LongFFH.TOAug 2026
Fairfax Financial Holdings Limited
Fairfax Financial is a global property and casualty insurance and investment holding company run by Prem Watsa. The company's book value per share increased during the first half…
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Showing 951 of 951 ideas
LongGUD.TOAug 2026
Knight Therapeutics Inc.
Knight Therapeutics is a specialty pharmaceutical company focused on acquiring, licensing and distributing drugs across Canada and Latin America. Its portfolio focuses on areas…
LongMXG.TOAug 2026
Maxim Power Corp.
Maxim Power is an independent power producer whose primary asset is a 300 MW combined-cycle natural gas plant in Alberta. The company is also developing the permitted 400 MW…
LongFIH.U.TOAug 2026
Fairfax India Holdings Corporation
Fairfax India is an Indian investment holding company controlled by Fairfax Financial, with its dominant asset being a 74% interest in Bangalore International Airport held partly…
LongCFP.TOAug 2026
Canfor Corporation
Canfor is one of the world's largest lumber producers, with operations across British Columbia, Alberta, the US South and Sweden as well as a pulp business. The company is…
LongAIM.TOAug 2026
Aimia Inc.
Aimia is an owner-managed holding company controlled by Rhys Summerton that owns Cortland, a producer of high-performance synthetic ropes, and a minority interest in Chinese…
LongPSK.TOAug 2026
PrairieSky Royalty Ltd.
PrairieSky owns fee-simple mineral rights across a large portion of Western Canada and receives royalties when third parties develop resources on its land. The model requires no…
LongMELIAug 2026
MercadoLibre, Inc.
Hayden believes MercadoLibre's heavy investment in faster shipping and free delivery on low-ticket products is creating attractive long-term economics despite depressing…
LongSEAug 2026
Sea Limited
Hayden believes Shopee's current reinvestment program is generating increasingly attractive returns and strengthening the business rather than merely defending it against…
LongDLG.MILAug 2026
De'Longhi
Voss believes De'Longhi is being valued like a conventional European appliance manufacturer despite transforming into a higher-quality coffee-equipment company. Coffee now…
LongRXTAug 2026
Rackspace Technology, Inc.
Rackspace is a highly leveraged turnaround where a roughly $900 million equity value sits on top of a much larger enterprise value, creating substantial equity upside if…
LongVGNTAug 2026
Versigent
Versigent was discarded following its spin-off from Aptiv despite being an entrenched global oligopolist in complex automotive wiring harnesses, and Voss believes its roughly…
LongHILSAug 2026
Hill & Smith
Voss views Hill & Smith as a predominantly American infrastructure compounder that is mispriced because it remains listed in the UK, with approximately 84% of first-half…
LongTGAAug 2026
Thungela Resources
The operational thesis improved materially in 1H26 as Ensham recovered from its prior geological problems, South African production remained resilient and Transnet rail…
LongUHRAug 2026
The Swatch Group AG
GreenWood's Swatch thesis combines improving watch-industry fundamentals with the potential for significant governance reform. Bearer shareholders gave GreenWood approximately…
LongCTTAug 2026
CTT - Correios de Portugal, S.A.
GreenWood believes CTT's low-cost and ultra-dense mail network has been successfully developed into an e-commerce flywheel that has rebuilt earnings beyond historical highs. The…
LongRTOAug 2026
Rentokil Initial plc
GreenWood identifies Rentokil's US customer-service overhaul as a key transformation within the portfolio. The fund believes the market is under-weighting both the timing and…
LongNXEAug 2026
NexGen Energy Ltd.
GreenWood views NexGen Energy's uranium mine as an industry-changing project and highlights that it is now federally approved and under construction. The position forms part of a…
LongGNSAug 2026
Genus plc
GreenWood identifies Genus's PRP gene-edit program as a potentially game-changing catalyst for the company. The fund believes the market is under-weighting the timing and…
LongJACKAug 2026
Jack in the Box Inc.
GreenWood materially increased its Jack in the Box position during first-half weakness and sees an operational turnaround replacing more than a decade of financial engineering as…
LongFOURAug 2026
Shift4 Payments, Inc.
Shift4 is a vertically integrated payments business with powerful positions across restaurants, hospitality, stadiums, entertainment venues and luxury retail. Emeth believes…
LongMUAug 2026
Micron Technology
Micron is Ashva Capital's largest position because the fund believes the economics of the historically cyclical memory industry may be becoming structurally more attractive. AI…
LongAMZNAug 2026
Amazon.com, Inc.
Hinde Group materially increased its Amazon position after shares sold off on concerns about the scale and prospective returns of Amazon's AI infrastructure investments. The fund…
LongLULUAug 2026
lululemon athletica inc.
The Lululemon thesis was based on a high-quality business trading below what its historical fundamentals appeared to justify, including a debt-free balance sheet, strong gross…
LongFLOAug 2026
Flowers Foods, Inc.
Flowers Foods was purchased as a conservative and defensive business trading at a distressed valuation. Bread is viewed as a resilient, non-discretionary consumer category, while…
LongPYPLAug 2026
PayPal Holdings, Inc.
The original PayPal thesis was that the market was pricing a durable and highly cash-generative payments franchise as though it faced permanent structural decline. The manager…
LongBABAAug 2026
Alibaba Group Holding Limited
Alibaba is redirecting substantial capital toward AI infrastructure, which is depressing near-term free cash flow and profitability but is beginning to produce measurable growth…
LongCSUAug 2026
Constellation Software Inc.
SaltLight recently invested in Constellation Software because it views the company as a portfolio of roughly one thousand specialized vertical-software businesses rather than a…
LongCCLDAug 2026
CareCloud, Inc.
Bilbel still considers CareCloud undervalued, although it sold most of the position because it found even more undervalued opportunities elsewhere. The core TEBS business showed…
Long1161.HKAug 2026
Water Oasis Group Limited
Water Oasis is one of Hong Kong's leading beauty-services groups and has compounded services profit at roughly 14.9% annually since 2002. Its brand reduces customers' perceived…
LongSHOPAug 2026
Shopify Inc.
Shopify's operating momentum remained strong, with revenue up 34%, GMV up 35%, B2B revenue up 80% and Shop Pay revenue up 59% in the reported quarter. Rowan Street believes AI…
LongTOIAug 2026
Topicus.com Inc.
Topicus combines steady organic growth with a capital-allocation model focused on acquiring vertical-market software businesses. The fund highlights the roughly 25% stake in…
LongTSLAAug 2026
Tesla, Inc.
Rowan Street's Tesla thesis is centered on the integrated system the company is building rather than on any single product. Record Q2 deliveries, a large order backlog…
LongMETAAug 2026
Meta Platforms, Inc.
Meta continues to grow at an exceptional rate despite its enormous scale, with trailing twelve-month revenue above $228 billion and growth near 30%. Rowan Street sees measurable…
LongCSUAug 2026
Constellation Software Inc.
Rowan Street initiated Constellation Software in the first quarter of 2026 after years of experience owning Topicus. The fund is attracted to a record of approximately 28% annual…
LongXYZJul 2026
Block Inc.
Third Point believes Block is shifting from a user-acquisition story to a deeper monetization and earnings-compounding story. Nationwide approval for Cash App Borrow allows Block…
LongFLEXJul 2026
Flex Ltd.
Third Point established a new position in Flex after the company announced plans to separate its Cloud & Power Infrastructure business into an independent public company. The…
LongCRHJul 2026
CRH plc
Third Point views CRH as having transformed from a cyclical European cement producer into a leading North American infrastructure and construction-materials platform. Its local…
LongNMBJul 2026
NMB Bank Plc
NMB Bank represented about 6.6% of the portfolio and is one of the fund's first-tier African holdings. The bank announced a 10-for-1 stock split intended to improve affordability…
LongNGJul 2026
NovaGold Resources Inc.
NovaGold is presented as one of the clearer value opportunities in the portfolio. The manager estimates that the company trades at only about 3% of the appraised value of its…
LongSPCXJul 2026
Space Exploration Technologies Corp.
The fund views SpaceX as one of the closest examples of enduring monopolistic positioning in the modern market. At month-end, the shares traded at 23.1x consensus 2028 earnings…
LongSATSJul 2026
EchoStar Corporation
EchoStar provides the fund with additional indirect exposure to SpaceX. After a 25% decline during the year, the manager's sum-of-the-parts work indicated that EchoStar's market…
LongIBRXJul 2026
ImmunityBio, Inc.
ImmunityBio's valuation is being assessed against the commercial capacity of its Anktiva franchise. The manager highlights manufacturing facilities capable of producing one…
LongFTCJul 2026
Filtronic plc
Filtronic is viewed as a monopolistic supplier to SpaceX whose shares had fallen roughly 50% from their May high. Its new factory is designed to support more than £200 million of…
LongGEHCJul 2026
GE HealthCare Technologies Inc.
FPA bought GE HealthCare during the quarter as part of a broader shift toward reasonably valued businesses outside the most crowded AI infrastructure trades. The fund…
LongDHRJul 2026
Danaher Corporation
FPA bought Danaher during the quarter as part of its effort to deploy capital into businesses that are less dependent on the most crowded AI themes. The manager describes its…
Long7974.TJul 2026
Nintendo Co., Ltd.
Nintendo remained a long position despite detracting from portfolio performance during the period. The fund points to the successful launch and adoption of the Nintendo Switch 2…
LongSAPJul 2026
SAP SE
FPA bought SAP during the quarter as part of a portfolio increasingly built around companies that can generate attractive absolute returns without depending on extreme…
LongINTUJul 2026
Intuit Inc.
FPA bought Intuit during the quarter while seeking opportunities in businesses with more supportable long-term valuation math than the most expensive market leaders. The fund…
Long000660.KSJul 2026
SK hynix Inc.
Minotaur believes the memory cycle is being structurally extended by AI demand that is outrunning available supply, with meaningful new capacity unlikely before 2027. Customer…
LongNVDAJul 2026
NVIDIA Corporation
Minotaur began buying Nvidia again in the second half of July as part of its re-entry into AI infrastructure after the June de-concentration. The fund argues that the sharp July…
LongMUJul 2026
Micron Technology, Inc.
Minotaur sees Micron as a beneficiary of the same AI-driven memory shortage that supports its broader memory thesis. A key difference from prior cycles is the contractual…
LongBMIJul 2026
Badger Meter
Sandhill initiated Badger Meter after tracking the company for years and waiting for fundamentals and valuation to align. The company is a pure-play water technology provider…
LongFPSJul 2026
Forgent Power Solutions
Sandhill initiated Forgent Power Solutions after its public listing, viewing it as a less widely followed company with strong long-term growth prospects. Forgent manufactures…
LongINTUJul 2026
Intuit Inc.
FPA bought Intuit during the quarter while seeking opportunities in businesses with more supportable long-term valuation math than the most expensive market leaders. The fund…
LongSAPJul 2026
SAP SE
FPA bought SAP during the quarter as part of a portfolio increasingly built around companies that can generate attractive absolute returns without depending on extreme…
LongDHRJul 2026
Danaher Corporation
FPA bought Danaher during the quarter as part of its effort to deploy capital into businesses that are less dependent on the most crowded AI themes. The manager describes its…
Long7974.TJul 2026
Nintendo Co., Ltd.
Nintendo remained a long position despite detracting from portfolio performance during the period. The fund points to the successful launch and adoption of the Nintendo Switch 2…
LongGEHCJul 2026
GE HealthCare Technologies Inc.
FPA bought GE HealthCare during the quarter as part of a broader shift toward reasonably valued businesses outside the most crowded AI infrastructure trades. The fund…
LongPRX.ASJul 2026
Prosus N.V.
Prosus owns a portfolio of global technology and e-commerce businesses and remains one of Tencent's largest shareholders. The company reported accelerating profitability across…
LongADIJul 2026
Analog Devices, Inc.
Analog Devices is a leading analog and mixed-signal semiconductor supplier that benefited from strong demand across AI infrastructure, industrial automation and communications…
Long7974.TJul 2026
Nintendo Co., Ltd.
Nintendo remained a holding despite modestly detracting from performance during the period. Operationally, the company benefited from the successful launch and adoption of the…
Long028260.KSJul 2026
Samsung C&T Corporation
Samsung C&T gives the fund exposure to the broader Samsung ecosystem at a time when demand for AI-related semiconductors and memory products is surging. Investors increasingly…
LongFPSJul 2026
Forgent Power Solutions, Inc.
Sandhill initiated Forgent Power Solutions after its public listing while the company remained relatively underfollowed. Forgent manufactures electrical distribution equipment…
LongBMIJul 2026
Badger Meter, Inc.
Sandhill initiated Badger Meter after a sharp pullback caused by project timing rather than a deterioration in long-term demand. The company is a pure-play water-technology…
Long000660.KSJul 2026
SK hynix Inc.
Minotaur believes the July selloff in SK hynix represents a repricing of memory stocks rather than a breakdown in the AI demand thesis. The fund argues that AI memory demand is…
LongMUJul 2026
Micron Technology, Inc.
Minotaur believes Micron benefits from the same structural memory shortage underpinning its broader thesis: AI demand is rising faster than supply and new capacity is constrained…
LongNVDAJul 2026
NVIDIA Corporation
Minotaur began buying Nvidia again in the second half of July after having reduced the broader AI-infrastructure cluster in June for concentration reasons. The fund argues that…
LongFPSJul 2026
Forgent Power Solutions, Inc.
Sandhill initiated a position in newly public Forgent Power Solutions, a manufacturer of electrical distribution equipment including transformers, switchgear, and prefabricated…
LongBMIJul 2026
Badger Meter, Inc.
Sandhill initiated a position in Badger Meter after following the company on its watchlist for years. Badger is a pure-play water-technology company with a leading position in…
Long000660.KSJul 2026
SK hynix Inc.
Minotaur's memory thesis is that AI systems require rapidly growing amounts of memory while demand is outrunning available supply. Meaningful new industry capacity is not…
LongMUJul 2026
Micron Technology Inc.
Micron is part of Minotaur's core memory thesis that AI demand is outrunning supply and that the cycle should persist longer than the market expects. The fund highlights roughly…
LongNVDAJul 2026
NVIDIA Corporation
Minotaur began adding Nvidia in the second half of July after having reduced the broader AI-infrastructure cluster in June for concentration reasons. The fund interpreted the…
LongSAPJul 2026
SAP SE
Bretton believes fears that AI will broadly displace enterprise software have created an attractive entry point in SAP. SAP's software is deeply embedded in complex…
LongCSU.TOJul 2026
Constellation Software Inc.
Constellation Software acquires small vertical-market software businesses at low prices and uses their cash flows to fund additional acquisitions. Bretton believes these niche…
LongUNHJul 2026
UnitedHealth Group Incorporated
UnitedHealth suffered a severe drawdown after unexpectedly high healthcare usage and a push into unprofitable business damaged results. Management has responded by raising rates…
LongHOGJul 2026
Harley-Davidson, Inc.
Aegis bought Harley-Davidson at multi-year low levels well below book value. The fund views the century-old brand as a turnaround rather than a growth-at-any-price story. New…
LongRLJJul 2026
RLJ Lodging Trust
Aegis continued to build its position in RLJ Lodging Trust as part of a broader hotel-REIT value thesis. The fund believes hotel REITs were trading at steep discounts to…
LongCVEJul 2026
Cenovus Energy Inc.
Aegis views Cenovus as a high-quality Canadian oil-sands producer with long reserve life, low decline rates and integrated refining assets. The Middle East disruption improved…
LongPKJul 2026
Park Hotels & Resorts Inc.
Aegis initiated Park Hotels & Resorts as part of its hotel-REIT value basket. The fund believes the shares were trading at a steep discount to replacement cost while the 2026…
LongCLDTJul 2026
Chatham Lodging Trust
Chatham Lodging Trust is part of the hotel-REIT exposure Aegis built around discounted real estate values and favorable lodging fundamentals. The position had been established…
LongJET2.LJul 2026
Jet2 plc
Aegis bought Jet2 because it sees a strong operating business trading at a modest valuation. Jet2 is the U.K.'s largest package holiday operator, has a loyal customer base and…
LongEQXJul 2026
Equinox Gold Corp.
Aegis continues to hold Equinox Gold despite a sharp pullback in precious metals and concerns around its all-stock merger with Orla Mining. The combined company would create a…
LongRDNJul 2026
Radian Group Inc.
Radian was Aegis's largest purchase in the first half of 2026. The fund bought the shares at roughly book value and about 7-8 times earnings despite a record mortgage-insurance…
LongNAVIJul 2026
Navient Corporation
Gator believes the market still values Navient as a runoff portfolio of legacy student loans even though the company is becoming a growth lender again. The end of the federal…
LongRDNJul 2026
Radian Group Inc.
Radian was Aegis's largest purchase in the first half, acquired at roughly book value and about 7-8 times earnings. The fund sees that valuation as unusually low given Radian's…
LongCVE.TOJul 2026
Cenovus Energy Inc.
Cenovus benefited from stronger oil prices, higher refinery crack margins and the successful integration of MEG Energy. The acquisition added the neighboring Christina Lake…
LongEQX.TOJul 2026
Equinox Gold Corp.
Equinox shares weakened as gold corrected and investors reacted negatively to the all-stock merger with Orla Mining. Aegis believes the combination has strategic merit by adding…
LongRLJJul 2026
RLJ Lodging Trust
Aegis continued building its RLJ Lodging Trust position during the first half. The hotel REITs in the portfolio were trading at steep discounts to replacement cost while the fund…
LongPKJul 2026
Park Hotels & Resorts Inc.
Aegis initiated Park Hotels & Resorts as part of a broader hotel REIT opportunity. The fund believes hotel REITs were trading at steep discounts to replacement cost ahead of a…
LongHOGJul 2026
Harley-Davidson, Inc.
Aegis purchased Harley-Davidson at multi-year lows and at a price well below book value. The fund believes the company has a valuable century-old American brand but needs…
LongCLDTJul 2026
Chatham Lodging Trust
Chatham Lodging Trust complements Aegis's other hotel REIT holdings and was established late in the prior year. Aegis views hotel REITs as discounted relative to replacement cost…
LongJET2.LJul 2026
Jet2 plc
Aegis bought Jet2 at a modest valuation relative to tangible book value and earnings. The company is the UK's largest package-holiday operator, has a loyal customer base and was…
LongNAVIJul 2026
Navient Corporation
Navient trades at roughly 40% of tangible book value because investors continue to view it as a runoff portfolio of legacy student loans, while Gator believes the company is…
LongWBIJul 2026
WaterBridge Infrastructure LLC
WestEnd views WaterBridge's produced-water infrastructure network in the Delaware Basin as a difficult-to-replicate competitive asset that provides essential services to energy…
LongRHJul 2026
RH
WestEnd believes RH's distinctive luxury-home brand and relatively affluent customer base provide a durable competitive position. Elevated mortgage rates and historically low…
LongTGTJul 2026
Target Corporation
WestEnd views Target's national store base, brand, loyal customers and integration of stores with digital and same-day fulfillment as important competitive advantages. The…
LongJANJul 2026
Janus Living, Inc.
WestEnd sees Janus Living as a direct way to participate in attractive long-term senior-housing fundamentals. Because the company generates operating income directly from…
LongHOODJul 2026
Robinhood Markets, Inc.
WestEnd believes Robinhood is evolving from an online brokerage into a broader financial-services ecosystem spanning retirement, cash management, securities lending, advisory…
LongVISNJul 2026
Vistance Networks
LVS bought Vistance Networks after a 2025 asset sale to Amphenol created a path to eliminate debt, pay a $10 per share special dividend, and leave behind operating businesses…
LongVISNJul 2026
Vistance Networks
LVS bought Vistance Networks after a 2025 asset sale to Amphenol created a path to eliminate debt, pay a $10 per share special dividend, and leave behind operating businesses…
LongMSFTJul 2026
Microsoft Corporation
Alpine increased Microsoft to an overweight position following weakness in the hyperscaler group. The manager believes a distinct application layer is likely to develop between…
LongORCLJul 2026
Oracle Corporation
Alpine initiated Oracle positions in certain portfolios during Q2 after the stock's pullback. The manager acknowledges that the market is discounting negative free cash flow and…
LongRELYJul 2026
Remitly Global, Inc.
Gallagher increased his investment in Remitly as its cross-border remittance volumes continued to grow above 30% while operating leverage became increasingly visible. Incremental…
LongPGYJul 2026
Pagaya Technologies Ltd.
Pagaya became the portfolio's largest position after Gallagher redeployed much of the proceeds from trimming Planet Labs. He views Pagaya as a data network positioned to benefit…
LongPLJul 2026
Planet Labs PBC
Planet Labs remains a meaningful portfolio position, but Gallagher materially reduced the stake after it had been the portfolio's largest holding for much of the prior four…
LongMNTNJul 2026
MNTN, Inc.
Gallagher initiated a position in MNTN after the recently listed shares fell almost 70% from their IPO level despite continued improvement in the underlying business. MNTN brings…
LongCDNLJul 2026
Cardinal Infrastructure Group Inc.
Cardinal Infrastructure delivered strong first-quarter results, including 64% organic growth, and announced its first data-center win. The company also completed a well-priced…
LongFSVJul 2026
FirstService Corporation
FirstService experienced a difficult second quarter because its roofing and residential closet businesses remained soft. The fund expects organic growth to improve during the…
LongSMTCJul 2026
Semtech Corporation
Semtech provides high-performance analog and mixed-signal semiconductors whose connectivity products are becoming increasingly important in AI data centers. The company is seeing…
LongSITMJul 2026
SiTime Corporation
SiTime is the leading pure-play precision-timing semiconductor company. Adoption is increasing in AI data centers as well as applications such as Apple's iPhone, while its most…
LongLTHJul 2026
Life Time Group Holdings, Inc.
Life Time operates high-end health clubs and has consistently beaten and raised estimates during the fund's roughly year-and-a-half ownership period. The fund believed a…
LongHNGEJul 2026
Hinge Health, Inc.
Hinge Health provides virtual physical therapy and produced exceptional recent financial results. Second-quarter billings increased 52% year over year due to both new members and…
LongNTBJul 2026
The Bank of N.T. Butterfield & Son Limited
Butterfield owns attractive deposit and wealth-management franchises in the Caribbean financial centers of Bermuda and Cayman. The bank generates a strong return on equity while…
LongUTLJul 2026
Unitil Corporation
Unitil is a diversified regulated utility serving Maine, New Hampshire and northern Massachusetts. The fund considers these attractive regulatory jurisdictions and believes…
LongUGIJul 2026
UGI Corporation
UGI combines a regulated gas utility in Pennsylvania and West Virginia with pipelines and propane-distribution operations in the U.S. and Europe. Problems at AmeriGas previously…
LongSFMJul 2026
Sprouts Farmers Market, Inc.
Sprouts has strong operating margins, attractive returns on capital and favorable economics on newly opened stores. The fund trimmed aggressively when the valuation became…
LongRLIJul 2026
RLI Corp.
RLI is a specialty property-and-casualty insurer with a highly selective underwriting culture and exposure to numerous niche insurance markets. Its incentive structure and…
LongVNTJul 2026
Vontier Corporation
Vontier was a new Q2 purchase and manufactures tanks, pumps and payment systems used primarily by gas stations and convenience stores. Since its 2021 separation from Fortive, the…
LongFNJul 2026
Fabrinet
Fabrinet is a leading contract manufacturer of complex optical-networking equipment and modules and dominates a specialized manufacturing niche. High-bandwidth products are…
LongARWJul 2026
Arrow Electronics, Inc.
Arrow is the world's largest semiconductor distributor and benefits from scale, broad product availability and relatively stable competitive dynamics. Its products are…
LongLFUSJul 2026
Littelfuse, Inc.
Littelfuse manufactures niche electrical components including fuses, sensors, passive components and semiconductors across a broad collection of end markets. The business…
LongVSHJul 2026
Vishay Intertechnology, Inc.
Vishay manufactures passive components and discrete semiconductors used across numerous industrial and electronic applications. New management began investing aggressively in…
LongUPBDJul 2026
Upbound Group, Inc.
