CORT

CORT

CORT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	abrdn U.S. Small Cap Equity Fund	6.9%	3.0%	ABCB, ADMA, AHR, ATZ.TO, CHEF, CNMD, CORT, ELF, FIBK, FOLD, GPK, MMSI, REVG, SKWD, TMX.TO	Beauty, healthcare, infrastructure, Onshoring, Quality, small caps, tariffs, Trade Policy	President Trump's sweeping tariff policies initially weighed on investor sentiment, with China facing over 100% US duties. A 90-day pause was announced for most tariffs as part of trade negotiations, followed by US-China agreement on substantial reciprocal tariff reductions. The US doubled tariffs on global steel and aluminum imports to 50%, adding to trade policy uncertainty.		View
2025 Q1	May 13, 2025	Sawgrass Asset Management – Small Cap Quality Growth	-5.2%	-5.2%	ADMA, CORT, RDNT, SNEX, STRL	growth, Outperformance, Quality, small caps, value, volatility	Evidence is growing in favor of a size leadership switch from large to small caps. Three key linchpins support this thesis: relative valuation discount of small cap to large cap at continual trough valuations, concentration of mega-caps as a percent of total equity market, and the duration of large cap leadership cycle being the second longest in U.S. stock market history. Additional supportive factors include healthy high yield market, resiliency of small caps regardless of winning party in Presidential elections, and normalizing GDP.		View
2025 Q4	Mar 6, 2026	Polen Capital – U.S. SMID Company Growth	-0.3%	27.7%	BE, CORT, FSLR, NTNX, NVDA, RKLB, WDC	aerospace, AI, Biotechnology, Electrification, growth, innovation, SMID Cap	AI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting AI-adjacent industries like semiconductors, electrical equipment, and tech hardware. AI data centers require enormous amounts of power, creating demand for solutions like Bloom Energy's fuel cells. The theme reasserted dominance after NVIDIA's strong earnings in late November. Portfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. This includes companies like Bloom Energy providing power solutions for AI data centers and First Solar manufacturing solar panels. The theme benefits from energy transition and infrastructure needs. Portfolio maintains significant conviction in Aerospace theme alongside Electrification within Industrials sector exposure. Rocket Lab operates as end-to-end space company developing rocket launch and control systems, with strong earnings results and growing backlog during the quarter. Biotech delivered its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in drug discovery efficiency. Corcept Therapeutics represents exposure to this theme with drugs modulating cortisol activity and expanding pipeline in oncology.		View
2025 Q1	Mar 31, 2025	abrdn U.S. Small Cap Equity Fund	-3.7%	-3.7%	AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK	infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water	Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation.	REVG MWA WK SHOO VERX LRN HEES CORT	View
2025 Q1	Mar 31, 2025	Voya Small Company Fund	-	-	COHU, CORT, HIMS, MWA, PRA, SHOO	growth, healthcare, semiconductors, small caps, technology, value	The fund focuses on US small cap core equity strategy and outperformed the Russell 2000 Index during Q1 2025. Small caps experienced broader pullbacks compared to large caps, with the fund benefiting from stock selection in industrials, healthcare, and financials sectors.	MWA PRA HIMS	View
2025 Q4	Feb 5, 2026	Polen Capital – U.S. Small Company Growth	-1.5%	25.1%	AGX, BE, CORT, LRN, METC, NVDA, WGS	AI, Biotechnology, Electrification, Energy Transition, growth, innovation, small caps	AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy that provide power solutions for AI workloads. The theme faced scrutiny in early Q4 but reasserted dominance after NVIDIA's strong earnings, with AI also providing structural tailwinds for biotech through drug discovery efficiencies. The portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. Biotech delivered its best quarter in five years, benefiting from improving interest rates, easing regulation enabling more M&A activity, and excitement around AI's promise in drug discovery. The portfolio nearly doubled its biotech exposure during the quarter as more opportunities presented themselves in this improving environment. The portfolio includes exposure to critical minerals through Ramaco Resources, which produces metallurgical coal and is developing a rare earth elements deposit aimed at strengthening domestic supply chains for defense, batteries, and advanced technologies. However, the rare earths narrative faced increasing investor scrutiny during the quarter.		View
2025 Q4	Jan 29, 2026	abrdn U.S. Small Cap Equity Fund	0.5%	8.8%	ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV	healthcare, industrials, infrastructure, Quality, small caps, technology	The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure.	CORT	View
2025 Q4	Jan 15, 2026	ClearBridge Investment Value Strategy	0.0%	0.0%	300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS	AI, financials, gold, healthcare, materials, semiconductors, technology, value	AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices.	PYPL FITB	View
2024 Q2	Jun 30, 2024	abrdn U.S. Small Cap Equity Fund	-7.5%	-3.2%	ATKR, ATMU, BOOT, CORT, EAT, FIVN, FROG, HEES, ONTO, PRFT	AI, Fed, Quality, rates, small caps, technology, value	Small caps trade at a significant discount to large caps and are positioned to benefit from market broadening beyond the Magnificent Seven. Corporate balance sheets flush with cash often trigger M&A activity benefiting smaller companies. Higher quality small caps have structural advantages in elevated rate environments.	FROG ATMU CORT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	abrdn U.S. Small Cap Equity Fund	Corcept Therapeutics	Health Care	Biotechnology	Bull	NASDAQ	Addressable market, biotechnology, Clinical trials, drug development, therapeutics	View Pitch
Apr 13, 2026	Fund Letters	abrdn U.S. Small Cap Equity Fund	Corcept Therapeutics	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, Commercial Stage, Cortisol, Cushing's Syndrome, drug development, market penetration, pharmaceuticals, Specialty therapeutics	View Pitch
Jan 30, 2026	Fund Letters	Christopher Colarik	Corcept Therapeutics Incorporated	Health Care	Biotechnology	Bear	NASDAQ	biotechnology, drug approval, Pipeline Uncertainty, Regulatory risk	View Pitch

BSD Shareholders of CORT

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: