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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Baron Health Care Fund	5.4%	-2.7%	ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, IMVT, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE	AI, Biotechnology, GLP1, growth, healthcare, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The third quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity.		View
2024 Q3	Sep 30, 2024	Peapack Private	-	-	ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE	AI, Biotechnology, GLP-1, healthcare, M&A, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity.		View
2025 Q2	Aug 7, 2025	Fidelity Growth Strategies Fund	22.7%	12.9%	ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.	HOOD AXON	View
2025 Q2	Aug 7, 2025	Orbis Global Equity	22.0%	-	ALNY, CRSP, GILD, GMAB, INSM, VRTX	Biotechnology, Drug Discovery, global, Pharmaceuticals, undervalued, value	The fund has concentrated 8% of assets in four biotech companies that have built innovative drug discovery platforms delivering life-changing therapies. These companies trade at deeply discounted valuations despite proven R&D productivity, as investor attention has shifted from biotech to AI since the pandemic.	CRSP INSM GMAB ALNY	View
2025 Q2	Aug 5, 2025	Baron Small Cap Fund	10.3%	0.3%	ASGN, BWIN, CAKE, CWA, DKNG, DXCM, ENS, FROG, GDYN, GWRE, HH, HLLY, ICLR, IDXX, INSM, IT, KNSL, KTOS, LLYVA, NCNO, NEOG, ODD, PLNT, RRR, SEMI, SIZE, TDG, UTZ, VRT	AI, defense, growth, small caps, technology, value	AI remains the dominant and most compelling market theme. Vertiv Holdings, the fund's largest position, is a direct play on AI infrastructure buildout for data centers. The market became increasingly confident in the durability and longevity of AI growth during the quarter.		View
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	View
2025 Q2	Aug 14, 2025	FPA Source Capital	6.7%	-	ABBV, ABT, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, IMVT, INSM, IONS, ISRG, JNJ, LLY, MASI, MDT, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XEN.TO	AI, Biotechnology, GLP1, healthcare, Managed Care, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity.		View
2025 Q2	Jul 29, 2025	ClearBridge Investments Small Cap Growth Strategy	-	-	BBIO, BOOT, BPMC, BWX, CASH, DUOL, ICLR, INSM, MIRM, PD, ROAD, RYTM, SNY, SPT, TARS, UMBF, UTI, VYGR, WING, WIX	AI, Biotechnology, growth, nuclear, small caps, Space, technology, Trade Policy	Generative AI represents a generational potential to reshape numerous aspects of business and daily life, with a rapidly evolving technological paradigm of winners and losers. Duolingo is leveraging AI to offer enhanced language learning to consumers.		View
2025 Q2	Jul 27, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. Current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO WING AXON TTD MPWR MDB INSM ALNY WYNN RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR	View
2025 Q2	Jul 15, 2025	Lord Abbett Developing Growth Fund	6.4%	21.1%	ALAB, BROS, CRDO, FIX, GH, GWRE, INSM, KTOS, MTZ, RDDT, RMBS, SFM	AI, defense, growth, semiconductors, small caps, technology	Generative artificial intelligence continues to provide market tailwinds and productivity gains. The fund is finding opportunities in pioneering Gen AI companies in semiconductors and software, as well as industrial companies enabling datacenter expansion and power infrastructure to support AI growth.		View
2025 Q2	Jul 15, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	11.0%	-	ADUS, BJ, BOOT, EE, GTLS, INSM, INSP, IRTC, KRYS, MGY, OLLI, PAY, PJT, STVN, VCEL, VCTR, VRNA, WH, WHD, WRBY	AI, Biotechnology, consumer, defense, growth, semiconductors, small cap, tariffs	The U.S.'s proposed tariff regime led to significant economic fallout with global markets whipsawing in the ensuing tariff tantrum. Many companies across most areas either scrapped or significantly reduced forward guidance as they wait to see how near-term results fare in this environment. Companies with better balance sheets increased their inventories during tariff pauses, which should provide them with opportunities for greater market share later in 2025.	CWAN KTOS KRYS	View
