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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Mondrian Global Equity Fund | - | - | BATS.L, CL, ENEL.MI, IMB.L, KO, PEP, PG, RI.PA, SRG.MI, WMT | Consumer Staples, defensives, global, Risk-adjusted, Utilities, value | Manager emphasizes defensive sectors trading at attractive valuations relative to cyclicals, with MSCI World defensives near historic lows compared to cyclically exposed sectors. Focus on risk-adjusted returns has led to increased exposure to undervalued defensive names. | View | |
| 2025 Q3 | Sep 30, 2025 | Jemekk Hedge Fund | 5.5% | 15.8% | AC.TO, AEM, AMZN, ATD.TO, BTG, CRM, EFN.TO, FFH.TO, FNV, GDXJ, GS, MEG.TO, SSL.TO, V, WMT, ZZZ.TO | Canada, financials, gold, Hedging, materials, rates, Resilience | The Gold and Silver theme has begun to play out after years of unsuccessful positioning. A weaker USD, inflationary fears, flow of funds, and rising demand from both Central Banks and retail have pushed prices to all-time highs, significantly rewarding participants. | View | |
| 2025 Q3 | Sep 30, 2025 | Gymkhana Partners | - | -6.0% | AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT | defense, domestic growth, India, small caps, tariffs, Trade Policy | India is the world's fastest-growing major economy, on track to become the third-largest economy by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. representing only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, and fiscal discipline were rewarded with an S&P sovereign credit rating upgrade. | View | |
| 2024 Q3 | Sep 30, 2024 | Octahedron Capital | - | - | AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP | AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology | Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models. | View | |
| 2024 Q3 | Sep 30, 2024 | Bailard Technology Strategy | -1.7% | 26.4% | AAPL, AMZN, CRWD, FISV, GOOGL, KLAC, LRCX, META, MSFT, MU, NFLX, NVDA, PANW, PSTG, SHOP.TO, SMAR, SPOT, TSM, UBER, WMT | AI, cybersecurity, growth, large cap, semiconductors, software, technology | The strategy anticipates a shift in IT budgets towards AI-enabled platforms and applications after infrastructure spending peaks. Enterprises are achieving significant productivity gains through AI solutions, with examples like Walmart improving 850 million catalog pieces and Palo Alto Networks reducing support headcount by 50%. The focus is moving from infrastructure hardware to application software as AI adoption becomes more widespread. | View | |
| 2024 Q3 | Sep 30, 2024 | Farrer 36 Asset Management | - | - | ADYEN.AS, ASAI3.SA, CMG, COST, IAC, PLNT, SE, WMT | digital transformation, E-Commerce, emerging markets, growth, payments, value | Manager invests in offline-to-online transitions where businesses eliminate physical presence costs while scaling globally. Sea Limited's e-commerce arm Shopee faces benign competitive environment going into 2025. Digital transformation supercharges growth as seen in advertising, travel, and gambling industries. | ASAI3.SA SE |
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| 2023 Q3 | Sep 30, 2023 | YCG Investment | - | - | AAPL, AMZN, COST, DIS, FICO, GOOGL, INTU, MCO, RACE, RMS.PA, SPGI, WMT | global, Networks, Pricing Power, Quality, ROIC, value | YCG focuses on owning a diverse collection of global champions with dominant networks, conservative balance sheets, and ownership-minded management teams. They believe high-quality businesses have historically outperformed during economic downturns and earned market-beating returns with less risk due to behavioral biases that create a boredom discount on quality stocks. | View | |
| 2023 Q3 | Sep 30, 2023 | EQUAM Global Value Fund | 1.0% | 12.3% | AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT | defense, emerging markets, India, small caps, Trade Policy, value | India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade. | BFSA GR DFS LN |
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| 2025 Q2 | Aug 4, 2025 | Artemis US Select Fund | 10.1% | -6.2% | AAPL, ABBV, ALL, CEG, CHD, CMFY, FI, KO, MU, NVDA, PCG, STX, TDG, TMO, TXN, WFC, WMT | Data centers, nuclear, semiconductors, tariffs, technology, US | The fund is positioned in data center beneficiaries including Comfort Systems, Constellation Energy, Seagate, and Micron. Management cited strong demand persisting across tech/data centers with no current signs of slowdown in capital expenditure. Constellation announced a 20-year agreement with Meta to provide nuclear power for data centers. | NVDA CMG AAPL |
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| 2025 Q2 | Aug 11, 2025 | BlackRock Global Dividend Fund | 8.4% | 9.1% | AVGO, AZN, CMS, KO, META, MSFT, NVDA, ORCL, RELX, TSM, UNH, VMW, WMT | dividends, global, healthcare, Quality, technology, Utilities, volatility | Strong AI semiconductor demand drove performance for holdings like Broadcom and Taiwan Semiconductor. Oracle benefited from robust cloud and database growth with a landmark multi-cloud deal projected to generate $30 billion annually. The fund avoided Nvidia despite AI-driven rallies due to valuation concerns. | View | |
| 2025 Q2 | Jul 8, 2025 | Manole Capital Management | - | - | AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU | Credit Cards, crypto, Fintech, payments, regulation, Stablecoins | Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat. | View | |
| 2024 Q2 | Jul 4, 2024 | Noble Capital Management | - | - | AMZN, EADSF, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RYCEY, TCS.NS, TECHM.NS, WMT | defense, India, industrials, small caps, technology, Trade Policy | India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for just 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade. | View | |
| 2024 Q2 | Jul 31, 2024 | VGI Partners | 0.0% | 0.0% | AMZN, CFR.PA, CME, DB1.DE, DIS, GEHC, GIS, LMT, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, WMT, XM | Concentration, Exchanges, global, healthcare, Quality, spinoffs, technology | VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. These exchanges benefit from increased volatility, growing Treasury markets, and transformation into data analytics businesses with recurring revenue streams. | GEHC AMZN CME |
