AMG Frontier Small Cap Growth

Investor Summary

The fund is managed by James Colgan (since 2009) and Nathan Hayman (since 2024), with Michael Novak also listed as a manager since 2009. The broader Frontier Capital team comprises 19 professionals averaging over two decades of industry experience. Frontier Capital Management Company, LLC was founded in 1980 and serves as sub-adviser, specializing in growth and value equity investments with over 40 years of expertise focused on managing U.S. small, smid and mid-cap equity portfolios.

Fund Strategy

The fund employs a Growth at a Reasonable Price (GARP) approach to identify U.S. small- and mid-capitalization equity companies with solid or improving businesses and long-term unrecognized earnings power that are selling at attractive valuations. Frontier's investment philosophy is based on the belief that active, fundamental research adds value to the investment process. The strategy seeks to generate consistent returns over a full market cycle through positive stock selection, aiming to outperform in fundamentally driven markets, preserve capital in down markets and keep pace in speculative markets. Portfolios are constructed on a bottom-up basis, one stock at a time, utilizing disciplined and consistent proprietary fundamental analysis focusing on individual company performance and financial health.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
13.14%	21.9%	25.8%

Executive Summary

AMG Frontier Small Cap Growth Fund returned 21.90% in Q2 2026, underperforming the Russell 2000 Growth Index's 25.71% return but outperforming over the trailing 12 months. Small-cap stocks materially outperformed large caps for the second consecutive quarter, with growth outpacing value for the first time in four quarters. The strength was driven by capital flowing into small-cap hardware companies crucial to AI data center buildout. Technology holdings led performance, particularly Astera Labs and Silicon Motion, both of which were trimmed following sharp gains. Financials detracted, primarily Circle Internet Group, which declined on regulatory uncertainty around stablecoin legislation. Industrials also weighed on returns, including FTAI Aviation and Amentum Holdings, though the managers maintain both positions believing they remain well-positioned. Looking ahead, declining oil prices could ease inflation and prompt Federal Reserve rate cuts, potentially stimulating housing and auto sales while broadening market leadership beyond the concentrated AI rally. The fund has been gradually positioning for this potential shift.

Core Thesis

The fund invests in small-cap growth companies positioned to benefit from secular trends including AI infrastructure buildout, aerospace aftermarket services, and government defense spending, while preparing for a potential broadening of market leadership as lower interest rates stimulate previously subdued sectors like housing and autos.

Forward Outlook

The manager expects several factors to inform equity price direction in the second half of 2026, with energy prices being among the most important. With oil prices declining following Iran conflict de-escalation, inflationary pressures are easing. If this continues, the Federal Reserve may lower interest rates, potentially stimulating housing and auto sales while broadening capital flows beyond the concentrated AI rally. The fund has been gradually positioning for this potential shift while remaining prepared to adjust as conditions evolve. The tone is cautiously optimistic about a broadening market rally driven by lower rates.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 30 2026	2026 Q2	ALAB, FTAI, SIMO	AI, Airlines, defense, growth, rates, semiconductors, small caps, technology	-	Frontier's small-cap growth fund lagged its benchmark in Q2 despite strong absolute returns of 21.90%, as AI infrastructure stocks drove outsized gains in the small-cap universe. Technology holdings led performance while financials and industrials detracted. The managers are positioning for a potential broadening of market leadership as declining oil prices may prompt Fed rate cuts, stimulating previously subdued housing and auto sectors.
May 13 2026	2026 Q1	ALK, ENTG, GENI, KEX, LBRT, LMND, UCTT	AI, growth, healthcare, Industrial, Onshoring, small caps, technology, Transportation	-	Small-cap growth fund outperformed with 3.20% Q1 return versus benchmark's -2.81%. Core thesis targets U.S. industrial recovery through reshoring and AI spending. Strong technology performance from semiconductor suppliers Ultra Clean and Entegris. Added positions in transportation, energy services, and AI insurance. Transportation data confirms recovery with railroad and trucking volumes hitting multi-year highs.
Dec 31 2025	2025 Q3	ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE	discount, Europe, Patience, Quality, small caps, value	-	EQUAM Global Value declined 3.9% in Q3 due to zero bank exposure and European small-cap focus, but maintains slight outperformance since inception. Fund sees 112% upside potential across 45 holdings trading at attractive multiples. New Domino's Pizza investment exemplifies opportunistic approach to quality businesses at discounted prices.
Aug 21 2025	2025 Q2	AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL	AI, growth, infrastructure, Logistics, semiconductors, small cap, technology	PGY ATI SIMO INDI LTH STRL ODD SAIA PGY ATI SIMO INDI STRL ODD SAIA LTH	Small-cap growth fund outperformed in Q2 2025 driven by semiconductor recovery, AI fintech profitability, and infrastructure onshoring plays. Portfolio positioned for technology cycle upturn and U.S. infrastructure spending acceleration. Key risks include elevated rates and fiscal deficits, but tax incentives and trade certainty should drive corporate activity and earnings growth.
Mar 31 2025	2025 Q1	AMTM, BECN, BILL, CACI, CG, CZR, DLB, DOCN, EPRT, FTAI, INDI, LTH, MAT, MDB, PGY, TXG, UCTT, UTHR	AI, Cloud, defense, healthcare, semiconductors, small caps, technology, Trade Policy	-	Small cap growth fund underperformed in Q1 due to semiconductor weakness and trade policy uncertainty, but used market volatility to initiate attractive new positions in AI healthcare diagnostics, defense services, and cloud infrastructure. Despite near-term tariff concerns, the manager sees long-term opportunities from onshoring trends and maintains confidence in portfolio companies' growth prospects.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 30 2026

