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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | Long Cast Advisers | 19.0% | -4.0% | CCRD, EEFT, MAMA, MTRX, PDEX, PESI, QRHC, RELL, RSSS | Cash, Demand Destruction, Microcaps, payments, small caps, Trade Policy, Valuations | Manager focuses on small company investing with concentrated positions in microcaps and small caps. Portfolio includes companies like CCRD, QRHC, MTRX, and RSSS with emphasis on finding undiscovered stocks trading at cheap valuations relative to expected growth and cash flow. | QRHC EEFT CCRD QRHC CCRD |
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| 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 |
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| 2025 Q2 | Jul 8, 2025 | Manole Capital Management | - | - | AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU | Credit Cards, crypto, Fintech, payments, regulation, Stablecoins | Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat. | View | |
| 2025 Q2 | Jul 22, 2025 | American Century Small Cap Value Fund | -0.4% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2024 Q1 | Apr 15, 2024 | Meridian Growth Fund | 6.8% | 0.0% | ACVA, ALIT, CARG, EEFT, IRDM, MATX, QDEL, RBA, SHC, ST, STE, TRMB, ZD | growth, Quality, Recurring Revenue, risk management, small caps, technology | QuidelOrtho Corporation is a global leader in the diagnostics industry following the merger of Quidel and Ortho Clinical Diagnostics. The company faced challenges from a dramatic slowdown in Covid-19 testing volumes but maintains steady performance in its core clinical diagnostic division with EBITDA margins north of 20%. | RBA ACVA TRMB SHC IRDM QDEL |
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| 2025 Q1 | Mar 31, 2025 | Meridian Growth Fund | -8.0% | -8.0% | ALIT, CARG, CHDN, COO, EEFT, HALO, OKTA, RBA, STE, TNDM, TRMB, WAY, ZD | Biotechnology, cybersecurity, growth, healthcare, Quality, Resilience, small caps, tariffs | The fund focuses on small-cap growth investing through the Russell 2500 Growth Index benchmark, with emphasis on high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy demonstrated resilience during the quarter's market decline, outperforming on six of seven days when the index declined 2% or more. | CARG TNDM ZD RBA HALO OKTA |
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| 2024 Q4 | Feb 19, 2025 | Voss Value Fund | 9.5% | 19.9% | AMTM, CTS.TO, EEFT, FUJHY, MBGYY, PLYA, SWI | Long/Short, M&A, small caps, special situations, undervalued, value | The fund focuses on identifying undervalued securities trading at significant discounts to intrinsic value. The manager emphasizes valuation discipline as a core investment virtue and seeks idiosyncratic, value-oriented special situations amid market extremes. | AMTM FUJHY MBGYY EEFT |
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| 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 |
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| 2023 Q4 | Dec 31, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ALIT, CARG, CHDN, EEFT, FOXF, GOOS, HSIC, MATX, RBA, ST, STE, TRMB, ZD | growth, industrials, Quality, small caps, technology | The Fund's investment approach focuses on high-quality companies with recurring revenue and sustainable competitive advantages. The strategy emphasizes building an enduring portfolio that can mitigate capital losses during turbulent bear market environments. | MATX EEFT CARG HSIC FOXF GOOS.TO |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb. | CLBT FLYW PRKS XPOF EEFT CVNA |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. | CLBT FLYW PRKS XPOF EEFT FIVN |
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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 19, 2025 | American Century Small Cap Value Fund | 4.7% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer, financials, industrials, semiconductors, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | 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 |
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| 2025 Q4 | Jan 29, 2026 | Weitz Partners III Opportunity Fund | 0.7% | 3.2% | AMZN, AON, BRK-A, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDA, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, Biotechnology, contrarian, healthcare, Long/Short, technology, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of Fund assets in 2025. Google's latest Gemini AI release surpassed expectations with benchmarks showing performance moved to the front of the pack. The fund's deep value stocks averaging roughly 16% of portfolio assets had a disproportionately negative impact on returns in 2025. As value-oriented investors, the managers are comfortable taking contrarian positions but must be clear-eyed about how companies' prospects change. The portfolio's life sciences investments representing roughly 18% of average assets experienced a lost year in 2025. The industry began with pressure on research budgets and heightened scrutiny of healthcare apparatus, reorienting around a new normal before organic growth pickup spurred a rally. | BRK.B PRM CHTR KMX GOOGL |