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| 2023 Q2 | Jul 24, 2023 | RVK | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2025 Q2 | Jul 22, 2025 | VT Holland Advisors Equity Fund | - | 6.7% | AMZN, COST, MCD, NU, PDD, TSM, WISE.L, WMT | Banking, Compounding, disruption, Fintech, growth, LatAM, Quality | Nu Holdings represents a scale economy shared disruptor in global banking with 75% lower unit costs than peers, using these efficiencies to offer better customer rates rather than boost profits. The company has attracted 118 million customers through superior customer service and competitive offerings, demonstrating the power of the disruptor business model in financial services. | NU NU |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Core Leaders Fund | 11.1% | 7.3% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, growth, large cap, momentum, technology, Valuations, value | Artificial intelligence is prompting enormous spending from tech titans and has joined forces with monetary stimulus to embolden risk taking. AI is incredibly promising and the firm expects to participate via ownership of select technology leaders, though many perceived beneficiaries are prioritizing growth over profit. | PWR NVDA |
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| 2025 Q2 | Jul 2, 2025 | Tapasya Investment Fund | - | 11.7% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Discipline, Patience, Quality, rates, small caps, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index. | View | |
| 2024 Q2 | Jul 2, 2024 | Tapasya Investment Fund | - | 8.8% | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy | The manager discusses the Trump Administration's tariff scheme, noting that 70% of CEOs surveyed said tariffs have harmed their businesses. The policy was implemented without consultation with the private sector, creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring. | RIVN |
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| 2024 Q2 | Jul 2, 2024 | Tapasya Investment Fund | - | 8.8% | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, Government, policy, tariffs, Trade Policy | The manager discusses the Trump Administration's tariff scheme, noting that 70% of CEOs surveyed said tariffs have harmed their businesses. The policy was implemented without consultation with the private sector, creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring. | RIVN |
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| 2025 Q2 | Jul 16, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology, volatility | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. | View | |
| 2025 Q2 | Jul 11, 2025 | 103 Advisory group | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, WMT | Bonds, equities, fiscal policy, inflation, rates, tariffs, Trade Policy, Treasury | The quarter began with sweeping tariffs including a baseline 10% on nearly all imports, bringing the average U.S. tariff rate to 22.5% from 2.4%. A 90-day pause was announced due to Treasury market volatility. Trade deals were struck with China on rare earth minerals, and Vietnam agreed to a 20% duty structure. | View | |
| 2024 Q2 | Jul 10, 2024 | HORAN Capital Advisors | 0.0% | 0.0% | AMZN, EBAY, LULU, META, MSFT, NKE, NVDA, ROST, SBUX, TGT, TJX, WEN, WMT | consumer, earnings, Economic Slowdown, Fed policy, Market Concentration, Sentiment | Consumers are changing shopping habits due to elevated prices and higher unemployment, with higher earners now shopping at discount stores. Walmart is seeing increased higher income shoppers while companies like Starbucks and Nike face headwinds from consumer pressure. Sales growth for discount stores has outperformed name brands for several quarters. | View | |
| 2023 Q2 | Jul 1, 2023 | Guinness Global Innovators | - | 19.6% | AMZN, RIVN, WMT | Electric Vehicles, Government, policy, tariffs, Trade Policy | The letter extensively discusses the Trump Administration's tariff scheme, with 70% of CEOs surveyed saying tariffs have harmed their businesses. The manager views tariffs as creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring. | RIVN |
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| 2025 Q1 | Jun 4, 2025 | Voss Value Fund | -7.3% | -7.3% | FLYW, SN, TSLA, WMT | consumer, innovation, Long/Short, payments, small caps, tariffs, value | Small caps are priced for recession while mega caps trade at lofty multiples, creating a uniquely fertile opportunity set for long/short equity. YTD fund flows out of small caps have smashed all previous records, causing capital to be siphoned out mercilessly. This dichotomy creates compelling value opportunities in quality small cap names. | SN FLYW |
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| 2025 Q1 | Jun 4, 2025 | Voss Value Offshore Fund | -7.3% | -7.3% | FLYW, SN, TSLA, WMT | consumer, ETFs, innovation, Long/Short, payments, small caps, tariffs, value | Small caps are priced for recession while mega caps trade at lofty multiples, creating a uniquely fertile opportunity set for long/short equity. YTD fund flows out of small caps have smashed all previous records, causing capital to be siphoned out mercilessly. This dichotomy creates compelling value opportunities in quality small cap names. | SN FLYW |
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| 2025 Q2 | Jun 30, 2025 | Distillate Capital Fundamental Stability & Value | - | 1.5% | AMGN, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, momentum, Quality, rebalancing, small caps, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. The 20 most expensive stocks account for 40% of S&P 500 capitalization and trade at multiples 106% above the rest of the market. Valuation expansion has contributed 4.6 percentage points to S&P 500 returns since 2017 but could become a headwind going forward. | View | |
| 2025 Q2 | Jun 30, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | -6.6% | 000700.HK, AMGN, BABA, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, large cap, momentum, Quality, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as historically high valuations suggest potential headwinds to future returns. | View | |
