Letters by company

Nvidia CORP

87 letters discussing NVDA. Everything written about it on this site is on its ticker page.

Palm Valley Capital Third Quarter 2025 Commentary Palm Valley Capital Fund kept roughly three quarters of assets in cash equivalents while arguing that AI-led mega-cap valuations and small-cap multiples leave little margin for error. It added Teleflex, Robert Half, LKQ, and Avista, sold Seaboard after shares exceeded its valuation, and trimmed precious-metals trusts to manage their weightings. Third Quarter 2025 NVDA $5.8TAVA $3BDOX $6.1B
Patient Capital Management Samantha's Quarterly Letter Opportunity Equity argues that tariff policy has raised recession risk, but negotiated trade deals could stabilize markets and preserve the secular bull case. The portfolio added back airline exposure after trimming it during strength, and favors Nvidia, Amazon, Alphabet and Meta alongside cyclical travel names priced for a downturn. 1Q25 NVDA $5.8TAMZN $2.7TDAL $54B
Troy Asset Management Investment Report No.77 July 2023 Troy’s multi-asset strategy favours short-dated government bonds, US TIPS and liquidity while waiting for zero-rate-era asset valuations to reset. It owns Microsoft and Alphabet at more reasonable valuations, avoids Nvidia and other expensive AI beneficiaries, and expects tighter monetary policy to expose recession risks. 6 months 2023 NVDA $5.8TCSCO $465BERIC $31B
Mar Vista Investment Partners U.S. Quality Premier Portfolio Commentary U.S. Quality Premier initiated StandardAero and exited Oracle after its appreciation reduced the margin of safety. The portfolio favors AI infrastructure suppliers including Microsoft and NVIDIA, while expecting Mettler-Toledo to benefit from AI-enabled pharmaceutical research. Mar Vista grew more cautious on market valuations, rates and energy costs. third quarter 2026 GEV $274BMSFT $3.9TMTD $31B
Mar Vista Investment Partners U.S. Quality Portfolio Commentary Mar Vista’s U.S. Quality strategy added to NVIDIA, trimmed Apple and exited Oracle after its valuation reduced the margin of safety. The portfolio favors AI infrastructure beneficiaries and businesses that can improve productivity through AI, while taking greater caution on rates, energy costs and elevated market valuations. third quarter 2026 AAPL $4.9TMSFT $3.9TNVDA $5.8T
Guinness Global Investors Guinness Global Equity Income Investment Commentary – September 2026 Guinness Global Equity Income sold Aflac, citing a saturated Japanese market, buyback-supported earnings and a richer valuation, and added Nvidia on AI-infrastructure demand, CUDA-driven switching costs and dividend-growth capacity. It argues Treasury long-bond buybacks could foster fiscal dominance, while Deutsche Boerse and Texas Instruments retain structural growth cases. August 2026 AFL $57BCRM $183BCSCO $465B
Andrew Hill Investment Advisors 2026.Q2 Performance Recap: Navigating a Narrow Rally & Shifting Commodities Andrew Hill Investment Advisors liquidated its remaining gold exposure, added floating-rate funds and short-duration bonds as inflation and rate expectations rose, and retained laddered high-grade bond portfolios. The firm reduced Nvidia, made Eli Lilly a leading equity position, shifted emphasis toward biotechnology, and added ADP, DocuSign and Blackbaud after software-sector selling. second quarter of 2026 AAPL $4.9TADP $107BBLKB $2B
Andvari Associates Andvari's Q2 2026 Letter Andvari argues that Constellation Software, Tyler Technologies and S&P Global retain durable advantages while cloud conversion, transaction revenue and the Mobility Global spinout create further value drivers. It adds Amazon, Microsoft, Texas Instruments and Martin Marietta but underweights AI infrastructure, warning that excessive capital investment, circular financing and competition could erode returns. Q2 2026 AMZN $2.7TCNSWF $43BMBGL $5.3B
Andrew Hill Investment Advisors 2026 Q3 Client Letter Andrew Hill Investment Advisors increased emphasis on high-grade corporate bonds, cash buffers and AI-adjacent energy exposure as oil, inflation and higher rates complicated the outlook. The firm argues that Nvidia, Microsoft, Arista Networks, Eli Lilly and Vertex Pharmaceuticals remain durable beneficiaries of AI infrastructure and biotechnology trends while maintaining caution on broad equities. third quarter of 2026 AAPL $4.9TADP $107BANET $272B
Claret Asset Management To sell or not to sell, that is the question. Claret Asset Management argues against trying to time an extended bull market, favouring patience in well-managed compounders such as Alimentation Couche-Tard, CGI and Microsoft. It warns that AI infrastructure spending, falling token prices, circular financing and power constraints could turn today’s enthusiasm into an eventual capex correction. Q2.2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
SaltLight Capital 2Q 2026 Co-Investor Letter - Is It "Good Enough?" SaltLight Capital argues that AI competition could erode NVIDIA's CUDA and infrastructure economics as open-weight models, alternative chips and algorithmic efficiency improve. The portfolio has become more cautious, revisits hyperscalers after prior profit-taking, and adds Constellation Software for its mission-critical vertical software franchises. 2Q 2026 CNSWF $43BMSFT $3.9TNVDA $5.8T
