CIEN

CIEN

CIEN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 30, 2025	Fidelity Small Cap Discovery Fund	-	-8.1%	ASGN, CIEN, CIVI, G, OMI	-			View
2024 Q2	Apr 22, 2024	Rodrigo Benedetti	-	-	CIEN	-			View
2025 Q4	Feb 8, 2026	BlackRock Science And Technology Term Trust	1.5%	0.0%	ATE, CIEN, CLS, CRDO, FN, LITE, NVDA, TSEM	AI, Cloud, growth, infrastructure, private equity, semiconductors, technology	AI investment is expanding beyond infrastructure-heavy phase toward scaled adoption at the application layer. Current AI infrastructure investment is driven by rollout of newer Blackwell-class GPUs and ramp-up in compute capacity by hyperscalers and sovereign governments. The Trust seeks companies with strong AI monetization strategies and durable competitive moats. Technology sector supported by sustained investment in cloud and data center infrastructure. Accelerating cloud infrastructure spending is driving robust AI-driven demand. National AI and cloud initiatives have been matching or exceeding the scale of traditional hyperscaler investments. Strong demand for advanced semiconductors driven by AI infrastructure rollout and compute capacity expansion. Semiconductor companies in the portfolio benefited from strong earnings momentum and investor optimism around AI-related products. The Trust increased allocations to semiconductors during the quarter.		View
2025 Q4	Feb 4, 2026	Aristotle Small/Mid Cap Equity	2.3%	3.0%	AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW	Banking, healthcare, industrials, small cap, technology, Utilities, value	AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies.		View
2025 Q3	Oct 24, 2025	Diamond Hill Small-Mid Cap Strategy	6.2%	7.3%	CIEN, COO, EQH, GDDY, KMX, RRR, RVTY, TFIN, TTC, WCC	AI, defense, industrials, infrastructure, valuation	The strategy underperformed as AI-driven rallies boosted large-cap tech, though holdings like Ciena and WESCO benefited from AI infrastructure spending. Managers see opportunities in undervalued industrials and defense suppliers such as Huntington Ingalls, which gain from rearmament trends. The team warns of AI overvaluation and focuses on patient value investing amid market exuberance.	RVTY COO TTC HII CIEN HII WCC CIEN	View
2023 Q3	Oct 19, 2023	Giverny Capital Asset Management	7.0%	20.2%	AHT LN, CIEN, FERG, FI, SCHW, SSNC	-			View
2025 Q3	Oct 14, 2025	Madison Small Cap Fund	-1.6%	-6.6%	CIEN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL	aerospace, Artificial Intelligence, Construction, industrials, small caps	The fund underperformed amid speculative excess and AI-driven momentum but reaffirms its focus on quality small caps. It highlights opportunities in industrial and aerospace companies like Hexcel and Eagle Materials, citing cyclical recovery potential. The managers reject AI hype as overblown and maintain discipline on valuation and fundamentals.	CRL EXP HXL	View
2025 Q3	Oct 14, 2025	Aristotle Small/Mid Cap Equity	2.6%	-	AGI CN, CIEN, COLB, HAE, HGV, JHX, MTSI, PNW, PRMB, SCI, WTRG	Artificial Intelligence, M&A, Manufacturing, small caps, Utilities	Small and mid-cap equities benefited from AI optimism, easier monetary policy, and valuation appeal versus large caps. The fund added companies with durable cash flows and pricing power like Essential Utilities and Service Corporation International. It remains optimistic on U.S. manufacturing reshoring and M&A-driven growth.		View
2022 Q3	Oct 14, 2022	Giverny Capital Asset Management	7.0%	20.2%	BRK/A, CIEN, COHR, ERF FP, FRC, JPM, KMX, META, MKL, MTB, PGR, SCHW	-			View
2024 Q4	Jan 3, 2025	Rodrigo Benedetti	-	-	AMZN, APP, AVDA, CIEN, GOOG, META, MSFT, TMDX, TSLA	-			View
2025 Q4	Jan 27, 2026	Diamond Hill Mid Cap	3.7%	13.5%	CHKP, CIEN, CIVI, CUBE, GIS, HII, LEA, POST, VRSN, WCC, WIX, WLK, ZTS	AI, defense, healthcare, industrials, materials, mid cap, technology, value	AI-related spending continued to be a primary driver in equity markets throughout 2025, with many top-performing portfolio positions benefiting from ongoing AI-spending buildout across industrials, materials and information technology. However, the managers note increased investor scrutiny around AI developments and market bubble discussions in December. Data center business growth was a significant driver for portfolio holdings, with WESCO International's data center business reaching nearly 20% of total revenue and driving better-than-expected organic growth. The theme reflects the ongoing infrastructure buildout supporting AI and cloud computing demand. Defense spending opportunities emerged through Huntington Ingalls Industries, which benefited from strong Navy shipbuilding demand, new frigate contract awards, and discussion of potential Trump-class battleship opportunities. The company showed improving execution as labor challenges eased.		View
