EME

EME

EME

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ASND, BMBL, EME, ESAB, FIVE, FND, FROG, GLBE, IAS, KRYS, MTN, NICE IT, ONTO, SMAR, SWAV, VC, WNS	-			View
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS	-			View
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, EHC, EME, ESTC, FIVE, HXL, IBKR, LEGN, NICE IT, ORLY, RNR, SMAR, SWAV, VRSK, WCN	-			View
2025 Q1	Mar 31, 2025	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	2.2%	2.2%	BJ, COR, CRWD, EME, IT, ORLY, TPG, VRSK, WCN	-			View
2025 Q1	Mar 31, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-3.5%	-3.5%	ALL, BC, BJ, COR, EME, FICO, FROG, HOOD, HXL, INSM, IT, ITCI, ORLY, TER, TPG, VRSK, WCN	-			View
2025 Q3	Oct 27, 2025	Horizon Kinetics	-	-	ALS CN, EME, LB, MSB, SJT, TRC, WBI	gold, inflation, Natural Gas, Scarcity, water	The letter explored localized inflation as a defining macro theme, driven by constrained supply in resources like gold, potash, and natural gas. Horizon Kinetics expects scarcity investing to dominate the next decade as datacenter power demand and water scarcity reshape capital flows. The firm favors asset-light royalty models in commodities, water, and energy infrastructure, anticipating compounding returns from inflation-hedged income streams.	MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	3.8%	-	APH, BJ, CTAS, CWRD, EME, IT, MLM, ORLY, VRSK	AI, Automation, consumer, growth, industrials	AI investment remains a dominant but maturing theme, with rising skepticism about sustainability. The fund highlights strong performance in industrial automation and select consumer names benefiting from cyclical recovery.		View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	-3.8%	13.9%	APH, COR, CRS, CYBR, EME, HUBS, IBKR, LNG, ORLY, PANW, PFGC, TPG, VEEV, VRSK	defense, energy, financials, growth, healthcare, industrials, mid cap, technology	The portfolio initiated a position in Karman Holdings, a missile systems design and manufacturing specialist. The company is well-positioned as a vital picks-and-shovels provider in the defense and commercial space industries, supporting defense stockpile replenishment, commercial satellite constellation expansion, and major Department of Defense investments in hypersonic and air defense systems. The manager anticipates a significant acceleration in AI adoption as 2026 unfolds. This represents a key forward-looking catalyst that could drive investment opportunities across the technology sector. The manager is currently awaiting a Supreme Court decision on the Trump Administration's tariffs and expects potential pivots toward alternative trade enforcement frameworks. The implementation of the One Big Beautiful Bill is projected to drive higher consumer tax refunds and catalyze corporate capital spending. The portfolio holds CyberArk Software, an access security solutions provider, which reported strong third quarter results. The stock is closely linked to Palo Alto Networks following its acquisition offer, demonstrating the consolidation dynamics in the cybersecurity sector.	HUBS APH KRMN VEEV IBKR	View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-4.7%	9.4%	ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV	AI, consumer, financials, growth, healthcare, industrials, mid cap, technology	Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook.	AMAT AXON PINS TTWO	View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, PLNT, PRA, TMCI, VERX	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ALGM, BJ, DRVN, EME, GFL, HLNE, HQY, INSP, MODG, MTSI, PHR, PLNT, STVN, TPG	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Oct 23, 2025	Value Investors Club	althea	EMCOR Group Inc.	Industrials	Construction & Engineering	Bear	NYSE	data center, Margin mean reversion, tariffs	View Pitch

BSD Shareholders of EME

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.

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