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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 11, 2025 | Aoris International Fund | 8.2% | - | ACN, ACO GR, APH, CPRT, DPLM LN, HLMA LN, JKHY, MSFT, OR FP | cash flows, global, moats, Quality, valuation | The commentary emphasizes global high-quality companies with strong competitive positions, predictable cash flows, and conservative balance sheets. Management remains cautious on valuations while favoring businesses capable of sustaining returns through economic uncertainty. Long-term quality compounding remains the core investment thesis. | View | |
| 2025 Q4 | Feb 18, 2026 | Baron FinTech Fund | -2.2% | 0.9% | APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V | AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology | Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property. | NEPT MS GWRE MELI HOOD FICO JKHY SPGI |
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| 2025 Q3 | Nov 30, 2025 | Bell Global Emerging Companies Fund | - | - | AUTO LN, GMO JP, IT, JKHY | AI, earnings, Quality, Smidcap, volatility | The letter emphasizes global small- and mid-cap investing with a focus on high-quality businesses exhibiting strong returns on equity, recurring revenue, and balance sheet discipline. Short-term volatility driven by AI disruption fears and macro uncertainty is viewed as an opportunity to add to fundamentally sound companies where market pessimism has overshot reality. Quality remains central as sustained earnings growth and competitive advantages are expected to drive long-term outperformance. | AUTO LN 3769 JP JKHY |
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| 2025 Q3 | Oct 9, 2025 | Fenimore Dividend Focus Strategy | -0.7% | - | APH, ENTG, FTV, JKHY, POOL, ROST, VRSK | AI, Compounding, dividends, earnings, Quality | The strategy focuses on high-quality dividend growers benefiting from AI infrastructure spending, with Amphenol and GE Healthcare leading on growth and capital discipline. Despite short-term underperformance versus speculative stocks, dividend momentum remains robust with 25 of 26 holdings increasing payouts. The approach emphasizes compounding, earnings growth, and valuation discipline. | FSV CN VRSK US ROST US APH US |
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| 2025 Q3 | Oct 28, 2025 | The London Company SMID Cap | 0.8% | -6.6% | ACIW, AWI, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | Artificial Intelligence, fundamentals, interest rates, Mid Caps, Quality | The fund lagged its benchmark due to underperformance of high-quality holdings during a high-beta rally driven by AI enthusiasm and rate cuts. Management emphasized patience with quality-focused, cash-generative companies that historically regain leadership when speculation subsides. The team continues to avoid speculative growth, favoring resilient mid-cap franchises positioned for normalized rate environments. | DECK ACIW JKHY CWST WAT NEU SGI AWI DECK ACIW JKHY CWST WAT NEU SGI AWI |
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| 2025 Q3 | Oct 28, 2025 | The London Company Small-Mid Cap | 0.8% | -6.6% | ACIW, AWI, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | Artificial Intelligence, fundamentals, interest rates, Quality, volatility | The portfolio trailed as high-beta, speculative stocks rallied on Fed easing and AI optimism, while quality-focused names lagged. Managers noted the markets shift toward volatility and speculation, which they expect to reverse as fundamentals reassert leadership. The team continues emphasizing resilient companies with strong cash flow and durable moats as valuations stretch and rate cuts support selective opportunities. | View | |
| 2025 Q3 | Oct 13, 2025 | Conestoga Mid Cap Composite | -3.2% | 1.1% | AAON, FDS, FTNT, GNRC, IDXX, IT, JKHY, TYL, VRSK, WST, XYL | earnings, Growth Equities, Mid Caps, Quality, valuation | Mid-cap stocks underperformed large-caps amid concentration in mega-cap tech leadership. Conestogas focus on sustainable earnings growth and conservative valuations left it lagging during speculative phases but positioned for long-term compounding when fundamentals reassert. The firm maintains exposure to industrial and technology companies with steady cash flows. | IDXX US WST US |
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| 2025 Q3 | Oct 13, 2025 | Conestoga SMid Cap Composite | -1.1% | -2.1% | CWST, DSGX, EVI, GNRC, JKHY, MRCY, QTWO, ROAD, TYL, WST | quality growth, semiconductors, SMID Caps, software, technology | The SMid-Cap strategy underperformed amid a rally dominated by unprofitable, high-beta stocks, while its disciplined quality-growth approach faced headwinds. Weakness in software and lack of semiconductor exposure weighed on returns, though select industrials and healthcare names showed resilience. Management views the current low-quality outperformance as typical of early-cycle conditions likely to normalize. | View | |
