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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Forager International Shares Fund | 17.6% | 14.1% | 3769 JP, 4194 CN, 4733 JP, APG, CROX, FIX, FLUT, GLEN LN, JD/ LN, MTX GR, PSI CN, TKO, WISE LN, ZETA | contrarian, fundamentals, global value, valuation gaps, volatility | The commentary highlights global value opportunities outside crowded U.S. markets, with an emphasis on idiosyncratic situations and underfollowed companies. Management stresses patience and fundamental analysis as key to exploiting valuation gaps. Market volatility is viewed as a tailwind for disciplined value investors. | ZETA APG TKO FLUT MTX GR FIX WISE LN 4194 CN 4733 JP 3769 JP PSI CN |
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| 2025 Q2 | Jul 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, APH, AVGO, DT, FI, FIX, JBL, TMO | CashFlow, growth, innovation, largecap, moat | Large-cap growth remains attractive through companies with durable competitive advantages and visible cash-flow growth. Market volatility has created entry points in high-quality franchises with long runways. The strategy prioritizes sustainable growth over short-term macro forecasting. | DT TMO FI AAPL FIX AVGO |
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| 2025 Q2 | Jul 18, 2025 | Voya MidCap Opportunities Strategy | - | - | ALC SW, FIX, HOOD, KTOS, NET | AI, capital investment, growth, Mid Caps, profitability | The commentary focuses on mid-cap growth companies with superior capital investment, profitability, and attractive risk-reward profiles. Management highlights expanding market leadership beyond mega-cap stocks as a source of opportunity. AI-driven productivity gains and selective sector positioning underpin the strategys outlook. | View | |
| 2025 Q1 | May 22, 2025 | Artemis US Select Fund (Class I Accumulation Shares GBP) | -14.7% | -14.7% | AAPL, AVTR, CTVA, FIX, GOOG, SAIA, VMC, WST | - | View | ||
| 2025 Q1 | Apr 22, 2025 | Polen Capital – U.S. SMID Company Growth | -12.7% | -12.7% | ALGN, BAH, CRL, ELF, ETSY, FIX, FOXF, GLOB, GSHD, MANH, MODG, PGNY, ROAD, RVLV, SAIA, TECH, WING, YETI | - | 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 |
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| 2025 Q4 | Feb 25, 2026 | Lord Abbett Developing Growth Fund | 1.7% | 14.6% | BBIO, CELH, CRDO, CRS, FIX, GH, KTOS, LRN, MDGL, MOD, RDDT, RKLB, WGS | AI, growth, Health Care, industrials, innovation, small caps, technology | Generative artificial intelligence continues to provide markets an additional tailwind through productivity gains. Innovation is flourishing in pioneering Gen AI companies in semiconductors and software, as well as industrial companies enabling datacenter expansion and power infrastructure to support it. AI is also playing a role in the emerging defense and space technology sector. The defense and space technology sector is experiencing a positive inflection as a historically low growth area sees advancement in autonomous software and hardware systems. AI's role is particularly exciting in this emerging sector. Industrial companies are enabling datacenter expansion and power infrastructure to support the growing artificial intelligence infrastructure needs. Health Care sector contributed to relative performance, with significant allocations to precision oncology companies and pharmaceutical companies focused on specialized treatments. | View | |
| 2025 Q3 | Nov 11, 2025 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 9.6% | - | AAPL, ABBV, BE, FIX, TSLA, TXN, WDC | AI, Data centers, demand, infrastructure, semiconductors | The fund highlights accelerating momentum in AI-linked spending, with semiconductor and data-center demand driving results across several holdings. Strong revenue growth from companies supplying AI infrastructure reinforces the themes durability, though managers remain cautious about pockets of exuberance. AI continues to shape sector positioning, with selective exposure aimed at favorable risk-reward dynamics. | PH |
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| 2025 Q3 | Oct 9, 2025 | Forager International Shares Fund | 2.9% | - | 4194 JP, 5038 JP, CRH, FI, FIX, INCH LN, NUTX, ZEG LN | Digitization, Governance, Japan, Reform, SmallCaps | The letter highlights global small-cap recovery and portfolio success from data center exposure and Japanese digitization. Governance reform and buyback momentum in Japan create attractive tailwinds, while holdings like eWeLL and Visional capitalize on structural demographic and tech shifts. The fund emphasizes disciplined stock-picking amid rising valuations. | INCH LN VIS JP FI US ZEG LN CRH US FIX US |
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| 2025 Q3 | Oct 28, 2025 | Voya MidCap Opportunities Strategy | - | - | APP, FIX, KTOS, MLTX, TW, VRSK | Artificial Intelligence, Data centers, defense, infrastructure, Rate Cuts | The fund outperformed its benchmark on strong stock selection within industrials and technology. Contributors included Kratos Defense, Comfort Systems, and AppLovinbenefiting from defense modernization, data center expansion, and AI-driven digital advertising. Management expects continued market leadership expansion beyond megacaps as Fed rate cuts and global capex cycles sustain growth opportunities in AI infrastructure and defense sectors. | View | |
| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | APP, CTAS, FI, FIX, GOOG, IT, TPR, TW | AI, diversification, Large Caps, technology, valuation | U.S. large caps hit new highs as tech and AI continue to lead performance. Companies like Alphabet and AppLovin benefit from AI monetization, while investors face valuation concerns as mega-caps dominate indices. The managers emphasize diversification and quality growth selection amid elevated valuations. | View | |
