AXON Archives

AXON

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 29, 2024	Andrew Hill Investment Advisors	-	-	AAPL, AMZN, AXON, CEG, CMG, EQT, GEV, HIW, ISRG, LLY, MSFT, MSI, NEE, NVDA, UTHR	AI, Energy Transition, Rate Cuts, real estate, technology, Utilities	Due to increasing power needs driven by Artificial Intelligence, utility stocks saw the greatest appreciation during the quarter. AHIA identified this trend early and favored the utility sector with positions in companies providing carbon-free reliable electricity. The firm sees continued room for appreciation as lower rates benefit these sectors.	UTHR ISRG AXON MSI CMG LLY HIW NEE GEV CEG	View
2025 Q2	Aug 7, 2025	Fidelity Growth Strategies Fund	22.7%	12.9%	ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.	HOOD AXON	View
2025 Q2	Aug 4, 2025	ClearBridge Mid Cap Growth Strategy	-	-	APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RCL, RUBK, TW, VST, WING	AI, consumer discretionary, growth, mid cap, Rate Cuts, tariffs, technology	Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle.		View
2025 Q2	Aug 4, 2025	Franklin Growth Opportunities Fund	16.9%	5.7%	AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX	AI, gaming, growth, large cap, semiconductors, technology, US	Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI beneficiaries like Axon Enterprise in law enforcement digitalization and AppLovin's AI-powered advertising technology.		View
2025 Q2	Aug 27, 2025	ClearBridge Investments Mid Cap Growth Strategy	-	-	APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RBRK, RCL, TW, VST, WING	AI, consumer discretionary, financials, growth, industrials, mid cap, technology	Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle.	CVNA VST MELI TW AXON PLTR	View
2025 Q2	Aug 27, 2025	Antero Peak Group	20.0%	17.7%	AAPL, AMZN, APO, AVGO, AXON, CCI, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RYCEY, SMNEY, TSM, VST	AI, Data centers, energy, growth, infrastructure, semiconductors, technology	The manager provides extensive analysis of the AI infrastructure landscape, expecting robust investment through 2030 to support generative AI growth and agentic AI. Training clusters are getting bigger with mega-scale infrastructure projects having long runways, while agentic AI is driving material spending in inferencing infrastructure.		View
2025 Q2	Jul 31, 2025	Artisan Focus Fund	19.6%	17.4%	AMZN, APO, AVGO, AXON, CCI, ENBW.DE, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RR.L, SAF.PA, TSM, VST	AI, alpha, Data centers, growth, infrastructure, Performance, semiconductors, technology	The fund extensively discusses AI infrastructure investment opportunities, particularly around training clusters, inference workloads, and agentic AI systems. They see continued robust investment through 2030 driven by scaling laws and expanding use cases. The transition from predictive models to autonomous agents is creating exponential compute demand.	AVGO NVDA	View
2025 Q2	Jul 27, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. Current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO WING AXON TTD MPWR MDB INSM ALNY WYNN RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR	View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V	AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology	Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users.	NET MELI AXON NFLX NVDA	View
2025 Q2	Jul 21, 2025	Sands Capital Technology Innovators Fund	26.0%	12.9%	AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V	AI, Cloud, growth, innovation, semiconductors, software, technology	Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions.	GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA	View
2025 Q2	Jul 17, 2025	Alger Mid Cap Focus Fund	19.9%	3.9%	ALAB, AXON, CSU.TO, HOOD, TLN, WING	AI, Cloud, Data centers, financials, growth, industrials, mid cap, technology	AI is at an inflection point, potentially enabling significant increases in productivity. Strong demand for AI infrastructure is driving business spending acceleration. Companies like Astera Labs are well positioned in AI computing markets, providing critical connectivity solutions for AI accelerators and data movement.	AXON CSU.TO WING ALAB TLN HOOD RYAN CWAN VRT NET PLTR	View
2025 Q2	Jul 11, 2025	Driehaus Small Cap Growth Fund	13.5%	-5.4%	AXON, CVLT, CW, CYBR, NTRA	AI, growth, industrials, infrastructure, small cap, tariffs, technology	AI infrastructure demand remains robust with hyperscalers continuing competitive spending on data centers. The manager aggressively reduced AI infrastructure positions after DeepSeek debut but re-initiated at lower prices as earnings estimates appear conservative and capex trends remain strong. AI is expected to drive productivity gains and serve as a source of economic growth.		View
2025 Q2	Jul 11, 2025	Driehaus Small/Mid Cap Growth Fund	15.9%	-2.4%	AXON, CVNA, CYBR, NTRA, PODD	AI, energy, growth, industrials, infrastructure, small cap, tariffs, technology	AI infrastructure demand remains robust with hyperscalers continuing competitive spending battle. DeepSeek concerns proved temporary as AI capex trends remain strong with new use cases driving productivity gains. The strategy increased exposure to AI data center buildout companies during the quarter.		View
2025 Q1	Jun 30, 2025	Antero Peak Group	-1.9%	-1.9%	ADI, APO, AXON, CCI, CEG, CME, ENEN.DE, EQIX, GE, HWM, ISRG, KKR, KMI, LIN, LLY, MCO, MSFT, MSI, NDAQ, NVDA, PRMB, RR.L, SAF.PA, SPGI, TDG, TSM, VST, WMB	aerospace, AI, alpha, earnings, energy, growth, large cap, technology	Aerospace normalization theme was a strong contributor in Q1 with General Electric continuing clean execution as a pure play aerospace engine maker and Rolls-Royce seeing positive upward revisions. The team sees aerospace cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class.		View
