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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | NCG Small Cap Growth Strategy | 12.7% | -1.9% | AAON, AGYS, ALHC, AVPT, CDNA, CELH, CRS, CWK, ELF, GDYN, GWRE, HXL, INOD, MTSI, RXST, SAIA, SPRY, STRL, TMDX, TTAN | growth, healthcare, infrastructure, rates, small cap, technology, Trade Policy | Small cap growth stocks participated in the recent market rally, but further opportunity exists. The rolling 10-year annualized return by small vs large stands at -7.3% and is the worst ever going back to 1926, and the valuation of the small cap sector relative to large caps is in the 5th percentile historically. | View | |
| 2025 Q2 | Aug 7, 2025 | NCG SMID Cap Growth Strategy | 13.5% | -2.5% | ALHC, CDNA, CELH, CRS, ELF, GDYN, SAIA, SPRY, STRL, TMDX, TTAN, VRT | growth, healthcare, infrastructure, rates, small caps, technology, Trade Policy | Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding companies which are direct beneficiaries. | View | |
| 2025 Q2 | Jul 18, 2025 | Invesco Discovery Fund | 17.2% | 3.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | TXRH QTWO CLS TTMI LSCC AEIS |
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| 2025 Q2 | Jul 15, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 12.9% | - | BJ, CRS, CRWD, CW, EME, EVR, F, FROG, HOOD, HUBS, INSP, ORLY, PLTR, SAIA, VEEV | AI, cybersecurity, growth, healthcare, M&A, mid cap, tariffs, technology | The U.S. proposed tariff regime led to significant economic fallout and market volatility. Companies across sectors either scrapped or reduced forward guidance as they wait to see how results fare in this environment. Many companies are understandably conservative with their outlooks as tariff levies are quickly announced and rescinded. | JFROG |
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| 2025 Q1 | Apr 30, 2025 | Invesco Discovery Fund | -12.2% | -12.2% | AAON, ALAB, BBIO, CLS.TO, COOP, CRS, CWAN, CWST, CYBR, DUOL, EHC, ERJ, EVR, FRPT, FTI, GKOS, ITCI, KKR, LITE, OLLI, PRS, RKLB, WAY | aerospace, AI, Biotech, growth, healthcare, small cap, technology | The fund experienced challenges from AI-related volatility, with the secular growth narrative being challenged by DeepSeek developments. Astera Labs declined significantly due to concerns about lower-cost AI models from China affecting the AI infrastructure investment thesis. | BBIO RKLB WAY |
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| 2026 Q1 | Apr 25, 2026 | Sands Capital Select Growth Fund | -12.9% | -12.9% | APP, CRS, CVNA, DDOG, IOT, LRCX, MSFT, NET, NFLX, PWR, SE, STX, TSM | AI, Cloud, disruption, growth, infrastructure, Internet, semiconductors, technology | View | ||
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 0.8% | 0.8% | COR, CRS, CW, EME, HUBS, IBKR, LNG, MPWR, ORLY, TPG, VEEV, VRSK | AI, defense, energy, Geopolitical, growth, mid cap, Resilience | MPWR VRSK CW CRS EME COR VEEV IBKR LNG ORLY |
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| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -7.7% | -7.7% | BJ, CASY, CCO, CRS, CW, DASH, EME, HOOD, IBKR, INSM, IONS, LNG, PINS, PR, RGEN, ROST, RRX, STVN, TPG, TRGP, TTWO | AI, Data centers, energy, Geopolitical, growth, healthcare, mid cap, technology | View | ||
| 2026 Q1 | Apr 14, 2026 | Driehaus Small/Mid Cap Growth Fund | 1.0% | 1.0% | COHR, CRS, FTAI, OWL, PRAX, TER | AI, defense, energy, growth, industrials, Iran, small caps, technology | View | ||
| 2026 Q1 | Apr 10, 2026 | Third Point Partners | -0.6% | -0.6% | AMZN, CASY, COF, CRH, CRS, CSGP, ENR.DE, IDR.MC, KEYS, MTZ | AI, credit, defense, Event-Driven, Long/Short, oil, private credit, Structured Credit | CSGP INDRA.MC |
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| 2026 Q1 | Apr 10, 2026 | Third Point Offshore Fund | -0.6% | -0.6% | AMZN, CASY, COF, CRH, CRS, CSGP, ENR.DE, IDR.MC, KEYS, MTZ | AI, credit, defense, Housing, oil, private credit, Shorts | CSGP IDR.MC |
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| 2025 Q1 | Mar 31, 2025 | Minotaur Global Opportunities Fund | - | - | ATI, BMBL, CRS, F, HWM, IPX.AX, MDB, RHM.DE, TSLA, WTC.AX, Z | AI, China, defense, Europe, Shorting, Trump, volatility | The fund uses AI through their Taurient system to combat confirmation bias and improve selling decisions. AI helps generate Thesis Validation/Invalidation Reports for every stock position, enabling quick reactions when investment theses are challenged. This AI superpower has guided successful exits from MongoDB and Zillow short positions. | RHM.DE IPX.AX |