| 2025 Q3 | Oct 16, 2025 | Brown Advisors Mid-Cap Growth strategy | 2.0% | 9.4% | ALNY, CAH, CMG, CVNA, DKNG, DXCM, FIG, FIX, MDB, NTSK, OS, PSN, RBLX, TTD, VRSK, WST, ZS | Artificial Intelligence, Biotechnology, cybersecurity, Data centers, healthcare | Brown Advisory sees strong tailwinds from AI and data center infrastructure fueling select mid-cap growth opportunities, including semiconductors, software, and cybersecurity. The fund also focuses on healthcare innovation, emphasizing biotech firms and specialty drug distributors benefiting from complex therapies and new technologies. It maintains a disciplined approach, trimming overvalued AI-exposed holdings and adding positions in emerging digital security and healthcare growth names. | CVNA NTSK PSN |
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| 2025 Q4 | Jan 21, 2026 | Renaissance Investment Management – Large Cap Growth | 0.0% | 0.0% | AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM | AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation | AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies. | NFLX AMAT GOOG |
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| 2025 Q4 | Jan 19, 2026 | Forager Australian Shares Fund | -1.9% | 24.8% | ARX.AX, BVS.AX, CAT.AX, CCL.AX, CRH, EML.AX, FISV, FIX, IEL.AX, INCH.L, INGA.AS, LNR.TO, MAH.AX, NUTX, NXT, NZX.NZ, OFX.AX, PLT.AX, PPS.AX, WISE.L, ZEG.L | Australia, dispersion, Mining, Quality, small caps, technology, Tourism, value | Small cap stocks significantly outperformed large caps in 2025, with the Small Ordinaries returning almost 25% versus 10% for the All Ordinaries. Small resources companies drove much of this outperformance with a 73% return, while small industrials delivered a more modest 9% return. Mining services investments like Macmahon benefited from enthusiasm for gold, silver and copper, with the company's share price almost doubling in 2025 after almost a decade of mediocre returns. New contracts for civil infrastructure acquisition Decmil position the company well for future revenue guidance. Australian tourism is finally showing signs of recovery with international arrivals hitting 97% of 2019 levels in recent months. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Tourism stocks remain very cheap on recovered earnings expectations. AI enthusiasm drove strong performance in tech-heavy indices, but also created concerns about software companies' competitive moats. The theory that AI diminishes software value through 'vibe coding' is one the manager is willing to bet against at the right price, particularly for established platforms with security and reliability advantages. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became problematic even for the best businesses, resulting in years of no returns while earnings catch up or significant derating if both earnings and multiples come into question. | MAH AU PLT AU OFX AU ARX AU |
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| 2025 Q4 | Jan 19, 2026 | Forager International Shares Fund | -2.0% | 15.0% | AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L | AI, global, Quality, small caps, technology, Travel, value | AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating. | ARX AU ZEG LN NXT NUTX FISV |
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| 2025 Q4 | Jan 15, 2026 | Alger Mid Cap Focus Fund | -3.4% | 15.0% | APH, BIIB, CVNA, FIX, FTI, NET, NTRA, RGEN | growth, healthcare, industrials, mid cap, technology | The letter emphasizes mid-cap growth investing driven by fundamental research and accelerating earnings momentum as market participation broadens beyond mega caps. AI-related capex, digitization, and productivity gains are cited as key secular tailwinds supporting revenue growth across industrials, healthcare, and technology. Growth is positioned to benefit as earnings durability, not valuation expansion, increasingly drives returns. | View | |
| 2025 Q4 | Jan 13, 2026 | Voya MidCap Opportunities Strategy | - | - | DLTR, DOCS, FIX, NTRA, RBLX, VERA | AI, consumer, growth, healthcare, industrials, mid cap, technology | AI remained a dominant theme with strong headlines around innovation and elevated capital investment by major technology firms. Increased spending on AI infrastructure and adoption trends reinforced optimism about its role as a key driver of future growth. AI-driven innovation is supporting the broadening of market leadership beyond mega-cap growth. Comfort Systems USA benefited from robust demand for data centers and AI-related infrastructure, with the company reporting stronger-than-expected revenue driven by this demand. | View | |
| 2023 Q1 | Sep 4, 2023 | Richie Capital Group | 12.2% | 0.0% | AMT, ATEN, FIX, MSCI, PERI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 8, 2026 | Fund Letters | Michael E. Schroer | Comfort Systems USA, Inc. | Industrials | Construction & Engineering | Bull | New York Stock Exchange | backlog, construction, Contracting, growth, HVAC, Margins | View Pitch |
| Dec 6, 2025 | Fund Letters | Steve Johnson | Comfort Systems USA, Inc. | Industrials | Engineering & Construction | Bull | NYSE | backlog, construction, Datacentres, HVAC, Margins | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Cyn Research | Comfort Systems USA | Industrials | Engineering & Construction | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mario Silva | Comfort Systems USA, Inc. | Industrials | Engineering & Construction | Neutral | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Leo Nelissen | Comfort Systems USA, Inc. | Industrials | Engineering & Construction | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||