CSGP

CSGP

CSGP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 22, 2025	Baron Real Estate Fund	3.6%	-3.5%	ABNB, AMT, BAM, BN, BXP, CHDN, CSGP, EQIX, EXP, GDS, IRT, PLD, WYNN	Balance Sheets, interest rates, real estate, REITs, rents	The commentary discusses public real estate equities amid higher interest rates and uneven property fundamentals. Management focuses on high-quality REITs with strong balance sheets, embedded rent growth, and long-term demand drivers such as logistics and residential housing. Valuation dispersion is creating selective opportunities despite near-term macro headwinds.		View
2025 Q2	Jul 29, 2025	Baron Asset Fund	7.8%	4.6%	ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK	balanced investing, Compounding, diversification, Quality, risk management	The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool.		View
2025 Q2	Jul 27, 2025	Weitz Partners III Opportunity Fund	2.5%	1.9%	BRK/A, CSGP, KMX	asymmetric returns, Capital discipline, dislocation, flexibility, opportunity	The commentary emphasizes capitalizing on idiosyncratic opportunities created by corporate actions, market dislocations, and investor overreactions. Management stresses downside protection through conservative balance sheets while maintaining exposure to asymmetric upside. Flexibility and opportunistic capital deployment are central to the strategy.	KMX	View
2024 Q2	Jul 12, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	CSGP, GOOG	-			View
2024 Q2	Jul 12, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CSGP, GOOG	-			View
2024 Q2	Jul 12, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEN NA, BILL, BMRN, CPRT, CSGP, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SLNY, SQ, TER, TT, WDAY, WDC, WST	-			View
2025 Q1	Apr 30, 2025	Third Point Partners	-3.7%	-3.7%	5401 JP, CSGP, X	-			View
2024 Q1	Apr 19, 2024	Andvari Associates	0.0%	20.3%	CSGP, KPG AU, MO	-			View
2024 Q1	Apr 15, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	CHTR, CSGP	-			View
2024 Q1	Apr 15, 2024	Baron Growth Fund	11.1%	7.4%	ACGL, CSGP, FDS, MSFY, PENN, PRI, SMCI	-			View
2024 Q1	Apr 15, 2024	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, FDS, H, IRDM, TSLA	-			View
2024 Q1	Apr 15, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, ANSS, CSGP, DAY, FDS, IDXX, IT, PCOR, SPOT, TECH, TTD, VRSK, VRSN	-			View
2025 Q1	Mar 31, 2025	Baron Focused Growth Fund	-8.0%	-8.0%	ACGL, CSGP, DNUT, GWRE, H, IDXX, LVS, MTN, SPOT, TSLA	-			View
2025 Q1	Mar 31, 2025	Baron Partners Fund	-17.4%	-17.4%	ACGL, CSGP, GWRE, H, HEI, IT, TSLA	-			View
2025 Q1	Mar 31, 2025	Baron Asset Fund	-3.0%	-3.0%	ACGL, CSGP, DKNG, GWRE, IT, ROP, SCHW, TECH, TTD, VRSK, VRT, WST	-			View
2025 Q1	Mar 31, 2025	Baron Growth Fund	-4.3%	-4.3%	ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI	-			View
2025 Q4	Mar 1, 2026	Baron Growth Fund	-2.8%	-14.4%	ACGL, CHH, CNS, CSGP, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH	AI, financials, growth, Quality, small caps, underperformance, valuation	The fund experienced significant underperformance due to market concerns about AI disruption affecting portfolio companies like Gartner, CoStar, Clearwater Analytics, FactSet, MSCI, and Guidewire. These AI-impacted stocks declined 15% despite 10% revenue growth and 15% EPS growth, representing 42% of the portfolio. The manager believes the market's assessment of AI risk differs from their own and expects valuations to recover as AI concerns moderate. The fund focuses exclusively on high-quality businesses with superior characteristics including competitive advantages, sustainable growth, and strong financial metrics. This quality-focused strategy was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. The Earnings Quality factor performance was in the 100th percentile, demonstrating the fund's quality bias during a period when quality was penalized. The fund invests in a portfolio of competitively advantaged small and medium-sized businesses, which remained out of favor for most of the quarter. The strategy of owning leading small-cap businesses has been the foundation since inception, delivering 354 basis points of annual outperformance over the benchmark since inception despite recent headwinds.		View
