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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 9, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | BMBL, CNM, CWA, DAVA, ETSY, EXLS, GLOB, GNRC, HLI, MKTX, PGNY, RVLV, SITM, TECH, TREX, WING, YETI | consumer, growth, Quality, Restaurants, SMID Cap, technology, Water Infrastructure | Polen emphasizes investing in high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They consistently aim to own companies that are undervalued relative to their long-term compounding potential and favor businesses with robust balance sheets and the ability to reinvest in any environment. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 3697.T, 8069.TWO, CNM, CWAN, DAVA, EVD.L, FEVR.L, GLOB, JDG.L, PME.AX, REVG, TOI.TO, WIZZ.L | global, growth, infrastructure, IT Services, Quality, SMID Cap, software | The portfolio holds multiple IT services companies including Globant and Endava, both facing headwinds from cautious client spending on digital transformation. Despite near-term challenges, the managers maintain confidence in long-term secular trends driving digital transformation and AI integration. | 3697.T DAVA GLOB CNM EVD.DE TOI.TO |
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| 2024 Q1 | May 9, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AMN, APPF, BMBL, CNM, CWAN, ENDV, EXLS, GLOB, GNRC, HLI, PGNY, SITM, WING | growth, momentum, Quality, small caps, technology, value | Polen emphasizes their focus on high-quality growth companies with robust free cash flow, persistent growth, and high returns on capital. They use their Flywheel framework to assess quality that supports sustainable growth, comprised of unique positioning, repeatable sales process, robust business model, effective management, and value-creating reinvestment. | View | |
| 2024 Q1 | May 2, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CHRD, CNM, CSL, EHC, ENTG, ERF.TO, FORM, HCP, MODN, MWA, OSW, PRMW, PTC, SUM, WSC | energy, industrials, Quality, small cap, technology, value | Mueller Water Products manufactures products and services used in the transmission, distribution, and measurement of water in North America. America's water infrastructure is massive and in very serious need for upgrade and modernization. Significant federal funds have been allocated to do just this and the fund believes MWA is well positioned to capitalize. | HCP MWA CHRD CCOI CNM |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CCK, CNM, MEDP | Biotechnology, healthcare, packaging, small cap, value | Crown Holdings is the second largest manufacturer of aluminum beverage cans globally with high barriers to entry and stable margins. The industry structure, scale, and long-term contracts with inflationary pass-throughs result in solid returns and robust free cash flow. Aluminum cans are taking share from plastic as a more sustainable product. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Artemis US Select Fund | - | - | AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS | AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation | Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance. | CNM ALL NSC META AAPL |
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| 2024 Q1 | Apr 15, 2024 | Artisan Focus Fund | 7.0% | 28.7% | ALL, AMZN, BA, CNM, CRH, DKNG, EADSY, GE, LLY, MRVL, MSFT, NVDA, PGR, SAF.PA, SPOT, TDG, TSM | active management, aerospace, earnings, industrials, insurance, technology | Aerospace theme remains a key driver of positive alpha with events continuing to elongate the cycle. Original equipment manufacturers struggle to ramp production due to supply chain challenges and Boeing's engineering issues, while end-demand continues to march higher. The industry is undersupplied with narrowbody aircraft, causing existing fleets to work harder and necessitating higher service levels. | View | |
| 2024 Q1 | Apr 15, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | ACGL, BRK.B, CNM, CSL, DLTR, ETN, G, GTES, MU, NOFCY, NVT, PGR, PHG, PLXS, RHI, SAFRY, SMIN, SONY, UNH, YOKOY | Balance Sheet, Construction, international, Quality, small cap, Valuations, value | FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. Small Cap and International stocks continue to trade at meaningful discounts with relative valuations around two standard deviations below historical levels. The setup appears favorable for value-oriented investing. | WEIR.L SCHW GTES |
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| 2024 Q1 | Apr 15, 2024 | FMI All Cap Equity | -1.8% | 11.2% | ACGL, BRK.B, CARR, CNM, CSL, DLTR, ETN, FERG, G, GTES, MAS, MU, NVT, PGR, PHG, PLXS, RHI, SCHW, SONY, UNH | Construction, financials, international, Quality, small caps, value | FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm focuses on finding opportunities outside the Magnificent Seven where valuations and expectations are far less lofty. | WEIR.L SCHW GTES |
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| 2024 Q1 | Apr 15, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 6841.T, ACGL, BRK.B, CNM, CSL, DLTR, ETN, G, GTES, MU, NVT, PGR, PHG, PLXS, RHI, SAF.PA, SMIN.L, SN.L, SONY, UNH | active management, Construction, Finance, Quality, small caps, Valuations, value | FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm focuses on finding opportunities where valuations and expectations are far less lofty than mega cap technology. | WEIR.L SCHW GTES |
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| 2024 Q1 | Mar 31, 2024 | Antero Peak Group | 15.6% | 15.6% | AAPL, ALL, AMZN, CNM, CP, CRH, DKNG, GE, GOOGL, META, MRVL, MSFT, NVDA, PG, PGR, SAF.PA, SPOT, TDG, TSLA, TSM | aerospace, earnings, growth, insurance, Manufacturing, revisions, semiconductors, technology | Secular growth amplified by cyclical inflection with optimal long duration setup. Global air travel has doubled every fifteen years since 1970, driven by rising middle class globally. Production rates need large ramps but industry will remain undersupplied. | View | |
| 2025 Q3 | Oct 14, 2025 | Bell Global Equities Fund | 3.4% | - | AAPL, AMZN, ASML, CNM, COLOB.CO, GOOGL, META, MMC, MSFT, NVDA, NVO, ORCL, PCTY, SAP.DE, SGE.L, SNPS, TER, TSM, V, WM | global, growth, Quality, semiconductors, technology, valuation | The fund follows a Quality at a Reasonable Price investment approach, focusing on financially robust, well-managed companies with sustainable earnings growth. The current environment has been challenging for quality-focused investors, with the MSCI World Quality Index underperforming by around 9% over the past 12 months. | WM SGE ASML |
