Brenda Vingiello, CIO, Sand Hill Global Advisors

An essential player in the AI transition.

It's been a long wait for small-caps to start to rise this past quarter; small and mid-caps have been outperforming, and there's a long way to go, tied to the strong domestic economy.

She has questions about Google and others in traditional search and how that will shake out. On the digital side, Meta is using AI very well to drive better returns for advertisers; they've done a great job getting consumers watch ads they don't mind watching.

She bought more. They have 30% market share in their electrical business, which holds exciting growth. So many drivers: utilities needing upgrading, onshoring of supply chains, data centres.

She sold Boeing after being very patient with it. But the labour negotiation and the company coming to market to raise capital changed her mind. Eventually, Boeing will right itself though.

Their iPhone upgrade cycle could be meaningful because of AI to boost functionality.

They just reported a disappointing quarter, as competitors lower prices. But there are positive trends: two-thirds of Tesla customers last quarter were new. She expects a push in the U.S. to adapt to EVs. Plus, the cheaper EV next year will be a driver.

Is growing especially outside the US. Benefits as more carriers come onto the same tower, which gives them operating leverage.

She bought it earlier this year. They own warehouse space. Walmart needs more of this as it competes with Amazon, so it's a tailwind. Their advantage are their great locations.

This would drive more value for shareholders. Let's wait and see. Shares were punished yesterday though on profits, but the valuation is good and topline trends are heading in the right direction. Still likes it.

Mid-caps will continue to benefit from the current rotation.

Is up 14% in May. REITs have fallen as interest rates rose. But cell phone towers are an international growth story, because there needs a lot of investment before rolling out 5G.

A contrarian call. Up 3.4% in May. She just bought Prologis. Certainly, will improve when rates decline.

Is down 16% in May. She expected things to imnrpove when she bought it; that hasn't happened yet, but weakness in the Chinese consumer may be bottoming while more marketing should help.

She trimmed, taking profits late last week. Nothing is wrong with the company fundamentals, but a lot of good news has been baked in. It's amazing how Meta has refocused on margins which beat by 7% in Q4. Phenomenal. Its PE has moved up huge, though deserved given how Meta has refocused on its core business.