2025 Q4	Feb 8, 2026	Baron Partners Fund	19.1%	24.9%	ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA	AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology	The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier.	RRR IDXX SCHW FDS IT GWRE SPOT CSGP H	View
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	View
2025 Q4	Feb 5, 2026	Baron Opportunity Fund	4.6%	19.4%	ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD	AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology	AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users.		View
2025 Q4	Feb 4, 2026	Baron Asset Fund	7.9%	8.2%	ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL	AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology	The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market.		View
2024 Q4	Dec 31, 2024	Artisan Mid Cap Fund	5.1%	12.0%	CSGP, EXAS, HOOD, IR, MNDY, MPWR, MRVL, MSFT, NVR, ON, PLTR, PSTG, SPOT, TEAM, XYL	-			View
2024 Q4	Dec 31, 2024	Baron Partners Fund	27.0%	32.7%	ACGL, CSGP, IDXX, SCHW, TSLA	-			View
2024 Q4	Dec 31, 2024	Baron Growth Fund	6.0%	4.8%	ACGL, CHH, CSGP, FDS, IDXX, IT, MTN	-			View
2024 Q4	Dec 31, 2024	Parnassus Mid Cap Growth Fund	-2.5%	10.6%	A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ	-			View
2022 Q4	Dec 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MTN, PENN, SPOT, TSLA	-			View
2022 Q4	Dec 31, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, FIGS, IDXX, SCHW, SPOT, TSLA, VLD, XFCH	-			View
2024 Q3	Oct 7, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	ASGTF, CSGP, EYE, FICO, MEDP	-			View
2023 Q3	Oct 30, 2023	Ironvine Capital Partners, LLC	-	7.4%	CSGP	-			View
2022 Q3	Oct 26, 2022	Weitz Hickory Fund	-9.1%	-31.3%	CSGP, KMX, LBTYK	-			View
2022 Q3	Oct 26, 2022	Weitz Partners III Opportunity Fund	9.1%	14.1%	CSGP, KMX, LBTYK, META	-			View
2022 Q3	Oct 26, 2022	Ironvine Capital Partners, LLC	-	-25.6%	CSGP	-			View
2022 Q3	Oct 25, 2022	Baron Asset Fund	8.3%	10.6%	CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI	-			View
2023 Q3	Oct 19, 2023	Akre Focus Fund	11.8%	18.6%	BN, CSGP	-			View
2025 Q4	Jan 30, 2026	Baron Durable Advantage Fund	2.7%	16.6%	AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL	AI, growth, large cap, Quality, semiconductors, technology	AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade.	WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG	View
2025 Q4	Jan 30, 2026	Baron Focused Growth Fund	12.3%	22.3%	ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK	AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology	The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment.	DUOL CSGP SPOT ONON H FIGS GWRE	View
2025 Q4	Jan 29, 2026	Weitz Large Cap Equity Fund	0.6%	-0.2%	ADI, CHTR, CSGP, DHR, EFX, GOOGL, IDXX, IEX, IT, KMX, META, ORCL, TMO	AI, Biotechnology, Concentration, healthcare, large cap, Process Enhancement, stock selection, value	The artificial intelligence infrastructure trade took a breather after a red-hot summer. Google's Gemini AI surpassed expectations with performance moving to the front of the pack according to respected industry benchmarks, helping Alphabet solidify its spot as an AI leader.		View
2025 Q4	Jan 29, 2026	Weitz Multi Cap Equity Fund	-1.5%	3.2%	ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH	healthcare, multi-cap, technology, Telecom, underperformance, value	Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure.	CHTR KMX PRM	View
2022 Q4	Jan 27, 2023	Ironvine Capital Partners, LLC	-	-20.4%	ADBE, CSGP, HEI	-			View
2025 Q4	Jan 26, 2026	Brown Advisors Mid-Cap Growth strategy	-4.7%	12.5%	AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform.		View