2023 Q1	Apr 5, 2023	Infuse Partners	10.1%	10.1%	AAPL, ABNB, AMZN, AXON, COST, CRM, CSU.TO, DDOG, HCC, INSP, LSPD.TO, LYFT, META, MO, MSI, ORCL, RUN, TDG, TDOC, TSM, UBER	Founder, growth, Quality, technology, value	Manager outlines comprehensive 12-point quality checklist for evaluating businesses, emphasizing founder-led companies, competitive advantages, recurring revenue, and financial strength. Quality assessment is central to the investment process, combined with growth and valuation metrics to create the portfolio.	AXON	View
2024 Q1	Apr 27, 2024	Driehaus Small Cap Growth Fund	6.4%	27.0%	AXON, BRBR, MNDY, NVDA, SAIA, SMCI	AI, energy, growth, healthcare, industrials, semiconductors, small cap, technology	AI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is still nascent but growing rapidly, with 45% piloting and only 10% in production. The manager views AI as early and sustainable, comparing it favorably to the Tech Bubble with stronger earnings and lower multiples.		View
2026 Q1	Apr 25, 2026	Edgewood Management	-13.3%	-13.3%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SNPS, SPOT, VRTX	AI, earnings, growth, large cap, semiconductors, software, technology, Valuations			View
2026 Q1	Apr 25, 2026	Sands Capital Global Growth Fund	-14.9%	-14.9%	000660 KS, APP, ASML, AXON, BE, DASH, FLUT, NET, NFLX, TSM	AI, energy, global, growth, semiconductors, software, technology			View
2026 Q1	Apr 20, 2026	Nightview Capital	-	-	ADSK, AXON, NOW, NVDA, SHOP, TSLA	AI, Concentration, Enterprise, portfolio, semiconductors, software, technology		ADSK SHOP NOW AXON	View
2024 Q1	Apr 20, 2024	Alpha Wealth Funds – The Insiders Fund	0.0%	1.2%	AAPL, AMZN, AXON, CRK, DELL, DVN, ET, GOOGL, HR, ILMN, INTC, MSFT, MU, NVDA, ORCL, PEAK, QCOM, RXRX, SEDG, XOM	AI, energy, insider buying, Natural Gas, semiconductors, technology	Manager believes we are at an internet game-changing moment with AI, describing it as profound and transformational. Companies are stampeding to embrace AI or risk being disrupted by chatbots, robots, or machine learning. A massive uptick in capex spending is underway directly attributable to AI adoption.		View
2026 Q1	Apr 18, 2026	Baillie Gifford – US Equity Growth	-15.1%	-15.1%	AXON, CSGP, DASH, DUOL, ENSG, GH, GLOB, IOT, MSFT, NET, PEN, SHOP.TO	AI, growth, long-term, software, Systems, technology, valuation		RBC AXON	View
2025 Q1	Apr 17, 2025	Driehaus Small/Mid Cap Growth Fund	-15.8%	-15.8%	AXON, CVNA, CYBR, NTRA, SFM	AI, Biotechnology, growth, healthcare, small cap, tariffs, technology, Trade Policy	Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates.		View
2026 Q1	Apr 15, 2026	Carillon Eagle Mid Cap Growth Fund	-	-	ARES, AXON, CASY, CVNA, PWR, RBLX, RDDT, TER, VRT, XPO	AI, defense, energy, Geopolitical, growth, healthcare, mid cap, technology		RDDT RBLX AXON CVNA ARES XPO PWR CASY TER VRT	View
2024 Q1	Apr 15, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, ALGM, AXNX, AXON, CDNA, CYBR, DKNG, ENDV, ESTA, FND, GTLB, INTA, KNSL, MASI, MRCY, NARI, NVTS, RH, S, SITE	cybersecurity, growth, healthcare, semiconductors, small cap, technology, Valuations	Fund focuses on small-cap growth stocks which remain in a three-plus year bear market while large-cap stocks reach all-time highs. Small-cap growth stocks have attractive valuations both on an absolute basis and relative to large-cap stocks, and typically show significant appreciation coming out of deep market downturns.	INTA MASI CYBR DKNG KNSL	View
2024 Q1	Apr 15, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, BFAM, CWST, DSGX, EXPO, FIVN, FSV, MRCY, NEOG, NOVT, PYCR, QTWO, RGEN, ROAD, ROL, SPSC, TFX, TREX, WK, WSO	growth, industrials, infrastructure, mid cap, small cap, software, technology, Waste management	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness.		View
2024 Q1	Apr 15, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK	growth, healthcare, industrials, mid cap, Performance, technology	The market's advance remained heavily dependent on AI-related stocks, with NVIDIA continuing its meteoric rise and Super Micro Computer benefiting from the surge in artificial intelligence-related stocks. The AI theme contributed significantly to market performance across multiple cap segments.		View
2024 Q1	Apr 15, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK	growth, healthcare, industrials, infrastructure, small cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness.		View
2025 Q1	Mar 31, 2025	Baron Discovery Fund	-6.2%	-6.2%	AXON, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, INSP, KTOS, LLYVA, MASI, MEG, MRCY, NARI, PAR, RDDT, TEM, TTAN, WING	Biotechnology, defense, growth, Market Dislocation, small cap, tariffs, Value Investing	The fund has significant exposure to defense companies including Kratos Defense & Security Solutions and newly added Karman Holdings. These companies are positioned to benefit from growing defense spending on hypersonic missiles, space programs, and unmanned aircraft solutions. Karman specifically targets the fastest-growing segments of defense with 90% sole-sourced sales and proprietary IP-driven solutions.	ACLX KARM WING MEG INDI EXAS	View
2025 Q1	Mar 31, 2025	Fidelity Growth Strategies Fund	-8.0%	-8.0%	AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX	aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy	Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets.		View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V	AI, E-Commerce, global, growth, payments, semiconductors, technology	AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation.		View
2025 Q1	Mar 31, 2025	Sands Capital Select Growth Fund	-10.1%	-10.1%	AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V	AI, Concentration, growth, large cap, semiconductors, software, technology	AI remains a foundational driver of long-term growth despite market volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are materializing across fraud detection, content creation, and workflow automation.		View
