Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 30, 2025 | Argosy Investors | - | - | CELH, FMX, HOV, TSU CN, W | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Global Discovery | 7.6% | 13.1% | 6415 TT, BAB LN, BJ, BSX, CELH, MIPS SS, MKTX, MONC IM, RDC GR, SAIA, SPGI, SPOT, SWAV, TEAM, TYL, VEEV, VRT | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, FIVE, FRSH, MKTX, SMAR, SMCI, VKTX, VNOM, WCC, WING | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | CELH, CRWD, LULU, MKTX, MMM, PLNT, SBAC, SWAV, U, VRT | - | View | ||
| 2025 Q4 | Mar 5, 2026 | RGA Investment Advisors | - | - | AMZN, CELH, GOOG, LSCC | AI, Cloud, Investment Strategy, Portfolio Management, semiconductors, software, technology | AI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. RGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. Amazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. | View | |
| 2025 Q4 | Feb 25, 2026 | Lord Abbett Developing Growth Fund | 1.7% | 14.6% | BBIO, CELH, CRDO, CRS, FIX, GH, KTOS, LRN, MDGL, MOD, RDDT, RKLB, WGS | AI, growth, Health Care, industrials, innovation, small caps, technology | Generative artificial intelligence continues to provide markets an additional tailwind through productivity gains. Innovation is flourishing in pioneering Gen AI companies in semiconductors and software, as well as industrial companies enabling datacenter expansion and power infrastructure to support it. AI is also playing a role in the emerging defense and space technology sector. The defense and space technology sector is experiencing a positive inflection as a historically low growth area sees advancement in autonomous software and hardware systems. AI's role is particularly exciting in this emerging sector. Industrial companies are enabling datacenter expansion and power infrastructure to support the growing artificial intelligence infrastructure needs. Health Care sector contributed to relative performance, with significant allocations to precision oncology companies and pharmaceutical companies focused on specialized treatments. | View | |
| 2023 Q3 | Dec 11, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | CELH, DXCM, NOVT, SHOP, SPLK, VRT | - | View | ||
| 2023 Q3 | Nov 22, 2023 | Immersion Investment Partners | 9.6% | 9.6% | BELF, CELH, GFF | - | View | ||
| 2022 Q3 | Oct 28, 2022 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, COHR, EVOP, KRTX, RPD, SLAB, SMPL, SWAV, UEIC, WING | - | View | ||
| 2025 Q3 | Oct 20, 2025 | Immersion Investment Partners | 18.4% | 38.7% | CELH, MAMA | Consumer Brands, EBITDA, M&A, Small Cap Equities, Software Analytics | Smallcaps: A concentrated, six-name portfolio seeks misunderstood, underfollowed businesses where structural flows create mispricing. Catalysts: Distribution realignments and accretive bolt-ons (e.g., Celsius/Pepsi, Mamas acquisition) aim to unlock faster revenue and EBITDA growth. Concentration: ~54% in top three positions drives lumpy but asymmetric outcomes when coiled spring theses are recognized. :contentReference[oaicite:1]{index=1} | MAMA CELH MAMA CELH |
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 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
View |
| 2025 Q4 | Jan 21, 2026 | NCG Small Cap Growth Strategy | 4.2% | 8.3% | ADPT, ATEC, AVPT, AXGN, BETA, BLND, CCB, CELH, COHR, ELF, KNX, KVYO, MTSI, PCOR, PEGA, PI, PRCH, QTWO, TOL, TTAN, UTI, WAL, WULF | active management, growth, healthcare, industrials, Outperformance, Quality, small caps, technology | The manager emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability, underperformed broader small cap indexes that included unprofitable companies. Biotech was a significant area of outperformance in small cap indexes during 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. The manager has maintained low or no exposure to biotech, which contributed to relative underperformance. They continue to view many biotech business models as unproven despite strong recent performance. The portfolio includes holdings in AI infrastructure companies as part of their technology sector overweight. The manager sees strong growth prospects in AI-related investments and believes these companies are trading at attractive valuations within their diversified technology holdings. Nuclear energy was identified as one of the specific areas of outsized strength in small cap markets during 2025. The portfolio maintains exposure to the nuclear energy market through one company in their energy allocation, reflecting their focus on emerging energy themes. | View | |
