FICO Archives

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%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG SNPS ASML LLY FICO	View
2024 Q3	Sep 30, 2024	Baron FinTech Fund	12.5%	16.8%	ACGL, APO, BLK, EFX, ENDV, FICO, FIS, GWRE, INTU, KKR, LPLA, MA, MELI, PGR, PRI, RPAY, SCHW, SPGI, TRU, TWFG, V	Capital markets, Financial Services, Fintech, growth, insurance, payments, software, technology	The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Sixteen holdings have risen more than 30% this year, representing 42% of net assets, operating across consumer credit, enterprise software, insurance, asset management, payments, and brokerage sectors.	PRI TWFG GWRE MELI FICO	View
2023 Q3	Sep 30, 2023	Baron FinTech Fund	1.1%	11.5%	ACGL, ACN, ADYEY, APO, CME, EFX, FICO, FIS, GPN, HLI, IBKR, INTU, LPLA, MA, MELI, MKTX, MORN, MSCI, NCNO, PGR, SPGI, SQ, TW, V	Capital markets, Fintech, growth, payments, software, technology	The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Many fintech stocks have already gone through their own version of a recession with multiples near decade lows, but outlooks are more promising due to cost restructuring and focus on profitability.	ACGL MORN CARTRADE.NS INTU APO	View
2023 Q3	Sep 30, 2023	YCG Investment	-	-	AAPL, AMZN, COST, DIS, FICO, GOOGL, INTU, MCO, RACE, RMS.PA, SPGI, WMT	global, Networks, Pricing Power, Quality, ROIC, value	YCG focuses on owning a diverse collection of global champions with dominant networks, conservative balance sheets, and ownership-minded management teams. They believe high-quality businesses have historically outperformed during economic downturns and earned market-beating returns with less risk due to behavioral biases that create a boredom discount on quality stocks.		View
2023 Q3	Sep 30, 2023	Nixon Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through investments in custom silicon and networking equipment for AI datacenter buildouts.	FICO AVGO BSX	View
2025 Q2	Aug 7, 2025	Fidelity Growth Strategies Fund	22.7%	12.9%	ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.	HOOD AXON	View
2025 Q2	Aug 7, 2025	Wellington Management	9.5%	7.3%	1810.HK, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP.TO, SPOT, TSM, VRTX	AI, Cloud, E-Commerce, gaming, global, growth, semiconductors, technology	The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is anticipated to benefit from its latest AI model, Gemini 2.0.		View
2025 Q2	Aug 27, 2025	Brown Advisory Large-Cap Growth Strategy	16.4%	7.6%	AAPL, AMZN, AVGO, COST, CTAS, DKNG, FICO, META, MRVL, MSFT, NFLX, NOW, NVDA, PGR, SPGI, TDG, TTD, UBER, WST, ZTS	AI, growth, large cap, Performance, Streaming, technology, volatility	AI infrastructure stocks experienced volatility in Q1 2025 but rebounded strongly in Q2. NVIDIA recovered after production complexities with Blackwell chips, while The Trade Desk's AI-powered advertising platform reached 65% client adoption. AI demand remains strong with improving production of next-generation chips.	FICO DKNG TTD NFLX	View
2025 Q2	Aug 27, 2025	Brown Advisors Mid-Cap Growth strategy	15.8%	7.2%	AJG, CSGP, EFX, ENTG, FICO, FIX, GWRE, HLT, LNG, MRVL, NET, OII, PINS, RBLX, TECH, VOYG, VRT, VST, WCN, WST	AI, Data centers, defense, energy, growth, mid cap, semiconductors, technology	AI-exposed stocks that were hit disproportionately following the DeepSeek news in the first three months of the year bounced the hardest in the second quarter. Three of the top-five contributors during the quarter benefited from that recovery. Cloudflare stands to benefit meaningfully from the rise of modern application development in fast-growing sectors like AI.	VOYG FIX NET	View
2025 Q2	Aug 11, 2025	Baron FinTech Fund	9.2%	7.7%	ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK	Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility	The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects.		View
2025 Q2	Jul 29, 2025	Baron Asset Fund	7.8%	4.6%	ACGL, APH, COO, CSGP, DKNG, FICO, GRMN, GWRE, IDXX, IOT, LPLA, MSCI, MT, PCOR, PWR, ROP, SCHW, TECH, VRSK, WST	growth, healthcare, industrials, Long Term, mid cap, Quality, software, technology	AI-related investments drove significant market momentum during the quarter, with data center infrastructure and AI-enabled software platforms benefiting from increased capital spending. The Fund's holdings like Amphenol gained from AI-driven data center demand, while Samsara leverages AI to help companies optimize operations and prevent accidents.	LPLA SAMS	View
2025 Q2	Jul 27, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. Current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO WING AXON TTD MPWR MDB INSM ALNY WYNN RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR	View
