Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Platinum International Brands Fund | 9.0% | - | 6758 JP, BEI GR, BIRK, HEIA NA, HLN LN, META, ZTS | - | View | ||
| 2025 Q2 | Aug 8, 2025 | Mott Capital Management Thematic Growth Portfolio | - | 0.5% | UNH, ZTS | Artificial Intelligence, earnings momentum, Sentiment, software, technology | The letter focuses on secular technology trends including AI, software platforms, and digital transformation. Management highlights earnings revisions, product cycles, and sentiment shifts as key drivers of stock performance. Tactical positioning is paired with thematic tech exposure. | ZTS UNH MSFT |
View |
| 2025 Q2 | Aug 27, 2025 | Brown Advisors Global Leaders Strategy | 12.6% | 12.4% | AZO, COLOB DC, EXPN LN, GE, ILMN, INTU, MSFT, PBRI IJ, RHHBY, TSM, ZTS | Capital Allocation, downside protection, global franchises, IRR, Quality | The commentary emphasizes investing in a concentrated set of global franchises with strong customer outcomes and durable economics. Downside protection, disciplined capital allocation, and long-term IRR calibration are core to the process. Quality businesses are positioned to compound through cycles despite macro shocks. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisory Large-Cap Growth Strategy | 16.4% | 7.6% | DKNG, FICO, MSFT, NFLX, NOW, NVDA, PGR, SPGI, UBER, WST, ZTS | fundamentals, Large Cap Growth, market leaders, Pricing Power, volatility | The commentary highlights resilient large-cap growth leaders with strong balance sheets and pricing power amid heightened volatility. Management stresses taking advantage of market dislocations to add high-quality businesses at better risk-reward levels. Growth leadership is expected to broaden beyond mega-cap concentration. | View | |
| 2025 Q2 | Jul 8, 2025 | Fundsmith Equity Fund | - | -1.9% | COLO AV, NVO, ZTS | Discipline, free cash flow, long-term, Quality, returns on capital | The letter reiterates a long-term quality investing philosophy centered on high returns on capital and durable free cash flow. Management downplays short-term volatility and currency effects in favor of business fundamentals. Portfolio turnover remains low, reinforcing a buy-and-hold discipline. | View | |
| 2025 Q2 | Jul 23, 2025 | Aristotle Atlantic Core Equity Strategy | 14.3% | 7.5% | AVGO, BDX, CB, EXPE, ORCL, ZTS | Discipline, earnings growth, fundamentals, Pricing Power, Quality | The letter emphasizes strong corporate fundamentals despite macro uncertainty. Management focuses on high-quality businesses with pricing power, earnings durability, and secular tailwinds. The outlook remains constructive but valuation-aware following the market rebound. | ZTS EXPE CB BDX AVGO ORCL |
View |
| 2025 Q2 | Jul 21, 2025 | The Bristol Gate U.S. Equity Strategy | - | - | ACN, ATD CN, AVGO, CIGI, EFN CN, ENGH CN, GE, JWEL CN, MCHP, MCK, MMC, TMO, TVK CN, UNH, WCN CN, ZTS | dividends, free cash flow, income growth, Quality, Resilience | The letter focuses on quality U.S. equities with rising dividends and strong free cash flow generation. Management positions dividend growth as a stabilizing factor amid policy uncertainty and market concentration. AI-led growth is acknowledged but balanced with income discipline. | ACN MCK AVGO |
View |
| 2025 Q2 | Jul 19, 2025 | Aristotle Core Equity Fund | 14.3% | 7.5% | AVGO, BDX, CB, EXPE, ORCL, ZTS | AI, earnings, fundamentals, growth, security selection | The letter highlights security selection as the primary driver of outperformance in a growth-led market. Management favors companies benefiting from AI, cloud infrastructure, and product cycles while managing valuation risk. The outlook supports selective growth exposure with fundamental backing. | ZTS EXPE CB BDX AVGO ORCL |
View |
| 2025 Q2 | Jul 18, 2025 | Impax Global Environmental Markets Fund | 12.5% | 10.5% | APH, IEX, MSFT, NVDA, WAT, ZTS | Energy Efficiency, grid investment, Pricing Power, secular growth, sustainability | The letter emphasizes long-term structural growth in environmental markets driven by energy efficiency, grid modernization, and resource optimization. Management argues that short-term political and tariff noise has not impaired secular demand for sustainability-linked solutions. The portfolio favors high-quality businesses with pricing power and resilient earnings profiles. | WAT |
View |
| 2024 Q2 | Jun 30, 2024 | Platinum International Brands Fund | -1.0% | - | GALD SW, ZTS | - | View | ||
| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ADBE, AMZN, META, MSFT, NFLX, NKE, NVDA, PAYC, PYPL, TSLA, ZTS | - | View | ||
| 2024 Q1 | Apr 18, 2024 | The Bristol Gate U.S. Equity Strategy | 6.5% | 6.5% | AMAT, AMT, AVGO, CTVA, MCK, MMC, UNH, ZTS | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, DAR, NVDA, ZTS | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AAPL, DAR, NVDA, ZTS | - | View | ||
