CCCS Archives

CCCS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 10, 2024	Brasada Focused Equity Strategy	0.0%	0.0%	AMD, AMZN, CCCS, COST, CPRT, GWRE, IBM, INTC, META, MSFT, NFLX, NVDA, PGR, TSLA	Concentration, insurance, Monopoly, software, technology, value	Manager discusses AI as the current investment fad, comparing it to previous technology bubbles. Notes that while ChatGPT demonstrated AI utility, markets tend to get ahead of themselves in bidding up potential winners. Emphasizes that early winners in technology revolutions are rarely the same winners a decade later.	CCCS	View
2026 Q1	Apr 18, 2026	Artisan Mid Cap Fund	-5.9%	-5.9%	AJG, ALAB, ARES, CCCS, COHR, DASH, EW, MDB, PRS, RBLX, SITM, SMTC, TW, WAT, WING	aerospace, AI, Biotechnology, Data centers, defense, energy, growth, mid cap			View
2024 Q1	Apr 15, 2024	Artisan Partners Small Cap Fund	9.0%	14.0%	ARGX, ASND, BL, CCCS, ELF, ETSY, FIVE, FND, FRPT, HALO, IPGP, LSCC, MPWR, MYRG, PCOR, SAIA, SHLS, SMAR, TREX, VMI, WING	AI, Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software	Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart failed two additional indications in Q4, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH. The team maintains conviction in de-risked biotech assets with proven drugs and diversified pipelines.		View
2024 Q1	Apr 15, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK	growth, healthcare, industrials, mid cap, Performance, technology	The market's advance remained heavily dependent on AI-related stocks, with NVIDIA continuing its meteoric rise and Super Micro Computer benefiting from the surge in artificial intelligence-related stocks. The AI theme contributed significantly to market performance across multiple cap segments.		View
2024 Q1	Apr 15, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK	growth, healthcare, industrials, infrastructure, small cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness.		View
2025 Q1	Apr 10, 2025	Akre Focus Fund	1.5%	1.5%	ABNB, AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V	Cash, Concentration, Discipline, Patience, Quality, valuation, value	The fund emphasizes valuation discipline as a core investment principle, requiring mid-to-high-teens annualized returns under base-case scenarios and positive returns under low-case scenarios. They use the metaphor of Gravity's Rainbow to describe considering the full arc of valuation cycles, not just the rising half. This discipline often requires waiting years for appropriate entry points and significant price drops before deploying capital.		View
2026 Q1	Mar 31, 2026	Akre Focus Fund	-19.4%	-19.4%	BN, CCCS, CPRT, CRM, CSGP, CSU.TO, FICO, KKR, LVMUY, MA, MCO, NOW, ORLY, ROP, TOI.TO, V	AI, Concentration, private credit, Quality, software, valuation		BN KKR CSU.TO	View
2025 Q1	Mar 31, 2025	Artisan Global Discovery	-3.7%	-3.7%	ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST	AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy	Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments.		View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, CCCS, CWST, DSGX, EXPO, FICO, FSV, IT, JBT, MSA, MTN, PYCR, RBC, ROAD, ROL, SITE, SPSC, SSD, STVN, TREX, WSO, WST	growth, healthcare, industrials, Quality, small cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for maintenance and capacity increase related road projects, which benefits companies like Construction Partners in the Southeast United States. This has led to strong backlog growth for 12 consecutive quarters.		View
2023 Q4	Dec 31, 2023	Artisan Partners Small Cap Fund	9.0%	14.0%	ARGX, ASND, CCCS, DUOL, ETSY, EXAS, FIVE, FND, HALO, IRTC, LSCC, MPWR, PCOR, RGEN, SAIA, SMAR, SWAV, TREX, VMI, WING	Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software, technology	Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart trials for two additional indications failed, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH approval.		View
