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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Dividend Focus Strategy | 5.6% | - | AJG, APH, AVY, BR, CDW, CTAS, ENTG, HEI, HLI, MCHP, MLM, PAYX, POOL, ROS, STE, SYK, TT, VRSK, WSO | AI, dividends, mid cap, Quality, Rate Cuts, semiconductors, value | 26 out of 27 names in the portfolio increased their dividend in the past 12 months with an average year-over-year increase of 10.4%. The top three dividend growers were Amphenol Corp. at 57%, Cintas Corp. at 16%, and Verisk Analytics at 15%. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron FinTech Fund | 1.1% | 11.5% | ACGL, ACN, ADYEY, APO, CME, EFX, FICO, FIS, GPN, HLI, IBKR, INTU, LPLA, MA, MELI, MKTX, MORN, MSCI, NCNO, PGR, SPGI, SQ, TW, V | Capital markets, Fintech, growth, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Many fintech stocks have already gone through their own version of a recession with multiples near decade lows, but outlooks are more promising due to cost restructuring and focus on profitability. | ACGL MORN CARTRADE.NS INTU APO |
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| 2025 Q2 | Aug 4, 2025 | Baird Small/Mid Cap Growth Equity Fund | 4.5% | -6.6% | ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL | AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance | The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance. | View | |
| 2025 Q2 | Aug 21, 2025 | AMG GW&K Small Cap Core Fund | 4.5% | -3.1% | CHX, CRDO, DAVA, FN, GPOR, HLI, INSM, INTA, IONQ, MCOM, RBC, SEI, SLGN, SPXC, STAG, STRL, TXRH, VIAV | AI, energy, growth, industrials, Natural Gas, small cap, technology, value | The fund discusses AI buildout as a secular theme driving market performance, with investors pushing all-in on AI-related investments. The manager believes the AI investment case is most likely to have durability and generate positive, estimable earnings for companies addressing hyperscaler needs. The fund added two new holdings with AI exposure in the energy sector. | SEI |
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| 2025 Q2 | Aug 18, 2025 | Baron Growth Fund | 0.8% | -3.5% | ACGL, ANSYS, BFAM, CG, CHH, CNS, CSGP, CWAN, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | Casinos, growth, insurance, Long Term, Quality, small cap, Veterinary | The fund focuses on owning competitively advantaged businesses with superior financial attributes including higher margins, cash flow, and returns on capital. The portfolio generates 28.5% operating margins and 30.7% free cash flow margins, significantly above historical averages and benchmarks. | View | |
| 2025 Q2 | Jun 30, 2025 | Fenimore Dividend Focus Strategy | 5.7% | - | ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA | AI, Quality, rates, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels. | GEHC ENTG |
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| 2024 Q2 | Jun 30, 2024 | Fenimore Dividend Focus Strategy | -2.6% | - | ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK | AI, dividends, industrials, mid cap, technology, value | Artificial intelligence investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward. | ESAB OSW HLI |
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| 2024 Q2 | Jun 30, 2024 | Fenimore Value Strategy | -4.7% | - | ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK | AI, dividends, industrials, Manufacturing, mid cap, technology, value | AI investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron FinTech Fund | -2.3% | 3.8% | ACGL, APO, EFX, FI, FICO, GPN, GWRE, HLI, IBKR, INTU, KKR, MA, MCO, MELI, PGR, SPGI, SQ, TW, V, VRSK, WISE.L | AI, Capital markets, Financial Services, Fintech, growth, private credit, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Information Services, Payments, Enterprise Software, Capital Markets, E-Commerce, and Digital IT Services. Despite sector underperformance relative to broader markets, fintech fundamentals remain strong with mid-teens earnings growth across the fund. | View | |
| 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 | |
| 2026 Q1 | May 13, 2026 | AMG GW&K Small Cap Core Fund | 0.0% | 0.0% | AEIS, ALGM, ARQT, AVNT, FWRG, HLI, IDA, MTSI, RBC, SF, STRL, UTZ, VCYT, VIAV | energy, healthcare, industrials, small caps, technology, value | View | ||