2025 Q2	Jun 30, 2025	Artisan Mid Cap Fund	14.4%	5.9%	ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL	AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology	Portfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient.		View
2025 Q2	Jun 30, 2025	Parnassus Growth Equity Fund	19.0%	-	AAPL, ABNB, AMZN, APPF, AVGO, BRO, GE, GOOGL, INSM, INTU, LLY, MSFT, NET, NVDA, SN, TMO, TSM, V, VRTX	AI, growth, healthcare, large cap, semiconductors, technology, Trade Policy	AI investments continue to drive growth with increased energy demand from AI technologies benefiting utilities and power infrastructure companies. The fund maintains exposure to AI beneficiaries including hyperscalers, semiconductors and software companies building the computing foundation of the future.	INSM	View
2025 Q1	Apr 4, 2025	Carrington Wealth Management	-	-	ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, INSM, IONS, ISRG, JNJ, LLY, MASI, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE	AI, Biotechnology, GLP1, healthcare, M&A, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity.		View
2026 Q1	Apr 29, 2026	Artisan Global Discovery	-5.5%	-5.5%	ASMI, ASND, COHR, COMP, HTHT, INSM, MDB, MOD, MSI, PRS, RBC, RBLX, SE, SPOT, TWST, WING	AI, Biotechnology, Data centers, defense, energy, global, mid cap, small cap			View
2024 Q1	Apr 23, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	CNMD, DOOR, DUOL, ELF, FWRD, IART, INSM, INTA, IRDM, MEDP, MSTR, OC, OMCL, RDNT, SMCI, TMO, TREX, VKTX, WING, XPO	AI, Biotechnology, growth, healthcare, small cap, technology	AI infrastructure build-out has had a narrow set of beneficiaries, with enthusiasm for AI fueling atypical concentration and performance distortion in the benchmark. RadNet has invested heavily in newer AI applications that can provide an additional revenue stream while improving early identification of cancers.	ELF DUOL INTA INSM MEDP RDNT CNMD VKTX	View
2026 Q1	Apr 20, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-7.7%	-7.7%	BJ, CASY, CCO, CRS, CW, DASH, EME, HOOD, IBKR, INSM, IONS, LNG, PINS, PR, RGEN, ROST, RRX, STVN, TPG, TRGP, TTWO	AI, Data centers, energy, Geopolitical, growth, healthcare, mid cap, technology			View
2026 Q1	Mar 31, 2026	Orbis Global Equity	-	-	005930 KS, ALNY, BA.L, BRKR, CSU.TO, EQT, EXPN.L, GMAB, ICON, INSM, IQV, NTES, SE, SHEL, TSM, TTI, UNH, WLK, XPO	AI, energy, Global Equity, healthcare, semiconductors, technology, value			View
2025 Q1	Mar 31, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-3.5%	-3.5%	ALL, BC, BJ, COR, EME, FICO, FROG, HOOD, HXL, INSM, IT, ITCI, JNJ, ORLY, ROST, TER, TPG, VRSK, WCN	consumer, financials, growth, healthcare, industrials, mid cap, technology, Trade Policy	China's DeepSeek AI model announcement in January created concerns about reductions in massive AI infrastructure spending, weighing on semiconductors and related industries. Corporate IT buyers showed more moderate spending though with resilience expected for AI and cybersecurity. The wider creation or adoption of GenAI applications for businesses is expected to generate greater activity volumes for companies like JFrog.		View
2025 Q1	Mar 31, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	-9.6%	-9.6%	ADUS, BFAM, BJ, BOOT, CBLL, CHEF, DAWN, ERJ, FRPT, HLNE, INFN, INSM, ITCI, MGY, MVBF, PAY, SLNO, VRNA, VVV, WHD	AI, Biotechnology, defense, growth, semiconductors, small cap, tariffs, Trade Policy	Global trade outlook and tariff concerns are creating significant market turbulence. Companies are girding for greater turbulence before waters calm, with specific impacts on Boot Barn from tariff concerns and Cactus Inc. building Vietnam capacity to address tariff risks.		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 Q1	Mar 31, 2025	EQUAM Global Value Fund	-1.2%	-1.2%	ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, IMVT, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE	AI, Biotechnology, GLP1, healthcare, M&A, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity.	ACAD SS BFSA GR STM GR CIE SM BME LN	View
2024 Q4	Dec 31, 2024	Artisan Global Discovery	2.7%	16.1%	ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST	AI, Biotechnology, global, growth, healthcare, semiconductors, technology	Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites.		View
