CYBR

CYBR

CYBR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	JDP Capital	12.4%	33.9%	0700.HK, 2318.HK, AMZN, BABA, CYBR, CZR, FLUT.L, PARA, SPOT, TSLA	Buybacks, China, gaming, rates, small caps, Stimulus, technology	Chinese equities rallied on major government stimulus package. Portfolio holds Tencent, Alibaba, and Ping An Insurance at single-digit multiples with enormous cash positions and buyback programs. Position now over 15% of assets after recent rally.	CZR 2318.HK BABA 0700.HK	View
2025 Q2	Aug 7, 2025	NCG Large Cap Growth Strategy	20.0%	5.4%	AAPL, BROS, CAT, CDNS, CMG, CYBR, MRVL, MSFT, NVDA, SAIA, SNOW, TOST, TTD, UNH	growth, industrials, Infrastructure Spending, small caps, technology, Trade Policy	The quarter was marked by President Trump's Liberation Day tariff announcement on April 2nd, which created considerable concern for global markets due to the breadth of countries included, level of tariff rates imposed, and short implementation timeframe. However, the administration later put in place a 90-day pause on tariff implementation and started talking about numerous ongoing trade deal negotiations, causing markets to reverse course.		View
2023 Q2	Aug 15, 2023	VH Standard Asset Management	-	-	ATVI, AVGO, CYBR, FORG, FREE, IBM, MSFT, OKTA, ORCL	gaming, Merger Arbitrage, Regulatory, risk management, Spreads, technology	The fund operates as a merger arbitrage strategy focused on definitive merger agreements across sectors. The manager describes building a portfolio of DMAs similar to an insurance operation with written premiums and catastrophe losses. The regulatory environment has made spreads more attractive than usual.	FREE BHARATFORG.NS ATVI	View
2025 Q2	Jul 25, 2025	Baron Discovery Fund	14.7%	7.6%	ALKT, BASE, CW, CYBR, DAY, DKNG, DT, EXAS, GWRE, INSP, IRT, KTOS, LLYVA, MAC, MEG, MRCY, NOVT, PAR, RH, TEM, WYNN	AI, Cloud, cybersecurity, defense, growth, small caps, sports betting, technology	The fund is positioned across multiple defense companies benefiting from increased funding and demand for advanced military technologies. Companies like Kratos Defense & Security Solutions and Karman Holdings are well positioned for accelerated multi-year growth in areas such as hypersonic technology, drone engines, missile defense, and space launch components.	WYNN INSP CLWR KARH MEG KTOS	View
2025 Q2	Jul 22, 2025	Harding Loevner International Small Companies Equity	16.7%	18.6%	3697.T, 4544.T, 7203.T, AAPL, ALTEN.PA, BC8.DE, BELIMO.SW, CYBR, GLOB, GOOGL, MELI, MSFT, NVDA, RPY.MI, TMV.DE	AI, cybersecurity, innovation, international, IT Services, small caps, technology	The accelerating adoption of artificial intelligence is viewed as a decisively structural trend with far-reaching effects on how people work. Companies in the portfolio are investing in AI to strengthen competitive advantages, with examples including Reply developing customized AI tools and Shift deploying AI engineers to achieve significant cost savings.	3697 JP 4527 JP GLOB CYBR	View
2025 Q2	Jul 18, 2025	Bailard Technology Strategy	23.0%	11.5%	AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS	AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology	AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment.		View
2025 Q2	Jul 17, 2025	Harding Loevner Global Small Companies	10.6%	7.2%	4395.T, 4527.T, 6566.T, ALO.PA, CKN.L, CYBR, DPLM.L, ELAN, ENS, G24.DE, GLOB, HPG.HM, MAXF.NS, RGA, RPLY.MI, SNR.L	AI, cybersecurity, global, innovation, IT Services, small caps, technology	AI adoption is accelerating across industries with companies investing in AI tools to strengthen competitive advantages. Small companies are leveraging AI for productivity gains and new service offerings, with some achieving meaningful cost savings and operational improvements.	CYBR GLOB	View
