ILMN

ILMN

ILMN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	The Baird Chautauqua Global Growth Fund	9.1%	9.8%	0388.HK, ADYEN.AS, BEKE, COLO-B.CO, CP.TO, CSU.TO, FFH.TO, HDB, ILMN, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN	AI, China, growth, semiconductors, tariffs, technology, Trade Policy, Travel	President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact.	NVDA 2423 HK FFH CN SAF FP	View
2025 Q2	Aug 27, 2025	Brown Advisors Global Leaders Strategy	12.6%	12.4%	AZO, B058TZ, B19NLV, B8FMRX, BKRKY, DB1.DE, GE, GOOGL, HDB, ILMN, INTU, LSEG.L, MA, MRVL, MSFT, ROG, TSM, UL, V, ZTS	aerospace, AI, concentrated, global, Quality, tariffs, technology	The strategy has investments driving the development of generative AI within technical infrastructure, cloud service providers and end-user applications. Microsoft's strategic investments in AI are expected to create significant value through lower cost of compute, AI monetization, and strong non-AI business cash flow growth.	MRVL EXPN.L	View
2025 Q2	Aug 2, 2025	Baron Global Advantage Fund	22.6%	11.0%	ARGX, BILL, CPNG, CRWD, DDOG, ENDV, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, PDD, SHOP, SNOW, TSLA, TSM, TTAN, ZS	AI, E-Commerce, global, growth, semiconductors, technology, volatility	AI infrastructure buildout is durable with NVIDIA maintaining leadership. Scaling laws have expanded beyond pre-training to post-training and test-time scaling, driving GPU demand. AI workloads will be supported by large language models in datacenters, unlocking trillions in value across intelligence-bottlenecked industries.		View
2024 Q2	Aug 1, 2024	Mott Capital Management	-	5.3%	AAPL, AMZN, BA, CSCO, GILD, GOOGL, ILMN, ISRG, MA, MSFT, NVDA, SHOP, TSLA, V	Concentration, growth, healthcare, Mega Cap, technology, valuation	Rapid advancements in AI applications will likely support healthcare companies making meaningful advances in formulary and product development. The market has seen significant rotation into mega-cap stocks primarily led by Nvidia, creating substantial divergences across the market.	ILMN	View
2025 Q2	Jul 21, 2025	Deep Sail Capital Partners	11.3%	11.3%	CAH, DELL, DGX, GH, ILMN, ITMI, LH, MCK, MDT, MELI, NTRA, NXGL, PRPO, QGEN, TMO	AI, Biotechnology, Bubble, growth, healthcare, Long/Short, small caps, technology	AI represents the most significant technological shift in decades, likely to surpass the internet, mobile, and cloud in scale and impact. The AI investment cycle has foundational elements that the 2021 bubble lacked, making it rational to invest in AI-exposed equities even at extreme valuations. AI is driving a capex super cycle with transformative potential.	PRPO PRPO	View
2023 Q2	Jul 14, 2023	Titan Wealth	-	-	ABNB, AMZN, BIO, BMW.DE, DBX, DIS, ETSY, ILMN, MSFT, NVDA, ORCL, REGN	AI, Energy Transition, global, inflation, Multi-Asset, technology, value	AI has dominated markets this year with companies like Microsoft, Nvidia, and Oracle benefiting significantly. The firm sees AI as a transformative technology creating compelling investment opportunities globally. They maintain exposure through specialized funds and individual holdings positioned to capture this secular growth trend.		View
2025 Q1	May 5, 2025	Mott Capital Management	-	-6.5%	AAPL, AMZN, BA, ILMN, ISRG, MSFT, SHOP	China, earnings, Margins, Portfolio Management, tariffs, technology, Trade Policy, volatility	President Trump's tariff plan created significant market volatility, with the market underestimating his determination to reshape global trade. The manager believes tariffs will remain above a 10% floor and may be weaponized against China's weakened economy to slow military expansion.		View
2025 Q1	Apr 24, 2025	Diamond Hill Mid Cap	-1.3%	-1.3%	AIG, ALK, ASH, BSX, CIEN, COOP, ESAB, HII, ILMN, L, MLM, RRX, RYN, ST, TFX, TRU, UDR, VRSN, VTR, WCC	defense, financials, healthcare, mid cap, tariffs, Trade Policy, value, volatility	President Trump announced significant tariffs including Liberation Day tariffs and threatened 104% tariffs on China in response to retaliation. Markets are nervous about wholesale reworking of global trade landscape affecting historical allies like Taiwan. Companies are preemptively announcing US investments to avoid tariffs.		View
2025 Q1	Apr 24, 2025	Diamond Hill Small-Mid Cap Strategy	-4.2%	-4.2%	ALGT, ALK, BLDR, CIEN, COOP, CTRA, HII, ILMN, INFA, LOB, MGY, RRX, RYN, SXT, TFX, TRU, VRSN, WCC, WNS	defense, mid cap, small cap, tariffs, Trade Policy, value, volatility	President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating tremendous uncertainty around trade policy shifts. Markets are struggling to digest whether tariffs are negotiation tactics or permanent reshaping of world trade order. The US-China trade relationship is front and center in this showdown with potential for full-blown trade war.		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 20, 2024	Alpha Wealth Funds – The Insiders Fund	0.0%	1.2%	AAPL, AMZN, AXON, CRK, DELL, DVN, ET, GOOGL, HR, ILMN, INTC, MSFT, MU, NVDA, ORCL, PEAK, QCOM, RXRX, SEDG, XOM	AI, energy, insider buying, Natural Gas, semiconductors, technology	Manager believes we are at an internet game-changing moment with AI, describing it as profound and transformational. Companies are stampeding to embrace AI or risk being disrupted by chatbots, robots, or machine learning. A massive uptick in capex spending is underway directly attributable to AI adoption.		View
2024 Q1	Apr 15, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, ANSYS, BIRK, BNTX, CHH, CSGP, DNUT, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, ONON, RRR, SHOP, SPOT, TSLA, VRSK	consumer discretionary, financials, growth, long-term, technology	Tesla remains a core holding despite 29% decline in Q1. The company continues to generate sufficient gross profit to support robust product development including the refreshed Model 3 and Y. Tesla should benefit from its eight-year $10 billion investment in AI training for autonomous technology.		View
2025 Q1	Mar 31, 2025	Baron Focused Growth Fund	-8.0%	-8.0%	ABNB, ACGL, AMH, ANSS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK	AI, consumer discretionary, Electric Vehicles, financials, growth, real estate, software, technology	X.AI Holdings Corp. is developing an AI model to understand the true nature of the universe, launching Grok 3 which demonstrated top scores ahead of other industry-leading AI models. The company opened the Colossus data center with over 100,000 GPUs and recently acquired X (formerly Twitter) to access vast real-time multimodal data from 600 million users. Tesla's AI ambitions include a robotaxi service launching this year and a fast-growing humanoid program that could transform its growth story.		View
2025 Q1	Mar 31, 2025	Artisan Global Discovery	-3.7%	-3.7%	ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST	AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy	Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments.		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
2024 Q4	Mar 2, 2025	Mott Capital Management	-	17.9%	AMZN, ILMN, ISRG, MA, MSFT, NVDA, SHOP.TO	AI, Bubble, Cash, growth, risk, technology, Valuations	Manager is skeptical of AI-related stock valuations, comparing the current environment to the 2000 dot-com bubble. Questions whether AI growth expectations will materialize quickly enough to justify current pricing, particularly for Nvidia which trades at very high valuations.		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
2024 Q4	Dec 31, 2024	Baron Focused Growth Fund	14.4%	29.5%	ABNB, ACGL, AMH, ANSYS, BRKR, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KREM, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP.TO, SPOT, TSLA, VRSK	consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, Streaming, technology	Tesla continues to demonstrate strong performance with 54% quarterly gains, driven by core automotive acceleration and new lower-cost model releases expected in 2025. The company benefits from lower interest rates helping car sales and halting continuous price reductions, while energy storage business grew 60% sequentially.		View