2025 Q4	Feb 5, 2026	Baron Opportunity Fund	4.6%	19.4%	ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD	AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology	AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users.		View
2025 Q4	Feb 4, 2026	Baron Asset Fund	7.9%	8.2%	ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL	AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology	The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market.		View
2025 Q4	Feb 3, 2026	Fidelity Growth Strategies Fund	-3.4%	12.6%	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026.	IDXX AXON LITE ATI COHR	View
2025 Q4	Feb 12, 2026	Artemis US Select Fund	7.0%	10.0%	AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC	AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities	The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment.		View
2025 Q4	Dec 31, 2025	Edgewood Management	1.5%	7.0%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, Quality, semiconductors, software, technology	AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends.	APH AXON	View
2024 Q4	Dec 31, 2024	Alger Mid Cap Focus Fund	4.9%	24.5%	AMZN, APP, AXON, CEG, HEI, MPWR, NVDA, PLTR, TLN	AI, Cloud, growth, industrials, mid cap, nuclear, technology	AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI platform (AIP) leverages generative AI to optimize business operations and has driven significant growth. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine.	HEI CEG MPWR AXON APP PLTR	View
2024 Q4	Dec 31, 2024	Baron Discovery Fund	6.1%	16.0%	AXON, CDNA, CWAN, CYBR, DAY, DKNG, EXAS, FND, GTLS, GWRE, IRT, KTOS, LLYVA, MAC, MEG, PAR, RDDT, S, TTAN, VRNS	contrarian, growth, REITs, small caps, software, technology, value	Axon highlighted the 2025 launch of an AI bundle oriented around its innovative Draft One product which automates the process of report writing for public safety officers. This represents a significant expansion opportunity as Axon continues to find new areas of growth and pulls ahead of competition.	BC.MI IRT TTAN MAC PAR CHT	View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V	AI, global, growth, innovation, long-term, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.		View
2024 Q4	Dec 31, 2024	Barometer Capital Management	-	-	AAPL, ATRL.TO, AXON, BWXT, CAT, CCO.TO, CM.TO, FFH.TO, GS, HWM, IBIT, JPM, L.TO, MSI, NEE, NVDA, NVS, REGN, TECK-B.TO, V	AI, banks, Deregulation, financials, industrials, nuclear, technology	AI continued to influence markets with focus shifting to future power demand growth as datacenter build-out requires substantial energy investments. Axon Enterprise's AI products allow police officers to automate report writing, freeing up time for more policing, with police departments increasingly eager to implement this high-margin software.	ATRL HWM AXON	View
2022 Q4	Dec 31, 2022	Baron Discovery Fund	13.5%	9.3%	ALGM, AXON, CDNA, DH, FORG, GTLS, MEG, QLYS, RVNC, SMAR	-			View
2024 Q4	Dec 30, 2024	Munro Global Growth Fund	10.4%	37.2%	AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER	AI, growth, large cap, semiconductors, technology, US	Artificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips.	AXON AVGO	View
2024 Q3	Dec 18, 2024	Munro Global Growth Fund	0.0%	0.0%	000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT	AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump	The emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time.		View
2025 Q3	Nov 5, 2025	Franklin Growth Opportunities Fund	4.0%	10.0%	AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX	AI, gaming, growth, large cap, Onshoring, semiconductors, technology, US	Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI as a key component to digitalization of law enforcement and emergency services through holdings like Axon Enterprise.		View
2025 Q3	Nov 16, 2025	ClearBridge Mid Cap Growth Strategy	-	-	ALNY, APP, ARGX, AXON, CASY, CCK, CHWY, DKNG, DT, EQT, EXPE, ICLR, IP, LNW, PFGC, QXO, REZI, TECH, UMBF, WSC	Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, policy, Rate Cuts, stock selection	Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam Pharmaceuticals advanced driven by accelerating uptake of its treatment for transthyretin cardiac amyloidosis.		View
2025 Q3	Oct 28, 2025	Fidelity Growth Strategies Fund	3.3%	16.7%	ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.		View
2024 Q3	Oct 23, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, BFAM, CGNX, CWST, DSGX, EXPO, FIVN, FSV, GWRE, MSA, POOL, QTWO, ROAD, ROL, SITE, TREX, TYL, WSO, WST	growth, industrials, infrastructure, software, technology	The infrastructure spending in the United States has benefited companies like Construction Partners in two ways: the level of demand and funding available, and supply tightness in hot mixed asphalt plants leading to better pricing and expanding margins.		View
2025 Q3	Oct 21, 2025	ClearBridge Mid Cap Growth Strategy	-	-	ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF	Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value	Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance.	RBLX	View
2025 Q3	Oct 20, 2025	Alpha Wealth Funds – The Insiders Fund	-	14.8%	AMAT, AMD, APPF, AXON, ET, GOOG, INTC, LLY, LRCX, MRVL, ROK	AI, energy, growth, healthcare, insider buying, semiconductors, technology, value	The fund attributes its biggest gains to heavy concentration in the AI technology investment boom. Several key positions were supported by insider buying in semiconductor companies like AMD, Applied Materials, and Marvell Technologies. The manager views AI as driving secular demand for chips, advanced packaging, and memory capex globally.	MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG	View