2025 Q2	Jul 21, 2025	Biondo Investment Advisors	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has identified encouraging signs that AI is beginning to broaden to the proprietary data and application layer beyond just infrastructure. Their AI framework spans infrastructure enablement, proprietary data applications, and productivity enhancements across portfolio companies.	BSX ISRG SNPS ASML FICO LLY	View
2023 Q2	Jul 14, 2023	WestEnd Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in companies benefiting from AI datacenter buildouts and custom silicon demand.	FICO AVGO BSX ET LLY AI AMD NVDA	View
2025 Q2	Jun 30, 2025	YCG Investment	-	-	AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK	Network Effects, Pricing Power, Quality, regulation, tariffs, value	YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns.	FICO AAPL	View
2025 Q2	Jun 30, 2025	Edgewood Management	15.9%	6.8%	ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. Broadcom is positioned to benefit from the $250B+ AI chip market through custom silicon and networking equipment for AI datacenter buildouts. NVIDIA continues to drive AI compute with strong performance in the quarter.	FICO AVGO BSX FICO AVGO	View
2024 Q2	Jun 30, 2024	Baron FinTech Fund	-2.3%	3.8%	ACGL, APO, EFX, FI, FICO, GPN, GWRE, HLI, IBKR, INTU, KKR, MA, MCO, MELI, PGR, SPGI, SQ, TW, V, VRSK, WISE.L	AI, Capital markets, Financial Services, Fintech, growth, private credit, technology	The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Information Services, Payments, Enterprise Software, Capital Markets, E-Commerce, and Digital IT Services. Despite sector underperformance relative to broader markets, fintech fundamentals remain strong with mid-teens earnings growth across the fund.		View
2024 Q2	Jun 30, 2024	YCG Investment	-	-	AMZN, CME, EFX, EL, EXPN.L, FICO, GOOGL, MCO, MSCI, NKE, PGR, TRU	credit, financials, Networks, Pricing Power, Quality, value	FICO owns the dominant credit scoring algorithm used by 90% of large U.S. lenders and 95% of consumer credit securitizations. The company benefits from network effects and institutional risk aversion that create barriers to competition. FICO has significant untapped pricing power, having kept mortgage division prices flat for nearly 30 years until 2018.	FICO	View
2023 Q2	Jun 30, 2023	Baron FinTech Fund	5.3%	10.3%	ACN, APO, BLK, CSGP, FI, FICO, INTU, LPLA, MA, MELI, MKTX, MSCI, NU, PGR, SHOP, SPGI, TW, V	AI, Banking, Capital markets, Fintech, payments, private credit, software, technology	Network International received takeover offers and was acquired by Brookfield for $2.8 billion. Visa announced acquisition of Brazilian company Pismo for $1 billion. M&A activity picking up in payments sector with valuations at attractive levels.		View
2023 Q2	Jun 30, 2023	Fortress – Caribbean Growth Fund	-0.1%	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2026 Q1	May 6, 2026	Fidelity Growth Strategies Fund	-3.2%	-3.2%	COHR, FICO, FIX, MTZ, STRL, VRT	AI, Data centers, growth, industrials, infrastructure, mid cap, technology			View
2026 Q1	Apr 8, 2026	ClearBridge Investments Large Cap Growth Strategy	-	-	ALNY, ASML, BX, COST, CRM, EQIX, ETN, FICO, GWW, INTU, LIN, MSFT, NFLX, ORCL, PYPL, RHHBY, RTX, SHW, TSM, TXN	AI, Biotechnology, defense, growth, industrials, large cap, semiconductors, technology		PYPL CRM ALNY ROG.SW TXN	View
2026 Q1	Apr 25, 2026	Edgewood Management	-13.3%	-13.3%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SNPS, SPOT, VRTX	AI, earnings, growth, large cap, semiconductors, software, technology, Valuations			View
2025 Q1	Apr 21, 2025	Biondo Investment Advisors	-	-	ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is expected to grow substantially, with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over the medium term.	FICO AVGO BSX	View
2026 Q1	Apr 15, 2026	Brown Advisors Mid-Cap Growth strategy	-9.0%	-9.0%	AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS	AI, energy, growth, industrials, mid cap, software, technology		GH FTAI ANDG RDDT TOST GWRE	View
2026 Q1	Apr 15, 2026	The Bristlemoon Global Fund	-25.5%	-25.5%	APP, CSU.TO, DG, FICO, FND, GOOGL, GRDR, NOW, PAR, WDS.AX	Advertising, AI, E-Commerce, gaming, growth, software, technology, volatility			View