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| 2024 Q4 | Mar 12, 2025 | Invesco Discovery Fund | 1.2% | 22.6% | ALAB, AMZN, CLH, CLS, CRS, CYBR, DUOL, EHC, EVR, FIX, INTA, MOD, NVDA, ONTO, PEGA, PI, QTWO, STEP, TMDX, WING | AI, Cloud, growth, semiconductors, small cap, software, technology | Technology driven innovation has continued to disrupt large portions of the global economy, providing substantial opportunity through investment in premier growth compounders. The fund added Pegasystems which has increasingly integrated artificial intelligence functionality into its products, with newest AI releases representing more than 25% of its bookings. Intapp offers cloud-based and AI-powered software solutions for the financial services industry. | INTA CVLT PEGA |
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| 2025 Q4 | Feb 6, 2026 | Third Point Partners | 1.9% | - | 000660.KS, 034730.KS, BHC, CRS, CSGP, DSV.CO, ENR.DE, META, MIK, MSFT, PCG, PRMB, QBR.B.TO, SNBR, TPG, VST | AI, credit, defense, healthcare, Mortgage, semiconductors, Telecom, value | AI dominates market headlines and is forcing a re-think of established beliefs about capital-light business models like software. Many software companies now face increased investor skepticism about the sustainability of their moats and scrutiny of their high-margin structures. The AI theme seems less bulletproof with recent Oracle selloff. Ongoing rotation from software into semiconductors, memory, and semicap equipment. SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand at meaningfully higher price points and margins. Continued strength in European defense equities as capital-intensive businesses like defense contractors are having their moment. Investors are waking up to their mission critical role in the rebuilding of supply chains and national security complexes. Both private credit and private equity will continue to struggle with monetization due to billions of dollars trapped in private equity that cannot be monetized at acceptable prices. The line between public and private is blurring with the more relevant distinction being traded and not yet traded. Expect more liability management exercises and in-court restructurings with almost 40% of restructurings being repeat offenders. Ratings downgrades and defaults continue to pressure stressed leveraged loans creating attractive entry points with elevated dispersion in the leveraged loan market. Residential mortgages remained resilient in 2025, particularly seasoned loans with lower balances. There is currently $35.8 trillion of home equity in US homeowners' balance sheet, creating large margin of credit protection and ability to expand investments in residential real estate into home affordability products. | SGI 402340 KS |
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| 2025 Q4 | Feb 25, 2026 | Lord Abbett Developing Growth Fund | 1.7% | 14.6% | BBIO, CELH, CRDO, CRS, FIX, GH, KTOS, LRN, MDGL, MOD, RDDT, RKLB, WGS | AI, growth, Health Care, industrials, innovation, small caps, technology | Generative artificial intelligence continues to provide markets an additional tailwind through productivity gains. Innovation is flourishing in pioneering Gen AI companies in semiconductors and software, as well as industrial companies enabling datacenter expansion and power infrastructure to support it. AI is also playing a role in the emerging defense and space technology sector. The defense and space technology sector is experiencing a positive inflection as a historically low growth area sees advancement in autonomous software and hardware systems. AI's role is particularly exciting in this emerging sector. Industrial companies are enabling datacenter expansion and power infrastructure to support the growing artificial intelligence infrastructure needs. Health Care sector contributed to relative performance, with significant allocations to precision oncology companies and pharmaceutical companies focused on specialized treatments. | View | |