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| 2025 Q4 | Jan 23, 2026 | Bell Global Emerging Companies Fund | -1.8% | -5.9% | 3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS | global, industrials, Quality, SMID Cap, technology, value | The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions. | VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL |
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| 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 |
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| 2024 Q2 | Jul 17, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CNM, CR, CSL, CVLT, EHC, FORM, HCP, INSP, LZ, MODN, OPCH, OSW, PRMW, SUM, WSC | AI, industrials, semiconductors, small caps, takeovers, technology, value | The AI data center buildout is driving significant demand for specialized memory chips called High Bandwidth Memory (HBM), with test intensity 25% higher than traditional memory. Form Factor has dominant market share at leading HBM maker SK Hynix and benefits from this trend. However, the AI frenzy is creating overheated valuations in anything related to the Nvidia-charged AI data center buildout. | OPCH INSP LZ FORM |
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| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GEHC, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SNBR, SWKS, TDG, UPS | aerospace, Hotels, infrastructure, large cap, semiconductors, small cap, technology, value | Microsoft's Azure growth decelerated during the quarter and is expected to decelerate further next quarter. The company is managing expenses to preserve margins amid headwinds. Microsoft's partnership with OpenAI and ChatGPT announcements represent a complex and rapidly developing opportunity. | ARES DEEPSEEK CNM AYI ACWI UPS IHG.L |
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| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SWKS, TDG, UPS | aerospace, Hotels, large cap, Logistics, semiconductors, technology, value | Purchased InterContinental Hotels Group, benefiting from long-term consolidation around large hotel brands and rising global middle class travel demand. Asset-light model with 99% of profits from managed and franchised hotels provides attractive economics. | ARES DEEPSEEK CNM AYI ACWI GEHC UPS IHG |
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| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | AYI, CNM, CW, LFUS, SEE | defense, Industrial, infrastructure, small cap, value | Curtiss-Wright benefits from elevated geopolitical risk driving urgency for global defense spending and strong shipbuilding activity. Two-thirds of its end market exposure is in aerospace and defense, with over 50% of defense revenue from sole source positions on key U.S. platforms. | ARES DEEPSEEK CNM AYI ACWI UPS IHG |
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| 2023 Q4 | Feb 20, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | BWMN, CCCS, CNM, FIVE, FOXF, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL | concentrated, growth, Quality, Resilience, small cap, value | Polen focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies that are undervalued relative to their long-term compounding potential and emphasize businesses with resilient financial models and strong balance sheets. | View | |
| 2023 Q4 | Jan 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | CNM, FIVE, FOXF, GNRC, GSHD, MEDP, MKTX, PAYC, POOL, TECH, TREX, TTD, WING | growth, healthcare, Quality, Resilience, SMID Cap, technology | The fund focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies with resilient financial models, strong balance sheets, and the ability to self-fund growth. The portfolio is purpose-built for financial resiliency, owning only what research suggests to be the highest quality companies in their asset class. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aging Infrastructure, Buying Power, Distribution, Equity, Fragmented Market, Municipal, National Scale, secular tailwinds, Water infrastructure | View Pitch |
| Apr 27, 2026 | Fund Letters | Vulcan Value Partners - Focus | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aging Infrastructure, Buying Power, Distribution, Fire Protection, Fragmented Market, infrastructure spending, Municipal, National Scale, Wastewater, Water infrastructure | View Pitch |
| Apr 27, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aging Infrastructure, Buying Power, consolidation, Distribution, Fragmented Market, infrastructure spending, market share gains, Municipal Customers, National Scale, Water infrastructure | View Pitch |
| Apr 27, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aging Infrastructure, Buying Power, Distribution, Fragmented Market, Municipal, National Scale, Storm Drainage, Wastewater, Water infrastructure | View Pitch |
| Apr 27, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aging Infrastructure, Buying Power, Distribution, Fire Protection, Fragmented Market, Municipal, National Scale, Storm Drainage, Wastewater, Water infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Small Cap Fund | Core and Main Inc | Industrials | Trading Companies & Distributors | Bull | NYSE | Equity, Industrial Distributor, infrastructure, specialty | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global SMID Company Growth | Core & Main | Industrials | Trading Companies & Distributors | Bull | NYSE | defensive, Industrial distribution, infrastructure spending, M&A strategy, Municipal Markets, Specialized Distribution, Water infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis US Select Fund | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | NYSE | Acquisitions, Bull, construction, Distribution, Government Spending, Infrastructure Bill, Municipal, Water infrastructure | View Pitch |
| Jan 27, 2026 | Fund Letters | Ned Bell | Core & Main, Inc. | Industrials | Industrial Distribution | Bull | New York Stock Exchange | Distribution, growth, infrastructure, Municipal, Water | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||