AGX Archives

AGX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 31, 2024	Fawkes Capital Management	1.0%	-	AGX, BDT.TO, CRDO, GFRD.L, HPS.TO, IBST.L, KIE.L, MJG.L, QCOM, VRT	AI, Construction, energy, infrastructure, Politics, tariffs, Trade Policy	Fund has taken profits on AI infrastructure investments due to soaring investor expectations, though still believes in AI as future platform technology. Currently prefers investing in construction and equipment companies building AI infrastructure, as their profitability is tied to increased sector capex.		View
2025 Q2	Jul 11, 2025	Driehaus Micro Cap Growth Strategy	17.9%	-3.6%	AGX, CRNX, HCI, ROAD, UTI	AI, growth, healthcare, industrials, infrastructure, Micro Cap, tariffs, technology	AI infrastructure demand remains robust with hyperscalers continuing competitive AI battle. AI capex trends are driving strong data center demand and productivity gains. The strategy increased exposure to AI infrastructure companies during the quarter after reducing positions following DeepSeek concerns.		View
2023 Q2	Jul 1, 2023	The Wolf of Harcourt Street	8.9%	19.9%	AGX, AXSM, GHM, ZETA	Advertising, AI, defense, energy, growth, small caps, technology	AI is driving demand for power infrastructure as companies like Microsoft and Meta build new data centers that consume extreme amounts of power. Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity, while ultimately improving efficiency as a deflationary force.	AXSM ZETA AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AGX	View
2024 Q1	Apr 26, 2024	Fawkes Capital Management	12.0%	12.0%	AGX, AMD, ANET, ARM, ARQ.AX, CAMT, FN, HPS.TO, KMI, NVDA, POWL, SMCI, VRT	AI, energy, Immigration, inflation, infrastructure, Natural Gas, Trade Policy, water	AI demand is driving a quadrupling in electricity demand growth, with data centers expected to increase from 4.5% to 10% of US power supply in 3 years. This creates significant opportunities in energy infrastructure companies that support AI data center requirements.		View
2026 Q1	Apr 23, 2026	Polen Capital – U.S. Small Company Growth	3.0%	3.0%	ADPT, AGX, ATEC, BE, POWL, WGS	AI, Data centers, Electrification, growth, healthcare, industrials, small cap, technology		ATEC WGS BE AGX POWL	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	Skybound Wealth Management	10.3%	10.3%	ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA	AI, Biotechnology, defense, energy, growth, small caps, technology	Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics.	AXSM ZETA GHM AGX	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
2023 Q1	Mar 31, 2023	The Wolf of Harcourt Street	11.0%	11.0%	AGX, ZETA	Advertising, AI, growth, Natural Gas, small caps, technology, value	AI is driving power demand for data centers, creating opportunities for companies like Argan that build natural gas power plants. Microsoft and Meta are building new AI data centers that consume extreme amounts of power, straining current grid capacity.	AGX ZETA	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 Q4	Feb 12, 2025	GROW Funds	-	-	ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA	AI, Biotechnology, defense, energy, growth, small caps, technology, Trimming	Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics.	AXSM ZETA GHM AGX AXSM ZETA GHM AGX AXSM ZETA GHM AGX	View
2025 Q3	Oct 31, 2025	Fawkes Capital Management	23.9%	-	000660.KS, AGX, BE, CAT, GOOGL, LBRT, WDC	AI, Bubble, energy, infrastructure, Power, semiconductors, small caps, technology	AI infrastructure investment is being led by Big Tech and funded through free cash flow rather than equity issuance. This capex is proportionate to actual AI usage growth, representing an infrastructure cycle tied to observable demand rather than speculative overbuild. AI-fueled economic optimism has become a political imperative sustaining the broader Trump economic narrative.	ARGN BE LBRT FELIX AU GOOGL LBRT GOOGL	View
2024 Q3	Oct 25, 2024	Fawkes Capital Management	0.0%	-	AGX, CLS, GEO, LEU	Data centers, energy, gold, Immigration, Macro, Thailand, uranium	AI's need for more data centers is increasing electricity demand. Argan benefits as one of few companies capable of building gas power plants in the US. Celestica manufactures data center components for hyperscaler customers during a time of scarcity.	LEU CLS GEO AGX	View