2024 Q4	Dec 31, 2024	Artisan Partners Small Cap Fund	0.6%	14.7%	ABMD.CO, ALAB, COCO, CROX, FLS, GTLB, HALO, INSM, ITGR, JBT, LSCC, MTSI, NOVT, ONTO, PSN, RGEN, SDHC, SN, STVN, VCYT, VSEC	AI, Biotechnology, energy, healthcare, semiconductors, small cap, technology	Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. Portfolio companies like Astera Labs and MACOM are benefiting from growing AI datacenter spending. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites.		View
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	Oct 9, 2025	ClearBridge Investments Small Cap Growth Strategy	-	-	BE, BPMC, BROS, BWXT, CGON, CLBT, CRDO, FTAI, ICLR, INSM, KTOS, KVYO, MEDP, MIRM, ORCL, RGTI, RNA, RYTM, SHFT, WING	AI, Biotechnology, defense, Energy Transition, growth, semiconductors, small cap, software	AI infrastructure investments are narrowly driving economic growth alongside retail enthusiasm for high-growth-potential markets. The Strategy sees extreme performance divergence between perceived AI winners and losers in software holdings, with concerns around potential AI disintermediation affecting software stocks despite strong earnings beats.	KD US BE US	View
2025 Q3	Oct 8, 2025	Orbis Global Equity	-	-	ALNY, CRSP, GILD, GMAB, INSM, VRTX	Biotechnology, Drug Discovery, global, Pharmaceuticals, R&D, undervalued, value	The fund has identified deeply undervalued opportunities in select biotech shares representing roughly 8% of the portfolio. Companies like Alnylam, Genmab, Insmed, and CRISPR have built innovative drug discovery platforms delivering life-changing therapies but attracted only a fraction of AI darlings' capital flows. These companies offer idiosyncratic upside at attractive prices with proven R&D productivity and strong commercial execution.	CRSP INSM GMAB DC ALNY	View
2025 Q3	Oct 28, 2025	Fidelity Growth Strategies Fund	3.3%	16.7%	ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.		View
2025 Q3	Oct 24, 2025	NCG Large Cap Growth Strategy	8.4%	14.2%	AAPL, APP, ARM, CRM, CYBR, GEV, HOOD, INSM, ISRG, MDB, NFLX, NOW, NVDA, ORCL, PGR, TEAM, TOST, TYL	AI, growth, infrastructure, Quality, rates, small caps, technology	Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors.	HOOD GEV ORCL MDB APP AAPL NVDA	View
2025 Q3	Oct 24, 2025	Artisan Global Discovery	3.0%	10.0%	ARGX, ASND, BAB.L, BFAM, CW, INSM, IRTC, LSEG.L, LYV, PRCT, PURE, PX, RBC, SE, TDY, TEAM, TYL, WAY, WING, WST	AI, Biotechnology, defense, global, growth, healthcare, small cap, technology	AI investment boom contributed over 1% to US GDP growth through first half of year, with tech investment growing at fastest pace since 2000. However, rapid AI advancements are creating uncertainty about which software companies can successfully integrate AI versus those facing business model disruption.	WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD	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	View
2025 Q3	Oct 19, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, defense, growth, healthcare, mid cap, Natural Gas, technology, Travel	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see potential inflection in earnings growth fueled by AI-driven margin expansion. Companies with exposure to the buildout of AI data centers have performed remarkably well in 2025 as hyperscalers have revised capital expenditure plans significantly higher.	MDB US INSM US ALNY US WYNN US MPWR US	View
2025 Q3	Oct 19, 2025	Artisan Mid Cap Fund	8.8%	15.3%	ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD	AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors	Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients.	SPOT WING LSCC INSM ARGX	View
2025 Q3	Oct 15, 2025	Lord Abbett Developing Growth Fund	13.8%	12.7%	ALAB, BROS, CRDO, FIX, GH, GWRE, INSM, KTOS, MTZ, RDDT, RMBS, SFM	AI, defense, growth, industrials, semiconductors, small caps, technology	Generative artificial intelligence continues to provide market tailwinds with productivity gains across sectors. AI is flourishing in semiconductors and software companies, as well as enabling datacenter expansion and power infrastructure. The emerging defense and space technology sector benefits from AI's role in autonomous software and hardware systems.	CSU US KRAT US ASTR US	View
2025 Q3	Oct 14, 2025	Parnassus Growth Equity Fund	5.8%	-	AAPL, AMZN, APPF, ASML, AVGO, BRO, CMG, CRM, DE, GOOGL, INSM, INTU, LLY, MELI, MSFT, NVDA, PODD, SARO, TSLA, TSM, V	aerospace, AI, growth, healthcare, large cap, Quality, semiconductors, technology	The fund continues to selectively participate in AI secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested the money and scaled the technology to drive this massive infrastructure transformation. However, there is risk that AI investments could become overheated before monetization gains momentum.	PODD US SARO US	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO	AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors	AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels.		View
2025 Q4	Jan 27, 2026	Artisan Global Discovery	1.7%	12.1%	ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD	AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology	AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses.	MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR	View
2025 Q4	Jan 26, 2026	Brown Advisors Mid-Cap Growth strategy	-4.7%	12.5%	AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform.		View
2025 Q4	Jan 23, 2026	Baron Health Care Fund	13.1%	10.3%	ABBV, ACLX, ARGX, ARQT, AZN, BSX, DHR, DSXY, EHC, ELAN, INSM, ISRG, LLY, MASI, MTD, PEN, RDNT, RGEN, SYK, TEVA, TMO, WELL	Biotechnology, GLP1, healthcare, Life Sciences, M&A, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being Cidara Therapeutics and Abivax. Biotechnology funding surged 94% year-over-year in December, making it the strongest month in the last three years. The Fund maintains 33.2% allocation to biotechnology companies. Eli Lilly's Mounjaro and Zepbound GLP-1/GIP therapies are viewed as transformational for diabetic and non-diabetic obese patients. The manager expects this drug class to become the standard of care for both diabetes and obesity, ultimately representing a $150 billion-plus market opportunity. M&A activity has been accelerating, with notable deals including Cidara Therapeutics acquired by Merck for $9.2 billion and Penumbra acquired by Boston Scientific for $14.5 billion. Large pharmaceutical companies will lose patent protection on products generating $400 billion of sales over the next eight years. The Fund maintains 14.2% allocation to life sciences tools & services. End markets are improving with strong biotechnology funding, stable biopharmaceutical R&D investment, and reduced risk of industry disruption following drug pricing agreements with the Trump Administration.	RGEN ELAN WELL ARQT TMO EHC DOCS ARQQ TEVA ARGX LLY	View
2023 Q4	Jan 22, 2024	Biondo Investment Advisors	-	-	ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE	AI, Biotechnology, Diagnostics, GLP1, healthcare, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The fund holds 31.8% in biotechnology companies and sees multiple secular growth opportunities in genomics, genetic testing, and genetic medicine.		View
2025 Q4	Jan 21, 2026	Artisan Partners Small Cap Fund	3.4%	8.6%	BRKR, CLBT, COCO, FLEX, GH, GWRE, HXL, INSM, IRTC, ITGR, LASR, LSCC, MOD, MTSI, PCOR, PEN, PSN, SN, STVN, VSEC	AI, Biotechnology, defense, growth, healthcare, profit cycles, small cap, technology	AI-related capital spending remains an area of active debate entering 2026. Investors continue to weigh strong industry momentum against concerns about circular financing dynamics and data center construction delays. The team finds compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes commercial aerospace suppliers are positioned to benefit for many years from significant content gains in new aircraft and growth in recurring aftermarket sales. Defense-related investments include companies with strong franchises in non-kinetic laser weapons and critical technologies. Healthcare returned as a source of market strength during the quarter. The team maintains relatively high exposure to the sector despite several years of industry headwinds, grounded in conviction in profit cycle opportunities for biotechnology companies. Many biotechnology franchises are early in what the team believes are some of the most compelling product launch cycles of their careers. The team continues to find compelling opportunities among semiconductor companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves data center performance and efficiency. These investments are managed with valuation discipline consistent with the team's process.	