2024 Q1	Apr 15, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, ANSYS, CSGP, DAY, FDS, FICO, GWRE, HLT, IDXX, IT, MTD, PCOR, ROP, SPOT, TECH, TTD, VEEV, VRSK, VRSN	growth, healthcare, industrials, Long Term, mid cap, software, technology	The market has been focused on a narrow group of companies perceived to be AI beneficiaries. Many of Baron's holdings are well positioned to utilize AI to expand their product offerings and competitive differentiation, increase their growth rate and reduce their cost structure. Gartner is expected to emerge as a key decision support resource for every company evaluating AI opportunities and risks.	SPOT PCOR	View
2023 Q1	Apr 13, 2023	LVS Advisory – Growth	8.1%	8.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2024 Q1	Apr 11, 2024	Regency Wealth Management	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, Cloud, growth, healthcare, large cap, semiconductors, technology	Edgewood maintains a comprehensive AI framework spanning infrastructure, proprietary data applications, and productivity enhancements. The firm sees AI broadening beyond infrastructure to applications and productivity layers, with 28% of the portfolio in AI infrastructure buildout companies.		View
2026 Q1	Mar 31, 2026	Akre Focus Fund	-19.4%	-19.4%	BN, CCCS, CPRT, CRM, CSGP, CSU.TO, FICO, KKR, LVMUY, MA, MCO, NOW, ORLY, ROP, TOI.TO, V	AI, Concentration, private credit, Quality, software, valuation		BN KKR CSU.TO	View
2025 Q1	Mar 31, 2025	Baron Asset Fund	-3.0%	-3.0%	ACGL, CSGP, DKNG, FICO, GWRE, H, IDEXX, IT, MTD, ONON, ROP, SAIL, SCHW, SPACEX, SPOT, TECH, TTD, VRSK, VRT, WST	AI, Data centers, growth, insurance, mid cap, tariffs, technology	The fund holds X.AI Holdings Corp., which is developing an AI model to understand the true nature of the universe. xAI launched Grok 3, demonstrating elevated user engagement and top scores in evaluation tests, surpassing other industry-leading AI models. The company operates the world's largest coherent training center with over 100,000 GPUs.	DKNG VRT VRSK GDWR	View
2025 Q1	Mar 31, 2025	Baron FinTech Fund	-1.4%	-1.4%	ACGL, APO, CME, FI, FICO, GLOB, GWRE, HOOD, KKR, LPLA, MA, MELI, MORN, PGR, PRI, SCHW, SPGI, SQ, TW, V	Capital markets, E-Commerce, Fintech, insurance, payments, software, trading	Strong performance from global payment networks Visa and Mastercard driven by accelerating payment volumes and defensive business models. Payment companies benefit from fee-based revenue tied to nominal payment volumes, providing protection against inflationary pressures.	TTAN HOOD SQ APO KKR TW PGR MELI	View
2025 Q1	Mar 31, 2025	Fidelity Growth Strategies Fund	-8.0%	-8.0%	AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX	aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy	Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets.		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, JNJ, ORLY, ROST, TER, TPG, VRSK, WCN	consumer, financials, growth, healthcare, industrials, mid cap, technology, Trade Policy	China's DeepSeek AI model announcement in January created concerns about reductions in massive AI infrastructure spending, weighing on semiconductors and related industries. Corporate IT buyers showed more moderate spending though with resilience expected for AI and cybersecurity. The wider creation or adoption of GenAI applications for businesses is expected to generate greater activity volumes for companies like JFrog.		View
2024 Q1	Mar 31, 2024	Baron FinTech Fund	6.3%	6.3%	ACGL, APO, BLK, ENDV, FDS, FI, FICO, GLOB, INTA, INTU, JKHY, KINS, MA, MELI, NU, PGR, SPGI, TW, V, WEX	digital transformation, Enterprise, Financial Services, Fintech, insurance, payments, software, technology	The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Payments, Capital Markets, and Information Services. Digital transformation of financial services remains a large, multi-decade growth opportunity despite near-term cyclical headwinds in IT spending.	GLOB ENDV APO NU PGR	View
2024 Q1	Mar 31, 2024	YCG Investment	-	-	EL, FICO, MCO, NKE	Behavioral, Conservative, Diversified, Networks, Pricing Power, Quality	YCG focuses on high-quality businesses that can maintain or increase future returns on capital. They believe high-quality businesses are likely to outperform the stock market based on their study of historical investment drivers. The strategy centers on owning a diversified collection of high-quality companies with strong profitability and conservative leverage.		View
2023 Q1	Mar 31, 2023	Baron FinTech Fund	4.8%	4.8%	ACN, APO, BILL, CME, ENDV.L, FICO, GWRE, IBKR, INTU, LPLA, MA, MELI, MKTX, MSCI, PGR, SCHW, SPGI, TW, V, WEX	AI, Banking, Financial Services, Fintech, payments, software, technology	The Fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Payments, Information Services, Tech-Enabled Financials, and Enterprise Software. Private market valuations for fintech companies are starting to catch up to steep drops in public markets, with reduced private capital investment expected to temper competitive intensity and increase profitability for publicly traded incumbents.		View
