AEIS

AEIS

AEIS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Aristotle Small Cap Equity Fund	3.3%	-	ACIW, AEIS, ALIT, BHLB, CHE, CMCO, DY, FLS, GRDN, HURN, IPAR, ITRI, JBGS, LQDT, MMSI, MNRO, MTSI, SMG, TKO, VRRM	growth, healthcare, industrials, small caps, technology, Telecommunications, value	Valuations remain compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rate, increased M&A activity, continued reshoring of U.S. manufacturing, and infrastructure-related spending.	VRRM SMG IPAR GRDN FLS ALIT ACIW CHE MTSI DY CHE	View
2025 Q2	Jul 18, 2025	Invesco Discovery Fund	17.2%	3.0%	AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH	AI, growth, industrials, infrastructure, semiconductors, small caps, technology	The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI.	TXRH QTWO CLS TTMI LSCC AEIS	View
2025 Q2	Jul 17, 2025	SouthernSun Small Cap	9.7%	-	AEIS, BOOT, DAR, DY, EPAC, EXTR, LPX, MSA, MUSA, OXM, SAM	Agriculture, Capital discipline, Housing, Operational Discipline, small caps, tariffs, technology, value	Tariffs have re-emerged as a significant cost driver, prompting companies to explore reshoring, leaner inventories, and domestic sourcing. Companies are developing mitigation plans including meaningful supply chain moves away from China. The impact varies significantly by company, with some facing material negative impacts while others may benefit from domestic sourcing advantages.	MSA SAM OXM DY BOOT MSA SAM DY BOOT	View
2024 Q1	May 7, 2024	Deep Sail Capital Partners	13.8%	23.5%	ACHR, ADYEN.AS, AEIS, AFRM, ARM, CREX, RCM, TSLA	AI, Europe, growth, IoT, Long/Short, Microcap, SmallCap, technology	The AI revolution kicked off in 2023 with the release of ChatGPT has spurred a sizable uptick in investment and excitement over new products and new industries. This technological shift is contributing to market dynamics and investment opportunities.	SHEL.L	View
2026 Q1	May 13, 2026	AMG GW&K Small Cap Core Fund	0.0%	0.0%	AEIS, ALGM, ARQT, AVNT, FWRG, HLI, IDA, MTSI, RBC, SF, STRL, UTZ, VCYT, VIAV	energy, healthcare, industrials, small caps, technology, value			View
2026 Q1	May 1, 2026	Aristotle Small/Mid Cap Equity	2.3%	2.3%	AEIS, ALIT, CIEN, CWST, HURN, NVST	AI, domestic, energy, Manufacturing, semiconductors, small caps, technology, value		NVST CWST HURN CIEN AEIS	View
2026 Q1	May 1, 2026	Aristotle Small Cap Equity Fund	1.5%	1.5%	AEIS, HAE, HURN, MTSI, NVTA	AI, domestic, energy, semiconductors, small caps, technology, value		NVST HAE MTSI AEIS	View
2026 Q1	Apr 25, 2026	Baron Discovery Fund	-10.7%	-10.7%	AEIS, ARQT, DKNG, DT, HRTX, INTA, MASI, WAY	AI, cybersecurity, Data centers, healthcare, semiconductors, small cap, software, technology			View
2025 Q1	Apr 25, 2025	SouthernSun Small Cap	-11.5%	-11.5%	AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH	Manufacturing, Quality, Resilience, small caps, tariffs, value	Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds.	MOD EXTR LOB BOOT TKR EPAC	View
2025 Q1	Apr 25, 2025	SouthernSun SMID Cap	-8.8%	-8.8%	AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO	fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value	The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring.	MOD PII USPH BOOT WSO BR	View
2026 Q1	Apr 22, 2026	Columbia Seligman Global Technology Fund	4.8%	4.8%	AEIS, AMAT, AVGO, BE, COHR, CRM, GDDY, GEN, LRCX, LYFT, MSFT, ORCL, TER, WDC	AI, Data centers, growth, semiconductors, technology			View
2026 Q1	Apr 20, 2026	Invesco Discovery Fund	6.4%	6.4%	AEIS, AGX, IRTC, KNX, LITE, ONTO, RKLB, STEP, TSEM, VIAV, WGS	AI, growth, industrials, semiconductors, small cap, technology			View
2024 Q1	Apr 15, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, ALGM, AXNX, AXON, CDNA, CYBR, DKNG, ENDV, ESTA, FND, GTLB, INTA, KNSL, MASI, MRCY, NARI, NVTS, RH, S, SITE	cybersecurity, growth, healthcare, semiconductors, small cap, technology, Valuations	Fund focuses on small-cap growth stocks which remain in a three-plus year bear market while large-cap stocks reach all-time highs. Small-cap growth stocks have attractive valuations both on an absolute basis and relative to large-cap stocks, and typically show significant appreciation coming out of deep market downturns.	INTA MASI CYBR DKNG KNSL	View
2026 Q1	Apr 12, 2026	Hardman Johnston Large Cap Equity	0.6%	0.6%	AEIS, CW, EL, EOG, IQV, OLED, VRT	aerospace, AI, energy, Geopolitical, infrastructure, large cap, value			View