Upbound serves subprime consumers through Rent-A-Center, Acima and the recently acquired Brigit platform. Its customers are under financial pressure, but the company's operating…
LongCNXCJul 2026
Concentrix Corporation
Concentrix is one of the world's largest customer-experience outsourcing providers and has evolved beyond call centers into technology-enabled business-process outsourcing. The…
LongSNXJul 2026
TD SYNNEX Corporation
TD SYNNEX is the world's largest IT distributor and has expanded beyond traditional hardware into software, security, cloud licenses and services. The fund values the company's…
LongGPKJul 2026
Graphic Packaging Holding Company
Graphic Packaging is a vertically integrated paper-packaging manufacturer with operations in the U.S. and Europe. Weak industry conditions, major cost overruns at its Waco…
LongHRBJul 2026
H&R Block, Inc.
Alluvium believes the market overreacted to the risk that artificial intelligence could displace tax-preparation services. Management is instead using AI to improve its products…
LongCHTRJul 2026
Charter Communications, Inc.
Alluvium believes the market has extrapolated Charter's current subscriber and pricing pressures too far into the future. Although internet customers are declining and ARPU is…
LongUMGJul 2026
Universal Music Group N.V.
Alluvium views Universal Music as a structural franchise built around a difficult-to-replicate catalogue of high-quality music rights. The company monetizes that catalogue…
LongLBRDKJul 2026
Liberty Broadband Corporation
Liberty Broadband is held as a tracking exposure to Charter Communications and therefore shares the same underlying cable investment case. Alluvium believes the market is pricing…
LongGLIBAJul 2026
Liberty Capital, Inc.
Alluvium increased its Liberty Capital position after the stock fell to roughly half of the fund's valuation estimate. The fund views the acquisition of Quintillion as…
LongBABAJul 2026
Alibaba Group Holding Limited
Alluvium remains constructive on Alibaba despite a sharp quarterly share-price decline. The company reported that its AI investments are contributing to the business and…
LongHCAJul 2026
HCA Healthcare, Inc.
Alluvium added to HCA Healthcare after the shares fell despite management reaffirming 2026 guidance. The fund believes investors overreacted to weaker respiratory volumes caused…
LongMCKJul 2026
McKesson Corporation
Alluvium added to McKesson after results came in line with its expectations and management issued strong forward guidance. Management reiterated long-term earnings growth…
LongCPRTJul 2026
Copart, Inc.
Alluvium initiated a position in Copart after a decline of more than 50% from its May 2025 peak created what it viewed as an unusual entry point into a high-quality business…
LongAMZNJul 2026
Amazon.com, Inc.
Amazon is one of the fund's large hyperscaler positions and remained in favor during the second quarter. The investment case rests partly on its competitive positioning as a…
LongCRMJul 2026
Salesforce, Inc.
Salesforce has been pressured by concerns that AI could disrupt established software business models. The fund reduced the holding materially during the quarter as part of its…
LongACNJul 2026
Accenture plc
Accenture has been penalized as investors assess the potential impact of AI on software and information-services business models. The fund materially reduced its position during…
LongMETAJul 2026
Meta Platforms, Inc.
Meta is a major hyperscaler and AI service-provider holding in the portfolio. The shares lagged in the second quarter as investors became more discerning about the buyers of AI…
LongMLMJul 2026
Martin Marietta Materials, Inc.
The fund repurchased Martin Marietta Materials opportunistically at what it considered a favorable price. The company is a leading aggregates producer with high-quality assets…
LongCSGPJul 2026
CoStar Group, Inc.
CoStar Group has been caught in the market's broad reassessment of software and information-services businesses exposed to potential AI disruption. The fund materially trimmed…
LongORCLJul 2026
Oracle Corporation
Oracle is held as one of the portfolio's major hyperscaler cloud and AI service providers. Its shares lagged during the second quarter while investors focused more closely on the…
LongMSFTJul 2026
Microsoft Corporation
Microsoft is one of the fund's large hyperscaler cloud and AI service-provider positions. Its shares lagged during the quarter as investors became more selective about companies…
LongGOOGJul 2026
Alphabet Inc.
Alphabet is one of the fund's large positions among hyperscale cloud and AI service providers. Its shares remained in favor during the second quarter as investors differentiated…
LongVLTOJul 2026
Veralto Corporation
The fund initiated a new position in Veralto at what it considered a favorable price. Veralto has leading market positions and attractive economics across water quality…
LongCOFJul 2026
Capital One Financial Corporation
Capital One has evolved beyond its core credit-card business into a broad consumer banking franchise. Its acquisition of Discover adds the economic benefits of integrating its…
LongLBRDKJul 2026
Liberty Broadband Corporation Class C
The fund remains constructive on Liberty Broadband despite weakness in Charter Communications, its principal asset. Charter's growing wireless business is viewed as an important…
LongNFLXJul 2026
Netflix, Inc.
The fund initiated Netflix despite near-term perception headwinds surrounding its unsuccessful Warner Bros. bid and competition for audience attention from the 2026 FIFA World…
LongBNJul 2026
Brookfield Corporation
Brookfield is viewed as a long-term compounder built around a growing asset-management franchise and a collection of operating subsidiaries. The letter highlights approximately…
LongPPLIJul 2026
People Incorporated
People Incorporated, formerly InterActiveCorp, is viewed primarily as a capital-allocation vehicle under Barry Diller. The fund believes the stock-price decline has overlooked…
LongIBKRJul 2026
Interactive Brokers Group, Inc.
Interactive Brokers is viewed as one of the largest and most efficient brokerage businesses in the United States, with a highly automated platform and unusually high…
LongPHOE.TAJul 2026
Phoenix Financial Ltd.
Phoenix Financial was added to the portfolio in 2025 as another insurance compounder. The manager was impressed by the company's capabilities both in insurance operations and in…
LongTPLJul 2026
Texas Pacific Land Corporation
Texas Pacific Land remains a highly profitable long-term holding supported by royalties from oil and water resources on its Texas acreage. The fund also sees a meaningful…
LongMKLJul 2026
Markel Group Inc.
Markel is held as a long-term insurance and holding-company compounder. The letter describes the company as a Berkshire-like vehicle and highlights the role of renowned investor…
LongEXO.MIJul 2026
Exor N.V.
EXOR is treated as a long-term compounder because it is family owned, has demonstrated strong capital allocation and has a history of successful acquisitions. The letter argues…
LongKNSLJul 2026
Kinsale Capital Group, Inc.
Kinsale is a specialty insurer focused on excess and surplus policies in areas that traditional insurers often avoid, particularly for small businesses. The fund highlights the…
LongFFH.TOJul 2026
Fairfax Financial Holdings Limited
Fairfax is favored as an insurance compounder because a well-managed insurer can generate value through both underwriting profits and investment of its float. Fairfax has…
LongCSUJul 2026
Constellation Software Inc.
Constellation Software is a serial acquirer of vertical-market software companies and has historically compounded earnings at approximately 20% annually since its IPO. Its shares…
LongKKRJul 2026
KKR & Co. Inc.
KKR is viewed as a long-term compounder within the highly profitable alternative asset-management industry. The company manages approximately $640 billion and has grown assets…
LongAGOJul 2026
Assured Guaranty Ltd.
Assured Guaranty is one of the insurance compounders the fund continues to favor. The investment case rests on the dual economics of insurance underwriting and the investment of…
LongAGOJul 2026
Assured Guaranty Ltd.
Assured Guaranty is one of the insurance compounders the fund continues to favor. The investment case rests on the dual economics of insurance underwriting and the investment of…
LongCSUJul 2026
Constellation Software Inc.
Constellation Software is a serial acquirer of vertical-market software companies and has historically compounded earnings at approximately 20% annually since its IPO. Its shares…
LongMKLJul 2026
Markel Group Inc.
Markel is held as a long-term insurance and holding-company compounder. The letter describes the company as a Berkshire-like vehicle and highlights the role of renowned investor…
LongKNSLJul 2026
Kinsale Capital Group, Inc.
Kinsale is a specialty insurer focused on excess and surplus policies in areas that traditional insurers often avoid, particularly for small businesses. The fund highlights the…
LongEXO.MIJul 2026
Exor N.V.
EXOR is treated as a long-term compounder because it is family owned, has demonstrated strong capital allocation and has a history of successful acquisitions. The letter argues…
LongPHOE.TAJul 2026
Phoenix Financial Ltd.
Phoenix Financial was added to the portfolio in 2025 as another insurance compounder. The manager was impressed by the company's capabilities both in insurance operations and in…
LongTPLJul 2026
Texas Pacific Land Corporation
Texas Pacific Land remains a highly profitable long-term holding supported by royalties from oil and water resources on its Texas acreage. The fund also sees a meaningful…
LongBNJul 2026
Brookfield Corporation
Brookfield is viewed as a long-term compounder built around a growing asset-management franchise and a collection of operating subsidiaries. The letter highlights approximately…
LongIBKRJul 2026
Interactive Brokers Group, Inc.
Interactive Brokers is viewed as one of the largest and most efficient brokerage businesses in the United States, with a highly automated platform and unusually high…
LongPPLIJul 2026
People Incorporated
People Incorporated, formerly InterActiveCorp, is viewed primarily as a capital-allocation vehicle under Barry Diller. The fund believes the stock-price decline has overlooked…
LongFFH.TOJul 2026
Fairfax Financial Holdings Limited
Fairfax is favored as an insurance compounder because a well-managed insurer can generate value through both underwriting profits and investment of its float. Fairfax has…
LongKKRJul 2026
KKR & Co. Inc.
KKR is viewed as a long-term compounder within the highly profitable alternative asset-management industry. The company manages approximately $640 billion and has grown assets…
LongLLYJul 2026
Eli Lilly and Company
Oak Ridge highlights the leading weight-loss drugmaker as one of the strongest healthcare contributors across its growth strategies. The investment case extends beyond obesity…
LongDIVISLAB.NSJun 2026
Divi's Laboratories Limited
Divi's is a leading global manufacturer of active pharmaceutical ingredients and intermediates with strong process chemistry and manufacturing capabilities. Baron sees it as a…
Long8313.SRJun 2026
Rasan Information Technology Company
Rasan is the leading digital insurance and financial-services marketplace in Saudi Arabia. Baron believes deep integrations, a data-rich ecosystem and scale advantages create a…
Long2330.TWJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC sits at the center of the AI supply chain as the world's largest contract chipmaker and leading advanced logic manufacturer. AI demand is consuming leading-edge capacity and…
LongACUTAAS.NSJun 2026
Acutaas Chemicals Limited
Acutaas is an Indian manufacturer of advanced pharmaceutical intermediates and specialty chemicals with high market share in several critical products. Its R&D pipeline…
Long000660.KSJun 2026
SK hynix Inc.
SK hynix is the current leader in high-bandwidth memory used alongside AI processors. Customers have pre-booked more than three years of HBM supply, exceeding current production…
LongOTPJun 2026
OTP Bank Nyrt
OTP is Hungary's leading banking franchise with strong retail and commercial positions, a conservative balance sheet and disciplined capital allocation. Baron believes Hungary's…
Long005930.KSJun 2026
Samsung Electronics Co., Ltd.
Samsung has improved its strategic position in high-bandwidth memory. The company became the first to ship next-generation HBM4 at volume for an upcoming leading AI accelerator…
Long9988.HKJun 2026
Alibaba Group Holding Limited
Alibaba is absorbing a near-term earnings reset as it increases AI infrastructure investment and builds its Qwen ecosystem. Baron believes accelerating cloud growth and…
Long095340.KQJun 2026
ISC Co., Ltd.
ISC is the dominant global supplier of elastomer semiconductor test sockets, which are gaining share as semiconductor complexity increases. The stock weakened despite earnings…
Long1211.HKJun 2026
BYD Company Limited
BYD is navigating intense domestic EV competition and weak Chinese consumer demand while its international business expands rapidly. Overseas deliveries increased more than 80%…
LongTJun 2026
AT&T Inc.
AT&T weakened as investors focused on telecom competition, wireless churn and softer pricing. Ariel believes fears of satellite-based mobile disruption are overstated because…
LongDISJun 2026
The Walt Disney Company
Disney reported better-than-expected earnings but declined as investors questioned the sustainability of the earnings beat. Ariel continues to view the company as a unique…
Long3759.HKJun 2026
Pharmaron Beijing Co., Ltd.
Pharmaron is positioned to benefit from China's growing role in global biopharma innovation. Its integrated discovery, development and manufacturing platform lets it participate…
LongFDXFJun 2026
FedEx Freight Holding Company, Inc.
FedEx Freight became a standalone holding following its spin-off from FedEx. Ariel believes its scale, network density and competitive position can support better pricing…
Long6981.TJun 2026
Murata Manufacturing Co., Ltd.
Murata is positioned for a multi-year growth upcycle as AI data centers drive demand for multilayer ceramic capacitors. Its technological lead in high-value components supports…
LongDTJun 2026
Dynatrace
Dynatrace is positioned to benefit from increasingly complex IT environments and growing AI adoption. Ariel cites healthy core monitoring demand, traction in log analytics…
LongMRK.DEJun 2026
Merck KGaA
Ariel bought Merck KGaA on the view that biopharma spending is recovering after inventory destocking and funding constraints. The inflection is most visible in Process Solutions…
LongORSTED.COJun 2026
Orsted AS
Ariel bought Orsted after operational setbacks, project delays and policy uncertainty drove a large valuation reset. Several major projects are now advanced, while management has…
Long600563.SSJun 2026
Xiamen Faratronic Co., Ltd.
Faratronic is a global leader in film capacitors with strong positions in electric vehicles and renewable energy. Ariel expects electrification, new energy vehicles and data…
Long2359.HKJun 2026
WuXi AppTec Co., Ltd.
WuXi AppTec has an integrated pharmaceutical-services platform and deep relationships with multinational clients. Its inclusion on the U.S. Section 1260H list created a…
Long2454.TWJun 2026
MediaTek Inc.
MediaTek is expanding its role as a supplier to Google's cloud and AI infrastructure. Stronger expectations for Tensor Processing Unit adoption support a steeper revenue ramp…
LongBT.A.LJun 2026
BT Group plc
BT is nearing the end of a peak fiber investment cycle, which should allow lower capital expenditure and cost efficiencies to improve free cash flow. Ariel also sees a more…
LongINTCJun 2026
Intel Corporation
Intel is benefiting from robust demand in data center and AI markets alongside improving profitability. Ariel sees an early recovery in server CPUs, rising AI exposure and…
LongCOFJun 2026
Capital One Financial Corp.
Ariel reinitiated Capital One as credit trends improve following post-pandemic normalization. Earlier reserve builds, disciplined balance sheet management and stronger net…
LongPPLJun 2026
PPL Corporation
PPL offers regulated utility exposure with an improving regulatory backdrop and visible earnings growth. Constructive rate-case outcomes in Kentucky and Pennsylvania have…
Long300124.SZJun 2026
Shenzhen Inovance Technology Co., Ltd.
Inovance is a cyclical recovery and structural growth idea in Chinese industrial automation. Orders are improving after years of inventory correction and weak capital spending…
LongMRK.DEJun 2026
Merck KGaA
Ariel bought Merck KGaA on the view that biopharma spending is recovering after inventory destocking and funding constraints. The inflection is most visible in Process Solutions…
LongCNCJun 2026
Centene
Diamond Hill initiated a position in Centene as a managed care recovery idea. The manager believes reimbursement rates have a realistic path to catch up with underlying cost…
LongVRSKJun 2026
Verisk Analytics
Verisk Analytics is a leading provider of data and analytics to the insurance industry and operates with limited competition. Its services are deeply embedded in customer…
LongFBINJun 2026
Fortune Brands Innovations
Fortune Brands announced a strategic review of its composite decking business and appointed a new CEO with deep industry experience. The shares outperformed following these…
LongHUMJun 2026
Humana
Humana is the second-largest Medicare Advantage insurer in the U.S. The company delivered strong first-quarter results and benefited from better-than-expected Medicare rate…
LongRRXJun 2026
Regal Rexnord
Regal Rexnord benefited from strong data center demand and reported solid results. Merger synergies and operational improvements drove better-than-expected organic growth and…
LongEFXJun 2026
Equifax
Equifax owns proprietary mortgage, employment and other datasets that are costly and difficult to replicate. Its data is critical to customer workflows while representing only a…
LongVLTOJun 2026
Veralto
Veralto is a water testing and treatment provider spun out of Danaher in late 2023. Diamond Hill initiated a position because it believes the market underappreciates the…
Long2330.TWJun 2026
Taiwan Semiconductor Manufacturing Company
Taiwan Semiconductor Manufacturing Company is the world's largest dedicated chip foundry, with approximately 70% market share and advanced manufacturing capabilities. Demand for…
Long005930.KSJun 2026
Samsung Electronics
Samsung Electronics is a South Korean semiconductor manufacturer held by the strategy. Its shares benefited from strong AI-related memory demand during the quarter. Rising…
Long000660.KSJun 2026
SK hynix
SK hynix is a South Korean semiconductor manufacturer held by the strategy. Its shares benefited from strong AI-related memory demand during the quarter. Rising semiconductor…
LongCNQJun 2026
Canadian Natural Resources
Canadian Natural Resources underperformed as energy prices weakened across the industry. Diamond Hill stated that the business continued to perform well fundamentally despite the…
LongIMOJun 2026
Imperial Oil
Imperial Oil underperformed as energy prices weakened across the industry. Diamond Hill stated that the business continued to perform well fundamentally despite the share-price…
LongENTGJun 2026
Entegris Inc.
BBH owns Entegris as a critical supplier of filtration products, materials and delivery equipment used in high-precision semiconductor fabrication. The company reported strong…
LongDARJun 2026
Darling Ingredients Inc.
BBH owns Darling as the global leader in rendering animal byproducts and used cooking oil into fats and proteins for feed, specialty health products and renewable diesel…
LongGWREJun 2026
Guidewire Software Inc.
BBH continues to own Guidewire despite a quarterly share-price decline because it believes recent deal slippage reflects timing rather than weakening demand. The company remains…
LongANETJun 2026
Arista Networks Inc.
BBH views Arista as the leading provider of data-center switches to cloud-network customers and a direct beneficiary of the AI infrastructure buildout. First-quarter revenue and…
LongEQIXJun 2026
Equinix
SGA reinitiated Equinix as growth reaccelerated with AI inferencing and power demand while a prior leadership transition was resolved. Roughly 95% of revenue is recurring and…
LongGOOGJun 2026
Alphabet
SGA sees Alphabet as a broad beneficiary of AI through infrastructure, foundation models, developer tools and scaled consumer applications. Strong demand for AI compute supports…
Long6146Jun 2026
Disco
SGA initiated Disco because it holds roughly 70-80% share in cutting, grinding and thinning equipment used in semiconductor manufacturing. Its equipment is increasingly critical…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company
SGA continues to own TSMC as the leading-edge foundry positioned to benefit from sustained demand for advanced logic and compute. AI accelerators and CPUs are driving additional…
LongARMJun 2026
Arm Holdings
SGA views Arm as a high-quality long-term compounder benefiting from increasing adoption of Arm-based CPUs across data centers and AI workloads. Licensing and royalty growth…
LongANETJun 2026
Arista Networks
SGA initiated Arista as a high-performance networking leader whose EOS software architecture, reliability and product performance have created a strong position with hyperscalers…
LongNFLXJun 2026
Netflix
SGA added to Netflix after share-price weakness despite continued double-digit revenue growth and solid operating-income expansion. The long-term thesis rests on a recurring…
LongLINJun 2026
Linde
SGA reinitiated Linde after the share price consolidated while fundamentals continued to improve. The investment case rests on a highly durable industrial-gas model with…
LongGALDJun 2026
Galderma
SGA initiated Galderma because its leadership across injectable aesthetics, dermatological skincare and therapeutics creates a diversified platform with strong physician…
LongSUJun 2026
Schneider Electric
SGA initiated Schneider Electric because its scale, installed base, product breadth and distribution relationships create switching costs and pricing power across energy…
LongCRMJun 2026
Salesforce
SGA continues to own Salesforce despite weak sentiment and slower current remaining performance obligation growth. Weakness in Marketing, Commerce and Tableau is being offset by…
LongRDDTJun 2026
Edgewood believes Reddit remains materially undermonetized relative to larger social platforms, with room to increase ad load, monetize search and move further into performance…
LongTSLAJun 2026
Tesla
Edgewood believes Tesla's manufacturing and end-to-end system design capabilities can extend beyond electric vehicles into embodied AI products. Robotaxi is viewed as the first…
LongLINJun 2026
Linde PLC
Edgewood views Linde as a high-quality operator in an attractive industrial-gas oligopoly supported by long-term take-or-pay contracts, regional density advantages and pricing…
LongAMZNJun 2026
Amazon.com
Edgewood sees AWS as Amazon's primary profit engine, with AI workloads reaccelerating growth and a higher-margin mix lifting company-wide profitability. Custom silicon such as…
Long8035.TJun 2026
Tokyo Electron Limited
Tokyo Electron is a leading supplier of semiconductor manufacturing equipment with strong positions across deposition, etch, cleaning, and coating and developing systems. Polen…
LongMCDJun 2026
McDonald's Corporation
Matrix initiated a new partial position in McDonald’s after the shares traded near a 52-week low. The franchise model is central to the thesis because roughly 95% of restaurants…
LongABTJun 2026
Abbott Laboratories
Matrix initiated a new partial position in Abbott, a diversified healthcare company spanning medical devices, diagnostics, nutrition, and established pharmaceuticals. The firm…
LongAFRMJun 2026
Affirm Holdings, Inc.
Optimist believes Affirm has built a structurally superior buy-now-pay-later model by underwriting every transaction individually with known merchant, basket, and repayment…
LongWJun 2026
Wayfair Inc.
Wayfair delivered high-single-digit revenue growth and material EBITDA expansion in the quarter. After visiting the new Columbus store, Optimist became more convinced that…
LongCVNAJun 2026
Carvana Co.
Carvana’s retail units continued to grow at roughly 40% year over year, which Optimist views as unusually strong organic growth. A visit to the Cleveland reconditioning center…
LongFAJun 2026
First Advantage Corporation
First Advantage delivered 9% organic revenue growth, 14% EBITDA growth, and 52% adjusted earnings-per-share growth year over year, all above expectations. Management reiterated…
LongTDUPJun 2026
ThredUp Inc.
ThredUp’s active buyers, orders, and revenue all beat expectations, growing 25%, 19%, and 15% year over year, and management guided to acceleration across those trends. Optimist…
LongLUVJun 2026
Southwest Airlines Co.
Southwest is implementing a set of commercial changes after a difficult five-year industry environment, including increased legroom, preferred seating, and charging for checked…
LongQCOMJun 2026
Qualcomm Incorporated
Qualcomm is a leading semiconductor supplier that is rapidly diversifying beyond its traditional markets. Sound Shore believes its developer tools are accelerating edge-AI…
LongMRVLJun 2026
Marvell Technology, Inc.
Marvell benefits from data-center spending through its strong networking and optical businesses. Sound Shore sees an additional growth leg from the company’s expansion into…
LongELVJun 2026
Elevance Health, Inc.
Sound Shore identified Elevance after the stock sold off on concerns about regulatory risk and weak margins in Medicaid and Medicare. At roughly 13 times earnings with…
LongREGNJun 2026
Regeneron Pharmaceuticals, Inc.
Sound Shore initiated Regeneron when the shares traded at roughly 13 times earnings with an 8% free-cash-flow yield. The company has a fortress balance sheet and a pipeline with…
LongLRCXJun 2026
Lam Research Corporation
Lam Research is a leading wafer fabrication equipment supplier with particular strength in etch and deposition, two critical steps in producing increasingly complex…
LongGEJun 2026
GE Aerospace
Polen views GE Aerospace as one of the highest-quality industrial businesses in the world after its separation from the former GE conglomerate. The company holds a dominant…
LongGEVJun 2026
GE Vernova Inc.
GE Vernova is one of the few global companies capable of supplying the power-generation equipment needed to meet rising electricity demand. Polen believes data-center growth, AI…
LongCSGPJun 2026
CoStar Group, Inc.
CoStar remains a holding where Polen says its conviction is intact despite investor concern about elevated Homes.com investment, the timing of margin recovery, and pressure on…
LongATIJun 2026
ATI Inc.
