ALGN

ALGN

ALGN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 5, 2024	Brown Capital Management Mid Company Fund	-7.9%	-3.1%	ALGN, CRL, FIVN, GWRE, NTRA, OMCL, PAYC, PODD, TDOC, VEEV	Biotechnology, growth, healthcare, Medical Devices, mid cap, software, technology	Charles River Laboratories, a pre-clinical contract research organization involved in 80% of FDA-approved drugs, is experiencing significant headwinds from higher interest rates curtailing capital market funding for biotech customers. Small and medium-sized biotech companies represent 40% of Charles River's client base and are most affected by the weaker funding environment, leading to consecutive quarterly revenue declines for the first time since 2008-2009. The manager believes this represents the worst capital-raising environment for biotech in at least five years.	NTRA FIVN CRL PODD GWRE	View
2025 Q2	Aug 2, 2025	Meridian Growth Fund	4.1%	-	ALGN, CARG, CHDN, COO, CW, DKNG, DOCS, EEFT, FSS, GFS, HALO, RBA, SPT, TRMB, ZD	growth, healthcare, industrials, Quality, risk management, small cap, technology	The fund's investment approach is grounded in investing in high-quality businesses with recurring revenue and sustainable competitive advantages. This emphasis on quality businesses with stable revenues and attractive valuations remains the core strategy going forward.	DKNG FSS CW COO HALO ZD COO HALO ZD	View
2024 Q2	Jul 12, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEY, ALGN, ALNY, BILL, BMRN, CPRT, CSGP, EFX, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SQ, TER, TT, WDAY, WDC, WST	AI, growth, Housing, Life Sciences, mid cap, semiconductors, software, technology	The fund maintains an overweight position in semiconductors, which was the most significant contributor this quarter. Holdings include Teradyne, KLA Corporation, and Monolithic Power Systems, all benefiting from AI-driven demand. The fund re-initiated a position in Western Digital to participate in AI via an undervalued memory semiconductor stock.		View
2024 Q2	Jul 12, 2024	Parnassus Value Equity Fund	7.3%	13.7%	ALGN, AVGO, BAC, BALL, BAX, BEP, BK, CMCSA, CSCO, GOOGL, GPN, INTC, MSFT, MU, NICE, ORCL, SPGI, SYY, TSM, VZ	AI, financials, healthcare, large cap, semiconductors, technology, value	The fund maintains strategic investments in Information Technology that should benefit from AI advancements. AI-related storylines continued to drive investor focus during the quarter. The fund sees upside from AI infrastructure spend through holdings like Broadcom.		View
2025 Q2	Jul 11, 2025	Giverny Capital Asset Management	9.1%	5.4%	AAON, ALGN, ANET, BLDR, BRK.A, CSU.TO, FERG, FI, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, MEDP, META, MTB, PGR, SCHW	AI, Banking, insurance, Quality, technology, value	The US appears to be the global leader in Artificial Intelligence, with hundreds of billions of dollars being invested in AI data centers over the next few years. Close to one-third of the portfolio has considerable exposure to AI through positions in Arista, Alphabet, Meta, AAON, and a new holding that is critical to the buildout of AI and cloud computing data centers.	FI KNSL PGR MTB GOOG FISV KNSL	View
2024 Q1	May 21, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH	Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic	The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks.		View
2025 Q1	May 1, 2025	Conestoga Mid Cap Composite	1.0%	1.0%	ALGN, BFAM, CPRT, CSGP, FTNT, GNRC, GWRE, HEI.A, IT, RGEN, ROL, ROP, TECH, TYL, VRSK, WCN, WSO, WST	growth, healthcare, industrials, mid cap, Quality, technology	Conestoga's emphasis on higher-quality, conservative growth companies with higher recurring revenue, more stable product cycles, and less capital-intensive investment requirements was key to outperformance. The portfolio benefited from high-quality factor leadership as profitable companies measured by Return on Invested Capital and EBITDA margins declined less significantly than their high beta, non-earning counterparts.		View
