ZTS Archives

ZTS

Letters With This Ticker

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%	-	3690.HK, AMZN, BEI.DE, GALDA.SW, GOOGL, GSK, HEIN.AS, ITX.MC, JD, META, SONY, V, ZTS	Beauty, Consumer Brands, E-Commerce, global, Luxury, technology	Chinese technology and e-commerce firms Meituan and JD.com were notable contributors, both up over 50% during the quarter. The portfolio benefits from exposure to global e-commerce platforms including Amazon.		View
2025 Q2	Aug 8, 2025	Mott Capital Management	-	0.5%	AAPL, BA, ISRG, MSFT, UNH, ZTS	Defensive, healthcare, Performance, technology, valuation, volatility	Manager expresses genuine conflict about AI investments, particularly Microsoft, due to valuation concerns and uncertainty about returns on substantial data center spending. Questions whether AI sector will recoup considerable investments and fears AI risks becoming commoditized technology over time without clear differentiation among models.	ZTS UNH MSFT ZTS UNH MSFT	View
2025 Q2	Aug 27, 2025	Brown Advisors Global Leaders Strategy	12.6%	12.4%	AZO, B058TZ, B19NLV, B8FMRX, BKRKY, DB1.DE, GE, GOOGL, HDB, ILMN, INTU, LSEG.L, MA, MRVL, MSFT, ROG, TSM, UL, V, ZTS	aerospace, AI, concentrated, global, Quality, tariffs, technology	The strategy has investments driving the development of generative AI within technical infrastructure, cloud service providers and end-user applications. Microsoft's strategic investments in AI are expected to create significant value through lower cost of compute, AI monetization, and strong non-AI business cash flow growth.	MRVL EXPN.L	View
2025 Q2	Aug 27, 2025	Brown Advisory Large-Cap Growth Strategy	16.4%	7.6%	AAPL, AMZN, AVGO, COST, CTAS, DKNG, FICO, META, MRVL, MSFT, NFLX, NOW, NVDA, PGR, SPGI, TDG, TTD, UBER, WST, ZTS	AI, growth, large cap, Performance, Streaming, technology, volatility	AI infrastructure stocks experienced volatility in Q1 2025 but rebounded strongly in Q2. NVIDIA recovered after production complexities with Blackwell chips, while The Trade Desk's AI-powered advertising platform reached 65% client adoption. AI demand remains strong with improving production of next-generation chips.	FICO DKNG TTD NFLX	View
2025 Q2	Jul 8, 2025	Fundsmith Equity Fund	-	-1.9%	BF-B, COLOB.CO, EL.PA, GOOGL, IDXX, INTU, MC.PA, META, MSFT, NVO, OR.PA, PEP, PM, WAT, ZTS	Currency, global, healthcare, large cap, Quality, technology	Novo Nordisk's leadership in weight loss drugs continues to face challenges with US legal and regulatory systems. The company's inability to effectively navigate regulatory hurdles has resulted in significant underperformance, accounting for almost all the fund's underperformance during the period.		View
2025 Q2	Jul 27, 2025	Diamond Hill Large Cap Strategy	2.9%	4.3%	AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS	AI, consumer, defense, infrastructure, large cap, technology, Trade Policy, value	AI-fueled boom continues driving technology and communication services sectors, with sentiment around AI's potential to radically change life remaining high. However, manager believes sentiment is partially disconnected from reality as AI's potential is yet to be fully proven, creating opportunities for discerning investors.	EQH ZTS TMO FDX ADBE FERG RRX	View
2025 Q2	Jul 23, 2025	Aristotle Atlantic Core Equity Strategy	14.3%	7.5%	AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS	AI, Cloud, earnings, healthcare, large cap, technology, Trade Policy, value	President Trump introduced a universal 10% import tariff and reciprocal tariffs on dozens of countries as part of Liberation Day, followed by a 90-day pause on reciprocal tariffs to encourage negotiations. The U.S. and U.K. finalized the Economic Prosperity Deal, while negotiations continued with the EU, Japan, Canada and India. More than 425 companies referenced tariffs in earnings calls and nearly 12% issued negative EPS guidance for the quarter ahead.	AVGO ORCL ZTS EXPE CB BDX AVGO ORCL	View