| 2025 Q2 | Jun 30, 2025 | Parnassus Value Equity Fund | 7.2% | - | A, AVGO, AZN, BAX, DHR, GILD, GPN, LIN, MSFT, MU, ORCL, PFE, PGR, REGN, SPG, TMO, TSM, UNH, WMT, WTW | AI, healthcare, Quality, tariffs, technology, value | The Fund's outperformance was primarily driven by artificial intelligence-related portfolio holdings in the Information Technology sector. AI-related companies like Broadcom, Oracle, Microsoft, Micron Technology, and Taiwan Semiconductor benefited from the ongoing AI megatrend and boom in AI investment. The portfolio maintains exposure to semiconductor makers and cloud providers as key beneficiaries of AI investment and cloud adoption. | DHR WTW REGN LIN TMO WMT |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Global Content & Connectivity Fund | 9.3% | - | AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM | defense, energy, gold, growth, Sports, tariffs, technology, value | Trump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%. | MSFT |
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| 2025 Q2 | Jun 30, 2025 | Latitude Global Fund | - | - | AZO, CPR.MI, DEO, DLTR, FIVE, MCK, NVO, RCO.PA, RI.PA, WMT | Aftermarket, Alcohol, Automotive, consumer, discount, retail, value | Dollar Tree represents a compelling opportunity following the sale of Family Dollar for $1bn, allowing focus on the core Dollar Tree banner with strong same-store sales growth. The business trades at attractive valuations with significant capital return potential. | DEO DLTR AZO |
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| 2024 Q2 | Jun 30, 2024 | Apis Deep Value Fund | 3.1% | - | 4506.T, 8069.T, AAPL, AMZN, DPZ, MCD, META, MSFT, NFLX, OLED, WMT | Asia, defense, Electrification, Long/Short, small caps, technology, value | Goldman Sachs report highlights advantages of SMID-cap investing including thousands of stock-picking opportunities versus concentrated large-cap indices, significant inefficiencies with many companies having no analyst coverage, and less competitive space with only 3% of equity long/short funds focusing on SMID-cap. Current valuation extremes show profitable Russell 2000 companies trading at 15x with 35% growth versus S&P at 23x with 14% growth. | 4506.T 8069.TW 1405.HK |
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| 2024 Q2 | Jun 30, 2024 | City Different Investments – Global Equity | 5.3% | 22.5% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2024 Q1 | May 3, 2024 | Meditation Capital | - | - | 1405.HK, 3994.T, AAPL, CFLT, DPZ, HCP, QCOM, TSLA, WMT | Cash Management, China, Franchising, Product Focus, Restaurants, valuation | Manager discusses selective investment in Chinese markets despite significant risks including property bust, weak consumer recovery, political shifts toward security over growth, and worsening geopolitical tensions. Notes bombed-out valuations in offshore-listed Chinese stocks create exceptional opportunities despite permanently lower multiples. | View | |
| 2025 Q1 | May 23, 2025 | Tourlite Capital Management | -4.6% | -4.6% | ABUS, COST, FIP, FTAI, GRAL, IMVT, NFE, OABI, ROIV, SOC, WMT | Biotech, consumer, energy, Event Driven, industrials, infrastructure, Long/Short, tariffs | The fund continues to see meaningful mispricing across select biotech companies, highlighting positions in Roivant, Arbutus, Immunovant, OmniAb, and Grail. Despite short-term volatility from macro headlines and policy developments, these companies trade at substantial discounts to intrinsic value, offering significant upside with a margin of safety over the long term. | FTAI FIP SOC |
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| 2024 Q1 | May 23, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, AMZN, ASML, BAC, BK, C, CPF, CSCO, GOOGL, KR, MA, META, MSFT, MU, NVDA, TSLA, TSM, USB, V, WMT | AI, Buybacks, financials, infrastructure, technology, Travel, Utilities, value | Top US tech firms are ramping up capital spending into AI infrastructure toward the $200 billion mark for 2024, benefiting hardware firms like Nvidia, Micron, ASML and Taiwan Semiconductor. Microsoft and OpenAI are working on a new data center and supercomputer project that could cost as much as $100 billion. High spending in the service industry on AI infrastructure could prove to be a long-term driver of inflation. | View | |
| 2025 Q1 | Apr 4, 2025 | Pittenger & Anderson | - | - | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, Government, Markets, policy, tariffs | The manager discusses how the Trump Administration's tariff scheme has harmed 70% of businesses according to a Yale CEO survey. He explains how tariffs create policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring, ultimately filtering down to growth, margins, and valuation. | RIVN |
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| 2024 Q1 | Apr 27, 2024 | Montaka Global Investments | - | - | AAPL, AMD, BX, KD, MC.PA, MRNA, WMT | AI, compounders, global, Structural Change, technology | The AI wave has commenced and is already much larger than previously anticipated by industry insiders. AMD's AI chip was just released and the company revised their AI chip revenue forecast from $2 billion to $3.5 billion in just 92 days due to overwhelming customer demand. Future earnings forecasts for AMD will likely need substantial upward revisions. | KD AMD |
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| 2026 Q1 | Apr 22, 2026 | Ironvine Capital Partners | -5.6% | -5.6% | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | View | ||
| 2026 Q1 | Apr 21, 2026 | Harbor Capital Appreciation Fund | -11.0% | -11.0% | AAPL, ABNB, APP, CEG, HLT, MRK, MSFT, NET, PLTR, SHOP, SNOW, TSM, WMT | AI, Energy Prices, Geopolitical Risk, growth, large cap, technology | View | ||
| 2026 Q1 | Apr 21, 2026 | The Bristol Gate U.S. Equity Strategy | -4.9% | -4.9% | GE, INTU, MCO, MSCI, MSFT, TRGP, TT, VRSK, WMT | AI, dividends, energy, growth, software, valuation, value | View | ||
