Hood River Capital - Small Cap Growth Fund

Investor Summary

Jean Barnard, CFA, serves as Director of Research and Portfolio Manager at Kennedy Capital Management LLC, based in Denver, Colorado. She oversees the Small Cap Growth and SMID Cap Growth strategies and leads internal research operations, directing the investment process while also serving as a board director involved in strategic decisions for the firm. Ms. Barnard specializes in small and mid-cap equities with a focus on the internet, media, and telecommunications sectors. Before joining Kennedy Capital Management in 2018, she held senior roles at Janus Capital, including Executive Vice President and Co-Portfolio Manager for the Janus Classic Growth Strategy, as well as Sector Lead for Communications, managing a global analyst team. Her investment career began at Janus Capital in 1992 as an equity research analyst and founding member of the international investment team. She holds a Bachelor of Arts with distinction in Economics and Political Science from Yale University.

Fund Strategy

Kennedy Capital's Growth Investment Philosophy seeks companies with durable business models able to deploy assets into growing sets of opportunities with the potential to generate superior rates of return. The fund employs a bottom-up fundamental research approach focusing on companies with durable business models, superior management, and high earning potential. Investment decisions emphasize fundamental research focusing on companies with superior returns on invested capital (ROIC). The fund classifies companies into three growth life stages: Early Growth, Steady Compounder, or Material Positive Change. The fund is generally managed on a sector neutral basis with modest over- and under-weights driven by bottom-up stock selection using a labor intensive investment approach with a disciplined and consistent investment process.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
13.9%	5.38%	5.38%

Executive Summary

Hood River Small Cap Growth Fund delivered strong outperformance in Q1 2026, rising 5.38% versus the Russell 2000 Growth Index decline of 2.81%, driven primarily by stock selection across information technology, industrials, and consumer discretionary sectors. The quarter began with stable, fundamentals-driven markets but shifted as geopolitical developments and energy price volatility introduced uncertainty, with the Iran conflict creating oil price pressures. The fund maintained its disciplined, bottom-up research approach rather than making tactical macro adjustments. Within technology, positioning favoring AI-beneficiary companies over traditional software proved prescient as AI adoption matured from evaluation to active implementation across organizations. The managers see compelling opportunities in the current environment of elevated dispersion and macro-driven volatility, which historically favors research-intensive processes. Key risks include potential Strait of Hormuz escalation driving higher oil prices, while catalysts include maturing AI adoption and margin tailwinds from improved productivity. The fund continues prioritizing companies with strong execution, pricing power, and resilience across various scenarios.

Core Thesis

Focus on identifying businesses with durable growth profiles, improving fundamentals, and attractive valuations through disciplined, bottom-up research process, believing long-term outcomes are ultimately driven by company execution and fundamental progress rather than short-term macro developments.

