FICO

FICO

FICO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Edgewood Management	-1.2%	5.5%	ASML, BSX, FICO, ISRG, LLY, SNPS	Artificial Intelligence, earnings growth, Large Cap Growth, risk management, Semiconductor Equipment	The presentation emphasizes a concentrated 22-stock large cap growth portfolio with roughly 28% exposure to AI infrastructure buildout, supported by disciplined risk controls including an 8% position limit and 25% sector cap. As shown in the AI framework on page 10, holdings span infrastructure enablers like NVIDIA and ASML, proprietary data platforms such as ServiceNow and Intuit, and productivity beneficiaries including S&P Global and TransDigm. Despite Q3 underperformance versus benchmarks, management added capital personally and redeployed into high-conviction names, underscoring confidence in durable earnings growth and secular AI monetization.	BSX ISRG SNPS ASML LLY FICO	View
2025 Q2	Aug 27, 2025	Brown Advisory Large-Cap Growth Strategy	16.4%	7.6%	DKNG, FICO, MSFT, NFLX, NOW, NVDA, PGR, SPGI, UBER, WST, ZTS	fundamentals, Large Cap Growth, market leaders, Pricing Power, volatility	The commentary highlights resilient large-cap growth leaders with strong balance sheets and pricing power amid heightened volatility. Management stresses taking advantage of market dislocations to add high-quality businesses at better risk-reward levels. Growth leadership is expected to broaden beyond mega-cap concentration.		View
2025 Q2	Jul 22, 2025	Conestoga Mid Cap Composite	3.5%	4.5%	AAON, BSY, CPRT, FICO, GWRE, HEI, IDXX, MTD, NET, POOL, ROP, VEEV, WCN, WSO	Competitive Advantage, earnings, growth, Mid Caps, volatility	The commentary focuses on maintaining high-quality growth exposure despite macro-driven volatility. Management highlights the resilience of companies with strong competitive positions and long runways for earnings expansion. Mid-cap growth is positioned as a balance between scalability and valuation discipline.	MTD NET FICO AAON POOL ROP WSO WCN CPRT VEEV IDXX GWRE HEI.A BSY	View
2025 Q2	Jul 22, 2025	Conestoga SMid Cap Composite	5.0%	-1.0%	AXON, CWAN, EXPO, FICO, GWRE, HEI, MMSI, NEOG, POOL, RBC, ROAD, WSO	cash flow, fundamentals, growth, SMID Caps, valuation	The letter emphasizes disciplined growth investing amid tariff uncertainty and rapid market rebounds. While narrow leadership hurt short-term performance, management remains focused on companies with scalable business models and consistent cash generation. SMid-cap growth is viewed as attractive as valuation gaps persist.	RBC GWRE AXON ROAD	View
2025 Q2	Jun 30, 2025	Edgewood Management	15.9%	6.8%	AVGO, BSX, FICO	Artificial Intelligence, earnings growth, Large Cap Growth, Portfolio Concentration, Stored Alpha	The Q4 2025 update underscores a concentrated 22-stock large-cap growth portfolio with disciplined risk controls, including 28% position sizing and a 25% sector cap, designed to navigate elevated index concentration tied to AI infrastructure leaders. Portfolio earnings growth remained strong, with 1Q3Q 2025 YoY EPS growth ranging from 2529%, reinforcing management's view that "stored alpha" exists where fundamentals outpace stock performance. New additions such as Axon and Amphenol expand exposure to AI-enabled public safety software and interconnect infrastructure, positioning the portfolio for durable secular growth into 2026.	FICO AVGO	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 Q4	Feb 4, 2026	Baron Asset Fund	7.9%	8.2%	ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL	AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology	The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market.		View
2025 Q4	Feb 3, 2026	Fidelity Growth Strategies Fund	-3.4%	12.6%	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026.	IDXX AXON LITE ATI COHR	View
2025 Q4	Feb 18, 2026	Baron FinTech Fund	-2.2%	0.9%	FICO, GWRE, HOOD, JKHY, MELI, MS, NEPT, SPGI	Bank Deregulation, Capital markets, Financial Software, FinTech Growth, Payments Infrastructure	The fund converted to an ETF structure while maintaining its growth-oriented strategy focused on financial and financial-related companies leveraging technology and data to compound earnings. Performance lagged traditional Financials due to underweight exposure to banks but benefited from stock selection in Information Services and Capital Markets, with holdings such as Fair Isaac and S&P Global contributing positively. The outlook remains constructive given easing monetary policy, resilient credit trends, capital markets strength, and deregulation tailwinds supporting banks, exchanges, and advisory franchises.	NEPT MS GWRE MELI HOOD FICO JKHY SPGI	View
