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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 26, 2024 | Fawkes Capital Management | 12.0% | 12.0% | AGX, ARQ, HPS/A CN, KMI, POWL | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Polen Capital – U.S. Small Company Growth | -1.5% | 25.1% | AGX, BE, CORT, LRN, METC, NVDA, WGS | AI, Biotechnology, Electrification, Energy Transition, growth, innovation, small caps | AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy that provide power solutions for AI workloads. The theme faced scrutiny in early Q4 but reasserted dominance after NVIDIA's strong earnings, with AI also providing structural tailwinds for biotech through drug discovery efficiencies. The portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. Biotech delivered its best quarter in five years, benefiting from improving interest rates, easing regulation enabling more M&A activity, and excitement around AI's promise in drug discovery. The portfolio nearly doubled its biotech exposure during the quarter as more opportunities presented themselves in this improving environment. The portfolio includes exposure to critical minerals through Ramaco Resources, which produces metallurgical coal and is developing a rare earth elements deposit aimed at strengthening domestic supply chains for defense, batteries, and advanced technologies. However, the rare earths narrative faced increasing investor scrutiny during the quarter. | View | |
| 2024 Q3 | Oct 25, 2024 | Fawkes Capital Management | 0.0% | - | AGX, CLS, GEO, LEU | - | View | ||
| 2025 Q4 | Jan 21, 2026 | NCG Micro Cap Growth Strategy | 6.4% | 11.9% | AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI | active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability and has market cap constraints, returned only 5.4% versus Russell 2000/Microcap Growth at 13% and 22% respectively. Biotech was a significant area of outperformance that the firm avoided, contributing approximately 8 points to the Russell Microcap Growth Index's 21.84% return. The firm maintains low or no exposure to biotech, viewing many business models as unproven despite strong recent performance. This sector constituted almost all of the relative underperformance from their microcap strategy. The firm sees improving conditions for small cap performance, with earnings growth turning positive in 2025 and expected to accelerate in 2026. Small caps historically benefit during Fed rate-cutting cycles and continue to trade at a relative discount to large caps. Combined with an improving fundamental backdrop, they believe there's opportunity for this discount to narrow. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 29, 2025 | Seeking Alpha | Seeking Alpha | Argan, Inc. | Engineering & Construction | Neutral | AI growth, Argan, Inc., backlog, Engineering services, Hold rating, JPMorgan upgrade, Natural gas projects, renewable energy | View Pitch | ||
| Sep 1, 2025 | Substack | Pound the Rock Investing | Argan Inc. | Industrials | Engineering & Construction | Neutral | AI infrastructure, capital allocation, construction, engineering, Free Cash Flow, natural gas, project backlog, renewable energy, risk management, valuation | View Pitch | |
| Aug 13, 2025 | Seeking Alpha | Agar Capital | Argan, Inc. | Industrials | Engineering & Construction | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Diesel | Argan, Inc. | Industrials | Engineering & Construction | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | ABI Invest | Argan, Inc. | Industrials | Engineering & Construction | Bull | NYSE | — | 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. | ||||||||