2025 Q3	Oct 20, 2025	Antero Peak Group	2.7%	20.5%	AXON, CEG, COF, DASH, EVR, GE, GS, HWM, ISRG, JPM, MSFT, NDAQ, NFLX, NVDA, RHM.DE, RYCEY, SIEGY, TSM, VST, WELL	aerospace, AI, energy, financials, growth, large cap, semiconductors, technology	AI infrastructure buildout driving massive capital deployment across data centers, power generation, and semiconductor supply chains. Current data center power draw of 17 GW projected to reach 50 GW by 2028, equivalent to California's entire power grid. Oracle's backlog up $400B entirely from GPU demand, while hyperscale data centers require 100-200 MW each.	TSM RR GE NVDA MSFT TSM RR GE NVDA MSFT	View
2025 Q3	Oct 20, 2025	Sands Capital Global Growth Fund	-2.0%	12.2%	ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V	AI, E-Commerce, global, growth, semiconductors, Streaming, technology	Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats.	TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA	View
2025 Q3	Oct 19, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, defense, growth, healthcare, mid cap, Natural Gas, technology, Travel	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see potential inflection in earnings growth fueled by AI-driven margin expansion. Companies with exposure to the buildout of AI data centers have performed remarkably well in 2025 as hyperscalers have revised capital expenditure plans significantly higher.	MDB US INSM US ALNY US WYNN US MPWR US	View
2025 Q3	Oct 14, 2025	Driehaus Small/Mid Cap Growth Fund	10.7%	8.1%	ALAB, AXON, CVNA, GH, PWR	AI, Data centers, earnings, growth, healthcare, industrials, small cap, technology	AI continues to be the dominant theme driving the market and economy. Over the intermediate and long-term profit margins should expand as companies become more productive and efficient by using AI. The biggest beneficiaries continue to be companies levered to the robust hyperscaler capex and data center buildout.	GH US CVNA US PWR US AXON US	View
2025 Q3	Oct 14, 2025	Alger Mid Cap Focus Fund	14.5%	19.0%	ALAB, AXON, CSU.TO, HOOD, TLN, WING	AI, Cloud, Data centers, financials, growth, mid cap, semiconductors, technology	AI is at an inflection point, potentially enabling significant increases in productivity. Strong demand for AI infrastructure is driving business spending acceleration. Companies like Astera Labs are well positioned in AI computing markets, providing critical connectivity solutions for AI accelerators and data movement.	ALAB HOOD	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO	AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors	AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels.		View
2024 Q3	Oct 11, 2024	Driehaus Small/Mid Cap Growth Fund	3.1%	24.0%	AXON, CRNX, CYBR, HEI, TMDX	AI, Biotechnology, earnings, growth, healthcare, industrials, rates, small caps	AI remains a powerful transformational theme with robust capex spending on data centers and infrastructure. Hyperscalers view AI as an existential threat to their business models and are increasing AI GPU cluster intelligence from current IQ levels of 100-120 to genius levels of 160+ and potentially 1,000. While 40% capex increases may decelerate in 2025-2026, AI infrastructure spending will remain strong.		View
2024 Q3	Oct 11, 2024	Driehaus Small Cap Growth Fund	6.4%	27.0%	AXON, CRNX, FTAI, PCVX, TMDX	AI, Biotech, growth, industrials, infrastructure, Rate Cuts, small caps	AI infrastructure spending by Hyperscalers remains robust with 40% capex increases in 2024. Manager views AI as existential threat driving continued investment in GPUs, servers, networking equipment and data centers. Expects spending to decelerate but remain strong through 2025-2026.		View
2024 Q4	Jan 6, 2025	Infuse Partners	-	12.0%	AXON, HFG.DE, MELI, NU, NVDA, TSLA	Concentration, growth, LatAM, Quality, technology, value	MercadoLibre continues to spin its commerce/payments flywheel with fintech business now much larger than original e-commerce platform. Beautiful synergy exists as on-platform payments lower friction for commerce business and faster delivery times lead to more orders and payments.	NVDA HFG.DE TSLA SHEL.L MELI NU INTEG.ST AXON	View
2025 Q4	Jan 30, 2026	Artisan Focus Fund	-0.5%	19.9%	AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC	aerospace, AI, energy, financials, growth, industrials, semiconductors, technology	AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing.	GE	View
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	View
2025 Q4	Jan 27, 2026	Antero Peak Group	-0.5%	19.9%	AAPL, ADI, AXON, CAT, COF, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RYCEY, SHOP, SMNEY, TSM, WELL, WFC	aerospace, AI, Capital markets, Data centers, energy, productivity, ROIC, semiconductors	AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025, with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with Caterpillar positioned for multi-year upcycle as power demand creates new secular growth at a cyclical trough. Data center reaches deep into Caterpillar's portfolio with co-located power capability. Analog Devices represents the premium analog compounder as the cycle turns, with best economics in analog including 70%+ gross margins and 45-50% EBIT target. The team believes 2Q25 marked the restart with pricing and margin inflection underway. Data monetization theme involves machine learning, AI, and cloud causing the economic value of data to structurally accelerate through new products and applications. Companies include financial services firms like Capital One, JPMorgan Chase, Goldman Sachs, Wells Fargo, and Nasdaq. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies include Constellation Energy, GE Vernova, Siemens Energy, and Vistra Corp.	ADI CAT	View
2025 Q4	Jan 26, 2026	Brown Advisors Mid-Cap Growth strategy	-4.7%	12.5%	AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform.		View
2025 Q4	Jan 22, 2026	Sands Capital Global Growth Fund	6.2%	10.2%	6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V	AI, defense, energy, global, growth, Robotics, Space, technology	AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions.	ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL	View
