Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 11, 2025 | Baron FinTech Fund | 9.2% | 7.7% | ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK | Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects. | View | |
| 2025 Q2 | Jul 1, 2025 | Temasek Holdings | - | - | 068270.KS, 0700.HK, 1299.HK, 2318.HK, 3690.HK, 5E1.SI, ADYEY, AMZN, AXSB.NS, BABA, BLK, BN4.SI, C6L.SI, D05.SI, HDFCBANK.NS, ICICIBANK.NS, INTA, MA, NVDA, S57.SI, S58.SI, S68.SI, STAN.L, U96.SI, V, Z74.SI | AI, Asia, energy, infrastructure, Resilience, Singapore, sustainability, technology | Temasek continued investing in AI infrastructure and applications, recognizing the transformative potential of AI technologies on the global economy. Investments included major technology companies like Alphabet, Amazon, Microsoft, and Nvidia, as well as data infrastructure companies like Databricks and Veeam Software. | View | |
| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | ARCH, BJ, CNMD, CWAN, ELF, FOUR, GERN, GKOS, GLBE, HE, HIMS, INTA, ITCI, KVYO, PYCR, RBC, RKLB, TNC, VRNS, WIX | AI, Biotech, growth, small cap, stock selection, Trade Policy, volatility | The DeepSeek model architecture caused investors to question potential returns on investment and monetization of generative AI initiatives, leading to air coming out of the sector-crossing narrative and investment tailwind around generative AI. The combination of concerns around AI reporting precipitated a meaningful pullback in stocks. | GERN HIMS ARCH RKLB GKOS |
View |
| 2026 Q1 | Apr 25, 2026 | Baron Discovery Fund | -10.7% | -10.7% | AEIS, ARQT, DKNG, DT, HRTX, INTA, MASI, WAY | AI, cybersecurity, Data centers, healthcare, semiconductors, small cap, software, technology | 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 |
| 2024 Q1 | Apr 15, 2024 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, ALGM, AXNX, AXON, CDNA, CYBR, DKNG, ENDV, ESTA, FND, GTLB, INTA, KNSL, MASI, MRCY, NARI, NVTS, RH, S, SITE | cybersecurity, growth, healthcare, semiconductors, small cap, technology, Valuations | Fund focuses on small-cap growth stocks which remain in a three-plus year bear market while large-cap stocks reach all-time highs. Small-cap growth stocks have attractive valuations both on an absolute basis and relative to large-cap stocks, and typically show significant appreciation coming out of deep market downturns. | INTA MASI CYBR DKNG KNSL |
View |
| 2025 Q1 | Mar 31, 2025 | Artisan Partners Small Cap Fund | -10.1% | -10.1% | ALAB, ARIS, ASCB, BFAM, BROS, FRSH, FTAI, GWRE, HALO, INTA, IRTC, KTOS, MOD, MTSI, MYRG, PEN, SG, SN, TWST, VCYT | AI, Biotechnology, Cloud, defense, growth, healthcare, small caps, Trade Policy | The introduction of China's DeepSeek AI model challenged market assumptions around AI infrastructure spending durability. This development raised questions about US leadership in AI and long-term returns on AI investments, particularly impacting data center capacity enablers in the portfolio. | 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 | |
| 2024 Q1 | Mar 31, 2024 | Baron FinTech Fund | 6.3% | 6.3% | ACGL, APO, BLK, ENDV, FDS, FI, FICO, GLOB, INTA, INTU, JKHY, KINS, MA, MELI, NU, PGR, SPGI, TW, V, WEX | digital transformation, Enterprise, Financial Services, Fintech, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Payments, Capital Markets, and Information Services. Digital transformation of financial services remains a large, multi-decade growth opportunity despite near-term cyclical headwinds in IT spending. | GLOB ENDV APO NU PGR |
View |
| 2024 Q4 | Mar 12, 2025 | Invesco Discovery Fund | 1.2% | 22.6% | ALAB, AMZN, CLH, CLS, CRS, CYBR, DUOL, EHC, EVR, FIX, INTA, MOD, NVDA, ONTO, PEGA, PI, QTWO, STEP, TMDX, WING | AI, Cloud, growth, semiconductors, small cap, software, technology | Technology driven innovation has continued to disrupt large portions of the global economy, providing substantial opportunity through investment in premier growth compounders. The fund added Pegasystems which has increasingly integrated artificial intelligence functionality into its products, with newest AI releases representing more than 25% of its bookings. Intapp offers cloud-based and AI-powered software solutions for the financial services industry. | INTA CVLT PEGA |
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% | ALTR, ASGN, AZPN, BFAM, BLD, CAKE, DRVN, FOXF, FROG, GDYN, GTLS, GWRE, HLI, HQY, IBP, ICLR, INTA, IT, JBT, KNSL, NEOG, NPO, PLNT, RRR, TDG, VRT | AI, Data centers, growth, industrials, long-term, small caps, technology | AI-related data center buildout is driving extraordinary demand for Vertiv's power and cooling solutions. The company raised organic sales guidance to 12-14% CAGR for the next five years, benefiting from enormous capital investment in data centers to enable AI applications. JFrog is also positioned to benefit as generative AI adoption accelerates, driving the need to manage new binary types and increasing overall application complexity. | View | |
