CRL Archives

CRL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 5, 2024	Brown Capital Management Mid Company Fund	-7.9%	-3.1%	ALGN, CRL, FIVN, GWRE, NTRA, OMCL, PAYC, PODD, TDOC, VEEV	Biotechnology, growth, healthcare, Medical Devices, mid cap, software, technology	Charles River Laboratories, a pre-clinical contract research organization involved in 80% of FDA-approved drugs, is experiencing significant headwinds from higher interest rates curtailing capital market funding for biotech customers. Small and medium-sized biotech companies represent 40% of Charles River's client base and are most affected by the weaker funding environment, leading to consecutive quarterly revenue declines for the first time since 2008-2009. The manager believes this represents the worst capital-raising environment for biotech in at least five years.	NTRA FIVN CRL PODD GWRE	View
2025 Q2	Sep 4, 2025	Broyhill Asset Management	3.7%	6.6%	AVTR, CRL, DLTR, FI, IQV, NE, PM, SCHW, TDW, TMO, VAL	Buybacks, Concentration, dispersion, global, healthcare, small caps, value	Portfolio trades at nearly half the price of broader market while expected to deliver double-digit earnings growth. Manager sees compelling risk-adjusted returns with portfolio at attractive valuations versus 22x earnings for broader market.	IQV FI AVTR PM DLTR	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	Oakmark Select Fund	4.2%	-	ABNB, CNC, COF, COP, CRL, CRM, FCNCA, GOOGL, ICLR, IQV, KDP, PAYC, SCHW	financials, healthcare, Opportunistic, technology, value, volatility	Alphabet continues substantial AI investments across business units with potential payoff remaining underappreciated by the market. The company is improving margins while making these investments, suggesting efficient capital allocation in AI development.	CRM ICLR CRL IQV GOOGL	View
2025 Q1	Apr 22, 2025	Polen Capital – U.S. SMID Company Growth	-12.7%	-12.7%	ALGN, BAH, CRL, ELF, ENTG, ETSY, FIX, GLOB, GSHD, MANH, NSIT, PAYC, PGNY, RMBS, ROAD, RVLV, SAIA, TREX, WING, YETI	Construction, consumer discretionary, growth, Quality, SMID Cap, software, tariffs, volatility	Market volatility driven by Trump administration's tariff policies and trade uncertainty. Managers stress-testing portfolios across various tariff scenarios and exiting positions vulnerable to tariff impacts like Yeti and Align Technology due to China/Mexico manufacturing exposure.	MANH WING FIX ROAD SAIA	View
2026 Q1	Apr 18, 2026	Madison Small Cap Fund	0.1%	0.1%	CHRD, CRL, CVLT, DRS, ENTG, FORM, GMED, GTLB, ICUI, MEDP, MTDR, PCOR, POWI, SITE, VIAV, WK	AI, defense, energy, healthcare, semiconductors, small caps, software		SITE PCOR MTDR ICUI	View
2025 Q1	Mar 31, 2025	ClearBridge Investments All Cap Growth	-	-	AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX	AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology	Trump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability.	ARES APP	View
2024 Q4	Feb 5, 2025	Broyhill Asset Management	-	5.5%	AVTR, BAX, CRL, EVO.ST, FMS.DE, MCK, NICE, SIX	AI, Concentration, Europe, healthcare, small caps, underperformance, value	Growth stocks outperformed value by 20 percentage points in 2024, creating extreme valuation spreads. The manager believes current concentration and valuations set up value for potential decades of mean reversion, similar to post-dot-com periods.	AVTR BAX SIX EVO.ST NICE	View
2024 Q4	Dec 31, 2024	Riverwater Sustainable Value Strategy	-	-	ATKR, COOP, CPRI, CRL, CROX, DAR, EVR, EXEL, IDCC, LMNR, MOD, NCMI, TPR, VLO	consumer, energy, financials, healthcare, small caps, technology, value	Strong growth in data centers drove significant outperformance in Modine Manufacturing. Most forecasts predict a doubling of data center demand by 2030, with the manager noting this trend shows no signs of slowing.	EXEL NCMI DAR COOP	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 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 Q4	Jan 30, 2026	Invesco Small Cap Value Fund	6.8%	17.6%	ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS	AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Small-cap value stocks appear attractive relative to S&P 500 Index stocks. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The Russell 2000 Value Index P/E multiple has been at a historical discount compared to the S&P 500 Index P/E. The fund benefited from AI-driven growth potential in holdings like Lumentum, which rallied due to investor enthusiasm for its AI applications. ArcBest's operational efficiency and technological advancements using artificial intelligence should position the company well for demand recovery in trucking.	LITE GTLB ARCB GMED CRL	View
2025 Q4	Jan 18, 2026	Ariel Appreciation Fund	3.0%	11.1%	CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR	Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value	Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions.	OMC FDS GNRC FISV MSGE CRL SCHR	View
2024 Q3	Sep 30, 2024	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST	AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology	AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.	AME LINE CPRT DOCS APP	View
