FN

FN

FN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 21, 2025	Wasatch Long/Short Alpha Fund	0.5%	-	FN, GWRE, HQY, INSP, NSA, RKLB, SG, SKY	Defensive, Long/Short, Quality, valuation		HQY GWRE INSP NSA SKY	View
2025 Q2	Jul 21, 2025	Wasatch Small Cap Growth Strategy	-	-	AGYS, BRBR, CWAN, FN, GSHD, NVMI	earnings momentum, free cash flow, growth, Quality, small cap	The strategy emphasizes high-quality small-cap growth companies with proven earnings momentum. Short-term headwinds from tariffs and speculative trading masked underlying business strength. Long-term confidence remains anchored in fundamentals and free cash flow generation.	GSHD	View
2025 Q2	Jul 18, 2025	Invesco Discovery Fund	17.2%	3.0%	AAON, CLS CN, CRS, CWAN, DUOL, ESE, EXLS, FLS, FN, INSP, SG	AI investment, earnings, growth, industrial renewal, stock selection	The letter underscores confidence in US growth driven by AI investment, industrial renewal, and improving earnings visibility. Management emphasizes stock selection within industrials and technology as the primary return driver rather than macro forecasting. The outlook favors premier growth compounders with durable competitive positions.		View
2025 Q4	Feb 8, 2026	BlackRock Science And Technology Term Trust	1.5%	0.0%	ATE, CIEN, CLS, CRDO, FN, LITE, NVDA, TSEM	AI, Cloud, growth, infrastructure, private equity, semiconductors, technology	AI investment is expanding beyond infrastructure-heavy phase toward scaled adoption at the application layer. Current AI infrastructure investment is driven by rollout of newer Blackwell-class GPUs and ramp-up in compute capacity by hyperscalers and sovereign governments. The Trust seeks companies with strong AI monetization strategies and durable competitive moats. Technology sector supported by sustained investment in cloud and data center infrastructure. Accelerating cloud infrastructure spending is driving robust AI-driven demand. National AI and cloud initiatives have been matching or exceeding the scale of traditional hyperscaler investments. Strong demand for advanced semiconductors driven by AI infrastructure rollout and compute capacity expansion. Semiconductor companies in the portfolio benefited from strong earnings momentum and investor optimism around AI-related products. The Trust increased allocations to semiconductors during the quarter.		View
2025 Q4	Feb 10, 2026	Wasatch Frontier Emerging Small Countries Strategy	0.0%	0.0%	BCG.L, DSY.JO, FN, FRT.HM, MELI, SE	Dollar, E-Commerce, emerging markets, frontier markets, Latin America, Quality, underperformance, Vietnam	Multiple portfolio holdings operate in e-commerce including Sea Ltd.'s Shopee platform, MercadoLibre as Latin America's largest marketplace, and the broader digital transformation occurring in frontier markets. Competition pressures are impacting margins but long-term growth opportunities remain strong. The dollar's weakening in 2025 benefited frontier emerging market stocks that had been hardest hit by prior dollar strength. Countries like Pakistan, Egypt and Colombia experienced dramatic comebacks of 50-100%+ as currency pressures eased and equity valuations recovered from beaten-up levels. Fabrinet is benefiting from increased demand as data centers upgrade networks to handle complex AI workloads, while Baltic Classifieds faces potential disruption from AI agents that could bypass classified portals. AI represents both opportunity and threat across the portfolio.	FN FRT VN DSY SJ MELI BCG LN SE	View
2025 Q4	Feb 10, 2026	FPA Queens Road Small Cap Value Fund	-0.4%	13.4%	AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD	insurance, Quality, small cap, technology, Utilities, value	Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries.	AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX	View
2025 Q3	Nov 8, 2025	FPA Queens Road Small Cap Value Fund	7.5%	13.8%	FN, IAC, IDCC, REVG, RLI, SAIC, SFM, SNX, THS, VSH	Discipline, fundamentals, Quality, returns on capital, small caps	The fund underscores its four-pillar quality disciplinebalance sheet strength, earnings consistency, returns on capital, and strong managementamid a junky rally in speculative small caps. Q3 underperformance was driven by momentum-driven, low-quality segments outperforming, yet the fund remained focused on resilient compounders. The team continues reallocating toward higher-quality names with durable long-term economics.		View
2022 Q4	Nov 2, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AEL, FN, GIII, IDCC, NJR, OMI, RLI, SJIJ, SYNA	-			View
2024 Q3	Oct 30, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH	-			View
2025 Q3	Oct 24, 2025	Wasatch Long/Short Alpha Fund	-7.3%	-	FN, FOUR, FRPT, INSP, MEDP, OPEN, SG	AI, Quality, Shorting, small caps, Speculation	The fund declined as speculative, unprofitable small caps surged on AI and quantum themes. Managers describe the market as highly euphoric, reminiscent of 202021. They are adding shorts in overpriced speculative names while holding quality long positions like Fabrinet and Medpace, expecting normalization when fundamentals matter again.		View
2025 Q3	Oct 20, 2025	Wasatch Small Cap Growth Strategy	-3.7%	-	BRBR, FN, INSP, MEDP, NVM, SHAK	Artificial Intelligence, Growth Investing, healthcare, semiconductors, small caps	The fund underperformed as small-cap volatility and speculative AI stocks distorted relative performance. Managers emphasize high-quality, long-duration growth companies like Medpace and Nova that benefit from structural healthcare and semiconductor trends. They remain confident in small-cap fundamentals and expect normalization as low-quality rallies fade.		View
2025 Q3	Oct 2, 2025	LRT Capital Management	-	-0.2%	ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM	Hedges, Long/Short, Quality, Shiller PE, small caps	LRT focuses on a systematic long/short approach anchored in high-quality companies trading amid extreme market valuations. The manager highlights elevated index multiples and the opportunity created when quality factors lag speculative leadership. Quality remains compelling as valuation discipline and downside control matter more in late-cycle conditions.		View
2025 Q4	Jan 24, 2026	Invesco Discovery Fund	4.9%	16.5%	AVAV, BTSG, CRS, CVLT, CW, EHC, ESAB, FIVE, FN, FROG, GH, HLNE, LITE, LRN, MTSI, RKLB, RMBS, SITM, STEP, TSEM	AI, compounders, growth, industrials, innovation, semiconductors, small caps, technology	AI-related innovation and infrastructure build-out has remained robust, providing substantial opportunities. The fund benefits from AI ecosystem exposure through companies like Lumentum, which supplies lasers to AI data centers and hyperscale facilities. Strong demand for AI infrastructure stocks continues to drive performance. The fund maintains significant exposure to semiconductor companies including Tower Semiconductor, SiTime Corp, and MACOM Technology Solutions. Tower Semiconductor reported strong results in optical semiconductor business, leading management to accelerate long-term goal timelines. Memory subsystem demand remains strong with companies like Rambus benefiting from DRAM demand. Industrial renewal provides abundant investment opportunities with the fund maintaining its largest overweight in the industrials sector. The portfolio includes aerospace and defense companies like Curtiss-Wright Corp and Carpenter Technology Corp, reflecting the ongoing industrial transformation and infrastructure build-out themes.	EHC GH	View
2025 Q4	Jan 22, 2026	Wasatch Small Cap Growth Strategy	0.0%	0.0%	FN, FOUR, FROG, RBC, TREX, VITL	AI, Biotechnology, growth, healthcare, Quality, small cap, technology, value	The strategy focuses on high-quality businesses with high ROAs and ROEs, and track records of durable earnings growth. Portfolio fundamentals remain solid with ROA and ROE well ahead of benchmark metrics. The managers avoid speculative companies and prefer proven earnings track records. The strategy's lack of exposure to biotechnology stocks was the primary driver of underperformance, as biotech soared nearly 27% in Q4. Managers avoid nascent biotech companies due to binary outcomes based on clinical trials, preferring healthcare companies with proven track records. Artificial intelligence was mentioned as one of the popular investment themes driving speculative small cap companies that the strategy avoided. AI workloads are driving demand for data center upgrades and faster communication standards.	RBC FN FROG TREX VITL FOUR	View