| 2025 Q4 | Jan 21, 2026 | NCG SMID Cap Growth Strategy | 3.6% | 8.1% | ADPT, AII.TO, ATEC, AXGN, BETA, BLND, CELH, COHR, ELF, INOD, KVYO, MTSI, PCOR, PEGA, PHAT, PI, QTWO, TOL, TTAN, UAMY, UTI, WULF | Biotechnology, growth, healthcare, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They believe quality factors worked against active managers in 2025, as low-quality stocks with negative earnings significantly outperformed. The firm maintains their focus on quality despite near-term headwinds. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, and the firm believes there is opportunity for this discount to narrow with an improving fundamental backdrop. Biotech was an area of outsized strength in 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. However, the firm maintains low or no exposure to biotech as they view many business models as unproven with high expectations that may fail to materialize. | View | |
| 2025 Q4 | Jan 20, 2026 | Pernas Research | 4.8% | 54.3% | ADBE, APLD, CARD.L, CELH, META, NKE, PSFE, SEMR, STX | AI, defense, Mean reversion, small caps, technology, value | AI represents a consequential technological shift reshaping business and consumer behaviors. The AI-driven capex cycle is expected to persist over the next 12-16 months. The manager sees a barbell opportunity in owning clear AI winners alongside companies mislabeled as AI losers. Smaller-cap companies offer outsized opportunity due to their ability to pivot quickly in a period of rapidly increasing dynamism. Over the past two years, multi-baggers among smaller-cap names have been roughly double the 20-year average due to their organizational flexibility. The definition of defense is expanding beyond traditional military applications. Robotics, AI, cybersecurity, and data infrastructure are now central components of national security as the peace dividend and security provided by Pax Americana are eroding. | View | |
| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
View |
| 2023 Q4 | Jan 11, 2024 | Infuse Partners | 16.4% | - | AXON, CELH, MELI, NU, SLYG, TSLA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | 2019 HK, ARGX, CBRE, CELH, COHR, DXCM, EW, EXAS, ILMN, ONTO, RYTH, SPOT, TTEK, WST | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | ANF, CELH, CHRD, ELF, LNTH, PCVX, PJT, RMBS, VNOM, ZETA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | AXON, CELH, CRWD, DXCM, ENTG, FICO, GEV, SNPS, VST, WAB | - | View | ||
| 2023 Q2 | Jul 27, 2023 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, FGEN, KNSL, MSA, SLAB, SMAR, SPT, SUM, WWD, XPOF | - | View | ||
| 2024 Q2 | Jul 26, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, CELH, CRWD, DASH, DXCM, FIVE, GEV, MPWR, TYL, ULTA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CCC, CELH, CMG, EXAS, FIVE, INSM, LSCC, MRVL, MTSI, POOL, RBLX, SPOT, TYL, WST | - | View | ||
| 2024 Q2 | Jun 30, 2024 | NewBridge Large Cap Growth Equity | 6.0% | 22.4% | CELH, CSGP, LULU, MSCI, NVDA, TT, UNH, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | APP, CELH, COR, DDOG, DECK, ITCI* MM, MRVL, RBRI, TTD, WCN | - | View | ||
| 2023 Q1 | Feb 5, 2023 | Choice Equities Capital Management | -1.8% | 5.5% | CELH, CROX | - | View | ||
| 2023 Q4 | Jan 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ARGX, ASND, BNTX, CELH, CMG, DXCM, JBL, LSCC, LULU, ON, RGEN, RYAN, SHOP, VEEV, XYL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | Erick Maronak | Celsius Holdings, Inc. | Consumer Staples | Beverages | Neutral | NASDAQ | Beverages, Distribution, Energy drinks, Promotion, Slowdown | View Pitch |
| Nov 29, 2025 | Fund Letters | David Polansky | Celsius Holdings Inc. | Consumer Staples | Beverages | Bull | NASDAQ | Beverages, Distribution, EBITDA, Energy drinks, growth, Margins, market share, Partnership, PepsiCo, Re-rating | View Pitch |
| Nov 29, 2025 | Fund Letters | David Polansky | Celsius Holdings Inc. | Consumer Staples | Beverages | Bull | NASDAQ | Beverages, Distribution, EBITDA, Energy drinks, growth, Margins, market share, Partnership, PepsiCo, Re-rating | View Pitch |
| Oct 23, 2025 | Value Investors Club | Manchu | Celsius Holdings, Inc. | Consumer Staples | Beverages—Non-Alcoholic | Bull | NASDAQ | Celcius, EBITDA growth, Energy drinks, Rerate | View Pitch |
| Sep 16, 2025 | Short Thesis | Fat Baby Funds | Celsius Holdings Inc | Consumer Staples | Beverages (Non-Alcoholic) | Bear | NASDAQ | Energy drinks, International, PepsiCo, Promotions, Velocity | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Nikolaos Sismanis | Celsius Holdings, Inc. | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | 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. | ||||||||