CWAN

CWAN

CWAN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 11, 2025	Baron FinTech Fund	9.2%	7.7%	ATEG, CME, CWAN, FI, HOOD, INTU, MELI, PGR, SCHW	Digital payments, Financial Services, Fintech, innovation, Platforms	The letter discusses long-term growth in financial technology driven by digitization of payments, capital markets, and financial services. Market volatility has favored challengers and innovative platforms, while regulatory and competitive dynamics remain key risks. Fintech adoption is viewed as structurally increasing across geographies.		View
2025 Q2	Jul 25, 2025	Baron Discovery Fund	14.7%	7.6%	ASIC, CWAN, INSP, KRMN, KTOS, MAC, MEG, RH, WYNN	early stage, innovation, long runway, small caps, volatility	The letter emphasizes early-stage and small-cap companies with long runways for growth and innovation. Volatility is framed as an opportunity to build positions in underappreciated businesses. The strategy seeks transformational companies before they become widely recognized.		View
2025 Q2	Jul 22, 2025	Artisan Partners Small Cap Fund	7.3%	-3.6%	BIRK, BWXT, CWAN, FLEX, FRSH, HALO, IOVA, IRTC, LSCC, MDGL, MTSI, SAIA, STVN, TTAN, WING	cash flow, fundamentals, Quality, small caps, Valuation discipline	The letter highlights a challenging environment where speculative stocks outperformed quality businesses. Management remains committed to owning high-quality small-cap companies with strong cash flows and attractive valuations. The outlook favors long-term compounding as fundamentals reassert leadership.	GWRE STVN SVTA BIRK MDGL WING BWXT CWAN IRTC MTSI FLEX	View
2025 Q2	Jul 22, 2025	Conestoga Small Cap Composite	4.8%	-7.1%	AAON, AGYS, BFAM, CWAN, DSGX, ESE, EXPO, FSS, JBTM, MMSI, NEOG, RBC, ROAD, SLP	Beta, earnings, growth, Quality, small caps	The commentary highlights the challenges of conservative growth investing during periods dominated by low-quality, high-beta stock rallies. Management maintains focus on profitable small-cap companies with strong balance sheets and recurring revenues. Small-cap growth is positioned to benefit as fundamentals reassert importance over speculation.	SLP KIDS SSTI ERII HLMN MEG ROAD WLDN PL	View
2025 Q2	Jul 22, 2025	Conestoga SMid Cap Composite	5.0%	-1.0%	AXON, CWAN, EXPO, FICO, GWRE, HEI, MMSI, NEOG, POOL, RBC, ROAD, WSO	cash flow, fundamentals, growth, SMID Caps, valuation	The letter emphasizes disciplined growth investing amid tariff uncertainty and rapid market rebounds. While narrow leadership hurt short-term performance, management remains focused on companies with scalable business models and consistent cash generation. SMid-cap growth is viewed as attractive as valuation gaps persist.	RBC GWRE AXON ROAD	View
2025 Q2	Jul 21, 2025	Wasatch Small Cap Growth Strategy	-	-	AGYS, BRBR, CWAN, FN, GSHD, NVMI	earnings momentum, free cash flow, growth, Quality, small cap	The strategy emphasizes high-quality small-cap growth companies with proven earnings momentum. Short-term headwinds from tariffs and speculative trading masked underlying business strength. Long-term confidence remains anchored in fundamentals and free cash flow generation.	GSHD	View
2025 Q2	Jul 18, 2025	Invesco Discovery Fund	17.2%	3.0%	AAON, CLS CN, CRS, CWAN, DUOL, ESE, EXLS, FLS, FN, INSP, SG	AI investment, earnings, growth, industrial renewal, stock selection	The letter underscores confidence in US growth driven by AI investment, industrial renewal, and improving earnings visibility. Management emphasizes stock selection within industrials and technology as the primary return driver rather than macro forecasting. The outlook favors premier growth compounders with durable competitive positions.		View
2025 Q2	Jul 17, 2025	Alger Mid Cap Focus Fund	19.9%	3.9%	CWAN, GLOB, NET, PLTR, RYAN, VRT	Artificial Intelligence, Digitization, growth, productivity, technology	The letter highlights artificial intelligence as a key secular growth driver benefiting mid-cap technology and industrial firms. Management points to accelerating adoption, strong earnings, and rising investment spend. The outlook remains constructive on AI-enabled productivity gains.	RYAN CWAN VRT NET PLTR	View
2025 Q2	Jul 17, 2025	Alger Small Cap Focus Fund	15.2%	-5.0%	CWAN, FSS, NEOG, RBC, TECH, TPC	Construction, earnings, industrials, infrastructure, spending	The letter emphasizes infrastructure spending and operational execution as key drivers for small-cap performance. Management highlights construction, industrial demand, and public spending tailwinds. The outlook supports earnings growth tied to infrastructure cycles.	TECH NEOG FSS RBC TPC	View