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| 2025 Q4 | Jan 26, 2026 | Cambiar SMID Fund | 1.6% | 0.0% | ACVA, ALGN, BOKF, COO, EEFT, FNF, GOOGL, JBHT, LAZ, MAS, NVDA, WFC, WSC | AI, Credit Stress, financials, healthcare, Quality, small caps, value | The market has priced in a near-flawless AI future for years, but sentiment is shifting as investors become more scrutinizing. Only two of the Mag7 outperformed in 2025, and the market is now more discerning about how AI investments will translate into financial returns. Increased debt financing for AI capex creates vulnerability to credit tightening. The fourth quarter saw a reversal in the growth versus value trade, with traditional value sectors like Healthcare and Financials performing well while Mag7 largely lagged. The fund's quality bias and valuation sensitivity were out of step with a market prioritizing higher-beta momentum stocks. Value stocks offer attractive return potential going forward. Small cap stocks trailed larger cap counterparts for the year despite posting respectable 12.8% gains. Companies with negative income outperformed by wide margins in 2025, creating challenges for quality-focused strategies. The market environment paralleled 2021's speculative period with little regard for valuation or earnings. Corporate bankruptcies spiked in 2025, highlighting growing financial pressure amid elevated borrowing costs. Middle and lower income consumers are increasingly stretched with high credit card balances and subprime auto loan delinquencies at highest levels since 2008. Rising unemployment likely to amplify these pressures. | COO |
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| 2025 Q4 | Jan 24, 2026 | Long Cast Advisers | 1.0% | 0.0% | CCRD, CCRN, EEFT, LSYN, MAMA, MTRX, NRC, PDEX, PESI, QRHC, RELL, RSSS | healthcare, Owner-Operator, small caps, Staffing, value | Significant focus on healthcare staffing through CCRN investment, with nurse staffing industry facing competitive pressures but potential for margin improvement. Also invested in NRC, a healthcare consulting and patient survey company with strong margins despite industry headwinds. Portfolio concentrated in small and micro-cap companies with intent to own for multiple years. Manager emphasizes patient capital approach targeting 15% annualized returns through well-researched small company investments. Focus on companies trading at attractive valuations with strong balance sheets and cash positions. CCRN example shows investment in company with 40% of market cap in cash and low enterprise value multiples. | RSSS MTRX NRC CCRN |
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| 2025 Q4 | Jan 23, 2026 | American Century Small Cap Value Fund | -1.1% | -3.3% | AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF | banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value | The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions. | 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 |
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| 2023 Q3 | Sep 30, 2023 | Wasatch Small Cap Growth Strategy | 7.6% | 7.6% | EEFT, FIVE, HQY, INSP, OLLI, SHAK, SILK, YETI | Discount Retail, growth, healthcare, interest rates, Quality, small caps, technology | Discount retailers like Ollie's and Five Below are well-positioned in the current inflationary environment as consumers seek value. Ollie's benefits from distressed inventory acquisition and strong comparable store sales growth, while Five Below continues expansion despite margin pressures from theft. | SHAK FIVE SILK ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN HQY YETI OLLI |
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| 2023 Q2 | Jul 20, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, MA, META, MSFT, PMS, ROP, SIRI, TECH, TMO, V | AI, contrarian, large cap, Long/Short, technology, underperformance, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, which averaged roughly 16% of fund assets in 2025. Alphabet was the fund's top performer in both the quarter and year, with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2024 Q2 | Jun 30, 2024 | Meridian Growth Fund | 6.8% | 0.0% | ACVA, AGIO, ALIT, CARG, CHDN, CHWY, EEFT, RBA, RELY, SMAR, ST, STE, TMDX, TRMB, ZD | consumer discretionary, growth, healthcare, industrials, Quality, small cap, technology | The fund holds Transmedics Group, a medical technology company with a differentiated capability to facilitate organ transplants through their Organ Care System (OCS). The company reported increased adoption and buildout of its OCS platform with strong top-line growth and profitability metrics ahead of plan. | RELY TRMB ALIT AGIO CHWY TMDX |
