AZEK

AZEK

AZEK

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 18, 2025	Mairs & Power – Small Cap Fund	-	-8.3%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, healthcare, infrastructure, materials, small caps, technology, valuation	AI-related stocks in the S&P 500 have accounted for around 75 percent of the market's return since ChatGPT's 2022 launch. Roughly 40 percent of capital expenditures are linked to AI. Investment in infrastructure required to power, cool, and connect a more data-intensive economy continues, with the AI and data-center buildout fueling a multi-year capital-expenditure cycle.	JHX TREX PATK	View
2025 Q1	May 1, 2025	Mairs & Power – Small Cap Fund	-11.0%	-11.0%	ALTR, AZEK, BKH, CASY, CGNX, HUBG, JHX, LFUS, LTH, NWE, PLXS, SIEGY, THRM, WK	Automation, small caps, tariffs, Trade Policy, Utilities, valuation	Tariff uncertainty in March caused equity declines while prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs are viewed as a tax that businesses will likely pass to consumers, creating upward pressure on prices and potential stagflation.	CGNX	View
2024 Q1	Apr 15, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, AER, ASC, ASGN, ATNI, AZEK, CPLP, DY, HURN, ITRI, MATW, MCRB, MMSI, MODV, MTSI, PWSC, QDEL, SP	Construction, healthcare, industrials, small caps, technology, value	Manager remains optimistic about long-term potential for small cap segment despite strong recent performance. Valuations of small versus large cap equities remain near multi-decade lows with 16.0x P/E for Russell 2000 versus 21.8x for Russell 1000. Small caps are better positioned to benefit from reshoring of U.S. manufacturing, CHIPS Act, and infrastructure projects.	PWSC QDEL MODV ITRI AZEK	View
2024 Q1	Apr 15, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AMZN, AZEK, CASY, CLFD, CTLT, CVRX, DOC, KNF, LFUS, MEDP, META, MGPI, MSFT, NVDA, NVT, PIPR, PLXS, TNC, WK	AI, financials, productivity, small caps, technology, value	Small cap stocks continue to trade at a significant discount to their larger cap peers, with small caps trading at a 32% discount to the broader market as measured by the S&P 500, and at a 14% discount to small cap stock's average as measured by the S&P 600. This is despite the average of analysts' earnings growth estimates for small cap companies outpacing large cap companies for the next several years. The fund sees great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2025 Q1	Mar 31, 2025	abrdn U.S. Small Cap Equity Fund	-3.7%	-3.7%	AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK	infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water	Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation.	REVG MWA WK SHOO VERX LRN HEES CORT	View
2025 Q1	Mar 31, 2025	The Gabelli ABC Fund	0.4%	0.4%	AB, AZEK, BECN, FOXA, FYBR, GABCX, ITCI, IVAC, JNJ, JNPR, KKR, LEN, LGTY, TGNA, TXNM, VZ, WBA	Acquisitions, arbitrage, Event-Driven, Mergers, Regulatory	The fund invested in Intra-Cellular Therapies, which agreed to be acquired by Johnson & Johnson for $132 cash per share, valuing the transaction at approximately $14.6 billion. This represents a significant pharmaceutical merger and acquisition opportunity.		View
2024 Q4	Dec 31, 2024	Mairs & Power – Small Cap Fund	-	7.3%	ALTR, AZEK, CASY, CLFD, CTLT, CVRX, CWAN, DOC, FUL, JBT, KNF, LFUS, LTH, MCS, MGPI, PIPR, PLXS, THRM, TNC, WTFC	financials, industrials, infrastructure, Manufacturing, small caps, value	Small cap stocks trade at a 29% discount to the S&P 500 despite earnings growth estimates outpacing large caps. The fund sees great opportunities in small companies with above-average growth prospects trading at favorable valuations. Management notes potential for small caps to narrow the gap with large caps given less regulation and increased small business confidence.		View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS	Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology	Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage.		View
2025 Q3	Nov 4, 2025	Aristotle Small Cap Equity Fund	3.2%	-1.5%	AEIS, ALE, AZEK, BWIN, COLB, CRI, DLB, DY, FLWS, HAE, HGV, JHX, KN, KNX, MRCY, MTSI, OGS, PCP, PPBI, REI, SPNS, WNC	Banking, defense, healthcare, Natural Gas, semiconductors, small caps, value	Small cap equities delivered robust performance in Q3 2025, with the Russell 2000 reaching its first all-time high since November 2021. Small caps benefited from dovish Fed rhetoric, attractive relative valuations, broadening market breadth, earnings recovery, and rotation away from mega-cap stocks. Valuations remain compelling relative to large caps, with the Russell 2000 trading near multi-decade lows on a relative basis.	COLB MTSI MRCY SUPN	View
2025 Q3	Oct 24, 2025	Mairs & Power – Small Cap Fund	-	2.1%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, earnings, GLP1, infrastructure, small caps, technology, value	AI-related stocks in the S&P 500 have accounted for around 75% of market returns since ChatGPT's 2022 launch. Investment in infrastructure to power, cool, and connect a data-intensive economy shows durable momentum. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, distribution, nuclear capacity, and thermal management.	PATK	View
2025 Q3	Oct 14, 2025	Aristotle Small/Mid Cap Equity	2.6%	-	AEIS, AGI.TO, ALE, AZEK, CIEN, COLB, CRI, FLWS, HAE, HGV, JHX, MTSI, PNW, PPBI, PRMB, SCI, SUPN, VYX, WTRG, WWW	AI, Banking, gold, healthcare, mid cap, small cap, technology, Utilities	Artificial Intelligence driven optimism fueled risk-on sentiment as companies with AI exposure or disruptive potential saw disproportionate gains. Investors chased momentum and future earnings potential over traditional valuation metrics. Ciena benefited from AI-related demand and technological innovation in optical networking equipment.		View