2025 Q4	Dec 31, 2025	Edgewood Management	1.5%	7.0%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, Quality, semiconductors, software, technology	AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends.	APH AXON	View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CCCS, FICO, IT, JBT, MSA, PYCR, ROAD, SITE, SSD, STVN, TREX, WST	-			View
2023 Q4	Dec 1, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	ABC LN, FICO, INSP, IPAR	-			View
2025 Q3	Nov 13, 2025	Baron FinTech Fund	-4.4%	3.0%	COF, FDS, FICO, HOOD, IBKR, LPLA, MORN, SHOP, TW, VRSK	AI, analytics, Data, Fintech, software	AI optimism fueled equity strength, shaping valuations, sector rotations, and risk appetite across fintech and software. Managers highlighted both perceived AI threats to incumbents and the long-run efficiency and product expansion opportunities AI enables. AI remains a dominant catalyst influencing earnings expectations, sentiment, and capital deployment.	COF FICO SHOP CN IBKR HOOD	View
2024 Q3	Oct 7, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	ASGTF, CSGP, EYE, FICO, MEDP	-			View
2025 Q3	Oct 19, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, AXON, DXCM, FICO, INSM, MDB, MPWR, TTD, WING, WYNN	Artificial Intelligence, Biotech, Data centers, industrials, reshoring	The fund notes accelerating AI investment as a major market driver, with companies like Monolithic Power Systems and MongoDB benefiting from demand for data center and software growth. Healthcare remains a focus as biotech valuations reset and M&A revives, while industrials gain from AI infrastructure buildout and aerospace recovery. Managers see cyclical tailwinds in energy and manufacturing tied to reshoring and fiscal support.	MDB US INSM US ALNY US WYNN US MPWR US	View
2025 Q3	Oct 16, 2025	Brown Advisory Large-Cap Growth Strategy	-0.9%	6.5%	CDNS, FICO, GOOG, INTU, IOT, ISRG, MRVL, NFLX, NVDA, TTD, WDAY, WST	Artificial Intelligence, Large Caps, quality growth, semiconductors, software	The letter discusses how AI-driven enthusiasm has concentrated market returns among a few Magnificent Seven stocks, raising valuation risks. Brown Advisory focuses on owning durable growth companies that integrate AI productively while avoiding speculative momentum plays. The strategy emphasizes quality growth, diversification, and resilience across technology, industrials, and healthcare sectors.		View
2022 Q4	Oct 2, 2023	Headwaters Capital Management, LLC	8.8%	21.4%	CABO, FICO, ICFI, NOTV	-			View
2025 Q4	Jan 9, 2026	The Bristlemoon Global Fund	-6.2%	0.0%	ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER	AI, growth, Housing, Restaurants, semiconductors, software, technology, value	The fund has benefited from AI winners like AppLovin, which applies machine learning to improve ad algorithms with 72% revenue growth and 89% EBITDA growth. The manager views AI as creating opportunities through the Jevons paradox, where lower content creation costs increase demand for editing tools like Adobe. PAR Technology is positioned as an AI beneficiary through its unified platform strategy enabling Coach AI functionality. ASML is highlighted as a monopoly in the semiconductor industry during an AI boom. The manager outlined bear case arguments and explained why they were misguided, with the stock appreciating from €600 to over €900 per share in a quarter as other investors agreed with their thesis. The fund holds multiple software positions including PAR Technology, Adobe, and others. PAR is viewed as benefiting from restaurant technology consolidation, with potential McDonald's partnership validation. Adobe is seen as an AI beneficiary rather than victim, trading at 15x earnings despite double-digit revenue growth. PAR Technology represents a play on restaurant technology consolidation, with potential tier-1 client wins including McDonald's. The manager believes even large tech-forward restaurants are realizing POS software is too complex to maintain internally, favoring best-of-breed vendors like PAR with unified platform strategies. Floor & Decor represents a category killer business model in hard surface flooring with 75,000 square foot warehouse stores carrying 2,350+ SKUs versus 630-680 at competitors. The company has grown comparable store sales at 11% annually over 14 years, with strong unit economics and store rollout potential to 500 locations. The manager extensively analyzes mortgage rate dynamics affecting Floor & Decor's housing-dependent business. They expect mortgage spread normalization from current 300+ basis points back toward historical 168 basis point average, potentially reducing rates to 5.5-6.0% range and unlocking housing transaction velocity.	FND 215A JP BCG LN ADBE PAR ASML NA	View
2025 Q4	Jan 26, 2026	Brown Advisory Large-Cap Growth Strategy	-4.4%	1.8%	AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS	AI, Cloud, growth, large cap, semiconductors, software, technology	AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms.	ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG	View
2025 Q4	Jan 26, 2026	Brown Advisors Mid-Cap Growth strategy	-4.7%	12.5%	AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform.		View
2025 Q4	Jan 22, 2026	GCQ Flagship Fund	0.0%	2.0%	CFR.SW, FICO, GOOGL, HEMN.ST, MC.PA, NFLX	AI, Monopolies, Quality, real estate, Sweden, value	The fund focuses on high-quality businesses with durable competitive advantages, monopolies and oligopolies, and irreplaceable brands. Quality stocks underperformed in 2025 but the manager believes the long-term advantages of investing in durable, high-quality, cash-generating businesses remains unchanged. The broader market's strength in 2025 was driven by large stocks exposed to the AI thematic. Many AI companies do not pass the fund's quality checklist. The manager expects both market excitement for AI and fears of AI-related disruption will eventually subside. Hemnet operates the dominant real estate advertising portal in Sweden with approximately 90% market share. The Swedish housing market has experienced declining transaction volumes due to rising interest rates and changes in lending practices for bridging loans.	HEM.ST	View
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	View
2025 Q4	Jan 12, 2026	Akre Focus Fund	-2.8%	1.2%	ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V	AI, Concentration, ETF, Quality, software, value	The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process.		View
2024 Q3	Sep 30, 2024	Baron Asset Fund	8.3%	10.6%	COO, CSGP, DUOL, DXCM, FICO, GWRE, IT, SCHW, VRSK, WELL, WST	-			View
2024 Q3	Sep 30, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	AXON, CELH, CRWD, DXCM, ENTG, FICO, GEV, SNPS, VST, WAB	-			View
2023 Q3	Sep 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CSWI, CWAN, CWST, FICO, GGG, GWRE, MMSI, NOVT, OMCL, RGEN, ROAD, ROL	-			View
2024 Q2	Jul 31, 2024	PGIM Jennison Global Opportunities Fund	2.0%	23.0%	AAPL, AMD, AVGO, DIS, ETN, FICO, LLY, MC FP, MDB, NVDA, NVO	-			View
2024 Q2	Jul 27, 2024	Baron Asset Fund	8.3%	10.6%	ARCH, CSGP, FICO, GWRE, IT, MNT, VMC, VRSK	-			View
2024 Q2	Jun 30, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	EXPO, FICO, GWRE, HEI, POOL, RGEN, SITE, STVN, TREX, TYL	-			View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, EXPO, FICO, GGG, MRCY, PLOW, RBC, RGEN, SPSC, TREX, WSO	-			View
2023 Q1	May 23, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CWAN, FICO, JKHY, LSPD, PLOW, TECH, WSR	-			View
2022 Q4	Mar 2, 2023	Baron Asset Fund	8.3%	10.6%	ACGLN, AZPN, FICO, FIS, HUBS, ICLR, IDXX, IT, MTD, RIVN, TTD, WIX, WST, ZI	-			View
2023 Q4	Jan 27, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, FICO, IDXX, IT, TRU, WST	-			View
2022 Q4	Jan 3, 2023	Richie Capital Group	12.2%	0.0%	FICO, PERI, RELL	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Alan Breed	Fair Isaac Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	buybacks, credit scoring, Mortgage Volumes, network effects, Pricing power, Regulatory risk	View Pitch
Feb 26, 2026	Fund Letters	Alan Breed	Fair Isaac Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	analytics, credit scoring, market share, Mortgage, Pricing power, recurring revenue, Regulation	View Pitch
Feb 21, 2026	Fund Letters	Josh Saltman	Fair Isaac Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	analytics, credit scoring, Licensing, Mortgage, Pricing power	View Pitch
Feb 4, 2026	Twitter / X	@DimitryNakhla	Fair Isaac Corporation	Information Technology	Application Software	Bull	NYSE	Creditscores, Freecashflow, Housing, Lending, Mortgage, Pricingpower, Refinancing, Software, Tollbooth	View Pitch
Jan 28, 2026	Fund Letters	KEN STUZI	Fair Isaac Corp.	Information Technology	Application Software	Bull	New York Stock Exchange	analytics, credit scoring, Pricing power, Regulation, Software	View Pitch
Dec 5, 2025	Fund Letters	Derek Johnston	Fair Isaac Corporation	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	analytics, Credit, Moats, Scoring, Software	View Pitch
Nov 29, 2025	Fund Letters	Brian Yacktman	Fair Isaac Corporation	Information Technology	Application Software	Bull	NYSE	—	View Pitch
Nov 29, 2025	Fund Letters	Josh Saltman	Fair Isaac Corporation	Information Technology	Credit scoring & decision analytics software	Bull	NYSE	analytics, buybacks, Credit, Moats, Pricing power, Regulation, Scoring, Software	View Pitch

BSD Shareholders of FICO

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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