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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Aug 9, 2023 | The Olstein Strategic Opportunities Fund | - | - | AMZN, AVTR, BAX, CSCO, CW, DAL, DE, DIS, DOV, FIS, GNRC, GOOGL, IFF, KFY, KLIC, META, NFLX, ORCL, TGT, USB, WESCO | Banking, discount, Entertainment, free cash flow, fundamentals, technology, value | The fund emphasizes buying companies at significant discounts to intrinsic value based on normalized future free cash flow. The manager believes current negative sentiment has created opportunities to purchase good companies whose stock prices have fallen to levels that no longer accurately represent their future fundamentals. | CSCO DIS |
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| 2025 Q2 | Aug 7, 2025 | Matrix Dividend Income | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market. | FI AMAT |
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| 2025 Q2 | Aug 7, 2025 | Matrix Large Cap Value Strategy | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, large cap, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably. | UNH FI AMAT AMAT |
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| 2025 Q2 | Aug 27, 2025 | Fawkes Capital Management | 7.6% | - | AEHR, ARGO, BE, GNRC, GOOGL, MAXR, NVDA, NVTS, NVX.AX, PKE, PSIX, SYR.AX, TDY, TGEN, WWR | AI, China, commodities, defense, energy, Germany, infrastructure | Fund is positioned across Western AI beneficiaries including NVIDIA's next-generation Rubin architecture and energy infrastructure requirements for data centers. Believes Google's TPU technology represents the only real challenger to NVIDIA's GPUs and sees significant undervaluation in Alphabet. Also investing in Chinese AI development through Malaysian data center infrastructure as China works around US export controls. | AVIO.MI PKE CMEC.SS GOOGL MAXR PKE NVDA VH2 GR |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill Small-Mid Cap Strategy | 5.4% | 1.0% | ALK, ASH, CCS, CIVI, COOP, FCN, GNRC, GTES, ICLR, KNF, MTN, NSP, POST, RRR, RRX, TKO.TO, WCC | energy, mid cap, small cap, tariffs, technology, Trade Policy, value | President Trump's Liberation Day tariffs announcement caused market volatility in April, followed by new trade deals with UK and China. US-China agreed to cut tariffs for 90 days in May, though progress has stalled since then. | FCN WCC RRR |
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| 2023 Q2 | Jul 26, 2023 | Pelican Bay Capital Management | 9.1% | 11.5% | AAPL, AMZN, APAM, BATRA, BLDR, CPRI, EXPE, FLT, GNRC, GOOGL, META, MSFT, NTR, NVDA, PSX, TOL, TSLA | Fertilizers, Homebuilders, Speculation, Travel, Valuations, value | Homebuilders are benefiting from record low inventory of existing homes as high rates discourage homeowners with 3% rates from moving. They can buy down mortgage rates to 4-5% instead of offering traditional incentives, making new homes more attractive than existing properties with 7% mortgages. The sector continues to trade at reasonable valuations despite recent gains. | View | |
| 2025 Q2 | Jul 17, 2025 | Ariel Focus Fund | 4.8% | - | APA, CLB, GNRC, MOS, ORCL, REZI, SJM | Agriculture, AI, energy, large cap, tariffs, technology, value | Artificial intelligence themed stocks drove market recovery with reignited enthusiasm. Oracle benefited from accelerating demand for cloud and AI capabilities, positioning as leading provider of database software and cloud-based infrastructure for generative AI development. | GNRC CLB APA SJM REZI MOS ORCL CLB APA SJM REZI MOS ORCL |
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| 2025 Q2 | Jul 11, 2025 | Pelican Bay Capital Management | 5.9% | 3.1% | BF.B, BLDR, CSCO, EXPE, GNRC, MU, ON, RPRX, SLB, ULTA, VZ | concentrated, energy, semiconductors, Spirits, technology, Travel, value | Technology stocks, particularly semiconductors Micron and On Semiconductor, were primary performance drivers with gains of 42% and 29% respectively during the quarter. The manager views this as recovery from previous underperformance. | BF-B VZ BF/B SLB |