2025 Q2	Jul 11, 2025	Driehaus Small Cap Growth Fund	13.5%	-5.4%	AXON, CVLT, CW, CYBR, NTRA	AI, growth, industrials, infrastructure, small cap, tariffs, technology	AI infrastructure demand remains robust with hyperscalers continuing competitive spending on data centers. The manager aggressively reduced AI infrastructure positions after DeepSeek debut but re-initiated at lower prices as earnings estimates appear conservative and capex trends remain strong. AI is expected to drive productivity gains and serve as a source of economic growth.		View
2025 Q2	Jul 11, 2025	Driehaus Small/Mid Cap Growth Fund	15.9%	-2.4%	AXON, CVNA, CYBR, NTRA, PODD	AI, energy, growth, industrials, infrastructure, small cap, tariffs, technology	AI infrastructure demand remains robust with hyperscalers continuing competitive spending battle. DeepSeek concerns proved temporary as AI capex trends remain strong with new use cases driving productivity gains. The strategy increased exposure to AI data center buildout companies during the quarter.		View
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	View
2025 Q1	Apr 17, 2025	Driehaus Small Cap Growth Fund	-16.6%	-16.6%	CRNX, CYBR, ERJ, NTRA, SFM	AI, Biotechnology, growth, healthcare, small caps, tariffs, Trade Policy, volatility	Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates.		View
2025 Q1	Apr 17, 2025	Driehaus Small/Mid Cap Growth Fund	-15.8%	-15.8%	AXON, CVNA, CYBR, NTRA, SFM	AI, Biotechnology, growth, healthcare, small cap, tariffs, technology, Trade Policy	Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates.		View
2026 Q1	Apr 15, 2026	Brown Capital Management International All Company Fund	-13.7%	-13.7%	CAMTEK.TA, COH.AX, CYBR, MNDY, NU, NVO, SAF.PA, SAP	AI, growth, international, semiconductors, software, technology, valuation		NU SAF.PA COH.AX CAMT SAP	View
2024 Q1	Apr 15, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, ALGM, AXNX, AXON, CDNA, CYBR, DKNG, ENDV, ESTA, FND, GTLB, INTA, KNSL, MASI, MRCY, NARI, NVTS, RH, S, SITE	cybersecurity, growth, healthcare, semiconductors, small cap, technology, Valuations	Fund focuses on small-cap growth stocks which remain in a three-plus year bear market while large-cap stocks reach all-time highs. Small-cap growth stocks have attractive valuations both on an absolute basis and relative to large-cap stocks, and typically show significant appreciation coming out of deep market downturns.	INTA MASI CYBR DKNG KNSL	View
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN	AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology	GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers.		View
2024 Q1	Apr 15, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	6588.T, AAON, ALLE, ATKR, BWA, CYBR, ELAN, ENDV.L, ENS, FIVE, MBUU, MGPI, NEM.DE, OLLI, PFV.DE, RGA, RUB.PA, SWAV, XPEL, YOU.L	AI, cybersecurity, global, Japan, semiconductors, small caps, technology, value	Generative AI represents a powerful wave that has gained tremendous momentum since ChatGPT's launch. The world spent around $50B on AI-enabling chips in 2023, with forecasts ranging from $100B to over $400B in coming years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain through semiconductor manufacturing equipment.	CYBR PFEV.DE	View
2025 Q1	Mar 31, 2025	Baron Discovery Fund	-6.2%	-6.2%	AXON, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, INSP, KTOS, LLYVA, MASI, MEG, MRCY, NARI, PAR, RDDT, TEM, TTAN, WING	Biotechnology, defense, growth, Market Dislocation, small cap, tariffs, Value Investing	The fund has significant exposure to defense companies including Kratos Defense & Security Solutions and newly added Karman Holdings. These companies are positioned to benefit from growing defense spending on hypersonic missiles, space programs, and unmanned aircraft solutions. Karman specifically targets the fastest-growing segments of defense with 90% sole-sourced sales and proprietary IP-driven solutions.	ACLX KARM WING MEG INDI EXAS	View
2025 Q1	Mar 31, 2025	Baron Opportunity Fund	-12.0%	-12.0%	AAPL, AMZN, ARGX, AVGO, CSGP, CYBR, LPLA, META, MPWR, MSFT, NARI, NVDA, NVMI, SNOW, SPOT, TEAM, TSLA, TTD, VRT, ZS	AI, growth, innovation, large cap, semiconductors, tariffs, technology, Trade Policy	AI remains the most powerful technology platform shift and secular growth driver since the internet. Despite tariff uncertainty affecting valuations of AI leaders like NVIDIA and Broadcom, robust AI capital investment plans continue through 2025-2026. The manager believes AI will drive productivity-driven digital transformation, with tech spending potentially doubling from 5% to 10% of global GDP.		View