2026 Q2

ALAB, FTAI, SIMO

AI, Airlines, defense, growth, rates, semiconductors, small caps, technology

Frontier's small-cap growth fund lagged its benchmark in Q2 despite strong absolute returns of 21.90%, as AI infrastructure stocks drove outsized gains in the small-cap universe. Technology holdings led performance while financials and industrials detracted. The managers are positioning for a potential broadening of market leadership as declining oil prices may prompt Fed rate cuts, stimulating previously subdued housing and auto sectors.

May 13 2026

2026 Q1

ALK, ENTG, GENI, KEX, LBRT, LMND, UCTT

AI, growth, healthcare, Industrial, Onshoring, small caps, technology, Transportation

Small-cap growth fund outperformed with 3.20% Q1 return versus benchmark's -2.81%. Core thesis targets U.S. industrial recovery through reshoring and AI spending. Strong technology performance from semiconductor suppliers Ultra Clean and Entegris. Added positions in transportation, energy services, and AI insurance. Transportation data confirms recovery with railroad and trucking volumes hitting multi-year highs.

Dec 31 2025

2025 Q3

ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE

discount, Europe, Patience, Quality, small caps, value

EQUAM Global Value declined 3.9% in Q3 due to zero bank exposure and European small-cap focus, but maintains slight outperformance since inception. Fund sees 112% upside potential across 45 holdings trading at attractive multiples. New Domino's Pizza investment exemplifies opportunistic approach to quality businesses at discounted prices.

Aug 21 2025

2025 Q2

AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL

AI, growth, infrastructure, Logistics, semiconductors, small cap, technology

PGY
ATI
SIMO
INDI
LTH
STRL
ODD
SAIA
PGY
ATI
SIMO
INDI
STRL
ODD
SAIA
LTH

Small-cap growth fund outperformed in Q2 2025 driven by semiconductor recovery, AI fintech profitability, and infrastructure onshoring plays. Portfolio positioned for technology cycle upturn and U.S. infrastructure spending acceleration. Key risks include elevated rates and fiscal deficits, but tax incentives and trade certainty should drive corporate activity and earnings growth.

Mar 31 2025

2025 Q1

AMTM, BECN, BILL, CACI, CG, CZR, DLB, DOCN, EPRT, FTAI, INDI, LTH, MAT, MDB, PGY, TXG, UCTT, UTHR

AI, Cloud, defense, healthcare, semiconductors, small caps, technology, Trade Policy

Small cap growth fund underperformed in Q1 due to semiconductor weakness and trade policy uncertainty, but used market volatility to initiate attractive new positions in AI healthcare diagnostics, defense services, and cloud infrastructure. Despite near-term tariff concerns, the manager sees long-term opportunities from onshoring trends and maintains confidence in portfolio companies' growth prospects.

