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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Baron Opportunity Fund | 23.2% | 8.4% | AAPL, AMZN, ANET, ARGX, AVGO, DKNG, DUOL, EXAS, HUBS, LLY, META, MSFT, NET, NVDA, SPOT, TSLA, TSM, TTD, VRT, ZS | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI adoption and revenue growth accelerating with ChatGPT reaching 800 million weekly active users by April 2025. Multiple AI scaling laws remain intact including pre-training, post-training, and test-time compute. Companies investing massive amounts in AI infrastructure with NVIDIA CEO stating no technology has ever had opportunity to address larger part of world's GDP than AI. | View | |
| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | BBIO, BOOT, BPMC, BWX, CASH, DUOL, ICLR, INSM, MIRM, PD, ROAD, RYTM, SNY, SPT, TARS, UMBF, UTI, VYGR, WING, WIX | AI, Biotechnology, growth, nuclear, small caps, Space, technology, Trade Policy | Generative AI represents a generational potential to reshape numerous aspects of business and daily life, with a rapidly evolving technological paradigm of winners and losers. Duolingo is leveraging AI to offer enhanced language learning to consumers. | View | |
| 2025 Q2 | Jul 18, 2025 | Invesco Discovery Fund | 17.2% | 3.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | TXRH QTWO CLS TTMI LSCC AEIS |
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| 2025 Q2 | Jul 11, 2025 | Baillie Gifford – US Equity Growth | 24.8% | 12.9% | AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO | Concentration, growth, innovation, long-term, technology, US | The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage. | SPT ROKU CRCL APP 6857 JP MDLN |
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| 2025 Q2 | Jun 30, 2025 | Artisan Mid Cap Fund | 14.4% | 5.9% | ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL | AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology | Portfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient. | View | |
| 2026 Q1 | Apr 9, 2026 | Infuse Partners | -18.9% | -18.9% | DUOL, ONDO.L | AI, conviction, growth, insurance, small caps, technology, value | ONDO.L DUOL |
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| 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 |
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| 2024 Q1 | Apr 23, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | CNMD, DOOR, DUOL, ELF, FWRD, IART, INSM, INTA, IRDM, MEDP, MSTR, OC, OMCL, RDNT, SMCI, TMO, TREX, VKTX, WING, XPO | AI, Biotechnology, growth, healthcare, small cap, technology | AI infrastructure build-out has had a narrow set of beneficiaries, with enthusiasm for AI fueling atypical concentration and performance distortion in the benchmark. RadNet has invested heavily in newer AI applications that can provide an additional revenue stream while improving early identification of cancers. | ELF DUOL INTA INSM MEDP RDNT CNMD VKTX |
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| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – US Equity Growth | -15.1% | -15.1% | AXON, CSGP, DASH, DUOL, ENSG, GH, GLOB, IOT, MSFT, NET, PEN, SHOP.TO | AI, growth, long-term, software, Systems, technology, valuation | RBC AXON |
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| 2026 Q1 | Apr 10, 2026 | Middle Coast Investing | -3.9% | -3.9% | BKNG, COF, DUOL, GTLB, LYFT, PGR, SARO | aerospace, AI, insurance, Memes, technology, Travel, volatility | DUOL SARO FG GTLB BKNG PGR |
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| 2025 Q4 | Mar 9, 2026 | RiverPark Long/Short Opportunity Fund | 0.1% | 8.5% | AAPL, AMZN, COMP, DIS, DUOL, FIS, GOOGL, ISRG, KMX, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER | AI, growth, healthcare, Long/Short, Quality, technology | AI monetization is a key driver across multiple holdings, with Alphabet benefiting from AI training and inference services in Google Cloud, and the fund maintaining significant exposure to AI/Cloud Computing at 16.9% of the long portfolio. The manager views AI as creating substantial growth opportunities for companies with scale and data advantages. Netflix remains the dominant global streaming platform despite near-term headwinds from subscriber growth concerns and rising content spending. The manager believes Netflix's unmatched content library, scalable technology infrastructure, and growing advertising business provide multiple monetization pillars for long-term growth. E-commerce represents 7.5% of the long portfolio themes, with the fund maintaining exposure to companies benefiting from secular shifts toward on-demand commerce and digital platforms. This includes positions in companies like Uber that benefit from local commerce expansion. Eli Lilly represents a high-quality growth franchise in global healthcare, with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. The company's GLP-1 treatments continue to see demand outpace supply with additional indications on the horizon. Semiconductors represent 5.0% of the long portfolio themes, with the fund maintaining exposure to companies positioned to benefit from AI infrastructure demand and next-generation computing requirements. This includes holdings in companies with differentiated semiconductor architectures. | 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 |
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| 2025 Q4 | Feb 5, 2026 | Baron Opportunity Fund | 4.6% | 19.4% | ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD | AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology | AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users. | View | |
| 2023 Q4 | Dec 31, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, CCCS, DUOL, ETSY, EXAS, FIVE, FND, HALO, IRTC, LSCC, MPWR, PCOR, RGEN, SAIA, SMAR, SWAV, TREX, VMI, WING | Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software, technology | Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart trials for two additional indications failed, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH approval. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Asset Fund | -4.3% | 0.1% | ACGL, ALNY, APH, CHH, COIN, COR, CSGP, DAY, DKNG, DUOL, FDS, FICO, FND, GWRE, IDXX, IT, LOAR, MORN, MPWR, MTD, NET, ONON, PLTR, PWR, RBLX, STUB, VRSK, VRT, VST | aerospace, AI, growth, mid cap, Quality, technology, underperformance, valuation | The Fund discusses AI as a primary driver of market strength and data center capital spending growth. AI is creating both opportunities and challenges, with companies seeking guidance on AI risks and opportunities. The Fund believes AI should provide a tailwind for research companies like Gartner as businesses need help understanding AI implications. | STUB |
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| 2025 Q3 | Nov 13, 2025 | RiverPark Long/Short Opportunity Fund | 4.2% | 8.3% | AAPL, AMZN, DUOL, FIS, GOOGL, ISRG, LLY, LULU, META, MSFT, NFLX, NOW, NVDA, SHOP, TXRH, UBER | AI, Cloud, growth, large cap, Long/Short, semiconductors, technology, US | AI remains a dominant theme driving market leadership and portfolio performance. The fund benefits from AI-related innovation across technology platforms, with companies like Alphabet integrating generative-AI tools into Search, YouTube, and Cloud to improve engagement and monetization. NVIDIA continues as the foundational supplier for global AI infrastructure with unrivaled GPU architecture and CUDA software ecosystem. | View | |
| 2025 Q3 | Oct 28, 2025 | Baron Focused Growth Fund | 4.8% | 8.6% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer discretionary, Electric Vehicles, growth, portfolio construction, small caps, technology | AI concerns impacted several holdings including FactSet and Verisk, with investors fearing competitive threats to data moats. However, FactSet continues to benefit from AI through revenue enhancements and cost containments. Tesla's AI initiatives advance rapidly with robotaxi network expansion and Full Self-Driving development. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – US Equity Growth | 5.4% | 19.1% | DUOL, FIGM, KNF, NFLX, RBLX, SHOP, TTD, W | Advertising, AI, E-Commerce, gaming, growth, Platforms, technology | AI is reshaping digital creation and software development, with companies like Shopify benefiting from AI-enabled tools and Figma positioned to become the dominant collaborative design layer as AI transforms workflows. The Trade Desk is rolling out AI-powered platforms while the broader landscape faces challenges from AI reducing eyeballs on the open internet. | KNF Figma KNF |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology | AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 20, 2025 | Invesco Discovery Fund | 7.9% | 11.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | View | |
| 2025 Q4 | Jan 30, 2026 | Baron Focused Growth Fund | 12.3% | 22.3% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology | The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment. | DUOL CSGP SPOT ONON H FIGS GWRE |
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| 2025 Q4 | Jan 27, 2026 | Artisan Global Discovery | 1.7% | 12.1% | ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD | AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology | AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses. | MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX | active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations | The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels. | SIMP PTGX |