2024 Q1	Apr 15, 2024	Wasatch Small Cap Growth Strategy	7.6%	7.6%	AGYS, CWAN, FIVN, HQY, MEDP, NEOG, NVMI, YETI	-			View
2024 Q1	Apr 15, 2024	Alger Small Cap Focus Fund	6.4%	5.9%	APPF, CWAN, NARI, NTRA, WING, XMTR	-			View
2025 Q1	Mar 31, 2025	Baron Growth Fund	-4.3%	-4.3%	ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI	-			View
Q4 2025	Feb 18, 2026	Baron FinTech Fund	-2.2%	0.9%	APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V	AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology	Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property.	NEPT MS GWRE MELI HOOD FICO JKHY SPGI	View
2024 Q4	Dec 31, 2024	Mairs & Power – Small Cap Fund	-	7.3%	CWAN, LTH, MGPI	-			View
2023 Q4	Dec 31, 2023	NCG Small Cap Growth Strategy	4.8%	14.8%	BRZE, CSTL, CWAN, DAVA, GWRE, MEDP, NTRA, TNDM	-			View
2023 Q4	Dec 31, 2023	NCG SMID Cap Growth Strategy	4.8%	15.5%	BRZE, CSTL, CWAN, DAVA, DXCM, GWRE, MEDP, NTRA, TNDM, VRT	-			View
2023 Q3	Nov 10, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	BLFE, CWAN, GWRE, IMVT, INSP, TMDX	-			View
2025 Q3	Oct 24, 2025	Artisan Global Discovery	3.0%	10.0%	ASC SJ, BFAM, CWAN, LSEG LN, MOD, PSN, PSTG, TDY, TEAM, WAY, WING	AI, defense, growth, healthcare, semiconductors	Equities advanced globally on AI-driven investment, easing tariffs, and broad rate cuts. The fund focuses on innovative growth companies in health care, technology, and defense with accelerating profit cycles. Managers highlight opportunities in biotech, semiconductors, and industrial automation amid evolving AI adoption and policy shifts.	WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD	View
2025 Q3	Oct 21, 2025	Artisan Partners Small Cap Fund	8.7%	4.8%	4350 JP, ALAB, ASND, CGNX, CWAN, IBP, INSM, LOAR, LSCC, MDGL, MOD, MTSI, SN, WAY, WING	AI, Biotech, Health Care, industrials, small caps	The fund posted strong absolute but weaker relative returns as speculative small-cap stocks led markets. Managers emphasized profit-cycle investing, focusing on companies with durable growth such as Modine, Lattice Semiconductor, and Insmed. Key themes include AI-related infrastructure, biotech innovation, and cyclical recovery in housing and industrials.	OLLI CGNX MTSI TWST INSM MOD LSCC OLLI CGNX MTSI TWST INSM MOD LSCC	View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	ALIT, CCCS, CWAN, DCGO, DOCS, EEFT, EXLS, FTCH, GSHD, LESL, OLO, XPEL, YETI	-			View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CPRT, CWAN, DOCS, FTCH, GLOB, GSHD, OLO, PAYC, YETI	-			View
2024 Q3	Oct 18, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TME, TTEK	-			View
2024 Q4	Jan 9, 2025	ClearBridge Investments Small Cap Growth Strategy	-	-	CWAN, FLR, MOD, OSCR, TGTX	-			View
2025 Q4	Jan 6, 2026	Ghosh Capital	-13.3%	12.6%	AEM, APH, AVGO, CWAN, GOOGL, HOOD, MSFT, MU, NVDA, RHM.DE, SII, WIX	Concentration, Leverage, Options, risk management, SaaS, technology, value	Manager learned hard lessons about position sizing and concentration risk after Kneat position at 30% of portfolio caused significant drawdown. Establishing strict rules around maximum position sizing regardless of conviction level. Used long-dated deep in-the-money options for leverage on Wix and Clearwater Analytics positions but found the inherent leverage made it difficult to hold positions through volatility. Planning to use options more sparingly going forward. Kneat remains largest holding despite poor Q2/Q3 results with net new ARR below expectations due to macro headwinds and deal delays. Company ended 2025 with highest number of new strategic customer wins in history, setting up for growth in 2026-2027.	WIX KSI CN	View
2025 Q4	Jan 26, 2026	Baron Discovery Fund	0.2%	11.0%	ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY	AI, defense, growth, healthcare, Quality, small caps, software	The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area.	CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS	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 Small Cap Composite	-1.9%	-10.1%	AAON, AZTA, BMI, CWAN, DGII, DSGX, FSV, KRMN, LMAT, NGEN, NOVT, RBC, RGEN, ROAD, SPSC, STVN, TREX, TRNS, VCEL, VERX	Biotechnology, credit, Performance, Quality, small caps, tariffs, volatility	Small Caps achieved new all-time highs in 2025 despite extreme volatility, with the Russell 2000 Growth Index surging 50% from April to October after initial tariff concerns. The manager expects Small Caps to outperform Large Caps given 32% projected earnings growth versus 13% for Large Caps and a 25% valuation discount. The market was dominated by