| 2024 Q1 | Apr 20, 2024 | Saga Partners | 22.6% | 39.4% | AMZN, COST, CVNA, EXPI, GDRX, GOOGL, KMX, KO, LAD, META, NFLX, RDFN, ROKU, TTD, UA, VZIO, WMT, Z | Concentration, E-Commerce, long-term, technology, value, volatility | Carvana represents a complete transformation of used car retail through integrated e-commerce infrastructure. The company has built an irreplicable network of inspection centers, logistics, and financing operations that enables seamless customer experience. Despite 2022 challenges, Carvana demonstrated profitable unit economics and reached positive EBITDA in 2023. | View | |
| 2024 Q1 | Apr 15, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT | aerospace, healthcare, Media, small caps, technology, value | Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market. | RDVT TBRG PKE |
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| 2024 Q1 | Mar 31, 2024 | Baron Health Care Fund | 8.8% | 8.8% | AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT | defense, emerging markets, India, Manufacturing, small caps, Trade Policy | India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model. India's goods exports to the U.S. account for just 2.2% of GDP, making the impact of 25-50% tariffs manageable. | View | |
| 2024 Q1 | Mar 31, 2024 | City Different Investments – Global Equity | 16.4% | 46.0% | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2023 Q1 | Mar 31, 2023 | Peapack Private | - | - | AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT | aerospace, defense, emerging markets, India, small caps, tariffs, Trade Policy | India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth, with goods exports to the U.S. accounting for just 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade. | View | |
| 2023 Q1 | Mar 31, 2023 | Graham and Doddsville | - | - | AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT | Capital markets, defense, domestic growth, India, small caps, tariffs, Trade Policy | India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade. | View | |
| 2024 Q4 | Feb 8, 2025 | Fairlight Alpha Fund | -0.5% | 13.6% | ALOFI.PA, COST, MMY.TO, SRB.L, WMT | Food, gold, growth, Mining, small caps, value | The fund owns junior gold mining stocks including Monument Mining Limited and Serabi Gold plc, benefiting from rising gold prices and increasing production. Both companies are enjoying record revenues and cashflows as gold prices have risen from $1,912 in Q3 2023 to $2,886 currently, while maintaining low all-in sustaining costs. | ALLOG.PA BOFI.V SRB.L MMY.TO |
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| 2024 Q4 | Feb 28, 2025 | Kinsman Oak | - | - | AAPL, BTC-USD, COST, NVDA, WMT | AI, Concentration, growth, inflation, Passive, SMID Cap, Speculation, value | The S&P 500 top ten stocks combine for a record-setting 37% of total market capitalization, exceeding the Dot-Com bubble by 14%. MAG7 stocks gained 60.5% versus 13.0% for equal weight index. This concentration creates structural risks as passive fund flows exacerbate momentum effects. | View | |
| 2023 Q4 | Feb 20, 2024 | Tall Oak Capital Advisors | - | - | AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO | Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology | The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution. | PANW |
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| 2024 Q4 | Dec 31, 2024 | Pzena Investment Management | - | - | AAPL, AMZN, C, CSCO, GE, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA, WMT, XOM | active management, AI, Concentration, growth, large cap, value | Value stocks have significantly underperformed during the current period of market concentration, but historically outperform when concentration levels decline. The firm expects value stocks to benefit from earnings convergence between the Magnificent Seven and the broader market. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Fundamental Stability & Value | - | 12.8% | AAPL, AMZN, AVGO, BMY, COST, CSCO, CVS, DKS, GDDY, KO, META, MO, MSFT, NFLX, NVDA, ORCL, TMUS, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, technology, valuation, value | The S&P 500 has experienced significant valuation expansion with prices rising 43% while free cash flows increased only 9.6%. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for nearly 40% of total market cap. Distillate's strategy offers a 5.8% free cash flow yield versus the S&P 500's 3.5%, representing a record premium. | View | |
| 2023 Q4 | Dec 31, 2023 | City Different Investments – Global Equity | 9.6% | 41.9% | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, policy, tariffs, Trade Policy, Trump | The manager discusses how the Trump Administration's tariff scheme has harmed 70% of businesses according to a Yale CEO survey. He argues that tariffs create policy unpredictability and avoidable costs that hurt companies through higher input costs, supply chain disruption, and force difficult tradeoffs between pricing power and solvency. | RIVN |
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| 2023 Q4 | Dec 31, 2023 | WS Amati Global Innovation Fund | - | - | AIR.PA, AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT | defense, growth, India, small caps, tariffs, Trade Policy | India is the world's fastest-growing major economy, on track to overtake Germany as the world's third-biggest by 2028. India's resilience in the face of increased U.S. tariffs underscores the durability of its domestic consumer-driven economic growth. India's buoyant economy is set to receive a further boost from freer trade with non-U.S. partners, deepening domestic capital markets, stimulative tax reforms, and looser monetary policy. | View | |
| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU | Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology | Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores. | View | |
| 2025 Q3 | Nov 5, 2025 | Horos Asset Management | 10.7% | 23.7% | AAPL, AMD, AMZN, BIDU, CMG, COST, GOOGL, INTC, KKR, MA, MCD, META, MSFT, NEON, NVDA, ORCL, PYPL, SBUX, TSLA, WMT | AI, Bubble, Europe, Margin Of Safety, technology, Valuations, value | Massive investments by hyperscalers in AI infrastructure reaching $365 billion, resembling dot-com bubble dynamics. Cross-investments between companies like NVIDIA and OpenAI mirror 1990s patterns. Energy demands and valuations appear unsustainable despite real technological potential. | View | |