Forward Outlook

Finding a broad set of compelling, bottom-up investment opportunities driven by powerful secular trends. The current environment characterized by elevated dispersion, macro-driven volatility, and periodic disconnection from fundamentals is precisely the backdrop where research-intensive processes have historically thrived. Remain focused on seeking to identify mispriced opportunities, carefully managing risk, and building a portfolio of companies with strong execution, durable competitive advantages, and attractive risk-adjusted return profiles.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Mar 31 2026	2026 Q1	-	AI, fundamentals, Geopolitical, growth, oil, small caps, technology, valuation	-	Hood River Small Cap Growth Fund outperformed by 819 bps in Q1 2026 through disciplined stock selection, particularly benefiting from AI-levered holdings while avoiding traditional software. Despite geopolitical uncertainty and oil price volatility from Iran conflict, managers maintain bottom-up research focus, seeing current macro-driven dispersion as historically favorable environment for identifying mispriced opportunities with strong fundamentals.
Jan 12 2026	2025 Q4	-	AI, earnings, growth, small caps, stock selection, technology, Valuations	-	Hood River's small cap growth fund outperformed significantly in Q4 and full-year 2025, driven by strong stock selection particularly in AI-related technology investments. The portfolio has been rebalanced with more moderate exposure as valuations have risen meaningfully. Managers remain confident in their disciplined approach while acknowledging execution will be critical given elevated valuations and potential AI capex durability questions.
Oct 20 2025	2025 Q3	-	AI, Drones, growth, infrastructure, semiconductors, small caps, technology, Valuations	-	Hood River's small-cap growth fund significantly outperformed in Q3 2025, driven by strong stock selection in AI infrastructure themes including semiconductors and drone technology. The fund maintains exposure to secular growth trends while reducing AI concentration. With small-cap valuations compelling relative to large-caps and Fed rate cuts supporting the outlook, managers see attractive opportunities ahead in 2026.
Jun 30 2025	2025 Q2	-	AI, financials, growth, industrials, small caps, technology, Trade Policy	-	Hood River's small-cap growth fund outperformed significantly in Q2 as markets shifted from macro concerns to fundamentals. Strong stock selection in financials, industrials, and technology drove returns. The fund maintains AI overweight while managing trade policy risks. Small-cap valuations look attractive relative to large caps, and conservative guidance sets up favorable earnings revisions for the back half of 2025.
Mar 31 2025	2025 Q1	FTAI	AI, earnings, growth, industrials, small caps, technology, valuation	-	Hood River's small-cap growth strategy underperformed in Q1 2025 due to geopolitical tensions and risk-off sentiment, but managers see opportunity in attractive small-cap valuations. Despite AI infrastructure uncertainty, they maintain conviction in technology overweights and focus on fundamentally strong companies positioned for earnings surprises as market conditions normalize.
Dec 31 2024	2024 Q4	-	Deregulation, energy, financials, growth, healthcare, small cap, valuation	-	Hood River's small cap growth strategy delivered exceptional 2024 performance, outpacing benchmarks through disciplined stock selection. Small caps offer compelling relative value versus expensive large caps, trading at unusual discount to S&P 500. Expected deregulation from new administration should benefit small businesses. Portfolio positioned for 2025 opportunities with management teams expressing optimism about improved business environment.
Sep 30 2024	2024 Q3	APLD, QXO	AI, consumer, growth, industrials, small caps, technology	APLD QXO	Hood River's Small Cap Growth Fund outperformed by 373 bps in Q3 despite early volatility, delivering +31.33% year-to-date returns. The team's fundamental research process identified unique opportunities including co-investments with NVIDIA. With the Fed easing cycle beginning and small caps trading at a discount to large caps, the managers see continued outperformance potential.
Jun 30 2024	2024 Q2	-	AI, Data centers, growth, industrials, Outperformance, small caps, stock selection	-	Hood River outperformed by 562 basis points in Q2 through superior stock selection, particularly in industrials with AI/data center exposure. Small cap growth valuations remain attractive at historical discounts, with the team finding ample opportunities despite macro headwinds from higher rates and slowing consumer spending on big-ticket purchases.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Mar 31 2026

2026 Q1

AI, fundamentals, Geopolitical, growth, oil, small caps, technology, valuation

Hood River Small Cap Growth Fund outperformed by 819 bps in Q1 2026 through disciplined stock selection, particularly benefiting from AI-levered holdings while avoiding traditional software. Despite geopolitical uncertainty and oil price volatility from Iran conflict, managers maintain bottom-up research focus, seeing current macro-driven dispersion as historically favorable environment for identifying mispriced opportunities with strong fundamentals.

Jan 12 2026

2025 Q4

AI, earnings, growth, small caps, stock selection, technology, Valuations

Hood River's small cap growth fund outperformed significantly in Q4 and full-year 2025, driven by strong stock selection particularly in AI-related technology investments. The portfolio has been rebalanced with more moderate exposure as valuations have risen meaningfully. Managers remain confident in their disciplined approach while acknowledging execution will be critical given elevated valuations and potential AI capex durability questions.

Oct 20 2025

2025 Q3

AI, Drones, growth, infrastructure, semiconductors, small caps, technology, Valuations

Hood River's small-cap growth fund significantly outperformed in Q3 2025, driven by strong stock selection in AI infrastructure themes including semiconductors and drone technology. The fund maintains exposure to secular growth trends while reducing AI concentration. With small-cap valuations compelling relative to large-caps and Fed rate cuts supporting the outlook, managers see attractive opportunities ahead in 2026.

Jun 30 2025

2025 Q2

AI, financials, growth, industrials, small caps, technology, Trade Policy

Hood River's small-cap growth fund outperformed significantly in Q2 as markets shifted from macro concerns to fundamentals. Strong stock selection in financials, industrials, and technology drove returns. The fund maintains AI overweight while managing trade policy risks. Small-cap valuations look attractive relative to large caps, and conservative guidance sets up favorable earnings revisions for the back half of 2025.

