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 Q2 | Jul 27, 2025 | Diamond Hill Mid Cap | 6.1% | 4.8% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, consumer, Data centers, defense, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact companies like GoDaddy's business in the future. | FCN ALK ASH ICLR RRX WCC RRR |
View |
| 2025 Q2 | Jul 22, 2025 | Aristotle Small/Mid Cap Equity | 4.6% | - | ACIW, AENE, ALIT, ASGN, BHLB, CHE, CIEN, CMCO, DLB, DY, FTAI, HOOD, IPAR, ITRI, JBGS, MMSI, MTSI, PRGO, SMG, VRRM | growth, industrials, positioning, SMID Cap, technology, value, volatility | MACOM Technology Solutions benefited from exposure to growing demand from Data Center and 5G end market applications. The company surpassed analyst expectations and raised forward guidance, with meaningful exposure to these growing markets along with domestic manufacturing footprint expected to drive additional shareholder value. | VRRM SMG PRGO IPAR FTAI DLB ALIT CHE ACIW MTSI DY CHE |
View |
| 2025 Q2 | Jul 15, 2025 | Madison Small Cap Fund | 4.3% | -5.0% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, Speculation, value | AI continues to be the dominant theme driving Russell 2000 performance, with broad-based fear among investors that AI could pose an existential threat to software business models. The manager believes these fears are vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
View |
| 2025 Q2 | Jun 30, 2025 | Riverwater Sustainable Value Strategy | - | - | CIEN, COOP, ECG, EXEL, GFF, HAE, LMNR, LNTH, LOPE, LPX, MSA, NCMI, PNW, VECO | Construction, healthcare, infrastructure, Safety, small cap, technology, value | ECG benefits from exponential power demand from AI and data centers, exemplifying Jevons Paradox where efficiency gains are overwhelmed by usage growth. The company's backlog has grown over 40% driven primarily by data center and high-tech infrastructure projects. | MSA GFF ECG MSA GFF LMNR ECG |
View |
| 2023 Q2 | Jun 30, 2023 | Platinum International Technology Fund | 4.2% | - | 000660.KS, 005930.KS, 006400.KS, 0700.HK, 7974.T, BABA, CIEN, CSU.TO, ERIC, GOOGL, IFX.DE, JD, MCHP, META, MU, NFLX, ORCL, TSM | AI, Cloud, growth, semiconductors, software, technology | AI took center stage during the quarter with ChatGPT reaching 100 million users faster than any consumer application to date. Technology companies like Microsoft, Google, Meta, and Oracle are incorporating AI into their platforms, creating significant investment opportunities despite some market excesses. | View | |
| 2026 Q1 | May 1, 2026 | Aristotle Small/Mid Cap Equity | 2.3% | 2.3% | AEIS, ALIT, CIEN, CWST, HURN, NVST | AI, domestic, energy, Manufacturing, semiconductors, small caps, technology, value | NVST CWST HURN CIEN AEIS |
View | |
| 2025 Q1 | Apr 30, 2025 | Fidelity Small Cap Discovery Fund | - | -8.1% | BECN, CIEN, COKE, FAF, FCFS, G, MMS, MTTR, NSIT, OLN, OMI, PATK, PFGC | financials, healthcare, industrials, small cap, technology, value | The fund focuses on companies with low implied expectations where there is substantial disparity between current share price and intrinsic value. Value stocks tended to lag during the quarter while expensive, high-momentum stocks outperformed, creating stylistic headwinds for the fund. | View | |
| 2026 Q1 | Apr 28, 2026 | Diamond Hill Small-Mid Cap Strategy | -2.5% | -2.5% | AR, AVTR, CIEN, HII, HUM, ICLR, LAMR, LPLA, PNFP, RKT, RRX, RTO.L, SSNC, WTW | AI, defense, energy, healthcare, mid cap, Quality, small cap, volatility | View | ||
| 2026 Q1 | Apr 28, 2026 | Diamond Hill Mid Cap | -2.0% | -2.0% | AIG, AR, AVTR, CARR, CIEN, FCX, HUM, KMB, LAMR, MGM, RRX, RTO, SSNC, WAY | AI, Defensive, energy, Geopolitical, healthcare, mid cap, Quality | View | ||
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Mid Cap | -1.3% | -1.3% | AIG, ALK, ASH, BSX, CIEN, COOP, ESAB, HII, ILMN, L, MLM, RRX, RYN, ST, TFX, TRU, UDR, VRSN, VTR, WCC | defense, financials, healthcare, mid cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including Liberation Day tariffs and threatened 104% tariffs on China in response to retaliation. Markets are nervous about wholesale reworking of global trade landscape affecting historical allies like Taiwan. Companies are preemptively announcing US investments to avoid tariffs. | View | |