| 2025 Q3 | Nov 3, 2025 | BlackRock Global Dividend Fund | 6.7% | 16.5% | AAPL, AVGO, AZN, BABA, CL, CMS, GOOGL, KO, MSFT, NVDA, NVO, ORCL, TSM, WMT | AI, Cloud, dividends, global, Quality, technology, volatility | The fund is invested in AI infrastructure, especially data centers, and sees long-term value in software. AI demand drove strong performance in Broadcom and Oracle, with Oracle experiencing a more than 350% year-on-year surge in bookings. Alibaba's AI chip launch affirmed its role as a core AI and cloud operator in China. | CL NOVO ORCL AVGO BABA ORCL AVGO BABA |
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| 2024 Q3 | Nov 26, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, Long/Short, market inefficiency, small caps, value | Phinia represents a compelling opportunity as an ICE auto parts supplier benefiting from EV adoption slowdown and competitive withdrawals. The company's Gasoline Direct Injection technology and aftermarket business provide defensive characteristics with growth potential from market share gains. | PHIN |
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| 2024 Q3 | Nov 26, 2024 | Voss Value Fund | 7.6% | 9.5% | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, M&A, small caps, valuation, value | Manager believes EV penetration estimates are too optimistic, with BEV market flatlining in US and China and declining in Europe. Consumer surveys show growing disinterest in BEVs, leading to substantial discounts and bloated inventory. This creates opportunities for ICE-focused suppliers like Phinia. | PHIN |
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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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| 2024 Q3 | Oct 8, 2024 | Manole Capital Management | 0.0% | 0.0% | INTU, NVDA, WMT | AI, consumer spending, Fed policy, Fintech, inflation, Market Concentration | Manager specializes in FINTECH research and investments, conducting proprietary research on Gen-Z preferences across banking, brokerage, crypto and payments. Portfolio has significant exposure to payments companies and exchanges, which are the two largest areas of exposure. | View | |
| 2025 Q3 | Oct 31, 2025 | Latitude Global Fund | - | - | AMZN, AZO, COR, COST, DG.PA, FOUG.PA, GOOGL, IBKR, JPM, KR, MCK, NFLX, RYA.L, SONY, SPOT, TGT, WMT | Buybacks, dividends, Europe, financials, healthcare, industrials, technology, value | The fund benefits from companies returning capital through dividends and buybacks, with almost 5% of annual return coming from this capital return. Ryanair has retired 7% of shares outstanding in just the last year. | View | |
| 2024 Q3 | Oct 28, 2024 | Kinsman Oak | 0.0% | 0.0% | AMZN, DG, DLTR, GOOG, MSFT, RACE, RMS.PA, TGT, WMT | Bifurcated Economy, Dollar Stores, Hidden Segments, Luxury, nuclear, uranium, value | Mega-cap technology companies are turning to nuclear power to meet electricity demand for AI and data centers. Alphabet, Amazon, and Microsoft have all signed agreements for small modular reactors, indicating a dramatic shift in sentiment towards nuclear energy. | View | |
| 2024 Q3 | Oct 21, 2024 | Tourlite Capital Management | 4.5% | 13.8% | ABUS, APG, FTAI, ROIV, SBUX, SOC, ULTA, WMT | aerospace, consumer, Correlation, healthcare, industrials, Long/Short, technology, volatility | FTAI Aviation benefits from strong aerospace aftermarket tailwinds, with Boeing issues providing additional upside. The company exceeded Q2 expectations and raised 2026 EBITDA guidance by 25% to $1.25 billion. Significant valuation gap exists between FTAI and aerospace aftermarket peers. | APG ABUS ROIV FTAI SOC |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Core Leaders Fund | 3.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, earnings, Fed policy, momentum, small caps, technology, Valuations | Artificial intelligence is driving enormous spending from tech titans and creating a powerful technology theme. AI has joined forces with monetary stimulus to embolden risk taking, with AI-linked stocks posting explosive moves higher since April. The technology is incredibly promising, though many perceived beneficiaries are prioritizing growth over profit. | NVO NVDA |
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| 2024 Q3 | Oct 20, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, ABBV, AMD, AMZN, AVGO, COST, KO, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, QCOM, TMUS, TOL, TSLA, WMT, WSM | cash flow, Leverage, Quality, risk management, small caps, valuation, value | The letter extensively discusses valuation risk in the current market, comparing current conditions to the 2000 TMT bubble. Over 40% of the S&P 500 now trades at NTM P/E ratios over 30x, similar to 2000 levels. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total S&P 500 market cap. | View | |
| 2025 Q3 | Oct 2, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, Discipline, large cap, Patience, Quality, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index. | View | |
| 2024 Q3 | Oct 2, 2024 | NS Partners | - | - | AMZN, EADSF, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RYCEY, TCS.NS, TECHM.NS, WMT | defense, India, industrials, small caps, technology, Trade Policy | India is the world's fastest-growing major economy, on track to become the third-largest economy by 2028. The domestic consumer-driven growth model provides resilience against U.S. tariffs, with goods exports to the U.S. representing only 2.2% of GDP. India's pursuit of free trade deals with non-U.S. partners and deepening domestic capital markets support continued growth. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital Fundamental Stability & Value | - | 6.5% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | Benchmarks, Concentration, large cap, Quality, technology, valuation, value | Manager emphasizes systematic value investing approach focused on free cash flow valuation rather than book value. Strategy trades at 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. Systematic quarterly rebalancing allows proceeds from expensive stocks to flow into cheaper names with higher underlying cash flows. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital International | - | 33.3% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, Quality, valuation, value | The manager emphasizes that while the Russell 1000 Value benchmark is intended to offer a counter to valuation risk, it suffers from being demarcated on book value which inadequately measures valuation in today's economy. Their U.S. FSV strategy offers substantially better valuation at 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. | CMCL LN |
