CLFD

CLFD

CLFD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 18, 2025	Mairs & Power – Small Cap Fund	-	-8.3%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, healthcare, infrastructure, materials, small caps, technology, valuation	AI-related stocks in the S&P 500 have accounted for around 75 percent of the market's return since ChatGPT's 2022 launch. Roughly 40 percent of capital expenditures are linked to AI. Investment in infrastructure required to power, cool, and connect a more data-intensive economy continues, with the AI and data-center buildout fueling a multi-year capital-expenditure cycle.	JHX TREX PATK	View
2024 Q1	Apr 15, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AMZN, AZEK, CASY, CLFD, CTLT, CVRX, DOC, KNF, LFUS, MEDP, META, MGPI, MSFT, NVDA, NVT, PIPR, PLXS, TNC, WK	AI, financials, productivity, small caps, technology, value	Small cap stocks continue to trade at a significant discount to their larger cap peers, with small caps trading at a 32% discount to the broader market as measured by the S&P 500, and at a 14% discount to small cap stock's average as measured by the S&P 600. This is despite the average of analysts' earnings growth estimates for small cap companies outpacing large cap companies for the next several years. The fund sees great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2024 Q4	Dec 31, 2024	Mairs & Power - Growth Fund	-	19.6%	AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH	AI, Housing, long-term, Regional, small caps, technology, value	AI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts.	NVDA MSFT CLFD	View
2024 Q4	Dec 31, 2024	Mairs & Power – Small Cap Fund	-	7.3%	ALTR, AZEK, CASY, CLFD, CTLT, CVRX, CWAN, DOC, FUL, JBT, KNF, LFUS, LTH, MCS, MGPI, PIPR, PLXS, THRM, TNC, WTFC	financials, industrials, infrastructure, Manufacturing, small caps, value	Small cap stocks trade at a 29% discount to the S&P 500 despite earnings growth estimates outpacing large caps. The fund sees great opportunities in small companies with above-average growth prospects trading at favorable valuations. Management notes potential for small caps to narrow the gap with large caps given less regulation and increased small business confidence.		View
2025 Q3	Oct 24, 2025	Mairs & Power – Small Cap Fund	-	2.1%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, earnings, GLP1, infrastructure, small caps, technology, value	AI-related stocks in the S&P 500 have accounted for around 75% of market returns since ChatGPT's 2022 launch. Investment in infrastructure to power, cool, and connect a data-intensive economy shows durable momentum. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, distribution, nuclear capacity, and thermal management.	PATK	View
2024 Q4	Jan 11, 2025	Driehaus Micro Cap Growth Strategy	0.5%	-32.9%	CLFD, ELF, PI, TMDX, XENE	Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps	Manager believes inflation will continue to fall as key drivers like excess money supply (M2 now negative year-over-year), excess savings, and supply chain issues have largely normalized. Fed policy response to inflation trajectory remains the key market driver.		View
2024 Q3	Sep 30, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AZEK, CASY, CFR, CLFD, CTLT, CVRX, DOC, ENTG, JBT, KNF, LTH, MCS, MGPI, PIPR, QCRH, THRM, TNC, TTC, WK, WTFC	banks, Fed, growth, rates, small caps, Valuations	Small cap stocks currently trade at a 29% discount to the broader market and 6% discount to their long-term average, despite analysts expecting small cap earnings growth to outpace large caps. The fund sees great opportunities in small companies with above-average growth prospects at favorable valuations. Lower interest rates should disproportionately benefit smaller companies over time.		View
2023 Q3	Sep 30, 2023	Mairs & Power – Small Cap Fund	0.0%	9.0%	AIR, AZEK, CASY, CFR, CLFD, DCI, FIBK, GBCI, JAMF, NVT, TTC, WK	AI, Banking, financials, industrials, small cap, technology, value	The fund views artificial intelligence as crucial for creating workforce efficiencies amid changing labor market dynamics. They see investment opportunities in technology companies utilizing AI to create efficiencies in the workforce. The fund favors companies likely to benefit from recent advancements in AI.		View
2024 Q2	Jul 23, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALRS, ASB, AZEK, CASY, CFR, CLFD, CVRX, GBCI, HUBG, INSP, JBT, KNF, MEDP, MGPI, NVT, PIPR, QCRH, TNC, WK, WTFC	healthcare, interest rates, Regional Banks, small caps, technology, value	Small cap stocks currently trade at a 40% discount to the broader market as measured by the S&P 500, a 13% discount to the S&P 500 Equal-Weighted Index, and at a 15% discount to small cap stocks' long-term average. Analysts' earnings growth estimates for small cap companies outpace large cap companies for the next several years. The fund continues to see great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2023 Q2	Jun 30, 2023	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALTR, ASB, AZEK, CFR, CLFD, ENTG, ENV, FIBK, GBCI, JAMF, LFUS, NVT, THRM, TTC	AI, Banking, healthcare, industrials, small caps, technology, Valuations	The manager discusses artificial intelligence as a key driver of Technology sector performance, noting investor excitement over AI has boosted large tech names like Alphabet, Amazon, Microsoft, and Nvidia. They maintain a favorable long-term view on Technology given growth in AI, automation, and cloud computing but are cautious near-term due to over-extended valuations.		View
2023 Q4	Jan 28, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AIR, ALTR, AZEK, CFR, CLFD, DGII, ENTG, INSP, JAMF, KNF, NVT, PIPR, SNBR, THRM	financials, healthcare, industrials, infrastructure, small cap, technology, value	Industrial companies are positioned to benefit from significant multi-year state and federal government infrastructure projects which will likely play out in the coming decade. Knife River is viewed as ideally positioned to address multiple significant state and federal infrastructure stimulus programs spanning many years.		View
2023 Q4	Jan 17, 2024	Driehaus Micro Cap Growth Strategy	8.2%	24.0%	CLFD, ELF, PI, TMDX, XENE	Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps	Manager extensively analyzes inflation drivers including excess money supply, savings, supply chains, and labor shortages. Believes inflation will continue to fall as M2 money supply turns negative, excess savings decline, and supply chains recover. Views falling inflation as key catalyst for equity market recovery.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Mairs & Power - Growth Fund	Clearfield, Inc.	Information Technology	Communications Equipment	Bull	NASDAQ	Artificial Intelligence, Cloud computing, Digital Divide, Fiber Optics, Government Infrastructure, Internet of Things, Labor Savings, Minneapolis, small-cap, telecommunications infrastructure	View Pitch

BSD Shareholders of CLFD

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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