QUARTER	THEMES	TAGS
2026 Q2	AI AI-related capital expenditures have been a major contributor to GDP growth, driving an unusually concentrated equity market rally among companies directly involved in the physical buildout of AI data centers. Small-cap hardware companies such as semiconductors and optical infrastructure components crucial to AI data center buildout experienced strong capital inflows during the quarter. The fund holds positions in AI infrastructure companies like Astera Labs, which designs semiconductors enabling high-speed connectivity solutions for AI data centers.	Data Centers Semiconductors Infrastructure Capital Expenditures
	Semiconductors The fund benefited from strong performance in semiconductor holdings, particularly Astera Labs and Silicon Motion Technology. Astera Labs designs semiconductors for high-speed connectivity in AI data centers, while Silicon Motion manufactures NAND controllers for consumer applications and is gaining market share as peers focus on data center applications. Both positions were significantly trimmed following sharp price increases.	NAND Connectivity Data Centers Market Share
	Airlines The fund holds Alaska Air Group and FTAI Aviation, with the latter being a long-term holding focused on aerospace aftermarket services. The manager believes higher oil prices historically compel airlines to cut controllable costs, increasing demand for cost-saving maintenance services like FTAI's module swapping service. Despite investor fears about reduced travel demand, the conflict has not reduced air travel activity, and declining oil prices should lead to lower jet fuel prices.	Aerospace Aftermarket Oil Maintenance
	Oil Oil prices are identified as among the most important factors that could inform equity price direction in the second half of the year, as oil influences a wide range of goods and services and consequently inflation and interest rates. With the Iran conflict de-escalated, oil prices have declined sharply, easing inflationary pressures. If prices continue to moderate, consumers should benefit and the Federal Reserve may consider lowering interest rates.	Inflation Interest Rates Iran Consumer
	Rates A lower-rate environment could meaningfully stimulate housing activity and auto sales, two prominent sectors of the economy that have remained subdued for an extended period. The Federal Reserve may consider lowering interest rates if oil prices continue to moderate and inflationary pressures ease. The fund has been gradually positioning the portfolio to benefit from a potential shift to a lower-rate environment that could broaden capital flows and create a more balanced return profile across market sectors.	Federal Reserve Housing Auto Sales Inflation
	Crypto Circle Internet Group, the issuer of the USDC stablecoin, was the largest detractor in financials. The stock declined as investors feared that the Clarity Act, which would establish a clear legislative framework for stablecoins, will not come to a vote in this congressional session, thus impeding broader stablecoin adoption.	Stablecoins Regulation Legislation
	Defense Amentum Holdings provides high-value contractual services to various branches of the U.S. government to support industries including space, nuclear engineering, and construction. Since its IPO over a year ago, the company has achieved its stated goals pertaining to contract bookings, growth, and debt paydown. The manager believes Amentum is well positioned for sustained growth, fueled by ongoing investment in its core end markets.	Government Contracts Space Nuclear Construction
	Small Caps Small-cap stocks materially outperformed large caps for the second consecutive period, with the Russell 2000 Growth Index advancing 25.7% while the Russell 1000 Growth increased 16.7%. For the first time in four quarters, growth outpaced value as the Russell 2000 Value rose 17.2% but trailed its growth counterpart by 8.5 percentage points. The strength was fueled by capital flowing into small and smid-cap hardware companies.	Outperformance Growth Hardware
2026 Q1	AI The fund benefits from AI-driven semiconductor demand through holdings like Ultra Clean Holdings and Entegris, which provide critical systems and materials for AI capital spending. New position Lemonade is described as a property and casualty insurance company built from the ground up on AI.	Semiconductors Technology Insurance
	Onshoring Management believes new trade deals, manufacturing reshoring and low inventory levels will support a broad recovery in the U.S. goods-based economy and drive corporate earnings growth. This view continues to underpin their investment thesis.	Manufacturing Trade Industrial
	Energy The fund initiated a position in Liberty Energy Inc., which leverages oilfield service expertise to offer modular power solutions for data centers. Rising oil prices from Middle East conflict created headwinds for Alaska Air Group but the manager notes U.S. energy production capacity has expanded dramatically since the last major oil price spike.	Oil Services Energy Infrastructure Data Centers
	Transportation Strong transportation data supports the industrial recovery thesis, with U.S. railroads moving more loads in Q1 2026 than any first quarter since 2019 and truckload volumes hitting three-year highs. The fund holds Alaska Air Group and initiated a position in Kirby Corporation for inland waterway transport.	Logistics Airlines Shipping
2025 Q3	Value Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.	Discount Intrinsic Value Multiples Quality Patience
	Small Caps Fund focuses on European small and medium-sized companies, a market sector that has been abandoned by investors. This positioning contributed to underperformance but creates investment opportunities. Manager concentrates idea generation efforts in the European Small & Mid Cap arena.	European SMID Abandoned Underperformance Opportunities
2025 Q2	Semiconductor Cycle Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025.	PCIe Gen 5 NAND flash controllers automotive semiconductors inventory recovery data center
	AI Pagaya Technologies operates as an AI-driven fintech platform using AI models to help institutional lending partners identify creditworthy borrowers. The company's AI technology serves as the core differentiator in connecting banks with institutional investors for retail credit decisions.	fintech credit scoring lending platform institutional investors
	Infrastructure Spending Sterling Infrastructure engages in large-scale site preparation and construction for infrastructure projects including roads, bridges, airports, data centers, and warehouses. The company is expected to benefit from market share gains and cyclical growth as infrastructure develops to support U.S. onshoring initiatives.	construction onshoring data centers site preparation infrastructure projects
	Logistics Saia is a less-than-truckload company that recently completed expansion of its terminal footprint across the U.S. With its network now in place, the company has opportunity to expand margins and grow revenue through pricing improvement and network optimization as economic recovery drives volume surge.	less-than-truckload terminal network pricing optimization freight
2025 Q1	Semiconductors Technology was the largest detracting industry with underperformance from indie Semiconductor and Ultra Clean Holdings. indie faced weakness in China and tariff uncertainty affecting auto build rates globally, while Ultra Clean experienced product qualification delays at a Chinese customer and weakening semiconductor equipment demand in China.	Semiconductor Cycle Semi Equipment Semiconductors China Tariffs
	AI Tempus AI was the best performing stock, gaining 43% on robust growth and end of IPO lockup. The company combines next generation diagnostics with AI capabilities to deliver personalized therapies and has built a substantial economic moat through its multimodal database from over 2,000 healthcare institutions.	AI Healthcare Software Diagnostics Data & Analytics
	Defense New positions were initiated in CACI International and Amentum Holdings, both providing essential services to the Department of Defense. Despite concerns about the Department of Government Efficiency potentially cutting spending, the mission-critical nature of their projects and increased defense spending should enable earnings growth.	Defense Defense Services Government IT Defense Spending
	Trade Policy Market volatility increased due to the administration's changing trade policies, particularly tariffs. The prospect of tariffs created uncertainty affecting various market segments, with many companies whose stocks were hurt potentially benefiting from other administration initiatives like onshoring and capital investment.	Trade Policy Tariffs Onshoring Industrial Policy
	Cloud DigitalOcean was added as a new position, providing cloud computing infrastructure to developers and small businesses. The new CEO has increased investment in service offerings to grow share of wallet and reduce churn, with AI use cases expected to drive increasing earnings.	Cloud Cloud Infrastructure AI Enterprise Software