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MSTR, MTD, MTN, NEOG, PENN, PRI, RRR, SMCI, TECH, TREX, VAC, WST | financials, growth, insurance, Long Term, real estate, small caps | Specialty insurers Kinsale Capital and Arch Capital both contributed significantly to performance with strong financial results. Market conditions remain favorable with rising premium rates and more business shifting to the excess and surplus lines market where Kinsale operates. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Growth Fund | -4.3% | -4.3% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH, TREX | growth, insurance, Quality, real estate, small caps, software | The fund holds multiple specialty insurers including Kinsale Capital Group and Arch Capital Group. Kinsale continues gaining market share in the excess and surplus market with industry-leading margins and robust returns on equity. The E&S insurance market conditions remain favorable with continued double-digit growth due to share gains from the standard market. | View | |
| 2025 Q1 | Mar 31, 2025 | AMG GW&K Small Cap Core Fund | -7.3% | -7.3% | ADC, ARQT, BWIN, CBZ, CHX, COCO, FLYW, FNA, GBCI, GMED, HALO, HLI, HMN, ICFI, INSM, INTA, ITCI, LOPE, MGY, MTSI, NWE, PAR, PATK, PPBI, PRIM, RBC, SKY, SPXC, STAG, STRL, SWTX, TNDM, UMBF, UTZ | AI, Biotechnology, energy, financials, Quality, small caps, Trade Policy | The fund discusses navigating uncertainty from tariff announcements and trade policy changes by the current U.S. Administration. The manager analyzes potential impacts on manufacturing, consumers, and trading partners, while monitoring for signs of policy moderation or negotiation. | View | |
| 2025 Q4 | Mar 1, 2026 | Baron Growth Fund | -2.8% | -14.4% | ACGL, CHH, CNS, CSGP, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | AI, financials, growth, Quality, small caps, underperformance, valuation | The fund experienced significant underperformance due to market concerns about AI disruption affecting portfolio companies like Gartner, CoStar, Clearwater Analytics, FactSet, MSCI, and Guidewire. These AI-impacted stocks declined 15% despite 10% revenue growth and 15% EPS growth, representing 42% of the portfolio. The manager believes the market's assessment of AI risk differs from their own and expects valuations to recover as AI concerns moderate. The fund focuses exclusively on high-quality businesses with superior characteristics including competitive advantages, sustainable growth, and strong financial metrics. This quality-focused strategy was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. The Earnings Quality factor performance was in the 100th percentile, demonstrating the fund's quality bias during a period when quality was penalized. The fund invests in a portfolio of competitively advantaged small and medium-sized businesses, which remained out of favor for most of the quarter. The strategy of owning leading small-cap businesses has been the foundation since inception, delivering 354 basis points of annual outperformance over the benchmark since inception despite recent headwinds. | 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 18, 2026 | Baron FinTech Fund | -2.2% | 0.9% | APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V | AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology | Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property. | NEPT MS GWRE MELI HOOD FICO JKHY SPGI |
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| 2024 Q4 | Dec 31, 2024 | FMI All Cap Equity | -2.0% | 11.0% | ALLE, ARMK, BJ, BKNG, BRK-B, FERG, G, GOOGL, HLI, OMC, RHI, SCHW | Diversified, long-term, Quality, ROIC, value | The fund holds Houlihan Lokey as its largest position at 4.1%, representing exposure to investment banking and financial advisory services. Charles Schwab represents another significant capital markets exposure at 4.0% of the portfolio. | OMC ALLE |
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| 2024 Q4 | Dec 31, 2024 | FMI Small Cap Equity | -7.0% | 11.0% | ARMK, ARW, BJ, G, GTES, HAYW, HLI, HSIC, IPG, RHI, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | IPG HAYW |
