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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Baird Small/Mid Cap Growth Equity Fund | -8.9% | 2.8% | BJ, CHDN, CHPX, CNMD, CWAN, FIVE, FND, FOUR, INSP, KNSL, LFUS, LGIH, MTDR, MTZ, PODD, RBC, SAM, SWAV, TTC, WSC | consumer, growth, healthcare, industrials, inflation, rates, small caps, technology | GLP-1 drugs emerged as a solution for obesity and reducing long-term cardiovascular risks, leading to sharp negative reactions across the medical equipment industry. The market views it as a zero-sum game with inevitable shrinkage of addressable markets for diabetes and sleep apnea devices. | View | |
| 2025 Q2 | Aug 4, 2025 | Baird Small/Mid Cap Growth Equity Fund | 4.5% | -6.6% | ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL | AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance | The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance. | View | |
| 2025 Q2 | Jul 27, 2025 | Thornburg Small/Mid Cap Core Fund | 10.4% | -2.3% | AGYS, AVTR, BJ, BMRN, CLH, COHR, CWST, CYTK, FTI, LPLA, MYRG, NTNX, PNFP, RPAY, SXT, TXNM, VRT, WD | Barbell, cyclicals, Domestically Focused, Risk Appetite, small caps, Trade Policy, valuation | Trump administration's Liberation Day tariff package sparked early April selloff, though temporary pause in tariff escalation helped drive market recovery. Tariffs remain an overhang and source of ongoing policy uncertainty, but small and mid-cap companies may be insulated as many are domestically focused and less reliant on global supply chains. | View | |
| 2025 Q2 | Jul 15, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 11.6% | - | APH, BJ, CRWD, EME, F, HUBS, ORLY, VEEV | AI, consumer, growth, healthcare, industrials, mid cap, tariffs, technology | AI spending rebounded after first quarter weakness following DeepSeek's emergence. Ford Motor's CEO predicted artificial intelligence will replace literally half of all white-collar workers in the U.S., confirming the AI megatrend's significance. | APH HUBS EME VEEV BJ ORLY CRWD CRWD |
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| 2025 Q2 | Jul 15, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 12.9% | - | BJ, CRS, CRWD, CW, EME, EVR, F, FROG, HOOD, HUBS, INSP, ORLY, PLTR, SAIA, VEEV | AI, cybersecurity, growth, healthcare, M&A, mid cap, tariffs, technology | The U.S. proposed tariff regime led to significant economic fallout and market volatility. Companies across sectors either scrapped or reduced forward guidance as they wait to see how results fare in this environment. Many companies are understandably conservative with their outlooks as tariff levies are quickly announced and rescinded. | JFROG |
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| 2025 Q2 | Jul 15, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 11.0% | - | ADUS, BJ, BOOT, EE, GTLS, INSM, INSP, IRTC, KRYS, MGY, OLLI, PAY, PJT, STVN, VCEL, VCTR, VRNA, WH, WHD, WRBY | AI, Biotechnology, consumer, defense, growth, semiconductors, small cap, tariffs | The U.S.'s proposed tariff regime led to significant economic fallout with global markets whipsawing in the ensuing tariff tantrum. Many companies across most areas either scrapped or significantly reduced forward guidance as they wait to see how near-term results fare in this environment. Companies with better balance sheets increased their inventories during tariff pauses, which should provide them with opportunities for greater market share later in 2025. | CWAN KTOS KRYS |
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| 2025 Q2 | Jun 30, 2025 | Bell Global Equities Fund | 5.3% | 1.1% | 6146.T, AAPL, AIR.PA, AMD, AMZN, ANET, AON, AVGO, BF-B, BJ, CSCO, GOOGL, LULU, META, MSFT, NESN.SW, NVDA, NVO, ORCL, TSM | AI, Cloud, global, growth, Quality, semiconductors, technology | Oracle's cloud-infrastructure revenue soared 50% year-on-year driven by AI demand, with management forecasting continued acceleration. DISCO Corp benefited from robust demand from advanced semiconductor foundries and stabilisation in EV-related power devices, with market responding favourably to capacity expansion plans linked to generative AI and next-generation communications. | NFLX AIR.PA BJ LULU 6146.T ORCL |
