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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Small Cap Fund | - | -8.3% | AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK | AI, healthcare, infrastructure, materials, small caps, technology, valuation | AI-related stocks in the S&P 500 have accounted for around 75 percent of the market's return since ChatGPT's 2022 launch. Roughly 40 percent of capital expenditures are linked to AI. Investment in infrastructure required to power, cool, and connect a more data-intensive economy continues, with the AI and data-center buildout fueling a multi-year capital-expenditure cycle. | JHX TREX PATK |
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| 2025 Q1 | Apr 2, 2025 | Night Watch Investment Management | -2.1% | -2.1% | 1405.HK, AIR, ALLFG.AS, BDL, COOP, DKNG, DSGR, HAYPP.ST, MXNS.L, UAL, XFAB.DE | catalysts, diversification, global, small cap, value | Night Watch manages a global value strategy focused on companies with identifiable catalysts for rerating, insider ownership, and unique names that differentiate from typical wealth management portfolios. The fund seeks value companies trading at reasonable valuations with improving businesses and good management teams. | 1405.HK |
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| 2026 Q1 | Apr 15, 2026 | Alger Weatherbie Specialized Growth Fund | -11.4% | -11.4% | AIR, CWST, DOCN, PLNT, STEP | AI, Aviation, Data centers, energy, growth, infrastructure, small cap, Waste management | PLNT STEP CWST LGCE DOCN AIR |
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| 2026 Q1 | Apr 1, 2026 | Night Watch Investment Management | 2.7% | 2.7% | AIR, BKD, CPA, MRX.L | catalysts, Counter-cyclical, defense, Geopolitical, global, value, volatility | CPA MRX.L AIR BKD |
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| 2025 Q3 | Oct 24, 2025 | Mairs & Power – Small Cap Fund | - | 2.1% | AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK | AI, earnings, GLP1, infrastructure, small caps, technology, value | AI-related stocks in the S&P 500 have accounted for around 75% of market returns since ChatGPT's 2022 launch. Investment in infrastructure to power, cool, and connect a data-intensive economy shows durable momentum. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, distribution, nuclear capacity, and thermal management. | PATK |
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| 2025 Q3 | Oct 2, 2025 | Night Watch Investment Management | 4.2% | 25.9% | 5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE | AI, catalysts, Europe, global, Japan, private equity, small caps, value | Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios. | 5842 JP WDC US BKD US |
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| 2025 Q3 | Oct 15, 2025 | Royce Investment Partners Small Cap | 12.9% | 9.9% | AIR, AMSC, ATRO, CECO, CRK, FTI, GLOB, KD, KN, KTOS, LAUR, LFMD, MOD, OPRX, PRIM, PSQH, REZI, SOI, SWSS, UCTT | defense, industrials, infrastructure, Outperformance, semiconductors, small caps, technology, value | The Fund is maintaining investment emphasis on infrastructure themes, particularly AI data centers and reindustrialization in the U.S. This encompasses both Industrials and Energy sectors, with infrastructure being a key investment focus area for the portfolio. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Small Cap Fund | 0.0% | 4.0% | ABT, AIR, BSY, CASY, CVRX, EXAS, INSP, KNF, MEDP, MGPI, NVT, WK | AI, earnings, healthcare, rates, small caps, technology, Valuations | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The managers believe they are entering a transition period for AI, with signals that the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. Small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. Small cap stocks are still trading at a significant discount to the S&P 500, which the managers believe presents an attractive opportunity for long-term investors. Lower interest rates, reduced corporate tax burdens, and regulatory relief could offer further support to small caps. The Federal Reserve cut rates in the fourth quarter with expectations for lower interest rates continuing into 2026. Lower rates should provide a tailwind to profitability for smaller companies and make it easier for them to find talent. Interest rate changes take time to work through the economy, typically around a year to feel the effects. | View | |