2025 Q4	Jan 22, 2026	Sands Capital Technology Innovators Fund	6.2%	14.7%	AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V	AI, defense, global, growth, innovation, Robotics, semiconductors, technology	AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential.	PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM	View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-4.7%	9.4%	ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV	AI, consumer, financials, growth, healthcare, industrials, mid cap, technology	Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook.	AMAT AXON PINS TTWO	View
2025 Q4	Jan 19, 2026	Carillon Eagle Mid Cap Growth Fund	0.0%	8.7%	ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST	aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology	AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics.	VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA	View
2023 Q4	Jan 11, 2024	Infuse Partners	16.4%	-	AXON, CELH, MELI, NU, SHEL.L, TSLA	Concentration, growth, LatAM, Quality, technology	MercadoLibre maintains dominant position in Latin American e-commerce with competitive concerns about Amazon and Shopee diminishing as both companies retrench to focus on profitability. MELI continues investing in logistics and payments infrastructure to strengthen its flywheel.	ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA CELH SHEL.L ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM AXON	View
2024 Q3	Sep 30, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, AXON, BASE, CDNA, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, KTOS, LLYVA, MEG, NARI, PTECH, SIZE, TEM, TWFG, VCYT	growth, healthcare, rates, Rotation, small caps, technology, valuation	The fund believes the bear market in small-cap growth stocks that started in February 2021 is finally ending. Small-cap growth is trading at its largest discount relative to large cap in 25 years, with investors under-allocated to the asset class. The combination of lower interest rates, stronger economic growth, attractive valuations, and easier earnings comparisons creates a backdrop conducive for stronger small company fundamentals and valuation multiples.	NARI TWFG TEM AXON CDNA	View
2024 Q3	Sep 30, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ARES, AXON, BKR, CELH, COR, CRWD, DXCM, ENTG, FICO, GEV, GWW, RBA, RCL, ROST, SNPS, TTD, VST, WAB, WCN	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	The dramatic growth in AI infrastructure investment remains a dominant theme in the market, with hundreds of billions being invested by mega-cap tech companies. The fund holds positions well positioned to benefit from this trend, though managers remain vigilant of potential drawdown risks in AI winners.	ENTG SNPS CRWD CELH DXCM WAB FICO VST AXON GEV	View
2024 Q3	Sep 30, 2024	BlackRock Innovation And Growth Term Trust	0.0%	0.0%	AXON, CSGP, ENTG, FIX, MPWR, TPG, TW, VRT	growth, innovation, mid cap, Options, small cap, technology			View
2024 Q3	Sep 30, 2024	Fidelity Growth Strategies Fund	6.3%	17.9%	AMP, AXON, COH, CRWD, DOXY, DPZ, ENTG, FICO, GWW, HWM, IDXX, IT, MPWR, ODFL, PLTR, RMD, TDG, TTD, VST, WFRD	AI, growth, healthcare, industrials, Mid-cap, technology, Utilities	The fund discusses AI's impact across multiple sectors, particularly noting Palantir's Artificial Intelligence Platform offering driving strong growth. The manager anticipates AI-related movement expanding across mid-caps beyond current concentration in industrials and utilities. AI-capable data centers are expected to drive demand for industrial companies.		View
2023 Q3	Sep 30, 2023	Baron Asset Fund	8.3%	10.6%	ACGL, ANSYS, AXON, AZPN, BAH, CSGP, FDS, FICO, GWRE, IDXX, ILMN, IT, MKTX, MORN, MTD, MTN, ONON, PWR, SBAC, VRSK, ZI	analytics, growth, insurance, mid cap, software, technology	The fund benefits from cloud-based software implementations, particularly through Guidewire's 17 deals for cloud software with Tier 1 insurance carriers. Cloud adoption continues to drive growth for portfolio companies.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ONON ACGL ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2023 Q3	Sep 30, 2023	Baron Discovery Fund	13.5%	9.3%	AEIS, AXNX, AXON, BYD, CWAN, EWCZ, GTLB, GTLS, GWRE, INDI, KNSL, LLYVA, MEG, NVTS, PAR, REPG, REXR, RVNC, S, SILK, SITE, TXG	growth, healthcare, semiconductors, small caps, software, technology, value	The fund initiated a position in SentinelOne, a cybersecurity vendor focused on endpoint protection using AI to detect threats. The company serves over 11,000 organizations and is gaining market share from legacy antivirus vendors who struggle with evolving threats.		View
2022 Q3	Sep 30, 2022	Baron Discovery Fund	13.5%	9.3%	AXON, CDNA, CWAN, DH, PING, RVNC, SFOR LN, SILK, SMAR, TXRH, WOOF	-			View
2024 Q2	Jul 31, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, AXON, BASE, CDXC, CHI, CYBR, DKNG, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, KTOS, MEG, NVMI, PAR, PCOR, SILK, SITE, STVN, TEM, TXRH	AI, Diagnostics, healthcare, small caps, technology, value, volatility	Fund owns several AI-enabled companies including GitLab, SentinelOne, and Couchbase that adapt AI models to enhance their products. Also owns Nova Ltd., a semiconductor capital equipment company enabling AI chip manufacturing. Managers believe the market will broaden from AI hardware to adaptive AI investments.		View
2024 Q2	Jul 28, 2024	Driehaus Small/Mid Cap Growth Fund	3.1%	24.0%	AXON, CCJ, HEI, NTRA, ONTO	AI, Biotech, growth, healthcare, industrials, semiconductors, small cap, technology	Portfolio increased semiconductor exposure from 0.9% to 4.0% overweight as holdings benefited from AI infrastructure buildout. Semiconductor holdings appreciated 31.6% versus 5.0% for the index, driven by companies supplying data centers and AI hardware infrastructure.		View
2023 Q2	Jul 27, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, they note current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING AXON ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	View
