DOCS

DOCS

DOCS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Meridian Growth Fund	4.1%	-	ALGN, CARG, CHDN, COO, CW, DKNG, DOCS, EEFT, FSS, GFS, HALO, RBA, SPT, TRMB, ZD	growth, healthcare, industrials, Quality, risk management, small cap, technology	The fund's investment approach is grounded in investing in high-quality businesses with recurring revenue and sustainable competitive advantages. This emphasis on quality businesses with stable revenues and attractive valuations remains the core strategy going forward.	DKNG FSS CW COO HALO ZD COO HALO ZD	View
2026 Q1	Mar 31, 2026	ClearBridge Investments All Cap Growth	-	-	ADSK, APP, ASML, CRWD, DOCS, ETN, FCX, GWW, HUBS, ISRG, JCI, LHX, META, NFLX, PODD, RHHBY, RTX, TJX, TSM	AI, defense, growth, healthcare, materials, semiconductors, technology		ANET ROG.SW FCX TSM ASML APPL	View
2024 Q4	Feb 10, 2025	Meridian Growth Fund	-0.8%	6.3%	ALIT, CARG, CHDN, DOCS, EEFT, GNRC, OKTA, RBA, RELY, ST, STE, TMDX, TRMB, ZD	growth, healthcare, industrials, Quality, small caps, technology	The portfolio's largest allocation with historically attractive valuations below long-term averages. Utilization has recovered above pre-pandemic levels and investor interest in biotechnology is showing signs of revival.	CARG RELY DOCS STE ST TMDX	View
2024 Q3	Nov 7, 2024	Prosper Stars & Stripes	-2.0%	-	BIO, BLFS, CRS, DOCS, FLT, FND, FOXF, NR, PCT, RGEN, SHC, UPWK, WEX	aerospace, healthcare, infrastructure, interest rates, Long/Short, Recession, semiconductors, small cap	The semiconductor industry has experienced a 20%+ decline in revenues similar to past industry cycles, following supply shortages that drove demand to unsustainably high levels during the pandemic. The manager sees opportunities in this rolling cycle as the industry normalizes from previous boom-bust dynamics.		View
2023 Q3	Nov 10, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	AZPN, BKI, CASY, CCK, CLH, DOCS, EDR, ETSY, KEYS, NE, PCTY, PINS, PXD, RE, RJF, SPLK, VRT, WSC	Data centers, energy, growth, industrials, mid cap, value	Vertiv, a leader in power and thermal management for data centers, was the top performer driven by strong AI-related demand. The company benefits from improved margins and strong free cash flow generation, with long-term prospects enhanced by AI buildouts increasing demand for liquid-cooling products.	PINS AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU CASY MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2024 Q3	Oct 23, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM	growth, healthcare, Quality, small cap, technology, volatility	The fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position.		View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	ALIT, ALTR, CCCS, CWA, DCGO, DOCS, EEFT, EXL, FTCH, GSHD, LESL, OLO, XPEL, YETI	growth, insurance, Quality, small caps, software, technology	Small cap companies as an asset class are heavily discounted relative to history, presenting attractive opportunities regarding valuation and the prospect of persistent growth. High quality small cap companies have greater latent potential for growth relative to more mature businesses and can quickly reduce spending and increase profitability if needed.	EXLS XPEL CLWD ALIT AMDOCS EEFT YETI CCCS GSHD	View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CPRT, CWA, DOCS, FTCH, GLOB, GSHD, OLO, PAYC, YETI	growth, insurance, Quality, small caps, software, technology	Polen emphasizes building a portfolio for resilience amid macroeconomic uncertainty. They focus on businesses with robust free cash flow, persistent growth, and high returns on capital that can navigate rapidly shifting conditions through disciplined investment processes.	ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN PAYC AMDOCS FTCH YETI ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM GSHD	View
2024 Q3	Oct 18, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	AIT, ALIT, BAH, BLD, CWAN, DOCS, ELF, FIVE, GSHD, HLNE, MKTX, MPWR, PGNY, POOL, REVL, RGEN, RH, SITM, TTEK, TYL	Concentration, earnings, growth, Quality, SMID Cap, value, volatility	elf Beauty represents a discount beauty company focused on cosmetics and skincare with impressive track record for growth, margins, and returns on capital. The company is uniquely positioned due to its reputation for quality, innovation, and prices well below other mass cosmetics brands, with significant room for growth in brand awareness, shelf space expansion, and international markets.	BAH AIT BLD ELF PGNY HLNE RVLV GSHD	View
2025 Q4	Jan 26, 2026	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO	AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology	AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut.	CPAY CWST ARE CHDN EXPE LNWO	View
2025 Q4	Jan 21, 2026	Meridian Growth Fund	-0.4%	-6.4%	ABT, CERT, CHDN, COO, DOCS, DT, EXAS, GFS, GMED, RELY, SAIC, TNDM, TPB, TRMB, VCYT	growth, healthcare, Medical Devices, Quality, small caps, technology	Healthcare was the portfolio's largest allocation and top-performing sector for the quarter, with the fund maintaining an overweight position. The manager views healthcare as undervalued relative to long-term fundamentals after lagging the broader market for four years. Several healthcare holdings contributed positively including medical device companies and diagnostics firms. The fund's investment approach emphasizes high-quality businesses with recurring revenue, sustainable competitive advantages, and strong balance sheets. However, the quarter saw relative outperformance by lower-quality stocks which created a modest headwind to performance given the portfolio's quality bias. The fund focuses on small-cap growth investments, benchmarked against the Russell 2500 Growth Index. Small caps delivered solid annual returns of 12.8% for the year, though below large-cap returns, with value outperforming growth in the quarter.		View
2025 Q4	Jan 13, 2026	Voya MidCap Opportunities Strategy	-	-	DLTR, DOCS, FIX, NTRA, RBLX, VERA	AI, consumer, growth, healthcare, industrials, mid cap, technology	AI remained a dominant theme with strong headlines around innovation and elevated capital investment by major technology firms. Increased spending on AI infrastructure and adoption trends reinforced optimism about its role as a key driver of future growth. AI-driven innovation is supporting the broadening of market leadership beyond mega-cap growth. Comfort Systems USA benefited from robust demand for data centers and AI-related infrastructure, with the company reporting stronger-than-expected revenue driven by this demand.		View
2025 Q4	Jan 12, 2026	ClearBridge Investment Growth Strategy	-	-	ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO	AI, balance, growth, innovation, semiconductors, technology, volatility	The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion.	ELF SHOP	View
2024 Q3	Sep 30, 2024	Meridian Growth Fund	6.8%	0.0%	CARG, CHDN, COO, DOCS, EEFT, GFS, OKTA, RBA, SMAR, ST, STE, TRMB, ZD	growth, healthcare, semiconductors, small caps, software, technology	The fund is gaining confidence in healthcare outlook after years of underperformance. Healthcare stocks are trading slightly below historical valuations with stable to improving fundamentals. Recent company checks reinforce a sound basis for the portfolio's overweight position in this sector.	COO SMAR DOCS GFS ZD OKTA	View
2024 Q3	Sep 30, 2024	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST	AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology	AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.	AME LINE CPRT DOCS APP	View
2024 Q2	Jul 29, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	4443.T, AMZN, CRM, CSGP, CSU.TO, DOCS, GOOGL, MC.PA, MELI, NOW, SCHW, SPOT, V, WDAY	AI, Cloud, E-Commerce, global, growth, long-term, technology	Generative AI represents a transformative technology with foundational models trained on massive data sets that can be adapted for various applications. The best investment opportunities are in facilitators like cloud providers (AWS, Azure, GCP) and companies with proprietary first-party data that can build unique models with durable advantages. The technology is still in early build phase with many unknowns about how it will play out.	CSGP MELI SPOT AMZN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Meridian Growth Fund	Doximity, Inc.	Communication Services	Interactive Media & Services	Bull	NYSE	digital platform, Healthcare Professionals, Healthcare Technology, Pharmaceutical Advertising, Professional Network, SaaS, telemedicine	View Pitch
Apr 13, 2026	Fund Letters	Meridian Growth Fund	Doximity, Inc.	Communication Services	Interactive Media & Services	Bull	NYSE	Bull, digital healthcare, Medical Professionals, network effects, Pharmaceutical Advertising, SaaS platform, telemedicine	View Pitch
Apr 13, 2026	Fund Letters	ClearBridge Mid Cap Growth Strategy	Doximity Inc	Health Care	Health Care Technology	Bull	NYSE	digital platform, Healthcare services, Healthcare Technology, Medical Professionals, SaaS, telehealth	View Pitch
Jan 28, 2026	Fund Letters	Neal Kaufman	Doximity, Inc.	Health Care	Health Care Technology	Bear	New York Stock Exchange	advertising, Budgets, Competition, guidance, Healthtech	View Pitch
Jan 24, 2026	Fund Letters	Chad Meade	Doximity, Inc.	Health Care	Health Care Technology	Bull	New York Stock Exchange	advertising, guidance, healthcare, network, platform	View Pitch
Sep 16, 2025	Short Thesis	Jehoshaphat Research	Doximity Inc	Health Care	Health Care Technology	Bear	NYSE	advertising, Competition, Digital, growth, Health	View Pitch
Sep 16, 2025	Short Thesis	The Captain's Log	Doximity Inc	Health Care	Health Care Technology	Bear	NYSE	Pharma marketing, Physicians, SaaS, telehealth, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Michael Wiggins De Oliveira	Doximity	Health Care	Health Information Services	Bull	NYSE	—	View Pitch

BSD Shareholders of DOCS

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
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