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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | abrdn U.S. Small Cap Equity Fund | 6.9% | 3.0% | ELF | infrastructure, reshoring, Small Cap Equities, tariffs, Technological Innovation | View | ||
| 2025 Q1 | Apr 23, 2025 | Polen Capital – U.S. Small Company Growth | -10.8% | -10.8% | BROS, ELF, EXLS, FOXF, GLOB, GSHD, MODG, RVLV, TECH, YETI | - | View | ||
| 2024 Q1 | Apr 23, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | CNMD, DUOL, ELF, INSM, INTA, MEDP, RDNT, SMCI, VKTX | - | View | ||
| 2025 Q1 | Apr 22, 2025 | Polen Capital – Global SMID Company Growth | -5.0% | -5.0% | 8136 JP, ELF, GLOB, GSHD, KALYANKJIL IN, LTMC IM | - | View | ||
| 2025 Q1 | Apr 22, 2025 | Polen Capital – U.S. SMID Company Growth | -12.7% | -12.7% | ALGN, BAH, CRL, ELF, ETSY, FIX, FOXF, GLOB, GSHD, MANH, MODG, PGNY, ROAD, RVLV, SAIA, TECH, WING, YETI | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, BL, CCCS, ELF, FRPT, HALO, IPGP, LSCC, MPWR, MYRG, PCOR, RGEN, SHLS, SMAR, VMI | - | View | ||
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Brands Fund | 12.0% | 21.0% | AS, BIRK, ELF, GALD SW, JD/ LN, ZTS | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, BL, ELF, FRPT, HALO, IPGP, LSCC, MYRG, NQG GR, NTBL, PCOR, SHLS, SMAR, VMI, WING | - | View | ||
| 2024 Q3 | Oct 23, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | 4P0 GR, ALIT, ALRM, BROS, DOCS, ELF, GSHD, HLNE, NSIT, NVEE, PCTY, PGNY, RH, RMBS, RVLV, SITM | - | View | ||
| 2024 Q3 | Oct 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | 0HOT LN, AIT, ALIT, BLD, ELF, FIVE, GSHD, HLNE, MPWR, PGNY, RH, RVLV | - | View | ||
| 2024 Q3 | Oct 18, 2024 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TME, TTEK | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | ASML, BX, DXCM, ELF, MA, NOW | - | View | ||
| 2025 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV | healthcare, industrials, infrastructure, Quality, small caps, technology | The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure. | CORT |
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| 2025 Q4 | Jan 21, 2026 | Platinum International Brands Fund | -3.0% | -1.8% | ALLFG.L, AS1R.HE, BIRK, ELF, FICO, GAM.L, GDMA.SW, GOOGL, ITX.MC, STJ.L, V, WWW, ZTS | AI, brands, consumer discretionary, Consumer Staples, global, retail | AI stocks dominated market gains with the Philadelphia Semiconductor Index rising 45% in 2025, nearly triple the S&P 500's 16%. The AI concentration created headwinds for the fund as these businesses compete on technical specifications rather than brand equity, which falls outside the fund's brand-focused mandate. e.l.f. Beauty represents a key holding that fell 44% this quarter despite strong fundamentals. The company has evolved from a 'dupe' brand to a powerful marketing powerhouse with exceptional brand affinity among Gen-Z consumers and returns on capital exceeding 40%. Wolverine Worldwide, with key brands Saucony and Merrill, fell 32% this quarter. Saucony showed strong growth with 27% sales increase in the most recent quarter, expanding retail footprint beyond specialty running stores to generalized retailers. | ELF WWW |
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| 2025 Q4 | Jan 21, 2026 | NCG Small Cap Growth Strategy | 4.2% | 8.3% | ADPT, ATEC, AVPT, AXGN, BETA, BLND, CCB, CELH, COHR, ELF, KNX, KVYO, MTSI, PCOR, PEGA, PI, PRCH, QTWO, TOL, TTAN, UTI, WAL, WULF | active management, growth, healthcare, industrials, Outperformance, Quality, small caps, technology | The manager emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability, underperformed broader small cap indexes that included unprofitable companies. Biotech was a significant area of outperformance in small cap indexes during 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. The manager has maintained low or no exposure to biotech, which contributed to relative underperformance. They continue to view many biotech business models as unproven despite strong recent performance. The portfolio includes holdings in AI infrastructure companies as part of their technology sector overweight. The manager sees strong growth prospects in AI-related investments and believes these companies are trading at attractive valuations within their diversified technology holdings. Nuclear energy was identified as one of the specific areas of outsized strength in small cap markets during 2025. The portfolio maintains exposure to the nuclear energy market through one company in their energy allocation, reflecting their focus on emerging energy themes. | View | |