Mar 31 2025

2025 Q1

FTAI

AI, earnings, growth, industrials, small caps, technology, valuation

Hood River's small-cap growth strategy underperformed in Q1 2025 due to geopolitical tensions and risk-off sentiment, but managers see opportunity in attractive small-cap valuations. Despite AI infrastructure uncertainty, they maintain conviction in technology overweights and focus on fundamentally strong companies positioned for earnings surprises as market conditions normalize.

Dec 31 2024

2024 Q4

Deregulation, energy, financials, growth, healthcare, small cap, valuation

Hood River's small cap growth strategy delivered exceptional 2024 performance, outpacing benchmarks through disciplined stock selection. Small caps offer compelling relative value versus expensive large caps, trading at unusual discount to S&P 500. Expected deregulation from new administration should benefit small businesses. Portfolio positioned for 2025 opportunities with management teams expressing optimism about improved business environment.

Sep 30 2024

2024 Q3

APLD, QXO

AI, consumer, growth, industrials, small caps, technology

APLD
QXO

Hood River's Small Cap Growth Fund outperformed by 373 bps in Q3 despite early volatility, delivering +31.33% year-to-date returns. The team's fundamental research process identified unique opportunities including co-investments with NVIDIA. With the Fed easing cycle beginning and small caps trading at a discount to large caps, the managers see continued outperformance potential.

Jun 30 2024

2024 Q2

AI, Data centers, growth, industrials, Outperformance, small caps, stock selection

Hood River outperformed by 562 basis points in Q2 through superior stock selection, particularly in industrials with AI/data center exposure. Small cap growth valuations remain attractive at historical discounts, with the team finding ample opportunities despite macro headwinds from higher rates and slowing consumer spending on big-ticket purchases.