2025 Q2	Jul 21, 2025	The Bristol Gate U.S. Equity Strategy	-	-	AAPL, ACN, ATD.TO, AVGO, CIGI.TO, EFN.TO, ENGH.TO, GE, JWEL.TO, MCHP, MCK, META, MMC, MSFT, NVDA, TMO, TVK.TO, UNH, WCN, ZTS	AI, dividends, growth, healthcare, Quality, technology, Trade Policy, volatility	AI enthusiasm continues to drive tech stock performance with demand for AI networking, custom accelerators, and efficient computing solutions. Hyperscalers are seeking efficient computing solutions to lower datacenter investment costs. The AI trade remains unsatisfied among investors despite strong performance.	TVK.TO ACN TMO UNH MCK GE AVGO ACN MCK AVGO	View
2025 Q2	Jul 19, 2025	Aristotle Core Equity Fund	14.3%	7.5%	AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS	AI, earnings, large cap, technology, Trade Policy	Strong demand for AI infrastructure and silicon continues to drive performance across Oracle's OCI infrastructure and Broadcom's AI compute and networking business. Customer demand for AI silicon for training and inference remains robust with positive outlook for 2025 and 2026.	AVGO ORCL ZTS EXPE CB BDX AVGO ORCL	View
2025 Q2	Jul 18, 2025	Impax Global Environmental Markets Fund	12.5%	10.5%	A, AI.PA, APH, HUBB, IEX, KYGA.L, LIN, MSFT, NVDA, RNR, SU.PA, TMO, VIE.PA, WAT, WM, ZTS	AI, Environmental, growth, healthcare, infrastructure, sustainability, technology	AI-related tailwinds drove strong performance in Information Technology holdings, particularly Cloud Computing and Semiconductor companies. The portfolio benefits from AI infrastructure growth, with companies like Microsoft Azure and Nvidia showing strong results. However, the launch of open-source AI platform DeepSeek has created some investor concerns around market leadership concentration.	IEX ZTS WAT APH NVDA MSFT WAT	View
2025 Q2	Jul 17, 2025	Platinum International Fund	0.3%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade	AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS.	WIZZ LN CCO CN	View
2025 Q2	Jul 17, 2025	Platinum Global Fund (Long Only)	2.6%	-	000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco.	WIZZ LN CCO CN	View
2025 Q2	Jul 17, 2025	Platinum International Brands Fund	6.6%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies.	IDXX WING GALD SW	View
2025 Q2	Jul 17, 2025	Platinum International Technology Fund	18.4%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS	AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies.	KLAC	View
2025 Q2	Jul 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors	AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials.	IDXX SBUX ORCL GLOB IDXX SBUX ORCL	View
2024 Q2	Jul 16, 2024	The Bristol Gate U.S. Equity Strategy	-0.4%	6.1%	AMAT, AVGO, CIGI.TO, CNR.TO, CTAS, CTVA, DOL.TO, EFN.TO, GE, IIP-UN.TO, LOW, MCK, MSCI, ODFL, OTEX.TO, SHW, SJ.TO, TRI.TO, UNH, ZTS	Concentration, dividends, growth, Quality, technology, value	Bristol Gate focuses exclusively on high dividend growth companies, building concentrated portfolios of 22 stocks based on predicting dividend growth. Nine portfolio companies announced dividend increases this year averaging over 13%, demonstrating the strategy's effectiveness in identifying companies with strong dividend growth potential.	ODFL GE	View
2025 Q2	Jul 14, 2025	Wedgewood Partners	7.1%	0.3%	AAPL, BKNG, CDW, CPRT, EW, GOOGL, IDXX, META, MSFT, MSI, ORLY, TSCO, TSM, UNH, URI, V, ZTS	AI, Bull Market, growth, healthcare, large cap, tariffs, technology, Valuations	Meta Platforms has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively in deep learning recommendation systems that help power its products. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate to reinforce its competitive positioning. Microsoft showed key acceleration in its Azure cloud infrastructure business, driven by demand for AI-compute capacity.		View
