INSP

INSP

INSP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 2, 2025	Summers Value Fund	-1.8%	-12.8%	DERM, INSP	downside protection, free cash flow, Mean reversion, valuation, value	The commentary highlights deep value opportunities created by investor pessimism and forced selling. Mean reversion and improving fundamentals are expected to drive returns as sentiment normalizes. Balance sheet strength and margin of safety remain central to capital protection.	DERM	View
2025 Q2	Jul 25, 2025	Baron Discovery Fund	14.7%	7.6%	ASIC, CWAN, INSP, KRMN, KTOS, MAC, MEG, RH, WYNN	early stage, innovation, long runway, small caps, volatility	The letter emphasizes early-stage and small-cap companies with long runways for growth and innovation. Volatility is framed as an opportunity to build positions in underappreciated businesses. The strategy seeks transformational companies before they become widely recognized.		View
2025 Q2	Jul 21, 2025	Wasatch Long/Short Alpha Fund	0.5%	-	FN, GWRE, HQY, INSP, NSA, RKLB, SG, SKY	Defensive, Long/Short, Quality, valuation		HQY GWRE INSP NSA SKY	View
2025 Q2	Jul 18, 2025	Invesco Discovery Fund	17.2%	3.0%	AAON, CLS CN, CRS, CWAN, DUOL, ESE, EXLS, FLS, FN, INSP, SG	AI investment, earnings, growth, industrial renewal, stock selection	The letter underscores confidence in US growth driven by AI investment, industrial renewal, and improving earnings visibility. Management emphasizes stock selection within industrials and technology as the primary return driver rather than macro forecasting. The outlook favors premier growth compounders with durable competitive positions.		View
2024 Q2	Jul 11, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	INSP, PDFS, TMDX	-			View
2025 Q1	Mar 31, 2025	Baron Discovery Fund	-6.2%	-6.2%	ACLX, AXON, EXAS, INDI, INSP, KRMN, KTOS, MEG, NARI, TEM, WING	-			View
2023 Q4	Feb 27, 2024	Summers Value Fund	-	16.1%	INSP, LFCR, SPOK, UFPT, UTMD, VRTV, ZIMV	-			View
2025 Q3	Dec 31, 2025	AMG Frontier Small Cap Growth Fund	7.5%	4.8%	ALGT, CGNX, COHR, EOLS, INSP, LTH, MAT, RARE, RNST, SIMO, U	AI Infrastructure, earnings recovery, Interest Rate Sensitivity, Semiconductor Exposure, Small Cap Growth	The letter discusses a strong rebound in U.S. small caps alongside continued economic growth and easing monetary policy expectations. Performance was driven by selective exposure to technology, semiconductors, and AI-related infrastructure, while healthcare and consumer discretionary detracted due to idiosyncratic risks. The manager expects falling interest rates, improving employment, and capital expenditure tailwinds to support a multi-year recovery in small-cap earnings.		View
2022 Q4	Dec 31, 2022	Alger Small Cap Focus Fund	6.4%	5.9%	CHX, CYRX, INSP, MEDD, RXDX, XMTR	-			View
2022 Q4	Dec 31, 2022	Baron Small Cap Fund	9.6%	14.5%	ASGN, DXCM, EWCZ, GDYN, GTLS, INSP, IT, NEOG, PLNT, TTD, VRT	-			View
2023 Q4	Dec 1, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	ABC LN, FICO, INSP, IPAR	-			View
2023 Q3	Nov 10, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	BLFE, CWAN, GWRE, IMVT, INSP, TMDX	-			View
2023 Q3	Oct 26, 2023	Headwaters Capital Management, LLC	8.8%	21.4%	DHR, INSP, QLYS	-			View
2025 Q3	Oct 24, 2025	Wasatch Long/Short Alpha Fund	-7.3%	-	FN, FOUR, FRPT, INSP, MEDP, OPEN, SG	AI, Quality, Shorting, small caps, Speculation	The fund declined as speculative, unprofitable small caps surged on AI and quantum themes. Managers describe the market as highly euphoric, reminiscent of 202021. They are adding shorts in overpriced speculative names while holding quality long positions like Fabrinet and Medpace, expecting normalization when fundamentals matter again.		View
2025 Q3	Oct 24, 2025	Mairs & Power – Small Cap Fund	-	2.1%	AZEK, INSP, MEDP, PATK	AI, Housing, infrastructure, small caps, valuation	The fund highlights narrow market leadership dominated by mega-cap AI stocks while small caps trade at a notable discount despite earnings stability. Managers emphasize opportunities in industrial and building products benefiting from data-center infrastructure and housing demand. They maintain a disciplined valuation approach amid tariff uncertainty and interest-rate cuts.	PATK	View
2025 Q3	Oct 24, 2025	Titan Wealth	-	-	BIRK, INSP, KRMN, KTOS, MEG, MRCY, NTSK, PAR, PRMB, WING	Artificial Intelligence, cybersecurity, Data centers, defense, infrastructure	The firm reported strong performance across portfolios, driven by AI, emerging markets, and global infrastructure spending. Managers highlighted the expansion of data centers, defense, and renewable projects as key drivers of long-term growth. The Stock in Focus feature on CrowdStrike emphasized cybersecurity as a structural necessity in a digitizing and AI-powered economy, with rising enterprise adoption and high profitability metrics supporting the sectors investment case.		View