2023 Q1	Mar 31, 2023	Airlie Small Companies Fund	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2023 Q1	Mar 31, 2023	Fortress – Caribbean Growth Fund	3.1%	3.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is estimated at $250B+ with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over medium term with four new unnamed customers expanding AI revenue opportunity.	FICO AVGO BSX	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%	APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V	AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology	Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property.	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
2024 Q4	Dec 31, 2024	Baron FinTech Fund	5.2%	22.9%	ACGL, APO, FI, FICO, GWRE, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, NU, PGR, PRI, SPGI, TTAN, TW, V, WISE.L	Capital markets, Digital Banking, Financial Services, Fintech, growth, payments, software, technology	The fund focuses on fintech companies at the intersection of financial services and technology, benefiting from secular trends including growing demand for data, electronification of capital markets, shift to electronic payments, rise of e-commerce, and digital transformation across financial institutions. These trends continue to drive digitization of the financial sector.		View
2024 Q4	Dec 31, 2024	YCG Investment	-	-	AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA	AI, diversification, global, Luxury, Quality, technology	The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders.		View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, CCCS, CWST, DSGX, EXPO, FICO, FSV, IT, JBT, MSA, MTN, PYCR, RBC, ROAD, ROL, SITE, SPSC, SSD, STVN, TREX, WSO, WST	growth, healthcare, industrials, Quality, small cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for maintenance and capacity increase related road projects, which benefits companies like Construction Partners in the Southeast United States. This has led to strong backlog growth for 12 consecutive quarters.		View
2023 Q4	Dec 31, 2023	Nixon Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering Infrastructure & Enablement, Proprietary Data/Applications, and Productivity categories. They see encouraging signs that AI is beginning to broaden beyond infrastructure to proprietary data and application layers.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2023 Q4	Dec 1, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	ABCM, DHR, FICO, INSP, IPAR	Beauty, Concentration, Fragrance, growth, small cap, value	Manager believes small cap stocks are poised to lead the market over the next five years, trading at the cheapest absolute and relative multiple to large caps in decades. Profitable small cap stocks are trading at the cheapest relative multiple to large caps since 2000, with historical precedent showing 55% cumulative outperformance over 6 years from similar starting points.	IPAR	View
2025 Q3	Nov 8, 2025	Baron Asset Fund	-4.3%	0.1%	ACGL, ALNY, APH, CHH, COIN, COR, CSGP, DAY, DKNG, DUOL, FDS, FICO, FND, GWRE, IDXX, IT, LOAR, MORN, MPWR, MTD, NET, ONON, PLTR, PWR, RBLX, STUB, VRSK, VRT, VST	aerospace, AI, growth, mid cap, Quality, technology, underperformance, valuation	The Fund discusses AI as a primary driver of market strength and data center capital spending growth. AI is creating both opportunities and challenges, with companies seeking guidance on AI risks and opportunities. The Fund believes AI should provide a tailwind for research companies like Gartner as businesses need help understanding AI implications.	STUB	View
2025 Q3	Nov 5, 2025	PGIM Jennison Global Opportunities Fund	5.3%	9.8%	1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX	AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology	The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI expected to drive meaningful revenue growth.		View
2025 Q3	Nov 13, 2025	Baron FinTech Fund	-4.4%	3.0%	COF, FDS, FICO, GWRE, HLI, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, MORN, NU, PGR, SHOP, SPGI, TW, V, VRSK	AI, Capital markets, credit, financials, Fintech, payments, technology	The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Tech-Enabled Financials represented 29.3% of net assets, with the fund maintaining overweight positions in this category relative to the benchmark.	COF FICO SHOP CN IBKR HOOD	View
