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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | FPA Queens Road Small Cap Value Fund | 8.6% | 5.9% | AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH | Passive investing, Quality, small caps, tariffs, technology, value | Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums. | NNI IMKTA |
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| 2025 Q2 | Aug 21, 2025 | AMG GW&K Small Cap Core Fund | 4.5% | -3.1% | CHX, CRDO, DAVA, FN, GPOR, HLI, INSM, INTA, IONQ, MCOM, RBC, SEI, SLGN, SPXC, STAG, STRL, TXRH, VIAV | AI, energy, growth, industrials, Natural Gas, small cap, technology, value | The fund discusses AI buildout as a secular theme driving market performance, with investors pushing all-in on AI-related investments. The manager believes the AI investment case is most likely to have durability and generate positive, estimable earnings for companies addressing hyperscaler needs. The fund added two new holdings with AI exposure in the energy sector. | SEI |
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| 2025 Q2 | Jul 9, 2025 | LRT Capital Management | - | 8.1% | ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH | Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic | The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential. | View | |
| 2025 Q2 | Jul 21, 2025 | Wasatch Long/Short Alpha Fund | 0.5% | - | ENSG, FN, GWRE, HLP, HQY, INSP, KAI, MORN, NSA, OZK, RBC, RKLB, ROP, SG, SKY, WDAY | Beta, Defensive, Long/Short, Quality, risk-on, small cap, tariffs | The fund focuses on high-quality companies with proven earnings growth track records, strong free cash-flow generation, and trusted management teams. This quality focus was a headwind during the quarter as lower-quality stocks outperformed in the risk-on environment, but the manager believes this creates better expected returns for quality investing over the next three-to-five years. | SG RKLB HQY GWRE FN INSP NSA SKY HQY GWRE INSP NSA SKY |
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| 2025 Q2 | Jul 21, 2025 | Wasatch Small Cap Growth Strategy | - | - | AGYS, BRBR, CWAN, FN, GSHD, NVMI | AI, growth, Quality, small caps, technology, volatility | Two technology companies benefited from increasing artificial intelligence usage. Fabrinet makes optical components for data centers while Nova sells metrology systems for semiconductor manufacturing. AI has been a popular investment theme driving stock performance. | AGYS NVMI FN GSHD CWAN BRBR GSHD |
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| 2025 Q2 | Jul 18, 2025 | Invesco Discovery Fund | 17.2% | 3.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | TXRH QTWO CLS TTMI LSCC AEIS |
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| 2024 Q1 | Apr 26, 2024 | Fawkes Capital Management | 12.0% | 12.0% | AGX, AMD, ANET, ARM, ARQ.AX, CAMT, FN, HPS.TO, KMI, NVDA, POWL, SMCI, VRT | AI, energy, Immigration, inflation, infrastructure, Natural Gas, Trade Policy, water | AI demand is driving a quadrupling in electricity demand growth, with data centers expected to increase from 4.5% to 10% of US power supply in 3 years. This creates significant opportunities in energy infrastructure companies that support AI data center requirements. | View | |
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AEL, AGCO, ALTM, ARW, AX, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, ESGR, FN, GGG, GIII, JBT, LEVI, MDU | Balance Sheet, compounders, Quality, small cap, valuation, value | The fund emphasizes high-quality compounders with strong balance sheets, high returns on capital, and steady margins. Quality has been a large contributor to outperformance during market downturns. The manager prefers companies where earnings will be higher in three to five years. | View | |
| 2026 Q1 | Mar 31, 2026 | FPA Queens Road Small Cap Value Fund | 6.1% | 6.1% | CNXC, DECK, DORM, ECG, FAF, FN, GPK, LFUS, PLUS, QRVO, REVG, RLI, SFM, SKWS, SNX, UPBD, VSEC | long-term, Quality, rebalancing, small caps, value | RLI SFM LFUS SNX FN DORM FAF |
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| 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 |
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| 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 |
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| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH | active management, compounders, Quality, Russell 2000, small cap, value | The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations. | View | |
| 2025 Q3 | Nov 8, 2025 | FPA Queens Road Small Cap Value Fund | 7.5% | 13.8% | AAPL, ESGR, FN, IAC, IDCC, IMKTA, MGM, NNI, NVDA, OSK, REVG, RLI, SAIC, SFM, SNX, THS, VSH | Defensive, Disciplined, downside protection, Quality, small cap, value | The fund follows a disciplined four-pillar process focusing on quality companies with strong balance sheets, valuation discipline, strong management teams, and growing industries with stable competitive dynamics. Quality is defined by steady operating margins and high returns on capital, allowing companies to compound value over time. | 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% | - | ENSG, FN, FOUR, FRPT, HQY, INSP, KAI, MEDP, MORN, MPWR, OPEN, OZK, RBC, ROP, SG, WDAY | AI, Biotech, healthcare, Long/Short, Quality, risk-on, small cap, Speculation | The fund focuses on long positions in high-quality companies while shorting low-quality businesses. The manager emphasizes that high-quality stocks have historically outperformed over the long term despite recent underperformance. The fund screens companies based on financial characteristics like return on assets and operating profit margins. | View | |
| 2025 Q3 | Oct 20, 2025 | Wasatch Small Cap Growth Strategy | -3.7% | - | AGYS, BRBR, ENSG, FN, FOUR, HQY, INSP, MEDP, NVMI, OLLI, PCTY, PNFP, RBC, SHAK | AI, growth, Quality, semiconductors, small caps, technology, underperformance | The fund focuses on high-quality, long-duration growth companies while markets have favored low-quality stocks with speculative business models. The quality gap between fund holdings and the index is near its widest level in at least a decade based on return on assets metrics. | View | |
