HUBS

HUBS

HUBS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Harbor Capital Appreciation Fund	19.5%	7.4%	AAPL, AVGO, BSX, CEG, HUBS, MA, NFLX, NVDA, SHOP	AI Adoption, Balance Sheets, earnings momentum, innovation, Large Cap Growth	The commentary highlights resilient U.S. large-cap growth driven by AI adoption, strong earnings momentum, and corporate innovation despite tariff-related volatility. Management stresses bottom-up stock selection in companies with durable growth, pricing power, and strong balance sheets. Growth leadership is expected to broaden beyond a narrow group of mega-cap winners.	BSX SHOP HUBS	View
2025 Q4	Feb 23, 2026	Bailard Technology Strategy	-2.2%	19.2%	ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD	AI, growth, infrastructure, positioning, semiconductors, software, technology	The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements.		View
2024 Q4	Dec 31, 2024	Impax US Sustainable Economy Fund	-0.8%	20.4%	DHI, ELV, GILD, HUBS, TEAM, ZTS	-			View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	APP, ARGX, AXON, BJ, BRO, CTAS, DASH, HOOD, HUBS, IBKR, IDXX, INSM, INSP, IT, LSCC, MPWR, NCLH, ORLY, ROST	AI, Automation, Fintech, healthcare, industrials	TimesSquare notes AI investment remains dominant but overextended, signaling a potential capital-cycle risk. The team emphasizes industrial automation, healthcare innovation, and financial technology as more durable mid-cap growth drivers.		View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	-3.8%	13.9%	APH, COR, CRS, CYBR, EME, HUBS, IBKR, LNG, ORLY, PANW, PFGC, TPG, VEEV, VRSK	defense, energy, financials, growth, healthcare, industrials, mid cap, technology	The portfolio initiated a position in Karman Holdings, a missile systems design and manufacturing specialist. The company is well-positioned as a vital picks-and-shovels provider in the defense and commercial space industries, supporting defense stockpile replenishment, commercial satellite constellation expansion, and major Department of Defense investments in hypersonic and air defense systems. The manager anticipates a significant acceleration in AI adoption as 2026 unfolds. This represents a key forward-looking catalyst that could drive investment opportunities across the technology sector. The manager is currently awaiting a Supreme Court decision on the Trump Administration's tariffs and expects potential pivots toward alternative trade enforcement frameworks. The implementation of the One Big Beautiful Bill is projected to drive higher consumer tax refunds and catalyze corporate capital spending. The portfolio holds CyberArk Software, an access security solutions provider, which reported strong third quarter results. The stock is closely linked to Palo Alto Networks following its acquisition offer, demonstrating the consolidation dynamics in the cybersecurity sector.	HUBS APH KRMN VEEV IBKR	View
2025 Q4	Jan 20, 2026	Minotaur Global Opportunities Fund	0.0%	0.0%	ADBE, CRM, GOOGL, HUBS, HUT, MSFT, NVDA, TEAM	AI, Automation, Data centers, infrastructure, software, technology	AI has experienced a step-change in capability through two key shifts: skills that expand what AI can touch, and loops that move from chatting to continuous iteration. The Ralph Wiggum technique of running AI in loops until tasks are complete has gone viral, enabled by better models like Claude Opus 4.5 and GPT-5.2. Software stocks have been hammered as AI threatens traditional software business models through build vs buy dynamics, competitive intensity, and per-seat pricing pressure. The fund reduced software exposure including cutting Atlassian due to shifting unit economics and defensibility concerns. The fund initiated a position in Hut 8 following their 15-year, $7 billion data center lease to Anthropic backed by Google. The project yields approximately 15% unlevered in year one with 3% annual escalators, representing contracted investment-grade infrastructure.	TEAM HUT	View
2024 Q3	Sep 30, 2024	Impax US Sustainable Economy Fund	6.6%	21.4%	AMAT, CBRE, GILD, HUBS, PGR, PINS	-			View
2023 Q2	Sep 14, 2023	Spear Advisors	-3.5%	0.0%	AMD, HUBS, MRVL, NVDA, S, SHOP, SNOW	-			View
2023 Q1	Mar 31, 2023	Artisan Global Discovery	7.6%	13.1%	BSY, CNHI, CPR IM, CWAN, GXI GR, HAPVY, HUBS, LSCC, NDAQ, NEF GR, SIVBQ, SMIN LN, WST	-			View
2022 Q4	Mar 2, 2023	Baron Asset Fund	8.3%	10.6%	ACGLN, AZPN, FICO, FIS, HUBS, ICLR, IDXX, IT, MTD, RIVN, TTD, WIX, WST, ZI	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 27, 2026	Fund Letters	Jeremy Grantham	HubSpot, Inc.	Information Technology	Application Software	Neutral	New York Stock Exchange	Expectations, Multiple compression, Revenue Growth, SaaS, Sentiment, valuation	View Pitch
Jan 24, 2026	Fund Letters	Sonu Chawla	HubSpot, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Adoption, ARR, CRM, monetization, Upmarket	View Pitch
Jan 20, 2026	Substack	Alpha Seeker 84	HubSpot, Inc.	Software	Application Software	Neutral	New York Stock Exchange	CRM solutions, Distribution, funnel advantages, growth workflows, HubSpot, inbound marketing, operating system, PLG model, SMB market, workflow automation	View Pitch
Jan 8, 2026	Fund Letters	Kathleen A. McCarragher	HubSpot, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	CRM, Enterprises, growth, Margins, SaaS, Subscriptions	View Pitch
Nov 7, 2025	Seeking Alpha	Seeking Alpha	HubSpot, Inc.		Software - Application	Bull		AI disruption, billings growth, CRM, debt-free, HubSpot, multi-hub adoption, platform consolidation, Revenue Growth, Rule of 40, valuation	View Pitch
Aug 7, 2025	Seeking Alpha	The Software Side of Life	HubSpot Inc.	Information Technology	Software - Application	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Research and Value	HubSpot	Information Technology	Software - Application	Bull	NYSE	—	View Pitch

BSD Shareholders of HUBS

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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