GWRE

GWRE

GWRE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 5, 2024	Brown Capital Management Mid Company Fund	-7.9%	-3.1%	CRL, FIVN, GWRE, NTRA, PODD, TDOC	-			View
2025 Q2	Aug 27, 2025	Brown Advisors Mid-Cap Growth strategy	15.8%	7.2%	ENTG, GWRE, MRVL, NET, PINS, RBLX, TECH, VOYG, VST	AI Infrastructure, fundamentals, Mid Cap Growth, secular growth, valuation	The letter focuses on mid-cap growth companies benefiting from secular trends such as AI infrastructure, data centers, and industrial services. Volatility created by tariffs and macro uncertainty has generated selective entry points. Growth is framed as attractive when supported by fundamentals and reasonable valuations.		View
2025 Q2	Aug 18, 2025	Baron Growth Fund	0.8%	-3.5%	ACGL, CHH, GLPI, GWRE, IDXX, RRR	Consumer Sector, quality growth, small caps, technology			View
2025 Q2	Jul 31, 2025	Baron Focused Growth Fund	12.7%	3.7%	ACGL, CHH, FDS, GWRE, IBKR, IDXX, MTN, SPOT, TSLA	Balance Sheets, Concentration, disruption, earnings acceleration, focused growth	The commentary emphasizes concentrated investments in disruptive and core growth businesses with strong balance sheets and accelerating earnings potential. Management highlights resilience through tariffs and macro uncertainty due to pricing power and reinvestment capacity. Valuation upside is expected to come from long-term earnings compounding.		View
2025 Q2	Jul 29, 2025	Baron Asset Fund	7.8%	4.6%	ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK	balanced investing, Compounding, diversification, Quality, risk management	The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool.		View
2025 Q2	Jul 22, 2025	Conestoga Mid Cap Composite	3.5%	4.5%	AAON, BSY, CPRT, FICO, GWRE, HEI, IDXX, MTD, NET, POOL, ROP, VEEV, WCN, WSO	Competitive Advantage, earnings, growth, Mid Caps, volatility	The commentary focuses on maintaining high-quality growth exposure despite macro-driven volatility. Management highlights the resilience of companies with strong competitive positions and long runways for earnings expansion. Mid-cap growth is positioned as a balance between scalability and valuation discipline.	MTD NET FICO AAON POOL ROP WSO WCN CPRT VEEV IDXX GWRE HEI.A BSY	View
2025 Q2	Jul 22, 2025	Conestoga SMid Cap Composite	5.0%	-1.0%	AXON, CWAN, EXPO, FICO, GWRE, HEI, MMSI, NEOG, POOL, RBC, ROAD, WSO	cash flow, fundamentals, growth, SMID Caps, valuation	The letter emphasizes disciplined growth investing amid tariff uncertainty and rapid market rebounds. While narrow leadership hurt short-term performance, management remains focused on companies with scalable business models and consistent cash generation. SMid-cap growth is viewed as attractive as valuation gaps persist.	RBC GWRE AXON ROAD	View
2025 Q2	Jul 21, 2025	Wasatch Long/Short Alpha Fund	0.5%	-	FN, GWRE, HQY, INSP, NSA, RKLB, SG, SKY	Defensive, Long/Short, Quality, valuation		HQY GWRE INSP NSA SKY	View
2025 Q2	Jul 20, 2025	BBH Select Series – Mid Cap Fund	5.4%	-0.9%	FOUR, GLOB, GWRE, WSO	cash flows, Intrinsic Value, Mid Caps, moats, volatility	The commentary focuses on bottom-up stock selection in mid-cap companies trading below intrinsic value amid tariff and policy uncertainty. Structural growth drivers and competitive moats are emphasized over macro forecasting. The fund positions volatility as an opportunity to add to businesses with durable cash flow potential.		View