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| 2024 Q1 | May 9, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | BMBL, CNM, CWA, DAVA, ETSY, EXLS, GLOB, GNRC, HLI, MKTX, PGNY, RVLV, SITM, TECH, TREX, WING, YETI | consumer, growth, Quality, Restaurants, SMID Cap, technology, Water Infrastructure | Polen emphasizes investing in high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They consistently aim to own companies that are undervalued relative to their long-term compounding potential and favor businesses with robust balance sheets and the ability to reinvest in any environment. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AMN, APPF, BMBL, CNM, CWAN, ENDV, EXLS, GLOB, GNRC, HLI, PGNY, SITM, WING | growth, momentum, Quality, small caps, technology, value | Polen emphasizes their focus on high-quality growth companies with robust free cash flow, persistent growth, and high returns on capital. They use their Flywheel framework to assess quality that supports sustainable growth, comprised of unique positioning, repeatable sales process, robust business model, effective management, and value-creating reinvestment. | View | |
| 2024 Q1 | May 21, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH | Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic | The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks. | View | |
| 2026 Q1 | May 13, 2026 | Matrix Dividend Income | - | - | AAPL, ACN, ADP, AMZN, CMCSA, FDX, GNRC, INTU, MSFT, NKE, PEP, PG, QCOM, TSN | AI, dividends, financials, Geopolitical, oil, technology, value | PG ADP NKE INTU |
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| 2025 Q1 | May 1, 2025 | Conestoga Mid Cap Composite | 1.0% | 1.0% | ALGN, BFAM, CPRT, CSGP, FTNT, GNRC, GWRE, HEI.A, IT, RGEN, ROL, ROP, TECH, TYL, VRSK, WCN, WSO, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga's emphasis on higher-quality, conservative growth companies with higher recurring revenue, more stable product cycles, and less capital-intensive investment requirements was key to outperformance. The portfolio benefited from high-quality factor leadership as profitable companies measured by Return on Invested Capital and EBITDA margins declined less significantly than their high beta, non-earning counterparts. | View | |
| 2025 Q1 | Apr 8, 2025 | Matrix Dividend Income | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending. | TGT PEP GNRC |
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| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system. | TGT PEP GNRC |
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| 2025 Q1 | Apr 25, 2025 | SouthernSun SMID Cap | -8.8% | -8.8% | AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO | fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value | The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring. | MOD PII USPH BOOT WSO BR |
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| 2025 Q1 | Apr 23, 2025 | Pelican Bay Capital Management | -2.6% | -2.6% | BRK-A, CBOE, CME, CPAY, EXPE, GNRC, Gold, GOOGL, ON, RPRX, SLB, TOLL, ULTA, VZ | Exchanges, gold, Pharmaceuticals, Quality, value, volatility | The portfolio focuses on high-quality companies trading at steep discounts to intrinsic value, seeking wide margins of safety. The manager emphasizes identifying significant differences between market value and intrinsic value as the core investment opportunity. | RPRX |
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| 2026 Q1 | Apr 16, 2026 | Ariel Appreciation Fund | 1.1% | 1.1% | GNRC, KEYS, KKR, KMT, MAT, NCLH, RLI, SLB | AI, Data centers, energy, Geopolitical, mid cap, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Small Cap Value Strategy | 0.9% | 0.9% | BCO, GNRC, LFUS, LIND, MAT, NCLH | Data centers, energy, Geopolitical, inflation, small caps, Travel, value | BCO MAT NCLH LFUS LIND GNRC |
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| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | energy, Entertainment, Geopolitical, inflation, small caps, technology, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | consumer, energy, Entertainment, industrials, small caps, technology, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, BHF, BWA, ERII, GNRC, GTES, KEX, LNDC, LOB, POST, PRGO, RRR, RRX, WCC, WNS | Automation, Electrification, energy, industrials, Onshoring, small caps, value | The fund is positioned to benefit from secular tailwinds including increased focus on energy efficiency, automation, re-shoring and electrification. Regal Rexnord is capitalizing on these trends through its industrial powertrain solutions. Generac Holdings is well-positioned for growth as increasing electricity usage and electrical grid instability drive demand for its energy technology solutions. | PRGO GNRC WNS WCC GTES POST LANC RRX RRR |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | ADM, AIG, BWA, EXR, FANG, GNRC, HUM, JCI, KEX, OZK, PH, POST, RRR, RRX, SBAC, WCC | energy, financials, healthcare, industrials, mid cap, real estate, value | The fund initiated a position in Diamondback Energy (FANG), a scaled, low-cost energy exploration and production company in one of the US's most prolific shale basins. The company focuses on cost efficiency and prudent, sustainable management of its assets, and is well-positioned for free cash-flow generation over the long term. | View | |
