DAVA

DAVA

DAVA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Baron Global Advantage Fund	22.6%	11.0%	ARGX BB, DAVA, DDOG, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, TSM	alpha, fundamentals, Global Growth, long-term, volatility	The letter focuses on exploiting volatility by maintaining conviction in long-term global growth winners despite sharp drawdowns. Management stresses separating signal from noise and prioritizing fundamentals over short-term sentiment. Volatility is viewed as the price paid for long-term alpha generation.		View
2025 Q2	Jul 16, 2025	White Falcon Capital Management	17.6%	10.0%	ATZ CN, DAVA, EPAM, RGLD, SSL CN, TIXT, W	asymmetry, Compounding, dislocations, Value Investing, volatility	The letter frames market volatility, particularly tariff-induced swings, as a source of opportunity rather than risk. Management highlights buying quality businesses with asymmetric risk-reward profiles during periods of panic. A diversified, value-oriented portfolio is positioned to compound capital across cycles.		View
2024 Q1	Jun 25, 2024	Argosy Investors	10.6%	10.6%	DAVA, DEO, TBBB	-			View
2024 Q1	May 9, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CNM, DAVA, EXLS, GLOB, RVLV, SMCI, WING	-			View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697 JP, CNM, DAVA, EVD GR, GLOB, TOI CN	-			View
2024 Q1	May 7, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC	-			View
2024 Q1	May 13, 2024	The London Company SMID Cap	9.2%	9.2%	AWI, CABO, CHDN, DAVA, DECK, LANC	-			View
2024 Q1	Apr 29, 2024	White Falcon Capital Management	6.0%	8.5%	CTS CN, DAVA, LFCR	-			View
2024 Q1	Apr 15, 2024	Baron Discovery Fund	13.5%	9.3%	ALGM, CDNA, CYBR PM, DAVA, DKNG, ICHR, INTA, KNSL, MASI, NARI, NVTS, RGEN, RH, SMCI	-			View
2024 Q1	Apr 15, 2024	Baron Small Cap Fund	9.6%	14.5%	DAVA, EXPO, FOXF, IBP, INTA, KNSL, NEOG, VRT	-			View
2024 Q1	Apr 15, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	DAVA, NEM GR, PFV GR, RUI FP, SWAV	-			View
2025 Q4	Mar 6, 2026	Argosy Investors	-	-	DAVA, FND, NVO	Artificial Intelligence, Enterprise Software, GLP-1 Drugs, Home Improvement Retail, Store Expansion	The letter highlights how artificial intelligence is reshaping equity markets, with perceived AI winners outperforming while many software companies have experienced sharp valuation declines as investors reassess business models potentially disrupted by AI-driven automation. The manager notes that AI may pressure seat-based pricing models, pricing power, and new bookings for certain software companies, although some enterprise solutions with complex integrations and security requirements may remain resilient. The portfolio also includes a long-term opportunity in home improvement retail through Floor & Decor, where depressed housing turnover and renovation activity are expected to normalize, allowing store growth and margin expansion to drive earnings compounding over the next decade.		View
2024 Q4	Mar 11, 2025	Argosy Investors	-	-	ALNT, CDW, CSWI, DAVA, TOI CN	-			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 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
2025 Q3	Oct 30, 2025	Argosy Investors	-	-	DAVA, DFH, FERG, NVO, POST, W	Artificial Intelligence, Auto Loans, Credit Risk, Housing, interest rates	The letter analyzed the failure of subprime auto lender Tricolor as an example of credit excesses fueled by lax underwriting and over-leverage, drawing parallels to pre-2008 housing dynamics. Portfolio updates reflected cautious trimming of housing-related names like Dream Finders Homes amid mixed interest rate signals and continued selective exposure to builders with deleveraging potential. The manager also noted AI-related overinvestment risks, preferring overlooked industrial and life sciences opportunities as valuations normalize.	DFH NVO DAVA POST DFH NVO DAVA POST	View