GWRE PSN STVN COCO INSM MTSI	View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-4.7%	9.4%	ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV	AI, consumer, financials, growth, healthcare, industrials, mid cap, technology	Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook.	AMAT AXON PINS TTWO	View
2025 Q4	Jan 19, 2026	Artisan Mid Cap Fund	-0.4%	14.8%	ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST	AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology	AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities.	IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR	View
2025 Q4	Jan 18, 2026	Parnassus Mid Cap Growth Fund	-0.8%	9.2%	ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY	AI, growth, industrials, mid cap, portfolio, semiconductors, technology	The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus.	MTD ROK KLA TER SNDK	View
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	View
2025 Q4	Jan 15, 2026	RTW Investments	15.5%	35.7%	ALNY, ARGX, AVID, DYN, IMTX, INSM, MDGL, PTCT, RCKT, STOK, TARS, UCB, URGN	Biotechnology, Drug Discovery, Gene Therapy, healthcare, M&A, Pharmaceuticals, Rare Diseases	The sector saw $105B in M&A activity, more than double the prior year and fourth highest in the last decade. Combined with a friendlier FTC, pharmas had enough policy clarity to pursue larger deals by fall. The recovery is likely still in early innings with continued M&A expected. After four years of underperformance, biotech indices finished ahead with NBI +32.4% and R2kB +44.6%. The bear market that endured over four consecutive years ended, with major biotech indices outperforming both the S&P 500 and Nasdaq. AI tools and lower cost Chinese R&D are mega-trends that should materially increase drug discovery productivity. The portfolio includes significant exposure to rare disease therapeutics, with companies like PTC Therapeutics developing medicines for rare neurologic and metabolic conditions. FDA leadership instability could disproportionately impact cell and gene therapy for rare disease through reduced approval of edge cases. Portfolio includes oncology-focused companies like UroGen Pharma developing innovative solutions for urothelial and specialty cancers, and Immatics developing novel PRAME immunotherapies for cancer patients. The sector represents 16% of disease area exposure. The portfolio has exposure to gene and RNA therapies, with companies like Stoke Therapeutics restoring protein expression by harnessing the body's potential with RNA medicine. This modality represents 15% of the portfolio's exposure by treatment type.		View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ADUS, BJ, BOOT, CERT, CWAN, EME, EWCZ, FORM, FROG, INSM, LOAR, MODG, MTDR, MYRG, OS, PCVX, SVV, WH, WHD, WMT	Biotechnology, consumer, energy, growth, healthcare, industrials, small cap, technology	AI remains a dominant trend with many companies seeing greater risks of underspending and being left behind rivals. Companies are setting their IT budgets for 2025 with AI considerations. The technology continues to drive corporate spending decisions across sectors.		View
2023 Q2	Jul 27, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology	The AI investment theme remains intact with continued user adoption and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, they note current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	DXCM FICO ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING AXON ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	View