2025 Q2	Jun 30, 2025	The Gabelli ABC Fund	2.1%	-	AAPL, AMZN, BATRA, CHWY, CZR, FOX, GOOGL, IDXX, IVG.MI, META, MSFT, MSGS, NFLX, NVDA, SBGI, TDS, TGNA, TSLA, WBD, ZTS	AI, defense, Mergers & Acquisitions, private market value, Sports, tariffs, Utilities, Value Investing	Major AI infrastructure platforms remained committed to aggressive investment with the five largest global data center operators communicating 2025 capex plans aggregating to ~$330bn. Adoption of generative AI services has inflected sharply with ChatGPT's Weekly Active Users doubling since the start of the year and Alphabet's Gemini reporting 50x year-over-year growth in tokens generated.	SWTX	View
2025 Q2	Jun 30, 2025	The Gabelli Dividend Growth Fund	6.3%	-	AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS	AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities	The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools.	WCC KR	View
2025 Q2	Jun 30, 2025	The Gabelli International Small Cap Fund	13.8%	-	AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS	defense, energy, gold, Sports, tariffs, technology, Utilities	The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%.	5444 JP TCAP LN	View
2024 Q2	Jun 30, 2024	Platinum International Brands Fund	-1.0%	-	AAPL, ADS.DE, AMZN, BEI.DE, COST, DG, GOOGL, HD, HEIN.AS, ITX.MC, LULU, MCD, META, NKE, NVDA, PUMA.DE, ULTA, V, WBA, ZTS	brands, consumer, E-Commerce, global, Luxury, Recovery, technology	Chinese consumer sentiment remains weak and the recovery lacklustre. There is increased anecdotal evidence this weakness is spreading to higher-end luxury brands and that discounting is picking up. European consumer activity is recovering, having been battered by the pickup in global inflation and the energy price shock following Russia's invasion of Ukraine.		View
2024 Q1	May 9, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABT, ADBE, AMZN, META, MSFT, NFLX, NKE, NOW, NVDA, PAYC, PYPL, TMO, TSLA, V, ZTS	AI, earnings, growth, large cap, Quality, technology, Valuations	Managers discuss AI's impact across multiple holdings, noting that much customer spending is driven by AI experimentation rather than proven use cases. They see generative AI as having enormous future impact but question the sustainability of current revenue growth rates, particularly for NVIDIA.		View
2024 Q1	Apr 25, 2024	Artemis US Select Fund	-	-	AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS	AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation	Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance.	CNM ALL NSC META AAPL	View
2026 Q1	Apr 21, 2026	Renaissance Investment Management – Large Cap Growth	-	-	AMAT, APP, BSX, CPRT, FIX, INTU, IT, LRCX, MSFT, TJX, ZTS	AI, growth, Iran, large cap, oil, semiconductors, technology, value			View
2024 Q1	Apr 20, 2024	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS	AI, cyclicals, growth, large cap, risk management, semiconductors, technology	Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries while managing concentration risk.		View
2024 Q1	Apr 18, 2024	The Bristol Gate U.S. Equity Strategy	6.5%	6.5%	AMAT, AMT, AVGO, CCL.TO, CP.TO, CTVA, ENGH.TO, FSV.TO, IFC.TO, JWEL.TO, MCK, MMC, OTEX.TO, PBH.TO, SBUX, T.TO, TIH.TO, UNH, WCN, ZTS	AI, dividends, financials, healthcare, Quality, semiconductors, valuation	Bristol Gate focuses on companies with positive dividend growth, using dividend growth as a key valuation driver. The firm's conceptual return framework emphasizes dividend growth alongside returns on invested capital. Both strategies continued to outpace their benchmarks in dividend growth despite underperforming on total returns.	MMC MCK UNH ZTS CTVA AVGO AMAT	View
2025 Q1	Apr 15, 2025	Polen Capital – Global SMID Company Growth	-5.5%	-5.5%	ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS	AI, global, growth, healthcare, Quality, tariffs, technology, volatility	Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending.	MELI ADYEN WTW NVO AMZN GLOB AON ABT	View