| 2025 Q4 | Feb 23, 2026 | Mott Capital Management Thematic Growth Portfolio | 0.0% | 0.0% | AAPL, AMZN, BRK-A, BSX, GOOGL, GRAIL, META, MSFT, ORCL, OXY, ZTS | AI, Debt, energy, Rotation, technology, underperformance, valuation | Manager expresses significant concerns about AI bubble conditions, citing excessive debt accumulation and CAPEX spending by major tech companies. Believes AI fears are being realized as software stocks decline and valuations become problematic. Questions sustainability of current AI investment levels and competitive dynamics. Manager initiated position in Occidental Petroleum, viewing energy sector as underperforming since dot-com bubble. Believes oil prices are currently depressed and energy represents contrarian opportunity given poor relative performance versus S&P 500. | OXY MSFT |
View |
| 2025 Q4 | Dec 31, 2025 | ACATIS Investment | 0.0% | 0.3% | ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS | AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. | PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM |
View |
| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299 HK, AZO, B3SA3 BZ, BKRKY, EL, HDB, NVDA, RTO LN, ZTS | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Impax US Sustainable Economy Fund | -0.8% | 20.4% | DHI, ELV, GILD, HUBS, TEAM, ZTS | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Platinum International Brands Fund | 12.0% | 21.0% | AS, BIRK, ELF, GALD SW, JD/ LN, ZTS | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Large Cap Strategy | -0.1% | 4.2% | AIG, CAT, EQH, FDX, KMX, LHX, MLM, TMO, ZTS | AI, consumer, defense, Large Caps, value | The portfolio lags its benchmark due to weakness in IT and consumer discretionary holdings but emphasizes long-term value discipline. Managers added exposure to high-quality names like FedEx and Thermo Fisher, while cautioning against AI-driven overvaluation in mega-caps. They see opportunities in defense, logistics, and healthcare leaders trading below intrinsic value. | ZTS FDX |
View |
| 2024 Q3 | Oct 15, 2024 | WestEnd Capital | 0.7% | 32.8% | CRWD, GE, GILD, GTLB, KWEB, MDT, MU, SMCI, TSLA, ZTS | Artificial Intelligence, earnings resilience, Liquidity Conditions, Market Volatility, Portfolio Rotation | The quarter saw elevated volatility tied to global rate dynamics and carry trade unwinds, but strong earnings fundamentals supported a rapid recovery. WestEnd reallocated capital from higher-risk AI infrastructure names facing margin pressure into healthcare, industrial, and selective technology opportunities with improved risk-reward profiles. The firm maintains conviction in the AI productivity cycle while emphasizing liquidity support from synchronized global rate cuts as a constructive backdrop for equities. | MU CRWD SMCI KWEB TSLA GTLB ZTS GILD MDT GE |
View |
| 2025 Q4 | Jan 9, 2026 | Fundsmith Equity Fund | 0.0% | 0.0% | AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS | AI, Concentration, Index Funds, Performance, Quality, technology, valuation | Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance. | View | |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Large Cap Strategy | 1.4% | 5.7% | AIG, AON, BRK-B, CAT, CB, CL, COF, COO, DOV, EQT, GM, GOOGL, HCA, HIG, LH, MU, NDAQ, SOLV, SYY, WIX, ZTS | AI, Defensive, financials, healthcare, large cap, Quality, technology, value | The fund remains cautious of AI-driven market exuberance where investor sentiment often appears to outpace business fundamentals. AI optimism drove strong performance in information technology and communication services sectors, with hundreds of billions in AI-related capital spending supporting stocks like Micron and Sandisk. The fund continues to find attractive opportunities among high-quality, cash-generative businesses with defensive characteristics including Colgate, Aon and Berkshire Hathaway. These fundamentally stable businesses underperformed in 2025 but continue to perform in-line with expectations. The portfolio focuses on fundamentally stable, higher quality businesses trading at discounts to intrinsic value estimates. New positions like Dover Corp were initiated when stocks traded at significant discounts to estimated intrinsic value. | EQT SOLV WIX DOV COO SYY LH ZTS COF AIG GM |
View |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Mid Cap | 3.7% | 13.5% | CHKP, CIEN, CIVI, CUBE, GIS, HII, LEA, POST, VRSN, WCC, WIX, WLK, ZTS | AI, defense, healthcare, industrials, materials, mid cap, technology, value | AI-related spending continued to be a primary driver in equity markets throughout 2025, with many top-performing portfolio positions benefiting from ongoing AI-spending buildout across industrials, materials and information technology. However, the managers note increased investor scrutiny around AI developments and market bubble discussions in December. Data center business growth was a significant driver for portfolio holdings, with WESCO International's data center business reaching nearly 20% of total revenue and driving better-than-expected organic growth. The theme reflects the ongoing infrastructure buildout supporting AI and cloud computing demand. Defense spending opportunities emerged through Huntington Ingalls Industries, which benefited from strong Navy shipbuilding demand, new frigate contract awards, and discussion of potential Trump-class battleship opportunities. The company showed improving execution as labor challenges eased. | View | |