Auxier Asset Management Auxier Report: Summer 2026 Auxier Focus Fund favored AI-infrastructure suppliers including Corning, Nvidia and Dell while warning that debt-funded data-center expansion, leverage and concentrated momentum exposure could reverse sharply. The portfolio also emphasized durable franchises such as Mastercard, Visa, Bank of New York Mellon, Philip Morris and Alphabet, and cited operational AI savings at UnitedHealth and other insurers. Second Quarter 2026 AMZN $2.7TBNY $3.4BDELL $368B
Hayden Capital Q2 2026 Quarterly Letter Hayden Capital argues that AI disruption will unfold more slowly than markets initially expected, favoring durable platforms with proprietary data and embedded workflows. The firm sees Shopee’s VIP and logistics spending and Mercado Libre’s delivery investments as reinvestment programs that can strengthen customer economics. It exited Pinduoduo after its original thesis played out, citing limited visibility into Pinmu and China’s weaker consumption backdrop. Q2 2026 AMZN $2.7TGOOGL $4.2TMELI $94B
Distillate Capital 2026 Q2 Letter to Investors: Momentum Distillate Capital argues that AI-linked valuations have outrun free-cash-flow gains as hyperscaler spending shifts profits to semiconductor suppliers and deferred depreciation, stock compensation, off-balance-sheet financing and circular deals obscure economics. It favors systematically rebalanced, high-quality cheap stocks, citing Accenture, and plans new long/short vehicles amid extreme valuation dispersion. 2026 Q2 ACN $118BAMZN $2.7TAVGO $1.8T
FPA Crescent Fund FPA Crescent Fund 2Q26 Commentary FPA Crescent Fund scaled back semiconductor, hyperscaler and connector exposure as AI-driven valuations and capital spending left little margin of safety. The fund added 14 largely AI-agnostic mid-cap companies, including specialty chemical distributors and biotech-equipment businesses, seeking durable growth, strong balance sheets and conservative valuations. 2Q26 028260 $42BADI $197BNTDOF $57B
Andrew Hill Investment Advisors Q1 2026 Client Letter Andrew Hill Investment Advisors reduced equity, long-duration bond and gold exposure, added short-term bonds and an S&P 500 inverse fund, citing the Iran conflict, energy inflation and weakening economic conditions. The portfolios emphasize Nvidia, Microsoft, Apple, renewable-power equipment and U.S. gas infrastructure, while adding EQT, National Fuel Gas and Rivian. The firm argues that AI-driven electricity demand and localized energy production support its energy and utility themes. 2026.Q1 AAPL $4.9TEQT $33BGEV $274B
Crossroads Capital, LLC Crossroads Capital Q1 2026 Investor Letter Crossroads Capital kept the core book largely unchanged, exited Vistry after its CEO resignation undermined the transformation case, and increased Nebius as execution de-risked the business. It argues AST SpaceMobile has cleared manufacturing constraints ahead of batch launches, while FTAI Aviation’s MRO model and power initiative broaden its earnings drivers. Q1 2026 ASTS $22BFTAI $17BMETA $1.9T
Lansing Street Advisors Q4 2025 Letter – Bear Blue/Bull Red: ‘Good Riddance’ to Market Predictions Lansing Street Advisors argues that AI is a durable earnings-driven technology trend rather than a replay of the dot-com bubble, while rejecting political and macro forecasts as investment inputs. It warns that options speculation and rising margin debt create leverage risk, and identifies demographics and deteriorating education as more consequential long-term concerns. Q4 2025 NVDA $5.8T
Andrew Hill Investment Advisors Q4 2025 Client Letter Andrew Hill Investment Advisors harvested stock profits into laddered high-grade bonds, held gold, and positioned portfolios underweight equities relative to targets. It expects AI leadership to shift from infrastructure builders to users, adding First Horizon and Thermo Fisher while restoring Deere and initiating Rivian. fourth quarter 2025 AAPL $4.9TCEG $95BDE $179B
Horizon Kinetics 2026 New Year Letter from Our Founders Horizon Kinetics argues that private investments in exchanges, royalties and Permian infrastructure extend its long-horizon value discipline, citing TPL, MIAX, LandBridge and WaterBridge. It avoids AI-IT mega-caps while seeking beneficiaries controlling land, water and natural gas, and says continual chip replacement makes sector cash-flow forecasts internally inconsistent. 2025 ICE $86BLB $6.6BMIAX $3.1B
Horizon Kinetics 4th Quarter Commentary Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.8BATUSF $2.8B
Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold CarMax after its turnaround faltered and exited Fiserv after leadership changes, weakened guidance and balance-sheet concerns raised risk. The firm retained Constellation Software, arguing its niche vertical software, embedded customer data and acquisition model remain resilient despite AI fears. It cautioned that AI infrastructure spending may produce poor early-investor economics. 2025 CNSWF $43BCNI $72BFISV $24B
