ESTC

ESTC

ESTC

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. Mid Cap Growth Strategy	4.8%	0.0%	APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN	AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology	GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers.		View
2023 Q4	Feb 7, 2024	Asheville Capital Management	-	23.4%	4480.T, 7060.T, API, AST.ST, BASIC.AS, ESTC, INPST.L, TPW.AX	E-Commerce, Europe, Fitness, global, ROIC, value	Temple & Webster represents a dominant Australian furniture e-commerce marketplace with significant market share consolidation opportunities. The company returned to strong growth with 26% first-half sales increase and 42% Q2 revenue growth despite industry headwinds. Long-term tailwind from underpenetration in Australian furniture e-commerce remains intact.	BFIT.AS TPW.AX	View
2022 Q3	Nov 30, 2022	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, CLBT, ESTC, HGTY, KKR, PAR, TDOC	-			View
2024 Q3	Sep 30, 2024	Artisan Global Discovery	7.6%	13.1%	0669.HK, ARGX, COHR, CWAN, EFX, ESTC, GALDA.SW, GWRE, GXI.DE, HUBB, IRTC, MPWR, MTSI, NZYM-B.CO, ONTO, PWR, SDZ.SW, TCOM, TREX, TTEK, TYL, VCYT, VEEV, WST	AI, global, growth, healthcare, industrials, SMID Cap, technology, water	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 are watching to see if large AI investments translate to productivity gains or competitive advantages.		View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR	catalysts, growth, long-term, small caps, SPACs, value	Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion.		View
2024 Q2	Jul 26, 2024	Deep Sail Capital Partners	13.8%	23.5%	ACHR, AFRM, ANET, ARM, BA, BA.L, CAVA, CREX, ESTC, KOG.OL, NVDA, OII, PNG.TO, SAAB-B.ST	defense, Long/Short, Robotics, small caps, technology, value	Kraken Robotics positioned to benefit from autonomous underwater vehicle demand from global navies. Anduril partnership for Dive-LD and Ghost Shark programs represents significant revenue opportunity. XL-AUVs being developed globally by defense contractors to replace submarines.	PNG.TO	View
2024 Q2	Jul 20, 2024	Artisan Global Discovery	7.6%	13.1%	AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING	AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology	AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand.		View
2023 Q1	Apr 17, 2023	SandbrooK Capital	6.0%	11.1%	AMZN, BILL, BOX, CFLT, CRM, CROX, CRWD, ESTC, ETSY, GOOS, HCP, HIMS, MSFT, NKE, RH, SNAP, SNOW, SPT, VRT, ZM	consumer, Long/Short, Macro, risk management, software, technology	Manager focused on large cap tech and growth software names, particularly beaten-up tech stocks in January. Positioned in CRM, CRWD, ZM, SNOW, BILL, AMZN, MSFT, and ESTC as top contributors. Also shorted tier 2 high growth software names where multiples had run above long-term averages.	SONO	View
2023 Q4	Feb 19, 2024	Bonsai Partners	0.0%	-3.3%	ESTC	long-term, Portfolio Management, software, technology, value		ESTC	View
2023 Q4	Jan 31, 2024	Deep Sail Capital Partners	13.8%	23.5%	ADYEN.AS, AFRM, CREX, ESTC, TOI.TO, VIT-B.ST	AI, Europe, Long/Short, Quality, small caps, Vertical Software	Manager discusses AI as a potential bubble scenario for 2024, similar to the Dotcom bubble, with technology and AI stocks reaching insane valuations. Elastic benefited from the rising generative AI trend in Q3 earnings.	VIT-B.ST	View
2022 Q4	Jan 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, CLAR, CLBT, ESTC, KKR, MGNT, PAR, PAT GR	-			View
2023 Q4	Jan 15, 2024	Vision Capital	0.0%	0.0%	0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS	AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology	Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation.	LULU AAPL\|MSFT\|NFLX\|NVDA\|UNH	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Bonsai Partners	Elastic N.V.	Information Technology	Systems Software	Bear	NYSE	AI, Database Software, network effects, Open Source, SaaS, Search Technology, Systems Software, Technology Disruption	View Pitch
Jan 22, 2026	Twitter / X	@JKeynesAlpha	Elastic N.V.	Information Technology	Application Software	Bull	New York Stock Exchange	Elastic, enterprise, Layer, MongoDB, Payments, Retrieval, Retrieval Layer, Search	View Pitch

BSD Shareholders of ESTC

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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