2024 Q3	Oct 21, 2024	White Falcon Capital Management	6.0%	8.5%	DAVA, EPAM, NU	-			View
2025 Q3	Oct 20, 2025	White Falcon Capital Management	10.8%	21.9%	AFN CN, DAVA, FNV	Agriculture, Artificial Intelligence, gold, Industrial Recovery, Value Investing	White Falcon delivered strong returns driven by gold royalty companies and core holdings in financials and technology. The fund maintains a disciplined value approach while avoiding speculative AI exposure, focusing instead on cash-generative businesses with resilient management. It sees opportunity in cyclical recovery across agriculture and industrials as inflation pressures moderate.	AFN CN DAVA EPAM NU NFI CN AMD SSL CN TFPM CN FNV CN FNV CN	View
2025 Q3	Oct 20, 2025	Invesco Small Cap Value Fund	10.0%	10.2%	AL, COHR, DAVA, EPAM, GLOB, LITE, MOH, MP, SAIA	energy, financials, industrials, small caps, Value Investing	The fund emphasizes opportunities in financials and industrials as small caps remain undervalued versus large caps. Banks and insurers benefit from stable credit quality and margin expansion, while manufacturers and service firms gain from a resilient U.S. economy. Energy holdings provide diversification and cash flow support amid moderate commodity prices.		View
2024 Q3	Sep 30, 2024	Baron Small Cap Fund	9.6%	14.5%	BRP, DAVA, DXCM, EWCZ, GCMG, GTLS, GWRE, IBTA, ICON, LOAR, VRT	-			View
2023 Q2	Jul 30, 2023	Baron Opportunity Fund	4.0%	25.1%	AMZN, DAVA, ILMN, INDU, MBLY, MSFT, NVDA, RIVN, ZI	-			View
2024 Q2	Jul 24, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AAON, AIT, ALIT, DAVA, HELE, HLNE, IBP, OPCH, PGNY, RGEN, ROAD, RVLV, SITM, SMCI, WING, XPEL	-			View
2024 Q2	Jul 23, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	AAON, CCCS, DAVA, FIVE, KNSL, MPWR, PAYC, RGEN, SITM, TTEK, TYL, WING	-			View
2023 Q2	Jul 23, 2023	Argosy Investors	10.6%	10.6%	CURV, DAVA, OLLI, ZROZ	-			View
2024 Q2	Jul 22, 2024	The London Company Small-Mid Cap	2.0%	4.8%	BRKR, CHDN, DAVA, LW, MBI, MUSA. AER, NEU, QLYS, TREX	-			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
2025 Q1	Apr 21, 2025	White Falcon Capital Management	-6.7%	-6.7%	CTS CN, DAVA, EPAM, GRF SM	-			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 Small Cap Fund	9.6%	14.5%	ALTR, AXNX, CLVT, DAVA, FND, GWRE, IBP, IT, RPAY, SITE	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Fund Letters	Roderick van Zuylen	Endava plc	Information Technology	IT Services	Bull	New York Stock Exchange	AI, Itservices, Margins, turnaround, valuation	View Pitch
Nov 29, 2025	Fund Letters	Balkar Silvia	Endava Plc.	Information Technology	IT Services	Bear	NYSE	AI, Digital transformation, Execution, financial services, IT services, risk management	View Pitch
Nov 29, 2025	Fund Letters	Mike Loeb	Endava plc	Information Technology	IT Consulting & Other Services	Bull	NYSE	Digital transformation, M&A optionality, Margin recovery, Multiple re-rating, Utilization	View Pitch
Nov 28, 2025	Fund Letters	Mike Loeb	Endava plc	Information Technology	IT Consulting & Other Services	Bull	NYSE	Digital transformation, M&A optionality, Margin recovery, Multiple re-rating, Utilization	View Pitch

BSD Shareholders of DAVA

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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