2024 Q4	Dec 31, 2024	Brown Advisors Global Leaders Strategy	-	-	1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS	AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors	The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues.	RTO.L AZO ZTS ILMN	View
2023 Q4	Dec 1, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABNB, ALGN, AMZN, CRM, DOCU, GOOGL, ILMN, META, MSFT, NFLX, NOW, NVDA, PYPL	AI, Cloud, earnings, growth, large cap, Streaming, technology	Manager discusses generative AI as a major driver for cloud providers and Microsoft's business, but expresses caution about NVIDIA's valuation and cyclical nature. Sees AI as benefiting Azure, Microsoft's productivity suite, and creating new revenue streams through co-pilot features.	ABNB AAPL\|MSFT\|NFLX\|NVDA\|UNH AMZN CRM AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2024 Q3	Nov 2, 2024	Mott Capital Management	-	9.6%	AAPL, AMZN, BA, GOOGL, ILMN, ISRG, MSFT, SHOP	AI, Cash, earnings, growth, technology, Valuations	Technology companies including Apple, Alphabet, Microsoft, and Amazon have indicated plans to increase AI spending in 2025 to stay competitive. However, the payoff from these AI investments has not materialized yet, and the market has started examining AI spending more closely since mid-July.	BA	View
2025 Q3	Nov 10, 2025	Mott Capital Management	-	5.7%	AMZN, GOOGL, GRAL, ILMN, MSFT, NVDA, UNH, ZTS	AI, Biotechnology, Capex, healthcare, large cap, technology	Manager expresses concern about heavy AI spending by mega-cap companies, particularly their dramatically increased CapEx investments over the past couple of years. He fears the spending could become an ongoing, perhaps never-ending process given the immense and continually growing demands for computing power and energy to deploy AI tools, potentially weighing on overall cash flow.		View
2024 Q2	Nov 7, 2022	Patient Capital Management	5.6%	15.8%	AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL	AI, energy, healthcare, small caps, technology, Travel, value	Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending.	EXPE EVRI KOS IAC NVDA	View
2023 Q3	Oct 31, 2023	Ensemble Capital	0.0%	8.0%	ADI, BKNG, BR, GOOGL, ILMN, MA, MASI, NFLX, TXN	growth, interest rates, large cap, payments, semiconductors, technology, value	The 10-year treasury yield rose 0.73% in Q3 as investors recalibrated long-term interest rate expectations. The Fed shifted from expecting recession to a more positive economic outlook, forecasting they would not need to cut rates as soon or by as much. Higher rates driven by real economic growth rather than inflation have mixed but generally positive impacts on equity valuations.		View
2022 Q3	Oct 26, 2022	Polen Capital – Focus Growth	3.0%	11.0%	ADBE, ILMN	-			View
2025 Q3	Oct 21, 2025	Hardman Johnston Large Cap Equity	6.0%	9.6%	7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX	aerospace, AI, healthcare, industrials, large cap, technology, value	The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout.	CTVA VRT PRY AEIS	View
2023 Q3	Oct 16, 2023	Titan Wealth	-	-	AMZN, BMW.DE, BRKR, ILMN, REGN, STLA	Central Banks, Energy Transition, fixed income, Global Equities, inflation, Multi-Asset, Portfolio Management	The firm discusses significant challenges in the renewable energy space, particularly offshore wind, with equipment manufacturers struggling with rising costs and quality issues. Despite near-term volatility, they maintain conviction that the energy transition remains on track over a 30-year timeframe, with underlying activity robust across the sustainable energy value chain.		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%	BKNG, BR, DIS, GOOGL, ILMN, MA, MASI, NFLX, NKE, NOW, NTDOY, PAYX, WBD	AI, earnings, growth, Streaming, technology	The fund extensively discusses artificial intelligence adoption across portfolio companies. Booking Holdings rolled out an AI trip planner using natural language processing. Broadridge deployed BondGPT and OpsGPT for bond trading and operations. ServiceNow launched Now Assist for workflow automation.	AAPL\|MSFT\|NFLX\|NVDA\|UNH	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%	ANET, ARGX, CBRE, EFX, EXAS, HUBB, HUBS, ILMN, IOT, IRTC, MPWR, NVR, ONTO, PWR, SAIA, SNPS, SPOT, TEAM, WST, XYL	AI, Biotechnology, growth, healthcare, mid cap, real estate, technology	The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages.		View
2024 Q3	Sep 30, 2024	Baron Focused Growth Fund	11.7%	13.2%	ABNB, ACGL, AMH, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDEXX, ILMN, IRDM, JEF, KKD, LVS, MRNA, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK	concentrated, consumer discretionary, financials, growth, long-term, small caps, technology	Tesla represents the fund's largest position at 9.8% of assets, with the stock contributing 274 bps to quarterly performance. The manager believes lower interest rates should help Tesla sell more cars and halt continuous price reductions, while the energy storage business continues to grow rapidly.		View
2024 Q3	Sep 30, 2024	Hardman Johnston Large Cap Equity	4.9%	18.8%	7269.T, AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, ILMN, MA, MELI, MMC, PYPL, SCHW, SLB, STAN.L, TMUS, XRAY	aerospace, AI, healthcare, large cap, rates, technology	The Federal Reserve cut interest rates by 0.5% in September, signaling a change in direction for major parts of the economy. After years of rapidly rising rates, this change will affect mortgage rates, credit card balances, savings, and business operations. Major sectors that have been moribund, especially housing, will have a chance to help the next expansion cycle get underway.		View
2023 Q3	Sep 30, 2023	Baron Asset Fund	8.3%	10.6%	ACGL, ANSYS, AXON, AZPN, BAH, CSGP, FDS, FICO, GWRE, IDXX, ILMN, IT, MKTX, MORN, MTD, MTN, ONON, PWR, SBAC, VRSK, ZI	analytics, growth, insurance, mid cap, software, technology	The fund benefits from cloud-based software implementations, particularly through Guidewire's 17 deals for cloud software with Tier 1 insurance carriers. Cloud adoption continues to drive growth for portfolio companies.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ONON ACGL ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2023 Q3	Sep 30, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER	AI, Cloud, growth, large cap, payments, Streaming, technology, Travel	AI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter.	SBUX PEP IMCD NA CLMT ALLY EQIX	View
2023 Q3	Sep 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, ADYEY, AMZN, BKNG, BX, EQIX, GOOGL, ILMN, LLY, LMT, MA, MCD, META, MSFT, PEP, SBUX, SHOP, UBER	AI, Cloud Computing, Internet Media, Long/Short, payments, secular growth, technology	The fund highlights AI tools as a key driver for Alphabet, noting that 80% of advertisers use at least one of the company's advertising AI tools. This contributed to re-acceleration in advertising growth and strong performance across Google's platforms.		View
2024 Q2	Jul 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, AMH, ANSYS, ARE, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK	concentrated, consumer discretionary, Disruptive Growth, growth, Long/Short, rates, technology	Tesla continues to drive manufacturing costs lower and invest heavily in AI initiatives. The company expects to launch a lower cost model as soon as late 2024, which should result in accelerated revenue growth and increased factory utilization. Tesla's energy storage business almost doubled in Q2 from Q1 levels.	COST GWW IBKR TSLA SPOT	View
2024 Q2	Jul 16, 2022	Ensemble Capital	0.0%	8.0%	AAPL, ADI, AMZN, BKNG, CMG, CSCO, DELL, FAST, GOOGL, ILMN, INTC, META, MSFT, NFLX, NVDA, NVR, RACE, TSLA, TXN, VEEV	AI, Biotechnology, Concentration, large cap, Mean reversion, semiconductors, valuation	The letter extensively discusses artificial intelligence as a transformative technology similar to the internet. The manager believes AI enthusiasm is correctly recognizing massive potential, but incorrectly assumes incumbent market leaders will capture all profits. AI is described as complementary to genomic sequencing, enabling automation of complex data analysis and accelerating discoveries in digital biology.		View