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| 2024 Q4 | Dec 31, 2024 | Baron Small Cap Fund | -1.1% | 13.3% | ALTR, ASGN, AZPN, BFAM, BLD, CAKE, DRVN, FOXF, FROG, GDYN, GTLS, GWRE, HLI, HQY, IBP, ICLR, INTA, IT, JBT, KNSL, NEOG, NPO, PLNT, RRR, TDG, VRT | AI, Data centers, growth, industrials, long-term, small caps, technology | AI-related data center buildout is driving extraordinary demand for Vertiv's power and cooling solutions. The company raised organic sales guidance to 12-14% CAGR for the next five years, benefiting from enormous capital investment in data centers to enable AI applications. JFrog is also positioned to benefit as generative AI adoption accelerates, driving the need to manage new binary types and increasing overall application complexity. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Growth Fund | 6.0% | 4.8% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH, TREX | Compounding, growth, Long Term, Quality, small cap, underperformance | Fund focuses exclusively on high-quality durable growth assets with sustainable competitive advantages, sticky customer bases, and differentiated products. Manager emphasizes these businesses were out of favor during 2024 as investors preferred lower-quality, more volatile investments. The strategy prioritizes long-term compounding over short-term trends. | MTN CSGP IDXX |
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| 2025 Q3 | Nov 8, 2025 | Baird Small/Mid Cap Growth Equity Fund | -3.2% | -9.6% | AAON, ADMA, AFRM, ALAB, BMI, BOOT, BRBR, BROS, BURL, BWXT, CASY, CAVA, CLWD, COCO, DKNG, ELF, EXAS, FDS, FOUR, FSS, HLI, INSM, INSP, IONQ, LII, MASI, MKTX, MTSI, NBIX, PEN, PODD, QBTS, RGTI, SOFI, TARS, TTAN, TWLO, TXRH, WAY, WING, WSO | AI, growth, healthcare, momentum, Quality, semiconductors, small cap, software | AI enthusiasm drove significant benchmark outperformance through semiconductor and infrastructure plays, with quantum computing stocks adding over 2% to benchmark weight despite extreme valuations. The market's insatiable desire for AI beneficiaries created meaningful factor headwinds for the portfolio. | View | |
| 2025 Q3 | Nov 5, 2025 | Baron Small Cap Fund | 0.5% | 0.7% | BWIN, CGNX, DAY, GTLS, GWRE, HLI, HLLY, IBP, ICLR, INTA, IT, ITGR, KNSL, KTOS, NVCN, PLNT, PTECH, RDNT, RRR, SITE, VRT | AI, Data centers, defense, growth, industrials, Quality, small cap, technology | The market was powered by continued excitement around AI, with significant investment in AI infrastructure driving GDP growth. However, market concerns about AI competition negatively impacted some software holdings, though the manager sees no evidence that AI is negatively impacting Gartner's value proposition. | View | |
| 2025 Q3 | Nov 18, 2025 | Baron Growth Fund | -8.7% | -12.0% | ARCH, CG, CHH, CNS, CSGP, CWAN, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | AI, Buybacks, financials, growth, Quality, small cap, technology, underperformance | The fund exclusively invests in high-quality stocks as defined by MSCI Barra, focusing on competitively advantaged businesses with exceptional management teams. The manager notes this has been the worst six-month period for high-quality stocks since 1975, as investors have rotated to more volatile, riskier stocks. The portfolio's operating margin has improved to 27.6%, which is 640bps above historical average and 1,880bps above benchmark. | View | |
| 2025 Q3 | Nov 13, 2025 | Baron FinTech Fund | -4.4% | 3.0% | COF, FDS, FICO, GWRE, HLI, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, MORN, NU, PGR, SHOP, SPGI, TW, V, VRSK | AI, Capital markets, credit, financials, Fintech, payments, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Tech-Enabled Financials represented 29.3% of net assets, with the fund maintaining overweight positions in this category relative to the benchmark. | COF FICO SHOP CN IBKR HOOD |
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| 2025 Q3 | Nov 11, 2025 | AMG GW&K Small Cap Core Fund | 6.9% | 3.6% | ABCB, CRDO, HLI, INTA, LOPE, MEDP, MTSI, PRIM, RBC, RGTI, RMBS, SPXC, STRL, SUPN | AI, Biotech, earnings, healthcare, small cap, technology | The market saw impressive gains driven by artificial intelligence stocks, though the fund missed these speculative rallies due to its focus on consistent earnings. The team added two technology stocks to increase exposure to AI infrastructure during the quarter. | View | |
| 2023 Q3 | Oct 21, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION | China, Concentration, defensives, Europe, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI International Equity | -7.4% | 2.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, international, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | Concentration, defensives, Quality, small caps, value | FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, inflation, rates, small caps, valuation, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies. | CCEP SYY VVV |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2024 Q3 | Sep 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | ARMK, BJ, CSL, FBIN, FN, G, HLI, HSIC, NSIT, NVDA, PLXS, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | FN ARMK |