2024 Q2	Jul 25, 2024	Alger Mid Cap Focus Fund	4.6%	18.7%	AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT	growth, healthcare, industrials, mid cap, technology			View
2024 Q2	Jun 30, 2024	BlackRock Innovation And Growth Term Trust	0.0%	0.0%	ASM, AXON, CSGP, ENTG, LBRDK, MPWR, PINS, SAIA, TW, VRT	AI, growth, innovation, private equity, semiconductors, SMID Cap, technology	A swell in datacenter capital expenditures is one of the important points we think about in our research pipeline. Continued excitement around artificial intelligence fueled strong returns for semiconductor holdings including Monolithic Power Systems and ASM International.		View
2023 Q2	Jun 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAPL, AXON, BL, DSGX, FICO, FOXF, FSS, LMAT, MLAB, MRCY, MSFT, NOVT, PYCR, RBC, ROAD, SITE, SPSC, SSD, TREX, WSO	growth, industrials, Performance, small cap, technology	Investor enthusiasm for Artificial Intelligence drove performance of seven large technology stocks that were responsible for nearly all of the S&P 500's return in the first six months of 2023. The portfolio suffered from lack of exposure to the computer hardware industry which was up almost 75% over three months.		View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AAPL, AXON, BFAM, CWAN, CWST, DSGX, EXPO, FICO, GGG, GWRE, MRCY, MSFT, PYCR, RBC, RGEN, ROL, SITE, SPSC, TREX, WSO	consumer discretionary, growth, industrials, SMID Cap, technology, Utilities	SPS Commerce benefits from secular growth in the digitization of ecommerce and maintains a steady, durable business model that has remained resilient in a slower macroeconomic environment. The company highlights that historically they have only seen about a 1% drag on revenue growth from macro slowdowns.		View
2023 Q1	May 23, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, industrials, Quality, small cap, technology	Conestoga focuses on companies with stronger balance sheets, positive cash flows, and more sustainable growth rates, which may be preferred in the current environment of banking sector pressures and financial instability.	DGII	View
2023 Q1	May 23, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, Outperformance, Performance, small cap, stock selection, technology	Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for banks as depositors sought higher returns while limiting uninsured deposits. Many small- to medium-sized banks saw sharp stock price declines as investors reassessed viability.	DGII	View
2023 Q1	May 23, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, industrials, Performance, Quality, small cap, technology	Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for many banks, with depositors seeking higher returns while limiting uninsured deposits. Small- to medium-sized banks saw sharp stock price declines as investors reassessed viability and future earnings.	DGII	View
2023 Q1	May 23, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CWAN, CWST, DSGX, EVI, EXPO, FICO, FSV, JKHY, LSPD, NOVT, PLOW, RBC, RGEN, ROL, SPSC, TECH, WSO, WST	Banking, growth, healthcare, Quality, small cap, software, technology	The strategy benefited from a market rotation into quality-growth companies with higher multiples, particularly within software, which had underperformed cheaper stocks throughout much of 2022 because of the sharp rise in interest rates. Companies with stronger balance sheets, positive cash flows, and more sustainable growth rates may be preferred given banking sector pressures.		View
2022 Q1	May 22, 2022	Baron Discovery Fund	-16.4%	-16.4%	ACC, AXNX, AXON, GTLS, JBGS, MRCY, PING, VLDX	-			View
2025 Q1	Apr 22, 2025	Ithaka US Growth Strategy	-10.5%	-10.5%	ADBE, AMZN, AXON, LLY, MA, MELI, MRVL, NOW, NVDA, PLTR, SHOP.TO, TTD, UBER, V	AI, growth, large cap, Policy Uncertainty, semiconductors, technology, Trade Policy, volatility	The Trump administration implemented sweeping protectionist measures including a baseline 10% tariff on all imports, 20-50% reciprocal tariffs on 60 countries, and 25% tariffs on foreign vehicles. This tit-for-tat escalation with China and the EU has created significant policy uncertainty, driving market volatility as management teams hesitate to make long-term decisions in an environment where operating assumptions may need revision.	TTD NVDA NOW UBER V PLTR	View
2025 Q1	Apr 13, 2025	Munro Global Growth Fund	-7.3%	-7.3%	AMZN, AVGO, AXON, BSX, CEG, CRH, FWONK, GOOGL, LLY, MA, META, MSFT, NFLX, NOW, NVDA, ORCL, RHM.DE, TSM, UBER	AI, Cash, defense, global, growth, tariffs, technology, volatility	Despite DeepSeek concerns, hyperscalers continue aggressive AI infrastructure spending with combined capex approaching $350 billion in 2025. The fund maintains conviction in multi-year structural earnings growth for AI enablers, while increasing exposure to AI application companies like Axon and ServiceNow that are showing strong adoption.	NVDA RHM.DE	View
2025 Q1	Apr 4, 2025	Infuse Partners	-4.9%	-4.9%	AXON	Australia, Concentration, Selling, Tax Optimization, valuation	The fund holds an undisclosed Australian EDI company that is developing a marketplace allowing suppliers to directly target pharmacies. The marketplace could potentially handle $1 billion in transactions at a 4% take-rate, representing an $40 million opportunity that would be 80% of current enterprise value.	AXON	View
2025 Q1	Mar 31, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	APP, ARES, AXON, BKR, CELH, COR, DDOG, DECK, ITCI, LPLA, MRVL, PLTR, RBA, TTD, WAB, WCN	AI, energy, growth, healthcare, mid cap, technology, Trade Policy	The fund remains optimistic on AI investment cycle despite market concerns about slowing hyperscaler spending. They believe the investment cycle to support AI technology is still in early innings and expect continued buildout of data centers and related infrastructure.		View
