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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Artisan Global Discovery | 10.8% | 6.8% | ARIS, BAB LN, GDDY, GXI, III LN, IOT, IRTC, MIPS SS, RBC, SAIA, SPOT, SRT GR, TTD, WING | discovery, Global Growth, inflection points, underfollowed, valuation | The letter emphasizes uncovering underfollowed global companies with emerging competitive advantages and accelerating fundamentals. Management focuses on identifying inflection points where earnings power is not yet reflected in valuations. The outlook favors patient capital deployed into mispriced global opportunities. | III LN WING RBC GXI GR SAIA ARIS SPOT IRTC BAB LN |
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| 2025 Q2 | Jul 29, 2025 | Baron Asset Fund | 7.8% | 4.6% | ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK | balanced investing, Compounding, diversification, Quality, risk management | The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool. | View | |
| 2025 Q1 | Mar 31, 2025 | PGIM Jennison Global Opportunities Fund | -11.1% | -11.1% | 1810 HK, IOT, ISRG, SE, SHOP, UCB BB, VRTX | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Global Growth Fund | -6.0% | -6.0% | AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | APP, ASML, CVNA, DASH, IOT, KVYO, MELI, NOW, NVDA, OKTA, RBLX, SE, TSM, V | - | 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 |
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| 2025 Q3 | Oct 16, 2025 | Brown Advisory Large-Cap Growth Strategy | -0.9% | 6.5% | CDNS, FICO, GOOG, INTU, IOT, ISRG, MRVL, NFLX, NVDA, TTD, WDAY, WST | Artificial Intelligence, Large Caps, quality growth, semiconductors, software | The letter discusses how AI-driven enthusiasm has concentrated market returns among a few Magnificent Seven stocks, raising valuation risks. Brown Advisory focuses on owning durable growth companies that integrate AI productively while avoiding speculative momentum plays. The strategy emphasizes quality growth, diversification, and resilience across technology, industrials, and healthcare sectors. | View | |
| 2025 Q4 | Jan 30, 2026 | Baron Focused Growth Fund | 12.3% | 22.3% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology | The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment. | DUOL CSGP SPOT ONON H FIGS GWRE |
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| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 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 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ARGX, BJ, CRWD, DASH, FND, IAC, ICON, IOT, MCHP, ORLY, OS, PINS, PR, ROST, RRX, SMAR, TSCO, VEEV, VRSK | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMZN, AVGO, CSGP, EXAS, GWRE, IOT, MSFT, NVDA, TSM, VKTX, WDAY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | Fund Letters | Jason L. White | Samsara Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | exit, growth, IoT, Telematics, valuation | View Pitch |
| Jan 20, 2026 | Fund Letters | Michael Taylor | Samsara Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | analytics, efficiency, growth, IoT, Software | View Pitch |
| Sep 16, 2025 | Short Thesis | Spruce Point | Samsara Inc | Information Technology | Application Software (IoT & Telematics) | Bear | NYSE | Fleets, Hardware, IoT, Telematics, valuation | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Bert Hochfeld | Samsara Inc. | Information Technology | Software - Infrastructure | Bull | NYSE | — | 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. | ||||||||