2024 Q2	Jul 12, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEN NA, BILL, BMRN, CPRT, CSGP, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SLNY, SQ, TER, TT, WDAY, WDC, WST	-			View
2025 Q1	Mar 31, 2025	Baron Focused Growth Fund	-8.0%	-8.0%	ACGL, CSGP, DNUT, GWRE, H, IDXX, LVS, MTN, SPOT, TSLA	-			View
2025 Q1	Mar 31, 2025	Baron Partners Fund	-17.4%	-17.4%	ACGL, CSGP, GWRE, H, HEI, IT, TSLA	-			View
2025 Q1	Mar 31, 2025	Artisan Global Discovery	-3.7%	-3.7%	0669 HK, ARGX, ARIS, ASND, BAB LN, CCCS, COHR, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TWST, TYL, USFD, VEEV, WAB, WST	-			View
2025 Q1	Mar 31, 2025	Artisan Partners Small Cap Fund	-10.1%	-10.1%	ARIS, ASND, BROS, DAY, FRSH, FTAI, GWRE, HALO, KTOS, MTSI, SG, VCYT	-			View
2025 Q1	Mar 31, 2025	Baron Asset Fund	-3.0%	-3.0%	ACGL, CSGP, DKNG, GWRE, IT, ROP, SCHW, TECH, TTD, VRSK, VRT, WST	-			View
2025 Q1	Mar 31, 2025	Baron FinTech Fund	-1.4%	-1.4%	APO, GWRE, HOOD, KKR, MA, MELI, NOW, PGR, TW, XYZ	-			View
2025 Q1	Mar 31, 2025	Baron Growth Fund	-4.3%	-4.3%	ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI	-			View
2025 Q1	Mar 31, 2025	Baron Small Cap Fund	-9.1%	-9.1%	AZPN, BRP, GWRE, IT, KNSL, PAR, RDNT, TTD, VRT	-			View
2024 Q4	Mar 12, 2025	Invesco Discovery Fund	1.2%	22.6%	ALAB, ALTR, CLS, CVLT, GWRE, INTA, NOVA, PEGA, PI, QTWO, WING	-			View
2025 Q4	Feb 8, 2026	Baron Partners Fund	19.1%	24.9%	ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA	AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology	The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established 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 in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier.	RRR IDXX SCHW FDS IT GWRE SPOT CSGP H	View
2025 Q4	Feb 5, 2026	Baron Small Cap Fund	-1.6%	-0.7%	CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT	AI, Data centers, defense, growth, Quality, small caps, technology	AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance.		View
2025 Q4	Feb 4, 2026	Baron Asset Fund	7.9%	8.2%	ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL	AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology	The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, 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. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market.		View
2025 Q4	Feb 18, 2026	Baron FinTech Fund	-2.2%	0.9%	FICO, GWRE, HOOD, JKHY, MELI, MS, NEPT, SPGI	Bank Deregulation, Capital markets, Financial Software, FinTech Growth, Payments Infrastructure	The fund converted to an ETF structure while maintaining its growth-oriented strategy focused on financial and financial-related companies leveraging technology and data to compound earnings. Performance lagged traditional Financials due to underweight exposure to banks but benefited from stock selection in Information Services and Capital Markets, with holdings such as Fair Isaac and S&P Global contributing positively. The outlook remains constructive given easing monetary policy, resilient credit trends, capital markets strength, and deregulation tailwinds supporting banks, exchanges, and advisory franchises.	NEPT MS GWRE MELI HOOD FICO JKHY SPGI	View
2024 Q4	Dec 31, 2024	Parnassus Mid Cap Growth Fund	-2.5%	10.6%	A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ	-			View
2023 Q4	Dec 31, 2023	NCG Small Cap Growth Strategy	4.8%	14.8%	BRZE, CSTL, CWAN, DAVA, GWRE, MEDP, NTRA, TNDM	-			View
2023 Q4	Dec 31, 2023	NCG SMID Cap Growth Strategy	4.8%	15.5%	BRZE, CSTL, CWAN, DAVA, DXCM, GWRE, MEDP, NTRA, TNDM, VRT	-			View