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| 2025 Q3 | Oct 16, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | 3.4% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI Bubble, Benchmarks, Concentration, free cash flow, Quality, small caps, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for the S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital Large Cap Value | - | 9.0% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, Quality, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting their strategy's superior valuation metrics compared to benchmarks. They focus on finding quality companies trading at attractive levels while avoiding the valuation risks present in current market leadership. | IT US ACN US ADBE US CRM US |
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| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DOLE, GHC, GRUMA, H, HHH, HOUS, IMKTA, KODK, LLYVA, LMCA, MAT, OSCR, PCH, PK, SAM, WEST, WMT | Buybacks, Coffee, healthcare, Natural Gas, real estate, small caps, value | Fund focuses on small-cap stocks with 19 holdings and P/V ratio in low-70s%. Manager welcomes volatile small-cap environment that presents attractive opportunities to enhance portfolio with undervalued, high-quality businesses. Holdings consist of competitively advantaged businesses with strong balance sheets. | WEST HOUS CNX OSCR |
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| 2025 Q3 | Oct 12, 2025 | Rewey Asset Management | - | 9.3% | AMAT, III, KD, LRCX, UCTT, VREX, WMT | AI, Cyclical, Fed Rates, Labor Market, semiconductors, small caps, value | Manager sees rotation from large-cap to small and smid-cap stocks beginning, with smaller cap indices outperforming in 3Q25. A modest 1% reallocation from S&P 500 to Russell 2500 Value would equate to buying 11% of that index, creating potential for significant outperformance as Fed cuts rates and economic conditions improve. | UCTT KD VREX |
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| 2025 Q3 | Oct 11, 2025 | GDS Investments | - | - | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, Government, Markets, policy, regulation, tariffs | The administration's tariff scheme has harmed 70% of businesses according to a Yale CEO survey. Policy formulation without private sector consultation creates uncertainty and costs that affect pricing, inventory, capex, and hiring decisions. Companies face difficult tradeoffs between raising prices, eating costs, or exiting business lines. | View | |
| 2025 Q3 | Oct 10, 2025 | Moon Capital Management | - | - | AMD, AMZN, GOOGL, IONQ, KO, META, MSFT, QBTS, QUBT, RGTI, WMT | AI, Bubble, fundamentals, risk, technology, Valuations, value | Manager draws extensive parallels between current AI investment mania and the late 1990s dot-com bubble. The four major hyperscalers are collectively spending hundreds of billions on AI infrastructure, with Microsoft alone expected to spend over $100 billion this year. Despite genuine technological potential, valuations have reached levels that far exceed realistic expectations, with companies like OpenAI valued at $500 billion while burning significant cash. | View | |
| 2025 Q3 | Oct 1, 2025 | Infuse Partners | 33.2% | - | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, international, Quality, small caps, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | TMDX US |
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| 2024 Q4 | Jan 8, 2025 | Tapasya Investment Fund | - | 17.8% | AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements. | View | |
| 2025 Q4 | Jan 6, 2026 | Lansing Street Advisors | 0.0% | 0.0% | COST, CSCO, NVDA, WMT | AI, Bitcoin, demographics, Leverage, Options, Predictions, technology, Valuations | The manager extensively compares current AI valuations to the 1999 internet bubble, arguing AI represents a trend rather than a fad. Technology companies have doubled net income over four years and grown earnings 550% since 2008, demonstrating sustainable profitability unlike the dot-com era where 74% of internet companies had negative cash flows. Bitcoin declined roughly 6% in 2025 despite widespread price targets of $200,000 from major firms and up to $1.5 million by 2030 from Cathie Wood. The manager uses Bitcoin's volatile history to illustrate the futility of one-year predictions for highly speculative assets. | View | |
| 2024 Q4 | Jan 6, 2025 | LRT Capital Management | 0.0% | 15.8% | AAPL, ABG, BURL, CGNX, CHE, CIGI, COP, DECK, DINO, EXPO, FIX, GPN, IESC, PRI, RLI, TSLA, TSM, WH, WMT, WSM | AI, fundamentals, Long/Short, momentum, Overvaluation, Systematic, value | Manager criticizes momentum-driven markets where fundamentals have been ignored for three years. Value factor declined 17% in 2024 while momentum returned 57%. The fund maintains a fundamentals-based approach despite challenging environment for value investing. | View | |
| 2025 Q4 | Jan 29, 2026 | Ashva Capital Management | 0.0% | 0.0% | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value | The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices. | DIS AMD MU |
