AIT

AIT

AIT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 23, 2025	Polen Capital – U.S. Small Company Growth	-10.8%	-10.8%	AAON, AIT, BROS, ELF, EXLS, FOXF, GLOB, GSHD, MEDP, MODG, NSIT, PCTY, PGNY, RMBS, RVLV, TECH, TREX, WRBY, YETI	consumer discretionary, growth, Portfolio Management, Quality, small caps, tariffs, volatility	The first quarter was marked by heightened volatility due to concerns about the Trump administration's emerging trade policies and global tariff imposition. The managers stress-tested their businesses across various tariff policy scenarios and made portfolio adjustments, particularly exiting Consumer Discretionary positions vulnerable to tariff uncertainty.	TECH RVLV ELF GLOB GSHD EXLS BROS	View
2025 Q1	Mar 31, 2025	Thornburg Small/Mid Cap Core Fund	-11.4%	-11.4%	AIT, BJ, CLH, CWST, LPLA, NTNX, PNFP, TXNM, WAL, WH	AI, growth, mid cap, rates, Recession, small cap, Trade Policy, value	Markets experienced substantial volatility driven by an unwind of the artificial intelligence and momentum trade following DeepSeek's arrival, which showcased China's cost-efficient advancement within AI technology. The Magnificent Seven stocks were hit especially hard, down 16%, as fears of peak AI spending emerged.		View
2025 Q3	Nov 4, 2025	Thornburg Small/Mid Cap Core Fund	2.4%	0.1%	AIT, ATGE, BJ, CLH, COHR, CWST, ITT, LPLA, PNFP, PSTG, SMPL, STKL, SXT, TLN, VRT, WAL	AI, Defensive, industrials, Quality, rates, small caps, technology, valuation	Semiconductor and software companies were supported by increased spending on data centers and power infrastructure tied to AI adoption during the quarter.		View
2024 Q3	Oct 23, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM	growth, healthcare, Quality, small cap, technology, volatility	The fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position.		View
2024 Q3	Oct 18, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	AIT, ALIT, BAH, BLD, CWAN, DOCS, ELF, FIVE, GSHD, HLNE, MKTX, MPWR, PGNY, POOL, REVL, RGEN, RH, SITM, TTEK, TYL	Concentration, earnings, growth, Quality, SMID Cap, value, volatility	elf Beauty represents a discount beauty company focused on cosmetics and skincare with impressive track record for growth, margins, and returns on capital. The company is uniquely positioned due to its reputation for quality, innovation, and prices well below other mass cosmetics brands, with significant room for growth in brand awareness, shelf space expansion, and international markets.	BAH AIT BLD ELF PGNY HLNE RVLV GSHD	View
2024 Q2	Jul 24, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AAON, AIT, ALIT, APPF, BL, CCCS, DAVA, DOXI, HELE, HLNE, IBP, OPCH, PGNY, RGEN, RH, ROAD, RVLV, SITM, SMCI, WING, WRBY, XPEL	growth, healthcare, Quality, rates, small caps, technology, volatility	The performance gap between small caps and large caps continued to widen during Q2, with small cap investors retreating to lower-volatility sectors. Small cap continues to be highly sensitive to shifting rate expectations, while leadership in large cap remains narrow and driven by momentum.		View
2024 Q4	Jan 23, 2025	Polen Capital – U.S. Small Company Growth	4.7%	3.8%	AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC	AI, growth, Quality, small cap, technology, value	The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner.	BDC FN TREX WSC BROS RVLV WRBY	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Polen Capital - U.S. SMID Company Growth	Applied Industrial Technologies	Industrials	Industrial Machinery	Bull	NYSE	Aftermarket Parts, capital allocation, Diversified End Markets, Industrial distribution, Low-Double-Digit Growth, Service Centers	View Pitch

BSD Shareholders of AIT

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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