| 2025 Q4 | Jan 26, 2026 | Impax US Sustainable Economy Fund | 4.2% | 16.0% | AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS | AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology | AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisors Global Leaders Strategy | 0.0% | 15.2% | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
View |
| 2025 Q4 | Jan 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
View |
| 2025 Q4 | Jan 22, 2026 | Pelican Bay Capital Management | 8.5% | 20.6% | ACM, BF.B, BLDR, CME, CSCO, FDS, GNRC, Gold, GOOG, MU, ODFL, ON, TOL, ZTS | AI, concentrated, healthcare, Homebuilders, Quality, semiconductors, technology, value | Portfolio benefited from strong performance in AI-related businesses, particularly Alphabet which established itself as a leading player with its Gemini Large Language Model alongside Claude and ChatGPT. The manager notes perception has improved significantly since initially purchasing GOOG in March 2023 when consensus was that Google missed the AI boom. Core investment philosophy centers on investing in high-quality companies with durable competitive advantages when they trade at steep discounts to intrinsic value. The manager emphasizes the importance of maintaining wide margins of safety and only investing when securities trade below the bottom end of their intrinsic value ranges. Homebuilding companies were weak performers due to elevated mortgage rates and slowdown in new home sales souring investor sentiment. However, the manager remains bullish on long-term prospects believing there is a housing shortage and these companies trade at large discounts to intrinsic values, adding to positions in both BLDR and TOL. | GOOGL ONON ZTS FDS ACM |
View |
| 2025 Q4 | Jan 21, 2026 | Platinum International Brands Fund | -3.0% | -1.8% | ALLFG.L, AS1R.HE, BIRK, ELF, FICO, GAM.L, GDMA.SW, GOOGL, ITX.MC, STJ.L, V, WWW, ZTS | AI, brands, consumer discretionary, Consumer Staples, global, retail | AI stocks dominated market gains with the Philadelphia Semiconductor Index rising 45% in 2025, nearly triple the S&P 500's 16%. The AI concentration created headwinds for the fund as these businesses compete on technical specifications rather than brand equity, which falls outside the fund's brand-focused mandate. e.l.f. Beauty represents a key holding that fell 44% this quarter despite strong fundamentals. The company has evolved from a 'dupe' brand to a powerful marketing powerhouse with exceptional brand affinity among Gen-Z consumers and returns on capital exceeding 40%. Wolverine Worldwide, with key brands Saucony and Merrill, fell 32% this quarter. Saucony showed strong growth with 27% sales increase in the most recent quarter, expanding retail footprint beyond specialty running stores to generalized retailers. | ELF WWW |
View |
| 2024 Q4 | Jan 21, 2025 | The Bristol Gate U.S. Equity Strategy | -5.2% | 9.1% | AMAT, AVGO, BN CN, MCHP, MCK, SJ CN, TFII CN, UNH, ZTS | - | View | ||
| 2025 Q4 | Jan 20, 2026 | The Bristol Gate U.S. Equity Strategy | 0.0% | 0.0% | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value | Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending. | IBKR ZTS TMO AMAT LLY |
View |
| 2025 Q4 | Jan 20, 2026 | Sawgrass Asset Management – Large Cap Quality Growth | 3.2% | 0.0% | AMAT, AMD, AVGO, AZO, CMCSA, DHR, INCY, LLY, NOW, UTHR, WDAY, ZTS | AI, Biotechnology, growth, healthcare, Quality, Rotation, semiconductors, technology | Doubts about the circularity of AI revenue deals began to surface, with some chip stocks avoiding negative sentiment while software stocks were depressed by AI threats to subscription revenues. Investors posit that coming AI efficiencies could reduce future subscription volumes for software companies. Chip-related stocks helped portfolio performance as some avoided negative sentiment plaguing other AI/chip stocks. Advanced Micro Devices, Broadcom, and Applied Materials performed well despite broader concerns about AI revenue circularity. Biotech stocks contributed positively to strong Q4 performance as part of broad rotation into healthcare sector. Incyte and United Therapeutics were specifically mentioned as contributors to portfolio gains. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Growth Fund | 2.7% | 10.5% | FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS | AI, growth, healthcare, large cap, technology, valuation | AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare. | 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 |