2024 Q1	Apr 15, 2024	Aristotle Core Equity Fund	2.9%	21.3%	AAPL, ADPT, AMAT, DAR, GDNT, META, NVDA, TECH, TT, ZTS	AI, earnings, growth, large cap, semiconductors, technology, value	Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. Nvidia's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds for the company.	ZTS DAR AAPL NVDA	View
2024 Q1	Apr 15, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	AAPL, ADPT, AMAT, DAR, GH, META, NVDA, TECH, TT, ZTS	consumer, growth, healthcare, large cap, semiconductors, technology, value	Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. The company's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds.	ZTS DAR NVDA	View
2025 Q1	Apr 14, 2025	Polen Capital – Focus Growth	-6.3%	-6.3%	AAPL, ABT, ACN, AMZN, AON, CMG, GOOGL, IT, LLY, META, NFLX, NOW, NVDA, NVO, ORCL, SBUX, TSLA, V, ZTS	AI, growth, healthcare, large cap, Quality, Resilience, technology, Trade Policy	The AI infrastructure narrative dominated headlines and powered much of the Russell 1000 Growth Index's 90% two-year return. However, semiconductors—the most visible AI beneficiary—declined 19% in Q1 2025 as the bloom came off the AI rose. Polen has no exposure to semiconductor companies and views Oracle's AI exposure as minimal.	AON SBUX	View
2025 Q1	Mar 31, 2025	Platinum International Brands Fund	-6.0%	-6.0%	0700.HK, AMZN, BIRK, EL.PA, GOOGL, HLN.L, ITX.MC, JD, JD.L, META, NESN.SW, PNDORA.CO, V, ZTS	brands, China, consumer, E-Commerce, Luxury, tariffs, technology	The Fund holds significant positions in e-commerce platforms including Amazon and JD.com, which benefited from Chinese tech sector recovery and DeepSeek AI developments.		View
2025 Q4	Feb 23, 2026	Mott Capital Management	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	Aristotle Atlantic Core Equity Strategy	4.0%	13.8%	AMP, AVMD, AVY, CHG, CI, CRWD, DAR, EXPE, GE, MCHP, NEE, SNOW, SPR, ZTS	aerospace, AI, cybersecurity, earnings, growth, industrials, large cap, technology	Broadcom demonstrated continuing strength in AI networking and custom accelerator semiconductor business with long-term guidance indicating $60-90 billion market opportunity from current three customers. The company exceeded investor expectations for AI semiconductor content and is ahead on VMware integration timeline.	CRWD GE	View
2024 Q4	Dec 31, 2024	Brown Advisors Global Leaders Strategy	-	-	1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS	AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors	The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues.	RTO.L AZO ZTS ILMN	View
2024 Q4	Dec 31, 2024	Impax US Sustainable Economy Fund	-0.8%	20.4%	AAPL, AMZN, APD, AVGO, DHI, ELV, GILD, GOOGL, HIG, HUBS, LII, MA, MSFT, NVDA, PGR, TEAM, TSLA, UNP, V, ZTS	AI, Biotechnology, Energy Efficiency, Esg, healthcare, large cap, sustainability, technology	The portfolio's energy efficiency tilt detracted from performance as Energy Efficiency-related companies lagged the market while Energy stocks outperformed. The fund maintains allocations to energy efficiency solutions as part of its sustainable economy focus.		View
2024 Q4	Dec 31, 2024	Platinum International Brands Fund	12.0%	21.0%	AAPL, AMER, AMZN, BIRK, CFR.SW, ELF, GOOGL, HLN.L, ITX.MC, JD.L, META, NIKE, PAN.CO, PUMA.DE, SJP.L, TCOM, ZTS	Beauty, brands, consumer, global, Luxury, Travel	The luxury industry is in recession as the Covid boom has turned to bust, starting with a fall away in the US and European aspirational buyer, followed by a 30% fall in Chinese demand. Despite the downturn, Richemont's jewellery houses continue to grow while most other luxury houses saw declines.		View
2025 Q3	Nov 3, 2025	Fairtree Global Equity Fund	8.9%	-	005930.KS, AAPL, AMZN, BABA, BRK-B, CNC, CROX, DHI, EVO.ST, FI, GOOGL, JD, KO, ORCL, V, WKL, ZTS	AI, China, Dollar, emerging markets, global, policy, semiconductors, technology	China rose 20.7% for the quarter, extending its rally on continued policy support particularly targeted at technology and property sectors. The government's ongoing push to expand domestic chip production by 2026 and maintain the US-China trade truce further bolstered investor confidence and lifted export-driven and tech-related equities.	FISV CROX CNC AAPL BABA GOOG	View