2023 Q1	Mar 31, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Data centers, defense, growth, healthcare, mid cap, Natural Gas, technology	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see a potential inflection in earnings growth fueled by AI-driven margin expansion. However, they recognize that current lofty multiples of many AI infrastructure stocks imply a strong growth trajectory for the next several years and leave little margin for error.	ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	View
2023 Q1	Mar 31, 2023	Barometer Capital Management	-	-	AVGO, AXON, CROX, CS.TO, JPM, MSFT, NVDA, ORCL, STLC, STN	AI, asset allocation, Banking, energy, financials, semiconductors, Tactical, technology	Increased investor enthusiasm around generative AI fueled strength in the semiconductor industry. NVIDIA Corp. and Broadcom Inc. significantly contributed to pool gains as funds capitalized on this trend by increasing technology sector exposure.		View
2024 Q4	Feb 28, 2025	Greenhaven Road Capital	13.0%	27.0%	AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L	AI, Concentration, growth, small caps, value	AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications.		View
2023 Q4	Jan 30, 2024	Baron Discovery Fund	13.5%	9.3%	AAON, ACVA, AEIS, AXON, BASE, CYBR, DKNG, ESTA, EWCZ, FND, GTLB, GTLS, ICHR, KNSL, KTOS, MRAI, MRCY, REXR, S, VRNS	cybersecurity, defense, growth, HVAC, small caps, technology, value	Multiple cybersecurity holdings performed strongly in Q4, with SentinelOne, GitLab, Varonis, and CyberArk all contributing positively. The managers see accelerating demand driven by AI adoption requiring data security, SEC disclosure requirements, and vendor consolidation favoring comprehensive platforms over point solutions.	AAON VRNS GTLB ^FTSE	View
2024 Q4	Jan 29, 2025	Baron Asset Fund	-0.1%	10.5%	ACGL, ANSYS, AXON, AZPN, CDW, CSGP, DAY, FICO, GWRE, ICLR, IDXX, IT, MTD, MTN, PCOR, ROP, SCHW, TTAN, VRSK, WELL	growth, healthcare, industrials, Long Term, mid cap, Quality, technology	The fund discusses AI through its investment in X.AI Corp, founded by Elon Musk, which has developed the Grok AI model that has achieved impressive results compared to established AI models. The company operates the Colossus data center with over 100,000 GPUs, making it the largest coherent training center globally. The upcoming Grok 3 release is expected to significantly improve capabilities and expand monetization strategies.	STTN	View
2023 Q4	Jan 27, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, ANSYS, AXON, BIRK, CHH, CSGP, DXCM, FDS, FICO, GWRE, IDXX, IT, MTD, MTN, PWR, TRU, VEEV, VRSK, WST	Diagnostics, growth, healthcare, industrials, mid cap, software, technology	Gartner positioned to emerge as critical decision support resource for companies contemplating AI opportunities and risks. Expected to provide tailwind to volume growth and pricing realization over time.	BIRK	View
2024 Q4	Jan 23, 2025	NZS Capital – Growth	-1.3%	20.5%	6367.T, AMT, ANSYS, ASML, AXON, DHR, FI, GOOGL, GTLS, LIN, MCHP, MRNA, NVDA, PGR, SHOP, SNOW, TEAM, TSM, TT, WDAY	AI, global, growth, innovation, Resilience, semiconductors, technology	NZS is positive about the long-term potential of AI while remaining cognizant of diverse range of outcomes at various layers. They continue to invest more heavily in the infrastructure layer, which benefits from ongoing spending tied to the AI buildout, regardless of who the end-game winners might be. The foundational model and application layers have the most open-ended trajectories.		View
2024 Q4	Jan 17, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	APP, ARES, AXON, BAH, BKR, COR, ENTG, FND, GWW, LPLA, MPWR, MRVL, RBA, RCL, TTD, WAB, WING	AI, consumer, financials, growth, healthcare, mid cap, semiconductors, technology	AI investment theme drove significant market returns in 2024, with one major chip designer's data center revenues expected to represent 15% of total US capital spending in 2025. Hyperscalers need to generate $400 billion in revenue from AI to justify current spending levels, though user surveys suggest GenAI applications are meeting or exceeding expectations across industries.	MRVL AXON APP	View
2024 Q4	Jan 15, 2025	Upslope Capital Management	-7.3%	9.4%	7011.T, 8697.T, ATR, AXON, BARN.SW, CHG.L, CME, CMPO, CRL, DPLM.L, DSFIR.AS, GRMN, HSY, KOG.OL, NVT, NWC.TO, QQ.L, TDY, VFC, WPK.TO	Cyclical, defense, Europe, healthcare, Long/Short, turnaround, value	Multiple defense holdings including QinetiQ, Chemring, and Mitsubishi Heavy Industries positioned to benefit from accelerating UK, European, and Japanese defense spending. QinetiQ particularly well-positioned for AUKUS customers and evolving battlefield requirements.	QQ.L VFC CRL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Infuse Partners	Axon Enterprise Inc	Technology Hardware & Equipment	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Body Cameras, founder-led, Hardware, international expansion, Law Enforcement Technology, recurring revenue, SaaS, Software, Tasers	View Pitch
Apr 28, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Axon Enterprise	Industrials	Aerospace & Defense	Bull	NASDAQ	AI solutions, Body Cameras, Digital Evidence, Drones, Law Enforcement Technology, security solutions	View Pitch
Apr 27, 2026	Fund Letters	Infuse Partners	Axon Enterprise Inc	Technology Hardware & Equipment	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Body Cameras, Cloud storage, Evidence Management, founder-led, Hardware-Software Integration, Law Enforcement Technology, market leader, Public safety, recurring revenue, SaaS	View Pitch
Apr 23, 2026	Fund Letters	Nightview Capital	Axon Enterprise	Aerospace & Defense	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	AI-Powered Analytics, Body Cameras, Cloud software, Evidence Management, government contracts, Law Enforcement Technology, Mission-Critical, recurring revenue	View Pitch
Apr 23, 2026	Fund Letters	Baillie Gifford - US Equity Growth	Axon Enterprise	Aerospace & Defense	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	AI, Body Cameras, Drones, founder-led, Hardware, law enforcement, Public safety, recurring revenue, SaaS, TASER	View Pitch