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small-Mid Cap Strategy | -4.2% | -4.2% | ALGT, ALK, BLDR, CIEN, COOP, CTRA, HII, ILMN, INFA, LOB, MGY, RRX, RYN, SXT, TFX, TRU, VRSN, WCC, WNS | defense, mid cap, small cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating tremendous uncertainty around trade policy shifts. Markets are struggling to digest whether tariffs are negotiation tactics or permanent reshaping of world trade order. The US-China trade relationship is front and center in this showdown with potential for full-blown trade war. | View | |
| 2024 Q2 | Apr 22, 2024 | Rodrigo Benedetti | - | - | AMC, ASML, AX, CIEN, CLS, COHR, CRH, FCNCA, GME, MBIN, MRX, PFBC, PSTG, QQQ, SPY, TBBK, V | Europe, financials, Long/Short, semiconductors, small caps, value | Manager sees value in financials including traditional banks like MBIN, FCNCA, PFBC and TBBK. There is fear about commercial real estate and credit quality, but the manager believes the Treasury curve cannot get more inverted, which should lead to margin stabilization and improvement for banks. Focus on banks that have suffered from equity raises or bear reports. | View | |
| 2026 Q1 | Apr 14, 2026 | Munro Global Growth Fund | -6.2% | -6.2% | 300750.SZ, AMZN, CIEN, GE, MSFT, NVDA | AI, China, defense, energy, growth, semiconductors, technology | 300750.SZ MSFT |
View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Small/Mid Cap Equity | -6.2% | -6.2% | ACIW, ADC, AER, AGI, ASGN, BDC, CHE, CIEN, CII, DBI, DY, HURN, ITRI, MMSI, MTSI, NDAQ, ONB, RRC, VVV, WWW | Consulting, gold, healthcare, Regional Banks, semiconductors, small caps, technology, value | The fund maintains exposure to semiconductor companies like MACOM Technology Solutions despite sector weakness during the quarter. The manager believes in meaningful exposure to growing demand from data center and 5G end-market applications, with recent acquisitions expected to drive additional shareholder value. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Technology Fund | 13.2% | 13.2% | 000660.KS, 005930.KS, 006400.KS, BKNG, CIEN, GOOGL, IFNNY, JD, MCHP, META, MSFT, MU, NFLX, NVDA, NXPI, SOITF, STMPA.PA, TSM | AI, Electric Vehicles, growth, semiconductors, technology | Artificial intelligence was the hot theme during the quarter after Microsoft drew attention to ChatGPT capabilities. Microsoft and Nvidia were up 20% and 90% respectively. The Fund added to Google amid concerns that search business will be disrupted by ChatGPT, though the manager believes large language models won't be as disruptive to core Search business as the market thinks. | 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 | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Mid Cap | -2.4% | 10.6% | ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC | Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small-Mid Cap Strategy | -0.8% | 8.3% | ALGT, ARW, ASH, BOKF, CIEN, CUBE, FTRE, GTES, HII, ICLR, INFA, JLL, NVR, REXR, RRR, SOLV, TDY, TFX, WBS, WCC | financials, healthcare, industrials, real estate, small cap, technology, value | WESCO is benefiting from strong demand in its data center business, representing a key growth driver for the industrial distributor. The company's scale advantage positions it well to capture share in this expanding market. | View | |
| 2023 Q2 | Dec 7, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, Speculation, underperformance, value | AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending boom. However, manager views AI disruption fears in software as vastly overblown, noting 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
View |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Mid Cap | 4.5% | 9.5% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, defense, financials, healthcare, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact GoDaddy's business in the future. | HII WCC CIEN |
View |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | RVTY COO TTC HII CIEN HII WCC CIEN |
View |
| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
View |
| 2025 Q3 | Oct 14, 2025 | Madison Small Cap Fund | -1.6% | -6.6% | AXS, BOX, CIEN, CMN, CRL, CSL, EHC, ENTG, EXP, FORM, GMS, HAYW, HQY, HXL, KN, SAIA, SHAK, SMG, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, underperformance, value | AI continues to be the dominant theme driving much of the Russell 2000's performance, particularly in technology stocks. The manager expresses skepticism about AI disruption fears in software, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. They view fears about AI replacing critical software applications as vastly overblown. | CRL EXP HXL |