QUARTER

THEMES

AI

AI-related capital expenditures have been a major contributor to GDP growth, driving an unusually concentrated equity market rally among companies directly involved in the physical buildout of AI data centers. Small-cap hardware companies such as semiconductors and optical infrastructure components crucial to AI data center buildout experienced strong capital inflows during the quarter. The fund holds positions in AI infrastructure companies like Astera Labs, which designs semiconductors enabling high-speed connectivity solutions for AI data centers.

Data Centers Semiconductors Infrastructure Capital Expenditures

Semiconductors

The fund benefited from strong performance in semiconductor holdings, particularly Astera Labs and Silicon Motion Technology. Astera Labs designs semiconductors for high-speed connectivity in AI data centers, while Silicon Motion manufactures NAND controllers for consumer applications and is gaining market share as peers focus on data center applications. Both positions were significantly trimmed following sharp price increases.

NAND Connectivity Data Centers Market Share

Airlines

The fund holds Alaska Air Group and FTAI Aviation, with the latter being a long-term holding focused on aerospace aftermarket services. The manager believes higher oil prices historically compel airlines to cut controllable costs, increasing demand for cost-saving maintenance services like FTAI's module swapping service. Despite investor fears about reduced travel demand, the conflict has not reduced air travel activity, and declining oil prices should lead to lower jet fuel prices.