Apr 23, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Axon Enterprise	Aerospace & Defense	Aerospace & Defense	Bull	NASDAQ	AI implementation, growth metrics, Law Enforcement Technology, Mission-Critical, Public safety, Software, technology integration, valuation compression	View Pitch
Apr 13, 2026	Fund Letters	Infuse Partners	Axon Enterprise Inc	Technology	Technology Hardware, Storage & Peripherals	Neutral	NASDAQ	Body Cameras, Cloud software, Law Enforcement Technology, multiple expansion, Portfolio Management, profit-taking, valuation	View Pitch
Apr 13, 2026	Fund Letters	Alger Mid Cap Focus Fund	Axon Enterprise Inc	Industrials	Aerospace & Defense	Bull	NASDAQ	AI-enabled Features, Body Cameras, Cloud software, Digital Evidence, law enforcement, Public Safety Technology, recurring revenue, TASER	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Axon Enterprise	Industrials	Aerospace & Defense	Bull	NASDAQ	AI solutions, Drones, Equity, innovation, Law Enforcement Technology, Security Technology, TASER	View Pitch
Apr 13, 2026	Fund Letters	Infuse Partners	Axon Enterprise Inc	Technology Hardware & Equipment	Technology Hardware, Storage & Peripherals	Bear	NASDAQ	Body Cameras, Cloud software, Conducted Energy Devices, government contracts, high valuation, Law Enforcement Technology, Trimming Position	View Pitch
Apr 13, 2026	Fund Letters	Munro Global Growth Fund	Axon Enterprise Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	AI, Body Cameras, founder-led, growth, law enforcement, Public safety, recurring revenue, Software	View Pitch
Apr 13, 2026	Fund Letters	Alger Mid Cap Focus Fund	Axon Enterprise Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Artificial Intelligence, Body Cameras, Cloud software, government contracts, law enforcement, Public safety, TASER	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Axon Enterprise Inc	Industrials	Aerospace & Defense	Bull	NASDAQ	Artificial Intelligence, Body Cameras, defense technology, Drones, Evidence Management, Law Enforcement Technology, TASER	View Pitch
Apr 13, 2026	Fund Letters	Baron Discovery Fund	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	AI software, Body Cameras, Equity, international expansion, law enforcement, Public safety, SaaS, Tasers	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Axon Enterprise	Industrials	Aerospace & Defense	Bull	NASDAQ	Artificial Intelligence, Body Cameras, Drones, law enforcement, Public safety, Software, TASER, Technology Solutions	View Pitch
Apr 13, 2026	Fund Letters	Barometer Capital Management	Axon Enterprise Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	AI, Body Cameras, growth, high margins, law enforcement, SaaS, subscription services	View Pitch
Apr 13, 2026	Fund Letters	Andrew Hill Investment Advisors	Axon Enterprise, Inc.	Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Body Cameras, Digital Evidence, government contracts, Law Enforcement Technology, Police Technology, Public safety, SaaS	View Pitch
Apr 13, 2026	Substack	Alpha Seeker 84	Axon Enterprise, Inc.	Public Safety Technology	Law Enforcement Equipment & Software	Neutral	Nasdaq Stock Market	AI Era Plan, ARPU Expansion, competitive moat, Digital Evidence Management, net revenue retention, Public Safety Technology, recurring revenue, revenue recognition, stock-based compensation, TASER Devices	View Pitch
Feb 26, 2026	Fund Letters	Alan Breed	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Artificial Intelligence, international expansion, Keyence, Margins, Public safety, recurring revenue, SaaS, Subscriptions	View Pitch
Feb 21, 2026	Fund Letters	Shilpa Marda Mehra	Axon Enterprise Inc	Industrials	Aerospace & Defense	Neutral	NASDAQ	AI, law enforcement, Margins, Software, Volatility	View Pitch
Jan 24, 2026	Fund Letters	Brian A. Christiansen	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	growth, Public safety, Recurring, SaaS, Security	View Pitch
Jan 24, 2026	Fund Letters	Sonu Chawla	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	AI, growth, Lawenforcement, Retention, Software	View Pitch
Jan 20, 2026	Fund Letters	Eric Mintz	Axon Enterprise, Inc.	Industrials	Security & Alarm Services	Neutral	NASDAQ	AI, Bookings, Drones, growth, Lawenforcement	View Pitch
Jan 8, 2026	Fund Letters	Brian A. Christiansen	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	International, Margins, Publicsafety, Regulation, SaaS, Subscriptions	View Pitch
Dec 6, 2025	Fund Letters	Shilpa Marda Mehra	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	compounding, law enforcement, Moats, Public safety, SaaS	View Pitch
Dec 5, 2025	Fund Letters	Bob Mitchell	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	AI, Automation, growth, Publicsafety, Software	View Pitch
Dec 5, 2025	Fund Letters	Brian Angerame	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	growth, Margins, Publicsafety, Software, Subscriptions	View Pitch
Dec 4, 2025	Fund Letters	Eric Mintz	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Drones, Hardware, Public safety, SaaS, Security	View Pitch
Nov 29, 2025	Fund Letters	Brian A. Christiansen	Axon Enterprise Inc.	Industrials	Public Safety Technology	Bull	NASDAQ	AI, ARR, growth, Public safety, SaaS, technology, Workflow	View Pitch
Nov 29, 2025	Fund Letters	Harvey Warren Sax	Axon Enterprise Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	AI, cloud, growth, Public safety, recurring revenue, SaaS, Transparency	View Pitch
Nov 28, 2025	Fund Letters	Harvey Warren Sax	Axon Enterprise Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	AI, cloud, growth, Public safety, recurring revenue, SaaS, Transparency	View Pitch

BSD Shareholders of AXON

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.

AXON

AXON

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BSD Shareholders of AXON

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