ATI produces specialty materials including nickel-based alloys used in high-temperature jet-engine components. Polen believes the aerospace supply chain is structurally…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC is the dominant global pure-play semiconductor foundry and the default manufacturing partner for many leading chip designers. Polen believes decades of investment…
LongHWMJun 2026
Howmet Aerospace Inc.
Howmet supplies highly engineered components for commercial aerospace engines and operates in parts of the supply chain with very few qualified scaled competitors. Polen believes…
LongNVDAJun 2026
NVIDIA Corporation
Polen added to NVIDIA because earnings had grown much faster than the share price, causing valuation to compress without a deterioration in the business. NVIDIA remains the…
LongEMEJun 2026
EMCOR Group, Inc.
EMCOR is the largest U.S. mechanical, electrical, and plumbing specialty contractor and is increasingly exposed to data-center and semiconductor-fab construction. Polen sees…
LongALABJun 2026
Astera Labs, Inc.
Astera Labs is included in Artisan's Compute Infrastructure theme and was a meaningful Q2 contributor. The fund believes the scale of AI infrastructure spending has moved well…
LongSTXJun 2026
Seagate Technology Holdings plc
Seagate is a named Compute Infrastructure holding and contributed meaningfully to Q2 performance. Artisan believes the AI capital cycle is driving a broad expansion in physical…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
Taiwan Semiconductor is a named Compute Infrastructure holding and contributed meaningfully during Q2. Artisan's thesis is that the AI capital cycle has expanded the opportunity…
LongADIJun 2026
Analog Devices, Inc.
Analog Devices is a named holding within the Compute Infrastructure theme and contributed meaningfully during Q2. Artisan sees AI infrastructure as a broad physical capital cycle…
LongAMATJun 2026
Applied Materials, Inc.
Applied Materials is part of Artisan's Compute Infrastructure theme and was a meaningful contributor in Q2. The fund believes the current AI investment cycle is much larger than…
LongNVDAJun 2026
NVIDIA Corporation
NVIDIA is one of the portfolio's named Compute Infrastructure holdings and was a meaningful Q2 contributor. Artisan believes AI has evolved into a multi-trillion-dollar capital…
LongCATJun 2026
Caterpillar Inc.
Caterpillar is positioned within Artisan's US Output theme and participated in the expansion of domestic industrial investment during Q2. The fund believes the apparent…
LongGSJun 2026
The Goldman Sachs Group, Inc.
Goldman Sachs is part of Artisan's new Evolving Financials theme and generated strong returns in Q2. The fund sees a combination of recovering capital-markets activity, improving…
LongBKJun 2026
The Bank of New York Mellon Corporation
Bank of New York Mellon is another holding in Artisan's Evolving Financials theme and contributed strongly in Q2. The thesis is that financials are entering an inflection where…
LongRR.Jun 2026
Rolls-Royce Holdings plc
Rolls-Royce is a core aerospace exposure that continued to benefit from favorable industry fundamentals in Q2. Artisan argues that the damage to aerospace production…
LongGEJun 2026
GE Aerospace
GE Aerospace is a named aerospace holding that benefited from favorable fundamentals during Q2. Artisan believes years of underinvestment and damage to aerospace production…
LongCSJun 2026
Capstone Copper Corp.
PM Capital had increased its Capstone position after the shares fell sharply amid weaker copper prices and labour disruption at the Mantoverde mine. During Q2, copper rebounded…
LongCSLJun 2026
CSL Limited
The fund initiated a small position in CSL while the company is undergoing a broad operational and leadership reset. PM Capital believes growth plans and the cost base need to be…
LongCGFJun 2026
Challenger Limited
Challenger is viewed as the undisputed leader in the Australian annuity market and well positioned to benefit from APRA's revised capital framework. The fund expects the…
LongMCDJun 2026
McDonald's Corporation
Matrix initiated a partial position in McDonald's near its 52-week low after concerns about traffic, inflation and price competition pressured the shares. The fund views the…
LongABTJun 2026
Abbott Laboratories
Matrix initiated a partial position in Abbott after a sharp pullback from its 52-week high. The fund likes Abbott's diversified healthcare businesses, recurring revenues, strong…
Long2454.TWJun 2026
MediaTek Inc.
Ariel sees MediaTek expanding its role as a supplier to Google's cloud and AI infrastructure. Faster adoption of Tensor Processing Units and the company's profitable cloud ASIC…
LongBT.A.LJun 2026
BT Group plc
Ariel believes BT is approaching the end of a peak investment cycle, with fiber capital expenditure set to decline and cost efficiencies expected to lift free cash flow…
LongMRK.DEJun 2026
Merck KGaA
Ariel bought Merck KGaA because it believes a recovery in biopharma spending is underway after a prolonged period of destocking and funding constraints. The most important…
LongORA.PAJun 2026
Orange S.A.
Ariel views Orange as becoming a more predictable and cash-generative telecom business with improving earnings visibility. The thesis is supported by strength in France, growth…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
Ariel repurchased TSMC after viewing the foundry downturn as an attractive entry point into a structurally advantaged business. The fund believes rapid AI adoption will drive the…
LongORSTED.COJun 2026
Ørsted A/S
Ariel added Ørsted after a long period of cost overruns, project delays and policy uncertainty had damaged confidence and valuation. The fund sees improving fundamentals as major…
Long6981.TJun 2026
Murata Manufacturing Co., Ltd.
Ariel sees Murata entering a multi-year growth upcycle as AI data centers drive demand for multilayer ceramic capacitors. The mix is shifting toward higher-value…
Long2382.HKJun 2026
Sunny Optical Technology Group Co., Ltd.
Ariel added Sunny Optical because it sees growth opportunities across consumer electronics, AI and intelligent sensing. The company's optical engineering capabilities and…
Long300124.SZJun 2026
Shenzhen Inovance Technology Co., Ltd.
Ariel initiated Inovance as evidence of a cyclical recovery in factory automation strengthened after several years of inventory correction and weak capital spending. The company…
LongIFX.DEJun 2026
Infineon Technologies AG
Ariel believes Infineon is positioned at the intersection of AI infrastructure, automotive electrification and industrial automation. Its leadership in power semiconductors and…
Long3759.HKJun 2026
Pharmaron Beijing Co., Ltd.
Ariel expects Pharmaron to benefit from China's growing role in global biopharma innovation and the increasing externalization of drug discovery and development by large…
LongAMATJun 2026
Applied Materials, Inc.
Applied Materials is held within Artisan's Compute Infrastructure theme. The fund sees AI infrastructure as a large and still-expanding capital formation cycle that is broadening…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC is part of Artisan's Compute Infrastructure theme, which targets the physical infrastructure required for the next generation of computing. The fund believes AI has become a…
LongGEJun 2026
GE Aerospace
GE Aerospace is another holding benefiting from the fund's aerospace theme. Artisan sees a structurally constrained production ecosystem in which rebuilding capacity is difficult…
LongCATJun 2026
Caterpillar Inc.
Caterpillar is positioned to benefit from Artisan's US Output theme, which reframes deglobalization as a sustained rebuilding of domestic productive capacity. The fund points to…
LongGSJun 2026
The Goldman Sachs Group, Inc.
Goldman Sachs is a key expression of Artisan's new Evolving Financials theme. The fund expects recovering capital-markets activity to combine with a potentially friendlier…
LongRR.LJun 2026
Rolls-Royce Holdings plc
Rolls-Royce is positioned within Artisan's aerospace opportunity and benefited from favorable aerospace fundamentals in Q2. The fund believes years of underinvestment and damage…
LongNVDAJun 2026
NVIDIA Corporation
NVIDIA is a major holding within Artisan's Compute Infrastructure theme. Artisan believes hyperscaler capital expenditures are on a path from roughly $146 billion in 2021 toward…
LongADIJun 2026
Analog Devices, Inc.
Analog Devices is another holding tied to Artisan's Compute Infrastructure theme. The fund believes the current AI investment cycle is much larger than the prior…
LongALABJun 2026
Astera Labs, Inc.
Astera Labs is included in Artisan's Compute Infrastructure holdings. The fund argues that the AI buildout has expanded the opportunity beyond basic networking into the broader…
LongSTXJun 2026
Seagate Technology Holdings plc
Seagate is part of Artisan's Compute Infrastructure theme and contributed meaningfully during the quarter. Artisan views the AI infrastructure cycle as a broad physical-computing…
LongBNYJun 2026
The Bank of New York Mellon Corporation
BNY is another holding through which Artisan expresses its Evolving Financials theme. The thesis is that years of heavy regulation, muted capital-markets activity and pressure on…
LongUTIJun 2026
Universal Technical Institute, Inc.
abrdn initiated Universal Technical Institute, a provider of technical training for automotive and healthcare careers. The fund believes the company's operating model has…
LongCOHUJun 2026
Cohu, Inc.
abrdn initiated Cohu as a semiconductor testing and inspection equipment supplier positioned for a recovery in its core end markets. The company is also increasing its exposure…
LongTVTXJun 2026
Travere Therapeutics, Inc.
abrdn initiated Travere Therapeutics, which focuses on rare kidney and metabolic disorders. A foundational drug recently received approval for an additional kidney disease…
LongBLBDJun 2026
Blue Bird Corporation
abrdn initiated Blue Bird, a leading designer and manufacturer of school buses. The fund expects elevated replacement demand to support the business and believes Blue Bird's…
LongNFLXJun 2026
Netflix, Inc.
Weitz initiated Netflix despite near-term concerns that its attempted Warner Bros. acquisition signaled stagnation in the streaming business. The fund believes the ad-supported…
LongCOFJun 2026
Capital One Financial Corporation
Weitz initiated Capital One after its acquisition of Discover, viewing the transaction as the next step in the evolution of a business that has grown from credit cards into a…
LongLBRDKJun 2026
Liberty Broadband Corporation
Liberty Broadband's principal asset is its interest in Charter Communications, whose core broadband business has been pressured by competitive concerns. Weitz remains…
LongADBEJun 2026
Adobe Inc.
Polaris added Adobe after its share price had fallen well below its 2021 peak. The manager sees substantial value in Adobe's deeply embedded professional user base, which makes…
LongBKNGJun 2026
Booking Holdings Inc.
Polaris added Booking Holdings after Middle East conflict headlines and an AI-related selloff pressured the shares. The manager viewed the decline as an overreaction rather than…
LongADBEJun 2026
Adobe Inc.
Polaris added Adobe after its share price had fallen well below its 2021 peak. The manager sees substantial value in Adobe's deeply embedded professional user base, which makes…
LongCYTKJun 2026
Cytokinetics, Incorporated
Polaris added Cytokinetics after FDA approval of Myqorzo for hypertrophic cardiomyopathy. The manager views Myqorzo as superior to Bristol Myers Squibb's Camzyos because it…
Long4901Jun 2026
FUJIFILM Holdings Corporation
Polaris identified Fujifilm as a value opportunity because the market was not fully recognizing several higher-value businesses inside the company. In particular, the manager…
LongUCGJun 2026
UniCredit S.p.A.
Polaris purchased UniCredit because it considers the bank a strong Italian franchise with opportunities to expand its position across Europe. The company had already acquired a…
LongABTJun 2026
Abbott Laboratories
Davenport initiated Abbott Laboratories during the quarter, viewing it as a diversified healthcare franchise with a long record of dividend growth. The acquisition of Exact…
LongIFFJun 2026
International Flavors & Fragrances Inc.
Davenport purchased International Flavors & Fragrances while the company was simplifying its portfolio through divestitures of non-core operations. The announced sale of the Food…
LongMMSJun 2026
Maximus, Inc.
Third Avenue initiated Maximus after pessimism around government-efficiency efforts, funding lapses and AI disintermediation depressed the share price despite continued federal…
LongTMHCJun 2026
Taylor Morrison Home Corporation
Third Avenue purchased Taylor Morrison because its valuation appeared disconnected from the value of the underlying business. The company had a strategically located land bank…
LongCRAIJun 2026
CRA International, Inc.
Third Avenue initiated CRA International after AI-related concerns materially pressured the valuation of the consulting firm. The team believes CRA's credibility and expertise in…
LongHNGEJun 2026
Hinge Health, Inc.
Meridian owns Hinge Health for its leading position in technology-enabled musculoskeletal care and its high win rates in a large, underpenetrated market. The fund also highlights…
LongVCYTJun 2026
Veracyte, Inc.
Meridian owns Veracyte for durable, volume-driven genomic-testing revenue, an expanding diagnostic menu, and a competitive moat built on more than a decade of proprietary…
LongDFTXJun 2026
Definium Therapeutics, Inc.
Meridian owns Definium Therapeutics for what it sees as a potentially best-in-class rapid-acting, single-dose therapy profile in large underserved mental-health markets. Positive…
LongTNDMJun 2026
Tandem Diabetes Care, Inc.
Meridian owns Tandem Diabetes Care for its differentiated insulin-pump technology, expanding installed base, and recurring supply revenue that grows with the user base. Shares…
LongFFIVJun 2026
F5, Inc.
Hotchkis & Wiley believes F5 is misunderstood because the market often classifies it as a legacy IT hardware vendor. The company sells application networking and security…
LongHUMJun 2026
Humana Inc.
Hotchkis & Wiley views Humana as one of the largest Medicare Advantage insurers in the United States and believes its earnings are near a cyclical bottom. The stock rose during…
LongAPAJun 2026
APA Corporation
Hotchkis & Wiley owns APA for its leverage to what it views as a structurally undersupplied global energy market. The stock fell as oil prices retreated on optimism that the Iran…
LongWDAYJun 2026
Workday, Inc.
Hotchkis & Wiley believes the market is overestimating the threat that AI poses to mission-critical systems of record such as Workday. The latest quarter showed subscription…
LongGOOGLJun 2026
Alphabet Inc.
Hotchkis & Wiley remains constructive on Alphabet despite the position detracting from relative performance because the fund was underweight the stock versus the benchmark. The…
LongELVJun 2026
Elevance Health, Inc.
Hotchkis & Wiley sees Elevance Health as a large, high-quality health insurer whose profitability is beginning to recover. Despite the share-price rebound, the stock still trades…
LongCTSHJun 2026
Cognizant Technology Solutions Corporation
Pzena sees Cognizant as more exposed than Accenture to AI-driven automation because more of its revenue comes from delivery and operations work, but it believes the market is…
LongWDAYJun 2026
Workday, Inc.
Pzena initiated Workday after the broader software sell-off caused by fears of AI disruption. The firm views Workday's cloud ERP products as mission-critical because they are…
LongCDWJun 2026
CDW Corporation
Pzena increased its CDW position after near-term margin pressure and a hardware-heavy sales mix weighed on the shares despite solid revenue growth. The broader thesis is that CDW…
LongACNJun 2026
Accenture plc
Pzena views Accenture as a likely beneficiary rather than a casualty of the enterprise AI transition. Its consulting-led model combines business expertise with engineering and…
LongSNJun 2026
SharkNinja, Inc.
SharkNinja is one of Spheria's largest holdings and is built around a high-velocity innovation model across dozens of home-appliance categories. The company has consistently…
LongSTOJun 2026
Santos Limited
Spheria views Santos as a low-cost, long-life oil and gas producer with strategically valuable LNG and upstream assets across Australia and the Asia-Pacific region. Barossa LNG…
LongGOOGJun 2026
Alphabet Inc.
Alphabet was the fund's strongest contributor as investor concerns shifted from AI cannibalisation of Search toward recognition of the company's AI advantages. Search growth…
LongNOWJun 2026
ServiceNow, Inc.
Lakehouse believes fears that AI and vibe coding will destroy deeply embedded enterprise software platforms are too broad. ServiceNow's value lies not simply in its user…
LongVJun 2026
Visa Inc.
Lakehouse sees Visa evolving from a traditional card network into a broader financial-technology platform. Revenue growth accelerated to its strongest rate since 2022, with…
LongVEEVJun 2026
Veeva Systems Inc.
Lakehouse established its Veeva position during the software selloff, attracted by the company's dominant and mission-critical position within life sciences. Veeva is embedded…
LongADYENJun 2026
Adyen N.V.
Adyen's shares weakened after revenue growth slipped below the long-expected 20% level and management continued reinvesting heavily. Lakehouse believes the market is overlooking…
LongMELIJun 2026
MercadoLibre, Inc.
MercadoLibre remains Lakehouse's largest holding despite being the biggest performance detractor during the year. Revenue accelerated to 49% year-on-year and gross merchandise…
LongWKJun 2026
Workiva Inc.
Lakehouse believes AI-disruption fears around Workiva are misplaced because financial reporting demands accuracy, traceability and auditability that probabilistic models alone…
LongPANWJun 2026
Palo Alto Networks, Inc.
Palo Alto Networks delivered strong quarterly results with accelerating organic growth, better-than-planned CyberArk integration and guidance above consensus expectations. TCW…
LongISRGJun 2026
Intuitive Surgical, Inc.
Intuitive Surgical reported revenue and Da Vinci procedure growth above consensus while also raising 2026 guidance. TCW believes the company remains early in the Da Vinci 5…
LongBSXJun 2026
Boston Scientific Corporation
Boston Scientific shares weakened after quarterly results and CHAMPION-AF data failed to provide the positive catalyst investors had hoped for. U.S. Electrophysiology and…
LongCRWDJun 2026
CrowdStrike Holdings, Inc.
CrowdStrike produced strong quarterly results including 32% year-on-year growth in net new ARR, improving operating margins and 67% growth in free cash flow. Management raised…
LongKLACJun 2026
KLA Corporation
TCW purchased KLA because increasing semiconductor complexity is driving greater demand for advanced inspection, review and metrology systems across chip fabrication. The fund is…
LongMUJun 2026
Micron Technology, Inc.
TCW purchased Micron as a direct beneficiary of the AI infrastructure buildout, which is turning memory from a commodity component into a mission-critical strategic asset. The…
LongCOHUJun 2026
Cohu, Inc.
Cohu is a leading supplier of semiconductor testing and inspection equipment. The fund expects the company to benefit from a recovery in its traditional end markets while also…
LongUTIJun 2026
Universal Technical Institute, Inc.
Universal Technical Institute is a leading technical-training provider serving the automotive and healthcare industries. The fund believes its operating model has improved…
LongTVTXJun 2026
Travere Therapeutics, Inc.
Travere Therapeutics specialises in treatments for rare kidney and metabolic disorders. Its foundational drug was recently approved for an additional kidney disease, expanding…
LongBLBDJun 2026
Blue Bird Corporation
Blue Bird is a leading designer and manufacturer of school buses. The fund believes replacement demand remains elevated, creating an attractive demand backdrop. Strong execution…
LongHTWSJun 2026
Helios Towers plc
Helios Towers provides exposure to structural growth in telecommunications infrastructure. Its opportunity is concentrated across Africa and the Middle East, where the fund sees…
Long8210Jun 2026
Chenbro Micom Co., Ltd.
Chenbro Micom continues to benefit from increased investment in AI-related infrastructure and equipment. The fund remains positive on the company's long-term prospects after…
LongHEIJMJun 2026
Koninklijke Heijmans N.V.
The fund initiated a position in Koninklijke Heijmans to gain exposure to structural growth drivers in the Netherlands. Housing shortages provide a sustained need for…
Long2383Jun 2026
Elite Material Co., Ltd.
Elite Material continues to benefit from increased investment in AI-related infrastructure and equipment. The fund remains positive on the company's long-term prospects despite…
LongFAGRJun 2026
Fagron NV
The fund initiated Fagron because it views the company as a global leader in pharmaceutical compounding. Its business model is defensive and operates in a highly regulated market…
Long7729Jun 2026
Tokyo Seimitsu Co., Ltd.
Tokyo Seimitsu is a leading supplier of semiconductor probers with differentiated precision-engineering capabilities and advanced temperature-control technologies. The fund…
Long6274Jun 2026
Taiwan Union Technology Corporation
Taiwan Union Technology gives the portfolio exposure to continued growth in AI-related servers and networking equipment. Its high-speed copper-clad laminate materials are…
LongBANBJun 2026
Bachem Holding AG
Bachem specialises in peptide manufacturing. The fund believes the company is well positioned to participate in the rapid expansion of GLP-1 drugs and obesity treatments. This…
Long2360Jun 2026
Chroma ATE Inc.
Chroma ATE is benefiting from increased investment in AI-related infrastructure and equipment. The fund remains positive about the company's long-term prospects following strong…
LongASTOR.ISJun 2026
Astor Enerji A.Ş.
Polaris rotated into Astor after selling HD Hyundai Electric at what it considered a rich valuation. Astor is a Turkey-based transformer producer with a large order backlog. The…
LongBKNGJun 2026
Booking Holdings Inc.
Polaris added Booking Holdings after Middle East conflict headlines and an AI-related selloff pressured the stock. The fund viewed the decline as an overreaction and an…
LongUCG.MIJun 2026
UniCredit S.p.A.
Polaris purchased UniCredit because it views the bank as a strong Italian franchise with the potential to expand its pan-European position. The bank acquired a stake in…
LongCYTKJun 2026
Cytokinetics, Incorporated
Polaris added Cytokinetics following FDA approval of Myqorzo for hypertrophic cardiomyopathy. The fund believes Myqorzo compares favorably with Bristol Myers Squibb's Camzyos…
LongADBEJun 2026
Adobe Inc.
Polaris added Adobe after the shares fell well below their 2021 peak. The fund highlights the stickiness of Adobe's professional user base and the positive reception of Firefly…
Long4901.TJun 2026
FUJIFILM Holdings Corporation
Polaris sees FUJIFILM as a value opportunity because the market is underpricing its contract drug-manufacturing and semiconductor-materials operations. Those businesses sit…
LongGOOGLJun 2026
Alphabet Inc.
Hotchkis & Wiley continues to own Alphabet despite being underweight the stock relative to its benchmark. The fund believes Alphabet's valuation remains attractive in light of…
LongHUMJun 2026
Humana Inc.
Hotchkis & Wiley owns Humana as a major Medicare Advantage insurer whose earnings appear to be approaching a cyclical bottom. Investors have increasingly begun to price in a…
LongELVJun 2026
Elevance Health, Inc.
Hotchkis & Wiley sees increasing evidence that Elevance's profitability is recovering. Despite the share-price improvement, the company remains valued at a discount to the…
LongFFIVJun 2026
F5, Inc.
Hotchkis & Wiley believes F5 is misunderstood because investors incorrectly classify it primarily as a legacy IT hardware vendor. The business sells application networking and…
LongAPAJun 2026
APA Corporation
Hotchkis & Wiley believes APA offers exposure to what it views as a structurally undersupplied global energy market. The company also generates strong free cash flow across a…
LongWDAYJun 2026
Workday, Inc.
Hotchkis & Wiley believes AI-disruption fears around Workday materially underestimate the durability of mission-critical enterprise systems and the cost and risk of replacing…
LongLSEG.LJun 2026
London Stock Exchange Group plc
LSEG shares have been pressured by concerns that AI could disrupt the company's data and analytics business. Cambiar argues that recent results instead show AI acting as a demand…
LongCNIJun 2026
Canadian National Railway Company
Cambiar added Canadian National Railway as part of an increase in its Industrials allocation. The company's rail network provides what the fund describes as a natural monopoly…
LongMTUAYJun 2026
MTU Aero Engines AG
Cambiar purchased MTU Aero Engines as another addition to its Industrials exposure. MTU has a duopolistic market-share position in the narrow-body aerospace engine market and a…
LongO39.SIJun 2026
Oversea-Chinese Banking Corporation Limited
Pzena purchased OCBC because the Singaporean lender operates within a structurally attractive banking oligopoly. The fund also sees expanding fee income and a growing…
LongACNJun 2026
Accenture plc
Pzena believes fears that AI will structurally impair Accenture are excessive because the company is concentrated in consulting-led transformation work that combines engineering…
Long4901.TJun 2026
FUJIFILM Holdings Corporation
Pzena initiated FUJIFILM because cash flow is temporarily depressed by investment in expanded Bio CDMO facilities. The firm expects free cash flow to improve materially as…
LongSAPJun 2026
SAP SE
Pzena bought SAP because the migration of its large legacy on-premise customer base to the cloud should produce significant revenue uplift per customer. The company is deeply…
LongSUNCJun 2026
SunocoCorp LLC
Miller/Howard initiated a position in SunocoCorp based on its research into the company's exposure to the current oil-price environment. The firm believes SunocoCorp can be a…
LongHCAJun 2026
HCA Healthcare
Miller/Howard initiated a position in HCA Healthcare after recent share-price weakness created what it considers an attractive entry point. The firm expects HCA to benefit from…
LongSUNJun 2026
Sunoco LP
Miller/Howard increased its position in Sunoco because it believes the company is well positioned on income, growth of income, and financial strength. Sunoco increased its…
LongQXOJun 2026
QXO, Inc.