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	View
2024 Q4	Dec 31, 2024	Baron Discovery Fund	6.1%	16.0%	AXON, CDNA, CWAN, CYBR, DAY, DKNG, EXAS, FND, GTLS, GWRE, IRT, KTOS, LLYVA, MAC, MEG, PAR, RDDT, S, TTAN, VRNS	contrarian, growth, REITs, small caps, software, technology, value	Axon highlighted the 2025 launch of an AI bundle oriented around its innovative Draft One product which automates the process of report writing for public safety officers. This represents a significant expansion opportunity as Axon continues to find new areas of growth and pulls ahead of competition.	BC.MI IRT TTAN MAC PAR CHT	View
2024 Q4	Dec 31, 2024	Baron Opportunity Fund	11.9%	39.9%	AAPL, AMD, AMZN, ANET, ARGX, ASML, AVGO, CRWD, CYBR, GOOGL, INDI, LPLA, META, MPWR, MSFT, NARI, NVDA, PCVX, RCKT, SHOP, SPOT, TEAM, TSLA, TTD, VKTX, ZS	AI, growth, innovation, large cap, secular trends, technology	AI infrastructure demand continues to drive robust performance across compute, networking, and systems. NVIDIA maintains unmatched leadership spanning GPUs, systems, software and networking solutions. The advent of reasoning models requiring multiple passes through models is expected to significantly increase compute intensity in both training and inference.	CYBR LPLA ANET NVDA TSLA	View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ASND, ATRC, BJ, CYBR, ESAB, FIVE, FLYW, FROG, LEGN, LSCC, PCTY, PRA, RAPT, SYNA, TER, TPG, VC, WK, WNS	Biotechnology, cybersecurity, growth, healthcare, industrials, small cap, technology	Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023, requiring additional governance rules for cyber risk management strategy. IT budgets will continue growing, with cybersecurity becoming an increasing percentage.		View
2023 Q4	Dec 31, 2023	Brown Capital Management International All Company Fund	18.6%	28.6%	CHKP, CYBR, MBLY, MELI, MNDY	E-Commerce, growth, international, Israel, technology	The fund holds two Israeli cybersecurity companies (CyberArk Software and Check Point Software Technologies) representing part of their 7% Israel allocation. Israeli technology and innovation in cybersecurity are described as unmatched globally, with these companies having global operations and virtually all revenue generated outside of Israel.	2413.T ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View
2025 Q3	Nov 13, 2025	VH Standard Asset Management	-	13.3%	AL, ANSS, CYBR, DAY, EA, GTLS, HES, HOUS, INFA, MRUS, MTSR, NSC, PBPB, PLYM, SKX, TECK, TURN, VRN, WBA, ZIMV	capital preservation, Deregulation, M&A, Merger Arbitrage, risk management	The manager discusses operating in a buoyant M&A environment with positive tailwinds from deregulation and favorable economic framework. The fund's strategy is compared to operating an insurance company, focusing on growing book value over the long term through merger arbitrage transactions.		View
2025 Q3	Oct 9, 2025	Brown Capital Management International All Company Fund	-4.5%	6.7%	3064.T, CYBR, DSY.PA, MNDY, PANW, SHOP.TO	AI, Concentration, cybersecurity, E-Commerce, growth, international, software	Software companies face questions about AI impact on standalone providers, but mission-critical firms with vertical focus and high switching costs can integrate AI to enhance products and operations. Companies like Dassault Systèmes use domain-specific AI for simulations and design optimization rather than generic AI tools.		View