2025 Q4	Jan 22, 2026	WS Amati Global Innovation Fund	0.0%	0.0%	000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC	AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology	AI continued to dominate investor debate with impressive deals between OpenAI and semiconductor vendors, though circular nature of agreements reminiscent of dot com excesses gave some pause. Overall sentiment around AI capex cycle remained buoyant despite some financially fragile players seeing share price drops. Memory semiconductors emerged as key AI beneficiaries with Korean chipmakers Samsung Electronics and SK Hynix contributing strongly to performance. Samsung fixed technical challenges with high bandwidth memory products to fully participate in AI growth. Eli Lilly strengthened its position as leader in obesity and diabetes medication category with injectable GLP1 products outperforming Novo Nordisk clinically and commercially. Newly approved oral GLP1 promises to unlock large incremental market opportunity. Defense stocks experienced broad sell-off due to concerns about UK defense funding and potential Russia/Ukraine war resolution. Despite near-term headwinds, long-term growth opportunities remain for defense technology companies like Chemring in energetics and electronic warfare. Clinical practice in Alzheimer's diagnostics is moving to blood tests as cheaper, less intrusive but equally precise option. H.U. Group has strong first mover advantage in blood-based biomarkers for Alzheimer's disease testing with multi-fold growth in past year.	4544 JP FN LLY 000660 KS 005930 KS LITE PTC CHG LN CGNX	View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 14, 2026	Driehaus Small Cap Growth Fund	16.9%	10.7%	BBIO, CRNX, CW, FN, GH, XBI	AI, Biotechnology, earnings, growth, healthcare, productivity, small caps	AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. Healthcare displayed very strong relative performance with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high, representing a significant turnaround from being a laggard. Non-farm productivity surged in Q3, growing at an annual rate of 4.9%. Strong productivity in part driven by AI is boosting economic growth and positively impacting corporate earnings over the near-term, despite labor market stagnation.		View
2024 Q3	Sep 30, 2024	FMI Small Cap Equity	-0.8%	10.7%	ARMK, FN	-			View
2024 Q2	Jul 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	ALTM, DAR, DECK, FN, IAC, MTZ, SFBS, SFM, SNX, VSH	-			View
2024 Q2	Jul 18, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BPMC, FN, GLBE, PCVX, ROAD, TREX, VRNS, XPRO	-			View
2023 Q1	Apr 14, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	DECK, FN, GIII, IDCC, NJR, OMI, RLI, SFBS, SYNA, UNFI	-			View
2024 Q4	Jan 23, 2025	Polen Capital – U.S. Small Company Growth	4.7%	3.8%	ALRM, AMN, BDC, BROS, EEFT, FN, NSIT, NVEE, OPCH, RVLV, TREX, WRBY, WSC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Steve Scruggs	Fabrinet	Information Technology	Electronic Components	Bull	New York Stock Exchange	cable, CapEx, compounding, Concentration, datacenter, manufacturing, Optics, semiconductors, Telecom	View Pitch
Feb 21, 2026	Fund Letters	Scott Thomas	Fabrinet	Information Technology	Communications Equipment	Bull	New York Stock Exchange	AI, data centers, manufacturing, Networking, Optical, telecommunications	View Pitch
Jan 24, 2026	Fund Letters	Graeme Bencke	Fabrinet	Information Technology	Electronic Components	Bull	New York Stock Exchange	AI, datacenters, manufacturing, Optics, Photonics	View Pitch
Jan 24, 2026	Fund Letters	JB Taylor	Fabrinet	Information Technology	Electronic Components	Bull	New York Stock Exchange	AI, datacenters, Networking, Optics, semiconductors	View Pitch

BSD Shareholders of FN

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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