Aerospace Aftermarket Oil Maintenance

Oil

Oil prices are identified as among the most important factors that could inform equity price direction in the second half of the year, as oil influences a wide range of goods and services and consequently inflation and interest rates. With the Iran conflict de-escalated, oil prices have declined sharply, easing inflationary pressures. If prices continue to moderate, consumers should benefit and the Federal Reserve may consider lowering interest rates.

Inflation Interest Rates Iran Consumer

Rates

A lower-rate environment could meaningfully stimulate housing activity and auto sales, two prominent sectors of the economy that have remained subdued for an extended period. The Federal Reserve may consider lowering interest rates if oil prices continue to moderate and inflationary pressures ease. The fund has been gradually positioning the portfolio to benefit from a potential shift to a lower-rate environment that could broaden capital flows and create a more balanced return profile across market sectors.

Federal Reserve Housing Auto Sales Inflation

Crypto

Circle Internet Group, the issuer of the USDC stablecoin, was the largest detractor in financials. The stock declined as investors feared that the Clarity Act, which would establish a clear legislative framework for stablecoins, will not come to a vote in this congressional session, thus impeding broader stablecoin adoption.

Stablecoins Regulation Legislation

Defense

Amentum Holdings provides high-value contractual services to various branches of the U.S. government to support industries including space, nuclear engineering, and construction. Since its IPO over a year ago, the company has achieved its stated goals pertaining to contract bookings, growth, and debt paydown. The manager believes Amentum is well positioned for sustained growth, fueled by ongoing investment in its core end markets.

Government Contracts Space Nuclear Construction

Small Caps

Small-cap stocks materially outperformed large caps for the second consecutive period, with the Russell 2000 Growth Index advancing 25.7% while the Russell 1000 Growth increased 16.7%. For the first time in four quarters, growth outpaced value as the Russell 2000 Value rose 17.2% but trailed its growth counterpart by 8.5 percentage points. The strength was fueled by capital flowing into small and smid-cap hardware companies.

Outperformance Growth Hardware

2026 Q1

AI

The fund benefits from AI-driven semiconductor demand through holdings like Ultra Clean Holdings and Entegris, which provide critical systems and materials for AI capital spending. New position Lemonade is described as a property and casualty insurance company built from the ground up on AI.

Semiconductors Technology Insurance

Onshoring

Management believes new trade deals, manufacturing reshoring and low inventory levels will support a broad recovery in the U.S. goods-based economy and drive corporate earnings growth. This view continues to underpin their investment thesis.

Manufacturing Trade Industrial

Energy

The fund initiated a position in Liberty Energy Inc., which leverages oilfield service expertise to offer modular power solutions for data centers. Rising oil prices from Middle East conflict created headwinds for Alaska Air Group but the manager notes U.S. energy production capacity has expanded dramatically since the last major oil price spike.

Oil Services Energy Infrastructure Data Centers

Transportation

Strong transportation data supports the industrial recovery thesis, with U.S. railroads moving more loads in Q1 2026 than any first quarter since 2019 and truckload volumes hitting three-year highs. The fund holds Alaska Air Group and initiated a position in Kirby Corporation for inland waterway transport.

Logistics Airlines Shipping

2025 Q3

Value

Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.

Discount Intrinsic Value Multiples Quality Patience

Small Caps

Fund focuses on European small and medium-sized companies, a market sector that has been abandoned by investors. This positioning contributed to underperformance but creates investment opportunities. Manager concentrates idea generation efforts in the European Small & Mid Cap arena.

European SMID Abandoned Underperformance Opportunities

2025 Q2

Semiconductor Cycle

Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025.

