ILMN

ILMN

ILMN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Brown Advisors Global Leaders Strategy	12.6%	12.4%	AZO, COLOB DC, EXPN LN, GE, ILMN, INTU, MSFT, PBRI IJ, RHHBY, TSM, ZTS	Capital Allocation, downside protection, global franchises, IRR, Quality	The commentary emphasizes investing in a concentrated set of global franchises with strong customer outcomes and durable economics. Downside protection, disciplined capital allocation, and long-term IRR calibration are core to the process. Quality businesses are positioned to compound through cycles despite macro shocks.		View
2025 Q2	Aug 2, 2025	Baron Global Advantage Fund	22.6%	11.0%	ARGX BB, DAVA, DDOG, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, TSM	alpha, fundamentals, Global Growth, long-term, volatility	The letter focuses on exploiting volatility by maintaining conviction in long-term global growth winners despite sharp drawdowns. Management stresses separating signal from noise and prioritizing fundamentals over short-term sentiment. Volatility is viewed as the price paid for long-term alpha generation.		View
2024 Q2	Aug 1, 2024	Mott Capital Management Thematic Growth Portfolio	-	5.3%	BA, ILMN, MA, V	-			View
2025 Q1	Apr 24, 2025	Diamond Hill Mid Cap	-1.3%	-1.3%	AIG, ASH, COOP, ILMN, MLM, RRX, TRU, VTR, WCC	-			View
2025 Q1	Apr 24, 2025	Diamond Hill Small-Mid Cap Strategy	-4.2%	-4.2%	BLDR, COOP, ILMN, INFA, LOB, RRX, TFX, TRU, VRSN, WCC	-			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 Q4	Mar 2, 2026	Baron Global Opportunity Fund	6.5%	27.5%	ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS	AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology	AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms.		View
2025 Q4	Feb 11, 2026	Baron Fifth Avenue Growth Fund	3.3%	18.2%	ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models.	MELI CPNG META SHOP NVDA MPWR AVGO GOOGL	View
2023 Q4	Dec 1, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABNB, AMZN, CRM, ILMN, MSFT, NFLX, NOW, NVDA	-			View
2023 Q3	Oct 31, 2023	Ensemble Capital	0.0%	8.0%	ADI, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX	-			View
2022 Q3	Oct 26, 2022	Polen Capital – Focus Growth	3.0%	11.0%	ADBE, ILMN	-			View
2025 Q4	Jan 26, 2026	Brown Advisors Global Leaders Strategy	0.0%	15.2%	ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS	AI, Data, global, infrastructure, Quality, technology	AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years.		View
2023 Q4	Jan 17, 2024	Ensemble Capital	0.0%	8.0%	0K85 LN, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX, NKE, NOW, PAYX	-			View
2025 Q4	Jan 14, 2026	Hardman Johnston Large Cap Equity	4.3%	0.0%	7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS	AI, Genomics, growth, healthcare, large cap, Lithium, technology	AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences.	OLED AEIS ILMN ALB	View
2024 Q3	Sep 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	2019 HK, ARGX, CBRE, CELH, COHR, DXCM, EW, EXAS, ILMN, ONTO, RYTH, SPOT, TTEK, WST	-			View
2023 Q3	Sep 30, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, ADYEN, BKNG, BX, EQIX, FIVN, GOOG, ILMN, INTU, LLY, LMT, MCD, NFLX, PEP, SBUX, UBER	-			View
2023 Q3	Sep 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, ADYEN, BKNG, BX, EQIX, GOOG, ILMN, LLY, LMT, MCD, PEP, SBUX	-			View
2023 Q2	Jul 30, 2023	Baron Opportunity Fund	4.0%	25.1%	AMZN, DAVA, ILMN, INDU, MBLY, MSFT, NVDA, RIVN, ZI	-			View
2024 Q2	Jul 16, 2022	Ensemble Capital	0.0%	8.0%	ADI, CMG, CSCO, ILMN, NVDA, VEEV	-			View
2023 Q2	Jun 30, 2023	Ensemble Capital	0.0%	8.0%	FRC, GOOG, HD, ILMN, MASI, NFLX, NKE, NOW	-			View
2023 Q2	Jun 30, 2023	RiverPark Large Growth	3.7%	16.4%	ADSK, AMZN, COST, DIS, ILMN, META, NKE, NVDA, PYPL, SHOP, UBER, ZTS	-			View
2023 Q2	Jun 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AMZN, COST, DIS, ILMN, ISRG, META, NKE, PYPL, SHOP, UBER, XHB, ZTS	-			View
2023 Q1	Mar 31, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, H, IDXX, ILMN, IRDM, MSCI, SCHW, TSLA	-			View
2022 Q1	Mar 31, 2022	Baron Opportunity Fund	4.0%	25.1%	ARWR, CDAY, CRWD, ILMN, MDB, MSFT, RIVN, SHOP, SWAV, TSLA, V	-			View
2023 Q4	Jan 31, 2024	RiverPark Large Growth	3.7%	16.4%	ILMN, MSFT, NFLX, SHOP, SNAP, UBER	-			View
2023 Q4	Jan 27, 2024	Baron Opportunity Fund	4.0%	25.1%	AMZN, ARGX, GPCR, ILMN, LRCX, MSFT, NVDA, TTD	-			View
2022 Q4	Jan 17, 2023	Ensemble Capital	0.0%	8.0%	CMG, FRC, GOOG, ILMN, MA, MASI, NFLX, NKE, PAYX	-			View
2023 Q4	Jan 15, 2024	Vision Capital	0.0%	0.0%	COIN, CPNG, ILMN, LULU, NVDA, PAGS, PMC CN, S, SE, UPST, ZI	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 20, 2026	Fund Letters	Cassandra A. Hardman	Illumina, Inc.	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Funding, Genomics, marketshare, research, Sequencing	View Pitch
Aug 8, 2025	Seeking Alpha	Daniel Mellado	Illumina	Health Care	Diagnostics & Research	Bull	NASDAQ	—	View Pitch

BSD Shareholders of ILMN

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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