Overview
- The investor letter, published Monday, reiterates a focus on strong free cash flow and fast dividend growth after a stretch of underperformance the firm links to an AI-led, narrow market since late 2022.
- Thermo Fisher was a top Q4 contributor, helped by an October earnings beat and signs that pharma clients plan more U.S. capacity, with management expecting growth to build in 2026.
- Cintas weighed on results in Q4 as the stock fell on macro worries and softer hiring even though the company beat estimates and raised guidance in late December.
- Bristol Gate disclosed a late‑quarter purchase of Interactive Brokers, citing its low‑cost platform, sturdy balance sheet, and an outlook for mid‑teens dividend growth.
- Applied Materials gained on optimism tied to AI chip demand, and management projected a notable pickup in spending in the second half of 2026, with market and hedge‑fund snapshots provided by Insider Monkey for added context.