2025 Q3	Nov 10, 2025	Mott Capital Management	-	5.7%	AMZN, GOOGL, GRAL, ILMN, MSFT, NVDA, UNH, ZTS	AI, Biotechnology, Capex, healthcare, large cap, technology	Manager expresses concern about heavy AI spending by mega-cap companies, particularly their dramatically increased CapEx investments over the past couple of years. He fears the spending could become an ongoing, perhaps never-ending process given the immense and continually growing demands for computing power and energy to deploy AI tools, potentially weighing on overall cash flow.		View
2025 Q3	Oct 24, 2025	Diamond Hill Large Cap Strategy	-0.1%	4.2%	AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS	AI, Data centers, defense, large cap, Quality, technology, value	AI-fueled boom continues driving technology and communication services sectors, with sentiment potentially disconnected from reality as AI's potential is yet to be fully realized. Markets are rewarding companies with minimal AI exposure while punishing those at risk of disruption.	ZTS FDX	View
2025 Q3	Oct 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology	AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials.	GLOB IDXX SBUX ORCL	View
2025 Q3	Oct 16, 2025	Platinum International Brands Fund	1.0%	-	0700.HK, ALLFG.L, AMER, BIRK, FICO, GALDA.SW, GOOGL, HD, ITX.MC, STJ.L, WWW, ZTS	AI, brands, consumer, Footwear, global, growth, Quality	The broader market's momentum was overwhelmingly propelled by the AI theme, specifically stocks building-out AI data centres. Semiconductor companies, the picks and shovels in this modern gold rush, were particularly strong. The market is mesmerised by a narrative around AI's massive growth potential.	WWW UN AS BIRK LX	View
2025 Q3	Oct 1, 2025	ClearBridge Investments Large Cap Growth Strategy	-	-	AAPL, ACN, AIR.PA, AVGO, CMG, COST, CRM, DDOG, FICO, GOOGL, INTU, ISRG, LLY, MA, MSFT, NFLX, NSC, NVO, ORCL, PH, PLTR, RTX, SBUX, TSM, UNH, UNP, VRTX, WDAY, ZTS	AI, Cloud, cyclicals, growth, healthcare, large cap, technology	The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners including cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The managers are adding new AI-indexed growth ideas in a disciplined way rather than chasing momentum.	VRTX US DDOG US ORCL US	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
2024 Q4	Jan 7, 2025	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	ABNB, ACN, AMZN, ASML, AVGO, GOOGL, ISRG, LLY, META, NEE, NFLX, NVDA, NVO, TMO, TSLA, UBER, UNH, V, ZTS	growth, healthcare, large cap, Magnificent Seven, technology, Valuations	AI is clearly a megatrend that the managers are monitoring closely to gauge the next phase of use cases and impact both to technology-oriented businesses and to those in more traditional industries. Portfolio holding Intuitive Surgical is making significant strides in providing feedback to surgeons using its robotic instruments.	ABNB NVO ICLR	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, ATD.TO, AVGO, BN.TO, CARR, CIGI.TO, CNR.TO, CSX, CTAS, CTVA, DOL.TO, EFN.TO, EQB.TO, ESL.TO, IFC.TO, LLY, MCHP, MCK, OTEX.TO, PBH.TO, SJ.TO, TFII.TO, TRI.TO, UNH, V, WAB, WCN, X.TO, ZTS	AI, Concentration, dividends, semiconductors, underperformance, value	Bristol Gate focuses on companies with sustainable and fast-growing dividend streams, believing dividend growth rates are good predictors of returns over time. Their portfolio companies grew dividends by approximately 15% over the last twelve months compared to 6% for the S&P 500 Index.		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 31, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS	AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology	AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets.	IDXX ELF	View