2024 Q3	Oct 11, 2024	GROW Funds	-	-	AAPL, ADBE, AGX, AMZN, BRZE, CRM, DUK, GOOGL, KVYO, META, MSFT, NVDA, ORCL, TSLA, VST, ZETA	Advertising, AI, growth, Natural Gas, small caps, technology, value	AI is driving power demand for data centers, creating opportunities for companies like Argan that build natural gas power plants. Microsoft and Meta are building new AI data centers that consume extreme amounts of power which the current grid capacity cannot support.	AGX ZETA AGX ZETA	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
2023 Q4	Jan 17, 2024	Skybound Wealth Management	-	-	AGX, ZETA	Advertising, AI, growth, Natural Gas, rates, small caps, technology, value	AI is driving power demand through data centers, creating opportunities for companies like Argan that build natural gas power plants. The rise of artificial intelligence has propelled demand for new power infrastructure as companies like Microsoft and Meta build AI data centers that consume extreme amounts of power.	AGX ZETA	View
2024 Q4	Feb 26, 2025	Fawkes Capital Management	2.2%	11.2%	AGX, BE, BSL.AX, CENX, CLS, DUOT, GEV, GOOGL, INOD, LPTH, LRV.AX, MND.TO, MSFT, NVDA, OCC, OSIS, RIO, SKYX, SOLI, VRT, WDC	AI, Border Security, Data centers, energy, infrastructure, Mining, semiconductors, tariffs	AI infrastructure demand continues to surge despite DeepSeek disruption. The rise of AI Agents for autonomous task execution represents a pivotal shift in automation, with NVIDIA emphasizing that achieving AI consistency at scale requires extensive training. Big Tech's strategy for AGI involves expanding from probabilistic text generation to capturing human reasoning patterns.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Skybound Wealth Management	Argan Inc.	Capital Goods	Construction & Engineering	Bull	NYSE	AI infrastructure, data centers, dividend yield, energy transition, Industrial Construction, Natural Gas Power Plants, Power Grid, project backlog, Utility Construction	View Pitch
Apr 28, 2026	Fund Letters	Polen Capital - U.S. Small Company Growth	Argan	Engineering & Construction	Construction & Engineering	Bull	New York Stock Exchange	AI infrastructure, construction, data centers, energy infrastructure, Gas-fired, growth, Industrials, Power Plants	View Pitch
Apr 27, 2026	Fund Letters	The Wolf of Harcourt Street	Argan Inc.	Industrials	Construction & Engineering	Bull	NYSE	AI data centers, dividend, energy transition, Industrial Construction, infrastructure, natural gas, Power Plants, utilities	View Pitch
Apr 27, 2026	Fund Letters	The Wolf of Harcourt Street	Argan Inc.	Industrials	Construction & Engineering	Bull	NYSE	AI infrastructure, Coal Retirement, construction, data centers, dividend, energy transition, Natural Gas Power Plants, Power Grid, Zero Debt	View Pitch
Apr 13, 2026	Fund Letters	Skybound Wealth Management	Argan Inc.	Industrials	Construction & Engineering	Bull	NYSE	AI data centers, Cyclical, energy transition, Industrial Construction, infrastructure, natural gas, Power Plants, utilities	View Pitch
Apr 13, 2026	Fund Letters	Fawkes Capital Management	Argan Inc	Industrials	Construction & Engineering	Bull	NYSE	construction, data centers, energy infrastructure, engineering, Gas Power, Power Plants, renewable energy	View Pitch
Apr 13, 2026	Fund Letters	GROW Funds	Argan Inc.	Capital Goods	Construction & Engineering	Bull	NYSE	AI infrastructure, data centers, dividend yield, energy transition, Industrial Construction, Natural Gas Power Plants, project backlog, Utility Clients	View Pitch
Apr 13, 2026	Fund Letters	GROW Funds	Argan Inc.	Industrials	Construction & Engineering	Bull	NYSE	AI data centers, energy transition, Equity, Industrial Construction, infrastructure, natural gas, Power Plants, utilities	View Pitch
Apr 13, 2026	Fund Letters	GROW Funds	Argan Inc.	Industrials	Construction & Engineering	Bull	NYSE	AI data centers, energy transition, Equity, Industrial Construction, infrastructure, natural gas, Power Plants, utilities	View Pitch
Apr 13, 2026	Fund Letters	GROW Funds	Argan Inc.	Capital Goods	Construction & Engineering	Bull	NYSE	AI infrastructure, data centers, dividend yield, energy transition, Industrial Construction, Natural Gas Power Plants, project backlog, Utility Clients	View Pitch
Apr 13, 2026	Fund Letters	GROW Funds	Argan Inc.	Industrials	Construction & Engineering	Bull	NYSE	AI data centers, energy transition, Equity, Industrial Construction, infrastructure, natural gas, Power Plants, utilities	View Pitch
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

BSD Shareholders of AGX

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.

AGX

AGX

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of AGX

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: