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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 2025 Q2 | Jul 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, AMAT, APH, AVGO, BRO, DT, EXP, FI, FIX, INTU, JBL, KKR, MSFT, NTNX, QCOM, TMO | AI, Data centers, growth, large cap, semiconductors, tariffs, technology, volatility | Broadcom benefited from continued investor enthusiasm for companies with exposure to artificial intelligence, growing its hyperscale and connectivity product portfolios with increasing revenue exposure to faster growing AI applications. Amphenol was driven by strong momentum for its AI and data center connector products. Dynatrace was added as a new position, believed to benefit from the shift to cloud computing and growth in artificial intelligence, having utilized AI in observability for over a decade and positioned to benefit from the growth of agentic AI. | DT APH FIX AVGO DT TMO FI AAPL FIX AVGO |
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| 2026 Q1 | Apr 28, 2026 | Starboard Value | - | - | DDOG, DT | Activist, AI, Buybacks, margin expansion, Observability, software, value creation | DT |
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| 2026 Q1 | Apr 25, 2026 | Baron Discovery Fund | -10.7% | -10.7% | AEIS, ARQT, DKNG, DT, HRTX, INTA, MASI, WAY | AI, cybersecurity, Data centers, healthcare, semiconductors, small cap, software, technology | View | ||
| 2026 Q1 | Apr 15, 2026 | Brown Advisors Mid-Cap Growth strategy | -9.0% | -9.0% | AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS | AI, energy, growth, industrials, mid cap, software, technology | GH FTAI ANDG RDDT TOST GWRE |
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| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2023 Q4 | Dec 31, 2023 | Baird Small/Mid Cap Growth Equity Fund | 7.8% | 10.9% | BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO | financials, growth, healthcare, industrials, rates, small cap, technology | Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter. | View | |
| 2025 Q3 | Nov 16, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, AXON, CASY, CCK, CHWY, DKNG, DT, EQT, EXPE, ICLR, IP, LNW, PFGC, QXO, REZI, TECH, UMBF, WSC | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, policy, Rate Cuts, stock selection | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam Pharmaceuticals advanced driven by accelerating uptake of its treatment for transthyretin cardiac amyloidosis. | 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 |
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| 2022 Q3 | Oct 26, 2022 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | BMBL, DT, EEFT, GSHD, PAYC, TTD, WING, YETI | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Meridian Growth Fund | -1.8% | - | ALGN, ALIT, ALKT, CARG, CHDN, COO, DT, GFS, HALO, MDGL, RELY, SPT, STE, TRMB, ZD | AI, growth, healthcare, industrials, Quality, small caps, SMID, technology | The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. While AI remains transformative long-term, valuations have become disconnected from fundamentals with companies exceeding $10 billion market caps lacking profits or revenues. The fund remains disciplined and unlikely to pursue high-momentum AI names without meaningful revenues or profitability. | ZD HALO MDGL ALGN SPT ALIT |
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| 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 |
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| 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 |
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| 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 | |
| 2023 Q3 | Sep 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARGX, CRWD, CSGP, DDOG, DT, EA, GTLB, INDI, IT, LEGN, META, MSFT, NET, NOW, NVDA, RVAN, TKO, TSLA, V | AI, Biotechnology, Cloud, growth, innovation, large cap, secular trends, technology | The fund emphasizes artificial intelligence as a generational shift driving demand for data center chips and accelerated computing. NVIDIA is positioned at the epicenter of this new computing era, with the transition from general purpose to accelerated computing creating tremendous demand across industries. The fund views AI as part of a broader technology stack from semiconductors to applications. | View | |
| 2024 Q2 | Jul 23, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AAON, CCCS, DOXI, DT, EXL, FIVE, FND, KINS, MPWR, PAYC, PGNY, POOL, REVG, RGEN, RH, SITM, TREX, TTEK, TYL | AI, growth, healthcare, Quality, SMID Cap, technology, volatility | AI beneficiaries saw considerable hype and crowding, with companies like Monolithic Power Systems benefiting from growth in enterprise data segments driven by cloud-based CPU server applications including AI. However, exceptions exist with some AI-related stocks losing ground relative to first quarter results. | PGNY PAYC FIVE TTEK RGEN CCCS KGIC AAON |
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| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | ACGL, APP, ATKR, AVTR, CASY, CHWY, CLH, CSGP, DT, FRSH, HIG, MHK, PINS, RBRK, RRX, WK, WSC | AI, financials, industrials, mid cap, software, technology | The letter discusses how AI integration is affecting client spending patterns and software companies. Management notes that AI development and rollout will create tailwinds for companies like Freshworks, and Rubrik has introduced new AI data security products as an additional revenue source. | RBK CHWY |
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| 2023 Q4 | Jan 27, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, CDAY, CRWD, CSGP, DT, GOOGL, GTOS, GWRE, HUBS, ILMN, INDY, IT, LEGN, LRCX, META, MRVL, MSFT, NOW, NVDA, RIVN, SHOP, SWAV, TSLA, TTD, V, VKTX, WDAY | AI, Cloud, growth, innovation, semiconductors, software, technology | AI is described as real and transformative, not hype, with the fund positioned across the AI stack from semiconductors to cloud services to applications. The manager emphasizes they have been investing in AI for years, predicting it will forever change human-computer interaction through natural language processing. | LRCX AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 30, 2026 | Fund Letters | Starboard Value | Dynatrace, Inc. | Software - Application | Systems Software | Bull | New York Stock Exchange | AI, Application Performance Monitoring, cloud infrastructure, Consumption-based Pricing, Cybersecurity Convergence, Enterprise software, growth, margin expansion, observability, SaaS, share repurchase, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Renaissance Investment Management - Large Cap Growth | Dynatrace | Information Technology | Software | Bull | NYSE | AIOps, Application Performance, Artificial Intelligence, Cloud computing, Network Monitoring, observability, SaaS | View Pitch |
| Jan 8, 2026 | Fund Letters | Michael E. Schroer | Dynatrace, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | AI, Automation, cloud, Monitoring, observability, Software | View Pitch |
| 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. | ||||||||