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| 2025 Q4 | Jan 13, 2026 | Infuse Partners | -7.2% | 0.0% | DUOL, MELI, NU, SNWV, TMDX | E-Commerce, Education, Fintech, growth, Latin America, long-term, Medical Devices, technology | MercadoLibre continues to demonstrate exceptional execution with its e-commerce/payments flywheel spinning fast even at $25 billion revenue. The company has successfully outcompeted strong marketplaces like Amazon, Shopee, Temu and TikTokShop using vertical integration and fast delivery times. Management thinks genuinely long-term unlike most companies that only give lip service to long-term decision making. Nu Holdings is gradually becoming a super app with strong traction in Mexico after receiving full banking license, proving the model is replicable outside Brazil. The company's lean cost structure enables better rates, leading to more customers and economies of scale. Success has come despite Brazil's terrible macro backdrop over 15 years, with battle-tested lending algorithms positioned for expansion into more stable geographies. Sanuwave operates a razor and blades business model with the UltraMist device for treating diabetic foot ulcers. Despite a Q3 growth hiccup while building sales organization, growth should resume as there aren't many profitable medtech companies growing faster than 30%. TransMedics has revolutionized organ transplant process, owning 22 private jets and performing 30 organ transplants daily, with increasing density creating competitive advantages. Duolingo should be viewed as an engagement machine that happens to educate rather than just a language learning app. With almost 40% of monthly users logging in daily (compared to Snapchat's 50%), the company has built exceptional engagement muscle. As it broadens into math, music, chess and other subjects, retention should increase further, potentially becoming a must-have app for learning all sorts of things. | DUOL MELI TMDX NU |
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| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, ACLX, AMD, AMZN, ARGX, AVGO, CRWD, DUOL, GDS, GWRE, INDIE, IT, MBLY, META, MSFT, NVDA, PAR, SPCE, TEAM, TSLA | AI, Data centers, growth, semiconductors, software, technology, Tesla | The fund views AI as an arms race to develop foundational models and achieve artificial general intelligence. Scaling laws drive massive infrastructure investments, with hyperscalers building data centers at unprecedented scale. New inference architectures like OpenAI's chain of thought models require exponentially more compute power. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, COO, CSGP, DUOL, DXCM, FDS, FICO, GWRE, ICON, IDXX, IT, LPLA, MTD, ROP, SCHW, TRU, VMC, VRSK, WELL, WST | growth, healthcare, mid cap, rates, real estate, software, technology | Gartner positioned to emerge as key resource for companies evaluating AI opportunities and risks on their business. This should provide tailwind to Gartner's volume growth and pricing realization over time. Duolingo's AI tier (Max) allows users to have real-time conversations with AI-based characters. | View | |
| 2023 Q1 | Aug 5, 2023 | Deep Sail Capital Partners | 13.8% | 23.5% | CVNA, DUOL, LEAT, MELI, NVDA, RADI, RCM, WE.TO | Banking, E-Commerce, LatAM, Long/Short, Recession, small caps | Manager expects a recession in fall 2023 driven by banking crisis and ZIRP policy consequences. Regional banks face structural issues on both asset and liability sides, leading to reduced lending and consumer demand. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2023 Q2 | Jul 26, 2023 | Stenham Asset Management | 4.7% | 15.1% | AI, AMAT, AMZN, CHGG, CNI, CP, DHR, DUOL, GOOGL, KR, MA, MSFT, NVDA, RACE, TMO, UMG.AS | AI, global, infrastructure, large cap, Quality, semiconductors, technology | AI is this year's favorite buzzword with companies mentioning it on earnings calls to boost stock prices. The fund takes a picks and shovels approach, investing in infrastructure companies like semiconductors and cloud providers that benefit regardless of AI winners and losers. Historical technological revolutions show most companies fail, making infrastructure plays the most sustainable investment strategy. | View | |
| 2024 Q4 | Jan 24, 2025 | Pernas Research | 22.7% | 45.6% | DOCS.L, DUOL, RRGB | Education, growth, Restaurants, small caps, technology, value | Manager is bullish on selective small-cap names that benefit from a strong economy. Small caps can pivot quickly to capitalize on emerging opportunities and even small industry shifts can lead to large demand windfalls for companies with smaller revenue bases. 2024 saw 108 multi-baggers, more than double the typical number. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 18, 2026 | Substack | Pound the Rock Investing | Duolingo, Inc. | Education Technology | Language Learning Applications | Bull | NASDAQ Stock Market | AI-powered, Duolingo, education technology, enterprise value, founder-led, Language learning, Long-term Value, strategic shift, undervalued, User growth | View Pitch |
| Apr 15, 2026 | Substack | Monopolistic Investor | Duolingo | Education Technology | Language Learning | Bull | Nasdaq Stock Market | cash efficiency, Duolingo, founder conviction, growth stock, investment thesis, long-term investment, Moat score, Pricing power, Quality score, User growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Middle Coast Investing | Duolingo Inc | Software - Application | Interactive Media & Services | Bull | NASDAQ | AI disruption, Edtech, freemium model, gamification, Language learning, Mobile App, User growth | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Small Cap Growth Strategy | Duolingo Inc | Consumer Discretionary | Interactive Media & Services | Bull | NASDAQ | freemium model, Language learning, Marketing efficiency, online learning, product innovation, Subscriber Conversion, Unit economics, User growth | View Pitch |
