ACVA

ACVA

ACVA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 1, 2024	Optimist Fund	27.8%	49.2%	ACVA, AHT, BFIT, CIGI, CRCT, CVNA, DASH, FIGS, HFG, MNDY, OPEN, POOL, PTON, REVL, SMAR, UBER, W, XPOF	Concentration, E-Commerce, Fitness, growth, Market Leadership, technology, turnaround	The fund believes market leaders like Carvana, Wayfair, and DoorDash have won their respective online markets after competitors died or shrank dramatically during 2022. The manager sees this as similar to Amazon's dominance after the early 2000s tech bubble collapse.	ACVA UBER XPOF DASH CVNA	View
2026 Q1	Apr 16, 2026	Meridian Hedged Equity Fund	0.1%	0.1%	ACVA, CVX, EQIX, MSFT, PYPL, RPRX	AI, energy, Geopolitical, Hedged Equity, technology, value		PYPL MSFT ACVA RPRX EQIX CVX	View
2024 Q1	Apr 15, 2024	Meridian Growth Fund	6.8%	0.0%	ACVA, ALIT, CARG, EEFT, IRDM, MATX, QDEL, RBA, SHC, ST, STE, TRMB, ZD	growth, Quality, Recurring Revenue, risk management, small caps, technology	QuidelOrtho Corporation is a global leader in the diagnostics industry following the merger of Quidel and Ortho Clinical Diagnostics. The company faced challenges from a dramatic slowdown in Covid-19 testing volumes but maintains steady performance in its core clinical diagnostic division with EBITDA margins north of 20%.	RBA ACVA TRMB SHC IRDM QDEL	View
2024 Q1	Apr 15, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, ALIT, BYRN, CARG, CNCL, FORR, LZ, MATX, MIR, MMSI, NRGN, QDEL, RBA, SG, STNE, TPB	Automation, Diagnostics, growth, healthcare, small cap, technology	The fund holds multiple healthcare positions including QuidelOrtho Corporation in diagnostics, Consensus Cloud Solutions serving healthcare data security, and Neurogene in gene therapy. Healthcare IT staffing issues are creating macro pressure on enterprise-level adoptions.	SG NRGN BYRN FORR QDEL CNCL	View
2025 Q1	Mar 31, 2025	NCG Micro Cap Growth Strategy	14.8%	14.8%	ACVA, AGX, AGYS, ALHC, ALKT, ARQ, ATRO, CSTL, CVLG, DAVA, DCBO, FLYW, FROG, GDYN, HROW, IRTC, MRTN, NEO, OLO, PAL, PDFS, PYCR, SDHC, SMWB, TNDM	growth, healthcare, Micro Cap, small caps, technology, valuation	NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding and seek companies that can grow revenue and profits at strong rates in any economic environment.		View
2025 Q1	Mar 31, 2025	Meridian Hedged Equity Fund	-0.2%	-0.2%	ABNB, ACVA, AMZN, DHI, DHR, GEO, GFL, ICE, LYV, MGM, V, YOU	Hedging, Options, Quality, tariffs, value, volatility	The first quarter witnessed marked shift in market volatility dynamics with VIX experiencing significant escalation from mid-February through March end. Higher volatility was driven by rising policy uncertainty from the new U.S. administration, specifically concerning aggressive tariff implementations. During periods of heightened uncertainty, investors are willing to pay more for options protection, potentially benefiting covered call writers.	AMZN ACVA MGM GEO V ICE	View
2023 Q4	Dec 31, 2023	NCG Micro Cap Growth Strategy	9.5%	10.2%	ACVA, ALKT, AUGX, CCS, CSTL, DCBO, ENFN, FWRG, PDFS, SEMR, TNDM, VCYT	Fed Pivot, growth, healthcare, Microcap, Quality, small caps, technology	Healthcare holdings drove much of the underperformance across all strategies in 2023, primarily due to investor perception that GLP-1 drug benefits will reduce medical interventions. Many healthcare companies began recovering in Q4 and the manager believes in long-term growth fundamentals.	ENFN VCYT PDFS SEMR ALKT CCCS FWRG AUGX ACVA DCBO CSTL TNDM	View
2024 Q3	Oct 16, 2024	Optimist Fund	27.8%	49.2%	ACVA, CIGI, CVNA, DASH, FA, HFG.DE, LIDR, MNDY, REVL, UBER, W	Cyclical, E-Commerce, growth, mid cap, value	The fund holds multiple e-commerce positions including Carvana (online used car sales), Revolve (fashion e-commerce), and Wayfair (home goods). Carvana continues strong performance with 30%+ unit growth and superior margins. Revolve showed accelerating revenue growth and expanding margins.	POOL FA HFG.DE CVNA	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	2.0%	-	ACVA, BJ, CWST, KTOS, MIR, NVDA, PAR, SITM, UNF, VERX	AI, Biotechnology, defense, Federal Reserve, growth, M&A, small cap, software	AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot-com peak levels.	SITM US KRAT US	View
2025 Q4	Jan 26, 2026	Cambiar SMID Fund	1.6%	0.0%	ACVA, ALGN, BOKF, COO, EEFT, FNF, GOOGL, JBHT, LAZ, MAS, NVDA, WFC, WSC	AI, Credit Stress, financials, healthcare, Quality, small caps, value	The market has priced in a near-flawless AI future for years, but sentiment is shifting as investors become more scrutinizing. Only two of the Mag7 outperformed in 2025, and the market is now more discerning about how AI investments will translate into financial returns. Increased debt financing for AI capex creates vulnerability to credit tightening. The fourth quarter saw a reversal in the growth versus value trade, with traditional value sectors like Healthcare and Financials performing well while Mag7 largely lagged. The fund's quality bias and valuation sensitivity were out of step with a market prioritizing higher-beta momentum stocks. Value stocks offer attractive return potential going forward. Small cap stocks trailed larger cap counterparts for the year despite posting respectable 12.8% gains. Companies with negative income outperformed by wide margins in 2025, creating challenges for quality-focused strategies. The market environment paralleled 2021's speculative period with little regard for valuation or earnings. Corporate bankruptcies spiked in 2025, highlighting growing financial pressure amid elevated borrowing costs. Middle and lower income consumers are increasingly stretched with high credit card balances and subprime auto loan delinquencies at highest levels since 2008. Rising unemployment likely to amplify these pressures.	COO	View
2024 Q2	Jul 16, 2024	Optimist Fund	27.8%	49.2%	ACVA, CIGI, CVNA, DASH, HFG, MNDY, RVLV, SMAR, TDUP, UBER, W	Concentration, E-Commerce, growth, mid cap, SaaS, technology	The fund holds multiple e-commerce leaders including Carvana (fastest growing automotive dealer in North America), Wayfair (waiting for home goods market stabilization), and ThredUp (second-hand consignment marketplace). These companies are positioned to benefit from continued digital transformation and market share gains.	MNDY CVNA	View
2024 Q2	Jun 30, 2024	Meridian Growth Fund	6.8%	0.0%	ACVA, AGIO, ALIT, CARG, CHDN, CHWY, EEFT, RBA, RELY, SMAR, ST, STE, TMDX, TRMB, ZD	consumer discretionary, growth, healthcare, industrials, Quality, small cap, technology	The fund holds Transmedics Group, a medical technology company with a differentiated capability to facilitate organ transplants through their Organ Care System (OCS). The company reported increased adoption and buildout of its OCS platform with strong top-line growth and profitability metrics ahead of plan.	RELY TRMB ALIT AGIO CHWY TMDX	View
2024 Q2	Jun 30, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, AGS, ALIT, BYRN, CARG, LZ, MIR, MMSI, RBA, SILK, SMAR, STNE, TMDX, TPB	downside protection, growth, Medical Devices, Quality, small caps, technology	The fund holds multiple medical technology companies including TransMedics Group with their revolutionary organ transplant technology and Silk Road Medical with their minimally invasive carotid artery treatment. These companies are taking market share with innovative solutions that improve patient outcomes.	AGS SILK TMDX ALIT BYRN LZ	View
2023 Q1	Mar 31, 2023	Meridian Growth Fund	6.8%	0.0%	ACVA, ARVN, CCCC, CCSI, FTDR, ST	-			View
2023 Q1	Mar 31, 2023	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, ALBO, CCSI, FTDR, HDSN, PMVP	-			View
2023 Q4	Jan 30, 2024	Baron Discovery Fund	13.5%	9.3%	AAON, ACVA, AEIS, AXON, BASE, CYBR, DKNG, ESTA, EWCZ, FND, GTLB, GTLS, ICHR, KNSL, KTOS, MRAI, MRCY, REXR, S, VRNS	cybersecurity, defense, growth, HVAC, small caps, technology, value	Multiple cybersecurity holdings performed strongly in Q4, with SentinelOne, GitLab, Varonis, and CyberArk all contributing positively. The managers see accelerating demand driven by AI adoption requiring data security, SEC disclosure requirements, and vendor consolidation favoring comprehensive platforms over point solutions.	AAON VRNS GTLB ^FTSE	View
2024 Q4	Jan 20, 2025	Optimist Fund	11.6%	66.5%	ACVA, BFIT.AS, CRCT, CVNA, DASH, DSV.CO, FIGS, HFG.DE, LATM, MNDY, REVL, TDUP, TDY, UBER, W, XPOF	consumer, E-Commerce, growth, Logistics, mid cap, profitability, technology	Multiple e-commerce holdings including Carvana (used car retail), DoorDash (food delivery), Revolve (fashion), and Wayfair (home goods) represent core portfolio positions. The manager sees significant growth potential as these companies gain market share and improve profitability despite challenging market conditions.	TDUP W POOL RVLV HFG.DE DASH CVNA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	NCG Micro Cap Growth Strategy	ACV Auctions	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Digital Marketplace, market disruption, profitability inflection, Two-sided Platform, Used Vehicles, Wholesale Auctions	View Pitch
Apr 23, 2026	Fund Letters	Meridian Hedged Equity Fund	ACV Auctions, Inc.	Auto & Truck Dealerships	Specialty Retail	Bull	NASDAQ	automotive, customer retention, Digital Marketplace, Digitization, Integrated Ecosystem, network effects, Specialty retail, Wholesale Vehicles	View Pitch
Apr 13, 2026	Fund Letters	Meridian Hedged Equity Fund	ACV Auctions, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI Inspection, Automotive Wholesale, customer retention, Digital Marketplace, Digitization, market share gains, Used Vehicles	View Pitch
Apr 13, 2026	Fund Letters	Meridian Growth Fund	ACV Auctions, Inc.	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	automotive, B2b, Digital Disruption, Digital Marketplace, inspection services, market share, operating leverage, Used-car auctions	View Pitch
Apr 13, 2026	Fund Letters	Optimist Fund	ACV Auctions Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Auto dealers, Automotive Wholesale, Digital Marketplace, EBITDA Profitability, market recovery, Revenue Growth	View Pitch
Nov 26, 2025	Value Investors Club	htm815	ACV Auctions Inc.	Consumer Discretionary	Auto & Truck Dealerships	Bull	NASDAQ	Auto auctions, Digital marketplace,AI inspection, Operating leverage, Digital adoption, Market share gains, Valuation re-rating	View Pitch
Aug 7, 2025	Seeking Alpha	Alps Capital	ACV Auctions Inc.	Consumer Discretionary	Auto & Truck Dealerships	Bull	NYSE	—	View Pitch

BSD Shareholders of ACVA

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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