2025 Q4	Jan 23, 2026	Baron Real Estate Fund	-1.4%	4.9%	AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL	Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel	Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty.	IRM VTR WELL FBIN SKY CSGP H PLD JLL	View
2025 Q4	Jan 22, 2026	NewBridge Large Cap Growth Equity	6.7%	32.1%	ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS	Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump	The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends.	CELH RDDT TW	View
2025 Q4	Jan 21, 2026	Polen Capital – Global SMID Company Growth	-2.7%	1.8%	0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW	AI, global, growth, Quality, software, technology	The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years.	SPOT 0700 HK ORCL LLY	View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	1.3%	10.7%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH	AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks.	FISV SWKS TRU KMX RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	7.1%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations.	MSFT CSGP CRM GOOG CBRE RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	6.2%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH	AI, healthcare, insurance, Quality, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Large Cap	-1.5%	7.9%	CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	3.2%	9.5%	CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH	AI, discount, insurance, Quality, small cap, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities.	ITRN EG	View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	2.7%	28.0%	AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY	AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US	The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement.	TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX	View
2025 Q4	Jan 12, 2026	Akre Focus Fund	-2.8%	1.2%	ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V	AI, Concentration, ETF, Quality, software, value	The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process.		View
2024 Q4	Jan 11, 2025	Seeking Winners	-	26.6%	APPF, BRK/A, CSGP, HEI, IT	-			View
2024 Q3	Sep 30, 2024	Baron Asset Fund	8.3%	10.6%	COO, CSGP, DUOL, DXCM, FICO, GWRE, IT, SCHW, VRSK, WELL, WST	-			View
2023 Q3	Sep 30, 2023	Baron Asset Fund	8.3%	10.6%	ACGL, CSGP, FDS, IDXX, MTD, ONON	-			View
2023 Q3	Sep 30, 2023	Baron Growth Fund	11.1%	7.4%	ARCH, CSGP, DNUT, FDS, IRDM, MSCI, MTN	-			View
2023 Q3	Sep 30, 2023	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, FDS, GWRE, IRDM, MSCI, TSLA	-			View
2023 Q3	Sep 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CSGP, FDS, FTNT, GGG, GWRE, IDXX, RGEN, ROL, VEEV, VRSK	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC	-			View
2022 Q3	Sep 30, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, FIGS, GWRE, H, IRDM, SCHW, TSLA	-			View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, CSGP, FI, MSFT, SSNC, TDG	-			View
2023 Q2	Jul 30, 2023	Baron Asset Fund	8.3%	10.6%	ARE, AZPN, BAH, CDAY, CSGP, FDS, IT, MKTX, MORN, MTD, VRSK	-			View
2024 Q2	Jul 29, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	AMZN, CSGP, DOCS, MC FP, MELI, SPOT	-			View
2024 Q2	Jul 28, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	BRK/B, CHTR, CSGP, LSXMK, ODFL	-			View
2024 Q2	Jul 28, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AON, CSGP, GPN, IEX, LYV, ODFL, SIRI	-			View
2024 Q2	Jul 28, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	CSGP, CSU, IEX, META, ODFL, VMC	-			View
2024 Q2	Jul 27, 2024	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, IDXX, MTN, TSLA	-			View
2024 Q2	Jul 27, 2024	Baron Asset Fund	8.3%	10.6%	ARCH, CSGP, FICO, GWRE, IT, MNT, VMC, VRSK	-			View
2024 Q2	Jul 27, 2024	Baron Growth Fund	11.1%	7.4%	ALTR, ANSS, ARCH, CSGP, GWRE, KNSL, MNT, MSCI	-			View
2023 Q2	Jul 20, 2023	Weitz Partners Value Fund	9.2%	11.3%	CSGP, META, SIRI	-			View
2023 Q2	Jul 19, 2023	ROCKLINC Partners Fund	3.8%	12.2%	CSGP	-			View
2024 Q2	Jun 30, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	CSGP, GWRE, HEI, LSPD, POOL, RGEN, ROL, TYL, VEEV, VRSK, WST	-			View