PCIe Gen 5 NAND flash controllers automotive semiconductors inventory recovery data center

AI

Pagaya Technologies operates as an AI-driven fintech platform using AI models to help institutional lending partners identify creditworthy borrowers. The company's AI technology serves as the core differentiator in connecting banks with institutional investors for retail credit decisions.

fintech credit scoring lending platform institutional investors

Infrastructure Spending

Sterling Infrastructure engages in large-scale site preparation and construction for infrastructure projects including roads, bridges, airports, data centers, and warehouses. The company is expected to benefit from market share gains and cyclical growth as infrastructure develops to support U.S. onshoring initiatives.

construction onshoring data centers site preparation infrastructure projects

Logistics

Saia is a less-than-truckload company that recently completed expansion of its terminal footprint across the U.S. With its network now in place, the company has opportunity to expand margins and grow revenue through pricing improvement and network optimization as economic recovery drives volume surge.

less-than-truckload terminal network pricing optimization freight

2025 Q1

Semiconductors

Technology was the largest detracting industry with underperformance from indie Semiconductor and Ultra Clean Holdings. indie faced weakness in China and tariff uncertainty affecting auto build rates globally, while Ultra Clean experienced product qualification delays at a Chinese customer and weakening semiconductor equipment demand in China.

Semiconductor Cycle Semi Equipment Semiconductors China Tariffs

AI

Tempus AI was the best performing stock, gaining 43% on robust growth and end of IPO lockup. The company combines next generation diagnostics with AI capabilities to deliver personalized therapies and has built a substantial economic moat through its multimodal database from over 2,000 healthcare institutions.

AI Healthcare Software Diagnostics Data & Analytics

Defense

New positions were initiated in CACI International and Amentum Holdings, both providing essential services to the Department of Defense. Despite concerns about the Department of Government Efficiency potentially cutting spending, the mission-critical nature of their projects and increased defense spending should enable earnings growth.

Defense Defense Services Government IT Defense Spending

Trade Policy

Market volatility increased due to the administration's changing trade policies, particularly tariffs. The prospect of tariffs created uncertainty affecting various market segments, with many companies whose stocks were hurt potentially benefiting from other administration initiatives like onshoring and capital investment.

Trade Policy Tariffs Onshoring Industrial Policy

Cloud

DigitalOcean was added as a new position, providing cloud computing infrastructure to developers and small businesses. The new CEO has increased investment in service offerings to grow share of wallet and reduce churn, with AI use cases expected to drive increasing earnings.

Cloud Cloud Infrastructure AI Enterprise Software

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Aug 21, 2025	Fund Letters	James A.Colgan	PGY	Pagaya Technologies Ltd.	Information Technology	Application Software	Bull	NASDAQ	AI, consumer, Credit, Fintech, Lending, Platforms	Login
Aug 21, 2025	Fund Letters	James A.Colgan	ATI	ATI Inc.	Materials	Steel	Bull	NYSE	Aerospace, Alloys, backlog, Margins, materials, Titanium	Login
Aug 21, 2025	Fund Letters	James A.Colgan	SIMO	Silicon Motion Technology Corp. ADR	Information Technology	Semiconductors	Bull	NASDAQ	Controllers, datacenter, Pcs, semiconductors, Ssd, Storage	Login
Aug 21, 2025	Fund Letters	James A.Colgan	INDI	indie Semiconductor, Inc.	Information Technology	Semiconductors	Bull	NASDAQ	Adas, automotive, cashflow, growth, Safety, semiconductors	Login
Aug 21, 2025	Fund Letters	James A.Colgan	LTH	Life Time Group Holdings, Inc.	Consumer Discretionary	Leisure Facilities	Bull	NYSE	consumer, Fitness, growth, Leisure, realestate, services	Login
Aug 21, 2025	Fund Letters	James A.Colgan	STRL	Sterling Infrastructure, Inc.	Industrials	Construction Machinery & Heavy Trucks	Bull	NASDAQ	backlog, construction, datacenters, infrastructure, Margins, Onshoring	Login
Aug 21, 2025	Fund Letters	James A.Colgan	ODD	Oddity Tech Ltd.	Consumer Staples	Personal Products	Bull	NASDAQ	AI, Beauty, brands, consumer, ecommerce, growth	Login
Aug 21, 2025	Fund Letters	James A.Colgan	SAIA	Saia, Inc.	Industrials	Trucking	Bull	NASDAQ	Freight, Logistics, Margins, network, Transportation, Trucking	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	PGY	Pagaya Technologies Ltd	Financials	Financial Technology (Fintech)	Bull	NASDAQ	AI Models, Artificial Intelligence, auto loans, Credit Platform, Fintech, GAAP profitability, Personal Loans, Two-sided Platform	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	ATI	ATI Inc	Materials	Steel	Bull	NYSE	Aerospace, Airbus, Aircraft Build Rates, margin expansion, market share gains, Narrowbody, Specialty-Metals, Widebody	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	SIMO	Silicon Motion Technology Corporation	Information Technology	Semiconductors	Bull	NASDAQ	Bluefield DPU, data center, Heat Sink, market share, NAND Flash Controllers, NVIDIA, PCIe Gen 5, Six-nanometer	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	INDI	indie Semiconductor Inc	Information Technology	Semiconductors	Bull	NASDAQ	Adas, Automotive Semiconductors, cash flow positive, design wins, driver assistance, Inventory Correction, mixed-signal, Safety Features	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	STRL	Sterling Infrastructure Inc	Industrials	Construction & Engineering	Bull	NASDAQ	construction, data centers, infrastructure, Margin Improvement, market share gains, Site Preparation, Transportation, U.S. Onshoring	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	ODD	ODDITY Tech Ltd	Consumer Staples	Personal Care Products	Bull	NASDAQ	Algorithms, beauty products, brand portfolio, Customer Acquisition, customer retention, e-commerce, Proprietary technology, social media	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	SAIA	Saia Inc	Industrials	Trucking	Bull	NASDAQ	Less-than-truckload, Ltl, margin expansion, Network Optimization, operating leverage, Pricing Improvement, Terminal Network, Volume Recovery	Login
Jun 30, 2025	Fund Letters	AMG Frontier Small Cap Growth	LTH	Life Time Group Holdings Inc	Consumer Discretionary	Leisure Facilities	Bull	NYSE	Consumer Engagement, customer retention, discretionary spending, Premium Positioning, Revenue Per Center, Unit growth, Upscale Fitness Centers, Waiting Lists	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Aug 21, 2025