2023 Q3	Oct 19, 2023	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	0696.HK, ALIT, CCCS, DOXY, FIVE, GSHD, MORN, PGNY, XPEL, YETI	Automotive, global, growth, healthcare, insurance, SMID Cap, technology	Goosehead Insurance delivered robust results with 31% revenue growth and 36% premium increases, continuing to execute its plan to clean up corporate organization and return to pre-COVID productivity metrics. The company benefits from strong broker upgrades and S&P Small Cap Index inclusion.	XPEL PGNY MORN 0696.HK AMDOCS FIVE ALIT CCCS YETI GSHD	View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	ALIT, ALTR, CCCS, CWA, DCGO, DOCS, EEFT, EXL, FTCH, GSHD, LESL, OLO, XPEL, YETI	growth, insurance, Quality, small caps, software, technology	Small cap companies as an asset class are heavily discounted relative to history, presenting attractive opportunities regarding valuation and the prospect of persistent growth. High quality small cap companies have greater latent potential for growth relative to more mature businesses and can quickly reduce spending and increase profitability if needed.	EXLS XPEL CLWD ALIT AMDOCS EEFT YETI CCCS GSHD	View
2024 Q3	Oct 14, 2024	Akre Focus Fund	11.8%	18.6%	ABNB, AMT, BN, CCCS, CSGP, CSU.TO, KKR, KMX, MA, MCO, ORLY, ROP, V	Compounding, Focus, long-term, Patience, Quality, returns	The fund emphasizes long-term compounding over 15+ years, achieving 9.0x returns since inception despite various market disruptions. Manager believes compounding takes place over time periods long enough to include bad and scary things, which is a comforting thought for patient investors.		View
2024 Q4	Jan 11, 2025	Akre Focus Fund	-0.5%	18.0%	AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, ORLY, ROP, TOI.TO, V	Compounding, Concentration, large cap, Long Term, Quality, value	The manager emphasizes compounding as a distinct discipline requiring time, endurance, and proper expectations. They argue that financial innovation and abstraction through ETFs has shortened holding periods, undermining compounding potential. The fund focuses on identifying businesses capable of compounding capital at above-average rates for very long periods.		View
2023 Q3	Sep 30, 2023	Artisan Partners Small Cap Fund	9.0%	14.0%	ARGX, ASND, BL, BSY, CAVA, CCCS, ETSY, EXAS, FIVE, GLBE, GWRE, HALO, IRTC, LSCC, MTSI, PCOR, PZZA, RGEN, SAIA, SMAR, SPXC, STVN, SWAV, TREX, WCC, WING, WMS	Biotechnology, growth, healthcare, Medical Devices, semiconductors, small cap, software, technology	Manager discusses the rapid growth of GLP-1 obesity drugs from Novo Nordisk and Eli Lilly, noting their impact on medical device stocks. While acknowledging public health benefits, believes the effects on cardiovascular disease incidence will take time and that opportunities for innovative franchises to gain share outweigh market expansion concerns.		View
2023 Q3	Sep 30, 2023	Meridian Small Cap Growth Fund	6.2%	0.0%	ALIT, ALKT, CCCS, HCCI, HDSN, MATX, MIR, QDEL, RBA, TPB	growth, healthcare, industrials, small caps, technology			View
2024 Q2	Jul 24, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AAON, AIT, ALIT, APPF, BL, CCCS, DAVA, DOXI, HELE, HLNE, IBP, OPCH, PGNY, RGEN, RH, ROAD, RVLV, SITM, SMCI, WING, WRBY, XPEL	growth, healthcare, Quality, rates, small caps, technology, volatility	The performance gap between small caps and large caps continued to widen during Q2, with small cap investors retreating to lower-volatility sectors. Small cap continues to be highly sensitive to shifting rate expectations, while leadership in large cap remains narrow and driven by momentum.		View
2024 Q2	Jul 23, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	AAON, CCCS, DOXI, DT, EXL, FIVE, FND, KINS, MPWR, PAYC, PGNY, POOL, REVG, RGEN, RH, SITM, TREX, TTEK, TYL	AI, growth, healthcare, Quality, SMID Cap, technology, volatility	AI beneficiaries saw considerable hype and crowding, with companies like Monolithic Power Systems benefiting from growth in enterprise data segments driven by cloud-based CPU server applications including AI. However, exceptions exist with some AI-related stocks losing ground relative to first quarter results.	PGNY PAYC FIVE TTEK RGEN CCCS KGIC AAON	View