View |
| 2025 Q3 | Oct 14, 2025 | Aristotle Small/Mid Cap Equity | 2.6% | - | AEIS, AGI.TO, ALE, AZEK, CIEN, COLB, CRI, FLWS, HAE, HGV, JHX, MTSI, PNW, PPBI, PRMB, SCI, SUPN, VYX, WTRG, WWW | AI, Banking, gold, healthcare, mid cap, small cap, technology, Utilities | Artificial Intelligence driven optimism fueled risk-on sentiment as companies with AI exposure or disruptive potential saw disproportionate gains. Investors chased momentum and future earnings potential over traditional valuation metrics. Ciena benefited from AI-related demand and technological innovation in optical networking equipment. | 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 | - | - | AAPL, AMZN, APP, CIEN, CUBI, GOOGL, META, MSFT, NVDA, PFBC, PLTR, TMDX, TSLA | AI, banks, Biotech, Europe, semiconductors, technology, value | Manager extensively analyzes AI capex spending by major tech companies, questioning sustainability of current investment levels and whether returns will justify the massive capital deployment. Notes that companies like MSFT and META are spending heavily on AI infrastructure, with some potentially approaching zero free cash flow. | 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 |
| 2024 Q3 | Sep 30, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | BOX, CCOI, CIEN, CNM, CR, CSL, EHC, OSW, SMG, SUM, WK | Construction, Housing, industrials, small cap, software, technology | New investment in Workiva, a cloud-based software provider of compliance and regulatory reporting solutions used by 75% of Fortune 500 companies. The platform offers collaboration, data integration, and process management controls for financial and regulatory management systems. | WK |
View |
| 2024 Q3 | Sep 30, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | ALGT, ASH, BOKF, CIEN, CIVI, CTRA, CUBE, DEI, HII, HUM, LANC, NVR, PH, RRX | defense, energy, industrials, interest rates, mid cap, real estate, value | Initiated position in Huntington Ingalls Industries, a critical supplier to the US Navy and provider of technology solutions to the Department of Defense. As the sole provider of aircraft carriers and one of only two suppliers of nuclear submarines, HII is well-positioned to meet Department of Defense needs for potential Pacific conflict preparation. The company has high visibility into strong demand over the next 5 to 10 years due to the long-cycle nature of its products. | HII |
View |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Mid Cap | 8.3% | 13.3% | AIG, ALGT, BHF, CIEN, CTRA, CTSH, ENOV, ESAB, EXR, LHX, LNDC, MAA, RRR, SRCL, WBS, WCC, WY | energy, financials, industrials, mid cap, REITs, technology, value | Initiated position in L3 Harris Technologies, a defense contractor focused on communications, surveillance and electronic warfare. Anticipate US defense budget will be better than expected as the Defense Department prepares for peer-level threats. Believe there is room for improvement in recent execution, particularly at recently acquired Aerojet Rocketdyne. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, CALM, CIEN, CTRA, CVNA, ENOV, ESAB, LANC, MAA, PRGS, RRR, WCC | energy, financials, industrials, rates, small caps, value | Energy was the best performing sector in Q3 with a 17% gain driven by rising oil prices and OPEC+ production cuts. The portfolio benefited from holdings like Civitas Resources and Coterra Energy, both oil and gas producers with assets in key basins. | View | |
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Mid Cap | 8.3% | 13.3% | ALGT, ASH, CIEN, ENOV, FERG, LEA, NVR, PH, POST, SBAC, ST, UGI, WSO | Banking, Distribution, industrials, infrastructure, mid cap, technology, value | The manager believes value and cyclically oriented stocks are well-positioned to produce abundant, consistent cash flows in an environment of higher rates, higher inflation and possibly higher volatility. They view their philosophy and approach as well-suited to this environment where value stocks are likely to become more attractive to investors. | View | |
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ALGT, ASH, CALM, CIEN, COOP, ENOV, ITGR, LEA, NVR, PRG, UGI, WCC, WNS | Banking, industrials, inflation, rates, small caps, value | The manager emphasizes their value-oriented approach, stating they invest in companies selling for less than their estimate of intrinsic value. They believe value and cyclically oriented stocks are likely to become more attractive to investors as they are well-positioned to produce abundant, consistent cash flows in the near and intermediate terms. | View | |
