BE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Columbia Seligman Global Technology Fund	19.5%	-	AAPL, ADBE, AVGO, BE, LRCX, MRVL, MSFT, NVDA	AI Infrastructure, cybersecurity, global tech, semiconductors, valuation	The commentary focuses on global technology opportunities driven by AI infrastructure buildouts, semiconductor demand and cybersecurity needs. Management stresses bottom-up stock selection and valuation awareness within high-growth industries. Technology remains attractive despite volatility and tariff-related risks.	SYNA 6723 JP BE AAPL LRCX	View
2025 Q4	Mar 6, 2026	Polen Capital – U.S. SMID Company Growth	-0.3%	27.7%	BE, CORT, FSLR, NTNX, NVDA, RKLB, WDC	aerospace, AI, Biotechnology, Electrification, growth, innovation, SMID Cap	AI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting AI-adjacent industries like semiconductors, electrical equipment, and tech hardware. AI data centers require enormous amounts of power, creating demand for solutions like Bloom Energy's fuel cells. The theme reasserted dominance after NVIDIA's strong earnings in late November. Portfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. This includes companies like Bloom Energy providing power solutions for AI data centers and First Solar manufacturing solar panels. The theme benefits from energy transition and infrastructure needs. Portfolio maintains significant conviction in Aerospace theme alongside Electrification within Industrials sector exposure. Rocket Lab operates as end-to-end space company developing rocket launch and control systems, with strong earnings results and growing backlog during the quarter. Biotech delivered its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in drug discovery efficiency. Corcept Therapeutics represents exposure to this theme with drugs modulating cortisol activity and expanding pipeline in oncology.		View
2025 Q1	Mar 31, 2025	Columbia Seligman Global Technology Fund	-12.7%	-12.7%	AAPL, AVGO, BE, LRCX, MSFT, NVDA	-			View
2024 Q4	Mar 1, 2025	Columbia Seligman Global Technology Fund	7.5%	26.7%	APPL, AVGO, BE, LRCX, MRVL, MSFT, NVDA	-			View
2025 Q4	Feb 5, 2026	Polen Capital – U.S. Small Company Growth	-1.5%	25.1%	AGX, BE, CORT, LRN, METC, NVDA, WGS	AI, Biotechnology, Electrification, Energy Transition, growth, innovation, small caps	AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy that provide power solutions for AI workloads. The theme faced scrutiny in early Q4 but reasserted dominance after NVIDIA's strong earnings, with AI also providing structural tailwinds for biotech through drug discovery efficiencies. The portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. Biotech delivered its best quarter in five years, benefiting from improving interest rates, easing regulation enabling more M&A activity, and excitement around AI's promise in drug discovery. The portfolio nearly doubled its biotech exposure during the quarter as more opportunities presented themselves in this improving environment. The portfolio includes exposure to critical minerals through Ramaco Resources, which produces metallurgical coal and is developing a rare earth elements deposit aimed at strengthening domestic supply chains for defense, batteries, and advanced technologies. However, the rare earths narrative faced increasing investor scrutiny during the quarter.		View
2025 Q4	Feb 4, 2026	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD	aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology	The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States.		View
2025 Q3	Nov 11, 2025	Artemis US Select Fund (Class I Accumulation Shares GBP)	9.6%	-	AAPL, ABBV, BE, FIX, TSLA, TXN, WDC	AI, Data centers, demand, infrastructure, semiconductors	The fund highlights accelerating momentum in AI-linked spending, with semiconductor and data-center demand driving results across several holdings. Strong revenue growth from companies supplying AI infrastructure reinforces the themes durability, though managers remain cautious about pockets of exuberance. AI continues to shape sector positioning, with selective exposure aimed at favorable risk-reward dynamics.	PH	View
