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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 17, 2025 | Harding Loevner Global Small Companies | 10.6% | 7.2% | 4395.T, 4527.T, 6566.T, ALO.PA, CKN.L, CYBR, DPLM.L, ELAN, ENS, G24.DE, GLOB, HPG.HM, MAXF.NS, RGA, RPLY.MI, SNR.L | AI, cybersecurity, global, innovation, IT Services, small caps, technology | AI adoption is accelerating across industries with companies investing in AI tools to strengthen competitive advantages. Small companies are leveraging AI for productivity gains and new service offerings, with some achieving meaningful cost savings and operational improvements. | CYBR GLOB |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.5% | -4.5% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | Facilities Management, real estate, small cap, tariffs, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The firm welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Large Cap | -2.1% | -2.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | healthcare, large cap, real estate, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price to value ratios across all strategies. | SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.1% | -4.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Asset Management, real estate, tariffs, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The manager welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | SW PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -6.0% | -6.0% | ABT, AM, AMZN, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Cloud, concentrated, large cap, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price-to-value ratios across all strategies. | SODEXO.PA SWKS PRG ITRN ISS JLL TPG SWK MEDP |
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| 2024 Q1 | Apr 18, 2024 | Liberty Park Capital Management | -4.1% | -4.1% | ASPN, BELFB, BLN.TO, COHR, ENS, ENVX, HEES, HQI, INTT, ITI, KRNT, LMB, LUNA, NVEE, POWL, PWFL, RELL, SWIM, TGLS, TWI | Industrial, Long/Short, small caps, technology, value | Markets rallied to start the year thanks to AI enthusiasm, with AI-related transceivers at Coherent growing over 100% quarter-over-quarter. However, AI enthusiasm has moderated as the fund moved into Q2 2024. | BLN.TO LUNA |
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| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | 6588.T, AAON, ALLE, ATKR, BWA, CYBR, ELAN, ENDV.L, ENS, FIVE, MBUU, MGPI, NEM.DE, OLLI, PFV.DE, RGA, RUB.PA, SWAV, XPEL, YOU.L | AI, cybersecurity, global, Japan, semiconductors, small caps, technology, value | Generative AI represents a powerful wave that has gained tremendous momentum since ChatGPT's launch. The world spent around $50B on AI-enabling chips in 2023, with forecasts ranging from $100B to over $400B in coming years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain through semiconductor manufacturing equipment. | CYBR PFEV.DE |
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| 2024 Q4 | Dec 31, 2024 | Prosper Stars & Stripes | 2.6% | 11.7% | ALGM, BE, BELFB, BIRK, CCB, ENS, FTAI, KNF, MIR, NCNO, ORION, PACK, PKX, PRTY, RGLD, SRAD, STAA, TALEN, TEKK | healthcare, industrials, Long/Short, mid cap, small cap, technology | View | ||
| 2024 Q3 | Oct 31, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AUR, BLN.TO, CGNX, CLAR, CLW, ENS, ENVX, ETD, GTLS, HQI, INTT, ITI, KRNT, LMB, MEG, NVEE, SWIM, THRY, XMTR, YOU | Election, Long/Short, Manufacturing, Rate Cuts, small caps, technology | Small cap equities were prime beneficiaries of the risk-on sentiment shift following Fed rate cuts and Trump assassination attempt. The fund focuses on small cap investments with Russell 2000 benchmark and weighted average market cap of $1.4 billion for Select Opportunities portfolio. | XMTR |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner Global Small Companies | 0.9% | 8.1% | 4587.T, 4975.T, 6383.T, 6869.T, 9962.T, 9988.HK, ALFA.ST, ALGN, ALLE, AMBU.CO, APPF, ATE.PA, BCHN.SW, BCPC, BESI.AS, BRN.DE, CKN.L, COO, CPA, CRDA.L, DIA.MI, DPLM.L, ELAN, ENS, EPAM, EVO.DE, EXPO, FELE, FN, FPE.DE, GLOB, HPG.HM, KXS.TO, LEHN.SW, NBIX, NEM.DE, PEN, PFV.DE, RAT.DE, RPY.MI, RUB.PA, SNR.L, SPSC, TECN.SW, TOM.OL, VAISALA.HE, WTS, ZEU.DE | AI, global, healthcare, momentum, Quality, small caps, value | The portfolio targets durable sources of return through quality, growth, and value, emphasizing steady, lower-beta businesses with strong fundamentals over higher-beta momentum plays. Quality companies in the benchmark underperformed lowest quality by more than 1,200 basis points during the quarter. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | AAON, AAPL, ADTC, ALLE, AMBU.CO, APPF, ATKR, BWA, CGNX, CYBR, DISO.MI, DPLO, ELANCO, ENS, EXPO, FIVE, GLOB, GWRE, HP, IPGP, KXS.TO, LAZ, LOB, LPRO, NCRX, OLLI, PEN, RGA, ROLL, SPLS, WTS, XPEL | AI, Consumer Staples, global, healthcare, industrials, small caps, technology | Artificial intelligence may have profound effects on plenty of industries and companies, but what it won't change are the human needs and desires underpinning demand for food and health-related products. The technology may change the way food and health-care businesses operate, but the demand that fuels their growth is less likely to be affected. | View | |
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | ENS, FWRD, ISS DC, MEDP, VIP GR | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, CSGP, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS | AI, Cloud, free cash flow, large cap, payments, technology, value | Amazon's AWS continues to show strong customer pipeline despite growth deceleration, with significant technology workloads remaining on-premise. Microsoft drives digital cloud growth and benefits from AI wave while generating operating leverage. The managers remain confident in long-term cloud assumptions. | CHKP. ELV ENS PRG MEDP SFR DNB ^GSPC SSNC FISV |
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| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS | AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value | AWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | AAPL, ACN, AMZN, ATKR, BECG.DE, BWA, ENS, FIVE, GOOGL, IBM, KWS.L, LLY, MSFT, OLLI, PFE, PLUS, RHHBY, RMV.L, XPEL, YOUGV.L | AI, barriers to entry, competition, global, Quality, small caps, technology | Global small caps underperformed large caps due to fewer AI-related stocks in the segment. The portfolio focuses on high-quality small companies with competitive advantages in growing, profitable niches that can withstand competition from larger, well-funded competitors. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | EnerSys | Industrials | Electrical Components & Equipment | Bull | NYSE | backup power, energy storage, Grid modernization, industrial batteries, Recovery Play | View Pitch |
| Jan 24, 2026 | Fund Letters | Josef Lakonishok | EnerSys | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | Batteries, buybacks, cashflow, Energy systems, Margins | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $4.5M | 0.01% | 30,966 | +18,007 | +138.95% | 0.0707% |
| Ray Dalio | Bridgewater Associates | $27.4B | $6.9M | 0.03% | 47,074 | +44,513 | +1738.11% | 0.1074% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $257,693 | 0.00% | 1,756 | -5,387 | -75.42% | 0.0040% |
| Israel Englander | Millennium Management LLC | $233.2B | $32.7M | 0.01% | 222,699 | -334,072 | -60.00% | 0.5083% |
| Jeremy Grantham | GMO LLC | $39.1B | $12.5M | 0.03% | 85,373 | -11,968 | -12.29% | 0.1949% |
| Cliff Asness | AQR Capital Management | $190.6B | $82.0M | 0.04% | 558,896 | -93,232 | -14.30% | 1.2757% |