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| 2024 Q4 | Jan 28, 2025 | Artemis US Select Fund | 10.8% | 29.5% | AAPL, AMZN, AVTR, BLDR, CEG, COHR, CPRI, ELV, FI, FWONK, GS, IP, KKR, LIN, NVDA, SAIA, TPG, UNH, VST, WMT | AI, Capital markets, energy, large cap, stock selection, technology, Trump | The mega caps' massive spending on AI has lifted various businesses from clean power producers to companies providing skilled labor to build data centers. This theme is likely to continue in the race to develop the best AI offering, though questions remain about forward returns impact. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments | - | - | AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM | Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value | The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields. | View | |
| 2025 Q4 | Jan 2, 2026 | Oak Ridge investment | 0.0% | 0.0% | CSCO, TGT, WMT | AI, Fed policy, growth, healthcare, technology, Valuations | AI is for real and will rapidly grow into everyday lives, continuing to threaten jobs while creating opportunities to improve quality of life. Success breeds competition and margin pressure hits profits. The best performing stocks will be those in their respective industries that do a better job than their peers utilizing technology. Healthcare stocks soared during the fourth quarter and provided the best returns by far. Performance was led by weight loss companies, European pharmaceuticals with positive phase three trials, and breakthrough biotech innovators in autoimmune disease. The sector is expected to lead in the year ahead. Technology and Communication Services remained recipients of majority of Capex spending. Mega cap Tech leaders saw earnings grow 31% and stocks advance 24%, lowering P/Es to reasonable levels. Larger cap Technology companies should continue to lead the market despite being an enormous part of the growth benchmark. Valuations do matter, as evidenced by Cisco Systems finally reaching new highs over 25 years after its Bubble Peak. The market has assigned a 40 P/E ratio to Walmart compared to 15X multiple on struggling Target. Leadership has been among lower quality, higher volatility names trading at extremely high valuations. | View | |
| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2024 Q4 | Jan 10, 2025 | Focus Wealth Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, WMT | Alternatives, Canada, fixed income, infrastructure, risk management, small caps, US, valuation | Manager emphasizes extreme valuations in US large-cap equities, particularly comparing current levels to late 1990s tech bubble. Uses Walmart as case study showing how high valuations can lead to 15 years of sideways performance despite business growth. Warns that paying too high a price can lead to lackluster returns regardless of business quality. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ADUS, BJ, BOOT, CERT, CWAN, EME, EWCZ, FORM, FROG, INSM, LOAR, MODG, MTDR, MYRG, OS, PCVX, SVV, WH, WHD, WMT | Biotechnology, consumer, energy, growth, healthcare, industrials, small cap, technology | AI remains a dominant trend with many companies seeing greater risks of underspending and being left behind rivals. Companies are setting their IT budgets for 2025 with AI considerations. The technology continues to drive corporate spending decisions across sectors. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Advantage Global Fund | 5.3% | 19.5% | AAPL, AMZN, BAC, GOOGL, JNJ, LMT, MSFT, NVDA, NVS, WMT | global, large cap, quantitative, rates, Sentiment, technology | The fund maintained an overweight allocation to the information technology sector, though macro-thematic insights around technology positioning proved unsuccessful during market rotations. Technology earnings were softer in July, initiating a rotation away from large-cap technology stocks. | View | |
| 2024 Q3 | Sep 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AMZN, BAX, CVS, DG, KDP, KO, MCHP, NVDA, STZ, WMT | Beverages, defensives, earnings, healthcare, Quality, value | The manager emphasizes their value-oriented approach, noting that while they have underperformed growth-oriented indices, they expect a broadening of market participation as the earnings gap between the Magnificent 7 and other stocks narrows. They highlight their portfolio's stability and predictability compared to benchmarks. | View | |
| 2024 Q2 | Aug 20, 2024 | Comus Investment | 0.0% | 4.8% | WMT | Asia, deep value, Hong Kong, Market Timing, small cap, Valuations, value | Manager focuses on deep-value investing in Asian markets, particularly smaller companies trading at attractive valuations. The approach emphasizes finding undervalued opportunities in less efficient markets where pricing disconnects create investment opportunities. | View | |
| 2024 Q2 | Jul 30, 2024 | Meditation Capital | - | - | CABP.L, COST, CPAY, IBKR, PDD, SCHW, SNEX, WMT | Africa, Counter-positioning, disruption, payments, small caps, value | Focus on cross-border payments companies that save customers money through counter-positioned business models. Cab Payments exemplifies this with its direct banking network bypassing expensive correspondent banking systems, particularly for Africa-focused transfers. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, small cap, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital International | 0.0% | 10.9% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, international, Quality, small caps, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, large cap, Quality, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices the market is willing to pay. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities across markets, with the S&P 500's expensive Big 12 stocks trading at 74% premium to the rest of the market. Distillate's strategies maintain valuation discipline while the broader market experiences significant valuation expansion driven by AI enthusiasm. | View | |
| 2024 Q2 | Jul 16, 2024 | Tidefall Capital Management | 2.4% | 6.9% | AMZN, PDD, TGT, WMT | China, E-Commerce, Geopolitical Risk, growth, technology, valuation | Pinduoduo represents a revolutionary e-commerce model with team buying via social media, algorithmic product recommendations, and automatic price tracking. The company has grown to become China's second largest online retailer in less than a decade, with international expansion through Temu becoming the most downloaded app in the US in 2023. | PDD |