EdgePoint Wealth Management Dare to be different – 3rd quarter, 2025 EdgePoint Global Portfolio argues that crowded exposure to the largest technology companies and A.I. infrastructure risks repeating earlier technology booms. It favors concentrated positions in smaller, less-indexed businesses, arguing that active share and entry price matter more than mimicking benchmark leaders. 3rd quarter, 2025 AAPL $4.9TAMZN $2.7TF $48B
Vision Capital Fund Vision Capital Fund - Q2 2025 Quarterly Letter Vision Capital Fund added to eleven existing holdings, including JD.com, Lululemon, Meituan, MercadoLibre, Meta, Nu, NVIDIA, Shopify, Spotify, TSMC and The Trade Desk, while maintaining zero turnover. The fund argues that food-delivery subsidy competition has created a longer-term opportunity in Meituan and JD.com, and favors compounders that extend successful products into adjacent services and geographies. Q2 2025 3690 $55B9618 $38BAMZN $2.7T
Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that index construction concentrates exposure in highly valued technology companies while excluding scarce hard-asset, utility and entrepreneurial opportunities. It favors Japanese owner-operators, centered on Japan Elevator Service Holdings, whose founder-led maintenance model uses technology, training and below-incumbent pricing to gain share from established manufacturers. 2nd Quarter 2025 JPEVF $1.7BAB $3.3BAMZN $2.7T
Patient Capital Management 2Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added UnitedHealth, Noble, Tempus AI, Clear Secure and Costco puts, while exiting New Fortress Energy over deteriorating fundamentals and balance-sheet strain. It expects tighter offshore-rig supply to favor Noble, sees UnitedHealth as a durable platform after Medicare Advantage setbacks, and backs Tempus’s AI-enabled molecular-data business. 2Q25 BABA $270BCOIN $47BCOST $418B
Horizon Kinetics Annual Review: The Three Really Big Things Edition Horizon Kinetics argues that AI data-center expansion creates underappreciated demand for natural gas, water and strategically located Permian Basin land. It defends concentrated holdings in Texas Pacific Land, LandBridge and Bitcoin as long-duration assets positioned to benefit from resource scarcity, monetary debasement and institutional adoption. 4th Quarter 2024 TPL $24BLB $6.6BMETA $1.9T
Andrew Hill Investment Advisors 2024.Q4 Client Letter Andrew Hill Investment Advisors reduced equity exposure after appreciation pushed allocations above client policy targets, directing proceeds into high-quality bond ladders. The firm trimmed core technology and utility holdings, increased financial exposure through Goldman Sachs, and added Johnson & Johnson and United Therapeutics while monitoring tariff, immigration and inflation risks. 2024.Q4 AAPL $4.9TAMZN $2.7TANET $272B
O'Keefe Stevens Advisory Quarterly Investor Letter Q4 2024 Beyond Inc. and Donnelley Financial Solutions are the 2025 top picks, based on expected easing of non-fundamental selling pressure, operational recovery and undervalued recurring-revenue opportunities. The portfolio retained Nvidia, sees small-cap inefficiency and shareholder sell-downs as fertile research areas, and made no new positions during the quarter. Q4 2024 DFIN $1.2BAER $22BFPH $665M
EdgePoint Wealth Management Clones – 3rd quarter, 2024 EdgePoint Global Portfolio argues that global equity funds have crowded into the same mega-cap technology holdings, creating closet-indexing and valuation risk. It favours mid-cap blend businesses, where it sees lower entry valuations and greater room for corporate growth than among the market’s largest companies. 3rd quarter, 2024 AAPL $4.9TAMZN $2.7TAVGO $1.8T
Andrew Hill Investment Advisors 2024.Q3 Client Letter Andrew Hill Investment Advisors kept portfolios overweight utilities and industrials on rising electricity demand from AI, with Constellation Energy remaining the largest holding. The firm eliminated EQT, increased Chipotle after its selloff, added Axon and United Therapeutics, and continued building high-quality bond ladders while trimming some equities. 2024.Q3 CEG $95BLLY $1.1TMSFT $3.9T
Andrew Hill Investment Advisors 2024.Q2 Client Letter Andrew Hill Investment Advisors increased Apple exposure ahead of its AI product rollout and added Duke Energy, Highwoods Properties and American Superconductor. The firm argues that AI demand supports Nvidia, Microsoft, Arista Networks and Constellation Energy, while it seeks to expand healthcare exposure through Eli Lilly, Vertex Pharmaceuticals, Intuitive Surgical and Johnson & Johnson. second quarter of 2024 AAPL $4.9TANET $272BCEG $95B
Patient Capital Management 2Q24 Portfolio Activity and Attribution Patient Opportunity Equity increased exposure to underfollowed health-care and smaller-company opportunities while finding several Magnificent 7 holdings closer to fair value. It entered Everi Holdings and exited Capital One and Uber. The portfolio argues that Illumina, Biogen and Royalty Pharma offer mispriced health-care upside, while Everi’s IGT transaction should create a stronger casino-technology platform. 2Q24 AMZN $2.7TBIIB $33BCOIN $47B