| 2025 Q3 | Oct 20, 2025 | Invesco Discovery Fund | 7.9% | 11.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | View | |
| 2025 Q3 | Oct 2, 2025 | LRT Capital Management | - | -0.2% | ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR-A, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM | Long/Short, Market Neutral, Quality, risk management, Systematic, valuation, value | The manager emphasizes investing in high-quality companies that are growing their value per share. While the quality factor has struggled over the past year, the manager views this as presenting the greatest opportunity for future investment and believes now is a perfect time to add to the strategy given its muted returns. | View | |
| 2025 Q3 | Oct 19, 2025 | Harding Loevner Global Small Companies | 0.9% | 8.1% | 4587.T, 4975.T, 6383.T, 6869.T, 9962.T, 9988.HK, ALFA.ST, ALGN, ALLE, AMBU.CO, APPF, ATE.PA, BCHN.SW, BCPC, BESI.AS, BRN.DE, CKN.L, COO, CPA, CRDA.L, DIA.MI, DPLM.L, ELAN, ENS, EPAM, EVO.DE, EXPO, FELE, FN, FPE.DE, GLOB, HPG.HM, KXS.TO, LEHN.SW, NBIX, NEM.DE, PEN, PFV.DE, RAT.DE, RPY.MI, RUB.PA, SNR.L, SPSC, TECN.SW, TOM.OL, VAISALA.HE, WTS, ZEU.DE | AI, global, healthcare, momentum, Quality, small caps, value | The portfolio targets durable sources of return through quality, growth, and value, emphasizing steady, lower-beta businesses with strong fundamentals over higher-beta momentum plays. Quality companies in the benchmark underperformed lowest quality by more than 1,200 basis points during the quarter. | 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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, BJ, CSL, FBIN, FN, G, HLI, HSIC, NSIT, NVDA, PLXS, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | FN ARMK |
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| 2023 Q3 | Sep 30, 2023 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AEL, CNXC, DAR, DECK, FN, GIII, HNI, IAC, IDCC, LTHM, MTZ, SFBS, SFM, SNX, UGI, UNFI | long-term, Margin Of Safety, Quality, small caps, value | The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams give confidence that holdings will be worth more in three to five years than today. | View | |
| 2024 Q2 | Jul 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AGCO, ALTM, ARW, AX, BAM, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, EQC, ESGR, FN, FSTR, GGG, GIII, GPK | active management, earnings, Quality, small caps, value | The fund emphasizes quality companies with consistent earnings and high returns on capital. They analyze earnings consistency as a key quality metric, showing that quality small-cap companies trade at lower valuations than large-cap peers with similar quality characteristics. | View | |
| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BPMC, CHX, DH, FN, GLBE, HEES, ICLR, INTA, MODN, MPWR, MSFT, MSTR, NVDA, PCVX, ROAD, SMCI, TREX, VRNS, WIX, XPRO | AI, Concentration, growth, semiconductors, small caps, software, technology, underperformance | AI overhang is creating challenges for software budgets and mindshare diversion to AI hardware development versus other software priorities. Early enthusiasm around generative AI has benefited infrastructure providers supporting advanced computing requirements. As the cycle matures, businesses with durable recurring revenue models should outperform. | View | |
| 2024 Q2 | Jun 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, healthcare, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Nvidia's rapid growth and high margins will attract competition from customers. They warn of speculative fervor around AI with over $180 billion in data center spending but only $3.4 billion in OpenAI revenue. The cost to run generative AI queries is extremely high due to power requirements. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, growth, healthcare, Japan, Quality, small caps, technology, value | The manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models. | RYAAY DGX HSIC |
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| 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 | ||
| 2023 Q4 | Jan 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AX, CHD, CNCR, DECK, DLG, FN, GIII, HMN, IDCC, MSTX, PVH, SFBS, TGHS, UNFI, VSHY | Cash, Margin Of Safety, Quality, small caps, value | The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams at the fund's holdings give confidence they will be worth more in three to five years than today. | View | |
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. Small Company Growth | 4.7% | 3.8% | AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC | AI, growth, Quality, small cap, technology, value | The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner. | BDC FN TREX WSC BROS RVLV WRBY |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | FPA Queens Road Small Cap Value Fund | Fabrinet | Electronic Components | Electronic Manufacturing Services | Bull | New York Stock Exchange | AI infrastructure, compounder, contract manufacturing, data centers, Niche Dominance, Nvidia Customer, optical networking | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Long/Short Alpha Fund | Fabrinet | Information Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | AI Theme, Artificial Intelligence, data centers, infrastructure, manufacturing, Optical-Components, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | Fabrinet | Information Technology | Electronic Manufacturing Services | Bull | NYSE | Artificial Intelligence, data centers, Manufacturing Services, Optical-Components, technology infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI Small Cap Equity | Fabrinet | Information Technology | Electronic Manufacturing Services | Neutral | NYSE | AI infrastructure, Customer concentration, Datacom, Electronic Manufacturing, High Complexity Manufacturing, NVIDIA, Optical-Components, Telecom, Valuation Discipline | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | Fabrinet | Information Technology | Electronic Manufacturing Services | Bull | NYSE | AI infrastructure, asset-light, data centers, Electronic Manufacturing, NVIDIA, Optical Manufacturing, Telecom | View Pitch |
| 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 |
| 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. | ||||||||