, semiconductors, software, technology | AI continues to be the strongest theme in technology, as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spend from public cloud service providers Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow. The fund sees AI as driving demand for technology infrastructure and offering the promise of exponentially increased productivity gains. | View | |
| 2025 Q4 | Feb 8, 2026 | Fidelity Dividend Growth Fund | 5.1% | 22.5% | 000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, large cap, semiconductors, technology | The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks. | GEV AAPL PAYC 000660 KS GOOGL |
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| 2025 Q4 | Feb 12, 2026 | Artemis US Select Fund | 7.0% | 10.0% | AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC | AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities | The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment. | View | |
| 2025 Q4 | Feb 11, 2026 | BlackRock Mid-Cap Value Fund | 2.5% | 13.7% | BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, SSNC, WCC, WDC | AI, dividends, financials, healthcare, industrials, inflation, mid cap, value | Manager notes exuberance driven by artificial intelligence and narrow leadership raises questions about durability. They see value investing as offering a risk-aware way to participate in secular themes, including AI. Large-scale AI-related capital spending could strain power, materials, and construction capacity. The fund explicitly follows a value investing approach, investing in mid-cap companies that pay attractive, sustainable and growing dividends. Manager emphasizes value investing offers a risk-aware way to participate in secular themes and argues for selectivity and disciplined risk control. | View | |
| 2024 Q4 | Dec 31, 2024 | BlackRock Mid-Cap Value Fund | -3.0% | 9.1% | BAX, CAH, EA, FCNCA, FIS, KHC, LHX, SEE, SSNC, WDC | dividends, financials, healthcare, industrials, mid cap, Quality, value | The fund focuses on finding high-quality businesses with clean balance sheets, good franchises, and savvy management at attractive valuations. The managers emphasize avoiding momentum chasing and maintaining discipline in their value-oriented approach despite market conditions. | View | |
| 2024 Q3 | Nov 6, 2024 | Artemis US Select Fund | -2.7% | - | AVGO, AVTR, BLDR, CEG, FWONA, GOOGL, INTC, MCK, META, MSFT, NVDA, PH, V, VST, WDC | AI, clean energy, energy, large cap, technology, US Equities, Utilities | AI infrastructure remains a key focus with memory chips being critical to AI development. NVIDIA experienced volatility due to Blackwell chip delays and broader AI concerns, but the manager maintains long-term optimism. Broadcom was added as a beneficiary of datacenter efficiency investments. | View | |
| 2025 Q3 | Nov 5, 2025 | Fidelity Dividend Growth Fund | 8.4% | 16.6% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | dividends, energy, industrials, large cap, Quality, technology, value | AI-driven demand for electricity to power data centers boosted utilities sector performance. Strong demand for AI processors supported Taiwan Semiconductor Manufacturing's 23% quarterly gain. Tech firms continued spending on building data centers amid AI-related growth. | View | |
| 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 | Nov 10, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT | consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology | Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth. | SBUX SUNP IN ICLR|LLY|PLTR|SNPS|TGT AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q3 | Oct 31, 2025 | Fawkes Capital Management | 23.9% | - | 000660.KS, AGX, BE, CAT, GOOGL, LBRT, WDC | AI, Bubble, energy, infrastructure, Power, semiconductors, small caps, technology | AI infrastructure investment is being led by Big Tech and funded through free cash flow rather than equity issuance. This capex is proportionate to actual AI usage growth, representing an infrastructure cycle tied to observable demand rather than speculative overbuild. AI-fueled economic optimism has become a political imperative sustaining the broader Trump economic narrative. | ARGN BE LBRT FELIX AU GOOGL LBRT GOOGL |
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| 2025 Q3 | Oct 28, 2025 | BlackRock Mid-Cap Value Fund | 5.5% | 10.7% | BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, WDC, XBI | dividends, financials, healthcare, mid cap, technology, value | The fund maintains a value-oriented strategy focused on companies with resilient earnings, strong balance sheets, and attractive valuations. This fundamentals-first approach provides a solid foundation and positions portfolios to navigate volatility effectively while seizing opportunities through active management. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADSK, BILL, CDNS, EFX, GWRE, IQV, JBHT, KLAC, LPLA, MELI, MTD, NET, NTR, ROST, SHW, TEAM, TER, TT, WDC | growth, healthcare, mid cap, Quality, semiconductors, software, technology, Transportation | Fund maintained overweight position despite third quarter underperformance, expecting holdings to benefit as AI moves from data centers to smartphones and laptops. Increasing semiconductor complexity requires more design, capital equipment and testing. | View | |
| 2025 Q3 | Oct 21, 2025 | Columbia Seligman Global Technology Fund | 23.7% | - | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, energy, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. The primary driver of returns has been companies indexed to artificial intelligence infrastructure and the cloud. AI workloads require more advanced chips, driving demand for semiconductor equipment solutions. | ORCL AVGO WDC BE AVGO WDC LRCX BE |
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| 2025 Q3 | Oct 2, 2025 | Night Watch Investment Management | 4.2% | 25.9% | 5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE | AI, catalysts, Europe, global, Japan, private equity, small caps, value | Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios. | 5842 JP WDC US BKD US |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Value Equity Fund | 7.5% | - | ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | AI, financials, healthcare, large cap, Quality, technology, value | The AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips. | View | |
| 2025 Q3 | Oct 1, 2025 | Rigden Capital Strategies | - | - | AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC | AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations | AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains. | View | |