2024 Q2	Jul 22, 2024	Andvari Associates	0.0%	20.3%	AJG, MO, MTD, ORLY, PM, POOL, UNH, ZTS	Capital Allocation, Concentration, Essential Services, Quality, Resilience, value	Andvari focuses on companies that provide essential services and products that customers will buy regardless of economic conditions. These businesses demonstrate revenue stability even during challenging periods, with examples like Gallagher showing minimal revenue declines during recessions and O'Reilly selling essential auto parts. The portfolio emphasizes businesses with predictable cash flows and non-discretionary purchase patterns.		View
2023 Q2	Jul 19, 2023	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SHLX, SHOP.TO, TMO, V, WDAY, ZTS	AI, Cloud, Global Growth, healthcare, Quality, secular growth, technology, Trade Policy	AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. Not having exposure to semiconductors presented a significant headwind to relative performance.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK SBUX ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2024 Q2	Jul 16, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADBE, ADSK, AMZN, AON, GOOGL, MC.PA, MSCI, MSFT, NOW, NVDA, PAYC, SHOP, WDAY, ZTS	AI, Cloud, global, growth, Quality, semiconductors, software, technology	AI remained the dominant narrative in markets with narrow leadership from companies perceived to be AI beneficiaries. The Semiconductor industry rose 19% in the quarter and accounted for more than 50% of the MSCI ACWI Index return. However, most businesses are only experimenting with GenAI rather than actual, proven use cases.	SHOP ZTS PAYC WDAY NVDA AMZN ADBE GOOGL	View
2024 Q2	Jun 30, 2024	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS	AI, growth, large cap, Mega Cap, risk management, semiconductors, technology	Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries including Nvidia, which was a leading contributor to performance.		View
2023 Q2	Jun 30, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS	AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology	The artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally.	ZTS COST	View
2023 Q2	Jun 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, AMZN, COST, DIS, GOOGL, ILMN, ISRG, META, MSFT, NFLX, NKE, PYPL, SHOP, UBER, ZTS	AI, E-Commerce, growth, large cap, Long/Short, payments, technology	The fund owns six of the Magnificent Seven tech companies including Apple, Microsoft, Alphabet, Amazon, Nvidia, and Meta Platforms. These AI-related names contributed 53% of the fund's Q2 returns. The manager views these companies as magnificent and remains very bullish on their prospects, maintaining them as some of the largest holdings.	ZTS COST	View
2023 Q1	Apr 19, 2023	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ACN, ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, global, growth, Oracle, Quality, semiconductors, technology	AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK SBUX ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2025 Q1	Apr 4, 2025	Andvari Associates	7.2%	7.2%	AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS	durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value	Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth.		View
2024 Q4	Jan 30, 2025	Aristotle Core Equity Fund	3.9%	26.0%	AAPL, AMZN, AVGO, AVY, CI, COST, CRWD, DAR, GE, GOOGL, GTLS, JPM, MCHP, META, MSFT, NEE, NOW, NVDA, SPR, ZTS	aerospace, AI, cybersecurity, growth, large cap, technology	Broadcom demonstrated continuing strength in its artificial intelligence networking and custom accelerator semiconductor business. The company provided long-term guidance for the service addressable market opportunity for its AI-related business, indicating a market opportunity of $60 billion to $90 billion. CrowdStrike benefits from increasing threats from state-sanctioned cybercriminals using high-performance computing and AI, necessitating higher spending on advanced cybersecurity products.	CRWD GE	View
