FTNT

FTNT

FTNT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, FIVN, FTNT, LSPD, TECH, TFX, VEEV, WCN, WST	-			View
2024 Q4	Dec 31, 2024	Conestoga Mid Cap Composite	-4.6%	4.4%	ANSS, BFAM, CPRT, EXPO, FTNT, HEI, IDXX, ROL, VRSK, WST	-			View
2024 Q4	Dec 31, 2024	Parnassus Mid Cap Growth Fund	-2.5%	10.6%	A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ	-			View
2023 Q4	Dec 31, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ALGN, ANSS, CGNX, CPRT, FTNT, IDXX, IT, MTN, ROL, VEEV, WST	-			View
2024 Q3	Oct 23, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, FIVN, FTNT, GWRE, HEI, PCOR, POOL, ROP, TYL, WST	-			View
2025 Q3	Oct 13, 2025	Conestoga Mid Cap Composite	-3.2%	1.1%	AAON, FDS, FTNT, GNRC, IDXX, IT, JKHY, TYL, VRSK, WST, XYL	earnings, Growth Equities, Mid Caps, Quality, valuation	Mid-cap stocks underperformed large-caps amid concentration in mega-cap tech leadership. Conestogas focus on sustainable earnings growth and conservative valuations left it lagging during speculative phases but positioned for long-term compounding when fundamentals reassert. The firm maintains exposure to industrial and technology companies with steady cash flows.	IDXX US WST US	View
2025 Q4	Jan 9, 2026	Fundsmith Equity Fund	0.0%	0.0%	AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS	AI, Concentration, Index Funds, Performance, Quality, technology, valuation	Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance.		View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Growth Equity Strategy	3.0%	16.0%	0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM	AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology	AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility.		View
2023 Q3	Sep 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CSGP, FDS, FTNT, GGG, GWRE, IDXX, RGEN, ROL, VEEV, VRSK	-			View
2023 Q1	May 23, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, AVLR, BSY, CPRT, CSGP, EXPO, FTNT, IDXX, IT, JKHY, PCOR, TECH, WST, XM, XUL	-			View
2025 Q1	Apr 14, 2025	Parnassus Mid Cap Growth Fund	-10.0%	-10.0%	APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 28, 2026	Fund Letters	Thomas Küpfer	Fortinet Inc.	Information Technology	Cybersecurity	Bull	NASDAQ	consolidation, cybersecurity, SMB, switching costs, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Triba Research	Fortinet	Information Technology	Software - Infrastructure	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Eugenio Catone	Fortinet, Inc.	Information Technology	Software - Infrastructure	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Moretus Research	Fortinet, Inc.	Information Technology	Software - Infrastructure	Bull	NASDAQ	—	View Pitch

BSD Shareholders of FTNT

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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