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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 11, 2025 | Baillie Gifford – US Equity Growth | 24.8% | 12.9% | AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO | Concentration, growth, innovation, long-term, technology, US | The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage. | SPT ROKU CRCL APP 6857 JP MDLN |
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| 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 |
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| 2026 Q1 | May 12, 2026 | Optimist Fund | -27.3% | -27.3% | AFRM, AHT.L, CVNA, DASH, DSCV.L, DSV.CO, FA, KVYO, MEDP, MNDY, TDUP, TDY, TOST, UBER, W, ZS | AI, dislocation, E-Commerce, growth, opportunity, technology | TOST CVNA W TDUP |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – U.S. SMID Company Growth | -3.6% | -3.6% | AFRM, BE, FTI, SNDK, SOFI | AI, energy, Fintech, growth, industrials, SMID Cap, technology, volatility | AFRM FIGR SOFI FTI BE SNDK |
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| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2025 Q4 | Feb 12, 2026 | Optimist Fund | -8.5% | 32.2% | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value | The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years. | MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2025 Q3 | Nov 8, 2025 | Baird Small/Mid Cap Growth Equity Fund | -3.2% | -9.6% | AAON, ADMA, AFRM, ALAB, BMI, BOOT, BRBR, BROS, BURL, BWXT, CASY, CAVA, CLWD, COCO, DKNG, ELF, EXAS, FDS, FOUR, FSS, HLI, INSM, INSP, IONQ, LII, MASI, MKTX, MTSI, NBIX, PEN, PODD, QBTS, RGTI, SOFI, TARS, TTAN, TWLO, TXRH, WAY, WING, WSO | AI, growth, healthcare, momentum, Quality, semiconductors, small cap, software | AI enthusiasm drove significant benchmark outperformance through semiconductor and infrastructure plays, with quantum computing stocks adding over 2% to benchmark weight despite extreme valuations. The market's insatiable desire for AI beneficiaries created meaningful factor headwinds for the portfolio. | View | |
| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 2023 Q3 | Sep 30, 2023 | Manole Capital Management | 0.0% | 0.0% | ADYN, AFRM, FI, INTU, MA, PYPL, SQ | Banking, credit, Federal Reserve, Fintech, interest rates, payments, PayPal, technology | Extensive analysis of the digital payments industry, focusing on PayPal's valuation opportunity and competitive positioning against Visa, Mastercard, and emerging players like Stripe and Adyen. Manager views payments as a secular growth business benefiting from the ongoing decline in cash usage globally. | View | |
| 2024 Q2 | Jul 26, 2024 | Deep Sail Capital Partners | 13.8% | 23.5% | ACHR, AFRM, ANET, ARM, BA, BA.L, CAVA, CREX, ESTC, KOG.OL, NVDA, OII, PNG.TO, SAAB-B.ST | defense, Long/Short, Robotics, small caps, technology, value | Kraken Robotics positioned to benefit from autonomous underwater vehicle demand from global navies. Anduril partnership for Dive-LD and Ghost Shark programs represents significant revenue opportunity. XL-AUVs being developed globally by defense contractors to replace submarines. | PNG.TO |
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| 2023 Q4 | Jul 1, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, AFRM, BRCC, BYND, CPRI, IRBT, TSLA, WOOF | consumer, defense, Hedging, Long/Short, M&A Arbitrage, rates | Fund was positioned long defense contractors before October 7th Hamas attack on Israel. Geopolitical events including Iran-backed Houthis attacking shipping lanes created unexpected tailwinds for defense holdings. | View | |
| 2023 Q4 | Feb 20, 2024 | Bronte Capital Amalthea Fund | -3.7% | 0.0% | AFRM, BMY, CVNA, FL, HIBB, KRTX, NKE | Footwear, Long/Short, retail, risk management, Short Selling, Social Media | Fund operates with over 600 short positions experiencing significant squeeze pressure in December. Manager discusses challenges of maintaining large short book during market rallies and emphasizes importance of proprietary research versus following popular short ideas. | HIBB KRTX CVNA |
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| 2023 Q4 | Jan 31, 2024 | Deep Sail Capital Partners | 13.8% | 23.5% | ADYEN.AS, AFRM, CREX, ESTC, TOI.TO, VIT-B.ST | AI, Europe, Long/Short, Quality, small caps, Vertical Software | Manager discusses AI as a potential bubble scenario for 2024, similar to the Dotcom bubble, with technology and AI stocks reaching insane valuations. Elastic benefited from the rising generative AI trend in Q3 earnings. | VIT-B.ST |
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| 2023 Q4 | Jan 31, 2024 | Manole Capital Management | 0.0% | 0.0% | AAPL, AFRM, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, PYPL, SHOP, SQ, TSLA | consumer, E-Commerce, Fintech, inflation, payments, rates, technology | Manager focuses on FINTECH businesses as their core investment strategy, analyzing how these companies perform in the current economic environment. They model revenue growth, operating margins, and cash flow for their FINTECH portfolio companies. The letter emphasizes their bottom-up fundamental research approach to understanding FINTECH business prospects. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | Affirm Holdings | Credit Services | Consumer Finance | Bear | NASDAQ | BNPL, buy now pay later, Consumer Discretionary, consumer lending, credit performance, Fintech, Funding Costs, Merchant Partnerships | View Pitch |
| Oct 23, 2025 | Value Investors Club | yxd0950 | Affirm Holdings, Inc. | Information Technology | Consumer Finance / Payments | Bull | NASDAQ | consumer finance, Experiang, Macro sensitivity, Shopify | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Jack Elias | Affirm Holdings | Information Technology | Software - Infrastructure | Neutral | NASDAQ | — | View Pitch |
| 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. | ||||||||