Andrew Hill Investment Advisors 2024 Q1 Client Letter Andrew Hill Investment Advisors added to EQT and retained Oneok for a potential commodity rebound, while keeping portfolios overweight equities and concentrating on AI beneficiaries including Nvidia, Microsoft, Dell, Constellation Energy and NextEra. The firm favors investment-grade bond ladders and argues that passive-fund flows can push share prices away from business fundamentals. 1st Quarter of 2024 CEG $95BDELL $368BEQT $33B
Andrew Hill Investment Advisors The Client Letter Andrew Hill Investment Advisors maintained a defensive tilt through natural gas, healthcare, gold and short-duration fixed income while adding Tesla, Deere, Microsoft, Nvidia and Henry Schein. The firm reduced JPMorgan, Goldman Sachs and Nvidia, avoided most real estate and oil exposure, and argued that inflation, war-related supply shocks and tighter Federal Reserve policy would keep markets volatile. 1st Quarter 2022 AAPL $4.9TDE $179BMSFT $3.9T
Andrew Hill Investment Advisors The Client Letter: Pivoting Investment Strategy Andrew Hill Investment Advisors expects pandemic-driven supply constraints to ease while labor and housing shortages keep longer-term inflation elevated. The firm harvested gains in speculative growth holdings, shifted from Nvidia to Apple, and favors recurring-revenue growth companies, renewable energy, financials and healthcare as Federal Reserve policy tightens. Year to Date (as of December 15, 2021) AAPL $4.9TABBNY $171BABBV $470B
TIFF Investment Management 3rd Quarter 2026 CIO Commentary TIFF increased AI-related passive equity exposure during July's weakness while retaining an underweight stance toward semiconductor exposure. It raised bond duration after Treasury yields reached long-term highs, added specialist public-equity and diversifier managers, and continued sourcing private-market opportunities through independent sponsors. 3rd Quarter 2026 —
Advisory Research Select Dividend Q3 2026 Investor Letter Select Dividend strategies favor globally diversified dividend growers over high-yielding, low-growth value traps while retaining exposure to AI-driven earnings growth. The commentary warns that accelerated index inclusion of SpaceX, OpenAI and Anthropic could force passive investors into thinly floated IPOs, and argues that inflationary AI capex supports equities over bonds. Q3 2026 —
Pendelhaven Asset Management B.V. Q3 2026 Letter — Van der Mandele ARAR Fund Van der Mandele ARAR Fund retained its economic exposure to SK Hynix, resized Jackson Financial after a rally, and sold Ferrotec over valuation and moat concerns. It added Deutsche Rohstoff on oil-linked production leverage, cited Thor Explorations’ permitting outlook, and viewed Gravity’s dividend as a positive capital-allocation signal. July 2026 DR0 $445MALM $3.3BGRVY $469M
Palm Valley Capital Groundhog Day Palm Valley retained a large Treasury-bill allocation and avoided AI beneficiaries, arguing that speculative valuations, peak margins, and costly AI investment leave little room for normal competition and cyclicality. The fund added Clorox, Molson Coors, and Vontier, sold Heartland Express at its valuation, and maintained positions in discounted businesses including Amdocs, LKQ, Kelly Services, and TrueBlue. Second Quarter 2026 CLX $9.9BDOX $6.1BHTLD $868M
Crossroads Capital, LLC Crossroads Capital Q2 2026 Investor Letter Crossroads Capital trimmed and wrote calls on Nebius, added Nintendo during its selloff, and initiated a common-and-call position in Take-Two alongside its Nintendo work. The portfolio emphasizes company-specific catalysts in AST SpaceMobile, Nebius and FTAI Aviation while treating momentum-driven selling as disconnected from operating progress. Q2 2026 ASTS $22BBE $87BFTAI $17B
Broadleaf Partners Second Quarter Review Broadleaf Partners increased its conviction in AI infrastructure beneficiaries as data-center shortages extend earnings visibility for memory, semiconductor, hardware and industrial suppliers. The portfolio shifted toward a concentrated view that hard, low-obsolescence assets can drive a new enterprise-productivity cycle, while monitoring AI innovation, investment returns and political opposition to data centers. Second Quarter 2026 —
Vision Capital Fund Vision Capital Fund - Q2 2026 Quarterly Letter Vision Capital Fund exited Lululemon and Paycom after concluding that weakening operating fundamentals were becoming structural, while adding to selected existing holdings after price drawdowns. The fund rejects AI bottleneck trades in memory and supply-chain names, arguing that architectural innovation and new capacity can erode scarcity premiums, and favors durable platform businesses such as Tencent and Mastercard. Q2 2026 AAPL $4.9TAVGO $1.8TLULU $10B