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| 2024 Q4 | Jan 27, 2025 | RGA Investment Advisors | - | - | AMZN, AVGO, COST, DBX, DEO, GEV, NVDA, PLTR, TSLA, UBER, VST, WMT | AI, large cap, market breadth, rates, technology, valuation | AI enthusiasm drove significant gains in 2024, with AI names like Nvidia, Broadcom, and Palantir among the top performers. AI fueled gains extended to companies like Vistra Corp and GE Vernova on expectations that datacenter investments will require acceleration of power supply development. AWS is investing aggressively to adapt its infrastructure from CPU-optimized to GPU-dominant for AI demands. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. | View | |
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BLKB, CHX, EYE, FOUR, FOXF, IBP, LSCC, MIRM, MPWR, NARI, NVDA, SILK, SMCI, STAA, TREX, VRNS, WHD, WING, WMT | AI, Biotech, growth, healthcare, industrials, M&A, small cap, technology | Generative artificial intelligence captured significant attention with OpenAI's ChatGPT driving massive investment in rival models and infrastructure build in data centers and GPU-heavy AI servers. Public market capital chased AI beneficiaries while selling perceived disrupted businesses, with most significant winners in large cap universe. | IBP MIRM BLKB NARI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Parnassus Value Equity Fund | Walmart Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | advertising revenue, consumer staples, Digital transformation, e-commerce, marketplace services, Omnichannel, retail, Scale Advantages | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Walmart Inc. | Retail | Discount Stores | Neutral | New York Stock Exchange | advertising, Amazon competition, e-commerce, fiscal Q4 2026, grocery delivery, profitability, Revenue Growth, stock multiples, valuation, Walmart | View Pitch |
| Oct 23, 2025 | Value Investors Club | anomalo | Walmart Inc. | Consumer Discretionary | Hypermarkets & Super Centers | Bear | NYSE | ads/3P optimism, Aldi/Dollar General, Amazon share, Costco vs. Sam’s, defensive flows., e-commerce margin realism, tariffs, valuation compression, wage inflation | View Pitch |
| Sep 16, 2025 | Short Thesis | NINGI Research | Walmart Inc | Consumer Discretionary | Hypermarkets & Super Centers | Bear | NYSE | Competition, e-commerce, inflation, Margins, retail | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Paul Franke | Walmart Inc. | Consumer Discretionary | Discount Stores | Bear | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The Alpha Analyst | Walmart Inc. | Consumer Discretionary | Discount Stores | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Bay Area Ideas | Walmart Inc. | Consumer Discretionary | Discount Stores | Bear | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | APAC Investment News | Walmart Inc. | Other | - | Bear | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Max Greve | Walmart Inc. | Consumer Discretionary | Discount Stores | Bear | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Techie | Walmart | Consumer Discretionary | Discount Stores | Bear | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Parnassus Investments | Walmart Inc. | Consumer Discretionary | Discount Stores | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $20.0M | 0.01% | 179,535 | -1,300 | -0.72% | 0.0020% |
| Robert Karr | Joho Capital | $468.5M | $2.3M | 0.50% | 20,850 | +9,800 | +88.69% | 0.0002% |
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $184.7M | 4.25% | 1,657,948 | -36,551 | -2.16% | 0.0184% |
| Tom Russo | Gardner Russo & Quinn | $9.3B | $1.1M | 0.01% | 10,165 | +0 | +0.00% | 0.0001% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $7.3M | 0.07% | 80,335 | +80,335 | +100.00% | 0.0009% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $23.8M | 0.04% | 214,000 | -108,906 | -33.73% | 0.0024% |
| Steven Halverson | Private Capital Management | $1.0B | $942,189 | 0.09% | 8,457 | +2,700 | +46.90% | 0.0001% |
| Ho Ching | Temasek Holdings | $31.6B | $48.5M | 0.15% | 435,062 | +97,500 | +28.88% | 0.0048% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $94.1M | 0.11% | 844,400 | +577,300 | +216.14% | 0.0094% |
| David Katz | Matrix Asset Advisors | $1.1B | $414,006 | 0.04% | 3,716 | -15 | -0.40% | 0.0000% |
| Lee Ainslie | Maverick Capital | $9.3B | $1.9M | 0.02% | 17,151 | +17,151 | +100.00% | 0.0002% |
| Chris Rokos | Rokos Capital Management | $9.9B | $7.3M | 0.07% | 80,335 | -100,842 | -55.66% | 0.0009% |
| Ray Dalio | Bridgewater Associates | $27.4B | $29.9M | 0.11% | 268,611 | -7,365 | -2.67% | 0.0030% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $8.1M | 0.01% | 72,400 | -1,023,975 | -80.92% | 0.0008% |
| Israel Englander | Millennium Management LLC | $233.2B | $65.6M | 0.03% | 588,900 | +114,500 | +24.14% | 0.0065% |
| Stephen Selver | Bramshill Investments | $1.8B | $557,050 | 0.03% | 5,000 | +2,500 | +100.00% | 0.0001% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.5M | 0.00% | 13,670 | -191 | -1.38% | 0.0002% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $383.9M | 0.31% | 3,445,521 | -716,129 | -17.21% | 0.0382% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $7.1M | 0.01% | 63,527 | -2,343,331 | -97.36% | 0.0007% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.4B | 0.72% | 12,373,333 | +710,161 | +6.09% | 0.1371% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $40.8M | 0.16% | 366,034 | +39,406 | +12.06% | 0.0041% |
| Mario Gabelli | GAMCO Investors | $10.4B | $8.1M | 0.08% | 72,295 | -2,324 | -3.11% | 0.0008% |
| Bill Gates | Bill & Melinda Gates Foundation Trust | $35.4B | $934.8M | 2.64% | 8,390,477 | -700,000 | -7.70% | 0.0930% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $4.6M | 0.10% | 41,737 | -607 | -1.43% | 0.0005% |
| George Soros | Soros Fund Management | $6.8B | $2.0M | 0.03% | 17,744 | +17,744 | +100.00% | 0.0002% |
| $25.6B | $103.6M | 0.41% | 930,000 | +930,000 | +100.00% | 0.0103% | ||
| Rich Handler | Jefferies | $19.3B | $56.2M | 0.29% | 504,239 | +437,664 | +657.40% | 0.0056% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $15.3M | 0.04% | 137,191 | +1,465 | +1.08% | 0.0015% |