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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 26, 2023 | Pelican Bay Capital Management | 9.1% | 11.5% | APAM, BATRA, BLDR, CPRI, GNRC, NTR, TOL | - | View | ||
| 2025 Q2 | Jul 17, 2025 | Ariel Focus Fund | 4.8% | - | APA, CLB, GNRC, MOS, ORCL, REZI, SJM | Concentration, conviction, downside protection, fundamentals, Quality | The letter focuses on running a concentrated portfolio of high-conviction ideas where downside risk is carefully managed. Management stresses deep fundamental research, strong balance sheets, and management alignment. The outlook favors selective concentration over broad diversification in an inefficient market. | CLB APA SJM REZI MOS ORCL |
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| 2025 Q1 | May 1, 2025 | Conestoga Mid Cap Composite | 1.0% | 1.0% | GNRC, HEI, IT, RGEN, ROL, ROP, TECH, VRSK, WCN, WST | - | View | ||
| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, FI, GNRC, PEP, RTX, TGT | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, ERII, GNRC, LANC, POST, PRGO, RRR, RRX, WCC, WNS | - | 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 | Ariel Focus Fund | -1.2% | 13.5% | GNRC, Gold, GS, LMT, MHK, REZI, SLB, SNA | - | View | ||
| 2022 Q4 | Nov 2, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | COUP, CRWD, GNRC, PODD, XPO | - | View | ||
| 2023 Q3 | Oct 24, 2023 | Pelican Bay Capital Management | 2.7% | 14.6% | CPRI, FANG, GNRC, PXD, TRP, VZ | - | 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 |
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| 2025 Q3 | Oct 13, 2025 | Conestoga SMid Cap Composite | -1.1% | -2.1% | CWST, DSGX, EVI, GNRC, JKHY, MRCY, QTWO, ROAD, TYL, WST | quality growth, semiconductors, SMID Caps, software, technology | The SMid-Cap strategy underperformed amid a rally dominated by unprofitable, high-beta stocks, while its disciplined quality-growth approach faced headwinds. Weakness in software and lack of semiconductor exposure weighed on returns, though select industrials and healthcare names showed resilience. Management views the current low-quality outperformance as typical of early-cycle conditions likely to normalize. | 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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| 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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| 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 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | 02B GR, 096 GR, ARGX, CCCS, EXAS, GNRC, GWRE, LSCC, MTSI, NTBL, NVST, PCOR, SPXC, STVN, SWAV, WCC, WMC | - | View | ||
| 2022 Q3 | Sep 11, 2022 | Artisan Global Discovery | 7.6% | 13.1% | AZTA, BBVA, BURL, CAE, CTLT, GNRC, ON, SMGKF, TEAM, VEEV, VMI | - | View | ||
| 2022 Q3 | Jul 12, 2022 | Ariel Fund | 12.1% | 0.0% | GCMG, GNRC, KEYS, MHK, PARA | - | View | ||
| 2023 Q3 | Mar 10, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | AXTA, GNRC, IPG, KKR, MAT, NOV | - | View | ||
| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, CVX, GNRC, GS, KVUE, LESL, MHK, PHIN, SPHR | - | View | ||
| 2023 Q3 | Mar 10, 2023 | Ariel Fund | 12.1% | 0.0% | ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR | - | View | ||
| 2023 Q4 | Feb 20, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | BWMN, CCCS, CNM, FF0 GR, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL | - | View | ||
| 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, FF0 GR, FIVE, GNRC, GSHD, MEDP, MKTX, PAYC, POOL, TECH, TREX, WING | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||