2022 Q4	Dec 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MTN, PENN, SPOT, TSLA	-			View
2023 Q3	Nov 10, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	BLFE, CWAN, GWRE, IMVT, INSP, TMDX	-			View
2024 Q3	Oct 28, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADSK, ARNB, BILL, BIRK, GWRE, H, IBKR, IQV, JBHT, LPLA, MRNA, MTN, NET, NTR, ONON, RRR, SHOP, SPOT, TSLA	-			View
2024 Q3	Oct 23, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CGNX, EXPO, FIVN, FSV, GWRE, MSA, ROAD, TREX, WST	-			View
2024 Q3	Oct 23, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, FIVN, FTNT, GWRE, HEI, PCOR, POOL, ROP, TYL, WST	-			View
2025 Q4	Jan 30, 2026	Baron Focused Growth Fund	12.3%	22.3%	ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK	AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology	The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment.	DUOL CSGP SPOT ONON H FIGS GWRE	View
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
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	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	View
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	View
2024 Q3	Sep 30, 2024	Baron Opportunity Fund	4.0%	25.1%	AVGO, CRWD, DUOL, GDS, GWRE, INDI, MBLY, META, MSFT, NVDA, PAR, TEAM, TSLA	-			View
2024 Q3	Sep 30, 2024	Artisan Partners Small Cap Fund	9.0%	14.0%	CIGI, ELF, GWRE, HLNE, IBP, LSCC, RYTM, SN, VCYT	-			View
2024 Q3	Sep 30, 2024	Baron Asset Fund	8.3%	10.6%	COO, CSGP, DUOL, DXCM, FICO, GWRE, IT, SCHW, VRSK, WELL, WST	-			View
2024 Q3	Sep 30, 2024	Baron Focused Growth Fund	11.7%	13.2%	ARNB, BIRK, GWRE, H, IBKR, MRNA, MTN, ONON, RRR, SHOP, SPOT, TSLA	-			View
2024 Q3	Sep 30, 2024	Baron Partners Fund	13.9%	4.5%	ARCH, BIRK, GWRE, MTN, SCHW, TSLA	-			View
2024 Q3	Sep 30, 2024	Baron Small Cap Fund	9.6%	14.5%	BRP, DAVA, DXCM, EWCZ, GCMG, GTLS, GWRE, IBTA, ICON, LOAR, VRT	-			View
2024 Q3	Sep 30, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	2815 JP, ATKR, CWK LN, GWRE, NBIX, SHKL IN, TECN SW	-			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
2023 Q3	Sep 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	ARCH, DNUT, FDS, FIGS, GWRE, MSCI, VAC	-			View
2023 Q3	Sep 30, 2023	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, FDS, GWRE, IRDM, MSCI, TSLA	-			View
2023 Q3	Sep 30, 2023	Baron Small Cap Fund	9.6%	14.5%	AZPN, CGNX, DRVN, FFO GR, GWRE, INDI, KNSL, LBRDA, VRT	-			View
2023 Q3	Sep 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CSGP, FDS, FTNT, GGG, GWRE, IDXX, RGEN, ROL, VEEV, VRSK	-			View
2023 Q3	Sep 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CSWI, CWAN, CWST, FICO, GGG, GWRE, MMSI, NOVT, OMCL, RGEN, ROAD, ROL	-			View
2022 Q3	Sep 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	DNUT, FDS, FIGS, GWRE, H, IRDM, SHOP, TSLA	-			View
2022 Q3	Sep 30, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, FIGS, GWRE, H, IRDM, SCHW, TSLA	-			View
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
2024 Q2	Jul 27, 2024	Baron Small Cap Fund	9.6%	14.5%	BWIN, GWRE, IBP, IBTA, KNSL, LOAR, PLNT, SITE, VRT	-			View
2024 Q2	Jul 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	DNUT, GWRE, H, MNT, RRR, SHOP, SPOT, TSLA	-			View
2024 Q2	Jul 27, 2024	Baron Asset Fund	8.3%	10.6%	ARCH, CSGP, FICO, GWRE, IT, MNT, VMC, VRSK	-			View
2024 Q2	Jul 27, 2024	Baron Growth Fund	11.1%	7.4%	ALTR, ANSS, ARCH, CSGP, GWRE, KNSL, MNT, MSCI	-			View
2024 Q2	Jul 20, 2024	Artisan Partners Small Cap Fund	9.0%	14.0%	BSY, COCO, ETSY, GWRE, IOVA, LSCC, NTBL, SMCI, TWST, WING	-			View
