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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 13, 2024 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, CERT, DOOR, QLYS, VNT | - | View | ||
| 2024 Q3 | Oct 2, 2024 | The London Company Small Cap | 7.0% | 8.9% | ACIW, CERT, PLUS, RVLV, VNT, WTM | - | View | ||
| 2025 Q4 | Jan 21, 2026 | Meridian Growth Fund | -0.4% | -6.4% | ABT, CERT, CHDN, COO, DOCS, DT, EXAS, GFS, GMED, RELY, SAIC, TNDM, TPB, TRMB, VCYT | growth, healthcare, Medical Devices, Quality, small caps, technology | Healthcare was the portfolio's largest allocation and top-performing sector for the quarter, with the fund maintaining an overweight position. The manager views healthcare as undervalued relative to long-term fundamentals after lagging the broader market for four years. Several healthcare holdings contributed positively including medical device companies and diagnostics firms. The fund's investment approach emphasizes high-quality businesses with recurring revenue, sustainable competitive advantages, and strong balance sheets. However, the quarter saw relative outperformance by lower-quality stocks which created a modest headwind to performance given the portfolio's quality bias. The fund focuses on small-cap growth investments, benchmarked against the Russell 2500 Growth Index. Small caps delivered solid annual returns of 12.8% for the year, though below large-cap returns, with value outperforming growth in the quarter. | View | |
| 2025 Q4 | Jan 21, 2026 | Meridian Small Cap Growth Fund | 0.9% | 0.0% | ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS | Biotechnology, growth, healthcare, Quality, small caps, technology, value | Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed. | ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT |
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| 2025 Q4 | Jan 21, 2026 | The London Company Small Cap | 2.5% | -1.0% | AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM | Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value | The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes. | DV CCC GTES CERT NEU HAE |
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| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | BJ, BOOT, CERT, CWAN, FORM, LOAR, MODG, MTDR, MYRG, OS, PCVX, WH, WHD | - | View | ||
| 2024 Q2 | Jul 22, 2024 | The London Company Small Cap | 7.0% | 8.9% | ACIW, CERT, DOOR, DV, ENOV, GTES, MATX, MBUU, MUSA, TPX | - | View | ||
| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ADUS, ATRC, AZEK, BJ, BOOT, CERT, DRVN, ESAB, EWCZ, HLNE, HXL, IAC, MAX, MRUS, MVBF, NSA, RRX, SILK, SVV, TMCI, TTEK, VCTR, WRBY, WSC | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ACTA, CARG, CERT, ST, STE, ZD | - | View | ||
| 2023 Q1 | Jan 25, 2023 | Baron Discovery Fund | 13.5% | 9.3% | AXNX, AXON, CERT, CYBR, DKNG, FND, GTLB, INDI, MEG, NARI, NVTS, RVNC, SILK, SITM, VRAY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Brian Campbell | Certara Inc | Health Care | Health Care Technology | Bull | NASDAQ | Biosimulation, cashflow, healthcare, Margins, Software | View Pitch |
| Jan 24, 2026 | Fund Letters | Chad Meade | Certara, Inc. | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Biosimulation, Drugdevelopment, growth, restructuring, Software | View Pitch |
| Jan 24, 2026 | Fund Letters | Chad Meade | Certara, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biosimulation, divestiture, drug development, Software, turnaround | View Pitch |
| Aug 8, 2025 | Seeking Alpha | ELAM1 Consulting | Certara | Health Care | Health Information Services | 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $23.4M | 0.01% | 2,653,047 | -262,625 | -9.01% | 2.2201% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.9M | 0.00% | 220,587 | -220,394 | -49.98% | 0.1846% |
| Cliff Asness | AQR Capital Management | $190.6B | $2.1M | 0.00% | 236,649 | -56,026 | -19.14% | 0.1979% |
| Mario Gabelli | GAMCO Investors | $10.4B | $89,862 | 0.00% | 10,200 | -1,800 | -15.00% | 0.0085% |
| James E. Flynn | Deerfield Management | $6.9B | $68.8M | 1.00% | 7,808,605 | +1,069,068 | +15.86% | 6.5344% |
| Rich Handler | Jefferies | $19.3B | $26.7M | 0.14% | 3,031,374 | +3,031,374 | +100.00% | 2.5367% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $7.7M | 0.02% | 876,762 | -104,083 | -10.61% | 0.7337% |