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| 2023 Q1 | Mar 31, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, healthcare, Long/Short, technology, Telecommunications, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of fund assets in 2025. Alphabet was the top performer with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2024 Q4 | Feb 19, 2025 | Voss Value Offshore Fund | 9.6% | 19.2% | AMTM, CTS.TO, EEFT, FUJHY, J, MBGYY, PLYA, SWI, TM, TSLA | buyouts, Long/Short, M&A, small caps, special situations, value | The fund's main theme for 2025 focuses on small cap M&A and special situations after two years of dismal deal flow. Three quick wins from acquisitions occurred year-to-date: SWI, CTS CN, and PLYA. The manager expects several additional portfolio companies to be acquired as the year progresses. | AMTM FUJHY MBGYY EEFT |
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| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. Small Company Growth | 4.7% | 3.8% | AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC | AI, growth, Quality, small cap, technology, value | The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner. | BDC FN TREX WSC BROS RVLV WRBY |
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| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. SMID Company Growth | 2.7% | 1.4% | ALRM, AZPN, BAH, BLD, BROS, BSY, CWAN, EEFT, ENTG, FND, FOXF, GSHD, HLI, HLNE, NSIT, PAYC, PSTG, RMBS, RVLV, TREX, TYL, WRBY, WSC | AI, growth, Quality, semiconductors, SMID Cap, software, technology, value | The market was dominated by crowded AI trades in 2024, with high-beta AI-adjacent growth companies outperforming. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from GenAI-driven transformation in a more sustainable, long-term manner. | BROS WSC PSTG NSIT BSY ENTG RMBS GSHD WRBY RVLV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | Euronet Worldwide | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM Networks, Electronic Transactions, Europe, financial technology, money transfer, payment processing, Prepaid Mobile | View Pitch |
| Apr 28, 2026 | Fund Letters | Meridian Growth Fund | Euronet Worldwide, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM Networks, digital payments, Electronic Financial Services, European Exposure, money transfer, payment processing, Prepaid Mobile | View Pitch |
| Apr 13, 2026 | Fund Letters | Long Cast Advisers | Euronet Worldwide Inc | Information Technology | Data Processing & Outsourced Services | Neutral | NASDAQ | ATM Networks, Bank Customers, Credit Card Issuing, cross-selling, founder-led, International Payments, Merchant Acquiring, payment processing | View Pitch |
| Apr 13, 2026 | Fund Letters | Voss Value Offshore Fund | Euronet Worldwide Inc | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM, Cross Border Payments, Fintech, money transfer, Payments, regulatory catalyst, Take Rate Expansion, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Voss Value Fund | Euronet Worldwide Inc | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM, Cross-Border, Fintech, money transfer, Payments, turnaround, Value | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Euronet Worldwide Inc | Information Technology | Systems Software | Bull | NASDAQ | ATMs, buybacks, Catalysts, Fintech, guidance, Margins, Networks, Payments, Remittances, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Euronet Worldwide Inc | Information Technology | Systems Software | Bull | NASDAQ | ATMs, buybacks, Catalysts, Fintech, guidance, Margins, Networks, Payments, Remittances, valuation | View Pitch |
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | Euronet Worldwide, Inc. | Software - Infrastructure | Neutral | ATMs, capital allocation, cross-border transactions, Euronet Worldwide, free cash flow yield, immigration enforcement, money transfer services, stablecoins, valuation metrics | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $258,774 | 0.00% | 3,400 | +3,400 | +100.00% | 0.0086% |
| Ray Dalio | Bridgewater Associates | $27.4B | $16.3M | 0.06% | 214,163 | +7,637 | +3.70% | 0.5412% |
| Israel Englander | Millennium Management LLC | $233.2B | $19.2M | 0.01% | 252,854 | -40,227 | -13.73% | 0.6390% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $12.7M | 0.01% | 167,291 | +39,884 | +31.30% | 0.4228% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $21.2M | 0.03% | 279,031 | +5,194 | +1.90% | 0.7052% |
| Cliff Asness | AQR Capital Management | $190.6B | $23.9M | 0.01% | 314,544 | -172,246 | -35.38% | 0.7949% |
| Charles Mawer | Mawer Investment Management | $17.9B | $5.7M | 0.03% | 75,374 | -4,587 | -5.74% | 0.1905% |
| Wallace Weitz | Weitz Investment Management Inc | $1.7B | $12.2M | 0.72% | 160,000 | +160,000 | +100.00% | 0.4043% |
| Rich Handler | Jefferies | $19.3B | $2.6M | 0.01% | 34,501 | +34,501 | +100.00% | 0.0872% |