2024 Q3	Oct 7, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	ASGTF, CLMB, EYE, FICO, MEDP	Biotechnology, Buybacks, Commercial real estate, mid cap, Rate Cuts, small caps, software	Manager discusses small cap outperformance potential following Fed rate cuts, noting historical patterns where small caps benefit from easing cycles. Cheap valuations and faster earnings growth outlook for 2025 support continued outperformance opportunity.	ASGTF	View
2025 Q3	Oct 28, 2025	Fidelity Growth Strategies Fund	3.3%	16.7%	ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.		View
2025 Q3	Oct 24, 2025	Wellington Management	8.1%	16.0%	1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX	AI, E-Commerce, gaming, global, growth, semiconductors, technology	The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is expected to benefit from its latest AI model, Gemini 2.0.		View
2025 Q3	Oct 22, 2025	Easterly – Global Real Estate Fund	-2.9%	8.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026.		View
2024 Q3	Oct 20, 2024	Lindsell Train	2.9%	9.3%	ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, ORCL, PYPL, SPGI, TKO, TROW, V	Asset Management, Concentration, dividends, financials, technology, value	T. Rowe Price represents the only asset manager holding in the portfolio, facing industry headwinds from the shift to passive investing and fee pressures. Despite these challenges, the manager believes T. Rowe's scale, brand strength, and US equity expertise position it well for long-term resilience and potential double-digit shareholder returns.	TROW	View
2025 Q3	Oct 19, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, defense, growth, healthcare, mid cap, Natural Gas, technology, Travel	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see potential inflection in earnings growth fueled by AI-driven margin expansion. Companies with exposure to the buildout of AI data centers have performed remarkably well in 2025 as hyperscalers have revised capital expenditure plans significantly higher.	MDB US INSM US ALNY US WYNN US MPWR US	View
2025 Q3	Oct 16, 2025	Platinum International Brands Fund	1.0%	-	0700.HK, ALLFG.L, AMER, BIRK, FICO, GALDA.SW, GOOGL, HD, ITX.MC, STJ.L, WWW, ZTS	AI, brands, consumer, Footwear, global, growth, Quality	The broader market's momentum was overwhelmingly propelled by the AI theme, specifically stocks building-out AI data centres. Semiconductor companies, the picks and shovels in this modern gold rush, were particularly strong. The market is mesmerised by a narrative around AI's massive growth potential.	WWW UN AS BIRK LX	View
2025 Q3	Oct 16, 2025	Brown Advisory Large-Cap Growth Strategy	-0.9%	6.5%	AAPL, AMZN, CDNS, CSGP, FICO, GNRC, GOOG, GOOGL, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, TTD, WDAY, WST	AI, Cloud, growth, large cap, Quality, semiconductors, software, technology	The market became increasingly concentrated around the AI theme, driving a sharp rebound in growth indices. Brown Advisory has meaningful AI exposure through three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies well-positioned within the AI ecosystem or leveraging AI for competitive advantage.		View
2023 Q3	Oct 13, 2023	WestEnd Capital	-1.1%	30.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY PWR	View
2025 Q3	Oct 10, 2025	The Bristlemoon Global Fund	5.0%	-	AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V	AI, global, Long/Short, Quality, semiconductors, software, technology	The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools.	PAR UN SNPS US GOOGL US ASML NA	View
2025 Q3	Oct 10, 2025	Akre Focus Fund	-3.4%	3.9%	BN, CSGP, CSU.TO, FICO, KKR, MA, MC.PA, MCO, ORLY, ROP, TOI.TO, V	AI, Compounding, ETF Conversion, software, tax efficiency, technology, Vertical Markets	The fund addresses concerns about AI disruption to vertical market software companies, particularly through AI-native competitors using large language models. However, they believe Constellation Software can navigate this technological shift due to customer intimacy and access to the same AI tools as competitors.	CSU CN	View
2025 Q3	Oct 1, 2025	ClearBridge Investments Large Cap Growth Strategy	-	-	AAPL, ACN, AIR.PA, AVGO, CMG, COST, CRM, DDOG, FICO, GOOGL, INTU, ISRG, LLY, MA, MSFT, NFLX, NSC, NVO, ORCL, PH, PLTR, RTX, SBUX, TSM, UNH, UNP, VRTX, WDAY, ZTS	AI, Cloud, cyclicals, growth, healthcare, large cap, technology	The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners including cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The managers are adding new AI-indexed growth ideas in a disciplined way rather than chasing momentum.	VRTX US DDOG US ORCL US	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