| 2023 Q2 | Jul 13, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, CIEN, GOOG, META, MSFT, PGR | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Fidelity Small Cap Discovery Fund | -7.2% | 0.5% | BECN, CIEN, COKE, FAF, FCFS, G, MMS, MTTR, NSIT, OLN, OMI, PATK, PFGC | consumer discretionary, healthcare, industrials, small cap, value | The fund focuses on companies with low implied expectations where there is substantial disparity between current share price and intrinsic value. The strategy emphasizes identifying disparities through intensive bottom-up research and seeking attractive risk-adjusted returns through disciplined portfolio construction. | View | |
| 2023 Q1 | Apr 14, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, consumer, healthcare, Quality, small cap, Speculation | AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending. However, the manager views fears about AI disrupting software business models as vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
View |
| 2025 Q1 | Mar 31, 2025 | Riverwater Sustainable Value Strategy | - | - | AGM, AM, CG, CIEN, CNX, COOP, IDCC, LMNR, PNFP, RRC, STE | Defensive, Energy Transition, Quality, Regional Banks, small caps, Trade Policy, value | The manager increased exposure to energy transition by adding Range Resources and Antero Midstream Corp. Both companies play critical roles in energy and electrification, with electrification expected to see significant demand growth in coming years and decades. Range is a low-cost natural gas producer while Antero specializes in transporting, gathering and processing natural gas. | AM RRC PNFP COOP LMNR |
View |
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View | ||
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | BRBR, BWA, CIEN, CTRA, CUBE, FBIN, GDDY, HBI, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC | Automotive, energy, financials, industrials, mid cap, real estate, technology, value | Real estate was the top performing sector in Q4, rising 17% alongside growing consensus that the Federal Reserve is done raising rates. REITs broadly rallied as long-term interest rates rapidly declined. Self-storage REIT CubeSmart benefited as storage rents showed signs of bottoming. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 4, 2026 | Fund Letters | Aristotle Small/Mid Cap Equity | Ciena Corporation | Communication Equipment | Communications Equipment | Bull | New York Stock Exchange | AI Traffic, Bandwidth, Communications Equipment, network infrastructure, optical networking, telecommunications | View Pitch |
| Apr 28, 2026 | Fund Letters | Giverny Capital Asset Management | Ciena Corporation | Information Technology | Communications Equipment | Bear | NASDAQ | Bear, Cloud computing, Communications Equipment, network infrastructure, supply chain, technology, Telecom | View Pitch |
| 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 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Alex Sacerdote | Whale Rock Capital Management LP | $7.8B | $209.0M | 2.67% | 893,483 | -444,317 | -33.21% | 0.4781% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $19.1M | 0.04% | 81,700 | -9,300 | -10.22% | 0.0437% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $110.1M | 0.13% | 470,680 | -110,342 | -18.99% | 0.2518% |
| Ray Dalio | Bridgewater Associates | $27.4B | $49.7M | 0.18% | 212,643 | +50,936 | +31.50% | 0.1138% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $102.9M | 0.13% | 440,086 | -183,588 | -29.44% | 0.2355% |
| Israel Englander | Millennium Management LLC | $233.2B | $13.9M | 0.01% | 59,500 | -14,600 | -19.70% | 0.0318% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.9M | 0.01% | 21,101 | -99,703 | -82.53% | 0.0113% |
| Cliff Asness | AQR Capital Management | $190.6B | $330.4M | 0.17% | 1,412,560 | -89,908 | -5.98% | 0.7558% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $301.6M | 1.17% | 1,289,427 | -173,784 | -11.88% | 0.6899% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $111.1M | 0.37% | 474,984 | -1,684,470 | -78.00% | 0.2542% |
| $25.6B | $49.2M | 0.19% | 210,676 | -157,705 | -42.81% | 0.1127% | ||
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $702 | 0.00% | 3 | +0 | +0.00% | 0.0000% |