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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 5, 2026 | Baron Opportunity Fund | 4.6% | 19.4% | ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD | AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology | AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users. | View | |
| 2025 Q4 | Feb 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2025 Q4 | Feb 18, 2026 | Jackson Peak Capital | 14.0% | 0.0% | CFLT, CORZ, GTLB, PZZA, QQQ, SATS | Event-Driven, Exposure Management, Long/Short, M&A, technology, valuation | AI infrastructure spending commitments faced scrutiny in late Q4 as investors questioned feasibility and ROI demonstration capabilities. The tech sector peaked on AI infrastructure announcements before reversing as sentiment shifted regarding over-extrapolated promotional claims. Event-driven M&A activity was a key performance driver, with Confluent's acquisition by IBM validating the manager's thesis published in August. The strategy focuses on identifying attractive acquisition candidates in the technology sector. | SATS |
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| 2024 Q4 | Dec 31, 2024 | Artisan Partners Small Cap Fund | 0.6% | 14.7% | ALAB, ARGX, COCO, CROX, FLS, GTLB, HALO, IPAR, ITGR, LSCC, NOVT, PSN, SN, TYL, VCYT, VSEC | - | View | ||
| 2024 Q3 | Oct 15, 2024 | WestEnd Capital | 0.7% | 32.8% | CRWD, GE, GILD, GTLB, KWEB, MDT, MU, SMCI, TSLA, ZTS | Artificial Intelligence, earnings resilience, Liquidity Conditions, Market Volatility, Portfolio Rotation | The quarter saw elevated volatility tied to global rate dynamics and carry trade unwinds, but strong earnings fundamentals supported a rapid recovery. WestEnd reallocated capital from higher-risk AI infrastructure names facing margin pressure into healthcare, industrial, and selective technology opportunities with improved risk-reward profiles. The firm maintains conviction in the AI productivity cycle while emphasizing liquidity support from synchronized global rate cuts as a constructive backdrop for equities. | MU CRWD SMCI KWEB TSLA GTLB ZTS GILD MDT GE |
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| 2025 Q4 | Jan 28, 2026 | Prosper Stars & Stripes | 1.2% | 9.9% | ATI, EAT, GTLB, INOD, KTB, PDFS, RVTY, SITM, STUB, TKNO | AI, earnings growth, fiscal stimulus, Rate Cuts, small caps | The strategy emphasises small-cap stock selection within a macro backdrop defined by moderating inflation, Fed easing, and a productivity narrative linked to AI investment. Management argues that output per capita gains and AI-driven revenue per employee trends support continued earnings expansion into 2026, particularly for cyclical and technology-exposed businesses. With monetary and fiscal policy turning supportive, the fund sees a broadening recovery favouring small caps after a prolonged period of underperformance. | View | |
| 2025 Q4 | Jan 26, 2026 | Baron Discovery Fund | 0.2% | 11.0% | ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY | AI, defense, growth, healthcare, Quality, small caps, software | The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area. | CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS |
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| 2025 Q4 | Jan 20, 2026 | Meditation Capital | 0.0% | 0.0% | ELV, GTLB, MOH | AI, Health Insurance, Margins, Medicaid, technology, value | Manager outlines framework for AI investing focused on asymmetric risk/reward profiles and avoiding AI losers. Applications have lagged capex but 2026 may see value creation across portfolio. Sold GitLab position due to increased uncertainty from rapid AI coding improvements. Large positions in Elevance Health and Molina Healthcare based on margin normalization thesis after 2025 cost overruns. Health insurers expected to reprice policies to restore normal margins, creating 25-34% IRR opportunities over 4 years. | MOH ELV |
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| 2025 Q4 | Jan 20, 2026 | Madison Small Cap Fund | -0.4% | -6.9% | AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION | AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance | The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again. | AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL |
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| 2024 Q2 | Jul 31, 2024 | Baron Discovery Fund | 13.5% | 9.3% | ALAB, BASE, CDNA, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, MEG, NVMI, PCOR, RGEN, SILK, SITE, STVN, TEM, VCYT | - | View | ||
| 2023 Q2 | Jul 30, 2023 | Baron Discovery Fund | 13.5% | 9.3% | DH, GTLB, KNSL, NVTS, RGEN, RVNC, SKIN, STYN, VRAY | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Discovery Fund | 13.5% | 9.3% | ALKT, ASGN, CDAY, CWAN, DAVA, DH, ESTA, GTLB, GWRE, MEG, PGNY, REXR, SAIL | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Alger Small Cap Focus Fund | 6.4% | 5.9% | CWAN, GTLB, GWRE, HSKA, NTRA, XMTR | - | View | ||
| 2023 Q4 | Jan 30, 2024 | Baron Discovery Fund | 13.5% | 9.3% | AAON, AEIS, DKNG, ESTA, GTLB, GTLS, KNSL, MRCY, S, VRNS | - | View | ||
| 2023 Q1 | Jan 25, 2023 | Baron Discovery Fund | 13.5% | 9.3% | AXNX, AXON, CERT, CYBR, DKNG, FND, GTLB, INDI, MEG, NARI, NVTS, RVNC, SILK, SITM, VRAY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Alpha Seeker 84 | GitLab Inc. | Software | Application Software | Bull | Nasdaq Stock Market | AI usage credits, AI-driven software development, Compliance, DevSecOps, enterprise standardization, Gitlab, Governance, hybrid-pricing model, large enterprise customers, Revenue Growth | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | GitLab Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Automation, Devops, enterprise, productivity, Security, Software, Workflow | View Pitch |
| Feb 4, 2026 | Twitter / X | @akramsrazor | GitLab Inc. | Software | Application Software | Bull | NASDAQ | AI agents, CI/CD, Developers, DevSecOps, enterprise, Government, Software Infrastructure | View Pitch |
| Feb 4, 2026 | Fund Letters | Jonathan Edwards | Chart Industries | Industrials | Industrial Machinery | Bear | New York Stock Exchange | capital recycling, clean energy, M&A, Opportunity-Cost | View Pitch |
| Jan 25, 2026 | Seeking Alpha | Seeking Alpha | GitLab Inc. | Software | DevOps Software | Bull | NASDAQ Stock Market | Devops, generative AI, Gitlab, hybrid-pricing model, margin expansion, operating leverage, Revenue Growth, software delivery, Ultimate product, valuation | View Pitch |
| Jan 23, 2026 | Fund Letters | Faraz Farzam | GitLab Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Devops, Margins, Security, Software | View Pitch |
| Jan 22, 2026 | Twitter / X | @JKeynesAlpha | GitLab Inc. | Information Technology | Systems Software | Bull | NASDAQ | Agentic, development, Duo, Gitlab, Satellite, Simulation, Software, Software Development | View Pitch |
| Jan 8, 2026 | Fund Letters | Timothy Liu | GitLab Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Devops, enterprise, Security, Stickiness | View Pitch |
| Oct 24, 2025 | Value Investors Club | InThePocket | GitLab Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, DevSecOps, FCF inflection, platform, Re-rating | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Dominic Lombardo, CFA | GitLab Inc. | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
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