CSTL Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Mar 31, 2025	NCG Micro Cap Growth Strategy	14.8%	14.8%	ACVA, AGX, AGYS, ALHC, ALKT, ARQ, ATRO, CSTL, CVLG, DAVA, DCBO, FLYW, FROG, GDYN, HROW, IRTC, MRTN, NEO, OLO, PAL, PDFS, PYCR, SDHC, SMWB, TNDM	growth, healthcare, Micro Cap, small caps, technology, valuation	NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding and seek companies that can grow revenue and profits at strong rates in any economic environment.		View
2023 Q4	Dec 31, 2023	NCG Micro Cap Growth Strategy	9.5%	10.2%	ACVA, ALKT, AUGX, CCS, CSTL, DCBO, ENFN, FWRG, PDFS, SEMR, TNDM, VCYT	Fed Pivot, growth, healthcare, Microcap, Quality, small caps, technology	Healthcare holdings drove much of the underperformance across all strategies in 2023, primarily due to investor perception that GLP-1 drug benefits will reduce medical interventions. Many healthcare companies began recovering in Q4 and the manager believes in long-term growth fundamentals.	ENFN VCYT PDFS SEMR ALKT CCCS FWRG AUGX ACVA DCBO CSTL TNDM	View
2023 Q4	Dec 31, 2023	NCG Small Cap Growth Strategy	4.8%	14.8%	BRZE, CSTL, CWAN, DAVA, FLYW, GWRE, KNSL, LGIH, MEDP, NTRA, SILK, TMDX, TNDM, VRRM	Biotechnology, Fed Pivot, growth, healthcare, market breadth, small caps	Small cap stocks underperformed large caps heading into the fourth quarter, with the Russell Microcap Growth Index down about 5% through Q3. However, market breadth broadened in November and December following the Fed pivot, with the Russell Microcap Growth Index returning 13.68% versus 4.42% for large caps. The rally was primarily led by low quality stocks and sectors most impacted by the Fed's restrictive stance.	CSTL TNDM ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN NTRA ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK BRZE MEDP	View
2023 Q4	Dec 31, 2023	NCG SMID Cap Growth Strategy	4.8%	15.5%	BRZE, CSTL, CWAN, DAVA, DXCM, FLYW, GWRE, KNSL, LGIH, MEDP, NTRA, SILD, TMDX, TNDM, VRRM, VRT	Biotech, growth, healthcare, Medical Devices, small caps, technology	Healthcare holdings drove much of the underperformance across strategies due to investor perception that GLP-1 drugs will reduce medical interventions. Many healthcare companies began recovering in Q4 and the firm believes in long-term growth fundamentals. The firm continues direct research to inform investment decisions in this space.	DXCM MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC CSTL TNDM ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN NTRA ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK BRZE MEDP	View
2025 Q4	Jan 22, 2026	Wasatch Micro Cap Fund	1.9%	4.8%	ADUS, AXGN, BLZE, CLMB, COCO, CSTL, ESQR, EZPW, MAMA, RDVT, SXI, TATT, VECO, VITL	Biotechnology, growth, healthcare, Microcap, profitability, Quality, underperformance	The fund focuses on high-growth, high-quality companies with differentiated business models, avoiding the low-quality market rally that dominated 2025. The managers emphasize companies with strong fundamentals gauged by cash flow and earnings, believing these will ultimately be rewarded as the market returns to favoring profitability. Healthcare sector, particularly biotechnology and pharmaceutical companies in early research and development stages, dominated benchmark returns. The fund had no exposure to this area due to focus on profitable companies, which weighed on relative performance as many biotech companies are years away from turning a profit.	CLMB CSTL MAMA AXGN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	NCG Micro Cap Growth Strategy	Castle Bioscience	Health Care Equipment & Services	Life Sciences Tools & Services	Bull	NASDAQ	Cash Flow Breakeven, Medical Diagnostics, Oncology, Skin Cancer, Under-penetrated Market, volume growth	View Pitch
Apr 28, 2026	Fund Letters	NCG Small Cap Growth Strategy	Castle Bioscience	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Acquisitions, Cash Flow Breakeven, Compressed Valuation, Medical Diagnostics, Mental health, Oncology Testing, Skin Cancer, Under-Penetration	View Pitch
Apr 28, 2026	Fund Letters	NCG SMID Cap Growth Strategy	Castle Bioscience	Health Care	Biotechnology	Bull	NASDAQ	Acquisitions, balance sheet strength, Cash Flow Breakeven, Medical Diagnostics, Oncology Testing, Skin Cancer, Under-Penetrated Markets, valuation compression	View Pitch
Jan 24, 2026	Fund Letters	Ken Korngiebel	Castle Biosciences, Inc.	Health Care	Diagnostics & Research	Bull	NASDAQ	cashflow, diagnostics, Oncology, Reimbursement, valuation	View Pitch

BSD Shareholders of CSTL

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

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Letters With This Ticker

Pitches With This Ticker

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