ALKT

ALKT

ALKT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 11, 2025	Baron FinTech Fund	9.2%	7.7%	ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK	Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility	The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects.		View
2025 Q2	Jul 25, 2025	Baron Discovery Fund	14.7%	7.6%	ALKT, BASE, CW, CYBR, DAY, DKNG, DT, EXAS, GWRE, INSP, IRT, KTOS, LLYVA, MAC, MEG, MRCY, NOVT, PAR, RH, TEM, WYNN	AI, Cloud, cybersecurity, defense, growth, small caps, sports betting, technology	The fund is positioned across multiple defense companies benefiting from increased funding and demand for advanced military technologies. Companies like Kratos Defense & Security Solutions and Karman Holdings are well positioned for accelerated multi-year growth in areas such as hypersonic technology, drone engines, missile defense, and space launch components.	WYNN INSP CLWR KARH MEG KTOS	View
2026 Q1	Apr 16, 2026	Meridian Small Cap Growth Fund	-8.4%	-8.4%	ALKT, ALM, AMPL, CGON, KEX, ZBIO	AI, Biotechnology, Geopolitical, growth, healthcare, small cap, technology, Trade Policy			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 Q4	Dec 31, 2023	NCG Micro Cap Growth Strategy	9.5%	10.2%	ACVA, ALKT, AUGX, CCS, CSTL, DCBO, ENFN, FWRG, PDFS, SEMR, TNDM, VCYT	Fed Pivot, growth, healthcare, Microcap, Quality, small caps, technology	Healthcare holdings drove much of the underperformance across all strategies in 2023, primarily due to investor perception that GLP-1 drug benefits will reduce medical interventions. Many healthcare companies began recovering in Q4 and the manager believes in long-term growth fundamentals.	ENFN VCYT PDFS SEMR ALKT CCCS FWRG AUGX ACVA DCBO CSTL TNDM	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
2025 Q3	Oct 24, 2025	Meridian Small Cap Growth Fund	4.2%	-	ALIT, ALKT, AMPL, CARG, CCSI, CERT, KEX, RELY, SPT, TPB, VCYT, VNOM, ZENA	AI, growth, healthcare, industrials, Quality, small caps, technology, Valuations	The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. Many companies are trading at historically elevated valuations despite being potential one-time beneficiaries of the AI investment cycle. The fund remains disciplined and avoids high-momentum AI names lacking meaningful revenues or profitability.	CCSI ZENAS TPB KEX SPT ALIT ZD HALO MDGL ALGN SPT CCSI KEX SPT	View
2024 Q3	Oct 11, 2024	Driehaus Micro Cap Growth Strategy	8.2%	24.0%	ADMA, ALKT, CRNX, MOD, TMDX	AI, Biotechnology, Fed Cuts, growth, healthcare, Micro Cap, small caps, valuation	AI infrastructure spending by Hyperscalers remains robust despite concerns about ROI. The manager views AI as an existential threat to major tech companies, driving continued capex investment in GPUs, servers, networking equipment and data centers. While 40% capex growth may decelerate in 2025-2026, AI infrastructure spending should remain strong.		View
2025 Q4	Jan 26, 2026	Baron Discovery Fund	0.2%	11.0%	ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY	AI, defense, growth, healthcare, Quality, small caps, software	The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area.	CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS	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
2025 Q4	Jan 21, 2026	Meridian Small Cap Growth Fund	0.9%	0.0%	ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS	Biotechnology, growth, healthcare, Quality, small caps, technology, value	Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed.	ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT	View
2023 Q3	Sep 30, 2023	Meridian Small Cap Growth Fund	6.2%	0.0%	ALIT, ALKT, CCCS, HCCI, HDSN, MATX, MIR, QDEL, RBA, TPB	growth, healthcare, industrials, small caps, technology			View
2022 Q2	Jun 30, 2022	Baron Discovery Fund	13.5%	9.3%	ALKT, ASGN, CDAY, CWAN, DAVA, DH, ESTA, GTLB, GWRE, MEG, PGNY, REXR, SAIL	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	NCG Micro Cap Growth Strategy	Alkami Technology	Information Technology	Software	Bull	NASDAQ	cash flow positive, credit unions, digital banking, financial technology, market share gains, Modern Platform	View Pitch

BSD Shareholders of ALKT

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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