ITRI

ITRI

ITRI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Aristotle Small Cap Equity Fund	3.3%	-	ACIW, AEIS, ALIT, BHLB, CHE, CMCO, DY, FLS, GRDN, HURN, IPAR, ITRI, JBGS, LQDT, MMSI, MNRO, MTSI, SMG, TKO, VRRM	growth, healthcare, industrials, small caps, technology, Telecommunications, value	Valuations remain compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rate, increased M&A activity, continued reshoring of U.S. manufacturing, and infrastructure-related spending.	VRRM SMG IPAR GRDN FLS ALIT ACIW CHE MTSI DY CHE	View
2025 Q2	Jul 22, 2025	Aristotle Small/Mid Cap Equity	4.6%	-	ACIW, AENE, ALIT, ASGN, BHLB, CHE, CIEN, CMCO, DLB, DY, FTAI, HOOD, IPAR, ITRI, JBGS, MMSI, MTSI, PRGO, SMG, VRRM	growth, industrials, positioning, SMID Cap, technology, value, volatility	MACOM Technology Solutions benefited from exposure to growing demand from Data Center and 5G end market applications. The company surpassed analyst expectations and raised forward guidance, with meaningful exposure to these growing markets along with domestic manufacturing footprint expected to drive additional shareholder value.	VRRM SMG PRGO IPAR FTAI DLB ALIT CHE ACIW MTSI DY CHE	View
2024 Q1	Apr 15, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, AER, ASC, ASGN, ATNI, AZEK, CPLP, DY, HURN, ITRI, MATW, MCRB, MMSI, MODV, MTSI, PWSC, QDEL, SP	Construction, healthcare, industrials, small caps, technology, value	Manager remains optimistic about long-term potential for small cap segment despite strong recent performance. Valuations of small versus large cap equities remain near multi-decade lows with 16.0x P/E for Russell 2000 versus 21.8x for Russell 1000. Small caps are better positioned to benefit from reshoring of U.S. manufacturing, CHIPS Act, and infrastructure projects.	PWSC QDEL MODV ITRI AZEK	View
2025 Q1	Mar 31, 2025	Aristotle Small/Mid Cap Equity	-6.2%	-6.2%	ACIW, ADC, AER, AGI, ASGN, BDC, CHE, CIEN, CII, DBI, DY, HURN, ITRI, MMSI, MTSI, NDAQ, ONB, RRC, VVV, WWW	Consulting, gold, healthcare, Regional Banks, semiconductors, small caps, technology, value	The fund maintains exposure to semiconductor companies like MACOM Technology Solutions despite sector weakness during the quarter. The manager believes in meaningful exposure to growing demand from data center and 5G end-market applications, with recent acquisitions expected to drive additional shareholder value.		View
2025 Q4	Feb 4, 2026	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD	aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology	The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States.		View
2025 Q4	Feb 4, 2026	Aristotle Small Cap Equity Fund	1.9%	0.2%	ACHC, AEIS, AER, ATR, AUB, CCRN, CNS, EHTH, GTLS, HAE, HURN, IDA, ITRI, LKQ, MTSI, NUS, PRGO, PTEN, TITN, WWW	Deregulation, Energy Transition, healthcare, M&A, Regional Banks, semiconductors, small caps, value	The fund focuses exclusively on small-cap equities with valuations remaining compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, continued reshoring of U.S. manufacturing and infrastructure-related spending. Value stocks outperformed growth counterparts during the quarter as the Russell 2000 Value Index returned 3.26% compared to 1.22% for growth. Lower-quality companies outperformed higher-quality companies with factors like high bankruptcy risk, low sales growth, and low price to earnings having the strongest payoffs. MACOM Technology Solutions, a designer and manufacturer of high-performance semiconductor products, was a top contributor with strong quarterly results. The company has meaningful exposure to growing demand from Data Center and 5G end market applications along with domestic manufacturing footprint. Healthcare was the best-performing sector at +18.54% during the quarter. The fund holds positions in companies like Haemonetics in blood management and Acadia Healthcare in behavioral health services, though maintains an underweight allocation as it avoids biotechnology companies due to binary risk. The fund added positions in regional banks including Atlantic Union Bankshares and WesBanco, viewing DOGE-related concerns as creating attractive opportunities. These banks benefit from diversified customer bases, growing market share, and solid balance sheets positioned for trust and deposit opportunities. The fund holds positions in companies supporting power grid modernization through Itron's smart metering solutions and IDACORP's transmission opportunities. These companies are positioned to benefit from critical regional transmission opportunities and grid monitoring solutions.		View
2025 Q4	Feb 4, 2026	Aristotle Small/Mid Cap Equity	2.3%	3.0%	AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW	Banking, healthcare, industrials, small cap, technology, Utilities, value	AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies.		View
2024 Q4	Dec 31, 2024	Bailard Small Cap Value Strategy	1.0%	12.3%	ITRI	Behavioral Finance, Deregulation, Esg, Micro Cap, small cap, value	Small cap value stocks are positioned to benefit from deregulation under the Trump administration, particularly in banking and energy sectors. The strategy maintains an overweight allocation to micro cap stocks which served well in Q4. Small caps are expected to outperform large caps in 2025 with earnings growth expectations of 15.9% versus 13.5% for large caps.	ITRI	View
2025 Q4	Jan 11, 2026	Impax Global Environmental Markets Fund	-1.5%	14.0%	A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA	AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management	AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set.		View
2024 Q3	Sep 30, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, ACIW, AER, ASC, BDC, BWIN, CHCT, DY, FIBK, HURN, ITRI, LUMN, MDVL, MMSI, MRCY, MTSI, NVRI, PETQ, PTEN	financials, healthcare, rates, small caps, technology, value	The fund focuses exclusively on small-cap investments with valuations remaining attractive relative to large caps. Small caps trade at 16.7x P/E versus 25.8x for large caps, near multi-decade lows. The manager believes small caps are better positioned to benefit from reshoring, M&A activity, and infrastructure spending.		View
2022 Q2	Jun 30, 2022	White Brook Capital	-	-18.2%	AFYA, ITRI	-			View
2022 Q3	Apr 11, 2022	White Brook Capital	0.0%	6.5%	BOX, GBX, ITRI, KAR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Aristotle Small Cap Equity Fund	Itron	Technology	Electronic Equipment, Instruments & Components	Bull	NASDAQ	Energy Management, Grid modernization, infrastructure, IoT, recurring revenue, SaaS, Smart meters, utilities	View Pitch
Apr 13, 2026	Fund Letters	Bailard Small Cap Value Strategy	Itron Inc	Technology	Electronic Equipment, Instruments & Components	Bull	NASDAQ	Energy Management, ESG, infrastructure, IoT, Resource Conservation, Smart meters, utilities, Water Management	View Pitch
Feb 19, 2026	Seeking Alpha	Seeking Alpha	Itron, Inc.	Technology	Smart Grid Solutions	Neutral	NASDAQ Stock Market	Acquisitions, AI and machine learning, gross profit margin, Hold candidate, Itron, Inc., Outcomes segment, profitability, Smart meters, software and services, valuation	View Pitch
Oct 6, 2025	Value Investors Club	xxxOTK87	Itron, Inc.	Information Technology	Electronic Equipment & Instruments	Bull	NASDAQ	AMI replacement, Distributed Intelligence, network chokepoint, share gains, interoperability, DERs	View Pitch

BSD Shareholders of ITRI

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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