2024 Q2	Jun 30, 2024	Baron Opportunity Fund	4.0%	25.1%	AAPL, AMZN, AVGO, CSGP, EXAS, GWRE, IOT, MSFT, NVDA, TSM, VKTX, WDAY	-			View
2024 Q2	Jun 30, 2024	NewBridge Large Cap Growth Equity	6.0%	22.4%	CELH, CSGP, LULU, MSCI, NVDA, TT, UNH, VRT	-			View
2023 Q2	Jun 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, MSCI, ONON, PENN, TSLA	-			View
2023 Q2	Jun 30, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, FDS, IBKR, MSCI, SCHW, TSLA	-			View
2023 Q2	Jun 30, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	COTY, CSGP, ON, PCTY	-			View
2023 Q2	Jun 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	CPRT, CSGP, FDS, GGG, GWRE, MTD, RGEN, ROL, TSCO, VRSK	-			View
2022 Q2	Jun 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, H, MSCI, RRR, SPOT, TSLA	-			View
2023 Q1	May 23, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, AVLR, BSY, CPRT, CSGP, EXPO, FTNT, IDXX, IT, JKHY, PCOR, TECH, WST, XM, XUL	-			View
2025 Q1	Apr 14, 2025	Parnassus Growth Equity Fund	-8.6%	-8.6%	ADBE, ADYEY, APP, ASML, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX	-			View
2023 Q1	Mar 31, 2023	Baron Asset Fund	8.3%	10.6%	ANSS, CSGP, FRC, GWRE, ICLR, IDXX, IT, LPLA, MKTX, PWR, RGEN, TECH, WST	-			View
2023 Q1	Mar 31, 2023	Baron Focused Growth Fund	11.7%	13.2%	ANSS, ARE, CSGP, DEI, FIGS, H, IBKR, IRDM, MANU, MGM, MSCI, TSLA	-			View
2023 Q1	Mar 31, 2023	Baron Opportunity Fund	4.0%	25.1%	AMZN, ARWR, CSGP, DAVA, DXCM, EW, INDU, IT, META, MRVL, MSFT, NVDA, RIVN, TSLA, ZI	-			View
2023 Q1	Mar 31, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, H, IDXX, ILMN, IRDM, MSCI, SCHW, TSLA	-			View
2023 Q1	Mar 31, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	APG, COTY, CSGP, ON, PCTY	-			View
2022 Q1	Mar 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, GWRE, H, IRDM, MTN, SPOT, TSLA, VLD, WRBY	-			View
2022 Q1	Mar 31, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, IDXX, IRDM, MTN, SCHW, SHOP, SPOT, TSLA	-			View
2022 Q4	Jan 30, 2023	Andvari Associates	0.0%	20.3%	ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL	-			View
2024 Q4	Jan 20, 2025	Andvari Associates	-	13.3%	AMT, CSGP, SBAC, TOL CN	-			View
2024 Q4	Jan 16, 2025	Polen Capital – Focus Growth	4.7%	16.1%	ADBE, AMZN, AVGO, CSGP, LLY, NFLX, NOW, ORCL, SHOP, TMO, TSLA, ZTS	-			View
2024 Q4	Jan 16, 2025	Polen Capital – Global SMID Company Growth	2.3%	12.0%	ABNB, ADBE, AMZN, CSGP, GOOG, ICLR, MC FP, NVO, OR FP, ORCL, PAYC, SHOP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Ronald Baron	CoStar Group, Inc.	Real Estate	Real Estate Management & Development	Bull	NASDAQ	Marketplaces, Optionality, productivity, Real Estate, Salesforce	View Pitch
Feb 4, 2026	Fund Letters	Ronald Baron	CoStar Group, Inc.	Real Estate	Real Estate Services	Bull	NASDAQ	Data, Margins, Marketplaces, realestate, Reinvestment, Users	View Pitch
Feb 4, 2026	Fund Letters	Alex Umansky	CoStar Group, Inc.	Real Estate	Real Estate Services	Bull	NASDAQ	Data, Marketplaces, Platforms, Real Estate, Reinvestment	View Pitch
Jan 28, 2026	Fund Letters	Jeffrey Kolitch	CoStar Group Inc.	Real Estate	Real Estate Services	Bear	NASDAQ	Capital Spending, Competition, Data, proptech, valuation	View Pitch
Jan 21, 2026	Fund Letters	C.T. Fitzpatrick	CoStar Group, Inc.	Real Estate	Real Estate Services	Bear	NASDAQ	capital allocation, margin pressure, Optional Growth, Real Estate Data, subscription revenue	View Pitch
Jan 21, 2026	Fund Letters	Derek Johnston	CoStar Group, Inc.	Real Estate	Real Estate Services	Bear	NASDAQ	Competition, Investment spend, Margins, Marketplaces, realestate	View Pitch
Oct 23, 2025	Value Investors Club	qwerty12345	CoStar Group Inc.	Real Estate	Research & Consulting Services (Alt class: Professional Info Services)	Bull	NASDAQ	Activists, Commercial real estate data, Governance catalyst., Listings marketplace, Online, Re-rate potential	View Pitch

BSD Shareholders of CSGP

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: