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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 23, 2025 | Argosy Investors | - | - | AVTR, DEO, FND, QQQ, STNE, TSU CN, VNT | dislocation, fundamentals, Patience, risk, volatility | The letter discusses heightened market volatility driven by tariffs, geopolitical tension, and narrow market leadership. Management views volatility as a recurring feature rather than a risk to avoid, emphasizing disciplined capital deployment during periods of dislocation. The outlook favors patient ownership of durable businesses while exploiting short-term market overreactions. | View | |
| 2025 Q2 | Jul 24, 2025 | Montaka Global Investments | - | - | BX, FND, KKR, SPOT | Concentration, fundamentals, Global Equities, Long-Term Growth, Pricing Power | The commentary centers on a concentrated global portfolio of exceptional businesses with long-duration growth and pricing power. Management emphasizes patience, fundamental research, and ignoring short-term macro noise. Returns are driven by owning a small number of enduring compounders. | FND |
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| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity Strategy | 7.9% | 5.4% | ADI, BDX, FI, FND, HAS, META, MSFT, MSI, ORCL, TMO | Balance Sheets, Capital discipline, Competitive Advantage, Concentration, Quality | The letter focuses on owning a concentrated portfolio of high-quality businesses with strong balance sheets and durable competitive advantages. Management prioritizes downside protection, conservative capital structures, and long holding periods. Patience and business fundamentals are emphasized over market timing. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, BMBL, EME, ESAB, FIVE, FND, FROG, GLBE, IAS, KRYS, MTN, NICE IT, ONTO, SMAR, SWAV, VC, WNS | - | View | ||
| 2025 Q4 | Mar 6, 2026 | Argosy Investors | - | - | DAVA, EPAM, FND, HD, LLY, LOW, NVO | AI, Cyclical, Pharmaceuticals, retail, software, value | AI developments from major companies are causing rapid market changes and stock price volatility. AI is reshaping the investment landscape with massive capital being deployed for infrastructure, while creating uncertainty about whether it will enhance productivity or cause more disruptive economic impacts. The manager remains open-minded about AI's various potential development paths. Software companies are experiencing significant declines as the market reassesses AI impacts. Concerns include reduced seat-based revenue from efficiency gains, lower pricing power from AI-first competitors, and decreased new customer bookings. However, some software solutions may be less easily replaced by AI, particularly those requiring high security and user interconnectedness. The manager sold Novo Nordisk after brief ownership due to competitive disadvantages versus Eli Lilly. While NVO was attractive from a valuation perspective and first to market with oral GLP-1, LLY has a superior product and NVO's competitive position may weaken when LLY brings similar options to market. Floor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring retail. The company offers superior inventory selection and lower prices, taking market share consistently. Current margins are depressed but should recover as store base builds out and same-store sales normalize from post-COVID and interest rate headwinds. | View | |
| 2025 Q4 | Feb 25, 2026 | SouthernSun SMID Cap | -3.9% | 4.5% | APG, BOOT, CXT, DAR, DY, EXTR, FND, GNRC, LOB, MUSA, OSK, TKR, TREX, WSO | AI, energy, infrastructure, Late-cycle, SMID Cap, valuation, value | Artificial intelligence occupies a central role in shaping market expectations and has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. The manager draws parallels between today's AI environment and the 2014-15 oil collapse, noting that AI infrastructure is profoundly energy-intensive and faces physical constraints including rising electricity prices and grid capacity challenges. Energy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious. | TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR |
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| 2024 Q4 | Dec 31, 2024 | Baron Discovery Fund | 6.1% | 16.0% | AXON, BC IM, CDNA, FND, GTLS, IRT, MAC, MEG, PAR, TTAN | - | View | ||
| 2024 Q4 | Dec 31, 2024 | BlackRock Innovation And Growth Term Trust | 1.0% | - | AXON, FND, GALD SW, VRT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Wasatch Long/Short Alpha Fund | -8.3% | 7.2% | ACHC, FND, HQY, ICFI, IONQ, PCTY | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Select Growth Fund | 8.8% | 24.3% | 300750 CH, APP, AXON, DXCM, EW, FND, GRAB, LRCX, NFLX, NOW, NU, OKTA, RBLX, SSFN, YMM | - | View | ||
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | 0JZ0 LN, APTV, BC, BJ, FIVE, FND, IDXX, LNG, ORLY, PCTY, PINS, RNR | - | View | ||
| 2025 Q3 | Nov 7, 2025 | Montaka Global Investments | - | - | DASH, FND, MC FP, MDB, SPOT, TCEHY | FreeCashFlow, global, moats, Quality, Resilience | Montaka focuses on high-quality global franchises with durable competitive advantages and strong free cash flow. The fund stresses patience through drawdowns as long-term fundamentals outweigh short-term sentiment shifts. Quality remains investable as capital concentrates in resilient business models. | View | |
| 2024 Q3 | Nov 7, 2024 | Prosper Stars & Stripes | -2.0% | - | BIO, BLFS, CRS, DOCS, FND, NR, PCT, SHC, UPWK, WEX | - | View | ||
| 2022 Q3 | Oct 25, 2022 | Baron Asset Fund | 8.3% | 10.6% | CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI | - | View | ||
| 2024 Q3 | Oct 21, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | BRK/A, FND, MEDP, PGR | - | View | ||
| 2024 Q3 | Oct 17, 2024 | Montaka Global Investments | - | - | AMZN, BX, FND, MA, NOW | - | 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 |
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| 2025 Q4 | Jan 31, 2026 | White Brook Capital | 0.0% | 0.0% | BLDR, FND, GOOG, JAKK, MSFT, MSTR, NVDA, PTLO, RPID, TSM | AI, crypto, growth, healthcare, inflation, semiconductors, small caps, value | The efficacy of AI expenditures started to be questioned during Q4 2025. Companies like Microsoft continue spending aggressively on cloud capacity, but value is now considered in customer context. The increasing competence of AI in performing tasks has begun impacting the software as a service sector, creating temporary losers in what was once an all-winners environment. Bitcoin treasury companies represent an ongoing investor mania that appears to be ending. These companies that turn bitcoin into stocks now trade meaningfully below the value of their bitcoin reserves, having broken the buck. They are trapped, unable to sell bitcoin to buy back shares or sell stock to buy bitcoin without driving down prices. The Small Cap Absolute Growth Strategy vastly exceeded expectations in 2025. Small and micro cap stocks offer potential for high returns for diligent, patient, and active investors. The strategy is concentrated in healthcare sector with 8 of the positions in healthcare, particularly technology, equipment, and tools industries. The manager owns Nvidia Corp and Taiwan Semiconductor Manufacturing Corporation as best in class operators in the process of realizing a double, based on earnings growth due to their ability to extract the last of the rents from the artificial intelligence investment wave. | View | |
| 2025 Q4 | Jan 31, 2026 | Montaka Global Investments | 0.0% | 0.0% | 0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V | AI, Cloud, geopolitics, Lithium, software, technology, value | AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses. | KKR BX NOW FND ALB |
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| 2025 Q4 | Jan 26, 2026 | NZS Capital – Growth | -1.4% | 17.9% | AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI | AI, growth, positioning, semiconductors, software, technology, valuation | The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered. | ISRG TSM LRCX FISV DHR GOOGL |