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| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | ARCH, BJ, CNMD, CWAN, ELF, FOUR, GERN, GKOS, GLBE, HE, HIMS, INTA, ITCI, KVYO, PYCR, RBC, RKLB, TNC, VRNS, WIX | AI, Biotech, growth, small cap, stock selection, Trade Policy, volatility | The DeepSeek model architecture caused investors to question potential returns on investment and monetization of generative AI initiatives, leading to air coming out of the sector-crossing narrative and investment tailwind around generative AI. The combination of concerns around AI reporting precipitated a meaningful pullback in stocks. | GERN HIMS ARCH RKLB GKOS |
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| 2025 Q1 | Apr 30, 2025 | Bell Global Equities Fund | -8.6% | -8.6% | 4684.T, AAPL, ADP, AMZN, ASML, AUTO.L, AVGO, BJ, BNZL.L, DECK, EW, FI, GOOGL, ICLR, IT, META, MSFT, NVDA, NVO, OR.PA, PEP, RMV.L | Cloud, Global Equities, Quality, tariffs, technology, Trade Policy | President Trump's Liberation Day announcement introduced sweeping universal tariffs across all trading partners, triggering immediate flight to safety and market volatility. The announcement was later paused on April 9 to allow time for negotiations, leading to recovery in risk asset prices. | View | |
| 2026 Q1 | Apr 29, 2026 | Bell Global Emerging Companies Fund | -8.6% | -8.6% | 3064.T, 4307.T, 5803.T, 7741.T, BJ, BOOT, DB1.DE, EVT.DE, EXPN.L, GTT.PA, KEYS, ODFL, SFM, TER, TTI | AI, energy, Geopolitical, global, Quality, small caps, volatility | 4307.T TEL BOOT DB1.DE |
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| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -6.7% | -6.7% | BJ, CGON, CWST, EE, GRDN, HLNE, LGND, LSCC, MIRM, MTDR, MTSI, ONTO, RBC, RGEN, RRX, SOLV, STVN, VCTR, VVV, WING | Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -7.7% | -7.7% | BJ, CASY, CCO, CRS, CW, DASH, EME, HOOD, IBKR, INSM, IONS, LNG, PINS, PR, RGEN, ROST, RRX, STVN, TPG, TRGP, TTWO | AI, Data centers, energy, Geopolitical, growth, healthcare, mid cap, technology | View | ||
| 2025 Q1 | Apr 15, 2025 | Avenue Investment Management | - | - | BJ, TFII | Logistics, profitability, Quality, retail, stability, value | Avenue focuses on investing in businesses with consistent profitability and stable characteristics that are likely to be doing the same activity 10 years from now. They favor companies with strong competitive advantages, high returns on capital, and the ability to reinvest profits at good rates of return. | TFII.TO BJ |
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| 2024 Q1 | Apr 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, ATRC, BJ, BMBL, FIVE, FND, FRPT, GLBE, HQY, IAC, IAS, KRYS, MAX, MTDR, MTZ, NVDA, RAPT, SN, SWKS, VC, WHD | consumer, energy, growth, healthcare, industrials, small caps, technology | GenAI fever remained a market focus with NVIDIA's 82% gain driving returns. Corporate spending and equity markets remained uninterested in anything else beyond cybersecurity and GenAI. Capital expenditures for technology infrastructure should continue through 2024, with a gradual shift toward preparing corporate data for GenAI applications including data warehousing, real time streaming, cybersecurity, and search. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 2.2% | 2.2% | BJ, COR, CRWD, EME, IT, ORLY, TPG, VRSK, WCN | AI, consumer, cybersecurity, growth, industrials, mid cap, technology, Trade Policy | China's DeepSeek AI model announcement created concerns about reduced spending on AI infrastructure including data centers, weighing on semiconductors. Corporate IT buyers showed more moderate spending though resilience expected for AI and cybersecurity. CrowdStrike benefited from optimism about lower AI implementation costs leading to broader adoption. | View | |
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -3.5% | -3.5% | ALL, BC, BJ, COR, EME, FICO, FROG, HOOD, HXL, INSM, IT, ITCI, JNJ, ORLY, ROST, TER, TPG, VRSK, WCN | consumer, financials, growth, healthcare, industrials, mid cap, technology, Trade Policy | China's DeepSeek AI model announcement in January created concerns about reductions in massive AI infrastructure spending, weighing on semiconductors and related industries. Corporate IT buyers showed more moderate spending though with resilience expected for AI and cybersecurity. The wider creation or adoption of GenAI applications for businesses is expected to generate greater activity volumes for companies like JFrog. | View | |
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -9.6% | -9.6% | ADUS, BFAM, BJ, BOOT, CBLL, CHEF, DAWN, ERJ, FRPT, HLNE, INFN, INSM, ITCI, MGY, MVBF, PAY, SLNO, VRNA, VVV, WHD | AI, Biotechnology, defense, growth, semiconductors, small cap, tariffs, Trade Policy | Global trade outlook and tariff concerns are creating significant market turbulence. Companies are girding for greater turbulence before waters calm, with specific impacts on Boot Barn from tariff concerns and Cactus Inc. building Vietnam capacity to address tariff risks. | View | |
| 2025 Q1 | Mar 31, 2025 | Baird Small/Mid Cap Growth Equity Fund | -10.6% | -10.6% | BJ, BOOT, BRBR, BROS, DKNG, EXL, GKOS, ITCI, JNJ, KAI, MASI, PEN, PLNT, PODD, POOL, PRCT, RGEN, TECH, ULS, WSO | AI, consumer, growth, healthcare, industrials, small cap, technology, volatility | AI-related spending faced questions regarding untethered pace as DeepSeek emerged as a potentially cheaper alternative platform from China. Microsoft's datacenter appetite showed signs of moderation, slowing positive market sentiment. Portfolio holdings with AI data center spending exposure experienced volatility. | View | |
| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER | growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation | Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter. | ABBV CPRT |
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| 2025 Q1 | Mar 31, 2025 | Thornburg Small/Mid Cap Core Fund | -11.4% | -11.4% | AIT, BJ, CLH, CWST, LPLA, NTNX, PNFP, TXNM, WAL, WH | AI, growth, mid cap, rates, Recession, small cap, Trade Policy, value | Markets experienced substantial volatility driven by an unwind of the artificial intelligence and momentum trade following DeepSeek's arrival, which showcased China's cost-efficient advancement within AI technology. The Magnificent Seven stocks were hit especially hard, down 16%, as fears of peak AI spending emerged. | View | |
| 2025 Q4 | Feb 4, 2026 | Aristotle Small/Mid Cap Equity | 2.3% | 3.0% | AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW | Banking, healthcare, industrials, small cap, technology, Utilities, value | AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies. | View | |
| 2024 Q4 | Dec 31, 2024 | FMI All Cap Equity | -2.0% | 11.0% | ALLE, ARMK, BJ, BKNG, BRK-B, FERG, G, GOOGL, HLI, OMC, RHI, SCHW | Diversified, long-term, Quality, ROIC, value | The fund holds Houlihan Lokey as its largest position at 4.1%, representing exposure to investment banking and financial advisory services. Charles Schwab represents another significant capital markets exposure at 4.0% of the portfolio. | OMC ALLE |
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| 2024 Q4 | Dec 31, 2024 | FMI Small Cap Equity | -7.0% | 11.0% | ARMK, ARW, BJ, G, GTES, HAYW, HLI, HSIC, IPG, RHI, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | IPG HAYW |
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| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, ATRC, BJ, CYBR, ESAB, FIVE, FLYW, FROG, LEGN, LSCC, PCTY, PRA, RAPT, SYNA, TER, TPG, VC, WK, WNS | Biotechnology, cybersecurity, 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, requiring additional governance rules for cyber risk management strategy. IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | 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 | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, ARGX, BC, BJ, COR, DXCM, FIVE, FND, IBKR, ICLR, IDXX, LEGN, LNG, NDAQ, ORLY, PINS, PXD, RNR, ROST, STVN, TPG | consumer, cybersecurity, growth, healthcare, industrials, mid 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, requiring additional governance rules for cyber risk management strategy. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2023 Q4 | Dec 31, 2023 | Baird Small/Mid Cap Growth Equity Fund | 7.8% | 10.9% | BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO | financials, growth, healthcare, industrials, rates, small cap, technology | Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter. | View | |
| 2025 Q3 | Nov 4, 2025 | Thornburg Small/Mid Cap Core Fund | 2.4% | 0.1% | AIT, ATGE, BJ, CLH, COHR, CWST, ITT, LPLA, PNFP, PSTG, SMPL, STKL, SXT, TLN, VRT, WAL | AI, Defensive, industrials, Quality, rates, small caps, technology, valuation | Semiconductor and software companies were supported by increased spending on data centers and power infrastructure tied to AI adoption during the quarter. | View | |
| 2025 Q3 | Oct 28, 2025 | BBH Select Series – Mid Cap Fund | -0.9% | -1.8% | ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST | AI, healthcare, mid cap, Quality, tariffs, technology, value | The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments. | BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN |
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| 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 |
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| 2023 Q3 | Oct 21, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION | China, Concentration, defensives, Europe, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI International Equity | -7.4% | 2.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, international, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | Concentration, defensives, Quality, small caps, value | FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, inflation, rates, small caps, valuation, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies. | CCEP SYY VVV |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CRS, CRWD, CTAS, CYBR, EME, HUBS, IBKR, IT, MLM, MPWR, NVDA, ORLY, PANW, RNR, VRSK | AI, consumer, financials, growth, industrials, materials, mid cap, technology | AI remains a dominant theme though cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and its sustainability. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot com peak levels. | 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 | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 2.0% | - | ACVA, BJ, CWST, KTOS, MIR, NVDA, PAR, SITM, UNF, VERX | AI, Biotechnology, defense, Federal Reserve, growth, M&A, small cap, software | 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. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot-com peak levels. | SITM US KRAT US |
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| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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| 2025 Q4 | Jan 23, 2026 | Bell Global Emerging Companies Fund | -1.8% | -5.9% | 3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS | global, industrials, Quality, SMID Cap, technology, value | The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions. | VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL |
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| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ADUS, BJ, BOOT, CERT, CWAN, EME, EWCZ, FORM, FROG, INSM, LOAR, MODG, MTDR, MYRG, OS, PCVX, SVV, WH, WHD, WMT | Biotechnology, consumer, energy, growth, healthcare, industrials, small cap, technology | AI remains a dominant trend with many companies seeing greater risks of underspending and being left behind rivals. Companies are setting their IT budgets for 2025 with AI considerations. The technology continues to drive corporate spending decisions across sectors. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ALL, ARGX, BJ, COR, CTAS, DASH, EME, FND, IAC, ICLR, LNG, ORLY, PINS, PR, RGEN, RNR, ROST, TPG, TSCO, VEEV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic affects Information Technology budget setting cycles as companies approach year end. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, BJ, CHE, CRWD, CTAS, ORLY, RNR, TER, VEEV, VRSK | AI, consumer, cybersecurity, Data centers, growth, healthcare, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic is affecting Information Technology budget setting cycles as companies approach year end. | View | |
| 2024 Q3 | Sep 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | ARMK, BJ, CSL, FBIN, FN, G, HLI, HSIC, NSIT, NVDA, PLXS, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | FN ARMK |
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| 2024 Q3 | Sep 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | ARMK, AVY, BJ, BKNG, BRK.B, CSL, DG, FERG, G, HLI, MAS, SCHW | Diversified, long-term, Quality, ROIC, valuation, value | Aramark operates in the $500 billion food and facilities services market with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has a long runway to take market share from smaller operators and self-operators, with margin improvement potential from new business profitability ramp and operating leverage. | DG ARMK |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | ALGM, ANF, BJ, CVGW, CYRX, ENV, EYE, FOUR, FOXF, FTAI, HLNE, INTA, KVYO, MPWR, OS, PJT, TREX, VRNS, WTFC, ZETA | Biotechnology, consumer, Fed Cuts, financials, growth, Rotation, small caps, software | Small cap stocks snapped an unprecedented losing streak versus large caps in Q3, with the Russell 2000 Growth Index up 8.41%. The rotation was initially catalyzed by higher Trump election odds and cooling inflation data supporting Fed rate cuts. Historically rate cuts have been positive for small caps, and with earnings growth for smaller caps set to eclipse large caps over the next two years, coupled with historic lows in relative valuations, conditions are aligning for better asset class performance. | View | |
| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, ARGX, BJ, CSGP, DXCM, EFX, FIVE, FND, GFL, IAC, IBKR, IDXX, LNG, NDAQ, PINS, PXD, RGEN, RNR, ROST, SWAV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now beginning to reengage with cloud initiatives as they reach better financial positions, with green shoots noted by some holdings. | View | |
| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, NEWR, PLNT, PRAA, RETA, TMCI, VERX | Biotechnology, consumer, growth, healthcare, industrials, small cap, technology | While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings. | View | |
| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ALGM, BJ, DRVN, EME, GFL, HCP, HLNE, HQY, INSP, LESL, MODG, MTSI, NEWR, PHR, PLNT, PRAA, RETA, STVN, TPG | consumer, financials, growth, healthcare, industrials, small cap, technology | While cloud adoption is still nascent, businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings. | View | |
| 2023 Q3 | Aug 10, 2023 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | AEL, ALGM, BJ, CASY, FWRD, HUBS, IRDM, KVYO, LNTH, MGRC, MOG.A, NCNO, NEWR, NMIH, NOVT, ODD, OMCL, PEN, PODD, SGFY, SHOP, SYNH, WHD, XPO | Banking, growth, healthcare, Medical Devices, small caps, software, technology | The early August revelation that GLP-1 diabetes and obesity treatment semaglutide has potentially important cardiovascular benefits led to pervasive selling across medical technology stocks. While longer-term implications were most pointed for diabetes stocks, reverberations were felt across cardiovascular, orthopedic and surgery-related stocks. | LNTH MGRC NCNO KVYO |
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| 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 | |
| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ARGX, BJ, CHE, DASH, FIVE, GFL, GPN, HCP, IBKR, MPWR, NICE, RRX, STVN, TER, TSM, VRSK, WEX | consumer, financials, growth, healthcare, industrials, mid cap, semiconductors, 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. Corporate IT spending on software has been muted thus far in 2024 compared with the same period in 2023. | View | |
| 2024 Q2 | Jun 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, healthcare, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Nvidia's rapid growth and high margins will attract competition from customers. They warn of speculative fervor around AI with over $180 billion in data center spending but only $3.4 billion in OpenAI revenue. The cost to run generative AI queries is extremely high due to power requirements. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL | AI, growth, healthcare, Japan, Quality, small caps, Speculation, value | Manager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, growth, healthcare, Japan, Quality, small caps, technology, value | The manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI International Equity | -7.4% | 2.7% | AMZN, BJ, BKNG, BME.L, D05.SI, DLTR, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, UL | AI, healthcare, international, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Sequoia Capital warns of speculative frenzies. While acknowledging AI's vast possibilities, they highlight the massive spending ($180 billion annually) with little revenue to show ($3.4 billion for OpenAI). They question whether companies will see adequate returns on their AI investments. | RYAAY DGX HSIC |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | AEL, ALGM, AZPN, BE, BJ, BWXT, CHGG, EYE, FIGS, FOXF, HAIN, IART, IAS, MPWR, PD, PEN, SGRE, SGRY, SILK, SPT, STAA, TREX, TRUP, XPO | Biotechnology, growth, Quality, semiconductors, small caps, software, underperformance | The Strategy focuses on small cap growth investing and was impacted by a lower-quality small cap rally during the quarter. The manager discusses Russell index rebalancing pressure affecting small cap performance and notes that sticking to investment discipline has historically led to relative performance recovery. | View | |
| 2023 Q2 | Jun 30, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | Concentration, international, small cap, technology, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow, noting historical precedent of leadership changes. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI International Equity | -7.4% | 2.7% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, valuation, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early stages of adoption with overblown commercial revenue projections. The manager notes heavy technology investment in entertainment rather than productivity-enhancing applications, questioning whether AI will change the productivity trajectory. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | AI, Concentration, Europe, growth, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. The manager questions whether current AI winners will be tomorrow's winners, citing historical precedent. | ROG.SW CDW ARHI |
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| 2023 Q1 | Apr 13, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | AVID, BJ, GOGO, IBKR, JYNT, NFLX, SCHW, SSNC | Banking, CVR, Event-Driven, interest rates, M&A, Options, Streaming | The letter discusses multiple pharmaceutical M&A deals including Pfizer's acquisition of Biohaven and Johnson & Johnson's acquisition of Abiomed. The manager focuses on event-driven investing in these transactions, particularly highlighting the embedded options and contingent value rights that create additional upside potential beyond the base deal consideration. | GOGO JYNT BJ AAPL|MSFT|NFLX|NVDA|UNH ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA SCHW AVID |
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| 2022 Q4 | Apr 1, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | BJ, BLK, GOOGL | - | View | ||
| 2023 Q1 | Mar 31, 2023 | FMI International Equity | -7.4% | 2.7% | BJ, BKNG, BMEB.PA, CSL, DG, FBIN, GOOGL, HOWG.L, NSIT, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, growth, Housing, international, Quality, Travel, value | The firm discusses the global banking crisis including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital, along with Credit Suisse's rescue. They maintain positions in Zions Bancorporation and Charles Schwab despite volatility, believing both have sticky deposit bases and conservative balance sheets. The crisis highlights banking sector fragility and will likely lead to lower profitability and multiples going forward. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q1 | Mar 31, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | BJ, BKNG, BME.L, CSL, DG, FBIN, GOOGL, HWDN.L, INSG, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, Housing, international, Quality, technology, value | The banking crisis highlighted the fragility of the sector, with three bank failures including Silicon Valley Bank. FMI maintains selective exposure to high-quality banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive and adding to positions. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q1 | Mar 31, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | BJ, BKNG, BME.L, CSL, D05.SI, DG, FBIN, GOOGL, HWDN.L, LLOY.L, NSIT, PLXS, PRI, ROG.SW, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, contrarian, Crisis, Housing, international, Quality, value | The firm discusses the global banking crisis of Q1 2023, including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital. They maintain selective exposure to banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive given their conservative balance sheets and quality management teams. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q4 | Jan 14, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BJ, BME.L, CARR, DGE.L, G, HSIC, RHI, ROG.SW, RYAAY, SAP.DE, SKX, SSD, UL | Concentration, Debt, international, Quality, small caps, technology, Valuations, value | FMI emphasizes their value discipline and business quality focus, noting that Quality Compounders were up only 8% in 2023 while speculative themes dominated. They believe this dichotomy is unsustainable and that their approach of owning quality businesses at discount valuations will be rewarded. | DGE.L CARR BJ |
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| 2023 Q4 | Jan 14, 2024 | FMI All Cap Equity | -1.8% | 11.2% | BJ, CARR, DGE.L | Concentration, Debt, Quality, technology, Valuations, value | FMI emphasizes their value discipline and focus on quality businesses trading at discount valuations. They believe the speculative excess in growth stocks is unsustainable and that value continues to be out of relative favor versus growth, with Russell 1000 Growth outpacing Russell 1000 Value by over 31% in 2023. | DGE.L CARR BJ |