2026 Q1	Apr 29, 2026	Cambiar SMID Fund	2.2%	2.2%	ALGN, BOKF, CF, CLX, HF, LUV, ON, PHR, SAIA, SOLV, WBS	AI, diversification, energy, Geopolitical, Quality, SMID Cap, value		PHR SOLV ON	View
2024 Q1	Apr 27, 2024	Giverny Capital Asset Management	7.0%	20.2%	AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW	Concentration, financials, long-term, Quality, technology, value	Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper.		View
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 Q1	Apr 22, 2025	Polen Capital – U.S. SMID Company Growth	-12.7%	-12.7%	ALGN, BAH, CRL, ELF, ENTG, ETSY, FIX, GLOB, GSHD, MANH, NSIT, PAYC, PGNY, RMBS, ROAD, RVLV, SAIA, TREX, WING, YETI	Construction, consumer discretionary, growth, Quality, SMID Cap, software, tariffs, volatility	Market volatility driven by Trump administration's tariff policies and trade uncertainty. Managers stress-testing portfolios across various tariff scenarios and exiting positions vulnerable to tariff impacts like Yeti and Align Technology due to China/Mexico manufacturing exposure.	MANH WING FIX ROAD SAIA	View
2025 Q1	Mar 31, 2025	Harding Loevner Global Small Companies	-3.1%	-3.1%	AAPL, ALGN, ASML, CBSH, CHD, EPAM, FIVE, FTI, GLOB, HP, LAZ, LIVN, LPLA, MKC, NBIX, NDAQ, OLLI, PEN, RGA, STNE	Germany, global, infrastructure, Quality, small caps, Trade Policy	The portfolio significantly increased exposure to Germany over the past couple years, with an 8.3% average weight versus 1.1% in the benchmark. Despite economic challenges, the manager found high-quality growing businesses trading at reasonable prices. Germany's constitutional amendment to allow fiscal stimulus and infrastructure spending of over $500 billion boosted market performance in Q1.	7747.T 6952.T FPE3.DE NEM.DE G24.DE	View
2024 Q4	Dec 31, 2024	Parnassus Value Equity Fund	-1.5%	12.0%	ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, GOOGL, GPN, INTC, MU, NICE, ORCL, PGR, SCHW, TSM	AI, financials, healthcare, large cap, semiconductors, technology, value	The fund benefited from AI-driven performance in holdings like Broadcom, which achieved record revenues from AI projects and custom chips for AI infrastructure. Oracle gained market share in cloud-based training of generative AI models through strategic partnerships. Applied Materials was added as a leading supplier of wafer fabrication equipment critical for AI semiconductor manufacturing.	V AMAT NVO AZN ABNB	View
2023 Q4	Dec 31, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ALGN, ANSS, CGNX, CPRT, CSGP, EXPO, FIVN, FTNT, HEI.A, IDXX, IT, JKHY, MTD, MTN, ROL, ROP, VEEV, VRSK, WCN, WST	growth, healthcare, industrials, mid cap, Quality, technology	Conestoga focuses on higher-quality companies with durable competitive advantages, balance sheet strength, and capable management teams. The portfolio faced stylistic headwinds as low-quality, unprofitable businesses outperformed during the quarter, particularly after the October 27th market bottom.		View
2023 Q4	Dec 1, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ABT, ADP, ALGN, AMZN, AON, EL, MSFT, NESN.SW, NVO, SAP, WDAY	global, growth, healthcare, Quality, technology	SAP's transition to the cloud continues at pace with robust cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Workday operates in the $100bn+ global HCM market and is expected to generate 20%+ annualized earnings growth over the next three to five years.	ABT AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT SAP AMZN WDAY	View
2023 Q4	Dec 1, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABNB, ALGN, AMZN, CRM, DOCU, GOOGL, ILMN, META, MSFT, NFLX, NOW, NVDA, PYPL	AI, Cloud, earnings, growth, large cap, Streaming, technology	Manager discusses generative AI as a major driver for cloud providers and Microsoft's business, but expresses caution about NVIDIA's valuation and cyclical nature. Sees AI as benefiting Azure, Microsoft's productivity suite, and creating new revenue streams through co-pilot features.	ABNB AAPL\|MSFT\|NFLX\|NVDA\|UNH AMZN CRM AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q4	Nov 1, 2024	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ADBE, ALGN, AMZN, CRM, EW, ISRG, MA, MSFT, NOW, NVDA, SQ, TTD, V, VEEV	Concentration, growth, large cap, Quality, technology			View