2024 Q3	Oct 30, 2024	Baird Small/Mid Cap Growth Equity Fund	6.9%	2.7%	AAON, ACLS, ALAB, APPF, BMI, BOOT, BROS, BSY, BURL, BWXT, CACI, CASY, CWA, CYBR, EXLS, FANG, FDS, FIVE, FND, FOUR, IEX, INSP, IRTC, JKHY, KAI, KNSL, LFUS, LGIH, LSCC, LW, MANH, MEDP, MNDY, NBIX, ONTO, PCOR, PODD, POOL, PRCT, RXST, SITM, SMPL, TARS, TREX, TYL, ULS, VNOM, WSC	financials, growth, healthcare, industrials, semiconductors, small caps, software, technology	The fund initiated a position in Astera Labs, a fast-growing and profitable developer of semiconductor products known as retimers that are key enablers of AI workloads and help prevent GPU bottlenecks. The manager believes this business adds further profitable AI-exposure to the portfolio.		View
2025 Q3	Oct 28, 2025	Baron Discovery Fund	2.8%	10.6%	AAON, AEIS, BIRK, BMI, CDNA, CYBR, DKNG, DT, EXAS, GTLS, INSP, KTOS, LLYVA, MEG, MRCY, PAR, PRMB, SPRY, WING, WYNN	cybersecurity, defense, earnings, growth, Quality, small cap, technology, water	The Fund benefits from a generational increase in defense spending amid heightened global conflicts. Defense companies like Kratos, Mercury Systems, and Karman Holdings are winning new contracts across multiple divisions and benefiting from the current administration's openness to smaller, agile defense contractors. The defense spending cycle appears to be in a generational upswing.	KTOS WING INSP PAR BIRK KTOS WING INSP BIRK	View
2025 Q3	Oct 28, 2025	abrdn International Small Cap Fund	-0.8%	17.3%	CYBR, INDA	Asia, emerging markets, Europe, international, Quality, small caps	Small caps have been performing well in the current environment characterized by interest-rate cuts. Given greater geographic and sector diversification, higher growth potential and lower valuations, the manager believes small-cap outperformance can sustain.	DNP PW JUN3 GR CTS GR	View
2025 Q3	Oct 24, 2025	NCG Large Cap Growth Strategy	8.4%	14.2%	AAPL, APP, ARM, CRM, CYBR, GEV, HOOD, INSM, ISRG, MDB, NFLX, NOW, NVDA, ORCL, PGR, TEAM, TOST, TYL	AI, growth, infrastructure, Quality, rates, small caps, technology	Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors.	HOOD GEV ORCL MDB APP AAPL NVDA	View
2025 Q3	Oct 21, 2025	Bailard Technology Strategy	9.4%	21.9%	AAPL, AMZN, APP, CDNS, CYBR, FI, GOOGL, HUBS, INTU, KLAC, LRCX, META, MSFT, NSIT, NVDA, PSTG, SHOP, SPOT, TSM	AI, Data centers, energy, growth, infrastructure, semiconductors, software, technology	AI-driven demand continues to anchor sector fundamentals with surging investment in compute capacity and infrastructure. The focus has shifted to operational scalability, energy efficiency, and maturing economics of AI deployment. Computing efficiency now hinges on tokens per watt rather than simply low-cost silicon, making energy the binding constraint in modern AI data centers.		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
2024 Q3	Oct 11, 2024	Driehaus Small/Mid Cap Growth Fund	3.1%	24.0%	AXON, CRNX, CYBR, HEI, TMDX	AI, Biotechnology, earnings, growth, healthcare, industrials, rates, small caps	AI remains a powerful transformational theme with robust capex spending on data centers and infrastructure. Hyperscalers view AI as an existential threat to their business models and are increasing AI GPU cluster intelligence from current IQ levels of 100-120 to genius levels of 160+ and potentially 1,000. While 40% capex increases may decelerate in 2025-2026, AI infrastructure spending will remain strong.		View
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	View
2024 Q4	Jan 20, 2025	Baird Small/Mid Cap Growth Equity Fund	5.1%	8.0%	ACLS, ALAB, APPF, CACI, CHX, CYBR, GKOS, LW, MASI, MEDP, MNDY, NBIX, ONTO, PEN, PODD, PSTG, RXST, SITM, TARS, VERX, VITA	AI, growth, healthcare, Outperformance, semiconductors, small caps, technology	The fund holds Astera Labs, a fast-growing semiconductor company with exposure to AI and data center infrastructure. The company's stock increased over 150% in the quarter following new product announcements and stronger than expected sales growth. Pure Storage was initiated as a new position, expected to benefit from hyperscaler AI spending with recent design wins.		View