Advisory Research Select Dividend Q2 2026 Investor Letter Advisory Research argues that AI valuations reflect differentiated earnings prospects rather than indiscriminate speculation, with value likely shifting from chipmakers and training infrastructure toward enterprise applications and inference. The strategy warns that sticky inflation, energy costs, AI buildout demand and a tightening labor market could force further rate increases, and reiterates its cash-flow-focused investment discipline. Q2 2026 —
Sound Shore Management June 30, 2026 Sound Shore favored Qualcomm and Marvell Technology as AI infrastructure beneficiaries with valuations it considers compelling, while maintaining discipline on exposure after the sector’s sharp advance. The fund also cited margin-recovery initiatives at Southwest Airlines, operational improvements at Elevance Health, and Regeneron’s pipeline and balance sheet despite mixed melanoma trial results. second quarter of 2026 ELV $88BLUV $21BMRVL $252B
Pittenger & Anderson 2026 – 2nd Quarter Letter – Happy Birthday America U.S. capital markets, entrepreneurial risk-taking and property rights are presented as the foundations of America’s economic resilience and innovation. Alphabet’s entry into the Dow and strength from Caterpillar and other industrial names illustrate a rotation away from Magnificent Seven leadership, reinforcing the case for durable businesses with real earnings and demand. 2nd Quarter 2026 GOOGL $4.2T
Shelton Capital Management Shelton Equity Income Fund Quarterly Commentary Shelton Equity Income Fund benefited from security selection in Micron Technology, Advanced Micro Devices, Lam Research, Apple and NVIDIA, while Salesforce, Accenture, Intuit, Comcast and Intuitive Surgical detracted. The strategy expects geopolitical and oil-related volatility to persist, while covered calls trade some upside participation for option income and lower volatility. 2Q 2026 —
Sustainable Growth Advisers U.S. Large Cap Growth Commentary - Q2 2026 The SGA U.S. Large Cap Growth Portfolio added Equinix and Arista Networks while exiting Intuit and Aon following forced attrition. The portfolio lagged momentum-driven market leadership concentrated in AI capital-expenditure beneficiaries, but SGA expects its companies to compound revenue and earnings and sees unusually attractive relative valuation. Q2 2026 —
Riverwater Partners Laying the Tracks: The AI Buildout and Small Cap Opportunity Riverwater Partners argues that the AI data-center buildout shifts small-cap opportunity toward electrical infrastructure, cooling, construction, connectivity and power generation suppliers. It is building positions in quality businesses with durable demand and pricing power, while warning that circular financing, rising funding costs and hyperscaler capex pauses could expose late-cycle suppliers. Q2 2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
TIFF Investment Management 2nd Quarter 2026 CIO Commentary TIFF retained broadly benchmark-like public-equity and diversifier exposures while adding a market-neutral stock basket to reduce unintended factor risk and introducing Topwater where appropriate. The CIOs warned that narrow AI hardware leadership and a heavy SpaceX, Anthropic and OpenAI IPO pipeline could strain public-market demand, while researching Japan activism, systematic strategies and AI exposure. Q2 2026 —
Royce Investment Partners Semiannual Letter: How Small-Cap Can Navigate Sustained Leadership Small-cap stocks have resumed market leadership as earnings growth, relatively attractive valuations, reshoring and AI infrastructure spending broaden the opportunity set. Royce argues that earnings rather than interest rates have historically driven durable small-cap cycles, while volatility can create openings for disciplined long-term investors. first half of 2026 —
O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2026 Sotera Health was added after Warburg Pincus exited, leaving a discounted sterilization duopoly with high switching costs, constrained industry capacity and a path toward lower capital spending and litigation risk. Qualcomm and Corning were trimmed and hedged after AI-driven appreciation, while cash remained a major holding as the firm watches software dislocation and broader AI uncertainty. Q2 2026 SHC $5.1BCALY $2.5BGLW $136B
Greenwood Gearhart First Quarter 2026: Market Commentary Geopolitical conflict in Iran, higher energy prices and softer economic data drove volatility and compressed large-cap valuations despite intact earnings and margins. The portfolio retained exposure to small caps, utilities and staples to offset technology weakness, while Nvidia's infrastructure demand and Walmart's resilience supported a broadening market-leadership thesis. first quarter of 2026 —
Troy Asset Management Investment Report No.88 April 2026 Troy Multi-Asset Strategy cut gold after its sharp advance and took profits in Alphabet and Microsoft as AI investment spending and valuation risk intensified. The strategy retained short-duration inflation protection and yen exposure, arguing that Gulf-war supply shocks, persistent inflation and crowded risk assets warrant proactive stock selection. first quarter of 2026 GOOGL $4.2TMSFT $3.9T