2025 Q3	Oct 6, 2025	Giverny Capital Asset Management	6.8%	12.6%	AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG	AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation	Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements.	NVDA US MEDP US	View
2025 Q3	Oct 24, 2025	Meridian Growth Fund	-1.8%	-	ALGN, ALIT, ALKT, CARG, CHDN, COO, DT, GFS, HALO, MDGL, RELY, SPT, STE, TRMB, ZD	AI, growth, healthcare, industrials, Quality, small caps, SMID, technology	The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. While AI remains transformative long-term, valuations have become disconnected from fundamentals with companies exceeding $10 billion market caps lacking profits or revenues. The fund remains disciplined and unlikely to pursue high-momentum AI names without meaningful revenues or profitability.	ZD HALO MDGL ALGN SPT ALIT	View
2024 Q3	Oct 2, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM	Alpha Generation, Long/Short, quantitative, risk management, Systematic			View
2025 Q3	Oct 19, 2025	Harding Loevner Global Small Companies	0.9%	8.1%	4587.T, 4975.T, 6383.T, 6869.T, 9962.T, 9988.HK, ALFA.ST, ALGN, ALLE, AMBU.CO, APPF, ATE.PA, BCHN.SW, BCPC, BESI.AS, BRN.DE, CKN.L, COO, CPA, CRDA.L, DIA.MI, DPLM.L, ELAN, ENS, EPAM, EVO.DE, EXPO, FELE, FN, FPE.DE, GLOB, HPG.HM, KXS.TO, LEHN.SW, NBIX, NEM.DE, PEN, PFV.DE, RAT.DE, RPY.MI, RUB.PA, SNR.L, SPSC, TECN.SW, TOM.OL, VAISALA.HE, WTS, ZEU.DE	AI, global, healthcare, momentum, Quality, small caps, value	The portfolio targets durable sources of return through quality, growth, and value, emphasizing steady, lower-beta businesses with strong fundamentals over higher-beta momentum plays. Quality companies in the benchmark underperformed lowest quality by more than 1,200 basis points during the quarter.		View
2023 Q3	Oct 19, 2023	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADBE, ADP, ALGN, AMZN, GOOGL, ICON, MC.PA, MSCI, MSFT, NOW, NVO, SHL.DE, WDAY	global, growth, healthcare, large cap, Quality, technology	Alphabet is leaning heavily into being an AI business for some time, while Adobe's GenAI approach through Firefly guarantees safe content by training on Adobe Stock. Both companies are making heavy investments in GenAI that will weigh on margins near-term.	AMZN WDAY AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK SHL.DE MC.PA ADBE GOOGL	View
2025 Q3	Oct 16, 2025	Distillate Capital Fundamental Stability & Value	-	6.5%	AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT	Benchmarks, Concentration, large cap, Quality, technology, valuation, value	Manager emphasizes systematic value investing approach focused on free cash flow valuation rather than book value. Strategy trades at 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. Systematic quarterly rebalancing allows proceeds from expensive stocks to flow into cheaper names with higher underlying cash flows.		View
2025 Q3	Oct 16, 2025	Distillate Capital International	-	33.3%	AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT	AI, Benchmarks, Concentration, Quality, valuation, value	The manager emphasizes that while the Russell 1000 Value benchmark is intended to offer a counter to valuation risk, it suffers from being demarcated on book value which inadequately measures valuation in today's economy. Their U.S. FSV strategy offers substantially better valuation at 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500.	CMCL LN	View