2024 Q3	Sep 30, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, AXON, BASE, CDNA, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, KTOS, LLYVA, MEG, NARI, PTECH, SIZE, TEM, TWFG, VCYT	growth, healthcare, rates, Rotation, small caps, technology, valuation	The fund believes the bear market in small-cap growth stocks that started in February 2021 is finally ending. Small-cap growth is trading at its largest discount relative to large cap in 25 years, with investors under-allocated to the asset class. The combination of lower interest rates, stronger economic growth, attractive valuations, and easier earnings comparisons creates a backdrop conducive for stronger small company fundamentals and valuation multiples.	NARI TWFG TEM AXON CDNA	View
2024 Q3	Sep 30, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	ALT.PA, BC8.DE, BCHN.SW, BLMO.SW, BOSS.SW, CKN.L, CRAN.L, CYBR, DPLM.L, GLOB, GRAF.L, KIN.TO, LOTB.BR, NEMN.DE, REY.MI, SNR.L, STE.DE, TECN.SW, TMV.DE, TOM.OL, VAIS.HE	emerging markets, Food, healthcare, industrials, international, small caps, technology	Human beings will continue to require food for survival, making food companies relatively immune to AI disruption. Cranswick benefits from growing protein demand as scientists find many people aren't eating enough protein to maintain muscle and ward off aging effects. Lotus Bakeries has built strong brand awareness through airline partnerships and achieved 20% household penetration in successfully penetrated markets.		View
2024 Q3	Sep 30, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	AAON, AAPL, ADTC, ALLE, AMBU.CO, APPF, ATKR, BWA, CGNX, CYBR, DISO.MI, DPLO, ELANCO, ENS, EXPO, FIVE, GLOB, GWRE, HP, IPGP, KXS.TO, LAZ, LOB, LPRO, NCRX, OLLI, PEN, RGA, ROLL, SPLS, WTS, XPEL	AI, Consumer Staples, global, healthcare, industrials, small caps, technology	Artificial intelligence may have profound effects on plenty of industries and companies, but what it won't change are the human needs and desires underpinning demand for food and health-related products. The technology may change the way food and health-care businesses operate, but the demand that fuels their growth is less likely to be affected.		View
2024 Q3	Sep 30, 2024	Lord Abbett Developing Growth Fund	6.4%	21.1%	ADMA, CAVA, CYBR, FIX, FROG, GKOS, LOAR, PIPR, RXST, SG, TMDX, VRNS, ZETA	AI, Biotechnology, Cloud, growth, healthcare, infrastructure, small cap, technology	The fund identifies generative artificial intelligence as one of their favorite investment areas that appears ready to re-accelerate growth in 2024 and beyond. They view the emergence of generative AI as creating ample opportunities across the market cap spectrum.		View
2024 Q2	Jul 31, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, AXON, BASE, CDXC, CHI, CYBR, DKNG, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, KTOS, MEG, NVMI, PAR, PCOR, SILK, SITE, STVN, TEM, TXRH	AI, Diagnostics, healthcare, small caps, technology, value, volatility	Fund owns several AI-enabled companies including GitLab, SentinelOne, and Couchbase that adapt AI models to enhance their products. Also owns Nova Ltd., a semiconductor capital equipment company enabling AI chip manufacturing. Managers believe the market will broaden from AI hardware to adaptive AI investments.		View
2024 Q2	Jul 18, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	1347.HK, AAPL, ACNB, ADVT.TW, ALTN.PA, AMZN, AWS, BCHT.DE, CYBR, GLOB, IBM, KIN.TO, LEM.SW, MSFT, NMET.DE, REP.MI, RMV.L, TMV.DE, VAIS.HE	competition, E-Commerce, international, Quality, small caps, underperformance	Allegro's success in defending against Amazon's entry into Poland demonstrates the opportunity for small-cap investors to identify situations where market fears about large new entrants are overestimated. Allegro leveraged smart parcel distribution strategy and network effects to maintain market position despite Amazon's significant resources.		View
2024 Q2	Jun 30, 2024	Lord Abbett Developing Growth Fund	6.4%	21.1%	AVAV, CAMT, CAVA, CYBR, FIX, FRPT, INSP, NTRA, ONTO, RXST, SAIA, WING	AI, consumer, growth, healthcare, infrastructure, small cap, technology	The fund sees the emergence of generative artificial intelligence as one of their favorite areas ready to re-accelerate growth. They view AI as part of the broader innovation cycle they are targeting for investment opportunities.		View