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| 2023 Q4 | Jan 14, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, ACGL, ARW, BJ, BME.L, CARR, DG, G, HSIC, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, small cap, technology, Valuations, value | FMI emphasizes value investing discipline amid speculative market behavior. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, contrasting with expensive growth stocks that dominated 2023 performance. | DGE.L CARR BJ |
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| 2023 Q4 | Jan 14, 2024 | FMI International Equity | -7.4% | 2.7% | 005930.KS, ACGL, ARW, BJ, CARR, DG, DGE.L, G, HEI, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, technology, Travel, value | FMI emphasizes value investing discipline amid elevated U.S. market valuations. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, particularly in international markets where valuations are more reasonable than U.S. Large Cap. | DGE.L CARR BJ |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | FMI Small Cap Equity | BJ's Wholesale Club Holdings Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, market share expansion, membership model, recurring revenue, retail, turnaround, Value, Warehouse club | View Pitch |
| Apr 28, 2026 | Fund Letters | FMI All Cap Equity | BJ's Wholesale Club Holdings Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, Cost leadership, market share, membership model, recurring revenue, retail, Value, Warehouse club | View Pitch |
| Apr 28, 2026 | Fund Letters | FMI Large Cap Equity | BJ's Wholesale Club Holdings Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, East Coast, membership model, recurring revenue, retail, turnaround, Value, Warehouse club | View Pitch |
| Apr 28, 2026 | Fund Letters | FMI International Equity | BJ's Wholesale Club Holdings Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, market share gains, membership model, recurring revenue, retail, turnaround, Value, Warehouse club | View Pitch |
| Apr 27, 2026 | Fund Letters | LVS Advisory - Defensive | BJ's Wholesale Club Holdings Inc | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, East Coast, Fee Increase, grocery, Membership, same-store sales, Warehouse club | View Pitch |
| Apr 13, 2026 | Fund Letters | Bell Global Equities Fund | BJ's Wholesale Club Holdings Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | capital allocation, consumer staples, membership model, recurring revenue, Regional Focus, Value retail, Warehouse club | View Pitch |
| Apr 13, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | BJ's Wholesale Club | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | consumer staples, defensive, membership model, recurring revenue, value-oriented, Warehouse club | View Pitch |
| Apr 13, 2026 | Fund Letters | Avenue Investment Management | BJ's Wholesale Club | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | capital allocation, consumer staples, defensive, membership model, Membership warehouse, New England, retail, Share Buybacks, Value retail, Warehouse club | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $1.8M | 0.04% | 20,531 | -7,459 | -26.65% | 0.0142% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $1.3M | 0.00% | 14,900 | -50,300 | -77.15% | 0.0103% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $3.2M | 0.00% | 35,500 | +35,500 | +100.00% | 0.0245% |
| Lee Ainslie | Maverick Capital | $9.3B | $2.4M | 0.03% | 26,740 | +15,285 | +133.44% | 0.0185% |
| Ray Dalio | Bridgewater Associates | $27.4B | $5.4M | 0.02% | 60,401 | -4,013 | -6.23% | 0.0418% |
| Israel Englander | Millennium Management LLC | $233.2B | $52.5M | 0.02% | 582,938 | -3,300 | -9.85% | 0.4031% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $148.3M | 0.12% | 1,647,471 | -521,266 | -24.04% | 1.1392% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $6.3M | 0.01% | 69,759 | -116,163 | -62.48% | 0.0482% |
| Cliff Asness | AQR Capital Management | $190.6B | $21.1M | 0.01% | 234,997 | +68,862 | +41.45% | 0.1622% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $4.7M | 0.10% | 52,107 | +10,151 | +24.19% | 0.0360% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $351.8M | 0.94% | 3,907,953 | -345,630 | -8.13% | 2.7023% |