| 2024 Q3 | Nov 7, 2024 | Prosper Stars & Stripes | -2.0% | - | BIO, BLFS, CRS, DOCS, FLT, FND, FOXF, NR, PCT, RGEN, SHC, UPWK, WEX | aerospace, healthcare, infrastructure, interest rates, Long/Short, Recession, semiconductors, small cap | The semiconductor industry has experienced a 20%+ decline in revenues similar to past industry cycles, following supply shortages that drove demand to unsustainably high levels during the pandemic. The manager sees opportunities in this rolling cycle as the industry normalizes from previous boom-bust dynamics. | View | |
| 2025 Q3 | Oct 29, 2025 | Polen Capital – U.S. Small Company Growth | 21.1% | 27.1% | BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX | aerospace, AI, Data centers, Electrification, growth, innovation, small cap | The world faces a shortage of electric power due to growing adoption of electric vehicles, cloud data center proliferation, and the AI revolution. Bank of America estimates these drivers will push electricity demand growth to a 2.5% annual run rate, 5x higher than the last decade's 0.5% growth. The strategic value of AI in the US-China geopolitical power struggle has made electricity production a national priority. | SOFI BE GOOGL TSLA |
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| 2025 Q3 | Oct 20, 2025 | Invesco Discovery Fund | 7.9% | 11.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | View | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CRS, CRWD, CTAS, CYBR, EME, HUBS, IBKR, IT, MLM, MPWR, NVDA, ORLY, PANW, RNR, VRSK | AI, consumer, financials, growth, industrials, materials, mid cap, technology | AI remains a dominant theme though cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and its sustainability. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot com peak levels. | View | |
| 2025 Q4 | Jan 24, 2026 | Invesco Discovery Fund | 4.9% | 16.5% | AVAV, BTSG, CRS, CVLT, CW, EHC, ESAB, FIVE, FN, FROG, GH, HLNE, LITE, LRN, MTSI, RKLB, RMBS, SITM, STEP, TSEM | AI, compounders, growth, industrials, innovation, semiconductors, small caps, technology | AI-related innovation and infrastructure build-out has remained robust, providing substantial opportunities. The fund benefits from AI ecosystem exposure through companies like Lumentum, which supplies lasers to AI data centers and hyperscale facilities. Strong demand for AI infrastructure stocks continues to drive performance. The fund maintains significant exposure to semiconductor companies including Tower Semiconductor, SiTime Corp, and MACOM Technology Solutions. Tower Semiconductor reported strong results in optical semiconductor business, leading management to accelerate long-term goal timelines. Memory subsystem demand remains strong with companies like Rambus benefiting from DRAM demand. Industrial renewal provides abundant investment opportunities with the fund maintaining its largest overweight in the industrials sector. The portfolio includes aerospace and defense companies like Curtiss-Wright Corp and Carpenter Technology Corp, reflecting the ongoing industrial transformation and infrastructure build-out themes. | EHC GH |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | -3.8% | 13.9% | APH, COR, CRS, CYBR, EME, HUBS, IBKR, LNG, ORLY, PANW, PFGC, TPG, VEEV, VRSK | defense, energy, financials, growth, healthcare, industrials, mid cap, technology | The portfolio initiated a position in Karman Holdings, a missile systems design and manufacturing specialist. The company is well-positioned as a vital picks-and-shovels provider in the defense and commercial space industries, supporting defense stockpile replenishment, commercial satellite constellation expansion, and major Department of Defense investments in hypersonic and air defense systems. The manager anticipates a significant acceleration in AI adoption as 2026 unfolds. This represents a key forward-looking catalyst that could drive investment opportunities across the technology sector. The manager is currently awaiting a Supreme Court decision on the Trump Administration's tariffs and expects potential pivots toward alternative trade enforcement frameworks. The implementation of the One Big Beautiful Bill is projected to drive higher consumer tax refunds and catalyze corporate capital spending. The portfolio holds CyberArk Software, an access security solutions provider, which reported strong third quarter results. The stock is closely linked to Palo Alto Networks following its acquisition offer, demonstrating the consolidation dynamics in the cybersecurity sector. | HUBS APH KRMN VEEV IBKR |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -4.7% | 9.4% | ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV | AI, consumer, financials, growth, healthcare, industrials, mid cap, technology | Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook. | AMAT AXON PINS TTWO |