QUARTER	THEMES	TAGS
2026 Q1	AI AI adoption cycle is maturing with companies actively implementing AI across organizations rather than just evaluating it. Use cases are expanding from experimentation into operational improvements including optimizing sales processes, enhancing customer interactions, and improving workforce productivity. Companies are hiring fewer incremental employees per unit of growth, creating margin tailwinds over time.	Artificial Intelligence Automation Productivity Software Implementation
	Oil Geopolitical conflict with Iran has introduced uncertainty with oil prices responding sharply. The primary downside risk being monitored is further escalation in the Strait of Hormuz which could push oil prices meaningfully higher and create broader downstream impacts for industries reliant on petroleum-based inputs. However, energy as a share of consumer spending remains near historical lows.	Energy Prices Geopolitical Risk Iran Strait of Hormuz Inflation
	Small Caps Russell 2000 Growth Index trades at roughly 19.8x 2027 earnings, a modest premium to large-cap benchmark but well below the 20% premium that small caps have historically commanded. The current environment characterized by elevated dispersion, macro-driven volatility, and periodic disconnection from fundamentals is precisely the backdrop where research-intensive processes have historically thrived.	Valuation Dispersion Research Fundamentals Outperformance
2025 Q4	AI AI remains a powerful secular theme with robust demand trends and earnings visibility. The fund benefited from select investments in AI and supporting infrastructure during Q4. However, managers are mindful of potential valuation compression if expectations extend beyond underlying earnings power and have selectively moderated exposure where expectations moved ahead of fundamentals.	Artificial Intelligence Infrastructure Secular Theme Valuation Capital Expenditure
	Small Caps Small cap growth universe ended 2025 trading at 20.0x 2027 earnings, in-line with S&P 500 but attractively valued on a relative basis given historical 20% premium. Elevated valuations increase importance of execution as companies need to meet or exceed guidance. Dispersion between winners and losers likely to remain elevated.	Valuation Execution Dispersion Russell 2000 Growth
	Growth Fund focuses on companies with sustainable growth profiles, improving profitability, and valuations that appropriately compensate for risk. Stock selection was the dominant contributor with +1,321 bps for full year, consistent with fundamental research-driven investment process. Emphasis remains on disciplined, bottom-up stock selection.	Stock Selection Fundamental Research Profitability Sustainable Growth Bottom-up
2025 Q3	AI The buildout of AI infrastructure and associated power needs continue to reverberate across the economy. Demand for semiconductors, energy, industrial capacity, and drone technology remains robust. Nearly half of U.S. GDP growth in the first half of 2025 was driven by technology capital expenditures, with this elevated pace of investment poised to continue.	Infrastructure Semiconductors Capital Expenditures Technology Growth
	Semiconductors Demand for semiconductors remains robust as part of the AI infrastructure buildout. Infrastructure beneficiaries have largely delivered beat-and-raise quarters, demonstrating strong fundamentals and execution in this space.	AI Infrastructure Beat-and-raise Technology Growth Demand
	Drones Drone technology demand remains robust as part of the broader AI infrastructure buildout and represents one of the powerful secular trends that could create company-specific growth drivers less visible in larger-cap benchmarks.	Technology Infrastructure Secular Trends Growth AI
	Small Caps Small-cap equities have rallied strongly since Liberation Day, with fundamentals taking center stage. Valuations remain compelling as the Russell 2000 Growth Index trades at similar multiples to the S&P 500 despite historically commanding a premium, creating attractive opportunities for small-cap investors.	Valuations Fundamentals Opportunities Growth Outperformance
2025 Q2	AI The fund remains overweight artificial intelligence as a theme, though exposure has moderated from earlier in the year. They are finding selective opportunities where capital expenditures among hyperscalers are translating into improving fundamentals, with anticipated continued earnings revisions and momentum in those names.	Hyperscalers Capital Expenditures Earnings Revisions Technology
	Trade Policy Tariffs remain a headline topic but the market is growing more comfortable with tapering trade tensions over time. The market is increasingly pricing in a 10% baseline rate on most non-China trading partners. The fund focuses on companies less exposed to global trade volatility to manage risk while seeking upside.	Tariffs Trade Tensions China Global Trade
	Small Caps From a valuation perspective, the US Small Cap Growth group continues to look attractive on a relative basis. The Russell 2000 Growth Index's 21.4x multiple represents a 5% discount to the S&P 500 Index, well below its typical premium to the larger-cap index.	Valuation Russell 2000 Relative Value Discount
2025 Q1	AI Over the past three years, AI and its supporting infrastructure has been identified as a primary global growth driver, representing a significant portion of technology and industrial exposure. Despite heightened uncertainty this quarter around scalability and capital expenditures, management discussions reinforce positive outlook with robust spending projections. The launch of China's Deepseek has catalyzed infrastructure expansion plans rather than stalling development.	Infrastructure Capital Expenditures Deepseek Technology Growth
	Small Caps The Russell 2000 Growth is trading at roughly a 10% discount despite typically trading at a 20% premium to broader markets. From a valuation perspective, US small caps remain attractive going forward. The recent selloff has taken some air out of valuations, creating opportunities in the small-cap space.	Valuation Russell 2000 Discount Attractive Opportunities
2024 Q4	Small Caps Small cap growth appears much more attractive than large caps, trading at a 17% discount to the S&P 500 for 2026 compared to a typical 20% premium. The Russell 2000 Growth Index's absolute valuation of 17.7x '26 earnings is slightly higher than normal but not too far from normal. Expected deregulation is anticipated to benefit small businesses, further supporting the favorable outlook on small caps heading into 2025.	Valuation Discount Deregulation Small Business Russell 2000
2024 Q3	Small Caps The fund focuses on US small cap growth stocks and believes small caps have the ability to outperform over the coming quarters given the Fed has begun its easing cycle and small caps typically outperform during easing cycles. The Russell 2000 Growth Index currently trades at a slight discount to the S&P 500 despite typically trading at a 20% premium.	Russell 2000 Easing Cycle Valuations Outperformance Growth
	AI The portfolio had an embedded tilt towards AI which faced headwinds in July during the rotation from growth to value. The fund co-invested with NVIDIA in Applied Digital Corporation at a discounted price, demonstrating continued exposure to AI-related opportunities.	NVIDIA Applied Digital Technology Growth Co-investment
2024 Q2	AI AI and digital currency data centers continue to change the supply/demand balance in several industries, primarily in industrials, technology, materials, and utilities. The buildout of capabilities is requiring more power, land, hardware, and chips. Some companies with ancillary exposure to these dynamics stand to benefit, yet the market is not fully pricing this in.	Data Centers Power Hardware Semiconductors Infrastructure
	Data Centers AI and digital currency data centers are driving significant changes in supply/demand dynamics across multiple industries. The buildout requires substantial power, land, hardware, and chips, creating opportunities for companies with ancillary exposure that may not be fully priced in by the market.	AI Power Infrastructure Hardware Real Estate

QUARTER

THEMES

AI

AI adoption cycle is maturing with companies actively implementing AI across organizations rather than just evaluating it. Use cases are expanding from experimentation into operational improvements including optimizing sales processes, enhancing customer interactions, and improving workforce productivity. Companies are hiring fewer incremental employees per unit of growth, creating margin tailwinds over time.