2023 Q2	Jun 30, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS	AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology	The artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally.	ZTS COST	View
2023 Q2	Jun 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, AMZN, COST, DIS, GOOGL, ILMN, ISRG, META, MSFT, NFLX, NKE, PYPL, SHOP, UBER, ZTS	AI, E-Commerce, growth, large cap, Long/Short, payments, technology	The fund owns six of the Magnificent Seven tech companies including Apple, Microsoft, Alphabet, Amazon, Nvidia, and Meta Platforms. These AI-related names contributed 53% of the fund's Q2 returns. The manager views these companies as magnificent and remains very bullish on their prospects, maintaining them as some of the largest holdings.	ZTS COST	View
2025 Q1	Mar 31, 2025	Artisan Mid Cap Fund	-7.4%	-7.4%	ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST	AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology	The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations.		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%	AAPL, AMZN, BX, GOOGL, ILMN, MA, META, MSFT, NFLX, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, Streaming, technology	Shopify continues to benefit from e-commerce growth with 25% revenue growth and 16% operating margins. The company processed 10% of US retail e-commerce sales, second only to Amazon. Management expects continued revenue growth of more than 20% per year driven by new merchants, increased adoption, and market share gains.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM AAPL\|MSFT\|NFLX\|NVDA\|UNH SNAP AAPL\|MSFT\|NFLX\|NVDA\|UNH UBER SHOP	View
2023 Q4	Jan 27, 2024	Baron Opportunity Fund	4.0%	25.1%	AMD, AMZN, ARGX, CDAY, CRWD, CSGP, DT, GOOGL, GTOS, GWRE, HUBS, ILMN, INDY, IT, LEGN, LRCX, META, MRVL, MSFT, NOW, NVDA, RIVN, SHOP, SWAV, TSLA, TTD, V, VKTX, WDAY	AI, Cloud, growth, innovation, semiconductors, software, technology	AI is described as real and transformative, not hype, with the fund positioned across the AI stack from semiconductors to cloud services to applications. The manager emphasizes they have been investing in AI for years, predicting it will forever change human-computer interaction through natural language processing.	LRCX AAPL\|MSFT\|NFLX\|NVDA\|UNH AMZN AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q4	Jan 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, ANSYS, BNTX, CHH, CSGP, FDS, FIGS, GWRE, H, IDXX, ILMN, IRDM, MSCI, RIVN, RRR, SHOP, SPOT, TSLA, VAC, VRSK	Casinos, consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, technology	Tesla remains the Fund's largest position at 11.4% despite modest quarterly decline. The manager views Tesla as benefiting from AI investments through autonomous driving technology, Dojo training computer, and humanoid robotics. The Cybertruck launch and refreshed Model 3 are generating strong demand while improving unit economics.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK CHRS ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA BNTX	View
2022 Q4	Jan 17, 2023	Ensemble Capital	0.0%	8.0%	CMG, FRC, GOOG, ILMN, MA, MASI, NFLX, NKE, PAYX	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Mott Capital Management	Illumina Inc	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	AI applications, Biotech, Cancer Detection, diagnostics, Genomics, Healthcare Technology, life sciences, turnaround, Value Investment	View Pitch
Apr 13, 2026	Fund Letters	Brown Advisors Global Leaders Strategy	Illumina	Health Care Equipment & Services	Life Sciences Tools & Services	Bull	NASDAQ	biotechnology, Consumables, diagnostics, Gene Sequencing, Genomics, Healthcare Technology, Laboratory Equipment, life sciences, Medical devices, personalized medicine	View Pitch
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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