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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 23, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | CNMD, DUOL, ELF, INSM, INTA, MEDP, RDNT, SMCI, VKTX | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Discovery Fund | 13.5% | 9.3% | ALGM, CDNA, CYBR PM, DAVA, DKNG, ICHR, INTA, KNSL, MASI, NARI, NVTS, RGEN, RH, SMCI | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | DAVA, EXPO, FOXF, IBP, INTA, KNSL, NEOG, VRT | - | View | ||
| 2024 Q4 | Mar 12, 2025 | Invesco Discovery Fund | 1.2% | 22.6% | ALAB, ALTR, CLS, CVLT, GWRE, INTA, NOVA, PEGA, PI, QTWO, WING | - | View | ||
| 2025 Q4 | Feb 17, 2026 | AMG GW&K Small Cap Core Fund | 3.5% | 7.2% | AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF | healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value | The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Small Cap Fund | -1.1% | 13.3% | BWIN, FROG, GTLS, IBP, ICLR, INTA, NPO, VRT | - | View | ||
| 2025 Q4 | Jan 21, 2026 | NCG Micro Cap Growth Strategy | 6.4% | 11.9% | AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI | active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability and has market cap constraints, returned only 5.4% versus Russell 2000/Microcap Growth at 13% and 22% respectively. Biotech was a significant area of outperformance that the firm avoided, contributing approximately 8 points to the Russell Microcap Growth Index's 21.84% return. The firm maintains low or no exposure to biotech, viewing many business models as unproven despite strong recent performance. This sector constituted almost all of the relative underperformance from their microcap strategy. The firm sees improving conditions for small cap performance, with earnings growth turning positive in 2025 and expected to accelerate in 2026. Small caps historically benefit during Fed rate-cutting cycles and continue to trade at a relative discount to large caps. Combined with an improving fundamental backdrop, they believe there's opportunity for this discount to narrow. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | The Software Side of Life | Intapp | Information Technology | Software - Application | Bull | NASDAQ | — | View Pitch |
| 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. | ||||||||