| 2025 Q4 | Jan 21, 2026 | NCG SMID Cap Growth Strategy | 3.6% | 8.1% | ADPT, AII.TO, ATEC, AXGN, BETA, BLND, CELH, COHR, ELF, INOD, KVYO, MTSI, PCOR, PEGA, PHAT, PI, QTWO, TOL, TTAN, UAMY, UTI, WULF | Biotechnology, growth, healthcare, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They believe quality factors worked against active managers in 2025, as low-quality stocks with negative earnings significantly outperformed. The firm maintains their focus on quality despite near-term headwinds. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, and the firm believes there is opportunity for this discount to narrow with an improving fundamental backdrop. Biotech was an area of outsized strength in 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. However, the firm maintains low or no exposure to biotech as they view many business models as unproven with high expectations that may fail to materialize. | View | |
| 2025 Q4 | Jan 18, 2026 | Ithaka US Growth Strategy | -6.1% | 4.5% | AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV | AI, concentrated, growth, large cap, technology | The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute. | VEEV NOW GOOG AMD ISRG |
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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 12, 2026 | ClearBridge Investment Growth Strategy | - | - | ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO | AI, balance, growth, innovation, semiconductors, technology, volatility | The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion. | ELF SHOP |
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| 2024 Q3 | Sep 30, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | CIGI, ELF, GWRE, HLNE, IBP, LSCC, RYTM, SN, VCYT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | ANF, CELH, CHRD, ELF, LNTH, PCVX, PJT, RMBS, VNOM, ZETA | - | View | ||
| 2024 Q2 | Jul 31, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | ELF, IDXX, UPS | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TCEHY, TTEK | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | e.l.f. Beauty, Inc. | Consumer Goods | Cosmetics & Personal Care | Bear | New York Stock Exchange | brand appeal, China tariffs, clean beauty, consumer demand, Cosmetics, e.l.f. Beauty, inventory management, market dynamics, price increase, vegan products | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | e.l.f. Beauty, Inc. | Consumer Goods | Personal Products | Bear | New York Stock Exchange | Brand Positioning, China tariffs, consumer goods, Cosmetics, e.l.f. Beauty, market share, Personal Products, price increase, Skincare, supply chain | View Pitch |
| Jan 24, 2026 | Fund Letters | Nikola Dvornak | e.l.f. Beauty, Inc. | Consumer Staples | Personal Care | Bull | New York Stock Exchange | Branding, Cosmetics, Genz, Marketing, valuation | View Pitch |
| Jan 15, 2026 | Fund Letters | Brian Angerame | e.l.f. Beauty, Inc. | Consumer Staples | Personal Care Products | Bull | New York Stock Exchange | Consumption, Cosmetics, Pricing, recovery, tariffs | View Pitch |
| Sep 16, 2025 | Short Thesis | Spruce Point | elf Beauty Inc | Consumer Staples | Biotechnology (Complement Inhibitors) | Bear | NASDAQ | Biotech, Competition, Safety, Syfovre, Uptake | View Pitch |
| Sep 16, 2025 | Short Thesis | Muddy Waters | elf Beauty Inc | Consumer Staples | Personal Products (Cosmetics) | Bear | NYSE | Cosmetics, Margins, Mass retail, valuation, Virality | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Investor Overview | e.l.f. Beauty | Consumer Staples | Household & Personal Products | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Amrita Roy | e.l.f. Beauty | Consumer Staples | Household & Personal Products | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Quiet Alpha | e.l.f. Beauty, Inc. | Consumer Staples | Household & Personal Products | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||