Artificial Intelligence Automation Productivity Software Implementation

Oil

Geopolitical conflict with Iran has introduced uncertainty with oil prices responding sharply. The primary downside risk being monitored is further escalation in the Strait of Hormuz which could push oil prices meaningfully higher and create broader downstream impacts for industries reliant on petroleum-based inputs. However, energy as a share of consumer spending remains near historical lows.

Energy Prices Geopolitical Risk Iran Strait of Hormuz Inflation

Small Caps

Russell 2000 Growth Index trades at roughly 19.8x 2027 earnings, a modest premium to large-cap benchmark but well below the 20% premium that small caps have historically commanded. The current environment characterized by elevated dispersion, macro-driven volatility, and periodic disconnection from fundamentals is precisely the backdrop where research-intensive processes have historically thrived.

Valuation Dispersion Research Fundamentals Outperformance

2025 Q4

AI

AI remains a powerful secular theme with robust demand trends and earnings visibility. The fund benefited from select investments in AI and supporting infrastructure during Q4. However, managers are mindful of potential valuation compression if expectations extend beyond underlying earnings power and have selectively moderated exposure where expectations moved ahead of fundamentals.

Artificial Intelligence Infrastructure Secular Theme Valuation Capital Expenditure

Small Caps

Small cap growth universe ended 2025 trading at 20.0x 2027 earnings, in-line with S&P 500 but attractively valued on a relative basis given historical 20% premium. Elevated valuations increase importance of execution as companies need to meet or exceed guidance. Dispersion between winners and losers likely to remain elevated.

Valuation Execution Dispersion Russell 2000 Growth

Growth

Fund focuses on companies with sustainable growth profiles, improving profitability, and valuations that appropriately compensate for risk. Stock selection was the dominant contributor with +1,321 bps for full year, consistent with fundamental research-driven investment process. Emphasis remains on disciplined, bottom-up stock selection.

Stock Selection Fundamental Research Profitability Sustainable Growth Bottom-up

2025 Q3

AI

The buildout of AI infrastructure and associated power needs continue to reverberate across the economy. Demand for semiconductors, energy, industrial capacity, and drone technology remains robust. Nearly half of U.S. GDP growth in the first half of 2025 was driven by technology capital expenditures, with this elevated pace of investment poised to continue.

Infrastructure Semiconductors Capital Expenditures Technology Growth

Semiconductors

Demand for semiconductors remains robust as part of the AI infrastructure buildout. Infrastructure beneficiaries have largely delivered beat-and-raise quarters, demonstrating strong fundamentals and execution in this space.

AI Infrastructure Beat-and-raise Technology Growth Demand

Drones

Drone technology demand remains robust as part of the broader AI infrastructure buildout and represents one of the powerful secular trends that could create company-specific growth drivers less visible in larger-cap benchmarks.

Technology Infrastructure Secular Trends Growth AI

Small Caps

Small-cap equities have rallied strongly since Liberation Day, with fundamentals taking center stage. Valuations remain compelling as the Russell 2000 Growth Index trades at similar multiples to the S&P 500 despite historically commanding a premium, creating attractive opportunities for small-cap investors.

Valuations Fundamentals Opportunities Growth Outperformance

2025 Q2

AI

The fund remains overweight artificial intelligence as a theme, though exposure has moderated from earlier in the year. They are finding selective opportunities where capital expenditures among hyperscalers are translating into improving fundamentals, with anticipated continued earnings revisions and momentum in those names.

Hyperscalers Capital Expenditures Earnings Revisions Technology

Trade Policy

Tariffs remain a headline topic but the market is growing more comfortable with tapering trade tensions over time. The market is increasingly pricing in a 10% baseline rate on most non-China trading partners. The fund focuses on companies less exposed to global trade volatility to manage risk while seeking upside.