2024 Q2	Jul 26, 2024	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	ANF, EVH, INSM, KWR, LSCC, LSTR, MNDY, MSA, ONTO, PJT, RBA, SUM, TMDX, VEI, VKTX, WWD	AI, Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology	The fund continues to see strong momentum within the AI data center buildout megatrend that is now a year old. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries.		View
2024 Q2	Jul 20, 2024	Artisan Partners Small Cap Fund	9.0%	14.0%	AAPL, AMZN, BSY, ETSY, GOOGL, GWRE, INSM, INSP, IOVA, LSCC, META, MSFT, NVDA, ONTO, SMCI, TSLA, TWST, VITA, WING, WK	AI, Biotechnology, healthcare, semiconductors, small caps, software, technology	AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions.		View
2024 Q2	Jun 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST	AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, technology	AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions.		View
2023 Q1	Mar 31, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN	AI, Data centers, defense, growth, healthcare, mid cap, Natural Gas, technology	The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see a potential inflection in earnings growth fueled by AI-driven margin expansion. However, they recognize that current lofty multiples of many AI infrastructure stocks imply a strong growth trajectory for the next several years and leave little margin for error.	ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING MDB INSM ALNY ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MPWR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Insmed	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, Bronchiectasis, First-to-Market, lung diseases, rare diseases, Unmet Medical Needs	View Pitch
Apr 27, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Insmed	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, Bronchiectasis, First Therapy, lung diseases, rare disease, Regulatory Approval, Unmet Medical Need	View Pitch
Apr 13, 2026	Fund Letters	ClearBridge Investments Small Cap Growth Strategy	Insmed Incorporated	Health Care	Biotechnology	Bull	NASDAQ	Approved Product, Blockbuster Potential, international expansion, Label Expansion, late-stage pipeline, Pulmonary Diseases, rare diseases	View Pitch
Apr 13, 2026	Fund Letters	Parnassus Growth Equity Fund	Insmed Inc.	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, Commercial Launch, Lung Conditions, Phase 2, pipeline, Pulmonary Disorders, rare disease	View Pitch
Apr 13, 2026	Fund Letters	Orbis Global Equity	Insmed	Health Care	Biotechnology	Bull	NASDAQ	BRINSUPRI, Bronchiectasis, First-in-Class, Franchise Strategy, rare disease, Respiratory Disease, Tpip, Will Lewis	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Mid Cap Growth Fund	Insmed	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, Bronchiectasis, Equity, First-to-Market, lung diseases, rare diseases, Regulatory Approval	View Pitch
Jan 29, 2026	Fund Letters	Jason L. White	Insmed Incorporated	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, Drug launch, growth, healthcare, Pulmonology	View Pitch
Jan 24, 2026	Fund Letters	Craigh Cepukenas	Insmed Incorporated	Health Care	Biotechnology	Bull	NASDAQ	Adoption, biotechnology, Drug launch, pipeline, Pulmonary	View Pitch
Jan 23, 2026	Fund Letters	Matthew Kamm	Insmed Incorporated	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Druglaunch, Execution, growth, Pulmonology	View Pitch
Nov 29, 2025	Fund Letters	Ben Preston	Insmed Incorporated	Health Care	Biotechnology	Bull	NASDAQ	Catalysts, Drug launch, operating leverage, Payer access, profitability, Respiratory, Tpip	View Pitch
Nov 29, 2025	Fund Letters	Craigh Cepukenas	Insmed Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Bronchiectasis, Commercialization, operating leverage, pipeline, TAM	View Pitch
Nov 29, 2025	Fund Letters	Matthew Kamm	Insmed Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, FDA, growth, innovation, Pulmonary	View Pitch
Nov 29, 2025	Fund Letters	Craigh Cepukenas	Insmed Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Bronchiectasis, Commercialization, operating leverage, pipeline, TAM	View Pitch

BSD Shareholders of INSM

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.

INSM

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Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of INSM

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