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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Driehaus Micro Cap Growth Strategy | -7.0% | 3.0% | AEHR, ELF, FSLY, MOD, XENE | energy, growth, inflation, Micro Cap, Onshoring, semiconductors, small caps, Yields | Inflation remains the key factor to monitor with continued progress towards lower rates. The four primary Covid-related drivers of inflation have all normalized, and most CPI components continue to trend lower. Rent inflation is expected to moderate as real-time measurements show rents have already fallen due to new apartment unit growth. | View | |
| 2025 Q2 | Aug 7, 2025 | NCG Small Cap Growth Strategy | 12.7% | -1.9% | AAON, AGYS, ALHC, AVPT, CDNA, CELH, CRS, CWK, ELF, GDYN, GWRE, HXL, INOD, MTSI, RXST, SAIA, SPRY, STRL, TMDX, TTAN | growth, healthcare, infrastructure, rates, small cap, technology, Trade Policy | Small cap growth stocks participated in the recent market rally, but further opportunity exists. The rolling 10-year annualized return by small vs large stands at -7.3% and is the worst ever going back to 1926, and the valuation of the small cap sector relative to large caps is in the 5th percentile historically. | View | |
| 2025 Q2 | Aug 7, 2025 | NCG SMID Cap Growth Strategy | 13.5% | -2.5% | ALHC, CDNA, CELH, CRS, ELF, GDYN, SAIA, SPRY, STRL, TMDX, TTAN, VRT | growth, healthcare, infrastructure, rates, small caps, technology, Trade Policy | Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding companies which are direct beneficiaries. | View | |
| 2025 Q2 | Aug 4, 2025 | Baird Small/Mid Cap Growth Equity Fund | 4.5% | -6.6% | ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL | AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance | The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance. | View | |
| 2025 Q2 | Jul 27, 2025 | abrdn U.S. Small Cap Equity Fund | 6.9% | 3.0% | ABCB, ADMA, AHR, ATZ.TO, CHEF, CNMD, CORT, ELF, FIBK, FOLD, GPK, MMSI, REVG, SKWD, TMX.TO | Beauty, healthcare, infrastructure, Onshoring, Quality, small caps, tariffs, Trade Policy | President Trump's sweeping tariff policies initially weighed on investor sentiment, with China facing over 100% US duties. A 90-day pause was announced for most tariffs as part of trade negotiations, followed by US-China agreement on substantial reciprocal tariff reductions. The US doubled tariffs on global steel and aluminum imports to 50%, adding to trade policy uncertainty. | View | |
| 2025 Q2 | Jul 17, 2025 | Platinum International Brands Fund | 6.6% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies. | IDXX WING GALD SW |
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| 2025 Q2 | Jul 14, 2025 | Recurve Capital | - | 14.8% | AMZN, BC.MI, CCOI, CVNA, ELF, MSFT, PAY, RCL, RH | Concentration, Decision Tree, disruption, E-Commerce, growth, Long Term, value creation, volatility | Carvana represents a disruptive e-commerce platform in the used auto market with industry-leading unit economics. The company has transformed from near-bankruptcy in 2022 to a high-quality secular growth story, demonstrating the power of purpose-built modern operating infrastructure that competitors cannot replicate. | BC PAY AMZN RH ELF RCL CCOI CVNA RH CCOI CVNA |
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| 2025 Q1 | May 14, 2025 | Recurve Capital | -13.0% | -13.0% | AMZN, BC, CCOI, CVNA, ELF, RCL, RH, W | consumer, growth, Luxury, tariffs, technology, uncertainty, volatility | The administration has launched a massive global tariff campaign utilizing executive branch emergency powers to unprecedented levels. The nature of these unilateral tariff policy changes, implemented with almost no notice, creates higher volatility and uncertainty. The fund has about 22% exposure to consumer goods companies with less than 20% direct tariff exposure, primarily through RH and ELF which have elevated exposure to China and Vietnam supply chains. | W CCOI RH |
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| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | ARCH, BJ, CNMD, CWAN, ELF, FOUR, GERN, GKOS, GLBE, HE, HIMS, INTA, ITCI, KVYO, PYCR, RBC, RKLB, TNC, VRNS, WIX | AI, Biotech, growth, small cap, stock selection, Trade Policy, volatility | The DeepSeek model architecture caused investors to question potential returns on investment and monetization of generative AI initiatives, leading to air coming out of the sector-crossing narrative and investment tailwind around generative AI. The combination of concerns around AI reporting precipitated a meaningful pullback in stocks. | GERN HIMS ARCH RKLB GKOS |
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| 2025 Q1 | Apr 23, 2025 | Polen Capital – U.S. Small Company Growth | -10.8% | -10.8% | AAON, AIT, BROS, ELF, EXLS, FOXF, GLOB, GSHD, MEDP, MODG, NSIT, PCTY, PGNY, RMBS, RVLV, TECH, TREX, WRBY, YETI | consumer discretionary, growth, Portfolio Management, Quality, small caps, tariffs, volatility | The first quarter was marked by heightened volatility due to concerns about the Trump administration's emerging trade policies and global tariff imposition. The managers stress-tested their businesses across various tariff policy scenarios and made portfolio adjustments, particularly exiting Consumer Discretionary positions vulnerable to tariff uncertainty. | TECH RVLV ELF GLOB GSHD EXLS BROS |
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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 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 | ||
| 2025 Q1 | Apr 22, 2025 | Polen Capital – Global SMID Company Growth | -5.0% | -5.0% | 8136.T, AXSB.NS, BAH, ELF, GLOB, GSHD, KLYJ.NS, SAIA, TTEK | Beauty, gaming, global, growth, international, Quality, small caps, SMID Cap | Polen Capital focuses on resilient businesses that can self-fund growth and execute across various economic backdrops. The quality growth investment style underperformed during the quarter as value outperformed growth. | SAIA KLYJ.NS ELF GLOB LOTTO.MI GSHD 8136.T |
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| 2025 Q1 | Apr 22, 2025 | Polen Capital – U.S. SMID Company Growth | -12.7% | -12.7% | ALGN, BAH, CRL, ELF, ENTG, ETSY, FIX, GLOB, GSHD, MANH, NSIT, PAYC, PGNY, RMBS, ROAD, RVLV, SAIA, TREX, WING, YETI | Construction, consumer discretionary, growth, Quality, SMID Cap, software, tariffs, volatility | Market volatility driven by Trump administration's tariff policies and trade uncertainty. Managers stress-testing portfolios across various tariff scenarios and exiting positions vulnerable to tariff impacts like Yeti and Align Technology due to China/Mexico manufacturing exposure. | MANH WING FIX ROAD SAIA |
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| 2026 Q1 | Apr 21, 2026 | Templeton & Phillips Capital Management | - | - | CNI, ELF | energy, geopolitics, LNG, oil, small caps, Trade Down, value, volatility | ELF CNI |
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| 2024 Q1 | Apr 15, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, BL, CCCS, ELF, ETSY, FIVE, FND, FRPT, HALO, IPGP, LSCC, MPWR, MYRG, PCOR, SAIA, SHLS, SMAR, TREX, VMI, WING | AI, Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software | Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart failed two additional indications in Q4, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH. The team maintains conviction in de-risked biotech assets with proven drugs and diversified pipelines. | View | |
| 2025 Q1 | Mar 31, 2025 | NCG Small Cap Growth Strategy | -13.0% | -13.0% | AGYS, ALHC, ATRO, BROS, CAVA, ELF, FLYW, FRPT, GLBE, INOD, IRTC, OS, PEGA, PEN, PYCR, QNST, SAIA, SDHC, SITM, VERX | earnings, growth, healthcare, industrials, policy, small cap, technology, Valuations | Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding small companies which are direct beneficiaries. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX | AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology | Trump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability. | ARES APP |
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| 2023 Q1 | Mar 31, 2023 | Driehaus Micro Cap Growth Strategy | 2.0% | 2.0% | AGYS, ELF, PI, TMDX, UBS, XENE | Banking Crisis, Fed policy, growth, healthcare, inflation, Micro Cap, Recession, technology | Regional bank failures including Silicon Valley Bank and Signature Bank created a banking crisis in March. The crisis was driven by concentrated deposit bases, uninsured deposits, and forced treasury sales at losses rather than credit quality issues. Emergency Fed measures including deposit guarantees and the Bank Term Funding Program helped restore stability. | 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% | AAPL, AMER, AMZN, BIRK, CFR.SW, ELF, GOOGL, HLN.L, ITX.MC, JD.L, META, NIKE, PAN.CO, PUMA.DE, SJP.L, TCOM, ZTS | Beauty, brands, consumer, global, Luxury, Travel | The luxury industry is in recession as the Covid boom has turned to bust, starting with a fall away in the US and European aspirational buyer, followed by a 30% fall in Chinese demand. Despite the downturn, Richemont's jewellery houses continue to grow while most other luxury houses saw declines. | View | |
