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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | ARCH, BJ, CNMD, CWAN, ELF, FOUR, GERN, GKOS, GLBE, HE, HIMS, INTA, ITCI, KVYO, PYCR, RBC, RKLB, TNC, VRNS, WIX | AI, Biotech, growth, small cap, stock selection, Trade Policy, volatility | The DeepSeek model architecture caused investors to question potential returns on investment and monetization of generative AI initiatives, leading to air coming out of the sector-crossing narrative and investment tailwind around generative AI. The combination of concerns around AI reporting precipitated a meaningful pullback in stocks. | GERN HIMS ARCH RKLB GKOS |
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| 2025 Q1 | Apr 30, 2025 | Invesco Discovery Fund | -12.2% | -12.2% | AAON, ALAB, BBIO, CLS.TO, COOP, CRS, CWAN, CWST, CYBR, DUOL, EHC, ERJ, EVR, FRPT, FTI, GKOS, ITCI, KKR, LITE, OLLI, PRS, RKLB, WAY | aerospace, AI, Biotech, growth, healthcare, small cap, technology | The fund experienced challenges from AI-related volatility, with the secular growth narrative being challenged by DeepSeek developments. Astera Labs declined significantly due to concerns about lower-cost AI models from China affecting the AI infrastructure investment thesis. | BBIO RKLB WAY |
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| 2025 Q1 | Mar 31, 2025 | Baird Small/Mid Cap Growth Equity Fund | -10.6% | -10.6% | BJ, BOOT, BRBR, BROS, DKNG, EXL, GKOS, ITCI, JNJ, KAI, MASI, PEN, PLNT, PODD, POOL, PRCT, RGEN, TECH, ULS, WSO | AI, consumer, growth, healthcare, industrials, small cap, technology, volatility | AI-related spending faced questions regarding untethered pace as DeepSeek emerged as a potentially cheaper alternative platform from China. Microsoft's datacenter appetite showed signs of moderation, slowing positive market sentiment. Portfolio holdings with AI data center spending exposure experienced volatility. | View | |
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2022 Q4 | Dec 31, 2022 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | CLB, GDYN, GKOS, MEG, PI, XMTR | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Baird Small/Mid Cap Growth Equity Fund | 5.1% | 8.0% | ACLS, ALAB, APPF, CACI, CHX, CYBR, GKOS, LW, MASI, MEDP, MNDY, NBIX, ONTO, PEN, PODD, PSTG, RXST, SITM, TARS, VERX, VITA | AI, growth, healthcare, Outperformance, semiconductors, small caps, technology | The fund holds Astera Labs, a fast-growing semiconductor company with exposure to AI and data center infrastructure. The company's stock increased over 150% in the quarter following new product announcements and stronger than expected sales growth. Pure Storage was initiated as a new position, expected to benefit from hyperscaler AI spending with recent design wins. | View | |
| 2025 Q4 | Jan 15, 2026 | Alger Weatherbie Specialized Growth Fund | 1.8% | 0.5% | ACAD, AIR, FSV, GKOS, KTOS, NTRA | AI, Biotechnology, defense, growth, healthcare, industrials, 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 the capital deployed. AI is at an inflection point, potentially enabling significant increases in productivity. Cloud computing is growing and supporting innovation as corporations are digitizing their operations. This represents one of the secular themes creating attractive investment opportunities. Portfolio includes significant exposure to biopharmaceutical companies like Natera with genetic testing platforms, ACADIA Pharmaceuticals focused on CNS disorders, and Glaukos developing ophthalmic medical technologies. These companies are advancing novel therapies and diagnostic capabilities. Investment in Kratos Defense & Security Solutions reflects focus on affordable unmanned systems, hypersonics and rocket systems, and satellite command-and-control, which are increasingly aligned with U.S. and allied priorities around rapid fielding and scalable production. | KTOS AIR FSV GKOS ACAD NTRA |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX | active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations | The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels. | SIMP PTGX |
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| 2024 Q3 | Sep 30, 2024 | Lord Abbett Developing Growth Fund | 6.4% | 21.1% | ADMA, CAVA, CYBR, FIX, FROG, GKOS, LOAR, PIPR, RXST, SG, TMDX, VRNS, ZETA | AI, Biotechnology, Cloud, growth, healthcare, infrastructure, small cap, technology | The fund identifies generative artificial intelligence as one of their favorite investment areas that appears ready to re-accelerate growth in 2024 and beyond. They view the emergence of generative AI as creating ample opportunities across the market cap spectrum. | View | |
| 2024 Q2 | Jul 31, 2024 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | GKOS, NTRA, PGNY, SITE, SPT, STEP | AI, Genomics, growth, healthcare, innovation, Medical Devices, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Sustained enthusiasm for artificial intelligence boosted large cap technology stocks during the quarter. The fund continues to observe this secular theme as creating attractive investment opportunities. | SPT SITE PGNY GKOS NTRA STEP |
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| 2024 Q2 | Jun 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, APPF, BAH, CACI, CNMD, DECK, FIVE, FND, FSS, GKOS, HEI, INSP, ITCI, JNJ, LGIH, LII, MANH, MEDP, NBIX, PODD, POOL, PRCT, RBC, RGEN, RXST, SPSC, SSD, TARS, TREX, TXRH, VERX, XPEL, ZBRA | AI, Defense Spending, growth, healthcare, small caps, software, technology | Artificial intelligence continues to drive outperformance in technology-related businesses. The portfolio benefits from AI tailwinds through utilities and telecommunications sectors. AAON's recent BASX Solutions acquisition provides exposure to datacenter infrastructure builds driven by AI needs. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Small Cap Growth Strategy | Glaukos Corporation | Health Care | Health Care Equipment | Bull | NYSE | Blockbuster Product, Drug-Device Combination, Glaucoma, healthcare innovation, Medical devices, Ophthalmology | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | Glaukos Corp | Health Care | Health Care Equipment & Supplies | Bull | NYSE | drug delivery, Glaucoma Treatment, iDose Technology, iStent, Medical devices, MIGS, minimally invasive surgery, Ophthalmology | View Pitch |
| Jan 27, 2026 | Fund Letters | H. George Dai | Glaukos Corporation | Health Care | Medical Devices | Bull | New York Stock Exchange | FDA, growth, innovation, Medical_Devices, Ophthalmology | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $18.2M | 0.02% | 161,596 | -529,127 | -76.60% | 0.2642% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $9.8M | 0.01% | 87,171 | +87,171 | +100.00% | 0.1425% |
| Israel Englander | Millennium Management LLC | $233.2B | $181.8M | 0.08% | 1,609,699 | +696,289 | +76.23% | 2.6314% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $12.6M | 0.01% | 112,022 | -359,530 | -76.24% | 0.1831% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $11.1M | 0.02% | 98,651 | +31,712 | +47.37% | 0.1613% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.8M | 0.00% | 15,572 | +5,255 | +50.94% | 0.0255% |
| Mario Gabelli | GAMCO Investors | $10.4B | $417,880 | 0.00% | 3,701 | -4,399 | -54.31% | 0.0061% |
| Joseph Edelman | Perceptive Advisors | $5.6B | $15.8M | 0.28% | 140,000 | +140,000 | +100.00% | 0.2289% |
| Tom Steyer | Farallon Capital Management | $21.2B | $293,566 | 0.00% | 2,600 | -2,600 | -50.00% | 0.0043% |