CFLT

CFLT

CFLT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 31, 2023	Jacob Fund	-	-	CFLT, GSK, SCYX, ZH	AI, Banking, China, Data, small caps, technology	Growing awareness of Artificial Intelligence technology is creating investment opportunities. Generative AI has reached mainstream adoption with ChatGPT gaining 100 million users in two months. The technology will drive corporate spending on computing power, speed and storage, benefiting tech platforms including fund holdings.	SCYX BZH CFLT	View
2023 Q2	Jul 27, 2023	Asheville Capital Management	-	8.0%	4384.T, 4480.T, 9384.T, CFLT, HCP, INPST, MGNI, TPW.AX	Australia, Concentration, E-Commerce, growth, value	Temple & Webster operates as the Wayfair of Australia with superior unit economics, achieving 205% twelve-month return on investment with A$69 customer acquisition cost and A$142 annual profit per customer. The company benefits from minimal competition and meaningful barriers to scale in an underpenetrated market. Despite a 12% revenue decline, the company maintained strong unit economics and expanded profit margins while investing in adjacent business lines.	TPW.AX	View
2024 Q1	May 3, 2024	Meditation Capital	-	-	1405.HK, 3994.T, AAPL, CFLT, DPZ, HCP, QCOM, TSLA, WMT	Cash Management, China, Franchising, Product Focus, Restaurants, valuation	Manager discusses selective investment in Chinese markets despite significant risks including property bust, weak consumer recovery, political shifts toward security over growth, and worsening geopolitical tensions. Notes bombed-out valuations in offshore-listed Chinese stocks create exceptional opportunities despite permanently lower multiples.		View
2025 Q4	Feb 18, 2026	Jackson Peak Capital	14.0%	0.0%	CFLT, CORZ, GTLB, PZZA, QQQ, SATS	Event-Driven, Exposure Management, Long/Short, M&A, technology, valuation	AI infrastructure spending commitments faced scrutiny in late Q4 as investors questioned feasibility and ROI demonstration capabilities. The tech sector peaked on AI infrastructure announcements before reversing as sentiment shifted regarding over-extrapolated promotional claims. Event-driven M&A activity was a key performance driver, with Confluent's acquisition by IBM validating the manager's thesis published in August. The strategy focuses on identifying attractive acquisition candidates in the technology sector.	SATS	View
2025 Q4	Feb 18, 2026	The Gabelli ABC Fund	0.5%	6.1%	CFLT, EXAS, FOX, FRGE, GTLS, HOLX, KKR, KMB, KVUE, LEN, NEM, NFG, NFLX, PAAS, PSKY, TGNA, TXNM, WBD	arbitrage, healthcare, industrials, M&A, private equity, technology	Multiple biotech and pharmaceutical M&A deals closed during the quarter, including Akero Therapeutics acquired by Novo Nordisk for $54.00 per share plus CVR, Metsera acquired by Pfizer after outbidding Novo Nordisk, and Tourmaine Bio acquired by Novartis for $48.00 per share. M&A volume activity reached $4.6 trillion in 2025, representing a 49% increase from the previous year and the highest since 2021. Technology, industrials, and financials were the top sectors for M&A activity, accounting for over $2 trillion in deal activity.	ALE HOLX EXAS GTCH	View
2025 Q3	Nov 27, 2025	Jackson Peak Capital	-2.9%	60.4%	CFLT, GTLB, TSLA, TTD, UNH	AI, Event-Driven, Long/Short, momentum, Power, Speculation, volatility	Jackson Peak identified attractive opportunities in AI infrastructure power supply chain, specifically high-performance computing companies with existing data center infrastructure and reliable power access. Several positions were former bitcoin miners that pivoted to data center compute. Big tech companies contracted with these firms to utilize their data centers and power due to longer timelines for greenfield development.	CFLT	View
2025 Q4	Jan 20, 2026	Madison Small Cap Fund	-0.4%	-6.9%	AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION	AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance	The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again.	AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL	View
2023 Q2	Sep 14, 2023	Spear Advisors	-3.5%	0.0%	AMD, AMZN, CFLT, CRWD, GOOG, GOOGL, HUBS, META, MRVL, MSFT, NET, NVDA, S, SHOP, SNOW, SPRX, ZS	AI, Cloud, cybersecurity, Data centers, growth, semiconductors, technology	AI is a core theme driving strong performance through hardware and software infrastructure opportunities. The fund focuses on uncovering opportunities across the AI value chain including hardware and related software infrastructure rather than just applications. Strong demand for AI hardware continued in Q2 with cloud service providers allocating significant capex to AI.	CFLT ^FTSE	View
2023 Q1	Apr 17, 2023	SandbrooK Capital	6.0%	11.1%	AMZN, BILL, BOX, CFLT, CRM, CROX, CRWD, ESTC, ETSY, GOOS, HCP, HIMS, MSFT, NKE, RH, SNAP, SNOW, SPT, VRT, ZM	consumer, Long/Short, Macro, risk management, software, technology	Manager focused on large cap tech and growth software names, particularly beaten-up tech stocks in January. Positioned in CRM, CRWD, ZM, SNOW, BILL, AMZN, MSFT, and ESTC as top contributors. Also shorted tier 2 high growth software names where multiples had run above long-term averages.	SONO	View
2025 Q1	Mar 31, 2025	Madison Small Cap Fund	-9.0%	-9.0%	AXS, BOX, CFLT, CMCO, CSL, EHC, HQY, OPCH, POWI, PRMB, RVLV, SHAK, SMG, SMPL, WK	Construction, consumer, financials, healthcare, small cap, tariffs, technology	Industrial economic activity remains depressed and the back half recovery expected in residential and non-residential construction now seems in jeopardy due to stubbornly high interest rates. The managers believe companies with depressed construction exposure are attractively valued but acknowledge these stocks may take longer to inflect upwards than previously anticipated. They continue to see opportunities in construction-related industries due to this unique cycle where many companies have strong balance sheets and higher than normal margin profiles.		View
2023 Q4	Mar 28, 2024	Spear Advisors	-3.5%	0.0%	AMD, CFLT, CRWD, DDOG, MRVL, NET, NVDA, S, SNOW, ZS	AI, Cloud, cybersecurity, Data centers, ETF, growth, semiconductors, technology	AI is a core theme and biggest driver behind strong 2023 performance. Strong demand for AI hardware continued throughout the year, with fundamental upside broadening to the rest of the value chain in 4Q23. Several companies now expecting revenue run-rates in the billions directly from AI, including Microsoft and AMD. Workloads are shifting from model training to inference, with inference representing 40% of Nvidia Data Center revenues.		View
2023 Q4	Jan 27, 2024	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CFLT, CYTK, GTLS, KNSL, KWR, LSCC, PJT, SUM, VICR, WING	energy, growth, healthcare, rates, Restaurants, small caps, technology, value	Healthcare was one of the worst-performing sectors for most of 2023 but rallied sharply in Q4 from deeply depressed valuations. Multiple catalysts could drive healthcare stocks higher including pharmaceutical M&A of biotech companies, improvements in clinical readouts, and increasing demand for life science tools.		View
2023 Q4	Jan 14, 2024	Madison Small Cap Fund	6.3%	17.2%	CFLT, CHRD, EPC, GOGO, HAIN, LZ, MC, OLLI, OSW, PRMW, SAIA, SHAK	energy, financials, healthcare, Quality, rates, small caps, technology, value	Small caps surged 14% in Q4 after benign inflation data, with the worst performers becoming the best in a dash for trash rally. Small caps finally outperformed large caps and mega cap tech after a narrow market year. The fund believes relative valuations remain more attractive for small caps than other domestic equity asset classes despite the recent rally.	CHRD BLZE 0MCB LN CFLT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Madison Small Cap Fund	Confluent Inc	Information Technology	Systems Software	Bull	NASDAQ	cloud infrastructure, Data Streaming, growth, Real-time Analytics, SaaS, Software, technology	View Pitch
Apr 28, 2026	Fund Letters	Centerstone Investors Fund	FleetCor Technologies	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	B2B Services, Corporate-payments, digital payments, Expense Management, franchise business, network effects, strategic review, Value Investment	View Pitch
Apr 28, 2026	Fund Letters	Spear Advisors	Confluent	Information Technology	Application Software	Bull	NASDAQ	AI infrastructure, Apache Kafka, cloud platform, Data Streaming, Enterprise software, real-time data	View Pitch
Apr 28, 2026	Fund Letters	Jacob Fund	Confluent Inc	Information Technology	Systems Software	Bull	NASDAQ	AI infrastructure, Apache Kafka, Cloud computing, Data Streaming, Enterprise software, Real-time Processing, SaaS	View Pitch
Dec 5, 2025	Fund Letters	Patrick O’Brien	Confluent, Inc.	Information Technology	Information Technology	Bull	NASDAQ	acquisition, AI, Data, infrastructure, Software, Streaming, valuation	View Pitch

BSD Shareholders of CFLT

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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