| 2025 Q3 | Nov 8, 2025 | Baird Small/Mid Cap Growth Equity Fund | -3.2% | -9.6% | AAON, ADMA, AFRM, ALAB, BMI, BOOT, BRBR, BROS, BURL, BWXT, CASY, CAVA, CLWD, COCO, DKNG, ELF, EXAS, FDS, FOUR, FSS, HLI, INSM, INSP, IONQ, LII, MASI, MKTX, MTSI, NBIX, PEN, PODD, QBTS, RGTI, SOFI, TARS, TTAN, TWLO, TXRH, WAY, WING, WSO | AI, growth, healthcare, momentum, Quality, semiconductors, small cap, software | AI enthusiasm drove significant benchmark outperformance through semiconductor and infrastructure plays, with quantum computing stocks adding over 2% to benchmark weight despite extreme valuations. The market's insatiable desire for AI beneficiaries created meaningful factor headwinds for the portfolio. | View | |
| 2025 Q3 | Nov 24, 2025 | Recurve Capital | - | 14.6% | AMZN, BC.MI, CCOI, CVNA, ELF, KMX, PAY, RCL, RH | E-Commerce, growth, Luxury, opportunity, Portfolio Management, tariffs, Trade Policy | Carvana continues exceptional execution with over 45% year-over-year growth in September quarter, exiting above 50% unit growth. The company is rapidly expanding variable roles in reconditioning and local delivery, with job openings up 60% over six months, signaling strong growth intentions months ahead of third-party data. | View | |
| 2024 Q3 | Oct 23, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM | growth, healthcare, Quality, small cap, technology, volatility | The fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position. | View | |
| 2024 Q3 | Oct 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AIT, ALIT, BAH, BLD, CWAN, DOCS, ELF, FIVE, GSHD, HLNE, MKTX, MPWR, PGNY, POOL, REVL, RGEN, RH, SITM, TTEK, TYL | Concentration, earnings, growth, Quality, SMID Cap, value, volatility | elf Beauty represents a discount beauty company focused on cosmetics and skincare with impressive track record for growth, margins, and returns on capital. The company is uniquely positioned due to its reputation for quality, innovation, and prices well below other mass cosmetics brands, with significant room for growth in brand awareness, shelf space expansion, and international markets. | BAH AIT BLD ELF PGNY HLNE RVLV GSHD |
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| 2024 Q3 | Oct 18, 2024 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 8112.HK, ALIT, BLD, CWAN, ELF, EXLS, FEVR.L, FIVE, GSHD, KNSL, MPWR, PGNY, REVG, TECH, TME, TTEK | global, growth, portfolio, Quality, SMID Cap | Polen focuses on high-quality companies with solid fundamentals, competitive advantages, and strong business models. The managers emphasize their disciplined approach to selecting companies that meet high hurdles for growth and returns. They maintain conviction in their quality growth-oriented portfolio despite recent volatility. | 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 |
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| 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 Q4 | Jan 11, 2025 | Driehaus Micro Cap Growth Strategy | 0.5% | -32.9% | CLFD, ELF, PI, TMDX, XENE | Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps | Manager believes inflation will continue to fall as key drivers like excess money supply (M2 now negative year-over-year), excess savings, and supply chain issues have largely normalized. Fed policy response to inflation trajectory remains the key market driver. | View | |
| 2024 Q3 | Sep 30, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ADS, APPF, ARGX, CIGI, ELF, GWRE, HL, IBP, INTA, IRTC, LSCC, MKTX, MOD, ONON, ONTO, SN, SPT, SPXC, TYL, VCYT | AI, growth, healthcare, interest rates, Profit Cycle, small caps, technology | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They expect some volatility in AI-exposed stocks given relatively lofty expectations but are being disciplined on valuations. | 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 | AI, energy, financials, growth, healthcare, small cap, technology | The dramatic growth in AI infrastructure investment remains a dominant theme in the market. The team believes many of their holdings are well positioned to benefit from the hundreds of billions of dollars being invested by mega-cap tech companies. AI spending remains a bright area with promising opportunities to capitalize on this long-term, multi-year trend. | View | |
