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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 5, 2024 | Brown Capital Management Mid Company Fund | -7.9% | -3.1% | ALGN, CRL, FIVN, GWRE, NTRA, OMCL, PAYC, PODD, TDOC, VEEV | Biotechnology, growth, healthcare, Medical Devices, mid cap, software, technology | Charles River Laboratories, a pre-clinical contract research organization involved in 80% of FDA-approved drugs, is experiencing significant headwinds from higher interest rates curtailing capital market funding for biotech customers. Small and medium-sized biotech companies represent 40% of Charles River's client base and are most affected by the weaker funding environment, leading to consecutive quarterly revenue declines for the first time since 2008-2009. The manager believes this represents the worst capital-raising environment for biotech in at least five years. | NTRA FIVN CRL PODD GWRE |
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| 2025 Q2 | Aug 22, 2025 | Voss Value Fund | 1.0% | -6.3% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS, TWLO, VRNT | AI, cybersecurity, Long/Short, nuclear, small caps, sports betting, technology, value | AI presents both opportunities and threats across portfolio companies. Mega cap tech companies are pouring tens of billions into AI infrastructure with CapEx expected to reach $512B by 2027. Five9 faces AI disruption concerns in contact centers but is positioning as an AI winner through integration and automation capabilities. | FIVN ARE CN PRKS PHIN ECN CLBT GENI |
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| 2025 Q2 | Aug 22, 2025 | Voss Value Offshore Fund | 0.6% | -6.8% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS | AI, Concentration, Long/Short, nuclear, small caps, technology, undervalued, value | Manager discusses AI as both opportunity and threat across portfolio companies. Notes massive AI capex spending by mega-cap tech companies ($351B in 2025 to $512B in 2027) while expressing skepticism about returns. Views AI as creating narrative challenges for companies like Five9 where AI is perceived as existential threat to contact center software, but sees this as creating investment opportunity. | View | |
| 2026 Q1 | Apr 28, 2026 | Lazard Enhanced Opportunities Portfolio | - | - | AKAM, BILL, FIVN, IREN, ORCL, PGY | Convertibles, Data centers, energy, Middle East, software, technology, volatility | View | ||
| 2024 Q1 | Apr 15, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AXON, BFAM, CWST, DSGX, EXPO, FIVN, FSV, MRCY, NEOG, NOVT, PYCR, QTWO, RGEN, ROAD, ROL, SPSC, TFX, TREX, WK, WSO | growth, industrials, infrastructure, mid cap, small cap, software, technology, Waste management | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2024 Q1 | Apr 15, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NVDA, SMAR, SNAP, TWLO, UBER | AI, growth, large cap, Long/Short, Social Media, Streaming, technology | Performance was largely driven by AI hardware companies selling equipment into the AI space, with NVIDIA gaining 82% in the quarter. The artificial intelligence arms race kicked off by ChatGPT has generated tremendous demand for Nvidia's next generation graphic processors. The fund is excited about AI as a long-term trend and looks forward to valuation gains being more broadly spread through the AI ecosystem. | FIVN AAPL SNAP DIS META NVDA |
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| 2024 Q1 | Apr 15, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER | AI, growth, large cap, Social Media, Streaming, technology | AI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI. | NFLX UBER DIS META NVDA |
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| 2024 Q1 | Apr 15, 2024 | Wasatch Small Cap Growth Strategy | 7.6% | 7.6% | AGYS, CWAN, FIVN, HQY, MEDP, MSTR, NEOG, NVMI, SMCI, YETI | AI, fundamentals, growth, healthcare, semiconductors, small cap, technology | AI and technology broadly drove much of the market returns during Q1, with IT producing approximately half of the Russell 2000 Growth Index's total return. Wasatch has three main considerations regarding AI: avoiding companies whose business models will be materially disrupted, being attracted to companies that can use AI to strengthen competitive positions or reduce costs, and being interested in certain companies directly involved in AI while cognizant of potential asymmetric risks and unreasonable valuations. | AGYS FIVN CWAN YETI HQY NVMI MEDP |
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| 2023 Q4 | Dec 31, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ALGN, ANSS, CGNX, CPRT, CSGP, EXPO, FIVN, FTNT, HEI.A, IDXX, IT, JKHY, MTD, MTN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga focuses on higher-quality companies with durable competitive advantages, balance sheet strength, and capable management teams. The portfolio faced stylistic headwinds as low-quality, unprofitable businesses outperformed during the quarter, particularly after the October 27th market bottom. | View | |
| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb. | CLBT FLYW PRKS XPOF EEFT CVNA |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. | CLBT FLYW PRKS XPOF EEFT FIVN |
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| 2025 Q3 | Oct 28, 2025 | abrdn U.S. Small Cap Equity Fund | 5.1% | 8.3% | ANIP, DCO, EAT, FIVN, GPK, IAS, KBH, KN, KNSA, LGND, MTRN, NOG, QTWO, SMRT, SNEX, VERX, VIAV, WNS | Biotechnology, defense, infrastructure, Onshoring, Quality, small caps, US | The fund focuses exclusively on US small-cap stocks, with performance measured against the Russell 2000 Index. The manager remains optimistic about the long-term outlook for domestic small-cap stocks despite recent market turbulence. The strategy emphasizes higher-quality businesses that offer resilience to mitigate macroeconomic headwinds. | View | |