2024 Q4	Jan 24, 2025	Tsai Capital	-	23.0%	AAPL, ABNB, ACN, AMZN, ANSS, COST, CPRT, CSGP, DHR, FDS, GOOG, IDXX, MA, MKL, MSCI, MSFT, NKE, QXO, TSLA, TYL, V, ZTS	AI, Compounding, disruption, growth, long-term, technology, Tesla, value	The manager believes they are particularly well-positioned to benefit from the AI revolution, which represents the most transformative technological advancement since the advent of the internet. Many of the companies they own are leading the charge in the AI revolution, with others set to reap substantial benefits as they integrate these transformative technologies into their operations. Autonomy—embodied in self-driving vehicles and humanoid robots—will be one of the earliest large-scale applications of AI.		View
2024 Q4	Jan 16, 2025	Polen Capital – Focus Growth	4.7%	16.1%	AAPL, ADBE, AMZN, AVGO, CSGP, GOOGL, IT, LLY, META, MSFT, NFLX, NOW, NVDA, ORCL, SHOP, TMO, TSLA, UNH, ZTS	AI, Cloud, Concentration, E-Commerce, growth, large cap, technology, Valuations	Amazon's AI business is described as a multi-billion-dollar business growing triple digits, 3x faster than AWS at the same stage. ServiceNow is integrating GenAI capabilities to drive increasing workflow efficiencies for customers. Broadcom's AI chip business is experiencing a demand surge with AI revenue opportunity projected to grow to $60-90B in 2027 from $12B in 2024.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	RiverPark Large Growth	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, Blockbuster Drugs, diagnostics, Global Population, high margins, Pet Spending, pharmaceuticals, secular growth, vaccines	View Pitch
Apr 28, 2026	Fund Letters	RiverPark Long/Short Opportunity Fund	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, Blockbuster Drugs, capital allocation, Companion Animals, diagnostics, Livestock, pharmaceuticals, R&D, vaccines	View Pitch
Apr 13, 2026	Fund Letters	Diamond Hill Large Cap Strategy	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, Companion Animals, growth, Livestock, Pet Care, pharmaceuticals, pipeline, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	Aristotle Core Equity Fund	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, healthcare, Livestock, Pet Ownership, pharmaceuticals, Protein Demand, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Global Growth	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, defensive, Durable Growth, pharmaceuticals, Safety, valuation, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	Impax Global Environmental Markets Fund	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, Free Cash Flow, pharmaceuticals, R&D, Sustainable Agriculture, Value, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	Aristotle Atlantic Core Equity Strategy	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, Companion Animals, Livestock, Pet Ownership, pharmaceuticals, Protein Demand, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	Mott Capital Management	Zoetis Inc.	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, Demographics, healthcare, Pet Ownership, pharmaceuticals, undervalued, Value, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	The Bristol Gate U.S. Equity Strategy	Zoetis Inc	Health Care	Pharmaceuticals	Bull	NYSE	Animal Health, dermatology, innovation, Parasiticides, pharmaceuticals, Veterinary	View Pitch
Apr 13, 2026	Fund Letters	Brown Advisors Global Leaders Strategy	Zoetis	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals	Bull	NYSE	Animal Health, biotechnology, Companion Animals, drug development, Livestock, pharmaceuticals, Pure-Play, R&D, vaccines, Veterinary Medicine	View Pitch
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

BSD Shareholders of ZTS

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

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

ZTS

ZTS

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BSD Shareholders of ZTS

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