| 2024 Q2 | Jul 31, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS | AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology | AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets. | IDXX ELF |
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| 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 |
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| 2024 Q4 | Jan 23, 2025 | Deep Sail Capital Partners | 11.8% | 38.1% | ANET, ELF, IONQ, KRKNF, LCID, META, NVDA, QBTS, QMCO, QUBT, RIVN, RKLB, TSSI, VRT | AI, Bubble, growth, Robotics, Short Selling, small cap, technology | Manager discusses the emergence of a speculative AI and quantum computing bubble in late 2024, particularly following Google's Willow quantum chip announcement. The bubble has focused on lower-quality companies rather than established AI leaders like Nvidia, Meta, and Arista Networks, creating attractive short-selling opportunities. | SHEL.F VRT ELF TSSI RKLB PNG.TO |
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| 2024 Q4 | Jan 23, 2025 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 8112.T, ALIT, BLD, CWAN, ELF, EXLS, FEVR.L, FIVE, GSHD, KNSL, MPWR, PGNY, REVG, TECH, TME, TTEK | global, growth, Quality, SMID Cap, underperformance, volatility | Initiated position in elf Beauty, a cosmetics company with reputation for quality and innovation at considerably lower prices than other mass cosmetics brands. The company has robust growth potential with low brand awareness, expanding shelf space, growing product portfolio, and early international expansion opportunities. | View | |
| 2023 Q4 | Jan 17, 2024 | Driehaus Micro Cap Growth Strategy | 8.2% | 24.0% | CLFD, ELF, PI, TMDX, XENE | Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps | Manager extensively analyzes inflation drivers including excess money supply, savings, supply chains, and labor shortages. Believes inflation will continue to fall as M2 money supply turns negative, excess savings decline, and supply chains recover. Views falling inflation as key catalyst for equity market recovery. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 6, 2026 | Fund Letters | Templeton & Phillips Capital Management | e.l.f. Beauty | Household & Personal Products | Personal Products | Bull | New York Stock Exchange | acquisition, Affordable, Beauty, Consumer Discretionary, Cosmetics, innovation, market share, retail, small-cap | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | e.l.f. Beauty Inc. | Consumer Staples | Personal Products | Bull | NYSE | Beauty, China exposure, consumer staples, Cosmetics, manufacturing, Pricing power, supply chain, tariffs | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global SMID Company Growth | e.l.f. Beauty | Consumer Staples | Personal Care Products | Bull | NYSE | Beauty, Consumer Trade-Down, Cosmetics, market share gains, Price Advantage, US, Value Positioning | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Small Cap Growth Strategy | e.l.f. Beauty Inc | Consumer Staples | Personal Products | Bull | NYSE | clean beauty, direct-to-consumer, Legacy Brand Disruption, market share gains, Mass Cosmetics, Online Presence, Professional Quality, Value Positioning | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments All Cap Growth | e.l.f. Beauty | Consumer Staples | Personal Products | Bull | NYSE | Beauty, consumer staples, Cosmetics, growth, innovation, international expansion, Mass market, Skincare | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | e.l.f. Beauty Inc. | Consumer Staples | Personal Products | Bull | NYSE | Beauty, Consumer products, Cosmetics, direct-to-consumer, market share gains, Millennial Demographics, value proposition | View Pitch |
| Apr 13, 2026 | Fund Letters | Deep Sail Capital Partners | e.l.f. Beauty Inc. | Consumer Staples | Personal Products | Bull | NYSE | Beauty, consumer staples, Cosmetics, digital marketing, direct-to-consumer, High Growth, Mass retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | e.l.f. Beauty, Inc. | Consumer Staples | Personal Products | Bull | NYSE | Affordable Luxury, Beauty, Cosmetics, digital marketing, Gen Z, Millennial, Production Cycle, Viral Growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | elf Beauty | Consumer Staples | Personal Products | Bull | NYSE | 25% EPS Growth, Beauty, brand awareness, Cosmetics, Discount Pricing, international expansion, market share, Skincare | View Pitch |
| 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. | ||||||||