2025 Q4	Jan 15, 2026	Canopy Investors	-	-	4194.T, ASSA-B.ST, AUTO.L, AZEK, JHX, MEDP, MONC.MI, NEM, PTC, TREX, TW	AI, Enterprise Software, global, Japan, Quality, SMID Cap, valuation	AI has driven significant market rotation away from quality stocks, with concerns about disruption weighing on enterprise software and online classifieds companies. The fund believes AI disruption fears are overdone for their portfolio companies, which are more likely to be beneficiaries than victims of AI adoption. Quality was the worst-performing investment factor in H1 FY26, with lower-quality and more volatile stocks significantly outperforming. This represents a continuation of quality underperformance reminiscent of the late 1990s dot-com era, driven by speculative investor behavior and thematic investing. Japan faces structural labor shortages driving increased mid-career hiring and workforce mobility. The country has a new pro-business Prime Minister and depreciating yen enhancing export competitiveness, though it faces labor shortages, inflation, and geopolitical risks with China. Enterprise software companies face investor concerns about AI disruption, particularly around AI agents displacing traditional interfaces and reducing barriers to entry. However, many providers digitize structured processes that AI cannot easily replace and are likely to benefit from AI integration.	4194 JP TREX AUTO LN MEDP PTC	View
2024 Q3	Sep 30, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AZEK, CASY, CFR, CLFD, CTLT, CVRX, DOC, ENTG, JBT, KNF, LTH, MCS, MGPI, PIPR, QCRH, THRM, TNC, TTC, WK, WTFC	banks, Fed, growth, rates, small caps, Valuations	Small cap stocks currently trade at a 29% discount to the broader market and 6% discount to their long-term average, despite analysts expecting small cap earnings growth to outpace large caps. The fund sees great opportunities in small companies with above-average growth prospects at favorable valuations. Lower interest rates should disproportionately benefit smaller companies over time.		View
2023 Q3	Sep 30, 2023	Mairs & Power – Small Cap Fund	0.0%	9.0%	AIR, AZEK, CASY, CFR, CLFD, DCI, FIBK, GBCI, JAMF, NVT, TTC, WK	AI, Banking, financials, industrials, small cap, technology, value	The fund views artificial intelligence as crucial for creating workforce efficiencies amid changing labor market dynamics. They see investment opportunities in technology companies utilizing AI to create efficiencies in the workforce. The fund favors companies likely to benefit from recent advancements in AI.		View
2024 Q2	Jul 23, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALRS, ASB, AZEK, CASY, CFR, CLFD, CVRX, GBCI, HUBG, INSP, JBT, KNF, MEDP, MGPI, NVT, PIPR, QCRH, TNC, WK, WTFC	healthcare, interest rates, Regional Banks, small caps, technology, value	Small cap stocks currently trade at a 40% discount to the broader market as measured by the S&P 500, a 13% discount to the S&P 500 Equal-Weighted Index, and at a 15% discount to small cap stocks' long-term average. Analysts' earnings growth estimates for small cap companies outpace large cap companies for the next several years. The fund continues to see great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2024 Q2	Jun 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ADUS, ATRC, AZEK, BJ, BOOT, CERT, ESAB, EWCZ, HLNE, IAC, MDIA, MRUS, MVBF, RRX, SILK, SVV, TMCI, VCTR, WRBY, WSC	consumer, financials, growth, healthcare, industrials, small cap, technology	The narrative for Technology and related services continues with its GenAI headlines. Enterprises remain in the early stages of determining what their GenAI uses might be, and how to implement them. Data center capital expenditures remain strong, boosting semiconductors and related companies.		View
2023 Q2	Jun 30, 2023	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALTR, ASB, AZEK, CFR, CLFD, ENTG, ENV, FIBK, GBCI, JAMF, LFUS, NVT, THRM, TTC	AI, Banking, healthcare, industrials, small caps, technology, Valuations	The manager discusses artificial intelligence as a key driver of Technology sector performance, noting investor excitement over AI has boosted large tech names like Alphabet, Amazon, Microsoft, and Nvidia. They maintain a favorable long-term view on Technology given growth in AI, automation, and cloud computing but are cautious near-term due to over-extended valuations.		View
2022 Q1	Mar 30, 2022	Aristotle Small Cap Equity Fund	7.3%	9.4%	AZEK, CALM, FLWS, JBGS, MTSI, NEX, OHI	-			View
2023 Q4	Jan 28, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AIR, ALTR, AZEK, CFR, CLFD, DGII, ENTG, INSP, JAMF, KNF, NVT, PIPR, SNBR, THRM	financials, healthcare, industrials, infrastructure, small cap, technology, value	Industrial companies are positioned to benefit from significant multi-year state and federal government infrastructure projects which will likely play out in the coming decade. Knife River is viewed as ideally positioned to address multiple significant state and federal infrastructure stimulus programs spanning many years.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Aristotle Small Cap Equity Fund	The AZEK Company	Materials	Building Products	Bull	NYSE	Building Products, Decking, margin expansion, Recycled Materials, residential construction, Sustainable materials, Wood-Alternative	View Pitch

BSD Shareholders of AZEK

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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