2025 Q3	Oct 31, 2025	Voya MI Dynamic Small Cap Fund (formerly Voya Small Company Fund)	-	-	BE, CLF, GRND, PRIM, UEC	AI, earnings, Rate Cuts, Small Cap Equities, technology	Small Caps: Small caps beat large caps and market leadership is broadening beyond mega-caps, though the fund lagged the Russell 2000 mainly on stock selection. AI: Tech and AI-linked demand (e.g., data centers) powered the quarter and supported sentiment alongside selective rate cuts. Growth: Growth outperformed value on strong earnings and easing inflation; the team stays nimble across defensive and cyclical pockets under ongoing policy and geopolitical uncertainty.		View
2025 Q3	Oct 31, 2025	Voya MI Dynamic Small Cap Fund	7.0%	27.0%	AVPT, BE, CLF, GRND, PRIM, UEC	earnings, growth, Monetarypolicy, SmallCap, volatility	The commentary highlights small-cap investing driven by sustainable growth trends and expanding market breadth beyond mega-cap leadership. While stock selection detracted during the quarter, the strategy remains focused on balancing growth, quality, and valuation amid easing monetary policy and improving earnings visibility. Growth opportunities are expected to broaden as rate cuts and economic resilience support smaller companies.		View
2025 Q3	Oct 29, 2025	Polen Capital – U.S. Small Company Growth	21.1%	27.1%	BE, CRS, JOBY, ODD, POWL, TMDX	aerospace, AI Infrastructure, Electrification, energy, innovation	The funds performance was driven by companies benefiting from rapid innovation cycles in clean energy, electrification, AI infrastructure, and next-generation aerospace. Strong contributors included Bloom Energy, Joby Aviation, and Powell Industries, all tied to structural growth in power demand and advanced industrial technologies. The manager emphasizes innovation as the primary long-term driver over macro factors such as rate cycles.	SOFI BE GOOGL TSLA	View
2025 Q3	Oct 29, 2025	Polen Capital – U.S. SMID Company Growth	14.4%	28.0%	ALAB, BE, GGAL, MNDY, SOFI, TLN	AI, Data centers, Electrification, power demand, SMID Caps	Electrification and AI-driven power demand dominated results, as holdings like Bloom Energy and Talen Energy benefited from soaring electricity needs tied to data centers and onshoring manufacturing. SMID-cap growth remained supported by expanding earnings revisions and broad market participation. Management continues to focus on companies enabling power grid modernization, digital transformation, and next-gen aerospace.		View
2025 Q3	Oct 21, 2025	Columbia Seligman Global Technology Fund	23.7%	-	AAPL, AVGO, BE, LRCX, NVDA, ORCL	AI, Cloud, cybersecurity, energy, semiconductors	The fund outperformed benchmarks with 23.7% gains, driven by semiconductors, cloud infrastructure, and AI data center demand. Bloom Energy and Lam Research were key contributors, benefiting from AI-related power and chip investments. Managers expect continued growth in AI infrastructure and cybersecurity spending despite sector concentration risks.	ORCL AVGO WDC BE AVGO WDC LRCX BE	View
2025 Q4	Jan 27, 2026	Voya MI Dynamic Small Cap Fund	0.0%	0.0%	BE, FLS, FOLD, FTRE, GEO, HPP	AI, Biotechnology, healthcare, industrials, real estate, small caps, technology	AI remained a dominant theme with strong headlines around innovation and elevated capital investment by major technology firms. Increased spending on AI infrastructure and adoption trends reinforced optimism about its role as a key driver of future growth. AI-driven innovation is supporting the broadening of market leadership beyond mega-cap growth. The fund focuses on US Small Cap Core equity strategy with broader market participation persisting, where small caps and cyclicals contributed to market performance. Market leadership is widening beyond mega-cap growth, creating opportunities in the small cap space. The fund held positions in commercial stage biotechnology companies focused on rare disease therapies. Amicus Therapeutics delivered strong results as product sales rose both domestically and abroad, while Fortrea Holdings provided operational services to biopharmaceutical companies with strong net bookings.	FTRE FOLD FLS GEO HPP BE	View
2025 Q4	Jan 21, 2026	Columbia Seligman Global Technology Fund	5.0%	35.4%	AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX	AI, Data centers, Equipment, global, growth, semiconductors, technology	AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption.	AMAT TER WDC BE LRCX NVDA	View