2024 Q2	Jun 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST	AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, technology	AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions.		View
2025 Q1	Mar 31, 2025	Artisan Mid Cap Fund	-7.4%	-7.4%	ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST	AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology	The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations.		View
2023 Q4	Feb 20, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	BWMN, CCCS, CNM, FIVE, FOXF, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL	concentrated, growth, Quality, Resilience, small cap, value	Polen focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies that are undervalued relative to their long-term compounding potential and emphasize businesses with resilient financial models and strong balance sheets.		View
2023 Q4	Feb 16, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697.T, AZPN, BMBL, CCCS, DLO, ETSY, EVD.DE, FIVE, FOXF, GNRC, MEDP, MKTX, MPWR, PAYC, POOL, TECH, TME, WRBY, XPEL, YUMC	consumer, global, growth, Quality, SMID Cap, software, technology	Five Below recovered from Q3 weakness with 14% year-on-year revenue growth and raised guidance. The discount retailer continues to outperform peers and benefits from consumers looking to stretch their dollar further in a challenging macro backdrop.	CCCS PAYC XPEL EVD.DE 3697.T FIVE	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Polen Capital - Global SMID Company Growth	CCC Intelligent Solutions	Information Technology	Application Software	Bull	NYSE	AI, Automotive Insurance, Claims Processing, Data Analytics, High Returns on Capital, SaaS, technology leadership	View Pitch
Apr 28, 2026	Fund Letters	Polen Capital - U.S. Small Company Growth	CCC Intelligent Solutions	Information Technology	Application Software	Bull	NYSE	Automotive Insurance, Claims Processing, Free Cash Flow, Insurance Technology, Mission-Critical, SaaS, Software	View Pitch
Apr 28, 2026	Fund Letters	Polen Capital - Global SMID Company Growth	CCC Intelligent Solutions Holdings Inc	Information Technology	Application Software	Neutral	NYSE	Acquisition Speculation, Automotive Insurance, Ecosystem Platform, Insurance Technology, Insurance-software, Parts Suppliers, Repair Shops	View Pitch
Apr 28, 2026	Fund Letters	NCG Micro Cap Growth Strategy	Century Communities	Consumer Discretionary	Household Durables	Bull	NYSE	Demographics, Entry-level Housing, homebuilder, mortgage rates, return on equity, supply constraints	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - U.S. SMID Company Growth	CCC Intelligent Solutions	Information Technology	Application Software	Bull	NYSE	Auto Insurance, Claims Processing, cloud platform, High retention, marketplace, Near Monopoly, network effects, recurring revenue	View Pitch
Apr 13, 2026	Fund Letters	Brasada Focused Equity Strategy	CCC Intelligent Solutions	Software & Services	Application Software	Bull	NASDAQ	Adas, Automation, Automotive Insurance, Claims Processing, Data Analytics, Digitization, machine learning, Monopoly, network effects, SaaS, switching costs, Vehicle Electrification	View Pitch
Oct 23, 2025	Value Investors Club	oldyeller	CCC Intelligent Solutions	Information Technology	Application Software	Bear	NASDAQ	Auto claims software, Insurance carriers, SaaS	View Pitch
Aug 13, 2025	Seeking Alpha	Eleceed Capital	CCC Intelligent Solutions Holdings Inc.	Information Technology	Software - Application	Bull	NASDAQ	—	View Pitch

BSD Shareholders of CCCS

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
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Letters With This Ticker

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