| 2023 Q4 | Feb 8, 2024 | The Olstein Strategic Opportunities Fund | - | - | AAPL, AMZN, CFG, CWK, FA, FITB, GHM, GNRC, GOOGL, HRL, INTC, KTB, LKQ, LUV, META, MSFT, NVDA, RTX, SHYF, TPG, TSLA, USB, VNT, VSH, WRK, ZBH | financials, free cash flow, industrials, Magnificent Seven, undervalued, value | Manager believes market leaders are about to change from high-growth Magnificent Seven stocks to undervalued companies selling at large discounts to intrinsic value. Focus on companies with strong fundamentals trading below normalized free cash flow calculations. | HRTX |
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| 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 | Feb 10, 2025 | Meridian Growth Fund | -0.8% | 6.3% | ALIT, CARG, CHDN, DOCS, EEFT, GNRC, OKTA, RBA, RELY, ST, STE, TMDX, TRMB, ZD | growth, healthcare, industrials, Quality, small caps, technology | The portfolio's largest allocation with historically attractive valuations below long-term averages. Utilization has recovered above pre-pandemic levels and investor interest in biotechnology is showing signs of revival. | CARG RELY DOCS STE ST TMDX |
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| 2024 Q4 | Dec 31, 2024 | Ariel Focus Fund | -1.2% | 13.5% | AAPL, AMZN, GNRC, Gold, GOOGL, GS, LMT, META, MHK, MSFT, NVDA, REZI, SLB, SNA, TSLA | defense, energy, financials, gold, industrials, large cap, technology, value | The fund focuses on differentiated businesses with solid competitive positioning and robust balance sheets, emphasizing patient investing in undervalued companies. The manager expects value stocks to benefit as the performance gap between mega-cap stocks and smaller company counterparts narrows. | SLB Gold LMT MHK REZI GS SNA |
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| 2023 Q4 | Dec 31, 2023 | Baird Small/Mid Cap Growth Equity Fund | 7.8% | 10.9% | BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO | financials, growth, healthcare, industrials, rates, small cap, technology | Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter. | View | |
| 2022 Q4 | Nov 2, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | COUP, CRWD, GNRC, PODD, XPO | - | View | ||
| 2025 Q3 | Oct 30, 2025 | SouthernSun SMID Cap | - | 8.7% | BCO, CXT, DAR, FND, GNRC, MOD, MUSA, NGVT, SEIC, VMI, WSO | active management, fundamentals, Quality, SMID Cap, Stewardship, value | SouthernSun emphasizes the enduring value of active management in an increasingly passive world, arguing that active investing restores balance by engaging directly with management, questioning assumptions, and allocating capital purposefully rather than automatically. They view active management as essential stewardship that combines analytical rigor with human judgment. | CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD |
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| 2023 Q3 | Oct 24, 2023 | Pelican Bay Capital Management | 2.7% | 14.6% | CPRI, FANG, GNRC, GOOGL, PSX, PXD, TPR, VZ, XOM | buyouts, Concentration, dividends, energy, oil, Quality, value | Oil prices rose 32% in Q3 as global demand runs 1-2 million barrels per day ahead of supply, reaching record highs of 103 million barrels per day in July. Years of underinvestment outside US shale and prolonged OPEC production cuts have created supply constraints. The manager believes oil prices could continue rising given multi-year timeframes needed for new supplies and environmental policies constraining investment. | PXD DIPSX FANG BVZN SW GNRC CPRI |
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| 2025 Q3 | Oct 16, 2025 | Brown Advisory Large-Cap Growth Strategy | -0.9% | 6.5% | AAPL, AMZN, CDNS, CSGP, FICO, GNRC, GOOG, GOOGL, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, TTD, WDAY, WST | AI, Cloud, growth, large cap, Quality, semiconductors, software, technology | The market became increasingly concentrated around the AI theme, driving a sharp rebound in growth indices. Brown Advisory has meaningful AI exposure through three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies well-positioned within the AI ecosystem or leveraging AI for competitive advantage. | View | |