Tariffs Trade Tensions China Global Trade

Small Caps

From a valuation perspective, the US Small Cap Growth group continues to look attractive on a relative basis. The Russell 2000 Growth Index's 21.4x multiple represents a 5% discount to the S&P 500 Index, well below its typical premium to the larger-cap index.

Valuation Russell 2000 Relative Value Discount

2025 Q1

AI

Over the past three years, AI and its supporting infrastructure has been identified as a primary global growth driver, representing a significant portion of technology and industrial exposure. Despite heightened uncertainty this quarter around scalability and capital expenditures, management discussions reinforce positive outlook with robust spending projections. The launch of China's Deepseek has catalyzed infrastructure expansion plans rather than stalling development.

Infrastructure Capital Expenditures Deepseek Technology Growth

Small Caps

The Russell 2000 Growth is trading at roughly a 10% discount despite typically trading at a 20% premium to broader markets. From a valuation perspective, US small caps remain attractive going forward. The recent selloff has taken some air out of valuations, creating opportunities in the small-cap space.

Valuation Russell 2000 Discount Attractive Opportunities

2024 Q4

Small Caps

Small cap growth appears much more attractive than large caps, trading at a 17% discount to the S&P 500 for 2026 compared to a typical 20% premium. The Russell 2000 Growth Index's absolute valuation of 17.7x '26 earnings is slightly higher than normal but not too far from normal. Expected deregulation is anticipated to benefit small businesses, further supporting the favorable outlook on small caps heading into 2025.

Valuation Discount Deregulation Small Business Russell 2000

2024 Q3

Small Caps

The fund focuses on US small cap growth stocks and believes small caps have the ability to outperform over the coming quarters given the Fed has begun its easing cycle and small caps typically outperform during easing cycles. The Russell 2000 Growth Index currently trades at a slight discount to the S&P 500 despite typically trading at a 20% premium.

Russell 2000 Easing Cycle Valuations Outperformance Growth

AI

The portfolio had an embedded tilt towards AI which faced headwinds in July during the rotation from growth to value. The fund co-invested with NVIDIA in Applied Digital Corporation at a discounted price, demonstrating continued exposure to AI-related opportunities.

NVIDIA Applied Digital Technology Growth Co-investment

2024 Q2

AI

AI and digital currency data centers continue to change the supply/demand balance in several industries, primarily in industrials, technology, materials, and utilities. The buildout of capabilities is requiring more power, land, hardware, and chips. Some companies with ancillary exposure to these dynamics stand to benefit, yet the market is not fully pricing this in.

Data Centers Power Hardware Semiconductors Infrastructure

Data Centers

AI and digital currency data centers are driving significant changes in supply/demand dynamics across multiple industries. The buildout requires substantial power, land, hardware, and chips, creating opportunities for companies with ancillary exposure that may not be fully priced in by the market.

AI Power Infrastructure Hardware Real Estate

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Sep 30, 2024	Fund Letters	Hood River Capital - Small Cap Growth Fund	APLD	Applied Digital Corporation	Information Technology	IT Services	Bull	NASDAQ	AI, Co-investment, data centers, digital infrastructure, high-performance computing, Nvidia partnership, technology infrastructure	Login
Sep 30, 2024	Fund Letters	Hood River Capital - Small Cap Growth Fund	QXO	QXO Inc	Industrials	Industrial Conglomerates	Bull	NASDAQ	Brad Jacobs, Business Platform, business services, management team, PIPE, Private Investment, Proven Operator	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Sep 30, 2024

Fund Letters

Hood River Capital - Small Cap Growth Fund

APLD

Applied Digital Corporation

Information Technology

IT Services

Bull

NASDAQ

AI, Co-investment, data centers, digital infrastructure, high-performance computing, Nvidia partnership, technology infrastructure

Sep 30, 2024

Fund Letters

Hood River Capital - Small Cap Growth Fund

QXO

QXO Inc

Industrials

Industrial Conglomerates

Bull

NASDAQ

Brad Jacobs, Business Platform, business services, management team, PIPE, Private Investment, Proven Operator

TICKER	COMMENTARY
No ticker commentary found.

TICKER

COMMENTARY

No ticker commentary found.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Oil

Small Caps

AI

Small Caps

Growth

AI

Semiconductors

Drones

Small Caps

AI

Trade Policy

Small Caps

AI

Small Caps

Small Caps

Small Caps

AI

AI

Data Centers

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brian Smoluch Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

Hood River Capital – Small Cap Growth Fund