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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | DAVA, EXPO, FOXF, IBP, INTA, KNSL, NEOG, VRT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Small Cap Fund | -1.1% | 13.3% | BWIN, FROG, GTLS, IBP, ICLR, INTA, NPO, VRT | - | View | ||
| 2025 Q3 | Oct 21, 2025 | Artisan Partners Small Cap Fund | 8.7% | 4.8% | 4350 JP, ALAB, ASND, CGNX, CWAN, IBP, INSM, LOAR, LSCC, MDGL, MOD, MTSI, SN, WAY, WING | AI, Biotech, Health Care, industrials, small caps | The fund posted strong absolute but weaker relative returns as speculative small-cap stocks led markets. Managers emphasized profit-cycle investing, focusing on companies with durable growth such as Modine, Lattice Semiconductor, and Insmed. Key themes include AI-related infrastructure, biotech innovation, and cyclical recovery in housing and industrials. | OLLI CGNX MTSI TWST INSM MOD LSCC OLLI CGNX MTSI TWST INSM MOD LSCC |
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| 2025 Q4 | Jan 27, 2026 | Giverny Capital Asset Management | 0.0% | 12.6% | ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO | AI, HVAC, insurance, Quality, small caps, technology, value | Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality. | FISV CACC KMX ALGN WSO KNSL SCHW ANET |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX | active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations | The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels. | SIMP PTGX |
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| 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 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 24, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AAON, AIT, ALIT, DAVA, HELE, HLNE, IBP, OPCH, PGNY, RGEN, ROAD, RVLV, SITM, SMCI, WING, XPEL | - | 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 | ||
| 2023 Q4 | Jan 27, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | FF0 GR, GTLS, IBP, IT, KNSL, NCNO, SKIN | - | View | ||
| 2024 Q4 | Jan 24, 2025 | Giverny Capital Asset Management | 0.8% | 21.1% | AHT LN, ALGN, FERG, FI, IBP, KNSL, MEDP, MTB | - | View | ||
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BLKB, FF0 GR, IBP, MIRM, NARI, WMT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||