| 2025 Q4 | Jan 15, 2026 | Alger Weatherbie Specialized Growth Fund | 1.8% | 0.5% | ACAD, AIR, FSV, GKOS, KTOS, NTRA | AI, Biotechnology, defense, growth, healthcare, industrials, small cap, technology | The market's biggest tailwind was continued investment tied to artificial intelligence, though increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with the capital deployed. AI is at an inflection point, potentially enabling significant increases in productivity. Cloud computing is growing and supporting innovation as corporations are digitizing their operations. This represents one of the secular themes creating attractive investment opportunities. Portfolio includes significant exposure to biopharmaceutical companies like Natera with genetic testing platforms, ACADIA Pharmaceuticals focused on CNS disorders, and Glaukos developing ophthalmic medical technologies. These companies are advancing novel therapies and diagnostic capabilities. Investment in Kratos Defense & Security Solutions reflects focus on affordable unmanned systems, hypersonics and rocket systems, and satellite command-and-control, which are increasingly aligned with U.S. and allied priorities around rapid fielding and scalable production. | KTOS AIR FSV GKOS ACAD NTRA |
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| 2023 Q3 | Sep 30, 2023 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AIR, AZEK, CASY, CFR, CLFD, DCI, FIBK, GBCI, JAMF, NVT, TTC, WK | AI, Banking, financials, industrials, small cap, technology, value | The fund views artificial intelligence as crucial for creating workforce efficiencies amid changing labor market dynamics. They see investment opportunities in technology companies utilizing AI to create efficiencies in the workforce. The fund favors companies likely to benefit from recent advancements in AI. | View | |
| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AIR, ALTR, AZEK, CFR, CLFD, DGII, ENTG, INSP, JAMF, KNF, NVT, PIPR, SNBR, THRM | financials, healthcare, industrials, infrastructure, small cap, technology, value | Industrial companies are positioned to benefit from significant multi-year state and federal government infrastructure projects which will likely play out in the coming decade. Knife River is viewed as ideally positioned to address multiple significant state and federal infrastructure stimulus programs spanning many years. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | AAR Corp | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket services, Aviation, Commercial Airlines, Defense, government contracts, Industrials, Maintenance, Parts Supply | View Pitch |
| Apr 9, 2026 | Fund Letters | Night Watch Investment Management | AAR Corp. | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket services, Aging Fleet, Aircraft Maintenance, business transformation, Component Repair, defense contracts | View Pitch |
| Jan 27, 2026 | Fund Letters | H. George Dai | AAR Corp. | Industrials | Aerospace & Defense | Bear | New York Stock Exchange | Aerospace, aftermarket, Cyclicality, Defense, Governance | View Pitch |
| Oct 12, 2025 | Substack | Rijnberk Invest Insights | Airbus Group | Industrials | Aerospace & Defense | Neutral | Aerospace, backlog, Defense and space, European industrial, Fleet renewal, Global air travel, long-term growth, market dominance, Megatrends, Structural compounder | View Pitch | |
| Oct 3, 2025 | Value Investors Club | roojoo | AAR Corp | Industrials | Aerospace & Defense | Bull | NYSE | MRO, aerospace, aftermarket, OEM, deleveraging, PMA | View Pitch |
| Sep 16, 2025 | Short Thesis | Hunterbrook | AAR Corp | Industrials | Aerospace & Defense (Aircraft Maintenance & Services) | Bear | NYSE | Airlines, Cyclical, Defense, Margins, MRO | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $264,928 | 0.00% | 3,200 | -13,455 | -80.79% | 0.0059% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.8M | 0.00% | 21,730 | -8,848 | -28.94% | 0.0402% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $306,323 | 0.00% | 3,700 | -8,000 | -68.38% | 0.0069% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.4M | 0.00% | 40,903 | -573 | -1.38% | 0.0757% |
| Mario Gabelli | GAMCO Investors | $10.4B | $20.0M | 0.19% | 241,215 | -6,212 | -2.51% | 0.4467% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $49.2M | 0.16% | 594,668 | +445,026 | +297.39% | 1.1012% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $1.7M | 0.21% | 30,971 | +8,262 | +36.38% | 0.0388% |