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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Small Cap Strategy | 12.7% | - | BROS, CBZ, FTDR | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Fenimore Small Cap Strategy | -5.8% | - | BIPC, BROS, CBZ, DFH, EXPO | - | View | ||
| 2025 Q1 | Apr 23, 2025 | Polen Capital – U.S. Small Company Growth | -10.8% | -10.8% | BROS, ELF, EXLS, FOXF, GLOB, GSHD, MODG, RVLV, TECH, YETI | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Artisan Partners Small Cap Fund | -10.1% | -10.1% | ARIS, ASND, BROS, DAY, FRSH, FTAI, GWRE, HALO, KTOS, MTSI, SG, VCYT | - | 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 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2024 Q3 | Oct 23, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | 4P0 GR, ALIT, ALRM, BROS, DOCS, ELF, GSHD, HLNE, NSIT, NVEE, PCTY, PGNY, RH, RMBS, RVLV, SITM | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Immersion Investment Partners | 0.0% | 0.0% | BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING | AI, Food, growth, Restaurants, small caps, tech, Valuations | The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves. | BROS MAMA PAR |
View |
| 2025 Q4 | Jan 13, 2026 | Fenimore Small Cap Strategy | -4.1% | -11.6% | APH, BIPC, BROS, BWIN, CASS, CHH, CIGI, DFH, EXLS, EXPO, FND, FSV, FTDR, JKHY, LSTR, NOVT, OSW, PNFP, ROST, SPSC, TRRSF | AI, Quality, small cap, Speculation, underperformance, value | The update highlights selective small-cap growth investing focused on companies with niche leadership, strong balance sheets, and long runway opportunities. Volatility is viewed as a source of opportunity to add to high-quality businesses at reasonable valuations. Small-cap growth is positioned for recovery as earnings growth reaccelerates. | View | |
| 2025 Q1 | Mar 31, 2025 | Wasatch Small Cap Growth Strategy | - | - | AGYS, BROS, FRPT, GLOB, ITCI, RBC | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Wasatch Long/Short Alpha Fund | - | - | AGYS, BROS, FRPT, GLOB, ITCI, RBC | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. Small Company Growth | 4.7% | 3.8% | ALRM, AMN, BDC, BROS, EEFT, FN, NSIT, NVEE, OPCH, RVLV, TREX, WRBY, WSC | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. SMID Company Growth | 2.7% | 1.4% | ALRM, BAH, BLD, BROS, BSY, EEFT, ENTG, FF0 GR, GSHD, HLNE, NSIT, PSTG, RMBS, RVLV, TYL, WRBY, WSC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | David Polansky | Dutch Bros Inc. | Consumer Discretionary | Restaurants | Bull | New York Stock Exchange | cash flow, Culture, expansion, Restaurants, Unit economics | 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. | ||||||||