2023 Q4	Jan 4, 2024	Regency Wealth Management	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Quality, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in semiconductor and technology companies benefiting from AI datacenter buildouts and custom silicon demand.	FICO AVGO BSX	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%	ACGL, COO, CSGP, DUOL, DXCM, FDS, FICO, GWRE, ICON, IDXX, IT, LPLA, MTD, ROP, SCHW, TRU, VMC, VRSK, WELL, WST	growth, healthcare, mid cap, rates, real estate, software, technology	Gartner positioned to emerge as key resource for companies evaluating AI opportunities and risks on their business. This should provide tailwind to Gartner's volume growth and pricing realization over time. Duolingo's AI tier (Max) allows users to have real-time conversations with AI-based characters.		View
2024 Q3	Sep 30, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ARES, AXON, BKR, CELH, COR, CRWD, DXCM, ENTG, FICO, GEV, GWW, RBA, RCL, ROST, SNPS, TTD, VST, WAB, WCN	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	The dramatic growth in AI infrastructure investment remains a dominant theme in the market, with hundreds of billions being invested by mega-cap tech companies. The fund holds positions well positioned to benefit from this trend, though managers remain vigilant of potential drawdown risks in AI winners.	ENTG SNPS CRWD CELH DXCM WAB FICO VST AXON GEV	View
2024 Q3	Sep 30, 2024	Fidelity Growth Strategies Fund	6.3%	17.9%	AMP, AXON, COH, CRWD, DOXY, DPZ, ENTG, FICO, GWW, HWM, IDXX, IT, MPWR, ODFL, PLTR, RMD, TDG, TTD, VST, WFRD	AI, growth, healthcare, industrials, Mid-cap, technology, Utilities	The fund discusses AI's impact across multiple sectors, particularly noting Palantir's Artificial Intelligence Platform offering driving strong growth. The manager anticipates AI-related movement expanding across mid-caps beyond current concentration in industrials and utilities. AI-capable data centers are expected to drive demand for industrial companies.		View
2024 Q3	Sep 30, 2024	PGIM Jennison Global Opportunities Fund	2.0%	23.0%	AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA	AI, consumer, global, growth, healthcare, technology	Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments.		View
2023 Q3	Sep 30, 2023	Baron Asset Fund	8.3%	10.6%	ACGL, ANSYS, AXON, AZPN, BAH, CSGP, FDS, FICO, GWRE, IDXX, ILMN, IT, MKTX, MORN, MTD, MTN, ONON, PWR, SBAC, VRSK, ZI	analytics, growth, insurance, mid cap, software, technology	The fund benefits from cloud-based software implementations, particularly through Guidewire's 17 deals for cloud software with Tier 1 insurance carriers. Cloud adoption continues to drive growth for portfolio companies.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ONON ACGL ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2023 Q3	Sep 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	ALTR, AZTA, CSWI, CWAN, CWST, DGII, FICO, HLIO, MLAB, MODN, NOVT, NRC, OMCL, PRO, RGEN, ROAD, SPSC, SSD, TRNS, VERX	growth, healthcare, industrials, Quality, small cap, technology	Conestoga emphasizes profitable companies with lower debt levels relative to benchmarks, which they believe positions their strategies for outperformance in an economy facing higher interest rates and potential recession. Higher-quality companies enjoyed stronger relative performance in the third quarter.		View
2023 Q3	Sep 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CSWI, CWAN, CWST, DSGX, EXPO, FICO, FSV, GGG, GWRE, MMSI, NOVT, OMCL, POOL, RGEN, ROAD, ROL, SPSC, WSO	growth, healthcare, infrastructure, Quality, small cap, technology	Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus positioned their strategies for outperformance in an environment facing higher interest rates and potential recession.	NSTG AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU OMCL CSWI	View
2024 Q2	Jul 27, 2024	Baron Asset Fund	8.3%	10.6%	AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN	AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology	The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025.	VMC XAI FICO GWRE VRSK	View
2023 Q2	Jul 27, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, they note current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING AXON ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	View
2024 Q2	Jun 30, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	CWST, DH, DSGX, EXPO, FICO, FSV, GWRE, HEI.A, POOL, RBC, RGEN, ROAD, ROL, SITE, SPXC, STVN, TREX, TYL, WSO	consumer discretionary, growth, healthcare, small caps, software, technology	Software industry holdings outperformed despite perceived shift in spending to AI-related hardware. Tyler Technologies reported strong results with recurring revenues now at 84% of revenue. Guidewire Software showed acceleration in subscription software growth to 35%.		View