2025 Q4	Feb 4, 2026	Aristotle Small Cap Equity Fund	1.9%	0.2%	ACHC, AEIS, AER, ATR, AUB, CCRN, CNS, EHTH, GTLS, HAE, HURN, IDA, ITRI, LKQ, MTSI, NUS, PRGO, PTEN, TITN, WWW	Deregulation, Energy Transition, healthcare, M&A, Regional Banks, semiconductors, small caps, value	The fund focuses exclusively on small-cap equities with valuations remaining compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, continued reshoring of U.S. manufacturing and infrastructure-related spending. Value stocks outperformed growth counterparts during the quarter as the Russell 2000 Value Index returned 3.26% compared to 1.22% for growth. Lower-quality companies outperformed higher-quality companies with factors like high bankruptcy risk, low sales growth, and low price to earnings having the strongest payoffs. MACOM Technology Solutions, a designer and manufacturer of high-performance semiconductor products, was a top contributor with strong quarterly results. The company has meaningful exposure to growing demand from Data Center and 5G end market applications along with domestic manufacturing footprint. Healthcare was the best-performing sector at +18.54% during the quarter. The fund holds positions in companies like Haemonetics in blood management and Acadia Healthcare in behavioral health services, though maintains an underweight allocation as it avoids biotechnology companies due to binary risk. The fund added positions in regional banks including Atlantic Union Bankshares and WesBanco, viewing DOGE-related concerns as creating attractive opportunities. These banks benefit from diversified customer bases, growing market share, and solid balance sheets positioned for trust and deposit opportunities. The fund holds positions in companies supporting power grid modernization through Itron's smart metering solutions and IDACORP's transmission opportunities. These companies are positioned to benefit from critical regional transmission opportunities and grid monitoring solutions.		View
2025 Q4	Feb 4, 2026	Aristotle Small/Mid Cap Equity	2.3%	3.0%	AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW	Banking, healthcare, industrials, small cap, technology, Utilities, value	AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies.		View
2025 Q4	Feb 25, 2026	SouthernSun Small Cap	2.6%	5.4%	AEIS, BOOT, CSW, CXT, DAR, DORM, DY, EXTR, KAI, LPX, TKR, USPH	AI, energy, fundamentals, risk, small caps, valuation, value	Manager draws extensive parallels between today's AI-driven market environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. AI infrastructure faces energy constraints with data centers becoming massive electricity consumers, while rising power costs and grid limitations challenge assumptions of frictionless scalability. Markets may be conflating transformational potential with near-term certainty, creating valuation risk similar to past cycles. Energy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. The portfolio focuses on small-cap businesses that are performing well fundamentally with strong balance sheets, resilient cash flows, and improved competitive positions. The manager emphasizes owning businesses that can compound value over time rather than speculation, though acknowledges markets don't always reward fundamentals on a linear schedule. Portfolio positioning reflects discipline in finding mispriced companies relative to long-term intrinsic value.	TKR DY DORM KAI CSW DAR AEIS	View
2025 Q4	Feb 17, 2026	AMG GW&K Small Cap Core Fund	3.5%	7.2%	AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF	healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value	The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward.		View
2024 Q4	Dec 31, 2024	SouthernSun Small Cap	-7.7%	4.7%	AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH	Cyclical, Patience, positioning, Research, small cap, value	Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components.		View
2025 Q3	Nov 4, 2025	Aristotle Small Cap Equity Fund	3.2%	-1.5%	AEIS, ALE, AZEK, BWIN, COLB, CRI, DLB, DY, FLWS, HAE, HGV, JHX, KN, KNX, MRCY, MTSI, OGS, PCP, PPBI, REI, SPNS, WNC	Banking, defense, healthcare, Natural Gas, semiconductors, small caps, value	Small cap equities delivered robust performance in Q3 2025, with the Russell 2000 reaching its first all-time high since November 2021. Small caps benefited from dovish Fed rhetoric, attractive relative valuations, broadening market breadth, earnings recovery, and rotation away from mega-cap stocks. Valuations remain compelling relative to large caps, with the Russell 2000 trading near multi-decade lows on a relative basis.	COLB MTSI MRCY SUPN	View
2025 Q3	Oct 30, 2025	SouthernSun Small Cap	-	8.3%	AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL	active management, industrials, materials, Quality, small caps, value	SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage.	CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO	View
2025 Q3	Oct 28, 2025	Baron Discovery Fund	2.8%	10.6%	AAON, AEIS, BIRK, BMI, CDNA, CYBR, DKNG, DT, EXAS, GTLS, INSP, KTOS, LLYVA, MEG, MRCY, PAR, PRMB, SPRY, WING, WYNN	cybersecurity, defense, earnings, growth, Quality, small cap, technology, water	The Fund benefits from a generational increase in defense spending amid heightened global conflicts. Defense companies like Kratos, Mercury Systems, and Karman Holdings are winning new contracts across multiple divisions and benefiting from the current administration's openness to smaller, agile defense contractors. The defense spending cycle appears to be in a generational upswing.	KTOS WING INSP PAR BIRK KTOS WING INSP BIRK	View
