Group 1 - Jensen Investment Management's "Jensen Quality Growth Equity Strategy" underperformed the S&P 500 Index in Q4 2025, returning -0.55% compared to the Index's 2.66% [1] - The relative underperformance was primarily due to the Industrials sector and the outperformance of low-quality stocks [1] - The current investment theme is characterized by market concentration in mega-cap technology, with a focus on growth from AI and digital transformation [1] Group 2 - The portfolio emphasizes holding companies that generate economic value over multiple cycles, focusing on quality, cash generation, and durability for long-term shareholder returns [1] - Amazon.com, Inc. (NASDAQ:AMZN) is highlighted as a key stock, with a market capitalization of $2.35 trillion and a one-month return of 5.28% [2] - New positions were initiated in Amazon.com, Inc. (NASDAQ:AMZN), Broadcom (AVGO), and Motorola Solutions (MSI) during the quarter, with Amazon recognized for its scale and leadership in e-Commerce, Cloud (AWS), and retail advertising [3]

Group 1: AI Investment Opportunity - The AI revolution is expected to be a significant investment opportunity, comparable to the internet boom in the late 1990s, with potential to transform the global economy [1][2] - Analysts highlight that AI will enhance productivity and economic output by automating tasks, presenting opportunities beyond established players like Nvidia and Palantir [2] Group 2: Amazon - Amazon holds a dominant position in three key industries: online marketplace, retail advertising, and cloud computing [4] - The company has developed over 1,000 generative AI applications to optimize various retail tasks, and has introduced AI tools for advertising and custom AI chips for cloud services [5][6] - Wall Street anticipates Amazon's earnings to grow at an annual rate of 18% over the next three years, making its current valuation of 33 times earnings appear reasonable [7] Group 3: Pure Storage - Pure Storage specializes in all-flash storage systems and software, enabling efficient data management across public and private clouds [9] - The company's DirectFlash technology offers two to three times more storage density while consuming half the power compared to competitors, making it suitable for AI workloads [10][11] - Despite a recent stock drop of 27% following strong financial results, analysts project adjusted earnings growth of 30% annually through May 2027, with a median target price of $100 per share, indicating a potential upside of 45% from its current price [11][12]