Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 2025 Q4 | Jan 20, 2026 | Madison Small Cap Fund | -0.4% | -6.9% | AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION | AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance | The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again. | AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fund Letters | Faraz Farzam | Amplitude, Inc. | Information Technology | Application Software | Bull | NASDAQ | analytics, Freecashflow, Moats, Software, turnaround | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||