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| 2025 Q4 | Jan 20, 2026 | Madison Mid Cap Fund | -1.2% | 1.8% | ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB | AI, financials, industrials, mid cap, Quality, technology, value | The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending. | MCHP MSA AOS TTAN BIO ROST |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Small Cap Strategy | -4.1% | -11.6% | APH, BIPC, BROS, BWIN, CASS, CHH, CIGI, DFH, EXLS, EXPO, FND, FSV, FTDR, JKHY, LSTR, NOVT, OSW, PNFP, ROST, SPSC, TRRSF | AI, Quality, small cap, Speculation, underperformance, value | The update highlights selective small-cap growth investing focused on companies with niche leadership, strong balance sheets, and long runway opportunities. Volatility is viewed as a source of opportunity to add to high-quality businesses at reasonable valuations. Small-cap growth is positioned for recovery as earnings growth reaccelerates. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ARGX, BJ, CRWD, DASH, FND, IAC, ICON, IOT, MCHP, ORLY, OS, PINS, PR, ROST, RRX, SMAR, TSCO, VEEV, VRSK | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | BRO, DLTR, FND, GGG, LAD, LBRDA, MC, MCHP, PCAR | - | View | ||
| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Baron Discovery Fund | 13.5% | 9.3% | ALAB, BASE, CDNA, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, MEG, NVMI, PCOR, RGEN, SILK, SITE, STVN, TEM, VCYT | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Asset Fund | 8.3% | 10.6% | ANSS, ARGX, FND, ICLR, IDXX, MTD, OT, ROL, ZI | - | View | ||
| 2023 Q1 | Apr 28, 2023 | Headwaters Capital Management, LLC | 8.8% | 21.4% | EYE, FND | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ANET, BKI, CPRT, CSL, FND, GBCI, IT, PCAR, ROST, WRB | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Small Cap Fund | 9.6% | 14.5% | ALTR, AXNX, CLVT, DAVA, FND, GWRE, IBP, IT, RPAY, SITE | - | View | ||
| 2023 Q4 | Feb 15, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AWI, BDC, DY, FND, SAM | - | View | ||
| 2023 Q1 | Jan 25, 2023 | Baron Discovery Fund | 13.5% | 9.3% | AXNX, AXON, CERT, CYBR, DKNG, FND, GTLB, INDI, MEG, NARI, NVTS, RVNC, SILK, SITM, VRAY | - | View | ||
| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | APP, AXON, BAH, ENTG, FND, LPLA, MPWR, MRVL, RCL, WING | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 30, 2026 | Substack | Alpha Seeker 84 | Floor & Decor Holdings, Inc. | Retail | Specialty Retail | Bull | New York Stock Exchange | CapEx reduction, CEO transition, Floor & Decor, gross margin expansion, hard-surface flooring, housing market, Pro customer growth, Pro Premier loyalty program, retail expansion, supply chain diversification | View Pitch |
| Feb 21, 2026 | Fund Letters | Andrew Macken | Floor & Decor Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Flooring, Housing, operating leverage, Specialty retail, valuation | View Pitch |
| Jan 27, 2026 | Fund Letters | George Hadjia | Floor & Decor Holdings Inc. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Cyclicality, Housing, Operatingleverage, Procustomers, Specialtyretail | View Pitch |
| Jan 8, 2026 | Fund Letters | Andrew Macken | Floor & Decor Holdings, Inc. | Consumer Discretionary | Specialty Stores | Bull | New York Stock Exchange | Flywheel, Hard Flooring, Housing, retail, scale | View Pitch |
| Jan 8, 2026 | Value Investors Club | dafreddy | Floor & Decor Holdings, Inc. | Financials | Banks | Bull | New York Stock Exchange | banking, Credit, Deposits, financial services, Interest rates, Lending | View Pitch |
| Nov 29, 2025 | Fund Letters | Jeffrey Kolitch | Floor & Decor Holdings Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | earnings, expansion, Housing, Margins, Remodeling, retail, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Jeffrey Kolitch | Floor & Decor Holdings Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | earnings, expansion, Housing, Margins, Remodeling, retail, valuation | View Pitch |
| Sep 16, 2025 | Short Thesis | Spruce Point | Floor & Decor Holdings Inc | Consumer Discretionary | Home Improvement Retail | Bear | NYSE | CapEx, Competition, Flooring, Housing, Renovation | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Eric Nickolaison | Floor & Decor Holdings, Inc. | Consumer Discretionary | Home Improvement Retail | Bear | 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. | ||||||||