| 2025 Q4 | Jan 9, 2026 | Vision Capital | -5.0% | 9.8% | 000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS | AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology | Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers. | SE |
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| 2023 Q4 | Jan 8, 2024 | Artemis US Select Fund | 8.3% | - | AMZN, AVTR, BKR, BLD, BX, DXCM, EXP, HES, MCK, META, NVDA, TMO, WDC, WFC | Cloud, energy, financials, healthcare, Housing, semiconductors, technology | Structural shortage in housing inventory in the US with homeowners reluctant to move from low mortgage rates to high rates, creating demand for new builds. Household formation is picking up due to demographic shifts, favoring housebuilders and building material suppliers. | BLDR AMZN |
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| 2025 Q4 | Jan 5, 2026 | Night Watch Investment Management | - | - | ALLFG, DAVA, DSGR, HAYPP, MRX, WDC | catalysts, global, insider ownership, Rerating, value | The update highlights a global value strategy centered on identifiable catalysts, insider ownership, and unique holdings with limited benchmark overlap. Geographic and sector diversification complements an emphasis on reratings driven by earnings inflection, corporate actions, and industry recovery. Value investing is positioned as most effective when paired with patience, research depth, and catalyst discipline. | DAVA MRX |
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| 2025 Q4 | Jan 22, 2026 | Jensen Investment | 0.0% | 5.6% | AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM | AI, growth, large cap, Market Concentration, Quality, semiconductors, technology | The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022. | AVGO SYK WM CPRT MMC ACN LLY APH KLAC |
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| 2025 Q4 | Jan 21, 2026 | Columbia Seligman Global Technology Fund | 5.0% | 35.4% | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology | AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption. | AMAT TER WDC BE LRCX NVDA |
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| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2025 Q4 | Jan 15, 2026 | M&G Investment | 0.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC | AI, geopolitics, Polarisation, Quality, semiconductors, technology, value | AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Mid-Cap Value Fund | 7.8% | 12.5% | BAX, CAH, CVS, FCNCA, FIS, KHC, LHX, SEE, SSNC, WDC | dividends, financials, healthcare, industrials, mid cap, value | The fund invests in mid-capitalization companies that pay attractive, sustainable and growing dividends with the aim of providing mid-capitalization equity returns with less volatility. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Mid-Cap Value Fund | 7.8% | 12.5% | BAX, CAH, FCNCA, FIS, GM, KHC, LHX, SEE, SSNC, WDC | dividends, healthcare, industrials, materials, mid cap, value | Value earnings growth is underappreciated and may offer an attractive risk-return skew given differences in expectations. Valuations look stretched due to large technology companies pulling indexes and portfolios to be more growth-oriented. | View | |
| 2024 Q4 | Feb 26, 2025 | Fawkes Capital Management | 2.2% | 11.2% | AGX, BE, BSL.AX, CENX, CLS, DUOT, GEV, GOOGL, INOD, LPTH, LRV.AX, MND.TO, MSFT, NVDA, OCC, OSIS, RIO, SKYX, SOLI, VRT, WDC | AI, Border Security, Data centers, energy, infrastructure, Mining, semiconductors, tariffs | AI infrastructure demand continues to surge despite DeepSeek disruption. The rise of AI Agents for autonomous task execution represents a pivotal shift in automation, with NVIDIA emphasizing that achieving AI consistency at scale requires extensive training. Big Tech's strategy for AGI involves expanding from probabilistic text generation to capturing human reasoning patterns. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | Fund Letters | Alger Spectra Fund | Western Digital Corporation | Computer Hardware | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI infrastructure, areal density, Cloud computing, data storage, Hard Disk Drives, hyperscalers, industry consolidation, long-term contracts | View Pitch |
| Apr 20, 2026 | Seeking Alpha | Seeking Alpha | Western Digital Corporation | Technology | Data Storage | Bull | Nasdaq Stock Market | AI infrastructure, areal density, capital discipline, cloud customers, data storage, hyperscaler data centers, long-term agreements, market position, profitability, Western Digital | View Pitch |
| Apr 20, 2026 | Seeking Alpha | Seeking Alpha | Western Digital Corporation | Technology | Data Storage | Bull | Nasdaq Stock Market | AI infrastructure, capital discipline, cloud customers, data storage, gross margins, HDD industry, high-capacity drives, long-term agreements, Revenue Growth, Western Digital | View Pitch |
| Apr 13, 2026 | Fund Letters | CrossingBridge Advisors | Western Digital Corp. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Bond, Corporate Spin-off, Credit Upgrade, data storage, deleveraging, Enterprise Technology, Hard Disk Drives, high yield, Solid State Drives | View Pitch |
| Feb 1, 2026 | Seeking Alpha | Seeking Alpha | Western Digital Corporation | Technology | Data Storage Devices | Neutral | NASDAQ Stock Market | AI tools, cloud supercycle, data storage, memory industry, NAND technology, Pricing power, profit margins, supply crunch, valuation risks, Western Digital | View Pitch |
| Jan 24, 2026 | Fund Letters | Vimal Patel | Western Digital Corporation | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | data centers, Demand, Hdd, hyperscalers, spinoff, Storage | View Pitch |
| Jan 21, 2026 | Fund Letters | Billy Hwan | Western Digital Corporation | Information Technology | Technology Hardware Storage & Peripherals | Bull | NASDAQ | AI, datacenters, Margins, Pricing, Storage | View Pitch |
| Nov 29, 2025 | Fund Letters | Vimal Patel | Western Digital Corp. | Information Technology | Computer Storage & Peripherals | Bull | NASDAQ | AI, Demand, Margins, Memory, Pricing, profitability, Storage | View Pitch |
| Nov 28, 2025 | Fund Letters | Vimal Patel | Western Digital Corp. | Information Technology | Computer Storage & Peripherals | Bull | NASDAQ | AI, Demand, Margins, Memory, Pricing, profitability, Storage | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Parnassus Investments | Western Digital | Information Technology | Computer Hardware | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Curious Analyst | Western Digital Corporation | Information Technology | Computer Hardware | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||