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| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 8.7% | ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST | aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology | AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics. | VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA |
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| 2023 Q2 | Jul 19, 2023 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX | aerospace, AI, Electrification, growth, innovation, small caps, technology | The manager views electrification as a multi-year theme driven by electric vehicles, cloud data centers, and AI revolution creating electricity demand growth of 2.5% annually versus 0.5% historically. The strategic value of AI in US-China geopolitical competition has made electricity production a national priority. | TMDX CRS ODD POWL JOBY 6BE GR |
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| 2024 Q2 | Jun 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS | Intrinsic Value, materials, small cap, technology, Utilities, value | The fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers. | EPAM DAVA GL |
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| 2023 Q1 | Apr 19, 2023 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX | aerospace, AI, Data centers, Electrification, growth, innovation, small caps | AI data centers require enormous amounts of power, creating challenges for power grids to supply necessary electricity for constant and growing AI workloads. This has driven demand for solutions like Bloom Energy's fuel cells that can generate reliable power onsite for data centers. | TMDX CRS ODD POWL JOBY 6BE GR |
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| 2024 Q4 | Jan 22, 2025 | Royce Investment Partners Small Cap | 3.7% | 10.3% | AEHR, AMSC, ASPN, ASTH, AZTA, CECO, CRS, DSP, EVH, FARO, GTLS, HCSG, KD, KN, LAKE, MATV, PRIM, SLWS, SOLR, SRCL | energy, industrials, Infrastructure Spending, Onshoring, small caps, technology, value | Energy sector was a top performer with 14.95% quarterly returns and 29.40% annual returns. The fund increased domestic energy exposure, particularly in natural gas and power generation companies. Energy equipment & services was the top contributing industry for both quarterly and annual periods. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | Carpenter Technology | Materials | Steel | Bull | NYSE | Aerospace Transformation, Defense, margin expansion, Materials Technology, Medical Applications, Specialty Alloys, Value-Added Manufacturing | View Pitch |
| Apr 27, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | Carpenter Technology | Materials | Steel | Neutral | NYSE | Aerospace, Defense, High-Performance Metals, Materials Transformation, Medical Applications, Specialty Alloys, Value-Added Manufacturing | View Pitch |
| Apr 23, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | Carpenter Technology Corp. | Metal Fabrication | Metals & Mining | Bull | New York Stock Exchange | Aerospace, Commercial Aviation, Cyclical Recovery, High-Performance Alloys, materials, Specialty-Metals | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Carpenter Technology Corp. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Alloys, Capacity, Certification, duopoly, Pricing_Power, Turbines | View Pitch |
| Jan 20, 2026 | Fund Letters | Eric Mintz | Carpenter Technology Corporation | Materials | Specialty Metals | Bull | New York Stock Exchange | Aerospace, MRO, Oem, Pricing, Specialty-Metals | View Pitch |
| Nov 26, 2025 | Value Investors Club | dannny | Carpenter Technology Corp | Materials | Steel | Bear | NYSE | Aerospace alloys, Specialty metals, Long-term agreements, Conversion spreads, Nickel alloys, Titanium, Medical implants, Orthopedic Margin compression, Contract renegotiation | 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. | ||||||||