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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 6, 2025 | Seeking Winners | 8.2% | - | APPF | Balance Sheets, Compounding, Patience, Quality, volatility | The letter emphasizes disciplined stock selection focused on financially strong businesses capable of compounding value over time. Management highlights patience, balance sheet strength, and earnings durability as key drivers of long-term success. Short-term volatility is viewed as an opportunity rather than a risk. | View | |
| 2025 Q1 | Apr 6, 2025 | Seeking Winners | -0.5% | -0.5% | APPF, BRO, CMG, CPRT, HEI, IT | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Alger Small Cap Focus Fund | 6.4% | 5.9% | APPF, CWAN, NARI, NTRA, WING, XMTR | - | View | ||
| 2025 Q1 | Apr 12, 2025 | Alpha Wealth Funds – The Insiders Fund | - | - | ADBE, APPF, DVN, ET, GRAL, INBX, LULU, MSCI, ROK, SNBR, ZBRA | - | View | ||
| 2025 Q4 | Mar 1, 2026 | iMGP Small Company Fund | 1.3% | 0.0% | AAP, AMKR, APPF, MANH, NVDA, PRM, RBC, UAMY | AI, Biotech, defense, growth, healthcare, Quality, small caps, technology | AI remained a significant driver throughout 2025, with AI-related stocks recovering after initial volatility from Chinese competitor DeepSeek and becoming the dominant theme again in late 2025. The market saw broadening beyond AI with materials performing well, but AI continues to be a desired area driving investment decisions. Biotech companies rallied over 25% in the fourth quarter, driven by a series of high-profile biotech acquisitions by large pharma buyers. The managers generally avoid biotech stocks due to their highly binary nature, though they participate through investments in companies that sell products and services to biotech customers. Defense spending themes emerged through specific investments like Antimony Corporation, which won a $245 million five-year sole source contract to rebuild the U.S. antimony supply for military use, taking advantage of export restrictions from China. RBC Bearings' Aerospace and Defense business was particularly strong. | View | |
| 2024 Q3 | Oct 3, 2024 | Seeking Winners | 5.5% | - | APPF, CMG CN | - | View | ||
| 2025 Q3 | Oct 14, 2025 | Parnassus Growth Equity Fund | 5.8% | - | AAPL, APPF, ASML, BRO, CMG, CRM, DE, GOOG, INSM, INTU, MELI, PODD, SARP, TSM | Artificial Intelligence, growth, healthcare, inflation, semiconductors | The fund underperformed the Russell 1000 Growth Index due to underweight positions in Apple and Tesla but gained from holdings in Alphabet, ASML, and TSMC. It highlights AI infrastructure buildout, healthcare innovation, and defensive growth through high-quality companies like Insulet and StandardAero. Management remains bullish on U.S. equities while monitoring inflation and monetization risks from AI. | PODD US SARO US |
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| 2025 Q4 | Jan 30, 2026 | Alpha Wealth Funds – The Insiders Fund | -0.4% | 30.8% | AMAT, AMD, APPF, AXON, ET, GOOGL, INTC, LLY, LRCX, MRVL, NKE, NSC, NUE, ROK | AI, Automation, Industrial, Manufacturing, Onshoring, semiconductors, technology | Geopolitical events and government incentives like the U.S. CHIPS Act are driving monumental investment to localize advanced semiconductor manufacturing in the U.S. and allied nations. This builds resilience and meets future demand from AI, 5G/6G, and advanced auto. The fund seeks direct beneficiaries of this capital expenditure cycle. Focus expands beyond Generative AI and LLMs to Physical AI—the integration of AI/ML into autonomous physical systems and advanced robotics. The next wave of productivity will come from intelligent machines executing complex real-world tasks. This includes foundational AI infrastructure, Edge AI hardware, and advanced Industrial/Service Robotics. The fund is positioned around the thesis that the U.S. Government will spend whatever amount necessary to assist the government-private industry partnership to reshore the semiconductor industry. Companies like Applied Materials dominate wafer fabrication equipment as AI, advanced packaging, and memory capex ramp globally. Broader echo of the semiconductor trend covering other critical industries like rare earth metals, batteries, and pharmaceuticals where focus is shifting from lowest-cost sourcing to supply chain resilience. The fund targets companies establishing highly automated, next-generation domestic production capabilities. | NSC INTC MRVL NUE ROK AMAT APPF ET GOOG |
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| 2024 Q4 | Jan 11, 2025 | Seeking Winners | - | 26.6% | APPF, BRK/A, CSGP, HEI, IT | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | ALIT, APPF, BL, FFO GR, GSHD, LESL, PGNY, RVLV | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, APPF, CACI, DECK, HEI, MANH, POOL, RGEN, VERX, XPEL, ZBRA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Harvey Warren Sax | AppFolio Inc. | Information Technology | Application Software | Bull | NASDAQ | Automation, Fintech, Payments, property management, SaaS | View Pitch |
| Jan 8, 2026 | Substack | Optrack.io | Appfolio | Software as a Service (SaaS) | Software as a Service (SaaS) | Bull | NASDAQ Stock Market | Alexander Wolf, Appfolio, board member purchase, growth runway, high margins, investment thesis, SaaS, software solutions, stock drawdown, VMS | View Pitch |
| Dec 3, 2025 | Fund Letters | Harvey Warren Sax | AppFolio, Inc. | Information Technology | Application Software | Bull | NASDAQ | growth, Margins, property management, recurring revenue, SaaS | View Pitch |
| Nov 29, 2025 | Fund Letters | Harvey Warren Sax | AppFolio Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Fintech, growth, Payments, Real Estate, SaaS, Software | View Pitch |
| Nov 28, 2025 | Fund Letters | Harvey Warren Sax | AppFolio Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Fintech, growth, Payments, Real Estate, SaaS, Software | 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. | ||||||||