2023 Q1	Mar 31, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	BOOM, CYBR, FIVE, FOXF, GDYN, INSP, MEDP, PCTY	growth, healthcare, inflation, interest rates, Quality, small caps, technology	The strategy focuses on U.S. small-cap growth companies, specifically those in the Russell 2000 Growth Index. The managers believe small-cap growth companies with strong fundamentals will reassert themselves as economic conditions normalize, particularly as high-quality companies can take advantage of falling equity prices through buybacks and acquisitions.	CYBR PCTY GDYN FIVE ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MEDP	View
2022 Q4	Mar 3, 2023	Harding Loevner Global Small Companies	7.8%	4.1%	0H7S LN, BGEO LN, CYBR, DPH LN, LELA GR, TOM NO, VAYA GR	-			View
2023 Q4	Jan 31, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF	AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology	Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time.		View
2023 Q4	Jan 31, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	4751.T, 6588.T, AAON, BWA, CYBR, EAVA.L, FIVE, HP, JCU, MALIBU, MGPI, NBIX, NMTC.DE, OLLI, SWAV, TOMRA.OL, XPEL, YOUGF	AI, global, growth, healthcare, Japan, Quality, small caps, technology	Japan represents the second-largest country weight in the global small cap benchmark but has been challenging for quality growth stocks. Style headwinds have been pronounced with high-quality companies underperforming low-quality ones by 718 basis points from 2021-2023. Recent government reforms and Tokyo Stock Exchange mandates aim to improve corporate governance and shareholder returns, which may benefit the investment opportunity set over time.		View
2023 Q4	Jan 30, 2024	Baron Discovery Fund	13.5%	9.3%	AAON, ACVA, AEIS, AXON, BASE, CYBR, DKNG, ESTA, EWCZ, FND, GTLB, GTLS, ICHR, KNSL, KTOS, MRAI, MRCY, REXR, S, VRNS	cybersecurity, defense, growth, HVAC, small caps, technology, value	Multiple cybersecurity holdings performed strongly in Q4, with SentinelOne, GitLab, Varonis, and CyberArk all contributing positively. The managers see accelerating demand driven by AI adoption requiring data security, SEC disclosure requirements, and vendor consolidation favoring comprehensive platforms over point solutions.	AAON VRNS GTLB ^FTSE	View
2022 Q4	Jan 3, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	BOOM, CYBR, FIVE, FOXF, GDYN, ISNP, MEDP, PCTY	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Wasatch Small Cap Growth Strategy	CyberArk Software Ltd.	Information Technology	Systems Software	Neutral	NASDAQ	Cloud Competition, cybersecurity, M&A Speculation, Network Security, private equity, Privileged Access Management, Volatility	View Pitch
Apr 13, 2026	Fund Letters	Baron Discovery Fund	CyberArk Software Ltd.	Information Technology	Systems Software	Bull	NASDAQ	Annual Recurring Revenue, cybersecurity, Enterprise software, Free Cash Flow, Identity Security, Privileged Access Management, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Harding Loevner Global Small Companies	CyberArk Software Ltd.	Information Technology	Systems Software	Bull	NASDAQ	cloud security, cybersecurity, Israeli Technology, Machine Identities, Privileged Access Management, Ransomware Protection, SaaS, subscription model	View Pitch
Apr 13, 2026	Fund Letters	Baron Opportunity Fund	CyberArk Software Ltd.	Information Technology	Systems Software	Bull	NASDAQ	cybersecurity, Identity Security, margin expansion, market leader, Privileged Access Management, Ransomware Protection, Software	View Pitch
Jan 8, 2026	Fund Letters	Christopher Mack	CyberArk Software Ltd.	Information Technology	Systems Software	Bull	NASDAQ	AI, Identity, Privilege, Recurring, Security, Software	View Pitch
Jan 8, 2026	Fund Letters	Jafar Rizvi	CyberArk Software Ltd.	Information Technology	Systems Software	Bull	NASDAQ	AI, cybersecurity, Identity, Recurring, Regulation, Software	View Pitch

BSD Shareholders of CYBR

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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