Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.9% | 1.2% | -8.5% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.9% | 1.2% | -8.5% |
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 3 2026 | 2025 Q4 | - | Balance Sheet Strength, earnings momentum, Factor Rotation, quality growth, Small And Mid Cap Equities | - | The quarter saw improving factor dynamics as profitability and fundamentals briefly regained relevance after a prolonged period favoring low quality, high beta stocks. Baird highlights… |
| Nov 8 2025 | 2025 Q3 | - | AI, momentum, Quantum Computing, semiconductors, volatility | - | The quarter was defined by extreme AI-driven market distortion, with speculative surges in semiconductors, quantum computing, and related themes overshadowing fundamentals. High-quality, earnings-driven stocks lagged… |
| Aug 4 2025 | 2025 Q2 | - | industrials, Market Volatility, stock selection, technology | - | - |
| Mar 31 2025 | 2025 Q1 | 1953345D LN, BWXT, FOUR, JNJ | - | - | - |
| Jan 20 2025 | 2024 Q4 | ALAB, MASI, PSTG | - | - | - |
| Oct 30 2024 | 2024 Q3 | ALAB, BMI, BSY, CACI, CYBR, LW | - | - | - |
| Jun 30 2024 | 2024 Q2 | AAON, APPF, CACI, DECK, HEI, MANH, POOL, RGEN, VERX, XPEL, ZBRA | - | - | - |
| Mar 31 2024 | 2024 Q1 | - | - | - | - |
| Dec 31 2023 | 2023 Q4 | - | - | - | - |
| Sep 30 2023 | 2023 Q3 | - | - | - | - |
| Jun 30 2023 | 2023 Q2 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
EarningsEarnings are central to the manager's optimism with consensus expectations pointing to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical and value-oriented sectors. |
Earnings Growth Operating Leverage Cyclical Sectors Consensus Estimates Earnings Revisions |
Factor Rotation |
||
Quality Growth |
||
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
| 2025 Q2 |
Technology |
|
VolatilityU.S. equity valuations remain elevated while market volatility remains unusually subdued given macro and geopolitical risks present. This combination has historically preceded periods of market disappointment characterized by rapid sell-offs and volatility spikes. |
Suppressed Elevated Valuations Sell-offs Spikes |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||