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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 6, 2026 | Aristotle Core Equity Fund | 3.1% | 18.2% | AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V | AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Core Equity Fund | -6.1% | -6.1% | ADI, AVGO, GH, ICE, NOW | - | View | ||
| 2025 Q4 | Feb 4, 2026 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD | aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology | The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States. | View | |
| 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 Q4 | Jan 27, 2026 | The Osterweis Opportunity Fund | 3.3% | 0.3% | AX, BIRK, CAVA, CECO, CWST, FSV, GH, GWRE, LSCC, LTH, MOD, MTSI, NOVT, SITM, TREX, TTAN, WAY | AI, Biotech, Fintech, growth, healthcare, semiconductors, small cap, technology | AI was identified as one of the big investment themes driving 2025 returns, with the AI boom propelling many indices to all-time highs. SiTime Corp benefited from 115% growth in its data center segment reflecting surging demand from AI applications. The manager published a piece discussing AI as one of their top five secular trends for the near-to-medium term. The portfolio had strong performance from semiconductor investments including MACOM and SiTime. MACOM delivered strong Q4 results with 30% revenue growth, serving telecommunications, data center, defense, and industrial markets. SiTime revolutionized timing devices with MEMS-based silicon solutions and saw 45% growth driven by AI applications in data centers. Chime was highlighted as a leading online bank and top contributor in the Financial sector. The company's cost-effective, mobile-first, cloud-native infrastructure allows it to serve underbanked populations with free banking services. Revenue continues to increase above 30% annually with profit margins above 65%, and the manager believes Chime can triple its revenue per customer over the next five years. Guardant Health, a provider of blood-based diagnostic tests for cancer, was a significant contributor with strong Q3 results. The core oncology business grew revenues 30% with acceleration driven by innovative product enhancements. The company continues to lead the charge in converting oncology testing from tissue to blood, representing a major shift in cancer diagnostics. Flying taxis were mentioned as one of the speculative investment themes that drove 2025 returns, though the manager deliberately avoided these speculative companies. Drones were also identified as one of the top five secular trends for the near-to-medium term in the manager's recent publication. Robotics was identified as one of the manager's top five secular trends for the near-to-medium term. This represents an area of focus for finding category leaders before they become widely discovered, though specific robotics investments were not detailed in this letter. | 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 21, 2026 | Artisan Partners Small Cap Fund | 3.4% | 8.6% | BRKR, CLBT, COCO, FLEX, GH, GWRE, HXL, INSM, IRTC, ITGR, LASR, LSCC, MOD, MTSI, PCOR, PEN, PSN, SN, STVN, VSEC | AI, Biotechnology, defense, growth, healthcare, profit cycles, small cap, technology | AI-related capital spending remains an area of active debate entering 2026. Investors continue to weigh strong industry momentum against concerns about circular financing dynamics and data center construction delays. The team finds compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes commercial aerospace suppliers are positioned to benefit for many years from significant content gains in new aircraft and growth in recurring aftermarket sales. Defense-related investments include companies with strong franchises in non-kinetic laser weapons and critical technologies. Healthcare returned as a source of market strength during the quarter. The team maintains relatively high exposure to the sector despite several years of industry headwinds, grounded in conviction in profit cycle opportunities for biotechnology companies. Many biotechnology franchises are early in what the team believes are some of the most compelling product launch cycles of their careers. The team continues to find compelling opportunities among semiconductor companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves data center performance and efficiency. These investments are managed with valuation discipline consistent with the team's process. | GWRE PSN STVN COCO INSM MTSI |
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| 2025 Q4 | Jan 15, 2026 | Alger Small Cap Focus Fund | 3.6% | 6.9% | ABT, EXAS, GH, NBIS, NTRA, QURE, STVN | AI, Biotechnology, Diagnostics, growth, healthcare, small cap, technology | The market's biggest tailwind was continued investment tied to artificial intelligence, though increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with capital deployed. U.S. business spending appears to be accelerating, driven by burgeoning demand for AI infrastructure. Multiple portfolio holdings focus on cancer diagnostics and treatment, including molecular diagnostics companies specializing in liquid biopsy tests, colorectal cancer screening, and molecular residual disease testing. The oncology testing market shows strong momentum with favorable reimbursement dynamics and higher test volumes. Cloud computing is growing and supporting innovation, with corporations digitizing their operations. The fund holds positions in AI-focused cloud infrastructure providers operating GPU compute capacity, benefiting from accelerating AI adoption as demand for high-quality GPU compute continues to outstrip available supply. Portfolio includes biotechnology companies developing gene therapies for rare diseases like Huntington's disease, an area with no approved disease-modifying treatments. The sector faces regulatory uncertainty but shows encouraging efficacy signals in clinical trials. | STVN QURE NBIS NTRA GH EXAS |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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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 | |