2024 Q2	Jun 30, 2024	Lindsell Train	2.9%	9.3%	ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, NKE, ORCL, PYPL, SPGI, TKO, V, VRSK	AI, Athleisure, Concentration, consumer discretionary, large cap, North America, technology, valuation	Adobe's AI capabilities are expanding their addressable market by bringing in more users while upselling existing ones. The company has been able to monetize its AI investments, which is only possible for businesses with differentiated products and genuine moats. Adobe credits AI with assisting and amplifying human ingenuity and enhancing productivity.	NKE ADBE	View
2023 Q2	Jun 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAPL, AXON, BL, DSGX, FICO, FOXF, FSS, LMAT, MLAB, MRCY, MSFT, NOVT, PYCR, RBC, ROAD, SITE, SPSC, SSD, TREX, WSO	growth, industrials, Performance, small cap, technology	Investor enthusiasm for Artificial Intelligence drove performance of seven large technology stocks that were responsible for nearly all of the S&P 500's return in the first six months of 2023. The portfolio suffered from lack of exposure to the computer hardware industry which was up almost 75% over three months.		View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AAPL, AXON, BFAM, CWAN, CWST, DSGX, EXPO, FICO, GGG, GWRE, MRCY, MSFT, PYCR, RBC, RGEN, ROL, SITE, SPSC, TREX, WSO	consumer discretionary, growth, industrials, SMID Cap, technology, Utilities	SPS Commerce benefits from secular growth in the digitization of ecommerce and maintains a steady, durable business model that has remained resilient in a slower macroeconomic environment. The company highlights that historically they have only seen about a 1% drag on revenue growth from macro slowdowns.		View
2023 Q1	May 23, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CWAN, CWST, DSGX, EVI, EXPO, FICO, FSV, JKHY, LSPD, NOVT, PLOW, RBC, RGEN, ROL, SPSC, TECH, WSO, WST	Banking, growth, healthcare, Quality, small cap, software, technology	The strategy benefited from a market rotation into quality-growth companies with higher multiples, particularly within software, which had underperformed cheaper stocks throughout much of 2022 because of the sharp rise in interest rates. Companies with stronger balance sheets, positive cash flows, and more sustainable growth rates may be preferred given banking sector pressures.		View
2023 Q1	Mar 31, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Data centers, defense, growth, healthcare, mid cap, Natural Gas, technology	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see a potential inflection in earnings growth fueled by AI-driven margin expansion. However, they recognize that current lofty multiples of many AI infrastructure stocks imply a strong growth trajectory for the next several years and leave little margin for error.	ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	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
2024 Q4	Jan 29, 2025	Baron Asset Fund	-0.1%	10.5%	ACGL, ANSYS, AXON, AZPN, CDW, CSGP, DAY, FICO, GWRE, ICLR, IDXX, IT, MTD, MTN, PCOR, ROP, SCHW, TTAN, VRSK, WELL	growth, healthcare, industrials, Long Term, mid cap, Quality, technology	The fund discusses AI through its investment in X.AI Corp, founded by Elon Musk, which has developed the Grok AI model that has achieved impressive results compared to established AI models. The company operates the Colossus data center with over 100,000 GPUs, making it the largest coherent training center globally. The upcoming Grok 3 release is expected to significantly improve capabilities and expand monetization strategies.	STTN	View
2023 Q4	Jan 27, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, ANSYS, AXON, BIRK, CHH, CSGP, DXCM, FDS, FICO, GWRE, IDXX, IT, MTD, MTN, PWR, TRU, VEEV, VRSK, WST	Diagnostics, growth, healthcare, industrials, mid cap, software, technology	Gartner positioned to emerge as critical decision support resource for companies contemplating AI opportunities and risks. Expected to provide tailwind to volume growth and pricing realization over time.	BIRK	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
Apr 28, 2026	Fund Letters	WestEnd Capital	Fair Isaac Corp.	Software & Services	Application Software	Bull	NYSE	analytics software, Auto finance, credit scoring, financial services, growth, Moat, Mortgage, Pricing power, Regulatory risk	View Pitch
Apr 28, 2026	Fund Letters	Nixon Capital	Fair Isaac Corp.	Software & Services	Application Software	Bull	NYSE	analytics software, automotive, credit scoring, financial services, Fintech, Mortgage, Regulatory, SaaS	View Pitch
