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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 22, 2026 | Wasatch Micro Cap Fund | 1.9% | 4.8% | ADUS, AXGN, BLZE, CLMB, COCO, CSTL, ESQR, EZPW, MAMA, RDVT, SXI, TATT, VECO, VITL | Biotechnology, growth, healthcare, Microcap, profitability, Quality, underperformance | The fund focuses on high-growth, high-quality companies with differentiated business models, avoiding the low-quality market rally that dominated 2025. The managers emphasize companies with strong fundamentals gauged by cash flow and earnings, believing these will ultimately be rewarded as the market returns to favoring profitability. Healthcare sector, particularly biotechnology and pharmaceutical companies in early research and development stages, dominated benchmark returns. The fund had no exposure to this area due to focus on profitable companies, which weighed on relative performance as many biotech companies are years away from turning a profit. | CLMB CSTL MAMA AXGN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 6, 2026 | Substack | Alpha Seeker 84 | Backblaze, Inc. | Technology | Cloud Storage | Bull | NASDAQ Stock Market | AI workloads, B2 Cloud Storage, Backblaze, capital intensity, Cloud storage, enterprise customers, NASDAQ, Pricing Strategy, profitability, Revenue Growth | View Pitch |
| Apr 28, 2026 | Fund Letters | Madison Small Cap Fund | LegalZoom.com Inc | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | Digital transformation, disruption, Legal Tech, market leader, SaaS, Small Business Services, subscription model | View Pitch |
| Sep 16, 2025 | Short Thesis | Morpheus Research | Backblaze Inc | Information Technology | Software — Infrastructure (Cloud Storage & Backup) | Bear | NASDAQ | cash burn, Churn, Cloud storage, hyperscale, SaaS | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||