| 2024 Q3 | Oct 23, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, BFAM, CGNX, CWST, DSGX, EXPO, FIVN, FSV, GWRE, MSA, POOL, QTWO, ROAD, ROL, SITE, TREX, TYL, WSO, WST | growth, industrials, infrastructure, software, technology | The infrastructure spending in the United States has benefited companies like Construction Partners in two ways: the level of demand and funding available, and supply tightness in hot mixed asphalt plants leading to better pricing and expanding margins. | View | |
| 2024 Q3 | Oct 23, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ANSS, CPRT, CSGP, FIVN, FTNT, GWRE, HEI.A, IDXX, IT, PCOR, POOL, RGEN, ROL, ROP, TFX, TYL, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, software, technology | Fortinet led portfolio returns as the cybersecurity leader reported significant beats on billings and accelerating bookings growth, indicating the firewall product cycle may have turned positive. The company is managing inventory well and operating margins surprised to the upside. | View | |
| 2022 Q3 | Oct 10, 2022 | RiverPark Large Growth | 3.7% | 16.4% | BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY | - | View | ||
| 2023 Q3 | Sep 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER | AI, Cloud, growth, large cap, payments, Streaming, technology, Travel | AI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter. | SBUX PEP IMCD NA CLMT ALLY EQIX |
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| 2022 Q3 | Sep 30, 2022 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | BKNG, FIVN, INTU, V, WDAY | - | View | ||
| 2024 Q2 | Jun 30, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEN.AS, AMZN, DIS, FIVN, GOOGL, IGV, KMX, META, MSFT, NFLX, NVDA, SGRY, SHOP, UBER | AI, Cloud, growth, large cap, Long/Short, Media, technology | The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. | FIVN ADYEN DIS AAPL GOOGL NVDA |
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| 2024 Q2 | Jun 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, Streaming, technology | The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. | View | |
| 2024 Q2 | Jun 30, 2024 | abrdn U.S. Small Cap Equity Fund | -7.5% | -3.2% | ATKR, ATMU, BOOT, CORT, EAT, FIVN, FROG, HEES, ONTO, PRFT | AI, Fed, Quality, rates, small caps, technology, value | Small caps trade at a significant discount to large caps and are positioned to benefit from market broadening beyond the Magnificent Seven. Corporate balance sheets flush with cash often trigger M&A activity benefiting smaller companies. Higher quality small caps have structural advantages in elevated rate environments. | FROG ATMU CORT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | Five9, Inc. | Information Technology | Software | Bull | NASDAQ | Cloud software, Contact center, customer retention, Digital transformation, growth, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | Five9, Inc. | Information Technology | Application Software | Bull | NASDAQ | Application Software, Cloud computing, Contact center, Customer service, growth, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | Five9, Inc. | Information Technology | Software | Bull | NASDAQ | AI integration, Cloud software, contact centers, Customer Engagement, remote work, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management Mid Company Fund | Five9 | Software | Application Software | Bull | NASDAQ | AI integration, Cloud software, Contact center, E-commerce Growth, Enterprise Deals, Legacy Replacement, Revenue Per Seat, Seat-Based Model | View Pitch |
| Jan 8, 2026 | Fund Letters | Travis Cocke | Five9, Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Automation, Contactcenter, Margins, Software, valuation | View Pitch |
| Dec 9, 2025 | Substack | Sleepy Sol | Five9, Inc. | Information Technology | Software - Infrastructure | Neutral | cloud contact center, cloud migration, COVID-19 pandemic, Five9, growth potential, PBX systems, Stock decline, total addressable market, valuation, Zoom buyout | View Pitch | |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Five9 Inc | Information Technology | Systems Software | Bull | NASDAQ | Activism, AI, buybacks, cloud, Communications, consolidation, Margins, Software, Subscriptions, valuation | View Pitch |
| Sep 16, 2025 | Short Thesis | Bear Cave | Five9 Inc | Information Technology | Application Software (Cloud Contact Center) | Bear | NASDAQ | AI, Competition, Contact center, growth, SaaS | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Value Pendulum | Five9, Inc. | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $9.9M | 0.02% | 492,210 | -9,100 | -19.44% | 0.7596% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $14.1M | 0.02% | 702,408 | +99,277 | +16.46% | 1.0840% |
| Ray Dalio | Bridgewater Associates | $27.4B | $9.2M | 0.03% | 457,821 | +176,628 | +62.81% | 0.7066% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $6.0M | 0.01% | 298,537 | -354,300 | -54.27% | 0.4607% |
| Israel Englander | Millennium Management LLC | $233.2B | $5.4M | 0.00% | 268,338 | +147,713 | +122.46% | 0.4141% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $10.8M | 0.02% | 538,919 | +272,014 | +101.91% | 0.8317% |
| Cliff Asness | AQR Capital Management | $190.6B | $8.7M | 0.00% | 433,720 | +322,132 | +288.68% | 0.6684% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $56,782 | 0.00% | 2,832 | +323 | +12.87% | 0.0044% |