2024 Q2	Jul 31, 2024	Ariel Appreciation Fund	9.9%	0.0%	CLB, CRL, GS, MAT, MIDD, SRCL, WBA, WM	AI, consumer, energy, financials, healthcare, mid cap, value	The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. AI-themed stocks continue to dominate markets this year, contributing to extreme market bifurcation where non-AI companies in the S&P 500 lost 1.2%.	MIDD AMAT CRL WBA GS CLB	View
2024 Q2	Jul 31, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS	AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology	AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets.	IDXX ELF	View
2024 Q2	Jun 30, 2024	Riverwater Sustainable Value Strategy	-0.6%	7.9%	AMKR, ATKR, CRL, DOX, EVTC, HDSN, LMNR, LPX, MOD, NYCB, VECO	Agriculture, AI, semiconductors, small caps, sustainability, technology, value	The manager sees tremendous opportunity for companies to use AI to improve productivity and growth, though most management teams are unprepared to implement it effectively. Three of their best performers provide picks and shovels to make AI happen: Amkor Technologies, Modine Manufacturing, and Veeco Instruments.	LMNR VECO	View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2025 Q1	Apr 14, 2025	Upslope Capital Management	-5.1%	-5.1%	8697.T, ATR, CHG.L, CME, CRL, DPLM.L, HOLN.SW, HSY, MKTX, QQ.L, SAND.ST, SPX.L, TDY, VFC	defense, Europe, Long/Short, mid cap, Onshoring, Trade Policy, volatility	The fund maintains significant exposure to defense contractors including Teledyne, Chemring, and QinetiQ, positioned to benefit from accelerated defense spending driven by the war in Ukraine and changing geopolitical landscape. These companies are well-positioned for long-term growth in defense budgets.		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
2024 Q4	Jan 15, 2025	Upslope Capital Management	-7.3%	9.4%	7011.T, 8697.T, ATR, AXON, BARN.SW, CHG.L, CME, CMPO, CRL, DPLM.L, DSFIR.AS, GRMN, HSY, KOG.OL, NVT, NWC.TO, QQ.L, TDY, VFC, WPK.TO	Cyclical, defense, Europe, healthcare, Long/Short, turnaround, value	Multiple defense holdings including QinetiQ, Chemring, and Mitsubishi Heavy Industries positioned to benefit from accelerating UK, European, and Japanese defense spending. QinetiQ particularly well-positioned for AUKUS customers and evolving battlefield requirements.	QQ.L VFC CRL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Madison Small Cap Fund	Charles River Laboratories	Health Care	Life Sciences Tools & Services	Bull	NYSE	Biotech, contract manufacturing, Cro, Drug Discovery, Free Cash Flow, high margins, life sciences, Outsourcing	View Pitch
Apr 27, 2026	Fund Letters	Madison Small Cap Fund	Charles River Laboratories	Health Care	Life Sciences Tools & Services	Bull	NYSE	Biotech, Cro, Drug Discovery, EBITDA, Free Cash Flow, Healthcare services, life sciences, Outsourcing	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Select Fund	Charles River Laboratories International Inc.	Health Care	Life Sciences Tools & Services	Bull	NYSE	competitive moat, life sciences, Low Earnings Multiple, Preclinical Research, R&D Outsourcing, Research Models, strategic review	View Pitch
Apr 13, 2026	Fund Letters	Madison Small Cap Fund	Charles River Laboratories	Health Care	Life Sciences Tools & Services	Bull	NYSE	biotechnology, contract research, Cro, Drug Discovery, EBITDA, Equity, Free Cash Flow, life sciences, Outsourcing	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Charles River Laboratories International, Inc.	Health Care	Life Sciences Tools & Services	Bull	NYSE	biopharmaceutical, cell therapy, contract research, Drug Discovery, gene therapy, Manufacturing Solutions, margin expansion, Research Models, Scientific Innovation	View Pitch
Apr 13, 2026	Fund Letters	Brown Capital Management Mid Company Fund	Charles River Laboratories	Life Sciences Tools & Services	Life Sciences Tools & Services	Bull	NYSE	biotech funding, contract research, Cyclical Recovery, Drug Discovery, FDA approval, interest rate sensitivity, market leader, Pre-clinical Services	View Pitch
Apr 13, 2026	Fund Letters	Upslope Capital Management	Charles River Laboratories	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	AI, Biotech, contract research, Cyclical Recovery, drug development, healthcare, life sciences, Pharmaceutical Services, Reshoring, Value	View Pitch
Feb 4, 2026	Fund Letters	Jonathan Edwards	Charles River Laboratories International	Health Care	Life Sciences Tools & Services	Bull	New York Stock Exchange	Biotech-Spending, Cro, drug development, Outsourcing, valuation discount	View Pitch
Jan 20, 2026	Fund Letters	John W. Rogers	Charles River Laboratories International, Inc.	Health Care	Life Sciences Tools & Services	Bull	New York Stock Exchange	buybacks, lifesciences, Margins, Outourcing, Pipelines	View Pitch
Nov 29, 2025	Fund Letters	Faraz Farzam	Charles River Laboratories International Inc.	Health Care	Life Sciences Tools & Services	Bull	NYSE	Biotech, Cro, deleveraging, growth, Margins, Outsourcing, research	View Pitch
Aug 13, 2025	Seeking Alpha	Daniel Mellado	Charles River Laboratories	Health Care	Diagnostics & Research	Bear	NYSE	—	View Pitch

BSD Shareholders of CRL

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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Letters With This Ticker

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