2024 Q2	Jun 30, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	EXPO, FICO, GWRE, HEI, POOL, RGEN, SITE, STVN, TREX, TYL	-			View
2024 Q2	Jun 30, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	CSGP, GWRE, HEI, LSPD, POOL, RGEN, ROL, TYL, VEEV, VRSK, WST	-			View
2024 Q2	Jun 30, 2024	Baron Opportunity Fund	4.0%	25.1%	AAPL, AMZN, AVGO, CSGP, EXAS, GWRE, IOT, MSFT, NVDA, TSM, VKTX, WDAY	-			View
2023 Q2	Jun 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, MSCI, ONON, PENN, TSLA	-			View
2023 Q2	Jun 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	CPRT, CSGP, FDS, GGG, GWRE, MTD, RGEN, ROL, TSCO, VRSK	-			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
2022 Q2	Jun 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, H, MSCI, RRR, SPOT, TSLA	-			View
2025 Q1	Apr 14, 2025	Parnassus Mid Cap Growth Fund	-10.0%	-10.0%	APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ	-			View
2025 Q1	Mar 31, 2025	Alger Small Cap Focus Fund	-21.8%	-21.8%	AGYS, FTAI, GWRE, NARI, WGS, XMTR	-			View
2023 Q1	Mar 31, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	CWAN, GTLB, GWRE, HSKA, NTRA, XMTR	-			View
2023 Q1	Mar 31, 2023	Baron Asset Fund	8.3%	10.6%	ANSS, CSGP, FRC, GWRE, ICLR, IDXX, IT, LPLA, MKTX, PWR, RGEN, TECH, WST	-			View
2023 Q1	Mar 31, 2023	Baron Small Cap Fund	9.6%	14.5%	ALTR, AXNX, CLVT, DAVA, FND, GWRE, IBP, IT, RPAY, SITE	-			View
2022 Q1	Mar 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, GWRE, H, IRDM, MTN, SPOT, TSLA, VLD, WRBY	-			View
2023 Q4	Jan 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, GWRE, H, IDXX, IRDM, RRR, VAC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Ronald Baron	Guidewire Software, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	ARR, cloud, Insurance, Margins, migration	View Pitch
Feb 21, 2026	Fund Letters	Josh Saltman	Guidewire Software, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	ARR, cloud migration, Insurance-software, Margins, TAM	View Pitch
Feb 4, 2026	Fund Letters	Tim Harris	Guidewire Software Inc.	Information Technology	Application Software	Neutral	New York Stock Exchange	AI adoption, ARR growth, cloud migration, Insurance-software, vertical software	View Pitch
Feb 4, 2026	Fund Letters	Ronald Baron	Guidewire Software, Inc.	Information Technology	Software	Bull	New York Stock Exchange	ARR, cloud, Insurance, Margins, Software	View Pitch
Jan 24, 2026	Fund Letters	Craigh Cepukenas	Guidewire Software, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Discipline, Insurance, Modernization, Software, valuation	View Pitch
Jan 8, 2026	Fund Letters	Mick Rasmussen	Guidewire Software, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Cloudmigration, Insurancesoftware, Modernization, SaaS, Switchingcosts	View Pitch
Dec 5, 2025	Fund Letters	Derek Johnston	Guidewire Software, Inc.	Information Technology	Application Software	Bull	NYSE	cloud, Insurance, Margins, Modernization, SaaS	View Pitch
Dec 5, 2025	Fund Letters	Bob Mitchell	Guidewire Software, Inc.	Information Technology	Systems Software	Bull	NYSE	Bookings, cloud, Insurance, Margins, SaaS	View Pitch
Dec 3, 2025	Fund Letters	Craigh Cepukenas	Guidewire Software, Inc.	Information Technology	Application Software	Bull	NYSE	Cloud_transition, Fintech, Insurance, Margins, SaaS	View Pitch

BSD Shareholders of GWRE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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