2025 Q3	Oct 16, 2025	Distillate Capital Small/Mid Cap Quality & Value	-	3.4%	AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT	AI Bubble, Benchmarks, Concentration, free cash flow, Quality, small caps, valuation, value	The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for the S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks.		View
2025 Q3	Oct 16, 2025	Distillate Capital Large Cap Value	-	9.0%	AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT	AI, Benchmarks, Concentration, free cash flow, Quality, valuation, value	The manager emphasizes systematic value investing through free cash flow analysis, highlighting their strategy's superior valuation metrics compared to benchmarks. They focus on finding quality companies trading at attractive levels while avoiding the valuation risks present in current market leadership.	IT US ACN US ADBE US CRM US	View
2024 Q3	Oct 16, 2024	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ALGN, ASML, BX, CMG, CRWD, DXCM, ELF, MA, MELI, NOW, PLTR, SNOW	AI, concentrated, growth, healthcare, large cap, payments, semiconductors, technology	Management teams continued to discuss AI roadmaps during quarterly calls. ServiceNow's stock appreciated partly due to continued demand for the company's AI products. The market's interest in AI remains a prevalent theme affecting portfolio companies.	ASML ELF DXCM BX MA NOW	View
2025 Q3	Oct 1, 2025	Infuse Partners	33.2%	-	AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT	AI, Benchmarks, Concentration, free cash flow, international, Quality, small caps, value	The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks.	TMDX US	View
2025 Q4	Jan 30, 2026	Sequoia Fund	0.4%	22.1%	ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH	AI, Concentration, defense, healthcare, long-term, Quality, technology, value	Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years.	ELV UNH GOOG RR LN ALGN ACN MSA	View
2025 Q4	Jan 27, 2026	Giverny Capital Asset Management	0.0%	12.6%	ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO	AI, HVAC, insurance, Quality, small caps, technology, value	Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality.	FISV CACC KMX ALGN WSO KNSL SCHW ANET	View
2025 Q4	Jan 26, 2026	Brown Advisory Large-Cap Growth Strategy	-4.4%	1.8%	AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS	AI, Cloud, growth, large cap, semiconductors, software, technology	AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms.	ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG	View
2025 Q4	Jan 26, 2026	Cambiar SMID Fund	1.6%	0.0%	ACVA, ALGN, BOKF, COO, EEFT, FNF, GOOGL, JBHT, LAZ, MAS, NVDA, WFC, WSC	AI, Credit Stress, financials, healthcare, Quality, small caps, value	The market has priced in a near-flawless AI future for years, but sentiment is shifting as investors become more scrutinizing. Only two of the Mag7 outperformed in 2025, and the market is now more discerning about how AI investments will translate into financial returns. Increased debt financing for AI capex creates vulnerability to credit tightening. The fourth quarter saw a reversal in the growth versus value trade, with traditional value sectors like Healthcare and Financials performing well while Mag7 largely lagged. The fund's quality bias and valuation sensitivity were out of step with a market prioritizing higher-beta momentum stocks. Value stocks offer attractive return potential going forward. Small cap stocks trailed larger cap counterparts for the year despite posting respectable 12.8% gains. Companies with negative income outperformed by wide margins in 2025, creating challenges for quality-focused strategies. The market environment paralleled 2021's speculative period with little regard for valuation or earnings. Corporate bankruptcies spiked in 2025, highlighting growing financial pressure amid elevated borrowing costs. Middle and lower income consumers are increasingly stretched with high credit card balances and subprime auto loan delinquencies at highest levels since 2008. Rising unemployment likely to amplify these pressures.	COO	View
2023 Q4	Aug 1, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH	Defensive, Long/Short, Market Neutral, Quality, risk management, valuation	Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals.		View
2024 Q2	Jul 16, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT	-			View
2024 Q2	Jun 30, 2024	Fidelity Growth Strategies Fund	6.3%	17.9%	ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST	AI, growth, healthcare, industrials, Mid-cap, technology, value	The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers.		View
2025 Q1	Apr 14, 2025	Parnassus Value Equity Fund	-2.0%	-2.0%	A, ALGN, AMD, AMZN, AVGO, BAC, BIO, CI, DE, GILD, GOOGL, JPM, MA, PGR, ROST, SPG, SPGI, SYY, V, VZ	financials, healthcare, large cap, moats, Quality, technology, uncertainty, value	The fund maintains exposure to AI adoption through cloud and semiconductor companies despite near-term softness. They added Advanced Micro Devices to capitalize on AI accelerator opportunities and the adoption of accelerated computing as AMD's competitive GPUs and CPUs continue to take market share.	JPM AMD	View
2023 Q3	Apr 10, 2023	LRT Capital Management	0.0%	15.8%	ABG, ACGL, ALGN, AZPN, BALL, CCI, CHE, DINO, ELS, EME, FIX, JKHY, NOC, RLI, SSD, TPL, TSM, URI, WH, WSM	Hedging, Long/Short, Quality, SMID Cap, Systematic	The fund focuses on high quality, diversified, and liquid companies with economic moats. The strategy emphasizes businesses with strong competitive dynamics that are unlikely to be meaningfully affected by small changes in interest rates.		View
2022 Q4	Mar 3, 2023	Harding Loevner Global Equity	5.2%	15.6%	AAPL, ALGN, NKE, SIVB	-			View
2024 Q4	Jan 24, 2025	Giverny Capital Asset Management	0.8%	21.1%	AHT.L, ALGN, ANET, BRK-A, CACC, CSU.TO, FERG, FI, FIVE, GOOGL, HEI.A, IBP, JPM, KNSL, MA, MEDP, META, MTB, PGR, SCHW	AI, Concentration, growth, mid cap, technology, value	Artificial Intelligence data centers are driving massive investment in networking equipment, with Arista Networks benefiting as the leader in that sector. The market appears to see that AI data centers will require robust investment in networking equipment.	MEDP ALGN KNSL FERG FI IBP AHT MTB	View
2023 Q4	Jan 24, 2024	McIntyre Partnerships	14.7%	6.0%	ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS	Concentration, Event Driven, Litigation, small caps, turnaround, value	Manager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation.	GTX SHC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Giverny Capital Asset Management	Align Technology, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	brand recognition, clear aligners, Consumer Preference, Healthcare Technology, Invisalign, market share, Orthodontics, R&D investment	View Pitch
Feb 4, 2026	Fund Letters	Arman Gokgol-Kline	Align Technology, Inc.	Health Care	Medical Devices	Bull	NASDAQ	Branding, growth, Medical devices, Orthodontics, Penetration	View Pitch
Jan 29, 2026	Fund Letters	David M. Poppe	Align Technology Inc.	Health Care	Medical Devices	Bull	NASDAQ	clear aligners, Consumer-health, Medical devices, Orthodontics, recovery	View Pitch
Jan 20, 2026	Seeking Alpha	Seeking Alpha	Align Technology, Inc.	Healthcare	Medical Devices	Neutral	NASDAQ Stock Market	Align Technology, clear aligners, financial position, Margins, Market Expectations, pricing pressures, R&D investment, restructuring, sales growth, valuation	View Pitch
Nov 29, 2025	Fund Letters	Chad Meade	Align Technology, Inc.	Health Care	Health Care Supplies	Bear	NASDAQ	Asp, Competition, Demand, Dental, Mix, Pricing	View Pitch
Nov 29, 2025	Fund Letters	Chad Meade	Align Technology, Inc.	Health Care	Health Care Supplies	Bear	NASDAQ	Asp, Competition, Demand, Dental, Mix, Pricing	View Pitch
Oct 6, 2025	Value Investors Club	baldy	Align Technology Inc	Health Care	Health Care Equipment	—	NASDAQ	Align, Invisalign, orthodontics, TAM, growth	View Pitch

BSD Shareholders of ALGN

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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