Fund Letters

James A.Colgan

PGY

Pagaya Technologies Ltd.

Information Technology

Application Software

Bull

NASDAQ

AI, consumer, Credit, Fintech, Lending, Platforms

Aug 21, 2025

Fund Letters

James A.Colgan

ATI

ATI Inc.

Materials

Steel

Bull

NYSE

Aerospace, Alloys, backlog, Margins, materials, Titanium

Aug 21, 2025

Fund Letters

James A.Colgan

SIMO

Silicon Motion Technology Corp. ADR

Information Technology

Semiconductors

Bull

NASDAQ

Controllers, datacenter, Pcs, semiconductors, Ssd, Storage

Aug 21, 2025

Fund Letters

James A.Colgan

INDI

indie Semiconductor, Inc.

Information Technology

Semiconductors

Bull

NASDAQ

Adas, automotive, cashflow, growth, Safety, semiconductors

Aug 21, 2025

Fund Letters

James A.Colgan

LTH

Life Time Group Holdings, Inc.

Consumer Discretionary

Leisure Facilities

Bull

NYSE

consumer, Fitness, growth, Leisure, realestate, services

Aug 21, 2025

Fund Letters

James A.Colgan

STRL

Sterling Infrastructure, Inc.

Industrials

Construction Machinery & Heavy Trucks

Bull

NASDAQ

backlog, construction, datacenters, infrastructure, Margins, Onshoring

Aug 21, 2025

Fund Letters

James A.Colgan

ODD

Oddity Tech Ltd.

Consumer Staples

Personal Products

Bull

NASDAQ

AI, Beauty, brands, consumer, ecommerce, growth

Aug 21, 2025

Fund Letters

James A.Colgan

SAIA

Saia, Inc.

Industrials

Trucking

Bull

NASDAQ

Freight, Logistics, Margins, network, Transportation, Trucking

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

PGY

Pagaya Technologies Ltd

Financials

Financial Technology (Fintech)

Bull

NASDAQ

AI Models, Artificial Intelligence, auto loans, Credit Platform, Fintech, GAAP profitability, Personal Loans, Two-sided Platform

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

ATI

ATI Inc

Materials

Steel

Bull

NYSE

Aerospace, Airbus, Aircraft Build Rates, margin expansion, market share gains, Narrowbody, Specialty-Metals, Widebody

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

SIMO

Silicon Motion Technology Corporation

Information Technology

Semiconductors

Bull

NASDAQ

Bluefield DPU, data center, Heat Sink, market share, NAND Flash Controllers, NVIDIA, PCIe Gen 5, Six-nanometer