| 2025 Q3 | Nov 5, 2025 | Baron Small Cap Fund | 0.5% | 0.7% | BWIN, CGNX, DAY, GTLS, GWRE, HLI, HLLY, IBP, ICLR, INTA, IT, ITGR, KNSL, KTOS, NVCN, PLNT, PTECH, RDNT, RRR, SITE, VRT | AI, Data centers, defense, growth, industrials, Quality, small cap, technology | The market was powered by continued excitement around AI, with significant investment in AI infrastructure driving GDP growth. However, market concerns about AI competition negatively impacted some software holdings, though the manager sees no evidence that AI is negatively impacting Gartner's value proposition. | View | |
| 2025 Q3 | Nov 11, 2025 | AMG GW&K Small Cap Core Fund | 6.9% | 3.6% | ABCB, CRDO, HLI, INTA, LOPE, MEDP, MTSI, PRIM, RBC, RGTI, RMBS, SPXC, STRL, SUPN | AI, Biotech, earnings, healthcare, small cap, technology | The market saw impressive gains driven by artificial intelligence stocks, though the fund missed these speculative rallies due to its focus on consistent earnings. The team added two technology stocks to increase exposure to AI infrastructure during the quarter. | 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 | |
| 2024 Q3 | Sep 30, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ADS, APPF, ARGX, CIGI, ELF, GWRE, HL, IBP, INTA, IRTC, LSCC, MKTX, MOD, ONON, ONTO, SN, SPT, SPXC, TYL, VCYT | AI, growth, healthcare, interest rates, Profit Cycle, small caps, 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 expect some volatility in AI-exposed stocks given relatively lofty expectations but are being disciplined on valuations. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | ASGN, AZPN, BFAM, BWIN, CHRT, CWT, DXCM, FA, FND, GWRE, IBP, ICLR, INSP, INTA, IT, JANUS, KNSL, RRR, SIMO, SITE, TDG, VRT | AI, Data centers, financials, growth, industrials, Rate Cuts, small cap, technology | Vertiv Holdings leads data center equipment with significant share in power and cooling applications. The stock rebounded as investors gained confidence in massive AI data center buildout globally. Strong relationship with chip manufacturers and involvement in technology roadmap for increasing energy density solutions were catalysts. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | ALGM, ANF, BJ, CVGW, CYRX, ENV, EYE, FOUR, FOXF, FTAI, HLNE, INTA, KVYO, MPWR, OS, PJT, TREX, VRNS, WTFC, ZETA | Biotechnology, consumer, Fed Cuts, financials, growth, Rotation, small caps, software | Small cap stocks snapped an unprecedented losing streak versus large caps in Q3, with the Russell 2000 Growth Index up 8.41%. The rotation was initially catalyzed by higher Trump election odds and cooling inflation data supporting Fed rate cuts. Historically rate cuts have been positive for small caps, and with earnings growth for smaller caps set to eclipse large caps over the next two years, coupled with historic lows in relative valuations, conditions are aligning for better asset class performance. | View | |
| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BPMC, CHX, DH, FN, GLBE, HEES, ICLR, INTA, MODN, MPWR, MSFT, MSTR, NVDA, PCVX, ROAD, SMCI, TREX, VRNS, WIX, XPRO | AI, Concentration, growth, semiconductors, small caps, software, technology, underperformance | AI overhang is creating challenges for software budgets and mindshare diversion to AI hardware development versus other software priorities. Early enthusiasm around generative AI has benefited infrastructure providers supporting advanced computing requirements. As the cycle matures, businesses with durable recurring revenue models should outperform. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Small Cap Growth Strategy | Intapp Inc | Information Technology | Software | Bull | NASDAQ | Compliance Solutions, CRM, cross-selling, ERP, Expanding Margins, financial services, professional services, vertical software | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Discovery Fund | Intapp, Inc. | Information Technology | Application Software | Bull | NASDAQ | Annual Recurring Revenue, Cloud software, Enterprise software, Legal Technology, Private Equity Software, Professional Services Software, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Invesco Discovery Fund | Intapp Inc | Information Technology | Application Software | Bull | NASDAQ | AI-powered, cloud-based, Deal Activity, Financial Services Software, IPO, M&A, professional services | View Pitch |
| 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. | ||||||||