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| 2024 Q3 | Sep 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | ARMK, AVY, BJ, BKNG, BRK.B, CSL, DG, FERG, G, HLI, MAS, SCHW | Diversified, long-term, Quality, ROIC, valuation, value | Aramark operates in the $500 billion food and facilities services market with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has a long runway to take market share from smaller operators and self-operators, with margin improvement potential from new business profitability ramp and operating leverage. | DG ARMK |
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| 2024 Q3 | Sep 30, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CLRO, CNS, CSGP, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, SMCI, TECH, TREX, WST | financials, growth, long-term, Outperformance, Quality, small caps, technology | The fund focuses on businesses with high barriers to entry, sustainable competitive advantages, recurring revenue, attractive margins, and strong cash generation. Management emphasizes investing in competitively advantaged companies with exceptional management teams that consistently reinvest to raise barriers to entry. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MT, MTN, NEOG, PRI, RRR, TECH, TREX, WST | growth, insurance, Long Term, real estate, small cap, software | The fund holds multiple specialty insurance positions including Kinsale Capital Group and Arch Capital Group. Kinsale operates in the excess and surplus market with continued share gains despite slower premium growth. Arch Capital reported strong operating ROE of 21% and book value growth of 40%. | View | |
| 2023 Q4 | Feb 20, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MTD, MTN, NEOG, PENN, PRI, RRR, TECH, TREX, VAC, WST | growth, insurance, Long Term, Quality, real estate, small cap, technology, Travel | The fund holds significant positions in specialty insurers Kinsale Capital Group and Arch Capital Group. Both companies operate in the hard market for property and casualty insurance, with Kinsale showing 33% growth in gross written premiums and Arch demonstrating strong fundamentals with 23% growth in net premiums written. | View | |
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. Small Company Growth | 4.7% | 3.8% | AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC | AI, growth, Quality, small cap, technology, value | The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner. | BDC FN TREX WSC BROS RVLV WRBY |
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| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. SMID Company Growth | 2.7% | 1.4% | ALRM, AZPN, BAH, BLD, BROS, BSY, CWAN, EEFT, ENTG, FND, FOXF, GSHD, HLI, HLNE, NSIT, PAYC, PSTG, RMBS, RVLV, TREX, TYL, WRBY, WSC | AI, growth, Quality, semiconductors, SMID Cap, software, technology, value | The market was dominated by crowded AI trades in 2024, with high-beta AI-adjacent growth companies outperforming. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from GenAI-driven transformation in a more sustainable, long-term manner. | BROS WSC PSTG NSIT BSY ENTG RMBS GSHD WRBY RVLV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Fenimore Dividend Focus Strategy | Houlihan Lokey | Financials | Investment Banking & Brokerage | Bull | NYSE | Boutique, cash generation, Counter-cyclical, Dividend Growth, financials, investment banking, M&A, Mid-market, restructuring | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $22.1M | 0.04% | 126,977 | +84,617 | +199.76% | 0.1910% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $20.1M | 0.02% | 115,238 | +115,238 | +100.00% | 0.1733% |
| Ray Dalio | Bridgewater Associates | $27.4B | $626,736 | 0.00% | 3,598 | +3,598 | +100.00% | 0.0054% |
| Israel Englander | Millennium Management LLC | $233.2B | $19.0M | 0.01% | 108,927 | +15,446 | +16.52% | 0.1638% |
| Jeremy Grantham | GMO LLC | $39.1B | $17.3M | 0.04% | 99,580 | -68,970 | -40.92% | 0.1498% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $99.1M | 0.08% | 568,883 | -3,880 | -0.68% | 0.8556% |
| Cliff Asness | AQR Capital Management | $190.6B | $66.1M | 0.03% | 379,478 | +145,454 | +62.15% | 0.5707% |
| Rich Handler | Jefferies | $19.3B | $229,409 | 0.00% | 1,317 | -61 | -4.43% | 0.0020% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $483.0M | 1.30% | 2,772,807 | -149,067 | -5.10% | 4.1701% |