The fund initiated a position in QXO during Q2 while modestly increasing overall equity exposure after raising its target risk budget from 25% to 35%. The commentary does not…
LongCORJun 2026
Cencora, Inc.
The fund initiated a position in Cencora during Q2 while modestly increasing its overall equity exposure. The letter does not provide a company-specific catalyst, target price or…
LongSAPJun 2026
SAP SE
The fund initiated a position in SAP during Q2 as it modestly increased equity exposure. No company-specific valuation or catalyst is provided in the commentary, so the…
LongBXJun 2026
Blackstone Inc.
The fund initiated a position in Blackstone during Q2 while modestly increasing its equity allocation. The commentary does not provide a Blackstone-specific valuation framework…
LongCAP.PAJun 2026
Capgemini SE
Tweedy established a new position in Capgemini during the quarter. At purchase, the manager believed the company was trading below a conservative estimate of intrinsic value…
LongBIM.PAJun 2026
bioMérieux SA
Tweedy established a new position in bioMérieux during the quarter. The French family-controlled biotechnology company produces in vitro diagnostics, including software…
LongVRSKJun 2026
Verisk Analytics, Inc.
Diamond Hill initiated Verisk because it is the leading provider of data and analytics to the insurance industry and operates with limited competition. Its services are deeply…
LongCNCJun 2026
Centene Corporation
Diamond Hill initiated Centene because it believes managed-care margins have a realistic path to recovery. The core mechanism is reimbursement rates catching up with underlying…
LongEFXJun 2026
Equifax Inc.
Diamond Hill initiated Equifax because its proprietary mortgage, employment and other datasets are costly and difficult to replicate. The data is critical to customer workflows…
LongVLTOJun 2026
Veralto Corporation
Diamond Hill initiated Veralto after concluding that the market was underappreciating the resilience of its water-testing and treatment business. The company combines a resilient…
LongILMNJun 2026
Illumina, Inc.
Diamond Hill views Illumina as the leading producer of next-generation sequencing systems used in DNA research and increasingly in cancer diagnosis and treatment. The investment…
LongHUMJun 2026
Humana Inc.
Diamond Hill initiated Humana during the second quarter. Humana is the second-largest Medicare Advantage insurer in the U.S., giving it meaningful scale in managed care. The…
LongRRXJun 2026
Regal Rexnord Corporation
Diamond Hill believes Regal Rexnord is benefiting from strong demand tied to data-center buildouts. The company also delivered better-than-expected organic growth and margin…
LongEQIXJun 2026
Equinix
SGA reinitiated Equinix as growth reaccelerated with AI inferencing and strong power demand, while a prior leadership transition was resolved. Roughly 95% of revenue is recurring…
LongNFLXJun 2026
Netflix
SGA maintained Netflix despite near-term share-price pressure because the core business continued to deliver solid revenue and operating income growth. With the Warner Bros…
LongNVDAJun 2026
Nvidia
SGA remains constructive on Nvidia after strong results and disclosures showing demand from the largest cloud customers consistent with its long-term outlook. Management…
LongCRMJun 2026
Salesforce
SGA maintained Salesforce despite weak investor sentiment and uneven product performance. Strength in Sales Cloud, Service Cloud, Slack and Data Cloud is offsetting weakness in…
LongARMJun 2026
Arm Holdings
Arm remains a long-term holding because SGA sees sustained growth in licensing and royalties as Arm-based CPUs gain adoption across data centers and AI workloads. Management's…
LongGOOGJun 2026
Alphabet
SGA views Alphabet as a broad beneficiary of the AI investment cycle because its exposure spans infrastructure, foundational models, developer tools and scaled consumer…
LongANETJun 2026
Arista Networks
SGA initiated Arista Networks because it sees durable long-term growth in high-performance data-center networking. Arista's EOS software platform runs across its switches and…
LongAMATJun 2026
Applied Materials
Applied Materials contributed to performance as investor enthusiasm for semiconductor demand increased alongside AI infrastructure development. The company also benefited from…
Long2454.TWJun 2026
MediaTek
MediaTek contributed during the quarter as investors became more optimistic about AI infrastructure spending. BlackRock specifically highlights custom application-specific…
LongSHELJun 2026
Shell
Shell detracted during the quarter as oil prices moderated when geopolitical concerns eased. BlackRock nevertheless describes the company's fundamentals as intact and remained…
Long000660.KSJun 2026
SK Hynix
SK Hynix benefited from strong demand for AI memory and favorable supply-demand conditions. Continued confidence in AI data-center investment supports the demand outlook for the…
LongBA.LJun 2026
BAE Systems
BAE Systems detracted as tensions in the Middle East de-escalated and reduced near-term support for defense stocks. BlackRock nevertheless remained constructive on the holding…
Long1211.HKJun 2026
BYD Company Limited
BYD is navigating intense domestic EV competition and weak Chinese consumer demand while its international business expands rapidly. Overseas deliveries increased more than 80%…
LongDIVISLAB.NSJun 2026
Divi's Laboratories Limited
Divi's is a leading global manufacturer of active pharmaceutical ingredients and intermediates with strong process chemistry and manufacturing capabilities. Baron sees it as a…
Long1211.HKJun 2026
BYD Company Limited
BYD is navigating intense domestic EV competition and weak Chinese consumer demand while its international business expands rapidly. Overseas deliveries increased more than 80%…
Long9988.HKJun 2026
Alibaba Group Holding Limited
Alibaba is absorbing a near-term earnings reset as it increases AI infrastructure investment and builds its Qwen ecosystem. Baron believes accelerating cloud growth and…
Long2330.TWJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC sits at the center of the AI supply chain as the world's largest contract chipmaker and leading advanced logic manufacturer. AI demand is consuming leading-edge capacity and…
Long000660.KSJun 2026
SK hynix Inc.
SK hynix is the current leader in high-bandwidth memory used alongside AI processors. Customers have pre-booked more than three years of HBM supply, exceeding current production…
Long005930.KSJun 2026
Samsung Electronics Co., Ltd.
Samsung has improved its strategic position in high-bandwidth memory. The company became the first to ship next-generation HBM4 at volume for an upcoming leading AI accelerator…
Long095340.KQJun 2026
ISC Co., Ltd.
ISC is the dominant global supplier of elastomer semiconductor test sockets, which are gaining share as semiconductor complexity increases. The stock weakened despite earnings…
LongOTPJun 2026
OTP Bank Nyrt
OTP is Hungary's leading banking franchise with strong retail and commercial positions, a conservative balance sheet and disciplined capital allocation. Baron believes Hungary's…
LongACUTAAS.NSJun 2026
Acutaas Chemicals Limited
Acutaas is an Indian manufacturer of advanced pharmaceutical intermediates and specialty chemicals with high market share in several critical products. Its R&D pipeline…
LongINTCJun 2026
Intel Corporation
Intel is benefiting from robust demand in data center and AI markets alongside improving profitability. Ariel sees an early recovery in server CPUs, rising AI exposure and…
Long2454.TWJun 2026
MediaTek Inc.
MediaTek is expanding its role as a supplier to Google's cloud and AI infrastructure. Stronger expectations for Tensor Processing Unit adoption support a steeper revenue ramp…
Long6981.TJun 2026
Murata Manufacturing Co., Ltd.
Murata is positioned for a multi-year growth upcycle as AI data centers drive demand for multilayer ceramic capacitors. Its technological lead in high-value components supports…
LongTJun 2026
AT&T Inc.
AT&T weakened as investors focused on telecom competition, wireless churn and softer pricing. Ariel believes fears of satellite-based mobile disruption are overstated because…
LongBT.A.LJun 2026
BT Group plc
BT is nearing the end of a peak fiber investment cycle, which should allow lower capital expenditure and cost efficiencies to improve free cash flow. Ariel also sees a more…
LongDISJun 2026
The Walt Disney Company
Disney reported better-than-expected earnings but declined as investors questioned the sustainability of the earnings beat. Ariel continues to view the company as a unique…
Long600563.SSJun 2026
Xiamen Faratronic Co., Ltd.
Faratronic is a global leader in film capacitors with strong positions in electric vehicles and renewable energy. Ariel expects electrification, new energy vehicles and data…
Long2359.HKJun 2026
WuXi AppTec Co., Ltd.
WuXi AppTec has an integrated pharmaceutical-services platform and deep relationships with multinational clients. Its inclusion on the U.S. Section 1260H list created a…
Long2382.HKJun 2026
Sunny Optical Technology Group Co., Ltd.
Sunny Optical has growth exposure to consumer electronics, AI and intelligent sensing. Its optical engineering capabilities support share gains in premium smartphone cameras and…
Long300124.SZJun 2026
Shenzhen Inovance Technology Co., Ltd.
Inovance is a cyclical recovery and structural growth idea in Chinese industrial automation. Orders are improving after years of inventory correction and weak capital spending…
LongCOFJun 2026
Capital One Financial Corp.
Ariel reinitiated Capital One as credit trends improve following post-pandemic normalization. Earlier reserve builds, disciplined balance sheet management and stronger net…
LongDTJun 2026
Dynatrace
Dynatrace is positioned to benefit from increasingly complex IT environments and growing AI adoption. Ariel cites healthy core monitoring demand, traction in log analytics…
LongFDXFJun 2026
FedEx Freight Holding Company, Inc.
FedEx Freight became a standalone holding following its spin-off from FedEx. Ariel believes its scale, network density and competitive position can support better pricing…
LongMRK.DEJun 2026
Merck KGaA
Ariel bought Merck KGaA on the view that biopharma spending is recovering after inventory destocking and funding constraints. The inflection is most visible in Process Solutions…
LongORSTED.COJun 2026
Orsted AS
Ariel bought Orsted after operational setbacks, project delays and policy uncertainty drove a large valuation reset. Several major projects are now advanced, while management has…
LongPPLJun 2026
PPL Corporation
PPL offers regulated utility exposure with an improving regulatory backdrop and visible earnings growth. Constructive rate-case outcomes in Kentucky and Pennsylvania have…
Long3759.HKJun 2026
Pharmaron Beijing Co., Ltd.
Pharmaron is positioned to benefit from China's growing role in global biopharma innovation. Its integrated discovery, development and manufacturing platform lets it participate…
LongEFXJun 2026
Equifax
Equifax owns proprietary mortgage, employment and other datasets that are costly and difficult to replicate. Its data is critical to customer workflows while representing only a…
LongVRSKJun 2026
Verisk Analytics
Verisk Analytics is a leading provider of data and analytics to the insurance industry and operates with limited competition. Its services are deeply embedded in customer…
LongCNCJun 2026
Centene
Diamond Hill initiated a position in Centene as a managed care recovery idea. The manager believes reimbursement rates have a realistic path to catch up with underlying cost…
LongHUMJun 2026
Humana
Humana is the second-largest Medicare Advantage insurer in the U.S. The company delivered strong first-quarter results and benefited from better-than-expected Medicare rate…
LongRRXJun 2026
Regal Rexnord
Regal Rexnord benefited from strong data center demand and reported solid results. Merger synergies and operational improvements drove better-than-expected organic growth and…
LongFBINJun 2026
Fortune Brands Innovations
Fortune Brands announced a strategic review of its composite decking business and appointed a new CEO with deep industry experience. The shares outperformed following these…
LongVLTOJun 2026
Veralto
Veralto is a water testing and treatment provider spun out of Danaher in late 2023. Diamond Hill initiated a position because it believes the market underappreciates the…
LongCNQJun 2026
Canadian Natural Resources
Canadian Natural Resources underperformed as energy prices weakened across the industry. Diamond Hill stated that the business continued to perform well fundamentally despite the…
Long2330.TWJun 2026
Taiwan Semiconductor Manufacturing Company
Taiwan Semiconductor Manufacturing Company is the world's largest dedicated chip foundry, with approximately 70% market share and advanced manufacturing capabilities. Demand for…
Long005930.KSJun 2026
Samsung Electronics
Samsung Electronics is a South Korean semiconductor manufacturer held by the strategy. Its shares benefited from strong AI-related memory demand during the quarter. Rising…
Long000660.KSJun 2026
SK hynix
SK hynix is a South Korean semiconductor manufacturer held by the strategy. Its shares benefited from strong AI-related memory demand during the quarter. Rising semiconductor…
LongIMOJun 2026
Imperial Oil
Imperial Oil underperformed as energy prices weakened across the industry. Diamond Hill stated that the business continued to perform well fundamentally despite the share-price…
LongDARJun 2026
Darling Ingredients Inc.
BBH owns Darling as the global leader in rendering animal byproducts and used cooking oil into fats and proteins for feed, specialty health products and renewable diesel…
LongENTGJun 2026
Entegris Inc.
BBH owns Entegris as a critical supplier of filtration products, materials and delivery equipment used in high-precision semiconductor fabrication. The company reported strong…
LongGWREJun 2026
Guidewire Software Inc.
BBH continues to own Guidewire despite a quarterly share-price decline because it believes recent deal slippage reflects timing rather than weakening demand. The company remains…
LongANETJun 2026
Arista Networks Inc.
BBH views Arista as the leading provider of data-center switches to cloud-network customers and a direct beneficiary of the AI infrastructure buildout. First-quarter revenue and…
LongNFLXJun 2026
Netflix
SGA added to Netflix after share-price weakness despite continued double-digit revenue growth and solid operating-income expansion. The long-term thesis rests on a recurring…
LongARMJun 2026
Arm Holdings
SGA views Arm as a high-quality long-term compounder benefiting from increasing adoption of Arm-based CPUs across data centers and AI workloads. Licensing and royalty growth…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company
SGA continues to own TSMC as the leading-edge foundry positioned to benefit from sustained demand for advanced logic and compute. AI accelerators and CPUs are driving additional…
LongGOOGJun 2026
Alphabet
SGA sees Alphabet as a broad beneficiary of AI through infrastructure, foundation models, developer tools and scaled consumer applications. Strong demand for AI compute supports…
Long6146Jun 2026
Disco
SGA initiated Disco because it holds roughly 70-80% share in cutting, grinding and thinning equipment used in semiconductor manufacturing. Its equipment is increasingly critical…
LongGALDJun 2026
Galderma
SGA initiated Galderma because its leadership across injectable aesthetics, dermatological skincare and therapeutics creates a diversified platform with strong physician…
LongANETJun 2026
Arista Networks
SGA initiated Arista as a high-performance networking leader whose EOS software architecture, reliability and product performance have created a strong position with hyperscalers…
LongSUJun 2026
Schneider Electric
SGA initiated Schneider Electric because its scale, installed base, product breadth and distribution relationships create switching costs and pricing power across energy…
LongEQIXJun 2026
Equinix
SGA reinitiated Equinix as growth reaccelerated with AI inferencing and power demand while a prior leadership transition was resolved. Roughly 95% of revenue is recurring and…
LongLINJun 2026
Linde
SGA reinitiated Linde after the share price consolidated while fundamentals continued to improve. The investment case rests on a highly durable industrial-gas model with…
LongCRMJun 2026
Salesforce
SGA continues to own Salesforce despite weak sentiment and slower current remaining performance obligation growth. Weakness in Marketing, Commerce and Tableau is being offset by…
LongLINJun 2026
Linde PLC
Edgewood views Linde as a high-quality operator in an attractive industrial-gas oligopoly supported by long-term take-or-pay contracts, regional density advantages and pricing…
LongRDDTJun 2026
Edgewood believes Reddit remains materially undermonetized relative to larger social platforms, with room to increase ad load, monetize search and move further into performance…
LongTSLAJun 2026
Tesla
Edgewood believes Tesla's manufacturing and end-to-end system design capabilities can extend beyond electric vehicles into embodied AI products. Robotaxi is viewed as the first…
LongAMZNJun 2026
Amazon.com
Edgewood sees AWS as Amazon's primary profit engine, with AI workloads reaccelerating growth and a higher-margin mix lifting company-wide profitability. Custom silicon such as…
Long8035.TJun 2026
Tokyo Electron Limited
Tokyo Electron is a leading supplier of semiconductor manufacturing equipment with strong positions across deposition, etch, cleaning, and coating and developing systems. Polen…
LongMCDJun 2026
McDonald's Corporation
Matrix initiated a new partial position in McDonald’s after the shares traded near a 52-week low. The franchise model is central to the thesis because roughly 95% of restaurants…
LongABTJun 2026
Abbott Laboratories
Matrix initiated a new partial position in Abbott, a diversified healthcare company spanning medical devices, diagnostics, nutrition, and established pharmaceuticals. The firm…
LongCVNAJun 2026
Carvana Co.
Carvana’s retail units continued to grow at roughly 40% year over year, which Optimist views as unusually strong organic growth. A visit to the Cleveland reconditioning center…
LongWJun 2026
Wayfair Inc.
Wayfair delivered high-single-digit revenue growth and material EBITDA expansion in the quarter. After visiting the new Columbus store, Optimist became more convinced that…
LongAFRMJun 2026
Affirm Holdings, Inc.
Optimist believes Affirm has built a structurally superior buy-now-pay-later model by underwriting every transaction individually with known merchant, basket, and repayment…
LongFAJun 2026
First Advantage Corporation
First Advantage delivered 9% organic revenue growth, 14% EBITDA growth, and 52% adjusted earnings-per-share growth year over year, all above expectations. Management reiterated…
LongTDUPJun 2026
ThredUp Inc.
ThredUp’s active buyers, orders, and revenue all beat expectations, growing 25%, 19%, and 15% year over year, and management guided to acceleration across those trends. Optimist…
LongREGNJun 2026
Regeneron Pharmaceuticals, Inc.
Sound Shore initiated Regeneron when the shares traded at roughly 13 times earnings with an 8% free-cash-flow yield. The company has a fortress balance sheet and a pipeline with…
LongLUVJun 2026
Southwest Airlines Co.
Southwest is implementing a set of commercial changes after a difficult five-year industry environment, including increased legroom, preferred seating, and charging for checked…
LongMRVLJun 2026
Marvell Technology, Inc.
Marvell benefits from data-center spending through its strong networking and optical businesses. Sound Shore sees an additional growth leg from the company’s expansion into…
LongQCOMJun 2026
Qualcomm Incorporated
Qualcomm is a leading semiconductor supplier that is rapidly diversifying beyond its traditional markets. Sound Shore believes its developer tools are accelerating edge-AI…
LongELVJun 2026
Elevance Health, Inc.
Sound Shore identified Elevance after the stock sold off on concerns about regulatory risk and weak margins in Medicaid and Medicare. At roughly 13 times earnings with…
LongEMEJun 2026
EMCOR Group, Inc.
EMCOR is the largest U.S. mechanical, electrical, and plumbing specialty contractor and is increasingly exposed to data-center and semiconductor-fab construction. Polen sees…
LongGEVJun 2026
GE Vernova Inc.
GE Vernova is one of the few global companies capable of supplying the power-generation equipment needed to meet rising electricity demand. Polen believes data-center growth, AI…
LongHWMJun 2026
Howmet Aerospace Inc.
Howmet supplies highly engineered components for commercial aerospace engines and operates in parts of the supply chain with very few qualified scaled competitors. Polen believes…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC is the dominant global pure-play semiconductor foundry and the default manufacturing partner for many leading chip designers. Polen believes decades of investment…
LongNVDAJun 2026
NVIDIA Corporation
Polen added to NVIDIA because earnings had grown much faster than the share price, causing valuation to compress without a deterioration in the business. NVIDIA remains the…
LongATIJun 2026
ATI Inc.
ATI produces specialty materials including nickel-based alloys used in high-temperature jet-engine components. Polen believes the aerospace supply chain is structurally…
LongCSGPJun 2026
CoStar Group, Inc.
CoStar remains a holding where Polen says its conviction is intact despite investor concern about elevated Homes.com investment, the timing of margin recovery, and pressure on…
LongLRCXJun 2026
Lam Research Corporation
Lam Research is a leading wafer fabrication equipment supplier with particular strength in etch and deposition, two critical steps in producing increasingly complex…
LongGEJun 2026
GE Aerospace
Polen views GE Aerospace as one of the highest-quality industrial businesses in the world after its separation from the former GE conglomerate. The company holds a dominant…
LongCORJun 2026
Cencora, Inc.
The fund initiated a position in Cencora during Q2 while modestly increasing its overall equity exposure. The letter does not provide a company-specific catalyst, target price or…
LongQXOJun 2026
QXO, Inc.
The fund initiated a position in QXO during Q2 while modestly increasing overall equity exposure after raising its target risk budget from 25% to 35%. The commentary does not…
LongSAPJun 2026
SAP SE
The fund initiated a position in SAP during Q2 as it modestly increased equity exposure. No company-specific valuation or catalyst is provided in the commentary, so the…
LongBXJun 2026
Blackstone Inc.
