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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Mar 12, 2025 | Invesco Discovery Fund | 1.2% | 22.6% | ALAB, ALTR, CLS, CVLT, GWRE, INTA, NOVA, PEGA, PI, QTWO, WING | - | View | ||
| 2025 Q4 | Feb 17, 2026 | AMG GW&K Small Cap Core Fund | 3.5% | 7.2% | AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF | healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value | The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward. | View | |
| 2023 Q3 | Oct 10, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AMSWA, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VSAT | - | 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 |
View |
| 2025 Q4 | Jan 20, 2026 | Sawgrass Asset Management – Small Cap Quality Growth | -0.5% | 7.7% | AORT, BTSG, CRVL, CVLT, IRMD, PRGS, SANM, SNEX, WLDN | growth, healthcare, industrials, Quality, small caps, technology, value | The manager argues for the advent of the small-cap decade based on three key factors: relative valuation discount of small cap to large cap at continual trough valuations, concentration of mega-caps as a percent of total equity market, and the duration of large cap leadership cycle being the second longest in U.S. stock market history. The rubber band of these linchpins is stretched tight and when it snaps, small caps are likely to generate historical appreciation. The Small Cap Quality Growth strategy generates portfolios exhibiting lower price volatility, stable consistent growth, and attractive valuations. The manager's favored factors include lower volatility, lower market sensitivity, higher earnings yield, higher momentum, and higher profitability, though these were mixed for the quarter and year as high-volatility led strongly during both periods. Low-quality factors led both Q4 2025 and the full year, with high short interest, low share price, low P/E, low sales growth, and high bankruptcy risk being leading factors. Loss-makers outperformed profitable companies significantly, evidencing the risk-on nature in the market. Microcaps led for both periods, further demonstrating elevated risk appetite. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
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| No investor data available. | ||||||||