RiverPark Funds RiverPark Long/Short Opportunity Fund First Quarter 2026 Performance Summary RiverPark Long/Short Opportunity Fund retained software longs including Microsoft, ServiceNow and Datadog, arguing that enterprise software coordinates institutional workflows and that AI is creating demand rather than displacing revenue. The fund exited Pinterest amid advertising weakness and increased short exposure while remaining cautious on richly valued semiconductor shares. First Quarter 2026 ADBE $90BADSK $46BAMAT $404B
SaltLight Capital 1Q 2026 Co-Investor Letter - Make “Long-Term” Great Again MercadoLibre is lowering Brazil’s free-shipping threshold, expanding credit cards and building cross-border trade despite margin pressure, which SaltLight views as investment in a deeper Latin American ecosystem. SaltLight has harvested AI-infrastructure profits and shifted capital toward businesses entering multi-year investment cycles, including Tencent, AppLovin and WeBuyCars. 1Q 2026 MELI $94B
Alpine Capital Research The AI Iran Rollercoaster ACR rejects trading around the Iran conflict, tech leadership and value rotations, instead valuing energy producers on normalized commodity assumptions and temporary cash distributions. It warns that AI leaders command extreme valuations while software firms face uneven disruption risks, prompting company-by-company research rather than broad bets. 1Q 2026 —
O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2026 O'Keefe Stevens Advisory kept cash as its largest position, sold Alibaba and Tri Pointe Homes, and trimmed Corning as valuations and AI spending risks widened. The firm initiated Baxter, added to Perrigo and Weyerhaeuser, and argues that security-specific dislocations, rather than macro calls, should govern redeployment. Q1 2026 BABA $270BBAX $13BCALY $2.5B
Vision Capital Fund Vision Capital Fund - 2025 Annual Letter Vision Capital Fund added Sea Limited after its selloff, backing Shopee’s regional e-commerce scale, Monee’s lending data and recovering Garena cash generation. It added to nine existing holdings during the drawdown, avoided memory makers, Oracle and neoclouds over cyclicality, concentration and capital-intensity concerns, and capped direct AI exposure at TSMC and NVIDIA. 2025 SE $57BCRWV $46BMU $1.2T
Broadleaf Partners Growth Equity Portfolio Fourth Quarter Review Broadleaf Growth Equity Portfolio retained its long-term growth posture despite AI-spending concerns, arguing that productivity gains can extend beyond the largest technology platforms without requiring their decline. The portfolio sees AI capital expenditure, credit availability and security investment as durable themes, while relying on sell discipline rather than a wholesale shift toward defensiveness. Q4 2025 —
Lyrical Asset Management 2025 Global Impact Value Equity Strategy (GIVES) Review GIVES attributed its year to earnings growth across undervalued holdings, while avoiding mega-cap growth stocks and crowded sustainability names. The strategy pressed Wesco to measure and disclose Scope 3 emissions, and expects valuation gaps between value stocks, smaller companies and mega-caps to narrow over time. 2025 6091 $77MAPTV $9.2B
Peapack Private Third Quarter 2025: Cornucopia, or an Embarrassment of Riches Peapack Private argues that AI investment, corporate earnings strength, fiscal stimulus and easier monetary policy support equities despite elevated valuations. It favors maintaining US large-cap exposure, sees relative value in small caps and international stocks, and recommends longer-duration, higher-quality bonds while warning that tariffs, inflation and excess stimulus could disrupt the outlook. Third Quarter 2025 —
Riverwater Partners Q3 2025 Small Cap Market Commentary: Bottom of the Lineup, Top of the Charts Small-cap equities are positioned to benefit from AI infrastructure spending and the productivity gains that follow, despite concerns that hyperscalers are overbuilding. Riverwater favors second-order beneficiaries in components, services and infrastructure, while monitoring AI-exposed holdings for weaker lead times, inventory accumulation and supplier guidance cuts. Q3 2025 —
Chilton Capital Management Portfolio Insight | 3rd Quarter 2025 Chilton Capital Management argues that improving earnings, resilient margins, AI investment and renewed Federal Reserve easing support equities despite trade-policy and geopolitical risks. It favors investment-grade corporate bonds held to maturity and expects slowing construction, falling rates and improving net operating income to strengthen public REITs. 3rd Quarter 2025 —
Andrew Hill Investment Advisors 2025 Q3 Client Letter Andrew Hill Investment Advisors emphasized AI-linked energy infrastructure, building positions in Google, GE Vernova and American Superconductor while identifying Yeti and solar-equipment makers as opportunities created by weak sentiment. The firm added catastrophe-bond exposure through Victory Pioneer A+ and retained gold as a geopolitical hedge while reducing healthcare and defensive consumer exposure. Q3 2025 AMSC $1.5BCOST $418BGE $315B
Palm Harbour Capital Letter 2025 Q3 | 553 KB Palm Harbour Capital exited Ocean Wilsons, Syensqo and The Italian Sea Group, and added Cirsa, Converge ICT, Indofood and Vivendi in favour of cyclical businesses with stronger cash-flow prospects. The portfolio avoids US mega-cap AI momentum and argues that Youngone’s premium apparel OEM franchise and a recovery in SCOTT Sports offer an attractive turnaround opportunity. third quarter 2025 0NFS 0OIY $1.5BAMZN $2.7T
Hayden Capital Q3 2025 Quarterly Letter Hayden Capital argues that speculative technology bubbles can finance infrastructure, skills and consumer adoption that enable more durable businesses in a later deployment phase. The portfolio has avoided AI infrastructure winners while awaiting clearer applications and valuations. Timee is presented as Japan’s dominant spot-work marketplace, benefiting from labor shortages, dense liquidity and Mercari Hallo’s exit. 3rd Quarter 2025 215A $887MMCARY $3.8B
RGA Investment Advisors The Great Divide: Why the Stock Market is So Concentrated and Where We Are Finding Opportunities Alphabet anchors the portfolio’s AI thesis, with RGA arguing that its proprietary chips, datacenters, models, consumer distribution and cloud business make it uniquely vertically integrated. Capital One was added after its Discover acquisition, which RGA expects to create a scaled payments network, improve its loan mix and support substantial capital returns. Q3 2025 COF $120BGOOGL $4.2T
Weitz Investment Management Letter to Shareholders: Value Matters Weitz Investments kept portfolios focused on steady earners with understandable long-term prospects rather than the AI market leaders. It argues that Salesforce, Constellation Software and Accenture can benefit from bringing AI to business users, while Danaher and Thermo Fisher retain durable life-sciences prospects despite policy and funding disruptions. third quarter 2025 ACN $118BCNSWF $43BCRM $183B
O'Keefe Stevens Advisory Quarterly Investor Letter Q3 2025 O'Keefe Stevens Advisory cautions that AI and crypto enthusiasm has pushed parts of the market toward speculative pricing while retaining exposure to capital-light infrastructure beneficiaries such as Corning and NVIDIA. The firm sold Donnelley Financial, Lazard and Capstone Copper, started Topgolf Callaway Brands, and found Compass Minerals' new management focused on maintenance, safety and capital discipline. Q3 2025 GLW $136BCMP $964MCSCCY $11B
Andrew Hill Investment Advisors 2nd Quarter Recap - Ending Up, After A Wild Ride Andrew Hill Investment Advisors emphasizes AI infrastructure holdings, a laddered high-quality bond strategy and a gold allocation as hedges against tariff, inflation and geopolitical risks. The firm removed Visa in favor of Circle and Fiserv, while adding Yeti, Thermo Scientific and HA Sustainable Infrastructure amid political and tariff-related selling pressure. second quarter of 2025 YETI $3B
Vision Capital Fund Vision Capital Fund - Q1 2025 Quarterly Letter Vision Capital Fund added to The Trade Desk after its earnings miss and platform rollout problems drove steep pessimism, judging CEO Jeff Green capable of repairing the product and sales execution. The portfolio remains concentrated in platform businesses such as Amazon, Shopify, TSMC and JD.com, whose proprietary infrastructure and ecosystem effects are seen as durable advantages despite tariff risks. Q1 2025 0LF5 453950 AMZN $2.7T
Fairlight Capital Fairlight Alpha Fund LP Q1 2025 Letter Fairlight Alpha Fund attributes its first-quarter outperformance to Monument Mining and Serabi Gold, arguing that higher gold prices, improved grades and rising cash flow create a margin of safety. It is re-screening for tariff-resilient regional businesses while monitoring Valeura Energy’s Thai assets, tax losses, buyback and debt-free balance sheet. Q1 2025 ALLOG $24MMMTMF $185MSLYG $1.3B
Andrew Hill Investment Advisors 2025.Q1 Client Letter Andrew Hill Investment Advisors cut equity exposure, added high-quality bond ladders and allocated 2% to 3% of most client portfolios to gold as tariff uncertainty and federal budget cuts clouded the economic outlook. Portfolios favor healthcare, financials and utilities, with Johnson & Johnson, Progressive, JPMorgan Chase and Microsoft among core defensive holdings. 2025.Q1 AAGC $1MAAPL $4.9TAMZN $2.7T
Patient Capital Management 1Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added Carvana, New Fortress Energy and JD.com while selling Expand Energy and Green Thumb to concentrate on higher-conviction ideas. It argues that CVS’s Medicare Advantage pricing is improving, Chinese holdings are insulated by domestic revenue, and operational turnarounds support Carvana, Dave & Buster’s and Illumina. first quarter of 2025 BABA $270BCVNA $46BCVS $112B
Lansing Street Advisors Q4 2024 Letter – Does Anybody Really Know What Time It Is? Lansing Street Advisors questions whether private equity’s retention of unicorns has permanently impaired small-cap stocks and IPO supply, while weighing a reversal between U.S. and European equities. It argues that dollar-collapse claims ignore foreign capital inflows and asks whether bonds can recover as mortgage rates constrain housing. Q4 2024 —