The fund initiated a position in Blackstone during Q2 while modestly increasing its equity allocation. The commentary does not provide a Blackstone-specific valuation framework…
LongBIM.PAJun 2026
bioMérieux SA
Tweedy established a new position in bioMérieux during the quarter. The French family-controlled biotechnology company produces in vitro diagnostics, including software…
LongCAP.PAJun 2026
Capgemini SE
Tweedy established a new position in Capgemini during the quarter. At purchase, the manager believed the company was trading below a conservative estimate of intrinsic value…
LongBEJun 2026
Bloom Energy
Bloom Energy supplies fuel-cell systems that can provide onsite power to AI data centers facing grid and turbine constraints. Oracle's New Mexico site is expected to deploy about…
Long000660Jun 2026
SK hynix
SK hynix is benefiting as AI inference and agentic workloads increase demand across high-bandwidth memory, conventional DRAM, and NAND. Physical constraints are limiting supply…
LongICEJun 2026
Intercontinental Exchange
Intercontinental Exchange provides exchange, clearing, fixed-income data, and mortgage infrastructure. Investor concern about AI disruption and mortgage sensitivity has…
LongISRGJun 2026
Intuitive Surgical
Intuitive Surgical is the leading robotic-surgery platform and delivered first-quarter results above consensus across revenue, earnings, margins, procedures, and robot…
LongSPOTJun 2026
Spotify Technology
Spotify's shares declined after management guided to lower near-term margins because of increased operating expenses. Sands interprets the spending as investment in future…
LongSHOPJun 2026
Shopify
Shopify delivered 34 percent revenue growth, 35 percent gross-merchandise-volume growth, and 66 percent payments penetration in the first quarter. Investors focused instead on…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company
TSMC is positioned at a critical bottleneck in advanced AI-chip manufacturing. First-quarter gross margin exceeded expectations, and Sands believes the improvement reflects…
LongNVDAJun 2026
NVIDIA
NVIDIA's first-quarter revenue grew 85 percent and earnings per share grew 131 percent, reinforcing the durability of AI infrastructure spending. Sands expects demand to broaden…
LongARMJun 2026
Arm Holdings
Arm was purchased because Sands expects agentic AI to create a material inflection in CPU demand. CPUs are better suited than GPUs to scheduling, memory management, tool…
LongSPCXJun 2026
Space Exploration Technologies
SpaceX was purchased as Global Growth's first investment in the nascent space economy. Reusable launch technology has reduced costs and increased launch frequency, while the…
LongLENSKARTJun 2026
Lenskart Solutions
Lenskart is India's largest eyewear retailer by market share and operates a vertically integrated, technology-driven model with more than 2,000 stores across over 400 cities…
LongASMLJun 2026
ASML Holding
ASML supplies the lithography systems required for advanced semiconductor manufacturing. Sands believes lithography capacity could become one of the hardest constraints on AI…
LongNFLXJun 2026
Netflix
Netflix has faced weak sentiment as short-form video and user-generated content continue taking viewing time from premium streaming. Sands nevertheless sees evidence of pricing…
LongVACNJun 2026
VAT Group
VAT Group is the leading supplier of high-precision vacuum valves for semiconductor equipment, with roughly 70 percent share in its core application. Order intake rose 47 percent…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company
TSMC is viewed as the world's largest scaled manufacturer of leading-edge chips and a central beneficiary of AI demand. First-quarter gross margin exceeded expectations, which…
Long005930Jun 2026
Samsung Electronics
Samsung Electronics was purchased because Sands believes the company is nearing an earnings inflection across memory, foundry, and mobile. AI demand supports the memory…
LongASMLJun 2026
ASML Holding
ASML supplies lithography systems that are essential to advanced semiconductor manufacturing. Sands believes lithography capacity could become one of the hardest constraints to…
Long000660Jun 2026
SK hynix
SK hynix is a leading memory producer benefiting from tighter DRAM, NAND, and high-bandwidth memory markets. First-quarter revenue rose 198 percent year over year and operating…
Long6861Jun 2026
Keyence
Keyence is a leading designer of high-end factory automation sensors and systems and is benefiting from a broadening recovery in automation demand. Fiscal fourth-quarter revenue…
LongELJun 2026
EssilorLuxottica
EssilorLuxottica delivered 11 percent constant-currency revenue growth despite weak consumer conditions and pressure across luxury and medtech. Sands believes investor concern…
LongSHOPJun 2026
Shopify
Shopify grew first-quarter revenue 34 percent year over year, gross merchandise volume 35 percent, and payments penetration to 66 percent of volume. Investors focused on guidance…
LongSPOTJun 2026
Spotify Technology
Spotify's shares fell after management guided to lower margins because of a near-term increase in operating expenses. Sands views the spending as investment in a new product…
LongNUJun 2026
Nu Holdings
Nu Holdings serves more than 100 million customers through its digital banking platform in Latin America. Higher provisions created concerns about household debt and credit…
LongARMJun 2026
Arm Holdings
Arm was purchased because Sands expects agentic AI to drive an inflection in CPU demand. CPUs are suited to scheduling, memory management, tool execution, and orchestration…
LongENRJun 2026
Siemens Energy
Siemens Energy was purchased for exposure to gas turbines and grid equipment as power becomes a bottleneck for AI infrastructure. Sands expects U.S. power capacity to remain…
LongSTVNJun 2026
Stevanato Group
Stevanato is an existing Reversionary investment that Cooper believes is approaching a cash-flow inflection. The pharmaceutical-glass manufacturer is nearing completion of a…
LongCTVAJun 2026
Corteva
Corteva was initiated as a company-specific Reversionary opportunity around a corporate separation. The business is spinning off its Seeds operation from Crop Protection after…
LongFWONKJun 2026
Liberty Media Corporation
Liberty Media is a core exposure to Formula One and the recently acquired MotoGP asset within Cooper's Compounding capital pool. The company trades at about 22 times free cash…
Long6367Jun 2026
Daikin Industries
Daikin was initiated as a Reversionary investment where Cooper can observe a pathway for under-earning cash flows to improve. The Japanese HVAC manufacturer trades at a discount…
LongTKOJun 2026
TKO Group Holdings
TKO gives Cooper exposure to UFC and WWE within the portfolio's live-entertainment and sports-content cluster. The fund expects premium sports rights to benefit from competition…
LongPSKJun 2026
PrairieSky Royalty
PrairieSky Royalty is held in the Real Assets capital pool as a perpetual energy royalty owner over significant acreage in the Western Canadian Sedimentary Basin. Cooper expects…
LongLLYVKJun 2026
Liberty Live Group
Liberty Live gives the fund exposure to Live Nation as part of its anchor group of live-entertainment and sports-content investments. Cooper sees these businesses benefiting from…
LongCMEJun 2026
CME Group
CME remains a Real Assets holding, but Cooper reduced the position after the CFTC allowed Kalshi to launch perpetual futures. The development creates a new competitive threat to…
LongALSJun 2026
Altius Minerals
Altius Minerals is a diversified royalty owner with exposure to potash, copper, lithium, electricity, iron ore, and gold. Cooper holds it in the Real Assets pool to provide a…
LongSHENJun 2026
Shenandoah Telecommunications
Shenandoah Telecommunications is another existing Reversionary holding nearing the end of a multiyear capacity expansion. Cooper expects the completion of that investment cycle…
LongSTXJun 2026
Seagate Technology
Seagate is benefiting from improving supply-demand conditions in mass-capacity storage. AI workloads require more data retention and retrieval, increasing storage demand while…
LongPANWJun 2026
Palo Alto Networks
Palo Alto Networks is positioned to benefit as rapid AI adoption expands enterprise attack surfaces and increases the sophistication of cyber threats. Fiscal third-quarter…
LongNUJun 2026
Nu Holdings
Nu Holdings operates a digital financial-services platform serving more than 100 million customers in Latin America. Higher-than-expected provisions raised concerns about…
Long000660Jun 2026
SK hynix
SK hynix is benefiting as the memory shortage broadens from high-bandwidth memory into conventional DRAM and NAND. AI inference and agentic workloads are increasing demand while…
LongINTCJun 2026
Intel
Intel was initiated for exposure to server CPU demand and potential foundry optionality. Agentic AI increases the need for CPUs to coordinate and manage accelerated-compute…
LongSNDKJun 2026
SanDisk
SanDisk was initiated to benefit from rising memory and storage requirements created by agentic AI. More capable systems need to access, process, and retain larger amounts of…
LongCBRSJun 2026
Cerebras Systems
Cerebras was added for exposure to the emerging market for low-latency AI inference. Its wafer-scale architecture integrates memory directly onto the compute fabric, reducing…
LongSPCXJun 2026
Space Exploration Technologies
SpaceX was initiated as exposure to launch economics and satellite connectivity. Reusable rockets can reduce launch costs and increase frequency, while Starlink expands the…
LongTTMIJun 2026
TTM Technologies
TTM Technologies was added as an enabling infrastructure business at the intersection of AI data centers and defense modernization. Sands sees increasingly complex printed…
LongIOTJun 2026
Samsara
Samsara continues to grow revenue at roughly 30 percent while delivering meaningful margin leverage. Its connected hardware and software generate proprietary operational data…
LongPLTRJun 2026
Palantir Technologies
Palantir reported accelerating revenue growth, a record guidance increase, and improving profitability, yet its shares declined because expectations were elevated. Sands believes…
LongKVYOJun 2026
Klaviyo
Klaviyo delivered a headline beat and raise, but investors focused on a smaller revenue beat and slightly lower second-quarter margin guidance. Sands views the selloff as…
LongAMDJun 2026
Advanced Micro Devices
AMD was initiated to increase exposure to rising CPU demand from agentic AI. CPUs are increasingly important for scheduling, memory management, tool execution, and orchestration…
LongARMJun 2026
Arm Holdings
Arm was added to capture a potential inflection in CPU demand driven by agentic AI. Agentic workloads rely on CPUs for scheduling, memory management, tool execution, and…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company
Taiwan Semiconductor remains a bottleneck in leading-edge semiconductor manufacturing and a scaled production partner for advanced AI chips. First-quarter gross margin exceeded…
LongNVDAJun 2026
NVIDIA
NVIDIA continues to benefit from robust accelerated-computing demand, with first-quarter revenue up 85 percent and earnings per share up 131 percent. AI adoption is broadening…
LongSHOPJun 2026
Shopify
Shopify remains a leading commerce platform with strong merchant and enterprise growth opportunities. Investors focused on rising large language model costs tied to Sidekick and…
LongSTXJun 2026
Seagate Technology
Seagate is a global leader in mass-capacity data storage and is benefiting from improving supply-demand conditions for hard disk drives. AI-related workloads are increasing the…
LongSPHRJun 2026
Sphere Entertainment
Sphere Entertainment was initiated as an exposure to immersive live entertainment. Sands sees the Las Vegas Sphere as evidence that the venue can achieve high utilization and…
LongCRSJun 2026
Carpenter Technology
Carpenter Technology supplies specialty nickel alloys to the aerospace industry and is benefiting from a multiyear production recovery. Fiscal third-quarter results showed…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company
Taiwan Semiconductor occupies a bottleneck position in leading-edge semiconductor manufacturing and is the scaled manufacturing partner for many advanced AI chips. Demand remains…
LongLRCXJun 2026
Lam Research
Lam Research is a critical supplier of semiconductor etch and deposition equipment. Revenue grew 24 percent and adjusted earnings per share grew 42 percent year over year in the…
LongNVDAJun 2026
NVIDIA
NVIDIA continues to show robust demand for accelerated computing, with first-quarter revenue up 85 percent and earnings per share up 131 percent. The opportunity is broadening…
LongICEJun 2026
Intercontinental Exchange
Intercontinental Exchange operates major exchanges, clearinghouses, and mortgage infrastructure, and Sands believes its fundamentals remain solid despite share-price weakness…
LongSPOTJun 2026
Spotify Technology
Spotify's shares weakened after management guided to lower near-term margins because of increased operating expenses. Sands interprets the spending as investment in future…
LongIOTJun 2026
Samsara
Samsara develops connected hardware and software for industrial operations and continues to execute despite valuation pressure across vertical software. Revenue growth remained…
LongAMDJun 2026
Advanced Micro Devices
AMD provides high-performance CPUs, GPUs, and adaptive computing and has emerged as a scaled alternative to incumbent providers. Demand for compute is rising as generative AI…
LongBEJun 2026
Bloom Energy
Bloom Energy gives the portfolio exposure to data-center power, which Sands sees as an increasingly important bottleneck in the AI buildout. Its solid oxide fuel cells provide…
LongMUJun 2026
Micron Technology
Micron was added to increase exposure to memory, which Sands views as a critical bottleneck in AI infrastructure. Agentic AI requires greater context, faster retrieval, and more…
LongSNDKJun 2026
SanDisk
SanDisk was added as another way to participate in the memory and storage bottleneck created by AI. Agentic systems require larger amounts of context, faster retrieval, and…
LongSPCXJun 2026
Space Exploration Technologies
Sands initiated SpaceX as an investment in the nascent space economy. Reusable launch technology has reduced launch costs and increased flight frequency, while Starlink adds a…
Long402340.KSJun 2026
SK Square Co., Ltd.
SK Square is a holding-company investment whose net asset value is overwhelmingly tied to its stake in SK hynix. Sands sees it as an attractive way to gain economic exposure to…
Long2454.TWJun 2026
MediaTek Inc.
MediaTek is a leading fabless semiconductor designer with a growing custom-AI-chip opportunity tied to Google's tensor processing units. The company is helping develop Google's…
Long2330.TWJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC is the world's largest manufacturer of leading-edge chips by market share and is a central beneficiary of AI compute demand. Sands interprets recent gross-margin upside as…
Long005930.KSJun 2026
Samsung Electronics Co., Ltd.
Samsung Electronics is positioned to benefit from the widening shortage across DRAM, NAND and high-bandwidth memory. Pre-booked demand suggests the supply-demand gap could be…
Long1299.HKJun 2026
AIA Group Limited
AIA is the largest pan-Asian life insurer by market share and the fund believes recent multiple compression is excessive. Regulation affecting mainland Chinese visitors has hurt…
Long000660.KSJun 2026
SK hynix Inc.
SK hynix is one of the fund's largest holdings and a major beneficiary of the memory shortage spreading from high-bandwidth memory into conventional DRAM and NAND. AI inference…
Long298040.KSJun 2026
Hyosung Heavy Industries Corporation
Hyosung Heavy Industries is a newly purchased Korean power-equipment company that Sands views as a beneficiary of a multiyear infrastructure cycle. Aging-grid replacement, rising…
Long688008.SSJun 2026
Montage Technology Co., Ltd.
Montage Technology is a newly purchased fabless semiconductor company focused on memory-interface chips and high-speed interconnect solutions. As AI training and inference scale…
Long0700.HKJun 2026
Tencent Holdings Limited
Tencent's core gaming, advertising and fintech businesses remain strong and are anchored by the WeChat ecosystem. First-quarter results showed 20 percent advertising growth and…
Long2360.TWJun 2026
Chroma ATE Inc.
Chroma ATE is a newly purchased electronic test and measurement leader serving semiconductor and AI-infrastructure markets. Its test systems can benefit from the shift to…
Long1211.HKJun 2026
BYD Company Limited
BYD is viewed as a technology-driven electric-vehicle and battery company rather than a traditional automaker competing mainly on price. Although the shares weakened, Sands sees…
Long9988.HKJun 2026
Alibaba Group Holding Limited
Sands says its Alibaba thesis remains intact despite weakness in Chinese internet stocks and concerns about consumption and AI spending. Recent results were supported by strong…
LongGOOGJun 2026
Alphabet Inc.
SGA views Alphabet as a broad beneficiary of the AI investment cycle because it participates across infrastructure, foundational models, developer tools and scaled consumer…
LongCRMJun 2026
Salesforce, Inc.
Salesforce detracted as growth in current remaining performance obligations merely met guidance and several product areas remained weak. SGA nevertheless believes the company's…
LongLINJun 2026
Linde plc
SGA re-entered Linde after exiting in 2024 for valuation reasons, as the share price consolidated while fundamentals continued to improve. The company benefits from long-term…
LongEQIXJun 2026
Equinix, Inc.
SGA re-entered Equinix after growth reaccelerated and its leadership transition was completed. Roughly 95% of revenue is recurring under multi-year contracts, while low churn…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC was a top contributor and SGA maintained an above-average weight during the quarter. Demand for advanced logic and compute remains strong across AI accelerators and CPUs…
Long6146.TJun 2026
DISCO Corporation
SGA initiated DISCO because it controls roughly 70-80% of the market for critical cutting, grinding and thinning equipment used in semiconductor manufacturing. Its equipment…
LongGALD.SWJun 2026
Galderma Group AG
SGA initiated Galderma because its dermatology platform spans injectable aesthetics, skincare and therapeutic dermatology with strong physician relationships and recurring…
LongANETJun 2026
Arista Networks, Inc.
SGA initiated Arista Networks for its high-performance, software-driven networking platform used by hyperscalers and cloud customers. Its EOS operating system and focused…
LongSU.PAJun 2026
Schneider Electric SE
SGA initiated Schneider Electric because it is one of the few global companies capable of delivering end-to-end electrical solutions and services at scale. Its installed base…
LongARMJun 2026
Arm Holdings plc
Arm remains a core SGA holding because demand for Arm-based CPUs and royalties continues to expand across data-center and AI workloads. The company delivered 20% revenue growth…
LongNFLXJun 2026
Netflix, Inc.
Netflix detracted during the quarter despite solid first-quarter growth because second-quarter revenue and EBIT guidance came in below elevated expectations. SGA believes the…
LongHUMJun 2026
Humana Inc.
Diamond Hill established Humana as a new holding during the quarter. Humana is the second-largest Medicare Advantage insurer in the US, and its shares benefited from strong…
LongCNCJun 2026
Centene Corporation
Diamond Hill initiated a position in Centene because it believes managed-care margins now have a realistic path to recovery over the next few years. The recovery thesis depends…
LongVRSKJun 2026
Verisk Analytics, Inc.
Diamond Hill initiated a position in Verisk Analytics because it is the leading provider of data and analytics to the insurance industry and operates with limited competition…
LongVLTOJun 2026
Veralto Corporation
Diamond Hill initiated a position in Veralto, a water testing and treatment business spun out of Danaher in late 2023. The manager believes the market has underappreciated…
LongRRXJun 2026
Regal Rexnord Corporation
Regal Rexnord benefited from strong demand tied to data centers during the quarter. Merger synergies and operational-improvement initiatives helped produce better-than-expected…
LongEFXJun 2026
Equifax Inc.
Diamond Hill initiated a position in Equifax because its proprietary mortgage, employment and other datasets are costly and difficult for competitors to replicate. The data is…
LongILMNJun 2026
Illumina, Inc.
Illumina is the leading producer of next-generation sequencing systems used to sequence DNA for research and increasingly for cancer diagnosis and treatment. Shares strengthened…
Long8035.TJun 2026
Tokyo Electron Limited
Tokyo Electron was the portfolio's top-performing holding during the quarter as investors rewarded companies directly enabling the AI infrastructure buildout. The company is a…
LongCAP.PAJun 2026
Capgemini SE
Tweedy, Browne established a new position in Capgemini, a French business and information-technology consulting company. The purchase was made because the managers believed the…
LongBIM.PAJun 2026
bioMérieux SA
Tweedy, Browne established a new position in bioMérieux, a French family-controlled biotechnology company. The company produces in vitro diagnostics, including software…
LongGWREJun 2026
Guidewire Software Inc.
Guidewire is the leading core-systems software provider to the property and casualty insurance industry. The fund views recent deal slippage as timing rather than weakening…
LongENTGJun 2026
Entegris Inc.
Entegris is a critical supplier of filtration products, materials, and delivery equipment used in high-precision semiconductor fabrication. The fund sees improving semiconductor…
LongDARJun 2026
Darling Ingredients Inc.
Darling is the global leader in rendering animal byproducts and used cooking oil into fats and proteins for feed, specialty health products, and renewable diesel. First-quarter…
LongANETJun 2026
Arista Networks Inc.
Arista is the leading provider of data-center switches to cloud-network customers and is positioned as a direct beneficiary of AI data-center buildouts. First-quarter revenue and…
LongMC.PAJun 2026
LVMH Moet Hennessy Louis Vuitton SE
Ruffer increased its position in LVMH during June. The fund sees the global luxury group as a beneficiary of a wealth effect generated by AI-related export profits in Asia. The…
LongDARJun 2026
Darling Ingredients, Inc.
BBH continues to own Darling after trimming the position on strength early in the quarter. The company's core Feed and Food operations produced better-than-expected results…
LongENTGJun 2026
Entegris, Inc.
BBH views Entegris as a critical supplier of filtration products, specialty materials, and delivery equipment used in high-precision semiconductor manufacturing. The…
LongANETJun 2026
Arista Networks, Inc.
BBH views Arista as a leading supplier of data-center switches positioned to benefit from ongoing cloud and AI infrastructure investment. First-quarter revenue and free cash flow…
LongGWREJun 2026
Guidewire Software, Inc.
BBH believes Guidewire's recent share-price weakness reflects timing issues rather than deterioration in underlying demand. The company remains the leading provider of core…
LongANETJun 2026
Arista Networks, Inc.
SGA initiated Arista to gain exposure to the structural expansion of high-performance data-center networking and AI workloads. Its EOS software platform, product performance, and…
LongGOOGJun 2026
Alphabet Inc.
SGA maintains an above-average position in Alphabet and raised its position target during the quarter. The company provides broad exposure to AI through infrastructure…
LongNFLXJun 2026
Netflix, Inc.
SGA added to Netflix after share-price weakness and raised the position to an average weight. The long-term thesis centers on a recurring subscription model, low churn…
LongCRMJun 2026
Salesforce, Inc.
SGA continues to own Salesforce despite reducing the position to a below-average weight after subdued operating momentum. Weakness in Marketing, Commerce, and Tableau has been…
LongARMJun 2026
Arm Holdings plc
SGA views Arm as a long-term compounder benefiting from the proliferation of AI and power-efficient computing. Licensing growth, expanding royalties, increasing adoption of…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
SGA continues to hold an above-average weight in TSMC and views it as a primary beneficiary of sustained demand for advanced logic and compute. Customers across AI accelerators…
Long6146.TJun 2026
DISCO Corporation
SGA initiated DISCO because of its dominant position in semiconductor cutting, grinding, and thinning equipment, where it estimates market share of roughly 70% to 80%. A…
LongGALDJun 2026
Galderma Group AG
SGA initiated Galderma because of its leadership across injectable aesthetics, dermatological skincare, and therapeutic dermatology. Consumable products and repeat treatments…
LongLINJun 2026
Linde plc
SGA reinitiated Linde after previously exiting because of valuation, noting that the share price had consolidated while fundamentals continued to progress. The industrial gas…
LongEQIXJun 2026
Equinix, Inc.
SGA returned to Equinix after previously owning the company for a decade, believing that both its growth slowdown and leadership transition have reversed. Approximately 95% of…
LongSU.PAJun 2026
Schneider Electric SE
SGA initiated Schneider Electric because it sees the company as one of the few global providers capable of delivering end-to-end electrical solutions at scale. Its installed…
LongTSLAJun 2026
Tesla
Edgewood believes Tesla's core strengths in high-volume manufacturing and end-to-end system design can extend beyond electric vehicles into physical AI. Robotaxis are viewed as…
LongAMZNJun 2026
Amazon.com
Edgewood sees AWS as Amazon's primary growth and profit engine, with AI workloads supporting a reacceleration toward high-20s percentage growth and margins above 35%. Custom…
LongRDDTJun 2026
Edgewood believes Reddit has a significant monetization runway because average revenue per user remains far below Meta and only modestly above several smaller social platforms…
LongLINJun 2026
Linde PLC
Edgewood views Linde as a high-quality operator in an attractive industrial-gas oligopoly characterized by long-term take-or-pay contracts, regional density advantages, and…
LongCRMJun 2026
Salesforce
SGA continues to own Salesforce despite cautious investor sentiment and growth that has recently only met guidance. Weakness in Marketing, Commerce, and Tableau has been…
LongNFLXJun 2026
Netflix
SGA maintained its Netflix position despite near-term share-price weakness following guidance that fell below investor expectations. The company continued to produce double-digit…
LongGOOGJun 2026
Alphabet
SGA views Alphabet as a broad beneficiary of the AI investment cycle because its exposure spans infrastructure, foundational models, developer tools, and scaled consumer…
LongNVDAJun 2026
Nvidia
SGA remains constructive on Nvidia because demand from major cloud customers continues to align with the company's long-term outlook. Management continues to expect…
LongARMJun 2026
Arm Holdings
SGA continues to view Arm as a durable beneficiary of growing demand for power-efficient computing and AI workloads. The company delivered approximately 20% revenue growth and…
LongANETJun 2026
Arista Networks
SGA initiated Arista Networks because it sees durable growth from the continued buildout of hyperscale, cloud, and AI networking infrastructure. Arista's Extensible Operating…
LongEQIXJun 2026
Equinix
SGA initiated Equinix after growth reaccelerated alongside AI inferencing and elevated demand for data-center power. Approximately 95% of revenue is recurring and generally…
Long669Jun 2026
Techtronic Industries
Techtronic Industries owns the Milwaukee and Ryobi power-tool franchises and benefits from product innovation and battery ecosystems that drive customer loyalty and repeat…
Long005930Jun 2026
Samsung Electronics
Samsung Electronics is increasingly benefiting from strong memory pricing and accelerating demand from AI and data-center infrastructure. Aristotle believes the company is…
LongMICCJun 2026
The Magnum Ice Cream Company N.V.