| 2025 Q4 | Jan 14, 2026 | Driehaus Small/Mid Cap Growth Fund | 1.8% | 10.0% | CRNX, CVNA, GH, NTRA, PWR, XBI | AI, Biotechnology, energy, growth, healthcare, industrials, small caps, technology | 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 during the quarter, 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 as the sector broadly performed much better. AI capex and data center spending are expected to remain strong due to exponential demand growth for AI LLMs. However, a key risk involves potential delays in completing data centers from shortages in power generation, the grid and equipment, resulting in project postponements. Energy contributed positively with outperformance coming from strength in oil service and uranium miners. The portfolio maintains an overweight position in energy versus the benchmark, with exposure increasing during the quarter. | View | |
| 2025 Q4 | Jan 14, 2026 | ARK Investment Management LLC | 0.0% | 0.0% | ACHR, AMD, AVAV, COIN, CRSP, DE, GH, GOOG, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, innovation, productivity, Robotics, technology | ARK believes convergences among major platforms like AI, robotics, energy storage, public blockchain technology, and multiomics sequencing should accelerate non-farm productivity growth to 4–6% on a year-over-year basis. AI-related spending boom on data centers and power plants began in late 2022. Strong demand for AI-related chip testing and semiconductor testing across compute, networking, and memory. Robotics is identified as one of the major transformative innovation platforms that should converge with AI and other technologies to drive productivity gains. The ARK Autonomous Technology and Robotics ETF focuses on companies developing autonomous mobility, humanoid robots, and intelligent devices. Energy storage is highlighted as one of the key transformative innovation platforms that will converge with AI, robotics, blockchain, and multiomics sequencing to accelerate productivity growth and economic transformation in the coming years. ARK sees favorable policy shifts around crypto as supportive headwinds shifting into structural tailwinds for innovation. Coinbase faced challenges from weakness in crypto market trading activity, with quarterly spot trading volumes declining 9% quarter-over-quarter. The firm maintains exposure through Bitcoin ETFs and crypto-related companies. Multiomics sequencing is identified as one of the major transformative platforms. The genomics space benefited from increasingly positive sentiment following Abbott's acquisition of Exact Sciences. Companies like Guardant Health and Natera showed strong performance with significant revenue growth and clinical trial successes. Defense spending represents a significant opportunity with the U.S. Army announcing plans to purchase at least one million drones in the next 2–3 years. Companies like Kratos Defense, AeroVironment, and Rocket Lab are positioned in this space, though innovation-based defense stocks experienced broad sell-offs during the quarter. | View | |
| 2023 Q2 | Jul 28, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | ADPT, AVGO, CTLT, DIS, EL, GH, NFLX, SNPS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Aristotle Atlantic Core Equity Strategy | -6.0% | -6.0% | ADI, AVGO, GH, ICE, NOW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Amy Zhang | Guardant Health, Inc. | Health Care | Diagnostics & Research | Bull | NASDAQ | diagnostics, growth, Liquidbiopsy, Oncology, Reimbursement | View Pitch |
| Jan 27, 2026 | Fund Letters | Ronald Zibelli | Guardant Health Inc. | Health Care | Health Care Technology | Bull | NASDAQ | diagnostics, Genomics, growth, liquid biopsy, Oncology | View Pitch |
| Jan 21, 2026 | Fund Letters | Kirsty Gibson | Guardant Health, Inc. | Health Care | Health Care Technology | Bull | NASDAQ | clinical adoption, liquid biopsy, Oncology, platform, Screening | 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 |
|---|---|---|---|---|---|---|---|---|
| Eli Casdin | Casdin Capital | $1.6B | $38.8M | 2.41% | 380,000 | +280,000 | +280.00% | 0.2777% |
| Tim Campbell | Baillie Gifford | $120.3B | $499.5M | 0.42% | 4,890,026 | -237,666 | -4.63% | 3.5741% |
| Ho Ching | Temasek Holdings | $31.6B | $106.6M | 0.34% | 1,044,097 | +0 | +0.00% | 0.7631% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $153.1M | 0.18% | 1,499,169 | +1,396,754 | +1363.82% | 1.0957% |
| Ray Dalio | Bridgewater Associates | $27.4B | $2.9M | 0.01% | 28,291 | +24,281 | +605.51% | 0.0207% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $51.6M | 0.07% | 505,608 | -27,769 | -5.21% | 0.3696% |
| Israel Englander | Millennium Management LLC | $233.2B | $59.6M | 0.03% | 583,807 | -294,769 | -33.55% | 0.4267% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $221.8M | 0.33% | 2,171,903 | +368,572 | +20.44% | 1.5875% |
| Cliff Asness | AQR Capital Management | $190.6B | $10.1M | 0.01% | 98,873 | +17,296 | +21.20% | 0.0723% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $16.1M | 0.06% | 157,485 | +157,485 | +100.00% | 0.1151% |
| Joseph Edelman | Perceptive Advisors | $5.6B | $16.3M | 0.29% | 160,000 | +160,000 | +100.00% | 0.1169% |
| Eric Bannasch | Cadian Capital Management | $1.4B | $94.2M | 6.81% | 922,628 | -1,218,563 | -56.91% | 0.6744% |
| Roderick Wong | RTW Investments | $10.0B | $151.3M | 1.52% | 1,481,033 | +624,532 | +72.92% | 1.0825% |
| Tom Steyer | Farallon Capital Management | $21.2B | $11.1M | 0.05% | 109,000 | +93,000 | +581.25% | 0.0797% |
| Rich Handler | Jefferies | $19.3B | $6.5M | 0.03% | 63,918 | -5,981 | -8.56% | 0.0467% |