View |
| 2025 Q4 | Jan 12, 2026 | Polen Capital – Focus Growth | -1.5% | 3.9% | AAPL, ABT, AMZN, GOOGL, ISRG, LLY, META, MSFT, NFLX, NOW, ORCL, SHOP, WDAY, ZTS | AI, Concentration, growth, healthcare, large cap, Quality, software | Despite market concerns about an AI bubble and infrastructure investment circularity, the managers believe the datacenter capex cycle should continue driven by rapid revenue and earnings growth, increasing demand, and supportive policy. They maintain exposure while diversifying beyond AI themes for portfolio resilience. The portfolio faces headwinds as quality factors continue to underperform while high-beta factors outperform in the current market environment. The managers remain focused on competitive advantages and long-term business fundamentals despite near-term performance challenges. Initiated position in Intuitive Surgical, which maintains a de facto monopoly in soft tissue robotic surgery globally. The company has become standard of care in many surgical modalities with large barriers to entry and continues to innovate with its next generation platform driving accelerating procedure growth. Eli Lilly rallied over 40% in Q4 driven by strong financial results and reaching agreement with the White House that lowering GLP-1 drug prices will greatly increase the addressable market in the US and provide a long runway for future growth. | NFLX WDAY ISRG ORCL LLY |
View |
| 2024 Q2 | Jul 22, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, MESA, MTD, ORLY, PM, POOL, UNH, ZTS | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, AMZN, GOOG, MC FP, MSCI, NVDA, PAYC, SHOP, WDAY, ZTS | - | View | ||
| 2023 Q2 | Jun 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | ADSK, AMZN, COST, DIS, ILMN, META, NKE, NVDA, PYPL, SHOP, UBER, ZTS | - | View | ||
| 2023 Q2 | Jun 30, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AMZN, COST, DIS, ILMN, ISRG, META, NKE, PYPL, SHOP, UBER, XHB, ZTS | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | CI, CTLT, EXPE, NSC, NVDA, PSX, ZTS | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | ADBE, AMZN, AVGO, CSGP, LLY, NFLX, NOW, ORCL, SHOP, TMO, TSLA, ZTS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | George Bolton | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Animal Health, Companion Animals, diagnostics, innovation, Livestock, R&D, Secular, vaccines | View Pitch |
| Feb 4, 2026 | Fund Letters | Tyler Hardt | Zoetis Inc. | Health Care | Animal Health | Bull | New York Stock Exchange | Animal Health, compounding, Margins, pharmaceuticals, pipeline | View Pitch |
| Jan 29, 2026 | Fund Letters | Chris Welch | Zoetis Inc | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Animal Health, Pets, pharmaceuticals, pipeline, valuation | View Pitch |
| Jan 29, 2026 | Fund Letters | Chuck Bath | Zoetis Inc. | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | Animal Health, Demand, guidance, healthcare, pipeline | View Pitch |
| Jan 28, 2026 | Fund Letters | KEN STUZI | Zoetis Inc. | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | Animal Health, Competition, earnings visibility, exit, pipeline | View Pitch |
| Jan 28, 2026 | Fund Letters | Scott LaBreche | Zoetis Inc. | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | Animal Health, Competition, earnings visibility, pharmaceuticals, pipeline | View Pitch |
| Jan 23, 2026 | Fund Letters | Achilleas Taxildaris | Zoetis, Inc. | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | Animalhealth, Competition, dividends, exit, Margins | View Pitch |
| Jan 8, 2026 | Fund Letters | Michael J. Kramer | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | growth, Margins, Pets, pharmaceuticals, secular trends | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Zoetis Inc. | Health Care | Pharmaceuticals | Bear | NYSE | Animalhealth, Competition, Demand, growth, Margins, portfolio, Pricing, valuation | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Zoetis Inc. | Health Care | Pharmaceuticals | Bear | NYSE | Animalhealth, Competition, Demand, growth, Margins, portfolio, Pricing, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Bath | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | NASDAQ | Animal Health, growth, innovation, Pets, pharmaceuticals, pipeline, valuation | View Pitch |
| Sep 1, 2025 | Seeking Alpha | Seeking Alpha | Zoetis Inc. | Drug Manufacturers - Specialty & Generic | Bull | Acquisitions, Animal Health, Competitive Advantage, Dividend Growth, Geographic Expansion, innovation, Regulatory Risks, Revenue Growth, Share Buybacks, Undervalued Stock | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | Robert J. Lake | Zoetis Inc. | Health Care | Drug Manufacturers - Specialty & Generic | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||