Magnum Ice Cream is the world's largest dedicated ice-cream manufacturer and owns brands including Magnum, Ben & Jerry's, Cornetto, Wall's, Breyers and Yasso. Aristotle sees…
LongACNJun 2026
Accenture
Accenture remains, in Aristotle's view, a premier enterprise-transformation partner despite weaker bookings, discretionary IT pressure and concerns that generative AI could…
Long7532Jun 2026
Pan Pacific International Holdings
Pan Pacific is a Japanese discount retailer whose shares were pressured by acquisition concerns, new-format costs and questions around gross-margin sustainability. Aristotle…
LongXOMJun 2026
Exxon Mobil
Aristotle sees Exxon Mobil as a compelling investment built around balance-sheet strength, flexible capital allocation and advantaged growth assets. Low leverage should provide…
LongGHJun 2026
Guardant Health
Guardant Health benefited from several company-specific catalysts during the quarter. These included FDA approval of an updated Guardant360 liquid-biopsy test, inclusion of…
LongAMATJun 2026
Applied Materials
Applied Materials is positioned at the center of semiconductor manufacturing investment tied to AI compute and infrastructure. Aristotle highlights the company's exposure to…
LongAMDJun 2026
Advanced Micro Devices
Aristotle initiated AMD because its product roadmap and rack-scale systems increasingly position the company as a credible second source in data-center CPUs and accelerated…
LongMUJun 2026
Micron Technology
Aristotle initiated Micron because it believes the memory industry has entered a structurally longer and stronger upcycle than the traditional two- to three-year cycle…
LongCTVAJun 2026
Corteva
Corteva's near-term outlook has been pressured by tariff concerns, oil-related input costs, farmer fuel expenses and competitive crop-protection pricing. Aristotle nevertheless…
LongADSKJun 2026
Autodesk
Autodesk is the industry standard in computer-aided design for architecture, engineering and construction and benefits from a highly recurring subscription model. Aristotle sees…
LongQCOMJun 2026
Qualcomm
Qualcomm is evolving from a handset-centric semiconductor company into a broader provider of connected-computing technologies. Aristotle views recent handset inventory and…
LongEWJun 2026
Edwards Lifesciences Corporation
Edwards Lifesciences is a leader in structural-heart therapies and has established its Sapien platform as a leading transcatheter aortic valve replacement system. Aristotle…
LongMSIJun 2026
Motorola Solutions
Motorola Solutions provides mission-critical communications and security systems, anchored by a land-mobile-radio franchise deeply embedded in public-safety agencies. Aristotle…
LongGOOGJun 2026
Alphabet
Aristotle originally invested in Alphabet when investors feared generative AI would erode Google's search and advertising franchise. The fund believes subsequent execution has…
LongMRCYJun 2026
Mercury Systems
Mercury Systems supplies mission-critical computing, signal processing, software and secure electronics for aerospace and defense customers. Aristotle believes the company is…
LongAGIJun 2026
Alamos Gold
Alamos Gold is a North American-focused gold producer whose shares were pressured by reduced 2026 production guidance and operational challenges at the Young-Davidson mine…
LongMTSIJun 2026
MACOM Technology Solutions Holdings
MACOM designs and manufactures high-performance semiconductor products serving data-center, industrial and defense, and telecom markets. Strong earnings and guidance reflected…
LongUMBFJun 2026
UMB Financial Corporation
UMB Financial is a diversified regional bank with commercial banking, asset servicing, private wealth, healthcare payments and specialty financial-services businesses. Its…
LongIPGPJun 2026
IPG Photonics
IPG Photonics is a leader in high-power fiber laser technology used across industrial manufacturing, semiconductor fabrication, electric vehicles and medical applications…
LongHURNJun 2026
Huron Consulting Group
Huron Consulting provides technology, data and analytics solutions to healthcare, education and corporate clients. Shares declined despite strong operating results because…
Long0700.HKJun 2026
Tencent Holdings Limited
Tencent operates one of China's largest internet ecosystems across social networking, gaming, advertising, payments, cloud and other digital services. Loomis Sayles sees the…
LongARMJun 2026
Arm Holdings Plc
Arm is the leading supplier of microprocessor intellectual property, earning licensing fees and long-lived royalty streams across mobile, cloud, automotive and IoT markets. Its…
LongGOOGLJun 2026
Alphabet
Alphabet combines Google's dominant global search and advertising franchise with a rapidly growing cloud business and significant AI capabilities. The team believes AI investment…
LongAMZNJun 2026
Amazon.com
Amazon possesses strong competitive advantages in both e-commerce and cloud computing through scale, technology, logistics, network effects and brand. AWS remains the largest…
LongTCOMJun 2026
Trip.com Group Limited
Trip.com is one of the world's largest travel platforms and the leading online travel company in China, with additional global exposure through Trip.com and Skyscanner. Loomis…
LongNFLXJun 2026
Netflix
Netflix has a global subscription video platform with more than 325 million paying subscribers and a large content library supported by substantial historical investment. Loomis…
LongITJun 2026
Gartner
Gartner detracted as increasing fears about AI disruption caused its valuation multiple to compress. Baron continues to own the company because of its large addressable market…
LongACGLJun 2026
Arch Capital Group
Arch underperformed as investors rotated away from resilient insurance stocks and property insurance pricing softened. Baron views this pricing cyclicality as normal rather than…
LongSPCXJun 2026
Space Exploration Technologies Corp.
SpaceX became the Fund's dominant contributor after completing its public offering, and Baron remains extremely positive on its long-term prospects. The IPO raised more than $85…
LongPWRJun 2026
Quanta Services
Quanta provides infrastructure solutions across electric and gas utilities, renewable energy, communications, pipelines and other energy markets. Shares benefited from enthusiasm…
LongAPHJun 2026
Amphenol Corporation
Amphenol's shares recovered after previously selling off on concerns that copper interconnect products could eventually be displaced by optical technologies. Baron believes…
LongGWREJun 2026
Guidewire Software
Guidewire declined after several new sales moved from the fiscal third quarter into the fourth quarter, which Baron views as a timing issue because those deals subsequently…
LongCBRSJun 2026
Cerebras Systems
Baron initiated Cerebras following its IPO because it believes the company has developed one of the most differentiated architectures for fast AI inference. Demand for tokens per…
LongEWJun 2026
Edwards Lifesciences Corporation
Baron initiated Edwards Lifesciences because of its leadership in transcatheter aortic valve replacement and its emerging mitral and tricuspid valve therapies. The team believes…
LongCSGPJun 2026
CoStar Group
CoStar's shares fell as fears about AI disruption caused significant multiple compression despite little evidence of a fundamental impact on the business. Baron continues to own…
LongTBBBJun 2026
BBB Foods
BBB Foods operates the Tiendas 3B Mexican hard-discount chain and has grown its store count by roughly 20% annually for more than a decade. Orbis sees the heart of its moat in…
LongNBISJun 2026
Nebius Group
Orbis continues to hold Nebius after trimming the position into strength. Its conviction rests on the quality of management and a credible pathway to more than 4GW of data-centre…
LongHLNEJun 2026
Hamilton Lane
City Different initiated Hamilton Lane as its only new purchase during the quarter. The company provides institutional investors and high-net-worth individuals with access to…
LongWMTJun 2026
Walmart
Walmart detracted after slightly lowering its second-quarter profit forecast and giving a more cautious outlook for the remainder of the year. Artemis nevertheless believes the…
LongUNHJun 2026
UnitedHealth Group
Artemis initiated a position in UnitedHealth because its shares looked attractively valued. The team expects the company's profits to recover, making the current valuation…
LongAMZNJun 2026
Amazon.com
Artemis added to Amazon after the shares lagged during a rotation away from large technology companies funding AI infrastructure. The team prefers Amazon within the hyperscalers…
LongMDBJun 2026
MongoDB
Artemis recycled some profits from Advanced Micro Devices into MongoDB after the database software company's shares fell on fears that AI could disrupt its business. The team…
LongDJun 2026
Dominion Energy, Inc.
Hennessy initiated Dominion Energy in January because its predominantly regulated utility model provides stable earnings and predictable cash flow. Asset sales, debt reduction…
LongENTGJun 2026
Entegris, Inc.
Entegris was the fund's largest relative equity contributor in the first half of 2026. Improving semiconductor-fab utilization and accelerating AI-driven demand are supporting…
LongMLMJun 2026
Martin Marietta Materials, Inc.
Martin Marietta was a relative detractor because market expectations had become elevated rather than because the underlying business deteriorated. Infrastructure spending and…
LongMELIJun 2026
MercadoLibre, Inc.
MercadoLibre is the largest component of Eagle's consumer-platform allocation and is the leading e-commerce and fintech company in Latin America. E-commerce penetration in the…
LongLENJun 2026
Lennar Corporation
Lennar's margins and earnings have fallen sharply as its geographic housing markets weakened and the company shifted toward a land-light model. Eagle believes that strategy…
LongCOFJun 2026
Capital One Financial Corporation
Capital One combines a scaled credit-card franchise with what Eagle describes as the only full-suite scaled digital bank in the U.S. The Discover acquisition adds substantial…
LongAAJun 2026
Alcoa Corporation
Alcoa offers Eagle exposure to a structural change in global aluminum supply. China has imposed smelter caps and is no longer adding net capacity, meaning future demand growth…
LongEQTJun 2026
EQT Corporation
EQT is the largest U.S. pure-play natural-gas producer and combines low-cost, long-lived assets with a management team Eagle views as strong capital allocators. Its Marcellus…
LongCOPJun 2026
ConocoPhillips
ConocoPhillips owns low-cost, long-lived upstream inventory that Eagle believes the market underappreciates relative to peers. Free cash flow should rise as the Willow project in…
LongINTUJun 2026
Intuit Inc.
Intuit's QuickBooks franchise dominates U.S. bookkeeping software for small and midsize businesses. Brand strength, scale and the accountant distribution network create…
LongSAPJun 2026
SAP SE
SAP owns a mission-critical and highly sticky ERP franchise. Eagle expects the core business to grow rapidly as customers migrate to SAP's modern platform. Although peripheral…
LongWDAYJun 2026
Workday, Inc.
Workday is a deeply entrenched HCM and financial-software platform that Eagle believes is mispriced because of broad AI disruption fears. Current mid-teen margins are well below…
LongELVJun 2026
Elevance Health, Inc.
Elevance is part of Eagle's 13% managed-care allocation. The industry combines significant scale advantages with structural growth above the broader economy, but recent cost and…
LongHUMJun 2026
Humana Inc.
Humana is another expression of Eagle's view that managed-care profitability is entering a multi-year recovery. Industry margins have been pressured by Medicare Advantage and…
LongUNHJun 2026
UnitedHealth Group Incorporated
Eagle believes the managed-care cycle has bottomed after several years of cost and pricing pressure in Medicare Advantage and Medicaid. UnitedHealth has significant scale…
LongMETAJun 2026
Meta Platforms, Inc.
Meta is part of Eagle's consumer-platform allocation, where scale and aggregated consumer demand create advantages for advertisers and sellers. Eagle believes AI is already…
LongGOOGJun 2026
Alphabet Inc.
Alphabet gives Eagle exposure to both Google Cloud and large consumer platforms such as Search and YouTube. Google Cloud has become a much stronger hyperscaler competitor, while…
LongMSFTJun 2026
Microsoft Corporation
Microsoft combines Eagle's exposure to hyperscale cloud infrastructure with a deeply entrenched productivity-software franchise. Its scale and distribution should allow it to…
LongAMZNJun 2026
Amazon.com, Inc.
Amazon is Eagle's preferred hyperscaler because AWS combines scale, ecosystem advantages and internal silicon with a broader diversified business. The firm believes AWS can…
LongCHTRJun 2026
Charter Communications, Inc.
Eagle views Charter as a cheaply valued option on improvement in the cable industry's economics and future consolidation. The Cox acquisition will make Charter the largest U.S…
LongASMLJun 2026
ASML Holding N.V.
ASML is one of Eagle's favored semiconductor infrastructure businesses because it controls a critical manufacturing bottleneck. Its monopoly in extreme-ultraviolet lithography…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC is one of Eagle's preferred ways to retain exposure to secular semiconductor growth while reducing dependence on more speculative AI-capex beneficiaries. Its leading-edge…
LongAJGJun 2026
Arthur J. Gallagher & Co.
Arthur J. Gallagher is a high-quality holding operating in commercial insurance brokerage. Eagle sees the company gaining market share as its industry continues to consolidate…
LongMAJun 2026
Mastercard Incorporated
Mastercard is one of Eagle's high-quality compounders and operates within a global payment-network duopoly. The payment rails benefit from scale and network effects that create…
LongSPGIJun 2026
S&P Global Inc.
S&P Global is included in Eagle's high-quality, low-volatility bucket because of its powerful financial-data and market-infrastructure franchises. Ratings, indexes, Platts and…
LongDHRJun 2026
Danaher Corporation
Danaher is part of Eagle's collection of high-quality businesses with stable margins, strong returns on capital and durable competitive advantages. Its life-sciences portfolio…
LongLSEGYJun 2026
London Stock Exchange Group plc
London Stock Exchange Group sits in Eagle's high-quality, low-volatility allocation. Its mix of clearing, indexes, trading infrastructure and financial data creates durable…
Long000660.KSJun 2026
SK hynix Inc.
SK hynix is an out-of-benchmark semiconductor position benefiting directly from the AI memory cycle. Record revenue and strong first-quarter results reinforced Fidelity's view…
LongWDCJun 2026
Western Digital Corporation
Fidelity holds Western Digital as a meaningful overweight and sees AI as a powerful driver of storage demand. The company reported better-than-expected quarterly results…
LongSTXJun 2026
Seagate Technology Holdings plc
Seagate is one of the two dominant global hard-disk-drive manufacturers and is a large fund overweight. AI-capable data centers are creating very strong demand for HDD storage…
LongBAJun 2026
The Boeing Company
Fidelity views commercial aerospace as one of the few cyclical end markets where production remains below pre-pandemic levels despite a strong recovery in air travel. Boeing is a…
LongALSNJun 2026
Allison Transmission Holdings, Inc.
Allison Transmission is a meaningful overweight benefiting from accelerating industrial activity. Fidelity sees federal infrastructure spending and onshoring as supportive demand…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
Taiwan Semiconductor is Fidelity's largest active position and a central expression of its AI investment theme. The fund believes breakthroughs in large-language, transformer and…
LongNVDAJun 2026
NVIDIA Corporation
NVIDIA remains the dominant full-stack provider of accelerated-computing infrastructure, combining GPUs, networking, systems and software. AI-related demand remains exceptionally…
LongAVGOJun 2026
Broadcom Inc.
Broadcom is positioned at the center of the shift toward custom silicon for hyperscale AI infrastructure. Its long-term relationship with Alphabet through 2031 gives it an…
LongWELLJun 2026
Welltower Inc.
Welltower combines senior-housing real estate with a proprietary operating and data-analytics platform that the manager believes can structurally improve both margins and…
LongCBRSJun 2026
Cerebras Systems Inc.
Cerebras has developed a differentiated wafer-scale architecture optimized for fast AI inference, an increasingly important workload as applications and agents chain together…
LongGOOGLJun 2026
Alphabet Inc.
Alphabet combines one of the world's strongest digital distribution networks with hyperscale cloud infrastructure, proprietary AI models and custom silicon. The fund's conviction…
LongSPCXJun 2026
Space Exploration Technologies Corp.
SpaceX has evolved from a launch-focused company into a vertically integrated technology and infrastructure platform spanning launch, satellite broadband, mobile connectivity and…
LongMUJun 2026
Micron Technology, Inc.
Micron is benefiting from a structural AI bottleneck because inference performance increasingly depends on memory bandwidth and capacity as well as compute. The manager expects…
LongFRVOJun 2026
Fervo Energy Company
Fervo is a pioneer and market leader in enhanced geothermal systems, using techniques developed in oil and gas drilling to expand geothermal energy beyond traditional volcanic…
LongGWREJun 2026
Guidewire Software, Inc.
Guidewire's InsuranceSuite is a mission-critical system of record for property and casualty insurers, handling policies, claims, premiums and payments. Because insurance…
LongGDSJun 2026
GDS Holdings Limited
GDS develops and leases data-center capacity to major technology companies across Asia and is positioned to benefit from cloud adoption, data growth and increasing AI demand. The…
LongEXTRJun 2026
Extreme Networks, Inc.
Extreme Networks is an overweight holding providing enterprise networking solutions. Voya's machine-learning models favored the company's quality characteristics, including…
LongTROXJun 2026
Tronox Holdings plc
Tronox is an overweight holding and produces titanium dioxide pigment. The position was primarily held for portfolio risk-management reasons rather than because of a detailed…
LongFLSJun 2026
Flowserve Corporation
Flowserve is a non-benchmark holding supplying industrial pumps and valves. Voya's machine-learning models favored its valuation on EBITDA measures and its short-interest…
LongMWAJun 2026
Mueller Water Products, Inc.
Mueller Water Products is an overweight holding in water-infrastructure equipment. The machine-learning models favored its volatility and short-interest characteristics…
LongTTMIJun 2026
TTM Technologies, Inc.
TTM Technologies is an overweight holding and manufactures advanced printed circuit boards. The position was primarily driven by portfolio risk-management considerations. Strong…
LongBEJun 2026
Bloom Energy Corporation
Bloom Energy is an overweight holding and provides fuel-cell power systems for data centers. The position also serves a portfolio risk-management role by helping balance factor…
LongPLDJun 2026
Prologis, Inc.
Prologis owns high-quality global logistics assets with embedded net-operating-income growth from mark-to-market rent increases and a substantial development pipeline. Shares…
LongGMGJun 2026
Goodman Group
Goodman owns, develops and manages global industrial property and has a significant data-center development pipeline. A majority of its earnings come from the asset-management…
LongWELLJun 2026
Welltower Inc.
Welltower is positioned around improving senior-housing fundamentals, where demand is strong and new supply remains constrained. Rising occupancy and rent growth are supporting…
LongNXTJun 2026
NEXTDC Limited
NEXTDC is an Australian data-center developer positioned to benefit from strong demand from cloud-service providers and AI tenants. During the quarter it announced a significant…
LongACAJun 2026
Arcosa, Inc.
CRH agreed to acquire Arcosa for $150 per share in cash, turning the position into a merger-arbitrage opportunity. Gabelli viewed the remaining spread as an attractive…
LongHUBSJun 2026
HubSpot, Inc.
HubSpot was pressured by the broader software selloff and by pricing changes associated with its push toward AI-enabled CRM products. Gabelli believes the company's small- and…
LongGPCJun 2026
Genuine Parts Company
Gabelli initiated Genuine Parts as the company prepared to separate its industrial-distribution and automotive-aftermarket businesses. The manager believes the two operations are…
LongMSFTJun 2026
Microsoft Corporation
The fund initiated Microsoft near its 52-week lows after judging sentiment to have become excessively negative. Concerns centered on Microsoft's OpenAI exposure and the broader…
LongECHOJun 2026
EchoStar Corporation
Gabelli estimates that roughly half of EchoStar's value is tied to its approximately 2% ownership interest in SpaceX, which the fund believes is heavily discounted in EchoStar's…
LongMCHPJun 2026
Microchip Technology, Inc.
Microchip reported fiscal fourth-quarter revenue, margins and forward guidance above expectations. Demand was broad, with Aerospace and Defense providing a relatively insulated…
LongMKSIJun 2026
MKS Inc.
MKS beat revenue and earnings expectations in the first quarter and raised guidance again. The company is benefiting from accelerating AI logic and memory capital spending, with…
LongKNXJun 2026
Knight-Swift Transportation Holdings, Inc.
Knight-Swift is benefiting from an improving freight cycle following one of the longest freight recessions on record. Truckload spot rates and contract pricing have tightened as…
LongSTLDJun 2026
Steel Dynamics, Inc.
Steel Dynamics benefited from higher steel prices and wider metal spreads during the quarter. Section 232 tariffs reduced import competition and allowed domestic producers to…
LongDVNJun 2026
Devon Energy Corp.
Devon's shares weakened as crude prices declined and investors became cautious following its acquisition of Coterra Energy. The market remained in a wait-and-see posture ahead of…
LongEXEJun 2026
Expand Energy Corp.
Expand Energy delivered first-quarter revenue and earnings above expectations and repurchased $150 million of stock. Shares nevertheless weakened after management's…
LongFCNJun 2026
FTI Consulting, Inc.
FTI Consulting produced resilient revenue but first-quarter EPS fell well below expectations because of higher SG&A expenses that management expects to persist through 2026. Its…
LongTRMBJun 2026
Trimble, Inc.
Trimble reported strong first-quarter revenue and margin improvement, although full-year guidance implied slower growth during the remainder of 2026. Management highlighted macro…
LongLHXJun 2026
L3Harris Technologies, Inc.
L3Harris weakened during a broader defense-sector derating as investors questioned whether the proposed defense budget and its reconciliation package would pass Congress. A…
LongMOHJun 2026
Molina Healthcare, Inc.
Molina's strong first-quarter results shifted attention back toward the strength of its core government-sponsored health-plan business. After a difficult 2025, the results…
LongHJun 2026
Hyatt Hotels Corporation
Hyatt benefited from accelerating revenue per available room and stronger franchisee interest in its brands during the quarter. These trends are translating into improving…
LongMORNJun 2026
Morningstar, Inc.
Morningstar's share price has been pressured by fears that generative AI will disrupt financial research and data services. Baron instead views Morningstar's trusted, structured…
LongITJun 2026
Gartner, Inc.
Gartner's recent contract-value slowdown reflects temporary public-sector cost cutting and caution among companies exposed to tariffs and macroeconomic uncertainty. Baron rejects…
LongGWREJun 2026
Guidewire Software, Inc.
Guidewire's multi-year transition from on-premise software to the cloud is now substantially complete, removing a major historical overhang. A landmark ten-year agreement with…
LongTSLAJun 2026
Tesla, Inc.
Baron views Tesla increasingly as a vertically integrated physical-AI company rather than only an electric-vehicle manufacturer. Full Self-Driving penetration and subscriptions…
LongSPCXJun 2026
Space Exploration Technologies Corp.
SpaceX is the fund's largest holding and Baron believes reusable launch technology can continue dramatically reducing the cost of accessing space. Lower launch costs support…
LongFDSJun 2026
FactSet Research Systems Inc.
The market has discounted FactSet because of perceived AI disruption, but Baron believes the company is becoming critical infrastructure for AI-enabled financial workflows…
LongCSGPJun 2026
CoStar Group, Inc.
CoStar is the leading information and marketing platform serving commercial and residential real estate, but its valuation compressed sharply as investors generalized AI…
LongLITEJun 2026
Lumentum Holdings Inc.
The fund initiated a small position in Lumentum, a leader in optical-networking hardware used to move data between AI chips, servers and data centers. The investment case is that…
LongTSEMJun 2026
Tower Semiconductors
Tower Semiconductors represented 3.0% of net assets and was among BSTZ's ten largest positions. BlackRock believes advanced semiconductors remain foundational to the expanding AI…
Long2383.TWJun 2026
Elite Material
Elite Material represented 3.0% of net assets and was one of BSTZ's ten largest holdings at quarter-end. BlackRock is emphasizing hardware, infrastructure and enabling…
LongNVDAJun 2026
Nvidia
Nvidia represented 3.7% of net assets and remained one of BSTZ's ten largest holdings. BlackRock believes advanced semiconductors and compute remain foundational to the AI…
LongLITEJun 2026
Lumentum
Lumentum represented 4.0% of net assets and was one of BSTZ's ten largest holdings. BlackRock sees AI infrastructure and AI model companies as core portfolio pillars as…
LongMUJun 2026
Micron Technology
Micron Technology was a 4.5% position and one of BSTZ's ten largest holdings at quarter-end. BlackRock views AI infrastructure as a core portfolio pillar and is selectively…
LongASMLJun 2026
ASML
LongRun considers ASML one of the best-positioned businesses within the AI ecosystem because its semiconductor manufacturing equipment is both mission-critical and unique…
LongAPHJun 2026
Amphenol
LongRun purchased Amphenol because it combines mission-critical products with durable switching costs, pricing power and an entrepreneurial operating culture. Its connectors…
LongNVDAJun 2026
Nvidia
LongRun initiated a position in Nvidia during the quarter because it believes the company's fundamental profile has strengthened while its valuation has de-rated. Nvidia now…
Long0700.HKJun 2026
Tencent
LongRun believes Tencent is well positioned to benefit from AI because its businesses provide platforms through which AI can be implemented and monetised. The manager believes…
LongITJun 2026
Gartner, Inc.
The Fund believes Gartner's stock-price weakness reflects excessive investor fear that AI will disrupt syndicated research and information services rather than evidence of…
LongFIGSJun 2026
FIGS, Inc.
The Fund believes FIGS can continue gaining share in the global health-care apparel market despite significant recent stock-price weakness. The company reported strong…
LongPRIJun 2026
Primerica, Inc.
The Fund continues to own Primerica because it expects the company's earnings growth to persist. Rising equity markets are supporting investment product sales and asset-based…
LongCHHJun 2026
Choice Hotels International, Inc.
The Fund believes Choice Hotels offers an attractive combination of improving fundamentals and a historically depressed valuation. Revenue per available room accelerated during…
LongRRRJun 2026
Red Rock Resorts, Inc.
The Fund believes Red Rock Resorts remains attractively valued relative to the long-term potential of its Las Vegas locals casino business. Construction-related disruption has…
LongKNSLJun 2026
Kinsale Capital Group, Inc.
The Fund believes weakness in Kinsale's valuation primarily reflects a temporary softening in the property and casualty insurance cycle. Even as pricing in certain insurance…
LongMSCIJun 2026
MSCI Inc.