Troy Asset Management Investment Report No.83 Troy Multi-Asset Strategy retained modest equity exposure and avoided semiconductor stocks despite the AI-led market rally, favouring Microsoft and Alphabet for their cloud infrastructure and distribution. It kept significant inflation-linked bond and gold exposure while warning that concentrated US equity leadership, elevated valuations and higher bond yields leave little room for disappointment. 2024 GOOGL $4.2TMSFT $3.9T
Patient Capital Management Quarterly Market Review 2024 U.S. equities were led by the Magnificent Seven as earnings growth and multiple expansion drove repeated record highs. Patient Capital Management describes easing inflation, resilient consumer spending and Federal Reserve rate cuts, while noting that long-term yields rose and investor sentiment ended the year near neutral. Q4 2024 —
EdgePoint Wealth Management This time’s different…right? EdgePoint Wealth Management argues that artificial-intelligence enthusiasm resembles the internet bubble, where genuine technological change did not prevent severe valuation risk. It identifies Qualcomm, Applied Materials, MinebeaMitsumi, Alfa Laval and Brookfield Asset Management as underappreciated ways to benefit from semiconductor demand, data-centre cooling and power needs without paying explicitly for an A.I. thesis. 2nd quarter, 2024 ALFVY $24BAMAT $404BGLW $136B
Lansing Street Advisors Q2 2024 Letter – Sweet Emotion U.S. equities are argued to remain supported by resilient technology earnings and the economics of American creative destruction, despite geopolitical conflict, high rates and recession signals. Lansing Street Advisors rejects direct comparisons with the dot-com bubble and argues that rate cuts could ease pressure on government borrowing, commercial real estate, housing and private equity. Q2 2024 —
Troy Asset Management Investment Report No.81 July 2024 Troy’s Multi-Asset Strategy retained its long-term positioning rather than trading around the UK election or prospective Trump presidency, arguing that expected political outcomes are usually already priced. It warns that narrow AI-led equity leadership, fiscal expansion and geopolitical risks leave markets vulnerable, while favouring assets less exposed to domestic UK regulation. first half of 2024 —
Patient Capital Management Quarterly Market Review 2Q 2024 U.S. equities rebounded from April’s pullback as mega-cap technology companies extended their market dominance and concentration within the S&P 500. Patient Capital Management points to sticky rate expectations, narrowing large-cap leadership, weak small-caps and divergent sector and asset-class conditions. 2Q 2024 —
Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity exposure in a handful of large technology companies as the disinflationary forces behind decades of margin expansion fade. It favors hard-asset exposure in the Permian Basin, particularly LandBridge, as AI-driven electricity and water needs raise the value of gas, land and infrastructure. 2nd Quarter 2024 LB $6.6BTPL $24B
Lansing Street Advisors Q4 2023 Letter – America America argues that U.S. economic and capital-market dominance rests on free markets, innovation, entrepreneurial risk-taking and comparatively strong household balance sheets. It warns that crowded enthusiasm for large-cap technology and AI may reverse, then sets out contrarian scenarios spanning rates, recession, real estate, Bitcoin, oil and international equities. Q4 2023 TSLA $1.5T
Andrew Hill Investment Advisors Investment Wrap Up of 2022 & Outlook for 2023 Andrew Hill Investment Advisors reduced technology and long-duration bond exposure during the selloff, then began selectively adding stocks and longer-term high-grade bonds. The firm favors Treasury bills for near-term cash needs and municipal bonds for taxable accounts, while arguing that Federal Reserve tightening risks an unnecessary recession. It sold Tesla over governance concerns and added Merck for its defensive balance sheet and Keytruda-led growth. 2022 TSLA $1.5T
Andrew Hill Investment Advisors Hurricane Ian Edition of the Client Letter/4Q2022 Andrew Hill Investment Advisors cut equity exposure, added an S&P 500 short position and kept bond maturities short with high credit quality as the Federal Reserve raised rates. The firm favored energy-transition holdings and rebuilding beneficiaries, while waiting for bond yields and earnings expectations to stabilize before extending duration or taking more equity risk. Q3 2022 NEE $162BTSLA $1.5T
Andrew Hill Investment Advisors The Client Letter AHIA kept cash balances high, shortened fixed-income exposure and underweighted equities while beginning to add stocks and bonds, with Alphabet the largest addition. The firm favors technology, healthcare, renewable energy and banking holdings, and reduced Tesla to establish Enphase amid concerns over the Twitter distraction. second quarter of 2022 —

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