2025 Q4	Jan 27, 2026	Diamond Hill Small-Mid Cap Strategy	1.2%	8.5%	AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS	defense, healthcare, industrials, mid cap, real estate, small cap, technology, value	The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges.	INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII	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
2025 Q4	Jan 14, 2026	Riverwater Sustainable Value Strategy	0.0%	0.0%	ADEA, CIEN, CNK, DGX, EXEL, HAE, JLL, LMNR, LOPE, MDU, SNV, TGLS	AI, Banking, Quality, semiconductors, small caps, technology, value	The manager emphasizes focus on quality factors including profitability, strong returns on capital, solid balance sheets, and attractive valuations. Notes this has been one of the most challenging environments for quality-focused investors, with quality factors underperforming similar to the internet bubble period of 1999-2000. Strategy focuses on identifying high-quality companies at reasonable valuations. The manager notes periods favoring low-quality assets typically last only a few quarters and expects quality will ultimately reassert itself. The strategy targets small-cap equities with the Russell 2500 Value Index as benchmark. Manager is increasingly constructive on small-cap equities broadly for 2026, expecting a rotation back toward fundamentals with quality small-cap stocks outperforming lower-quality peers. CIEN benefited from AI datacenter network deployment as networking became a key bottleneck for deploying AI widely. ADEA's media IP portfolio includes AI technologies and computer vision capabilities.	MRX CNK ADEA SNV LMNR LOPE CIEN HAE	View
2025 Q4	Jan 12, 2026	Munro Global Growth Fund	-0.7%	12.2%	300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout.	CIEN GOOGL	View
2023 Q2	Jul 25, 2023	Diamond Hill Mid Cap	8.3%	13.3%	ASH, CIEN, ENOV, FERG, LEA, PH, SBAC, ST, UGJ, WCC	-			View
2023 Q2	Jul 13, 2023	Giverny Capital Asset Management	7.0%	20.2%	AAPL, AMZN, CIEN, GOOG, META, MSFT, PGR	-			View
2023 Q4	Jan 2, 2024	Diamond Hill Mid Cap	8.3%	13.3%	BWA, CIEN, CTRA, CUBE, FBIN, GDDY, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 29, 2026	Fund Letters	Chris Welch	Ciena Corp	Information Technology	Communications Equipment	Bull	New York Stock Exchange	AI, Bandwidth, cloud, hyperscalers, optical networking	View Pitch
Jan 28, 2026	Fund Letters	Nick Griffin	Ciena Corporation	Information Technology	Communications Equipment	Bull	New York Stock Exchange	AI, Connectivity, datacenters, growth, hyperscalers, Optics	View Pitch
Jan 23, 2026	Fund Letters	Faraz Farzam	Ciena Corporation	Information Technology	Communications Equipment	Bear	New York Stock Exchange	AI, exit, Networking, valuation	View Pitch
Jan 16, 2026	Fund Letters	Adam Peck	Ciena Corporation	Information Technology	Communications Equipment	Bull	New York Stock Exchange	AI, backlog, datacenters, Networking, Optical	View Pitch
Jan 13, 2026	Seeking Alpha	Seeking Alpha	Ciena Corp.	Technology	Networking Equipment	Bull	New York Stock Exchange	AI data centers, backlog, coherent pluggable transceivers, hyperscalers, margin expansion, Nubis acquisition, optical networking, photonic optical line systems, purchase order obligations, Revenue Growth	View Pitch
Nov 29, 2025	Fund Letters	Chris Welch	Ciena Corp.	Information Technology	Networking Equipment	Bull	NYSE	AI, data centers, earnings growth, hyperscale, Margins, Networking	View Pitch
Nov 29, 2025	Fund Letters	Chris Welch	Ciena Corporation	Information Technology	Communications Equipment	Bull	NYSE	AI, Data, growth, hyperscalers, infrastructure, Margins, Networking	View Pitch
Nov 29, 2025	Fund Letters	Chris Welch	Ciena Corporation	Information Technology	Communications Equipment	Bull	NYSE	AI, Data, growth, hyperscalers, infrastructure, Margins, Networking	View Pitch

BSD Shareholders of CIEN

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
No investor data available.

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