MSCI is among the portfolio holdings whose valuation has been pressured by concerns that AI could disrupt information-service businesses. The Fund believes the magnitude of the…
LongACGLJun 2026
Arch Capital Group Ltd.
The Fund believes the current softening of the property and casualty insurance market is a temporary part of the normal insurance cycle rather than a structural problem for Arch…
LongMORNJun 2026
Morningstar, Inc.
Morningstar is included among the Fund's information-service holdings that have experienced severe valuation compression because of investor concerns about AI. The Fund believes…
LongFDSJun 2026
FactSet Research Systems Inc.
FactSet is part of a group of portfolio companies whose valuations have compressed sharply because investors fear AI could disrupt established information and software…
LongGWREJun 2026
Guidewire Software, Inc.
The Fund views Guidewire's recent weakness as largely the result of deal timing rather than deterioration in its business. Several deals slipped from the fiscal third quarter…
LongAGYSJun 2026
Agilysys
Baird initiated a position in Agilysys while increasing exposure to software. The company provides mission-critical cloud software to hotels, resorts, casinos, cruise lines, and…
LongALKSJun 2026
Alkermes
Baird initiated a position in Alkermes as part of its increased exposure to commercial-stage therapeutics. The company is one of only a few businesses with a leading product in…
LongAXSMJun 2026
Axsome Therapeutics
Baird initiated a position in Axsome Therapeutics as one of three commercial-stage therapeutics companies added during the quarter. Axsome already has multiple marketed products…
LongASNDJun 2026
Ascendis Pharma
Baird initiated a position in Ascendis Pharma as part of an increase in exposure to commercial-stage therapeutics companies with promising growth potential. The company's…
LongMDAJun 2026
MDA Space
Baird purchased MDA Space because it believes the company is positioned to benefit from a structural expansion in the space economy. Dramatically lower launch costs enabled by…
LongOLLIJun 2026
Ollie's Bargain Outlet
Baird re-established a position in Ollie's Bargain Outlet during the quarter. The investment team expects new merchandising leadership to improve execution and operating…
LongCROXJun 2026
Crocs
Baird initiated a position in Crocs because it sees an attractive opportunity as the company's revenue growth outlook improves. The investment team expects improving revenue…
LongMODJun 2026
Modine
Baird initiated a position in Modine as another way to maintain exposure to AI-related industrial spending. The investment team believes investors are underestimating how long…
LongCTRIJun 2026
Centuri
Baird purchased Centuri because it believes the market is underestimating the company's growth potential. Its record backlog suggests earnings growth could come in well above…
LongAAONJun 2026
AAON
Baird initiated a position in AAON to maintain exposure to industrial companies benefiting from AI infrastructure spending. The investment team believes the market is…
LongGNRCJun 2026
Generac
Baird purchased Generac because it expects structural growth in demand for resilient power infrastructure. AI data centers and semiconductor fabs require increasingly reliable…
LongCROXJun 2026
Crocs
Baird initiated a position in Crocs because it sees an attractive opportunity as the company's growth outlook improves. The fund expects improving revenue growth prospects to…
LongCTRIJun 2026
Centuri
Baird initiated Centuri because it believes the market is underestimating the company's growth potential. A record backlog points to earnings growth above current market…
LongAAONJun 2026
AAON
Baird purchased AAON to maintain exposure to industrial companies benefiting from AI infrastructure investment. The fund believes investors are underestimating both the duration…
LongMDAJun 2026
MDA Space
Baird purchased MDA Space because it believes the company can benefit from a structural expansion of the space economy. Lower launch costs driven by reusable rockets are opening…
LongASNDJun 2026
Ascendis Pharma
Baird added Ascendis Pharma as part of an increase in exposure to commercial-stage therapeutics companies with promising growth potential. Ascendis has developed a proprietary…
LongAXSMJun 2026
Axsome Therapeutics
Baird added Axsome Therapeutics as one of several commercial-stage therapeutic companies with promising growth potential. The company already has multiple marketed products…
LongAGYSJun 2026
Agilysys
Baird added Agilysys as it increased exposure to software despite continued weakness across the sector. The fund views Agilysys as a high-quality cloud software business with…
LongGNRCJun 2026
Generac
Baird purchased Generac as part of its effort to retain exposure to AI-related industrial growth. The fund expects a long-term increase in demand for resilient power…
LongVJun 2026
Visa Inc.
Baron continues to own Visa because it sees a long runway for growth and significant competitive advantages. Revenue and earnings grew strongly during the quarter, payment…
LongOLLIJun 2026
Ollie's Bargain Outlet
Baird re-established a position in Ollie's Bargain Outlet during the quarter. The fund believes new merchandising leadership should improve execution and operating performance…
LongGWREJun 2026
Guidewire Software, Inc.
Baron believes Guidewire's recent weakness was caused primarily by deal timing rather than deterioration in its business. Several contracts slipped from the fiscal third quarter…
LongLPLAJun 2026
LPL Financial Holdings Inc.
Baron believes recent weakness in LPL Financial reflects a temporary sentiment overhang rather than deterioration in the company's growth outlook. Investors have become concerned…
LongALKSJun 2026
Alkermes
Baird added Alkermes as part of its increased exposure to commercial-stage therapeutics. The fund highlights Alkermes as one of a small number of companies with a leading product…
LongAERJun 2026
AerCap Holdings N.V.
Baron initiated a position in AerCap, the world's largest aircraft leasing company, because it sees a combination of secular air travel growth, constrained aircraft supply…
LongJPMJun 2026
JPMorgan Chase & Co.
Baron initiated a position in JPMorgan Chase during the quarter after a share-price pullback created what it viewed as an attractive valuation. The firm considers JPMorgan an…
LongAXPJun 2026
American Express Company
Baron initiated American Express during the quarter following a pullback in its shares. The fund views the company as an industry leader gaining share in a large global market…
LongIBKRJun 2026
Interactive Brokers Group, Inc.
Baron views Interactive Brokers as a structural share gainer in the global brokerage market. Client accounts, customer equity, margin balances, and trading activity continue to…
LongMSJun 2026
Morgan Stanley
Baron retains long-term conviction in Morgan Stanley following strong execution across Wealth Management and Institutional Securities. Record fee-based flows, strong trading and…
LongCMEJun 2026
CME Group, Inc.
Baron believes the sell-off in CME Group is overdone and sees minimal risk to its dominant institutional derivatives franchise. Near-term trading activity weakened as market…
LongTWJun 2026
Tradeweb Markets Inc.
Baron continues to own Tradeweb despite weaker trading activity as market volatility moderated during the quarter. The fund believes Tradeweb has strong network effects and a…
LongMODJun 2026
Modine
Baird purchased Modine as an industrial company positioned to benefit from continued AI infrastructure spending. The fund believes the market is underestimating the persistence…
LongGEJun 2026
GE Aerospace
GE Aerospace is positioned to benefit from favorable aerospace industry fundamentals. The strategy believes damage to aerospace production infrastructure cannot be repaired…
LongALABJun 2026
Astera Labs
Astera Labs is owned as part of the Compute Infrastructure theme. The fund believes the scale of the AI infrastructure opportunity has evolved far beyond its original…
LongNVDAJun 2026
NVIDIA Corp
NVIDIA is a major holding within the Compute Infrastructure theme. The strategy believes AI has become a multi-trillion-dollar capital cycle in which increasing token demand and…
LongAMATJun 2026
Applied Materials
Applied Materials is part of the strategy's Compute Infrastructure theme. The fund originally identified growing digital infrastructure demand but believes the opportunity has…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Co Ltd
Taiwan Semiconductor is owned within the strategy's Compute Infrastructure theme. The fund believes AI has evolved into a multi-trillion-dollar capital formation cycle, with the…
LongBKJun 2026
The Bank of New York Mellon Corp
Bank of New York Mellon is held within the strategy's new Evolving Financials theme. The fund believes many financial institutions enter the current period with well-capitalized…
LongGSJun 2026
The Goldman Sachs Group Inc
Goldman Sachs is held within the new Evolving Financials theme. The fund believes financial companies spent the post-global-financial-crisis period improving efficiency, reducing…
LongCATJun 2026
Caterpillar
Caterpillar participates in the strategy's US Output theme, which focuses on rebuilding American productive capacity. The fund estimates that declining domestic manufacturing…
LongSTXJun 2026
Seagate Technology Holdings
Seagate is positioned within the strategy's Compute Infrastructure theme. The fund believes AI-driven capital formation extends well beyond processors and includes the broader…
LongADIJun 2026
Analog Devices
Analog Devices is held within the Compute Infrastructure theme. The fund believes AI has materially increased the scale and breadth of digital infrastructure investment, with…
LongRR.LJun 2026
Rolls-Royce Holdings PLC
Rolls-Royce is held within the strategy's aerospace exposure and continued to benefit from favorable aerospace fundamentals during the quarter. The fund believes years of…
LongCRWDJun 2026
CrowdStrike Holdings, Inc.
The Fund believes increasingly capable AI models will increase rather than reduce structural demand for cybersecurity. More capable AI makes malicious actors more dangerous while…
LongLLYJun 2026
Eli Lilly and Company
The Fund added to Eli Lilly because it views the company as a compelling large-scale opportunity in the still-underpenetrated GLP-1 market. It expects GLP-1 drugs to become…
LongAPHJun 2026
Amphenol Corporation
The Fund continued building its Amphenol position because it believes the market underestimates the company's ability to innovate and adapt as data-center architectures evolve…
LongCRBSJun 2026
Cerebras Systems Inc.
The Fund initiated Cerebras because it believes fast AI inference will become increasingly valuable as AI shifts toward reasoning and agentic workflows. Cerebras' wafer-scale…
LongCPNGJun 2026
Coupang, Inc.
The Fund believes Coupang remains a competitively advantaged e-commerce platform despite temporary margin pressure and lingering effects from its 2025 data breach. Capacity and…
LongSPCXJun 2026
Space Exploration Technologies Corp.
The Fund views SpaceX as a unique company positioned at the intersection of AI and the emerging space economy, with competitive advantages it believes are exceptionally difficult…
LongAVGOJun 2026
Broadcom Inc.
The Fund views Broadcom as another core beneficiary of sustained AI infrastructure demand and believes its valuation understates the strength of that opportunity. Semiconductor…
LongNVDAJun 2026
NVIDIA Corporation
The Fund believes investors are underestimating the durability of NVIDIA's growth as AI infrastructure spending expands. Despite repeated concerns about custom ASICs and…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
The Fund views TSMC as the dominant manufacturer of advanced logic semiconductors required for modern AI accelerators. AI demand is driving exceptionally strong results…
LongSHOPJun 2026
Shopify Inc.
The Fund believes concerns that AI-driven applications will weaken Shopify's position in e-commerce are misplaced and instead sees the company as an AI beneficiary. Shopify…
LongISRGJun 2026
Intuitive Surgical, Inc.
The Fund believes the weakness in Intuitive Surgical shares reflects temporary concerns rather than deterioration in the company's long-term opportunity. Investors reacted…
LongSNOWJun 2026
Snowflake Inc.
The Fund believes Snowflake is benefiting simultaneously from strength in its core data platform and increasing demand for AI capabilities. Management raised its fiscal 2027…
LongDDOGJun 2026
Datadog, Inc.
The Fund believes Datadog is a structural beneficiary of AI adoption, cloud migration, faster application deployment, and increasingly complex technology infrastructure. Revenue…
LongGMEXICOBJun 2026
Grupo México SAB
Tactile Fund initiated a significant position in Grupo México, focusing on the conglomerate's mining and rail assets. Through Southern Copper and ASARCO, the company controls…
LongFFBBJun 2026
FFB Bank
FFB Bank is a Fresno-based community bank and payment processor that River Oaks believes combines a strong relationship-banking franchise with an underappreciated payments…
LongACNTJun 2026
Ascent Industries
Ascent Industries is a specialty chemical manufacturer undergoing a turnaround toward a higher-margin 'chemicals-as-a-service' model built around proprietary formulations and…
LongCORZMay 2026
Core Scientific
CORZ is a key beneficiary of the compute shortage, possessing valuable, shovel-ready data center co-location capacity that is in short supply. With a foundational $10 billion…
ShortCRMMay 2026
Salesforce
We are short Salesforce due to the accelerating competitive pressure from AI advancements, exemplified by Anthropic's recent product releases. We believe there is a widening gap…
LongZMMay 2026
Zoom
We initiated an event-driven position in Zoom to capitalize on a re-rating driven by its stake in Anthropic, which has seen a significant increase in its valuation and recurring…
LongSATSMay 2026
EchoStar
As a top holding and significant event-driven position, our investment in EchoStar is based on the large discount to its net asset value (NAV). We anticipate a value realization…
LongENRMay 2026
Siemens Energy
The fundamentals for Siemens Energy remain strong, as the company is a key beneficiary of the secular increase in energy demand from AI data centers. Furthermore, it stands to…
LongFIXMay 2026
Comfort Systems
FIX is one of our preferred ways to invest in the labor side of the AI capital expenditure boom, targeting the mechanical, electrical, and HVAC contractors essential for building…
LongFNCHApr 2026
Finch Therapeutics
Finch won a significant patent infringement lawsuit, with a potential award of $25 to $80 per share. The company is now pursuing a Chapter 11 filing to eliminate a lease…
LongLQDAApr 2026
Liquidia Corporation
Liquidia is extremely cheap under any outcome of its patent infringement case. A win implies a share price of $140, while a loss with a royalty implies $123. Even in the highly…
LongApr 2026
Emerging Markets Basket
Emerging markets are inexpensive and are poised to benefit from a weakening US Dollar. A weak dollar policy, which may be implemented by the Trump Administration, would be a boon…
LongApr 2026
Precious Metals Basket
Precious metals are expected to perform well in an inflationary environment marked by a loss of faith in central banks. The fund holds positions in two non-mining companies that…
LongJOEApr 2026
St. Joe
JOE owns 165,000 acres in the Florida Panhandle and is set to benefit from a major population migration away from large cities. The company is expected to experience rapid…
LongApr 2026
Refiners Basket
The refining sector is positioned for high returns due to a tight market caused by underinvestment, refinery shutdowns, and reduced Chinese exports. If global economic growth or…
LongMRXApr 2026
Marex
Marex is a structural beneficiary of elevated commodity volatility and trading volumes. The company is taking market share, growing revenues, and is expected to earn well in…
LongMar 2026
Tidewater Inc.
The recent acquisition of Wilson Sons Ultratug is highly accretive, adding over $100 million in EBITDA for a total outlay of about $500 million in cash and assumed debt. This…
LongMar 2026
Cameco Corp.
As a uranium giant, Cameco is an example of the opportunities in companies that address global energy challenges. With the immediate priority shifting to energy logistics and…
LongMELIMar 2026
MercadoLibre
The market is creating a 'paradox' by not rewarding MercadoLibre's stock, which has gone nowhere despite dramatic revenue and profit growth over the last five years. Current…
LongNBISMar 2026
Nebius Group
Nebius has successfully de-risked its business model over the last year, answering key questions around its viability. It has secured massive, long-term contracts with major…
LongASTSMar 2026
AST SpaceMobile
AST SpaceMobile is successfully transitioning from an R&D startup to an operational scale-up, with manufacturing progress, growing revenues, and a strong balance sheet. Key risks…
LongMRLNMar 2026
Merlin Labs
Merlin Labs, a recent de-SPAC, is an under-followed company that the market has not properly analyzed. Its 'tiny public float, locked-up insiders,' and entry through the SPAC…
LongNTDOYMar 2026
Nintendo
The market is incorrectly focused on near-term memory pricing trends while ignoring the crumbling of the broader bear case. Key concerns around tariffs and sales momentum have…
LongFTAIMar 2026
FTAI Aviation
FTAI is successfully transforming into a capital-light, high-margin MRO franchise for the CFM56 engine. By using proprietary parts and its vertically-integrated platform, it…
LongBBNMar 2026
Baby Bunting
Despite a recent share price decline due to macro factors, Baby Bunting's turnaround strategy is progressing well, with expanding gross margins and successful store…
LongINAMar 2026
Ingenia
We have high conviction in Ingenia's long-term prospects due to its visible earnings growth, strong asset backing, and exposure to favorable demographic trends. The stock has…
LongLLCMar 2026
Lendlease
Lendlease currently trades at a significant discount to its net tangible assets (NTA) because the market is overly focused on the exit from its non-core CRU segment. However, we…
LongWSEFeb 2026
Wise
Wise is one of the fund's largest positions and is viewed as a company with a hidden moat created by a stack of interlocking capabilities rather than one dominant competitive…
LongFMCCFeb 2026
Freddie Mac
The Trump administration's commitment to privatization presents a clear path to unlock value in the GSEs. A quick re-listing on a major exchange, which can be executed without…
LongUMGFeb 2026
Universal Music Group
UMG is a high-quality, capital-light royalty on growing music consumption, currently trading at a record low valuation of 18x earnings. Growth is set to accelerate from…
LongGOOGFeb 2026
Alphabet
Alphabet is successfully leveraging its core strengths to execute on its vast AI potential, which is having a transformative impact on Search and YouTube. AI Overviews in Search…
LongFNMAFeb 2026
Fannie Mae
With the Trump administration committed to privatization, we believe a simple re-listing of the GSEs on the NYSE can happen quickly, driving a significant re-rating of the…
LongQSRFeb 2026
Restaurant Brands International
QSR is a high-quality business with significant long-term growth potential trading at a highly discounted valuation. Its largest businesses are outperforming peers, and it's…
LongHTZFeb 2026
Hertz
Hertz is in the early stages of a turnaround with asymmetric upside. The company has completed its fleet refresh and achieved best-in-class vehicle utilization. We believe…
LongBNFeb 2026
Brookfield Corporation
BN is a leading alternative asset manager with high-quality, growing cash flows, trading at a significant discount. Its earnings growth is poised to accelerate to ~25%+ due to…
LongUBERFeb 2026
Uber Technologies
UBER is a high-quality business positioned for rapid earnings growth, trading at a compelling valuation due to misplaced industry concerns. The medium-term outlook suggests…
LongAMZNFeb 2026
Amazon
We initiated a position in Amazon at a highly attractive valuation, believing it operates two world-class franchises. AI adoption is accelerating AWS’s growth, and we expect…
LongMETAFeb 2026
Meta
Meta's current share price underappreciates its long-term AI upside, representing a discounted valuation for a world-class business. The company is a dominant leader in the…
LongHHHFeb 2026
Howard Hughes Holdings
HHH is beginning its transformation into a leading diversified holding company, a pivotal shift that started in 2025. This transformation, supported by a $900 million investment…
LongXPROSep 2026
Expro Group Holdings N.V.
Horos increased Expro after its share price came under pressure despite results that contained no major surprises. The acquisition of Enhanced Drilling adds pressure-management…
LongSUZSep 2026
Suzano S.A.
Horos initiated a position in Suzano after reallocating capital away from stainless steel. Suzano is the world's largest pulp producer, with capacity almost three times that of…
LongBOLSep 2026
Bolloré SE
Horos initiated a position in Bolloré because it believes the holding company's complexity has prevented the market from recognizing the value of its assets. The group has been…
LongODETSep 2026
Compagnie de l'Odet SE
Horos also initiated a position in Compagnie de l'Odet, the central holding company through which the Bolloré family controls the wider group. The unusual cross-holding structure…
LongTGSSep 2026
TGS ASA
Horos trimmed TGS after the seismic-data company more than doubled from its 2025 lows, but it remains one of the larger positions in the international portfolio. The business…
LongBTCSep 2026
Bitcoin
Crypto Native Capital is shifting from defense to offense by beginning to dollar-cost average its cash into bitcoin from September 1 through year-end. The fund argues that…
LongBIM.PASep 2026
bioMérieux SA
Tweedy, Browne established a new position in bioMérieux during the quarter. The French family-controlled biotechnology company produces in vitro diagnostics, including software…
LongCAP.PASep 2026
Capgemini SE
Tweedy, Browne established a new position in Capgemini during the quarter. The French company provides business and information-technology consulting services. At purchase, the…
LongFFH.TOSep 2026
Fairfax Financial Holdings Limited
Fairfax is presented as a core insurance compounder benefiting from both underwriting profits and the investment of insurance float. The letter highlights that Fairfax has…
LongCSU.TOSep 2026
Constellation Software Inc.
Constellation Software is a serial acquirer of niche vertical-software businesses with a long record of strong earnings growth and capital allocation. The shares fell more than…
LongIBKRSep 2026
Interactive Brokers Group, Inc.
Interactive Brokers is viewed as one of the largest and most efficient global brokerage platforms, with a highly automated model and strong profitability. The fund emphasizes its…
LongTPLSep 2026
Texas Pacific Land Corporation
Texas Pacific Land remains a highly profitable long-term holding that earns royalties from oil and water resources on its Texas land. The manager sees an additional source of…
LongPHOE.TASep 2026
Phoenix Financial Ltd.
Phoenix Financial was added in 2025 as an Israeli insurance compounder. The manager was impressed by both its insurance capabilities and its investment operation, matching the…
LongKNSLSep 2026
Kinsale Capital Group, Inc.
Kinsale was added to the insurance compounder bucket because it specializes in excess and surplus insurance for unusual risks that many traditional carriers decline to insure…
LongPROTSep 2026
Protector Forsikring ASA
Protector is a longstanding insurance holding that the manager says continues to stand out in the European insurance industry. Since the fund began buying the shares in 2017, the…
LongMKLSep 2026
Markel Group Inc.
Markel is described as a holding and insurance company that resembles a smaller Berkshire Hathaway and is led by renowned investor Thomas Gayner. The fund values the insurance…
LongAGOSep 2026
Assured Guaranty Ltd.
Assured Guaranty is included among the fund's preferred insurance compounders. The business primarily insures municipal liabilities, fitting the manager's preference for insurers…
LongEXO.MISep 2026
Exor N.V.
Exor is a longstanding family-controlled holding company that the fund views as a durable compounder with strong capital allocation and a history of successful acquisitions. Its…
LongBNSep 2026
Brookfield Corporation
Brookfield is viewed as a compounding asset-management platform whose scale and fee streams can grow with assets under management. The letter says Brookfield has increased AUM at…
LongPPLISep 2026
People Inc.
People Inc., formerly InterActiveCorp, is controlled by Barry Diller and is viewed as a holding-company compounder with a long record of creating shareholder value. The manager…
LongKKRSep 2026
KKR & Co. Inc.
KKR is a large alternative asset manager that the fund believes can compound through continued growth in assets under management and the economics of a highly profitable…
LongABTSep 2026
Abbott Laboratories
Matrix initiated a new partial position in Abbott Laboratories after a significant share-price pullback. The fund likes Abbott's diversified healthcare businesses, recurring…
LongMCDSep 2026
McDonald's Corporation
Matrix initiated a new partial position in McDonald's as the shares traded near a 52-week low. The fund views the company's historical financial performance as resilient…
LongAFRMSep 2026
Affirm Holdings, Inc.
Optimist views Affirm's transaction-by-transaction underwriting model as structurally better aligned with consumers than revolving credit because repayment terms are fixed…
LongTDUPSep 2026
ThredUp Inc.
ThredUp's active buyers, orders and revenue all beat expectations, growing 25%, 19% and 15% year over year, while management guided to an acceleration across those trends. The Q1…
LongFASep 2026
First Advantage Corporation
First Advantage delivered organic revenue growth of 9%, EBITDA growth of 14% and adjusted EPS growth of 52% year over year, with all three metrics beating expectations…
LongCVNASep 2026
Carvana Co.
Carvana's retail units sold continued to grow at approximately 40% year over year. A visit to the Cleveland reconditioning center reinforced the fund's positive view of the…
LongWSep 2026
Wayfair Inc.
Wayfair delivered another strong quarter with high-single-digit revenue growth and material EBITDA expansion. After visiting the company's new Columbus store, the fund became…
LongWMBSep 2026
The Williams Companies Inc.
Williams is one of the fund's four North American midstream holdings. Guinness expects hydrocarbon demand in the US and Canada to grow over the next five years, with natural gas…
LongKMISep 2026
Kinder Morgan Inc.
Kinder Morgan is one of the fund's four North American midstream holdings. Guinness expects hydrocarbon demand in the US and Canada to grow over the next five years, with natural…
LongENBSep 2026
Enbridge Inc.