| 2025 Q4 | Jan 30, 2026 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ACN, FI, GNRC, LMT, META, TXN | AI, dividends, Fed, financials, rates, technology, value | Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect a rotation from Large Cap Growth stocks with the highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. Matrix expects high quality Value and Dividend stocks to perform well in an environment where investors are seeking to replace income lost due to declining short-term interest rates. Lower short term money market rates following additional Fed Fund cuts should renew the market's interest in dividend paying stocks. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 2025 Q4 | Jan 22, 2026 | Pelican Bay Capital Management | 8.5% | 20.6% | ACM, BF.B, BLDR, CME, CSCO, FDS, GNRC, Gold, GOOG, MU, ODFL, ON, TOL, ZTS | AI, concentrated, healthcare, Homebuilders, Quality, semiconductors, technology, value | Portfolio benefited from strong performance in AI-related businesses, particularly Alphabet which established itself as a leading player with its Gemini Large Language Model alongside Claude and ChatGPT. The manager notes perception has improved significantly since initially purchasing GOOG in March 2023 when consensus was that Google missed the AI boom. Core investment philosophy centers on investing in high-quality companies with durable competitive advantages when they trade at steep discounts to intrinsic value. The manager emphasizes the importance of maintaining wide margins of safety and only investing when securities trade below the bottom end of their intrinsic value ranges. Homebuilding companies were weak performers due to elevated mortgage rates and slowdown in new home sales souring investor sentiment. However, the manager remains bullish on long-term prospects believing there is a housing shortage and these companies trade at large discounts to intrinsic values, adding to positions in both BLDR and TOL. | GOOGL ONON ZTS FDS ACM |
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| 2024 Q4 | Jan 22, 2025 | Pelican Bay Capital Management | -5.5% | 6.6% | CBOE, CPRI, CSCO, EXPE, GNRC, GOOG, KNSL, MU, TPR, ULTA | AI, Concentration, insurance, Quality, semiconductors, technology, value | Artificial intelligence is driving demand for High Bandwidth Memory (HBM), with market projections suggesting HBM demand could surge to over $100 billion by 2028 from $16 billion in 2024. AI agents require specialized memory systems, positioning companies like Micron as technological leaders in this space. | KNSL MU |
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| 2022 Q4 | Jan 20, 2023 | Pelican Bay Capital Management | 9.9% | -1.9% | CPRI, FIS, GNRC, PSX | - | View | ||
| 2025 Q4 | Jan 18, 2026 | Conestoga Mid Cap Composite | -5.8% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology | The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly. | GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY |
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| 2025 Q4 | Jan 18, 2026 | Conestoga SMid Cap Composite | -2.7% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | Biotechnology, defense, growth, industrials, Quality, small caps, technology | Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions. | GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN |
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| 2025 Q4 | Jan 18, 2026 | Ariel Appreciation Fund | 3.0% | 11.1% | CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR | Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value | Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions. | OMC FDS GNRC FISV MSGE CRL SCHR |
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| 2025 Q4 | Jan 18, 2026 | Ariel Small Cap Value Strategy | 3.0% | 0.0% | AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA | AI, Entertainment, insurance, Manufacturing, small cap, technology, value | Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements. | ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR |
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| 2023 Q4 | Jan 16, 2024 | Pelican Bay Capital Management | 12.2% | 28.6% | APAM, BLDR, CPRI, CSCO, EOG, EXPE, GNRC, GOOGL, MO, NTR, ON, PXD, TOL, XOM | concentrated, energy, Fertilizers, Homebuilders, Quality, semiconductors, Travel, value | Homebuilding-related stocks were top performers in Q4 with Toll Brothers up 39% and Builders FirstSource rising 32% as interest rates dropped from 5.0% to 3.8%. The manager made tactical position sizing adjustments in BLDR, trimming at $143 in summer and adding back at $117 in October before shares rebounded to $170. | EOG 6ON GR |
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| 2024 Q3 | Sep 30, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | APG, BOOT, GNRC, IDXX, LPX, NGVT, USPH | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | BALL, CGNX, CPRT, CSGP, FDS, FTNT, GGG, GNRC, GWRE, HEI.A, IDXX, POOL, RGEN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, interest rates, mid cap, Quality, technology | Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus is positioned to outperform in an environment facing higher interest rates and potential recession. | OMCL CSWI |