2025 Q3	Oct 20, 2025	Wasatch Small Cap Growth Strategy	-3.7%	-	BRBR, FN, INSP, MEDP, NVM, SHAK	Artificial Intelligence, Growth Investing, healthcare, semiconductors, small caps	The fund underperformed as small-cap volatility and speculative AI stocks distorted relative performance. Managers emphasize high-quality, long-duration growth companies like Medpace and Nova that benefit from structural healthcare and semiconductor trends. They remain confident in small-cap fundamentals and expect normalization as low-quality rallies fade.		View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	APP, ARGX, AXON, BJ, BRO, CTAS, DASH, HOOD, HUBS, IBKR, IDXX, INSM, INSP, IT, LSCC, MPWR, NCLH, ORLY, ROST	AI, Automation, Fintech, healthcare, industrials	TimesSquare notes AI investment remains dominant but overextended, signaling a potential capital-cycle risk. The team emphasizes industrial automation, healthcare innovation, and financial technology as more durable mid-cap growth drivers.		View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	2.0%	-	ACVA, BJ, CWST, INSP, KTOS, MIR, MRUS, NAMS, PAR, PRSU, SITM, SLNO, UNF, VRTX	AI, consumer, cyclicals, small caps, valuation	Small-cap growth leadership remains narrowly concentrated in AI beneficiaries. The strategy finds opportunity in cyclicals and consumer-oriented firms where fundamentals and valuations diverge, anticipating normalization of sentiment.	SITM US KRAT US	View
2025 Q3	Oct 10, 2025	Headwaters Capital Management, LLC	-2.9%	-5.4%	BSY, DRVN, INSP, MEDP, ORCL	AI, Autos, Capex, infrastructure, valuation	Headwaters argues the AI build-out has become a CAPEX-driven earnings bubble akin to the telecom boom, with $400B+ in projected annual data-center spend. The fund prefers overlooked industrial and auto-service firms such as Driven Brands that benefit from stable, recurring demand.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Small Cap Fund	0.0%	4.0%	ABT, AIR, BSY, CASY, CVRX, EXAS, INSP, KNF, MEDP, MGPI, NVT, WK	AI, earnings, healthcare, rates, small caps, technology, Valuations	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The managers believe they are entering a transition period for AI, with signals that the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. Small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. Small cap stocks are still trading at a significant discount to the S&P 500, which the managers believe presents an attractive opportunity for long-term investors. Lower interest rates, reduced corporate tax burdens, and regulatory relief could offer further support to small caps. The Federal Reserve cut rates in the fourth quarter with expectations for lower interest rates continuing into 2026. Lower rates should provide a tailwind to profitability for smaller companies and make it easier for them to find talent. Interest rate changes take time to work through the economy, typically around a year to feel the effects.		View
2024 Q3	Sep 30, 2024	Wasatch Small Cap Growth Strategy	-	-	CWAN, ENSG, FROG, HQY, INSP, MEDP	-			View
2023 Q3	Sep 30, 2023	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	AGTI, INSP, NOVT, OLLI, STEP, VERX	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, PLNT, PRA, TMCI, VERX	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ALGM, BJ, DRVN, EME, GFL, HLNE, HQY, INSP, MODG, MTSI, PHR, PLNT, STVN, TPG	-			View
2023 Q3	Sep 30, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	EEFT, FIVE, HQY, INSP, OLLI, SHAK, SILK, YETI	-			View
2024 Q2	Jul 31, 2024	Baron Discovery Fund	13.5%	9.3%	ALAB, BASE, CDNA, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, MEG, NVMI, PCOR, RGEN, SILK, SITE, STVN, TEM, VCYT	-			View
2024 Q2	Jul 17, 2024	Madison Small Cap Fund	6.3%	17.2%	FORM, INSP, LZ, OPCH, SUM	-			View
2023 Q2	Jun 30, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	1732020D, INSP, MRCY, NTRA, RGEN, SWAV	-			View
2023 Q2	Jun 30, 2023	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	INSP, NVRO, PI, PLNT, SITE, SPSC	-			View
2023 Q2	Jun 30, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	FFO GR, INSP, MEDP, RBC, SITE, SPT	-			View
2023 Q1	Mar 31, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	CYBR, FIVE, GDYN, INSP, MEDP, PCTY	-			View
2023 Q4	Jan 28, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALTR, AZEK, CLFD, INSP, KNF, PIPR, THRM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	Kirsty Gibson	Inspire Medical Systems, Inc.	Health Care	Health Care Equipment	Bear	New York Stock Exchange	Adoption Curve, Execution, Market expansion, Medical devices, Reimbursement	View Pitch
Jan 8, 2026	Fund Letters	Mick Rasmussen	Inspire Medical Systems, Inc.	Health Care	Medical Devices	Bull	New York Stock Exchange	Adoption, innovation, Medicaldevices, Procedures, Sleepapnea	View Pitch
Nov 29, 2025	Fund Letters	Andrew Peck	Inspire Medical Systems, Inc.	Health Care	Health Care Equipment	Bear	NYSE	Competitive therapies, Execution, guidance, procedure volumes, Reimbursement	View Pitch
Nov 29, 2025	Fund Letters	Andrew Peck	Inspire Medical Systems, Inc.	Health Care	Health Care Equipment	Bear	NYSE	Competitive therapies, Execution, guidance, procedure volumes, Reimbursement	View Pitch

BSD Shareholders of INSP

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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