Enbridge is one of the fund's four North American midstream holdings. Guinness expects hydrocarbon demand in the US and Canada to grow over the next five years, with natural gas…
LongTRPSep 2026
TC Energy Corporation
TC Energy is one of the fund's four North American midstream holdings. Guinness expects hydrocarbon demand in the US and Canada to grow over the next five years, with natural gas…
LongVLOSep 2026
Valero Energy Corporation
Valero is the fund's independent refining exposure in the United States and is the largest US refiner. The company has a significant presence on the US Gulf Coast and is…
LongBTCSep 2026
Bitcoin
Crypto Native Capital believes bitcoin is approaching the historically favorable re-entry portion of its four-year cycle after nine months of a bear market. The fund had…
LongGLWSep 2026
Corning
Corning is the fund's largest equity holding and has benefited from tightening supply and strong demand associated with AI infrastructure. Auxier highlights bottlenecks in…
LongGOOGLSep 2026
Alphabet
Auxier views Alphabet as a durable compounder whose underlying economics are not dependent solely on the success of the current AI investment cycle. Google Search and YouTube…
LongMASep 2026
Mastercard
Auxier sees Mastercard as a durable payment-network business positioned at the center of an increasingly digital economy. The company plays a critical role across a broad range…
LongPMSep 2026
Philip Morris International
Auxier views Philip Morris as an enduring business capable of adapting to changing consumer behavior. The company has successfully shifted a substantial portion of its business…
LongKRSep 2026
Kroger
Kroger has been weak because inflation, high interest rates and elevated fuel costs have pressured consumer spending, but Auxier sees the depressed valuation as attractive. The…
LongUNHSep 2026
UnitedHealth Group
Auxier believes UnitedHealth is using AI in a disciplined way to improve existing operations rather than making speculative infrastructure investments. Automation in…
LongBKSep 2026
Bank of New York Mellon
Auxier describes Bank of New York Mellon as an important behind-the-scenes financial infrastructure business with high customer switching costs. The company is investing nearly…
LongSRTASep 2026
Strata Critical Medical
Immersion sees Strata as an overlooked remainco created after the former Blade sold its passenger e-mobility operation and retained its organ-transplant logistics and…
LongRDVTSep 2026
Red Violet
Immersion argues that Red Violet's identity-verification business has been wrongly treated as vulnerable to AI disruption. Its CORE platform is itself AI-driven and continuously…
LongMAMASep 2026
Mama's Creations
Immersion believes investors misinterpreted a temporary margin decline at Mama's Creations. The company incurred expenses in the first quarter to prepare for new Walmart product…
LongFTDRSep 2026
Frontdoor
Frontdoor sells home service plans and coordinates repairs through a network of contractors. The company serves only about 2% of U.S. homes, leaving room for continued organic…
LongAAPSep 2026
Advance Auto Parts
Advance Auto Parts is a major fund position undergoing a turnaround. Curreen notes that the business historically generated returns on tangible capital approaching 20%…
LongGETB:GBSep 2026
GetBusy
GetBusy provides online document exchange systems, primarily for accountants, and has continued growing since its 2017 spinoff from Reckon. The reported company is currently…
LongENR:GRSep 2026
Siemens Energy
Siemens Energy owns major power-generation and electricity-transmission businesses alongside a wind-turbine operation undergoing a turnaround. The company was separated from…
LongOPTUSep 2026
Optimum Communications
Curreen purchased Optimum as a short-duration tender-offer special situation rather than as a conventional long-term investment. The company offered to repurchase roughly 40% of…
LongVFCSep 2026
VF Corporation
Curreen views VF Corporation as a turnaround backed by valuable consumer brands including The North Face, Timberland and Vans. The company has repaired its balance sheet…
LongFTRESep 2026
Fortrea Holdings
Fortrea is a contract research business that helps biotechnology and pharmaceutical customers design and execute clinical trials. The company was spun out of Labcorp in 2023 and…
LongTNETSep 2026
TriNet Group
Curreen added to TriNet because it viewed the company as an excellent business emerging from a difficult operating period at an unusually cheap valuation. Rapid changes in…
LongGDOTSep 2026
Green Dot Corporation
Curreen bought Green Dot as a merger-spinoff opportunity tied to its combination with CommerceOne Financial. The transaction would separate Green Dot's fintech operation while…
LongFBINSep 2026
Fortune Brands Innovations
The fund initiated a position because Fortune Brands ranked highly across several of its quantitative indicators. Free cash flow measures were particularly attractive, while the…
LongREGNSep 2026
Regeneron Pharmaceuticals
The fund added to Regeneron because the stock ranked highly on cash flow and forecast earnings measures, two of LSV's most important valuation factors. Management has been…
LongAITSep 2026
Applied Industrial Technologies, Inc.
Applied Industrial Technologies is a value-added industrial distributor and technical-solutions provider whose core maintenance and repair markets benefit from highly durable…
LongDSCVSep 2026
discoverIE Group plc
discoverIE designs and manufactures customized electronic components for industrial customers, with exposure to structural growth markets including automation, security…
LongLRCXSep 2026
Lam Research Corporation
Lam Research provides Barometer with exposure to the memory-semiconductor upcycle through the equipment used to manufacture memory chips. Memory producers are increasing capacity…
LongSep 2026
National Bank of Canada
National Bank of Canada is part of Barometer's increased allocation to financials as the sector emerged into market leadership. The bank benefits from strong capital-markets and…
LongSITMSep 2026
SiTime Corporation
SiTime is a new technology position and a leader in precision timing devices. Its silicon-based products are increasingly replacing legacy quartz components. Rising data rates in…
LongHBMSep 2026
Hudbay Minerals Inc.
Hudbay gives Barometer direct exposure to copper and its structural demand drivers. The manager sees electrification, grid investment and data-center construction as compelling…
LongHWMSep 2026
Howmet Aerospace Inc.
Howmet Aerospace gives Barometer exposure to the strong commercial aerospace cycle. High utilization of the global aircraft fleet is supporting a robust aftermarket for engine…
LongCSep 2026
Citigroup Inc.
Citigroup anchors Barometer's newly established financials exposure and is viewed as a multi-year turnaround. Simplification of the franchise, exits from non-core consumer…
LongCSXSep 2026
CSX Corporation
Barometer established a new CSX position as part of its industrial exposure. Freight rail is benefiting from steady shipment volumes and firm pricing. Ongoing…
LongCATSep 2026
Caterpillar Inc.
Barometer increased its Caterpillar position as industrials assumed market leadership. The company is benefiting from construction and mining demand linked to the resource cycle…
LongGEVSep 2026
GE Vernova Inc.
GE Vernova is positioned at the center of a multi-year build-out in electricity generation and grid infrastructure. AI data centers, broader electrification and modernization of…
LongNVDASep 2026
NVIDIA Corporation
NVIDIA remains a core beneficiary of Barometer's renewed semiconductor exposure. The manager views NVIDIA as the dominant compute platform for artificial intelligence. Heavy…
LongBBD.BSep 2026
Bombardier Inc.
Bombardier is benefiting from healthy demand for business jets. Its growing services operation carries higher margins and improves the quality of the earnings mix. Continued…
Long3661.TSep 2026
M-up Holdings
M-up is the dominant Japanese fan-club operator, combining fan clubs with e-ticketing and e-commerce in a two-sided marketplace serving artists and fans. Revenue has compounded…
Long041830Sep 2026
InBody
InBody is a category creator and global leader in body-composition measurement devices, with the US and Europe becoming its largest markets after years of geographic expansion…
LongBBWSep 2026
Azeus Systems Holdings Limited
Azeus has been pressured by broad fears that AI will disrupt software and by an unexpected reduction in its large Hong Kong government CERKS contract. The manager argues that its…
LongGOOGLSep 2026
Alphabet Inc.
Bronte considers Alphabet exceptionally well managed and credits the company with responding aggressively to the existential threat that AI poses to traditional Google Search…
LongPBISep 2026
Pitney Bowes Inc.
Greystone views Pitney Bowes as a turnaround whose true economics remain obscured by its legacy reputation as a declining mail company and years of GAAP losses from restructuring…
LongFOURSep 2026
Shift4 Technologies
Shift4 shares fell after strong 2025 results were accompanied by weaker-than-expected 2026 guidance, tax-free-shopping headwinds and lower free-cash-flow conversion. Greystone…
LongNRPSep 2026
Natural Resource Partners L.P.
Natural Resource Partners owns coal and soda-ash royalty interests, and weak commodity conditions have left the shares flat to down despite Greystone's longer-term thesis. The…
LongKITSSep 2026
KITS Eyecare Ltd.
Greystone believes KITS has built a meaningful price-and-convenience advantage by delivering prescription glasses for roughly one-third to one-quarter of traditional retail…
LongKWYSep 2026
Kingsway Corporation
Kingsway is evolving from a neglected conglomerate into a public-market version of the search-fund model. Insider ownership is high, sell-side coverage is absent and Greenhaven…
LongPARSep 2026
PAR Technology Corporation
Greenhaven continues to see a long growth runway for PAR and believes the business has crossed into EBITDA profitability. The fund's differentiated view is that analysts…
LongBURSep 2026
Burford Capital Limited
Burford is the dominant litigation-finance platform, with a large historical case dataset that Greenhaven believes improves case selection and underwriting. More than 285 funded…
LongHGTYSep 2026
Hagerty, Inc.
Hagerty's collectible-car insurance franchise benefits from strong customer loyalty, proprietary data, scale and unusually efficient distribution partnerships. Revenue compounded…
LongCLBTSep 2026
Cellebrite DI Ltd.
The market increasingly treats Cellebrite as vulnerable to AI disruption, while Greenhaven believes AI can expand the company's opportunity. Cellebrite's Genesis product embeds…
LongLFCRSep 2026
Lifecore Biomedical, Inc.
Greenhaven's thesis centers on monetizing Lifecore's excess pharmaceutical manufacturing capacity. The company added seven customers in nine months, including at least two that…
LongKKRSep 2026
KKR & Co. Inc.
Greenhaven continues to regard KKR as a high-quality alternative-asset manager despite concerns surrounding private credit. The fund expects the current private-credit scare to…
LongCODISep 2026
Compass Diversified
Compass Diversified became a special-situations investment after fraud at one subsidiary damaged confidence, complicated financial reporting and increased balance-sheet pressure…
LongAPPSep 2026
AppLovin Corporation
Greenhaven initiated a roughly 1% position in AppLovin as part of a small basket of AI beneficiaries. The fund views AppLovin as one of the strongest examples of AI being…
LongANABSep 2026
AnaptysBio, Inc.
AnaptysBio's value is heavily tied to royalties from GSK's Jemperli, which has grown into a strategically important oncology asset with more than $1 billion of sales. Greenhaven…
LongADISep 2026
Analog Devices
Analog Devices is held as part of the Compute Infrastructure theme. The fund believes AI has transformed digital infrastructure demand into a much larger capital cycle centered…
LongNVDASep 2026
NVIDIA Corp
NVIDIA is a major portfolio holding within the Compute Infrastructure theme. The strategy believes the constraint in digital infrastructure has shifted from connectivity toward…
LongALABSep 2026
Astera Labs
Astera Labs is owned within the Compute Infrastructure theme. The fund believes AI has produced a capital investment cycle substantially larger than the digital infrastructure…
LongRR.LSep 2026
Rolls-Royce Holdings PLC
Rolls-Royce is positioned to benefit from favorable aerospace fundamentals. The fund believes the aerospace production infrastructure suffered damage that cannot be rapidly…
LongTSMSep 2026
Taiwan Semiconductor Manufacturing Co Ltd
Taiwan Semiconductor is held within the Compute Infrastructure theme. The fund believes AI has developed into a multi-trillion-dollar capital formation cycle in which the primary…
LongAMATSep 2026
Applied Materials
Applied Materials is part of the portfolio's Compute Infrastructure theme. The strategy believes AI infrastructure spending has expanded far beyond its original expectations and…
LongBKSep 2026
Bank of New York Mellon
Bank of New York Mellon is included in the new Evolving Financials theme. The fund believes financial institutions enter the current recovery with well-capitalized balance…
LongGESep 2026
GE Aerospace
GE Aerospace is benefiting from favorable aerospace industry fundamentals. The fund argues that capital alone cannot quickly repair the damage to aerospace production…
LongCATSep 2026
Caterpillar
Caterpillar is positioned around the fund's US Output theme and the expansion of domestic industrial investment. The strategy estimates that years of underinvestment have left a…
LongSTXSep 2026
Seagate
Seagate is part of the fund's Compute Infrastructure exposure. The strategy believes AI is driving a large and sustained capital formation cycle as data-center capacity and…
LongGSSep 2026
Goldman Sachs
Goldman Sachs is part of the fund's Evolving Financials theme. The strategy believes financial companies spent the post-financial-crisis period improving efficiency, reducing…
LongKKR & CO INCApr 2026
KKR
Negative sentiment around private credit exposure is overblown. While retail funds have seen redemptions, net flows are near zero and institutional demand remains strong. The…
LongAPOApr 2026
Apollo
Negative sentiment around private credit exposure is overblown. While retail funds have seen redemptions, net flows are near zero and institutional demand remains strong. The…
LongMSFTApr 2026
Microsoft
Fears that AI will replace all software are overblown; Microsoft's software suite will be enabled by AI, not replaced. The company is deeply entrenched with its customers, and…
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- CYTK
- D
- DAR
- DDOG
- DFTX
- DHR
- DIS
- DIVISLAB.NS
- DLG.MIL
- DSCV
- DT
- DVN
- ECHO
- EFX
- EL
- ELV
- EME
- ENB
- ENR
- ENR:GR
- ENTG
- EQIX
- EQT
- EQX
- EQX.TO
- EW
- EXE
- EXO.MI
- EXTR
- FA
- FAGR
- FBIN
- FCN
- FDS
- FDXF
- FFBB
- FFH.TO
- FFIV
- FIGS
- FIH.U.TO
- FIX
- FLEX
- FLO
- FLS
- FMCC
- FN
- FNCH
- FNMA
- FOUR
- FPS
- FRVO
- FSV
- FTAI
- FTC
- FTDR
- FTRE
- FWONK
- GALD
- GALD.SW
- GDOT
- GDS
- GE
- GEHC
- GETB:GB
- GEV
- GH
- GLIBA
- GLW
- GMEXICOB
- GMG
- GNRC
- GNS
- GOOG
- GOOGL
- GPC
- GPK
- GS
- GUD.TO
- GWRE
- H
- HBM
- HCA
- HEIJM
- HGTY
- HHH
- HILS
- HLNE
- HNGE
- HOG
- HOOD
- HRB
- HTWS
- HTZ
- HUBS
- HUM
- HURN
- HWM
- IBKR
- IBRX
- ICE
- IFF
- IFX.DE
- ILMN
- IMO
- INA
- INTC
- INTU
- IOT
- IPGP
- ISRG
- IT
- JACK
- JAN
- JET2.L
- JOE
- JPM
- KITS
- KKR
- KKR & CO INC
- KLAC
- KMI
- KNSL
- KNX
- KR
- KVYO
- KWY
- LBRDK
- LEN
- LENSKART
- LFCR
- LFUS
- LHX
- LIN
- LITE
- LLC
- LLY
- LLYVK
- LPLA
- LQDA
- LRCX
- LSEG.L
- LSEGY
- LTH
- LULU
- LUV
- MA
- MAMA
- MC.PA
- MCD
- MCHP
- MCK
- MDA
- MDB
- MELI
- META
- MICC
- MKL
- MKSI
- MLM
- MMS
- MNTN
- MOD
- MOH
- MORN
- MRCY
- MRK.DE
- MRLN
- MRVL
- MRX
- MS
- MSCI
- MSFT
- MSI
- MTSI
- MTUAY
- MU
- MWA
- MXG.TO
- NAVI
- NBIS
- NFLX
- NG
- NMB
- NOW
- NRP
- NTB
- NTDOY
- NU
- NVDA
- NXE
- NXT
- O39.SI
- ODET
- OLLI
- OPTU
- ORA.PA
- ORCL
- ORSTED.CO
- OTP
- PANW
- PAR
- PBI
- PGY
- PHOE.TA
- PK
- PL
- PLD
- PLTR
- PM
- PPL
- PPLI
- PRI
- PROT
- PRX.AS
- PSK
- PSK.TO
- PWR
- PYPL
- QCOM
- QSR
- QXO
- RDDT
- RDN
- RDVT
- REGN
- RELY
- RH
- RLI
- RLJ
- RR.
- RR.L
- RRR
- RRX
- RTO
- RXT
- SAP
- SATS
- SE
- SFM
- SHEL
- SHEN
- SHOP
- SITM
- SMTC
- SN
- SNDK
- SNOW
- SNX
- SPCX
- SPGI
- SPHR
- SPOT
- SRTA
- STLD
- STO
- STVN
- STX
- SU
- SU.PA
- SUN
- SUNC
- SUZ
- T
- TBBB
- TCOM
- TDUP
- TGA
- TGS
- TGT
- TKO
- TMHC
- TNDM
- TNET
- TOI
- TPL
- TRMB
- TROX
- TRP
- TSEM
- TSLA
- TSM
- TTMI
- TVTX
- TW
- UBER
- UCG
- UCG.MI
- UGI
- UHR
- UMBF
- UMG
- UNH
- UPBD
- UTI
- UTL
- V
- VACN
- VCYT
- VEEV
- VFC
- VGNT
- VISN
- VLO
- VLTO
- VNT
- VRSK
- VSH
- W
- WBI
- WDAY
- WDC
- WELL
- WK
- WMB
- WMT
- WSE
- XOM
- XPRO
- XYZ
- ZM
Browse by fund
Fund profiles carry strategy, AUM and every idea that fund has published in a letter we cover.
- abrdn International Small Cap Active ETF
- abrdn U.S. Small Cap Equity Fund
- ACR Alpine Capital Research LLC
- Aegis Value Fund
- Aegis Value Fund / Aegis Financial Corporation
- African Lions Fund Ltd.
- AGT Partners
- Alpine Capital (Pty) Ltd
- Ariel International Fund
- Ariel Investments LLC - Ariel Global Fund
- Aristotle Core Equity Fund
- Aristotle International Equity Fund
- Aristotle Small Cap Equity Fund
- Aristotle Value Equity Fund
- Arquitos Capital Management
- Artemis US Select Fund
- Artisan Focus Fund
- Artisan Partners Limited Partnership - Antero Peak Strategy
- Ashva Capital Management LLC
- Auxier Focus Fund
- Ayalon (4D) Global Stocks, managed by Ayalon Trust Funds Ltd.
- Ayalon Trust Fund (4D) Global Stocks
- BAMCO, Inc. - Baron Emerging Markets Fund
- Barometer Capital Management Inc.
- Baron Asset Fund
- Baron Fifth Avenue Growth Fund
- Baron Financials ETF
- Baron Generational Growth Fund
- Baron Opportunity Fund
- Baron Partners Fund
- BBH Select Mid Cap ETF
- Bilbel Capital Fund LP / Bilbel Capital LLC
- BlackRock Global Dividend Fund
- BlackRock Science and Technology Term Trust
- Bonsai Partners Fund, LP
- Bretton Fund / Bretton Capital Management, LLC
- Bronte Capital Management Pty Limited — Bronte Amalthea Fund
- Cambiar International Equity Fund
- City Different Holdings LP
- City Different Investments
- Conventum - Alluvium Global Fund
- Cooper Investors Global Equities Fund (Unhedged) - Cooper Investors Pty Limited
- Crossroads Capital
- Crypto Native Capital
- Curreen Capital Partners, LP
- Davenport Value & Income Fund
- Diamond Hill Capital Management, LLC - International Strategy
- Diamond Hill Capital Management, LLC - Mid Cap Strategy
- Diamond Hill Capital Management, LLC - Small-Mid Cap Strategy
- Diamond Hill Capital Management, LLC / Mid Cap Strategy
- Eagle Capital Management, LLC
- Easterly Global Real Estate Fund — Easterly Investment Partners LLC
- Edgewood Management LLC
- Edgewood Management LLC - Large Cap Growth Composite
- Emeth Value Capital, LLC
- Fidelity Dividend Growth Fund
- FPA Crescent Fund
- FPA Crescent Fund, advised by First Pacific Advisors, LP
- FPA Queens Road Small Cap Value Fund
- GA-Courtenay Special Situations Fund
- Gator Financial Partners, LLC; Gator Offshore Partners, Ltd.; and Gator Qualified Partners, LLC
- Gator Financial Partners, LLC; Gator Offshore Partners, Ltd.; and Gator Qualified Partners, LLC / Gator Capital Management, LLC
- Greenhaven Road Investment Management, LP
- GreenWood Investors LLC
- Greystone Capital Management LLC
- Guinness Global Energy Fund / Guinness Asset Management Limited
- Harbor Mid Cap Value Fund
- Hayden Capital, LLC
- Hennessy Equity and Income Fund
- Hinde Group LLC
- HMC Capital Partners Fund I
- Horos Value Internacional
- Hotchkis & Wiley Global Value Fund
- Immersion Investment Partners, LP
- Ingalls Investment Management, LLC - Stewart Asset Management Team
- Jackson Peak Capital
- JB Global Capital
- Lakehouse Global Growth Fund
- LongRun Equity Fund / Rothschild & Co Investment Managers
- Loomis Sayles Global Growth Fund
- LVS Advisory LLC
- Matrix Asset Advisors
- Matrix Asset Advisors, Inc.
- Matrix Dividend Income Strategy
- McElvaine Value Fund
- Meridian Small Cap Growth Fund
- Miller/Howard Investments, Inc.
- Minotaur Global Opportunities Fund
- Minotaur Global Opportunities Fund / Minotaur Capital Management Pty Ltd
- Oak Ridge Investments, LLC
- Optimist Fund
- Optimist LP Fund and Optimist Trust Fund, managed by BloombergSen Inc.
- Orbis Investment Management Limited
- Osterweis Opportunity Fund
- Pershing Square Capital Management, L.P.
- PM Capital Australian Companies Fund
- Polaris Capital Management, LLC
- Polaris Capital Management, LLC — Global Equity Composite
- Polen Capital Management - International Growth Composite
- Polen Capital Management, LLC - Focus Growth Composite
- Polen Capital Management, LLC - International Growth Composite
- Praetorian Capital
- Pzena Investment Management, LLC - Focused Value
- Pzena Investment Management, LLC — International Value Composite
- REQ Global Compounders
- River Oaks Capital
- Robert W. Baird & Co. Incorporated
- Rowan Street Capital, LLC
- SaltLight Capital Management (Pty) Ltd
- Sandhill Capital Partners LLC d/b/a Sandhill Investment Management
- Sandhill Investment Management
- Sands Capital Management, LLC - Emerging Markets Growth Composite
- Sands Capital Management, LLC - Global Growth
- Sands Capital Management, LLC - International Growth
- Sands Capital Management, LLC - Select Growth
- Sands Capital Management, LLC - Technology Innovators
- Smoak Capital, LP / Smoak Capital Management, LLC
- Sound Shore Fund, Inc.
- Spheria Global Opportunities Fund
- Sustainable Growth Advisers, LP
- Sustainable Growth Advisers, LP - Global Growth Composite
- Sustainable Growth Advisers, LP - U.S. Large Cap Growth
- Tactile Fund LP / Alluvial Capital Management, LLC
- TCW Concentrated Large Cap Growth Fund
- The Gabelli Dividend Growth Fund, a series of Gabelli Equity Series Funds, Inc.
- The Oak Bloke
- Third Avenue Small-Cap Value Fund
- Third Point Offshore Fund, Ltd. / Third Point LLC
- Touchstone Balanced Fund
- Tweedy, Browne International Value Fund
- Tweedy, Browne International Value Fund, advised by Tweedy, Browne Company LLC
- Unconventional Value
- Victory Capital Management Inc. — Sycamore Mid Cap Value Equity
- Voss Capital, LP
- Voya MI Dynamic Small Cap Fund
- Weitz Large Cap Equity Fund
- Weitz Partners III Opportunity Fund
- WestEnd Capital Management, LLC
- WS Ruffer Absolute Return Fund / Ruffer LLP