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

INDI

indie Semiconductor Inc

Information Technology

Semiconductors

Bull

NASDAQ

Adas, Automotive Semiconductors, cash flow positive, design wins, driver assistance, Inventory Correction, mixed-signal, Safety Features

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

STRL

Sterling Infrastructure Inc

Industrials

Construction & Engineering

Bull

NASDAQ

construction, data centers, infrastructure, Margin Improvement, market share gains, Site Preparation, Transportation, U.S. Onshoring

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

ODD

ODDITY Tech Ltd

Consumer Staples

Personal Care Products

Bull

NASDAQ

Algorithms, beauty products, brand portfolio, Customer Acquisition, customer retention, e-commerce, Proprietary technology, social media

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

SAIA

Saia Inc

Industrials

Trucking

Bull

NASDAQ

Less-than-truckload, Ltl, margin expansion, Network Optimization, operating leverage, Pricing Improvement, Terminal Network, Volume Recovery

Jun 30, 2025

Fund Letters

AMG Frontier Small Cap Growth

LTH

Life Time Group Holdings Inc

Consumer Discretionary

Leisure Facilities

Bull

NYSE

Consumer Engagement, customer retention, discretionary spending, Premium Positioning, Revenue Per Center, Unit growth, Upscale Fitness Centers, Waiting Lists

TICKER	COMMENTARY
FTAI	FTAI has been a long-term holding and we think it remains materially undervalued. The stock declined alongside other aerospace aftermarket stocks as many investors fear that higher oil prices will raise airfares, leading to reduced travel, airline capacity drawdowns, and weaker demand for FTAI's services. Our opinion is different. Ironically, pressures such as rising oil prices have historically compelled airlines to cut controllable costs, resulting in increased demand for cost-saving maintenance services like FTAI's module swapping service. We believe that the current strain on airlines should allow FTAI's customer base to expand and ultimately accelerate the company's growth. Additionally, the conflict has not reduced air travel activity, and with oil prices now declining, we expect jet fuel prices will soon follow.
ALAB	Astera Labs Inc., which designs and manufactures semiconductors that enable high-speed connectivity solutions for AI data centers. Following sharp increases in the stock prices of both Astera Labs and Silicon Motion, we significantly trimmed each position.
SIMO	Silicon Motion Technology Corporation, which manufactures NAND controllers, primarily used for high-volume consumer applications like personal computers and smartphones. The company is gaining market share as several peers have scaled back their consumer controller businesses to focus on manufacturing NAND controllers for data centers, essentially intentionally ceding much of the consumer business to Silicon Motion. Following sharp increases in the stock prices of both Astera Labs and Silicon Motion, we significantly trimmed each position.

TICKER

COMMENTARY

FTAI

FTAI has been a long-term holding and we think it remains materially undervalued. The stock declined alongside other aerospace aftermarket stocks as many investors fear that higher oil prices will raise airfares, leading to reduced travel, airline capacity drawdowns, and weaker demand for FTAI's services. Our opinion is different. Ironically, pressures such as rising oil prices have historically compelled airlines to cut controllable costs, resulting in increased demand for cost-saving maintenance services like FTAI's module swapping service. We believe that the current strain on airlines should allow FTAI's customer base to expand and ultimately accelerate the company's growth. Additionally, the conflict has not reduced air travel activity, and with oil prices now declining, we expect jet fuel prices will soon follow.

ALAB

Astera Labs Inc., which designs and manufactures semiconductors that enable high-speed connectivity solutions for AI data centers. Following sharp increases in the stock prices of both Astera Labs and Silicon Motion, we significantly trimmed each position.

SIMO

Silicon Motion Technology Corporation, which manufactures NAND controllers, primarily used for high-volume consumer applications like personal computers and smartphones. The company is gaining market share as several peers have scaled back their consumer controller businesses to focus on manufacturing NAND controllers for data centers, essentially intentionally ceding much of the consumer business to Silicon Motion. Following sharp increases in the stock prices of both Astera Labs and Silicon Motion, we significantly trimmed each position.

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 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Airlines

Oil

Rates

Crypto

Defense

Small Caps

AI

Onshoring

Energy

Transportation

Value

Small Caps

Semiconductor Cycle

AI

Infrastructure Spending

Logistics

Semiconductors

AI

Defense

Trade Policy

Cloud

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

James A.Colgan 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:

AMG Frontier Small Cap Growth