low-quality, high-beta, unprofitable stocks during the April-October rally, creating headwinds for the manager's high-quality approach. However, profitable stocks began outperforming unprofitable ones by 5% from mid-October through year-end, suggesting quality leadership may be returning. Small Cap biotech and pharmaceutical stocks dominated fourth quarter performance, representing 132% of the Russell 2000 Growth Index's total returns despite comprising only 11% year-to-date through Q3. The manager's minimal exposure to this sector was a significant performance headwind. Trump administration's comprehensive tariff strategy announcement in February caused Small Caps to plummet over 20% in weeks. However, potential policy modifications in April sparked a dramatic turnaround, with the Russell 2000 Growth Index surging nearly 50% over six months. Concerns about credit quality in private credit and regional banking emerged in Q4, highlighted by First Brands bankruptcy and Tricolor fraud allegations. JPMorgan CEO's cockroach comment underscored systemic concerns, triggering a 10% correction in the Russell 2000 Growth Index.	MLAB KRMN BMI FSV RGEN RBC CWAN	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
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	BJ, BOOT, CERT, CWAN, FORM, LOAR, MODG, MTDR, MYRG, OS, PCVX, WH, WHD	-			View
2024 Q3	Sep 30, 2024	Artisan Global Discovery	7.6%	13.1%	0SAN LN, 669 HK, ARGX, CWAN, ESTC, GALD SW, HUBB, NU, NZM GR, RYTM, TCOM, TREX, TTEK, WING	-			View
2024 Q3	Sep 30, 2024	Wasatch Small Cap Growth Strategy	-	-	CWAN, ENSG, FROG, HQY, INSP, MEDP	-			View
2023 Q3	Sep 30, 2023	Baron Discovery Fund	13.5%	9.3%	CWAN, EWCZ, KNSL, LLYVK, MEG, NVTS, PAR, S, SILK, TXG	-			View
2023 Q3	Sep 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	CSWI, CWAN, CWST, DGII, MODN, NOVT, OMCL, PRO, ROAD, SPSC, SSD, VERX	-			View
2023 Q3	Sep 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CSWI, CWAN, CWST, FICO, GGG, GWRE, MMSI, NOVT, OMCL, RGEN, ROAD, ROL	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, PLNT, PRA, TMCI, VERX	-			View
2022 Q3	Sep 30, 2022	Baron Discovery Fund	13.5%	9.3%	AXON, CDNA, CWAN, DH, PING, RVNC, SFOR LN, SILK, SMAR, TXRH, WOOF	-			View
2022 Q2	Jun 30, 2022	Baron Discovery Fund	13.5%	9.3%	ALKT, ASGN, CDAY, CWAN, DAVA, DH, ESTA, GTLB, GWRE, MEG, PGNY, REXR, SAIL	-			View
2023 Q1	May 23, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAON, ALTR, AXON, AZTA, CWAN, DGII, FFO GR, MODN, PLOW, QTWO, SPSC	-			View
2023 Q1	May 23, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CWAN, FICO, JKHY, LSPD, PLOW, TECH, WSR	-			View
2023 Q1	Mar 31, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	CWAN, GTLB, GWRE, HSKA, NTRA, XMTR	-			View
2023 Q1	Mar 31, 2023	Artisan Global Discovery	7.6%	13.1%	BSY, CNHI, CPR IM, CWAN, GXI GR, HAPVY, HUBS, LSCC, NDAQ, NEF GR, SIVBQ, SMIN LN, WST	-			View
2024 Q4	Jan 23, 2025	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TCEHY, TTEK	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 28, 2026	Fund Letters	Andrew Peck	Clearwater Analytics Holdings Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Fintech, Margins, private equity, recurring revenue, Software	View Pitch
Jan 21, 2026	Fund Letters	Bob Mitchell	Clearwater Analytics Holdings, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	acquisition, analytics, recurring revenue, Software, switching costs	View Pitch
Jan 21, 2026	Fund Letters	Bob Mitchell	Clearwater Analytics Holdings, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Client Retention, Investment Operations, recurring revenue, Software Acquisition	View Pitch
Jan 8, 2026	Fund Letters	Grant R. Babyak	Clearwater Analytics Holdings, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Accounting, Acquisitions, asset management, Dilution, Integration, SaaS	View Pitch
Dec 3, 2025	Fund Letters	Craigh Cepukenas	Clearwater Analytics Holdings Inc.	Information Technology	Financial Software	Bull	NASDAQ	Accounting, Data, Fintech, Integration, SaaS	View Pitch
Dec 3, 2025	Fund Letters	Amy Zhang	Clearwater Analytics Holdings, Inc.	Information Technology	Application Software	Bull	NYSE	analytics, Assetmanagement, cloud, Fintech, leverage, M&A, SaaS	View Pitch
Oct 6, 2025	Value Investors Club	xxxOTK87	Clearwater Analytics Holdings, Inc.	Information Technology	Application Software	Bull	NYSE	SaaS, investment accounting, reconciliation moat, insurance TAM, Enfusion, Beacon, 20%+ growth	View Pitch

BSD Shareholders of CWAN

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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