2025 Q3	Oct 21, 2025	Hardman Johnston Large Cap Equity	6.0%	9.6%	7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX	aerospace, AI, healthcare, industrials, large cap, technology, value	The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout.	CTVA VRT PRY AEIS	View
2025 Q3	Oct 20, 2025	Invesco Discovery Fund	7.9%	11.0%	AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH	AI, growth, industrials, infrastructure, semiconductors, small caps, technology	The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI.		View
2025 Q3	Oct 14, 2025	Aristotle Small/Mid Cap Equity	2.6%	-	AEIS, AGI.TO, ALE, AZEK, CIEN, COLB, CRI, FLWS, HAE, HGV, JHX, MTSI, PNW, PPBI, PRMB, SCI, SUPN, VYX, WTRG, WWW	AI, Banking, gold, healthcare, mid cap, small cap, technology, Utilities	Artificial Intelligence driven optimism fueled risk-on sentiment as companies with AI exposure or disruptive potential saw disproportionate gains. Investors chased momentum and future earnings potential over traditional valuation metrics. Ciena benefited from AI-related demand and technological innovation in optical networking equipment.		View
2024 Q3	Sep 30, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, AXON, BASE, CDNA, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, KTOS, LLYVA, MEG, NARI, PTECH, SIZE, TEM, TWFG, VCYT	growth, healthcare, rates, Rotation, small caps, technology, valuation	The fund believes the bear market in small-cap growth stocks that started in February 2021 is finally ending. Small-cap growth is trading at its largest discount relative to large cap in 25 years, with investors under-allocated to the asset class. The combination of lower interest rates, stronger economic growth, attractive valuations, and easier earnings comparisons creates a backdrop conducive for stronger small company fundamentals and valuation multiples.	NARI TWFG TEM AXON CDNA	View
2023 Q3	Sep 30, 2023	Baron Discovery Fund	13.5%	9.3%	AEIS, AXNX, AXON, BYD, CWAN, EWCZ, GTLB, GTLS, GWRE, INDI, KNSL, LLYVA, MEG, NVTS, PAR, REPG, REXR, RVNC, S, SILK, SITE, TXG	growth, healthcare, semiconductors, small caps, software, technology, value	The fund initiated a position in SentinelOne, a cybersecurity vendor focused on endpoint protection using AI to detect threats. The company serves over 11,000 organizations and is gaining market share from legacy antivirus vendors who struggle with evolving threats.		View
2024 Q2	Jul 31, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, AXON, BASE, CDXC, CHI, CYBR, DKNG, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, KTOS, MEG, NVMI, PAR, PCOR, SILK, SITE, STVN, TEM, TXRH	AI, Diagnostics, healthcare, small caps, technology, value, volatility	Fund owns several AI-enabled companies including GitLab, SentinelOne, and Couchbase that adapt AI models to enhance their products. Also owns Nova Ltd., a semiconductor capital equipment company enabling AI chip manufacturing. Managers believe the market will broaden from AI hardware to adaptive AI investments.		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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 4, 2026	Fund Letters	Aristotle Small Cap Equity Fund	Advanced Energy Industries	Electrical Equipment & Parts	Electronic Equipment, Instruments & Components	Bull	NASDAQ	AI infrastructure, data centers, growth, power electronics, semiconductors, technology	View Pitch
May 4, 2026	Fund Letters	Aristotle Small/Mid Cap Equity	Advanced Energy Industries	Electrical Equipment & Parts	Electronic Equipment, Instruments & Components	Bull	NASDAQ	AI infrastructure, Capital equipment, data centers, power electronics, semiconductors, technology hardware	View Pitch
Apr 13, 2026	Fund Letters	Invesco Discovery Fund	Advanced Energy Industries	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, Capital equipment, power solutions, Precision Technology, semiconductor equipment	View Pitch
Feb 27, 2026	Fund Letters	Michael Cook	Advanced Energy Industries, Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI, CapEx, data centers, net cash, operating leverage, semiconductors	View Pitch
Jan 20, 2026	Fund Letters	Cassandra A. Hardman	Advanced Energy Industries, Inc.	Information Technology	Electronic Equipment, Instruments & Components	Bull	NASDAQ	AI, Computing, datacenters, infrastructure, Power	View Pitch
Nov 29, 2025	Fund Letters	Cassandra A. Hardman	Advanced Energy Industries Inc.	Industrials	Electronic Equipment, Instruments & Components	Bull	NASDAQ	AI, data centers, Free Cash Flow, Power systems, Precision equipment, semiconductors	View Pitch

BSD Shareholders of AEIS

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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