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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	WS Amati Global Innovation Fund	-	-	AVY, CGNX, CHG.L, DRS, DXCM, GLBE, GLOB, HUBB, LITE, PI, PRCT, QGEN, RGEN, SHOP, TLX.AX	AI, Biotechnology, defense, global, growth, innovation, Robotics, technology	Staggering levels of capital investment into generative AI infrastructure continued throughout Q3 2025, propelling AI chips and equipment suppliers to ever higher valuations. The concentration of performance from this magnificent cohort rose beyond historic peak levels. The scale of the ultimate prize is still believed to be justification enough despite elusive returns.		View
2025 Q2	Aug 7, 2025	Fidelity Growth Strategies Fund	22.7%	12.9%	ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.	HOOD AXON	View
2025 Q2	Aug 5, 2025	Baron Small Cap Fund	10.3%	0.3%	ASGN, BWIN, CAKE, CWA, DKNG, DXCM, ENS, FROG, GDYN, GWRE, HH, HLLY, ICLR, IDXX, INSM, IT, KNSL, KTOS, LLYVA, NCNO, NEOG, ODD, PLNT, RRR, SEMI, SIZE, TDG, UTZ, VRT	AI, defense, growth, small caps, technology, value	AI remains the dominant and most compelling market theme. Vertiv Holdings, the fund's largest position, is a direct play on AI infrastructure buildout for data centers. The market became increasingly confident in the durability and longevity of AI growth during the quarter.		View
2025 Q2	Jul 27, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. Current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO WING AXON TTD MPWR MDB INSM ALNY WYNN RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR	View
2025 Q2	Jul 22, 2025	Harbor Capital Appreciation Fund	19.5%	7.4%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators.	ORCL TOST AMD BSX SHOP HUBS	View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V	AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology	Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users.	NET MELI AXON NFLX NVDA	View
2025 Q2	Jul 21, 2025	Sands Capital Select Growth Fund	27.7%	14.8%	AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V	AI, Cloud, gaming, growth, semiconductors, Streaming, technology	AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction.		View
2023 Q2	Jul 18, 2023	Artemis US Select Fund	10.4%	-	AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC	AI, Cloud, earnings, Housing, infrastructure, Recovery, technology	Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size.	DXCM ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN CSX VMC BLDR EXP ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AMZN	View
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
2024 Q1	May 7, 2024	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ADBE, AMZN, ASML, CMG, CRWD, DXCM, LULU, MSFT, NVDA, TSCO	AI, Cloud, growth, healthcare, large cap, semiconductors, technology	Generative AI references pervaded almost every earnings call as the world debates the future impact of this revolutionary technology. The firm outlined stages of the AI technological revolution and where profits will accrue in each evolution stage. NVIDIA benefited from tremendous excitement surrounding generative AI development and the likelihood this would necessitate purchasing large numbers of Nvidia products far into the future.	AAPL ADBE LULU MSFT AMZN NVDA	View
2026 Q1	Apr 22, 2026	Baird Small/Mid Cap Growth Equity Fund	-4.8%	-4.8%	ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO	AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology			View
2024 Q1	Apr 15, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	BKR, CELH, CRWD, DXCM, ENTG, LULU, MKTX, MLM, PLNT, RBA, ROST, SBAC, SNPS, SWAV, U, VRT, WCN	AI, Data centers, growth, healthcare, industrials, infrastructure, mid cap, technology	The fund is positioned to benefit from AI-driven data center spending acceleration, with holdings in companies like Vertiv that provide critical infrastructure for high-performance computing. The team monitors AI application adoption to assess sustainability of the investment cycle and its impact on market leadership.		View
2026 Q1	Apr 10, 2026	Alpha Wealth Funds – The Insiders Fund	-7.1%	-7.1%	ABT, ADPT, AMAT, BA, BSM, CME, DXCM, ET, GOOG, INTC, KKR, LSCC, MSCI, NVDA, PODD, POOL, ROK, TPC, TREX, TTD	AI, Automation, defense, energy, Geopolitical, healthcare, Onshoring, semiconductors			View
2025 Q1	Mar 31, 2025	Sands Capital Select Growth Fund	-10.1%	-10.1%	AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V	AI, Concentration, growth, large cap, semiconductors, software, technology	AI remains a foundational driver of long-term growth despite market volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are materializing across fraud detection, content creation, and workflow automation.		View
2025 Q4	Feb 3, 2026	Fidelity Growth Strategies Fund	-3.4%	12.6%	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026.	IDXX AXON LITE ATI COHR	View
2024 Q4	Dec 31, 2024	Sands Capital Select Growth Fund	8.8%	24.3%	AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V	AI, growth, innovation, long-term, software, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader.		View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V	AI, global, growth, innovation, long-term, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.		View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BC, BJ, COR, DXCM, FIVE, FND, IBKR, ICLR, IDXX, LEGN, LNG, NDAQ, ORLY, PINS, PXD, RNR, ROST, STVN, TPG	consumer, cybersecurity, growth, healthcare, industrials, mid 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. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage.		View
2023 Q4	Dec 31, 2023	NCG Large Cap Growth Strategy	14.2%	39.9%	AAPL, ADBE, CELH, CRM, DE, DXCM, GOOGL, KNSL, LLY, PEN, TOST, WDAY	growth, healthcare, Quality, small caps, software, technology	Healthcare holdings underperformed due to investor perception that weight loss benefits from GLP-1 drug class will improve overall health, reducing prevalence of certain disease states and medical interventions. Long-term impact on business fundamentals remains unclear.	WDAY ADBE KNSL	View
2023 Q4	Dec 31, 2023	NCG SMID Cap Growth Strategy	4.8%	15.5%	BRZE, CSTL, CWAN, DAVA, DXCM, FLYW, GWRE, KNSL, LGIH, MEDP, NTRA, SILD, TMDX, TNDM, VRRM, VRT	Biotech, growth, healthcare, Medical Devices, small caps, technology	Healthcare holdings drove much of the underperformance across strategies due to investor perception that GLP-1 drugs will reduce medical interventions. Many healthcare companies began recovering in Q4 and the firm believes in long-term growth fundamentals. The firm continues direct research to inform investment decisions in this space.	DXCM MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC CSTL TNDM ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN NTRA ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK BRZE MEDP	View
2022 Q4	Dec 31, 2022	Baron Small Cap Fund	9.6%	14.5%	ASGN, DXCM, EWCZ, GDYN, GTLS, INSP, IT, NEOG, PLNT, TTD, VRT	-			View
2025 Q3	Nov 30, 2025	Bell Global Emerging Companies Fund	-	-	3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L	AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology	Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition.	AUTO LN 3769 JP JKHY	View
2025 Q3	Nov 16, 2025	Aristotle Atlantic Core Equity Strategy	7.1%	15.1%	ADPT, AMP, AR, AVGO, BDX, BKR, CEG, DAR, DXCM, GH, GOOGL, HAL, ICE, NOW, ORCL	AI, energy, growth, healthcare, large cap, nuclear, technology, Trade Policy	Oracle's transformative growth in cloud infrastructure driven by AI demand, with Oracle Cloud Infrastructure revenue expected to grow through fiscal 2030. The company closed multiple multi-billion-dollar deals including the $30 billion Stargate contract with OpenAI. Natural gas demand is increasing for AI data center power generation, benefiting companies like Antero Resources.	BDX BKR CEG DXCM ADPT ORCL AR DAR	View
2023 Q3	Nov 10, 2023	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V	AI, China, consumer, growth, healthcare, large cap, technology	Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI.		View
2023 Q3	Oct 9, 2023	Artemis US Select Fund	2.6%	-	BX, CEG, CSX, DXCM, KHC, META, SAIA, TFII	active management, energy, healthcare, large cap, stock selection, technology, Transportation	Meta's significant incremental investment in AI and datacentre infrastructure will lead to meaningful new revenue opportunities both through growing in existing markets and entirely new product categories. Constellation Energy benefits indirectly from the AI wave as energy-intensive data centres are being built in the states that Constellation serves.	ABX TFII AER\|AWI\|MUSA\|NEU\|SAIA\|WTM CSX DXCM ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO CEG	View
2025 Q3	Oct 28, 2025	Fidelity Growth Strategies Fund	3.3%	16.7%	ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.		View
2025 Q3	Oct 20, 2025	Sands Capital Global Growth Fund	-2.0%	12.2%	ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V	AI, E-Commerce, global, growth, semiconductors, Streaming, technology	Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats.	TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA	View
2025 Q3	Oct 20, 2025	Sands Capital Select Growth Fund	6.3%	22.1%	AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V	AI, Cloud, growth, large cap, semiconductors, software, technology	AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years.		View
2025 Q3	Oct 19, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, defense, growth, healthcare, mid cap, Natural Gas, technology, Travel	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see potential inflection in earnings growth fueled by AI-driven margin expansion. Companies with exposure to the buildout of AI data centers have performed remarkably well in 2025 as hyperscalers have revised capital expenditure plans significantly higher.	MDB US INSM US ALNY US WYNN US MPWR US	View
2025 Q3	Oct 19, 2025	Artisan Mid Cap Fund	8.8%	15.3%	ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD	AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors	Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients.	SPOT WING LSCC INSM ARGX	View
2025 Q3	Oct 17, 2025	Harbor Capital Appreciation Fund	5.0%	12.7%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally.	ORCL US TOST US AMD US	View
2024 Q3	Oct 16, 2024	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ALGN, ASML, BX, CMG, CRWD, DXCM, ELF, MA, MELI, NOW, PLTR, SNOW	AI, concentrated, growth, healthcare, large cap, payments, semiconductors, technology	Management teams continued to discuss AI roadmaps during quarterly calls. ServiceNow's stock appreciated partly due to continued demand for the company's AI products. The market's interest in AI remains a prevalent theme affecting portfolio companies.	ASML ELF DXCM BX MA NOW	View
2023 Q3	Oct 10, 2023	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V	Concentration, growth, large cap, technology			View
2023 Q4	Jan 8, 2024	Artemis US Select Fund	8.3%	-	AMZN, AVTR, BKR, BLD, BX, DXCM, EXP, HES, MCK, META, NVDA, TMO, WDC, WFC	Cloud, energy, financials, healthcare, Housing, semiconductors, technology	Structural shortage in housing inventory in the US with homeowners reluctant to move from low mortgage rates to high rates, creating demand for new builds. Household formation is picking up due to demographic shifts, favoring housebuilders and building material suppliers.	BLDR AMZN	View
2025 Q4	Jan 23, 2026	Deep Sail Capital Partners	14.2%	34.8%	BYND, CRDO, DXCM, KRKNF, NSLO, SNWV, SYK	defense, growth, healthcare, inflation, Long/Short, Medical Devices, small cap, technology	Sanuwave Health represents a compelling opportunity in the advanced wound care ecosystem, transitioning from high-cost biological grafts toward energy-based tissue regeneration. The company utilizes a razor blade recurring revenue model with UltraMIST system achieving record quarterly revenues and 78% gross margins. CMS regulatory changes reducing Medicare spending on skin substitutes by 90% create a competitive advantage for Sanuwave's stable reimbursement profile. Kraken Robotics continues as the fund's largest position, contributing 7% gross return in Q4. The company is gaining widespread investor awareness and new orders from UAV partners, positioning perfectly within their market especially as Anduril approaches its 2026 IPO. The defense technology sector shows strong momentum with autonomous underwater vehicle applications. The manager expects a run it hot economic policy under Trump that prioritizes growth and loose fiscal policy over inflation control. This approach will provide short-term rocket fuel through easier credit and asset price inflation, but will eventually lead to higher inflation and economic distortions. The combination of structural job losses from AI automation and rising prices creates an uncomfortable endgame scenario.	SNWV	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
2024 Q3	Sep 30, 2024	Baron Small Cap Fund	9.6%	14.5%	ASGN, AZPN, BFAM, BWIN, CHRT, CWT, DXCM, FA, FND, GWRE, IBP, ICLR, INSP, INTA, IT, JANUS, KNSL, RRR, SIMO, SITE, TDG, VRT	AI, Data centers, financials, growth, industrials, Rate Cuts, small cap, technology	Vertiv Holdings leads data center equipment with significant share in power and cooling applications. The stock rebounded as investors gained confidence in massive AI data center buildout globally. Strong relationship with chip manufacturers and involvement in technology roadmap for increasing energy density solutions were catalysts.		View
2024 Q3	Sep 30, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ARES, AXON, BKR, CELH, COR, CRWD, DXCM, ENTG, FICO, GEV, GWW, RBA, RCL, ROST, SNPS, TTD, VST, WAB, WCN	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	The dramatic growth in AI infrastructure investment remains a dominant theme in the market, with hundreds of billions being invested by mega-cap tech companies. The fund holds positions well positioned to benefit from this trend, though managers remain vigilant of potential drawdown risks in AI winners.	ENTG SNPS CRWD CELH DXCM WAB FICO VST AXON GEV	View
2023 Q3	Sep 30, 2023	Artisan Mid Cap Fund	2.4%	6.6%	ARGX, ASND, BNTX, DXCM, EXAS, GPN, HALO, HUBS, IR, JBL, LSCC, PWR, RPGN, SAIA, SWAV, TEAM, VEEV, WING, WST, ZS	AI, Biotechnology, Energy Transition, growth, healthcare, mid cap, semiconductors, technology	Manager is bullish on GLP-1 obesity therapies, especially the growth they should enable for biologics packaging franchises like West Pharmaceutical. Believes the public health benefits are real but unlikely to materially restrain growth opportunities of medical device holdings for many years. Taking advantage of attractive valuations in adversely impacted holdings like DexCom.		View
2023 Q3	Sep 30, 2023	Baron Small Cap Fund	9.6%	14.5%	ASGN, AZPN, CGNX, CLVT, DXCM, FND, FOXF, GTLS, GWRE, ICON, INDI, INSP, IT, KNSL, LBRDA, PLNT, RRR, SITE, VRT, WASH	Automation, consumer discretionary, Data centers, healthcare, industrials, small cap, Specialty Insurance, technology	Vertiv Holdings, the fund's largest position, benefits from AI-driven growth in data center infrastructure. The company provides critical thermal management solutions for increasingly energy-dense data centers required for artificial intelligence applications.		View
2023 Q3	Sep 30, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALB, BKR, CELH, CMG, CRWD, DXCM, HAL, PEN, PLNT, SNPS	AI, cybersecurity, energy, growth, healthcare, interest rates, mid cap, technology	The fund sees generative AI as transformative across various businesses and continues to look for investment opportunities. Synopsys is releasing new tools to help companies use AI to improve semiconductor development projects. The emergence of AI has sparked optimism and increased spending in semiconductors, hardware, and software industries.		View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BJ, CSGP, DXCM, EFX, FIVE, FND, GFL, IAC, IBKR, IDXX, LNG, NDAQ, PINS, PXD, RGEN, RNR, ROST, SWAV	consumer, energy, financials, growth, healthcare, industrials, mid cap, technology	While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now beginning to reengage with cloud initiatives as they reach better financial positions, with green shoots noted by some holdings.		View
2023 Q2	Jul 27, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, they note current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING AXON ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	View
2024 Q2	Jul 26, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, BKR, CELH, COR, CRWD, DASH, DXCM, ENTG, FIVE, GEV, MPWR, RBA, ROST, SNPS, TYL, ULTA, WAB, WCN	AI, energy, growth, healthcare, industrials, mid cap, technology	The fund continues to see strong momentum within the AI data center buildout megatrend. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries.		View
2024 Q2	Jul 25, 2024	Alger Mid Cap Focus Fund	4.6%	18.7%	AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT	growth, healthcare, industrials, mid cap, technology			View
2024 Q2	Jul 23, 2024	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, AMZN, CRM, DXCM, ELF, ISRG, LULU, MA, NVDA, PANW, VEEV	AI, Cloud, Concentration, growth, large cap, technology	Artificial intelligence continues to drive market optimism and performance, particularly through NVIDIA's dominance in GPU infrastructure for generative AI development. The upcoming iPhone 16 release incorporating AI into consumer devices could drive an upgrade cycle for Apple.	DXCM VEEV CRM AMZN AAPL NVDA	View
2024 Q2	Jun 30, 2024	Fidelity Growth Strategies Fund	6.3%	17.9%	ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST	AI, growth, healthcare, industrials, Mid-cap, technology, value	The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers.		View
2023 Q1	Apr 18, 2023	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, BURL, CRM, DXCM, INTU, ISRG, MSFT, NOW, NVDA, PYPL, QCOM, SNOW, SQ	AI, Cloud, concentrated, growth, large cap, semiconductors, technology	NVIDIA benefited from tremendous excitement surrounding advanced chatbots, specifically ChatGPT, and the likelihood this would necessitate the purchase of a large number of Nvidia's products far into the future. Microsoft's stock appreciated on excitement surrounding the company's investments in OpenAI and potential opportunities to take search market share away from Google.	DXCM SNOW ISRG AAPL\|MSFT\|NFLX\|NVDA\|UNH CRM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q1	Mar 31, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Data centers, defense, growth, healthcare, mid cap, Natural Gas, technology	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see a potential inflection in earnings growth fueled by AI-driven margin expansion. However, they recognize that current lofty multiples of many AI infrastructure stocks imply a strong growth trajectory for the next several years and leave little margin for error.	ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	View
2023 Q4	Mar 1, 2024	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	AAPL, AMZN, APTV, CSCO, DXCM, EL, GOOGL, ICE, META, MSFT, NFLX, NKE, NVDA, SPLK, SYK, TGT, TMO, TSLA, U, UNP, UPS	AI, diversification, growth, large cap, Magnificent Seven, technology	Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence. AI will remain a key trend supporting parts of technology going forward.		View
2023 Q4	Jan 27, 2024	Baron Small Cap Fund	9.6%	14.5%	ALTR, ASGN, CLVT, DPHC, DXCM, ENDV, ETWO, EWC, FND, FOXF, GTLS, GWRE, IBP, ICLR, IDXX, IT, KNSL, KTOS, NCNO, NEOG, ODD, PLNT, RRR, SBA, SHLS, SITE, SKIN, TDG, TREX, TTD, VRT	AI, consumer discretionary, Data centers, growth, industrials, rates, small caps, technology	Vertiv Holdings benefits from robust demand for data center cooling solutions, particularly as AI-related servers require more sophisticated cooling. The company held its first Analyst Day introducing long-term growth targets and margin expansion plans.		View
2023 Q4	Jan 27, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, ANSYS, AXON, BIRK, CHH, CSGP, DXCM, FDS, FICO, GWRE, IDXX, IT, MTD, MTN, PWR, TRU, VEEV, VRSK, WST	Diagnostics, growth, healthcare, industrials, mid cap, software, technology	Gartner positioned to emerge as critical decision support resource for companies contemplating AI opportunities and risks. Expected to provide tailwind to volume growth and pricing realization over time.	BIRK	View
2023 Q4	Jan 27, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	BILL, CRWD, DXCM, GTLS, HAL, MPWR, PAYC, PLNT, SNPS, TRU	AI, cybersecurity, energy, growth, healthcare, mid cap, semiconductors, technology	Artificial intelligence applications are driving demand for semiconductor chips and enterprise data centers. The rise of AI is expected to make it easier for criminals to generate sophisticated cyber attacks, increasing demand for security software. Technology companies are leveraging AI in new product announcements.		View
2023 Q4	Jan 16, 2024	Brown Capital Management Mid Company Fund	-7.9%	-3.1%	DXCM, MANH, OMCL, SHOP.TO, VEEV	E-Commerce, growth, healthcare, Medical Devices, mid cap, software, Supply Chain, technology	Clinical trial results showed GLP-1 obesity drugs lower diabetes and cardiovascular disease risk, initially causing investor fears about medical device companies. However, additional studies revealed high patient discontinuation rates, alleviating concerns and supporting coexistence with other therapies like continuous glucose monitors.	VEEV OMCL MANH SHOP DXCM	View