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| 2022 Q3 | Sep 11, 2022 | Artisan Global Discovery | 7.6% | 13.1% | AZTA, BBVA, BURL, CAE, CTLT, GNRC, ON, SMGKF, TEAM, VEEV, VMI | - | View | ||
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, BKU, COOP, ENOV, FTRE, GDDY, GNRC, LH, MAA, MGY, RRR, RRX, SANM, SNV, UDR, VRSN, WCC, WWW | financials, healthcare, industrials, real estate, small caps, technology, value | Apartment REITs Mid-America Apartment Communities and UDR benefited from stronger than expected rents and occupancy rates, positioning them well for peak leasing season. The portfolio's above-benchmark exposure to real estate contributed positively to relative performance as the sector outperformed the broad index. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | ADM, BSX, CIVI, ENOV, GDDY, GNRC, HUM, LH, MAA, NXPI, PH, RRR, RRX, SYY, UDR, VRSN, WCC | AI, mid cap, Quality, technology, value | AI-related stocks have driven increasingly narrow market performance, with a small number of massive technology stocks driving the majority of index returns. This creates opportunities for active managers to add value by avoiding the temptations of following trends and maintaining disciplined fundamental approaches. The concentration in AI stocks affords opportunities to identify high-quality, underappreciated companies outside the obvious front lines of the latest fad. | View | |
| 2022 Q3 | Jul 12, 2022 | Ariel Fund | 12.1% | 0.0% | GCMG, GNRC, KEYS, MHK, PARA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV | Banking, Fed Tightening, industrials, Recession, technology, value | The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening. | View | |
| 2023 Q3 | Mar 10, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | AXTA, GNRC, IPG, KKR, MAT, NOV | Advertising, Asset Managers, energy, Entertainment, mid cap, Power Equipment, value | NOV Inc. advanced following strong earnings as improving offshore drilling demand leads to higher day rates and longer contract terms. The company is deploying new digital, low emissions fracking equipment and rig automation to enhance drilling efficiency, while winning international projects including Saudi Aramco's 10-year rig building plan. | AXTA GNRC IPG KKR APA|C|FFIV|KHC|NOV|UNH AMAT |
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| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH | Buybacks, capital returns, discount, energy, large cap, value | The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027. | PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT|APA|BPOP|FLR|KOS|OLN |
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| 2023 Q3 | Mar 10, 2023 | Ariel Fund | 12.1% | 0.0% | ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR | consumer, Education, Entertainment, healthcare, small caps, value | Sphere Entertainment's Las Vegas venue opened on track with costs in-line, delivering profitable results and planning 365-day operations including concerts, sporting events, and The Sphere Experience. The venue presents long-term opportunities through advertising, sponsorship, and VIP hospitality licensing. | PBH GNRC IPG LESL AMAT ATGE SPHR |
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| 2023 Q4 | Feb 20, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | BWMN, CCCS, CNM, FIVE, FOXF, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL | concentrated, growth, Quality, Resilience, small cap, value | Polen focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies that are undervalued relative to their long-term compounding potential and emphasize businesses with resilient financial models and strong balance sheets. | View | |
| 2023 Q4 | Feb 16, 2024 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 3697.T, AZPN, BMBL, CCCS, DLO, ETSY, EVD.DE, FIVE, FOXF, GNRC, MEDP, MKTX, MPWR, PAYC, POOL, TECH, TME, WRBY, XPEL, YUMC | consumer, global, growth, Quality, SMID Cap, software, technology | Five Below recovered from Q3 weakness with 14% year-on-year revenue growth and raised guidance. The discount retailer continues to outperform peers and benefits from consumers looking to stretch their dollar further in a challenging macro backdrop. | CCCS PAYC XPEL EVD.DE 3697.T FIVE |
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| 2022 Q4 | Jan 31, 2023 | Meridian Growth Fund | 6.8% | 0.0% | 76J GR, GNRC, MMSI, ON, SH5 GR, SYNH | - | View | ||