Apr 28, 2026	Fund Letters	Regency Wealth Management	Fair Isaac Corp.	Software	Application Software	Bull	NYSE	auto loans, Consumer credit, credit scoring, Financial Analytics, Mortgage, Pricing power, recurring revenue, Regulatory Moat, share repurchases	View Pitch
Apr 28, 2026	Fund Letters	Nixon Capital	Fair Isaac Corp.	Software	Application Software	Bull	NYSE	analytics, Consumer credit, credit scoring, financial software, Mortgage, Pricing power, recurring revenue, Regulatory Moat	View Pitch
Apr 28, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Fair Isaac	Information Technology	Software	Bull	NYSE	analytics software, credit scoring, Data Monetization, financial services, Regulatory Challenge, stock buyback	View Pitch
Apr 27, 2026	Fund Letters	WestEnd Capital	Fair Isaac Corp.	Software	Application Software	Bull	NYSE	Auto lending, credit scoring, financial software, Mortgage, recurring revenue, Regulatory Moat, risk management, royalty model, turnaround, Value	View Pitch
Apr 27, 2026	Fund Letters	Fortress - Caribbean Growth Fund	Fair Isaac Corp.	Software & Services	Application Software	Bull	NYSE	analytics, credit scoring, Fintech, growth, Monopoly, recurring revenue, Software	View Pitch
Apr 27, 2026	Fund Letters	LVS Advisory - Growth	Fair Isaac Corp.	Software & Services	Application Software	Bull	NYSE	analytics, credit scoring, financial services, Fintech, Monopoly, recurring revenue, Software	View Pitch
Apr 27, 2026	Fund Letters	Airlie Small Companies Fund	Fair Isaac Corp.	Software & Services	Application Software	Bull	NYSE	analytics, Consumer credit, credit scoring, Fintech, Mortgage, SaaS, Software	View Pitch
Apr 27, 2026	Fund Letters	Fortress - Caribbean Growth Fund	Fair Isaac Corp.	Software	Application Software	Bull	NYSE	Consumer credit, credit scoring, Financial Analytics, Mortgage, Pricing power, Regulatory Moat, royalty model, share repurchases	View Pitch
Apr 13, 2026	Fund Letters	YCG Investment	Fair Isaac Corporation	Software	Application Software	Bull	NYSE	Consumer credit, credit scoring, Data Analytics, financial services, Monopoly, Mortgage, network effects, Pricing power, Regulatory risk	View Pitch
Apr 13, 2026	Fund Letters	Brown Advisory Large-Cap Growth Strategy	Fair Isaac Corporation	Information Technology	Application Software	Bull	NYSE	analytics, credit scoring, financial services, Fintech, Lending, Mortgage, risk assessment, Software	View Pitch
Apr 13, 2026	Fund Letters	Baron Asset Fund	Fair Isaac Corporation	Information Technology	Application Software	Bull	NYSE	consumer behavior, credit scoring, Data Analytics, Earnings Compounder, interest rate sensitivity, Regulatory risk, software business	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Fair Isaac	Information Technology	Application Software	Bull	NYSE	analytics software, credit scoring, Data Monetization, Equity, FICO Score, financial services, Regulatory Challenge	View Pitch
Apr 13, 2026	Fund Letters	Edgewood Management	Fair Isaac Corp.	Software	Application Software	Bull	NYSE	auto loans, capital return, Consumer credit, credit scoring, Financial Analytics, Mortgage, Pricing power, Regulatory Moat, risk management, royalty model	View Pitch
Apr 13, 2026	Fund Letters	YCG Investment	Fair Isaac Corporation	Software & Services	Application Software	Bull	NYSE	credit scoring, financial services, Institutional Risk Aversion, Monopolistic, mortgage market, network effects, Pricing power, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Biondo Investment Advisors	Fair Isaac Corp.	Software	Application Software	Bull	NYSE	Consumer credit, credit scoring, Financial Analytics, GSE, Mortgage, network effects, Pricing power, Regulatory Moat, royalty model, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	Biondo Investment Advisors	Fair Isaac Corp.	Software & Services	Application Software	Bull	NYSE	analytics, Consumer credit, credit scoring, Fintech, growth, Mortgage, Software	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Fair Isaac Corp	Information Technology	Application Software	Bull	NYSE	credit scoring, Data Management, Decision Analytics, financial services, Interest rates, Mortgage Activity, Predictive analytics, Software	View Pitch
Apr 13, 2026	Fund Letters	Baron FinTech Fund	Fair Isaac Corporation	Software & Services	Application Software	Bull	NYSE	credit scoring, Data Analytics, FICO Scores, Financial Services Technology, Interest Rate Sensitive, Mortgage Originations, Software	View Pitch
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.

FICO

FICO

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of FICO

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