2023 Q4	Jan 15, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ARGX, ASND, CELH, CMG, DECK, DPZ, DXCM, EFX, EXAS, FIVE, HUBB, IRTC, JBL, LTTC, LULU, ON, POOL, PWR, RYAN, SAIA, SHOP, TREX, VEEV, WING, XYL	Biotech, Energy Transition, growth, healthcare, mid cap, semiconductors, software, technology	Healthcare was the weakest performer for the year, primarily due to biotech holdings. Argenx's Vyvgart launch in myasthenia gravis continued to shine, reaching sales north of $1 billion ahead of schedule, but trial failures in two additional indications marred an otherwise stellar year. Ascendis's Skytrofa tracked well in its second year, but FDA approval for TransCon PTH was delayed due to manufacturing questions.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	NCG SMID Cap Growth Strategy	DexCom	Health Care	Health Care Equipment	Bull	NASDAQ	Cgm, Continuous Glucose Monitoring, diabetes care, Geographic Expansion, market leadership, Medical devices, profitability growth, Reimbursement	View Pitch
Apr 28, 2026	Fund Letters	Brown Capital Management Mid Company Fund	Dexcom	Health Care Equipment & Services	Health Care Equipment	Bull	NASDAQ	Bull, Continuous Glucose Monitoring, Diabetes Management, Exceptional Growth Company, Healthcare Technology, Medical devices, Share Buyback	View Pitch
Apr 28, 2026	Fund Letters	Artemis US Select Fund	DexCom Inc	Health Care	Health Care Equipment	Bull	NASDAQ	CGM Technology, Contrarian Investment, Diabetes Management, GLP-1 drugs, healthcare innovation, Medical devices	View Pitch
Apr 28, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	DexCom	Health Care	Health Care Equipment & Supplies	Bear	NASDAQ	Continuous Glucose Monitoring, diabetes care, Healthcare Technology, Market Share Loss, Medical devices, Product Quality Issues	View Pitch
Apr 28, 2026	Fund Letters	Artemis US Select Fund	DexCom Inc	Health Care	Health Care Equipment	Bull	NASDAQ	Diabetes, Glucose Monitoring, Healthcare Technology, international expansion, Medical devices, Medicare	View Pitch
Apr 27, 2026	Fund Letters	Ithaka US Growth Strategy	DexCom, Inc.	Health Care	Health Care Equipment & Supplies	Neutral	NASDAQ	Cgm, Chronic Disease, Continuous Glucose Monitoring, Diabetes, Healthcare Technology, Medical devices, profit-taking	View Pitch
Apr 13, 2026	Fund Letters	Ithaka US Growth Strategy	DexCom, Inc.	Health Care	Health Care Equipment & Supplies	Neutral	NASDAQ	Cgm, Chronic Disease, Continuous Glucose Monitoring, Diabetes, Healthcare Technology, Medical devices, Medtech, Monitoring Systems	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Dexcom	Health Care	Health Care Equipment	Bear	NASDAQ	Cgm, Continuous Glucose Monitoring, diabetes care, Equity, Market Share Risk, Medical devices, Product Quality Issues	View Pitch
Apr 13, 2026	Fund Letters	Ithaka US Growth Strategy	DexCom, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Continuous Glucose Monitoring, Diabetes, Healthcare Technology, market share, Medical devices, Product cycle, Revenue Per Patient	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Dexcom	Health Care	Health Care Equipment & Supplies	Bear	NASDAQ	Channel Strategy, Continuous Glucose Monitoring, Diabetes, Healthcare Technology, market share, Medical devices, Regulatory Approval, Sales Force	View Pitch
Jan 24, 2026	Fund Letters	Frank M. Sands	DexCom Inc.	Health Care	Medical Devices	Bear	NASDAQ	Adoption, Cgm, Competition, Diabetes, Reimbursement, reliability, valuation	View Pitch
Nov 29, 2025	Fund Letters	Owen Fitzpatrick, Thomas Hynes, Jr, Brendan O’Neill	DexCom, Inc.	Health Care	Medical Devices	Bull	NASDAQ	Cgm, Diabetes, growth, innovation, Reimbursement	View Pitch
Oct 30, 2025	Short Thesis	Hunterbrook	Dexcom, Inc.	Health Care	Health Care Equipment	Bear	NASDAQ	Cgm Recall, Fda Warning Letter, Product Accuracy, Medical Device Quality, Channel Stuffing, Dso Spike, Margin Pressure, Abbott Competition, Ketone Cgm, Litigation Risk	View Pitch
Aug 7, 2025	Seeking Alpha	Daniel Schönberger	Dexcom, Inc.	Health Care	Medical Devices	Neutral	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Bret Jensen	DexCom, Inc.	Health Care	Medical Devices	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of DXCM

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.

DXCM

DXCM

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of DXCM

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