| 2022 Q4 | Jan 19, 2023 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALB, BKR, CRWD, GNRC, HAL, HZNP, MRVL, PLNT, URI, WOLF | - | View | ||
| 2023 Q4 | Jan 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | CNM, FIVE, FOXF, GNRC, GSHD, MEDP, MKTX, PAYC, POOL, TECH, TREX, TTD, WING | growth, healthcare, Quality, Resilience, SMID Cap, technology | The fund focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies with resilient financial models, strong balance sheets, and the ability to self-fund growth. The portfolio is purpose-built for financial resiliency, owning only what research suggests to be the highest quality companies in their asset class. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ariel Appreciation Fund | Generac Holdings, Inc. | Industrials | Electrical Components & Equipment | Bull | NYSE | climate change, Commercial, Free Cash Flow, Grid Instability, Industrial, market penetration, Power generation, Power Outages, Residential, Standby Generators | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Focus Fund | Generac Holdings, Inc. | Industrials | Electrical Components & Equipment | Bull | NYSE | backup power, climate change, Commercial, Equity, Generators, Grid Instability, Industrials, Power generation, Residential | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Fund | Generac Holdings, Inc. | Industrials | Electrical Equipment | Bull | NYSE | backup power, climate change, Commercial Power, Free Cash Flow, Grid Instability, market penetration, Power generation, Residential Generators | View Pitch |
| Apr 28, 2026 | Fund Letters | Pelican Bay Capital Management | Generac Holdings Inc | Industrials | Electrical Equipment | Bull | NYSE | Dealer Network, Margin recovery, market leader, Power Grid, secular growth, Standby Generators | View Pitch |
| Apr 23, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Generac Holdings | Specialty Industrial Machinery | Electrical Equipment | Bull | New York Stock Exchange | AI infrastructure, Commercial Industrial, data centers, EBITDA growth, electrical equipment, energy infrastructure, Grid Reliability, Power generation | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Small-Mid Cap Strategy | Generac Holdings | Industrials | Electrical Components & Equipment | Bull | NYSE | electrical equipment, energy solutions, Grid Instability, market leadership, Power generation, Residential, Standby Power | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Generac Holdings, Inc. | Industrials | Electrical Components & Equipment | Bull | NYSE | backup power, Commercial, electrical equipment, infrastructure, Power generation, Residential, Standby Generators, Weather Events | View Pitch |
| Apr 13, 2026 | Fund Letters | Matrix Dividend Income | Generac Holdings Inc. | Industrials | Electrical Equipment | Bull | NYSE | backup power, Commercial, electrical equipment, energy solutions, Industrial, infrastructure, Power generation, Residential, secular growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Matrix Large Cap Value Strategy | Generac Holdings Inc. | Industrials | Electrical Equipment | Bull | NYSE | backup power, Commercial, energy storage, Industrial, infrastructure, Power generation, Residential, secular growth | View Pitch |
| Feb 27, 2026 | Fund Letters | Michael Cook | Generac Holdings Inc. | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | Automation, backup power, cyclical demand, data centers, Margins, market leadership | View Pitch |
| Jan 21, 2026 | Fund Letters | Bob Mitchell | Generac Holdings, Inc. | Industrials | Electrical Equipment | Bear | New York Stock Exchange | Cyclicality, Energyresilience, Housing, Margins, Powergeneration | View Pitch |
| Jan 21, 2026 | Fund Letters | Derek Johnston | Generac Holdings, Inc. | Industrials | Electrical Components & Equipment | Bear | New York Stock Exchange | Cyclicality, datacenters, Energyresiliency, Margins, Power generation | View Pitch |
| Jan 20, 2026 | Fund Letters | John Rogers | Generac Holdings Inc. | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | cashflow, datacenters, Powergeneration, Resiliency, Secular | View Pitch |
| Jan 20, 2026 | Fund Letters | John W. Rogers | Generac Holdings, Inc. | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | cashflow, datacenters, Energy resiliency, Powergeneration, Secular | View Pitch |
| Oct 23, 2025 | Value Investors Club | smallfish42 | Generac Holdings | Industrials | Electrical Components & Equipment | Bull | NYSE | data center, Diesel Gensets, Electrification, tariffs, Telecom | 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. | ||||||||