2025 Q4	Jan 19, 2026	For Purpose Investment Partners (FPIP)	0.0%	8.2%	BE, FLNC, MDA.TO	Canada, credit, Data centers, defense, Energy Storage, fixed income, high yield, Mortgage	The team views the secular increase in global defense spending as an investable theme due to long-term great-power rivalry and U.S. assertiveness on NATO defense spending targets. They initiated positions in MDA Space and added to Top Aces, both defense-related companies providing tailwinds for high-yielding credit investments in the space. Data center-driven electricity demand remains one of the most meaningful conviction themes in the Fund. However, the team recently downsized its positioning in the AI-driven electricity demand theme due to material valuation increases, not because of reduced conviction in industry fundamentals. The Fund maintains exposure to energy storage through positions in Fluence Energy and Bloom Energy bonds. These were among the largest contributors to performance in 2025, reflecting the team's conviction in the energy transition and grid modernization themes. U.S. mortgage demand continues to be one of the most meaningful conviction themes in the Fund. This reflects the team's view on the supportive U.S. employment picture and overall economic resilience supporting credit quality in the mortgage sector.	MDA CN	View
2025 Q4	Jan 15, 2026	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX	active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations	The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels.	SIMP PTGX	View
2025 Q4	Jan 15, 2026	M&G Investment	0.0%	0.0%	000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC	AI, geopolitics, Polarisation, Quality, semiconductors, technology, value	AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics.		View
2024 Q2	Jun 30, 2024	Columbia Seligman Global Technology Fund	1.0%	0.0%	AVGO, BE, GDDY, GOOG, GPN, MSFT, NVDA, ORCL, TER	-			View
2023 Q2	Jun 30, 2023	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BE, BJ, FFO GR, TRUP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 29, 2026	Fund Letters	Sanne de Boer	Bloom Energy Corporation	Industrials	Electrical Equipment	Bear	New York Stock Exchange	AI, data centers, Fuel cells, Power generation, valuation	View Pitch
Jan 24, 2026	Fund Letters	Vimal Patel	Bloom Energy Corporation	Industrials	Electrical Equipment	Bull	New York Stock Exchange	AI, datacenters, Fuelcells, infrastructure, Power, scaling	View Pitch
Dec 5, 2025	Fund Letters	Vimal Patel	Bloom Energy Corporation	Industrials	Electrical Components & Equipment	Bull	NYSE	datacenters, energy, Hydrogen, Policy, Power	View Pitch
Nov 29, 2025	Fund Letters	Rayna Lesser Hannaway	Bloom Energy	Industrials	Electrical Equipment	Bull	NYSE	Aidemand, datacenters, Electrification, Fuelcells, Onsitepower	View Pitch
Nov 29, 2025	Fund Letters	Tom Press	Bloom Energy Corporation	Industrials	Renewable Electricity	Bull	NYSE	AI, backlog, energy, Fuel cells, growth, hyperscalers, infrastructure, Margins, Power, renewables	View Pitch
Nov 29, 2025	Fund Letters	Vimal Patel	Bloom Energy Corp.	Industrials	Renewable Energy Equipment	Bull	NYSE	AI infrastructure, clean energy, data centers, energy transition, Hydrogen, Tax credit	View Pitch
Nov 29, 2025	Fund Letters	Xinyu Ru	Bloom Energy Corp.	Industrials	Alternative Energy	Bull	NYSE	AI, Clean tech, Decentralization, energy, Fuel cells, growth, infrastructure	View Pitch
Nov 28, 2025	Fund Letters	Vimal Patel	Bloom Energy Corp.	Industrials	Renewable Energy Equipment	Bull	NYSE	AI infrastructure, clean energy, data centers, energy transition, Hydrogen, Tax credit	View Pitch
Oct 6, 2025	Value Investors Club	jd5318	Bloom Energy	Industrials	Electrical Equipment	Bull	NASDAQ	fuel cells, AI datacenters, baseload power, natural gas, ITC risk, hydrogen optionality	View Pitch
Aug 8, 2025	Seeking Alpha	Harold Goldmeier	Bloom Energy Corporation	Industrials	Electrical Equipment & Parts	Bull	NYSE	—	View Pitch

BSD Shareholders of BE

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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Letters With This Ticker

Pitches With This Ticker

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