| Apr 11, 2026 | Fund Letters | Infuse Partners | Duolingo Inc | Software - Application | Interactive Media & Services | Bull | NASDAQ | AI-powered, Edtech, Freemium, Language learning, Mobile Learning, SaaS, subscription model, User growth | View Pitch |
| Mar 29, 2026 | Seeking Alpha | Seeking Alpha | Duolingo, Inc. | Education Technology | Language Learning Platforms | Bull | NASDAQ Stock Market | AI integration, balance sheet strength, Duolingo, education technology, freemium model, GARP, Language learning, Market expansion, subscription revenue, User growth | View Pitch |
| Feb 4, 2026 | Fund Letters | Ronald Baron | Duolingo, Inc. | Communication Services | Interactive Media & Services | Bear | NASDAQ | Bookings, Education, Engagement, monetization, valuation | View Pitch |
| Jan 27, 2026 | Fund Letters | Ryan Reeves | Duolingo, Inc. | Consumer Discretionary | Education Technology | Bull | NASDAQ | AI, Edtech, Engagement, growth, Subscriptions | View Pitch |
| Jan 21, 2026 | Fund Letters | Kirsty Gibson | Duolingo, Inc. | Consumer Discretionary | Education Services | Bull | NASDAQ | generative AI, Learning Outcomes, Pricing, Retention, Subscriptions | View Pitch |
| Jan 15, 2026 | Seeking Alpha | Seeking Alpha | Duolingo, Inc. | Technology | Educational Technology | Bull | NASDAQ Stock Market | bookings outlook, Duolingo, EBITDA margins, growth duration, Language learning, monetization strategy, risk-reward asymmetry, Rule of 40, user engagement, valuation correction | View Pitch |
| Jan 15, 2026 | Seeking Alpha | Seeking Alpha | Duolingo, Inc. | Technology | Educational Software | Bull | NASDAQ Stock Market | AI impact, bookings growth, Duolingo, educational software, Free Cash Flow, investment strategy, Language learning, NASDAQ, Revenue Growth, user acquisition | View Pitch |
| Jan 13, 2026 | Seeking Alpha | Seeking Alpha | Duolingo, Inc. | Technology | Educational Technology | Bear | NASDAQ Stock Market | AI strategy, competitive landscape, Duolingo, educational technology, Language learning, monetization challenges, Revenue Growth, subscription model, user engagement, valuation | View Pitch |
| Jan 8, 2026 | Substack | Monopolistic Investor | Duolingo, Inc. | Education | Educational Technology | Bull | NASDAQ Stock Market | AI-first approach, Chess and PVP, Duolingo, Duolingo Music, Language learning, LinkedIn integration, NextBeat acquisition, Public backlash, R&D investment, user engagement | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | Duolingo Inc. | Information Technology | Education Technology | Bull | NASDAQ | AI, Edtech, gamification, monetization, Subscription | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | Duolingo Inc. | Information Technology | Education Technology | Bull | NASDAQ | AI, Edtech, gamification, monetization, Subscription | View Pitch |
| Nov 9, 2025 | Seeking Alpha | Seeking Alpha | Duolingo, Inc. | Software - Application | Bull | AI competition, China market, Consumer Discretionary, Duolingo, Language learning, monetization, Stock decline, subscription model, User growth, valuation | View Pitch | ||
| Nov 3, 2025 | Seeking Alpha | Seeking Alpha | Duolingo, Inc. | Software - Application | Bull | Duolingo, education technology, growth potential, Language learning, stake increase | View Pitch | ||
| Sep 28, 2025 | Substack | Rijnberk Invest Insights | Duolingo, Inc. | Technology | Software - Application | Neutral | AI disruption, Brand Equity, Digital Education, financial performance, freemium model, gamification, global expansion, Language learning, market share, Subscription Monetization | View Pitch | |
| Sep 23, 2025 | Substack | Monopolistic Investor | Duolingo, Inc. | Technology | Software - Application | Bull | Apple, Competition, Duolingo, education technology, gamification, Google, Language learning, profitability, super app, User growth | View Pitch | |
| Sep 16, 2025 | Short Thesis | Citron Research | Duolingo Inc | Information Technology | Interactive Media & Services | Bear | NASDAQ | AI tutoring, Churn, DAU, Language learning, Subscriptions | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Michael Wiggins De Oliveira | Duolingo, Inc. | Information Technology | Software - Application | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Kenio Fontes | Duolingo, Inc. | Information Technology | Software - Application | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Jia Ming Eow | Duolingo, Inc. | Information Technology | Software - Application | Bear | NASDAQ | — | 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 |
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| No investor data available. | ||||||||