| 2025 Q4 | Jan 23, 2026 | Aoris International Fund | 0.0% | 0.0% | ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE | AI, international, long-term, Quality, technology, value | AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time. | View | |
| 2025 Q4 | Jan 18, 2026 | Conestoga Mid Cap Composite | -5.8% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology | The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly. | GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY |
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| 2025 Q4 | Jan 18, 2026 | Conestoga SMid Cap Composite | -2.7% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | Biotechnology, defense, growth, industrials, Quality, small caps, technology | Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions. | GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN |
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| 2025 Q4 | Jan 14, 2026 | Spheria Global Opportunities Fund | -3.0% | 2.9% | ACLR.SW, CARG, EXPD, HEM.ST, ITRK.L, JKHY, PAYC, RMV.L, SPNS, YETI | financials, global, industrials, Quality, small caps, technology | The fund maintains a consistent, valuation-aware approach focused on high-quality businesses with durable economics, proven cash generation and clear paths to value creation. This quality-oriented strategy faced challenges in 2025 as markets rewarded loss-making businesses and concept-driven stocks. Small caps are still yet to materially close the relative valuation gap that has opened up since shortly before the current interest rate cycle kicked off in early 2022. The fund targets global listed small cap and microcap companies. | PAYC JKHY |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Small Cap Strategy | -4.1% | -11.6% | APH, BIPC, BROS, BWIN, CASS, CHH, CIGI, DFH, EXLS, EXPO, FND, FSV, FTDR, JKHY, LSTR, NOVT, OSW, PNFP, ROST, SPSC, TRRSF | AI, Quality, small cap, Speculation, underperformance, value | The update highlights selective small-cap growth investing focused on companies with niche leadership, strong balance sheets, and long runway opportunities. Volatility is viewed as a source of opportunity to add to high-quality businesses at reasonable valuations. Small-cap growth is positioned for recovery as earnings growth reaccelerates. | View | |
| 2023 Q1 | May 23, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ANSS, AVLR, BSY, CPRT, CSGP, EXPO, FTNT, IDXX, IT, JKHY, PCOR, TECH, WST, XM, XUL | - | View | ||
| 2023 Q1 | May 23, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, CWAN, FICO, JKHY, LSPD, PLOW, TECH, WSR | - | View | ||
| 2023 Q1 | Apr 20, 2023 | The London Company SMID Cap | 9.2% | 9.2% | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, STOR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Josh Saltman | Jack Henry & Associates, Inc. | Financials | Transaction & Payment Processing Services | Bull | NASDAQ | Automation, Core banking, Margins, market share, recurring revenue | View Pitch |
| Jan 28, 2026 | Fund Letters | Ned Bell | Jack Henry & Associates Inc. | Information Technology | Application Software | Bear | NASDAQ | Capital Rotation, Core banking, Fintech, Software, valuation | View Pitch |
| Jan 27, 2026 | Fund Letters | Stephen Arnold | Jack Henry & Associates Inc. | Information Technology | Application Software | Bull | NASDAQ | Core banking, Fintech, growth, Software, switching costs | View Pitch |
| Jan 27, 2026 | Fund Letters | Ned Bell | Jack Henry & Associates, Inc. | Information Technology | Application Software | Bull | NASDAQ | banking, Fintech, Modernisation, Recurring, Software | View Pitch |
| Jan 22, 2026 | Twitter / X | @bobspaysubstack | Jack Henry & Associates | Information Technology | Financial Software | Bull | NASDAQ | Account, Bank Tech, Community, Fintech, Fis, Jkhy, Satellite, Softness | View Pitch |
| Jan 21, 2026 | Fund Letters | Bob Mitchell | Jack Henry & Associates, Inc. | Information Technology | Application Software | Bull | NASDAQ | Corebanking, financial software, Modernization, Recurringrevenue, stability | View Pitch |
| Jan 21, 2026 | Fund Letters | Derek Johnston | Jack Henry & Associates, Inc. | Information Technology | Application Software | Bull | NASDAQ | Corebanking, Longduration, Modernization, Recurringrevenue, stability | View Pitch |
| Jan 16, 2026 | Fund Letters | Marcus Burns | Jack Henry & Associates, Inc. | Information Technology | Application Software | Bull | NASDAQ | banking, cloud, Moat, Recurring, Software | View Pitch |
| Jan 15, 2026 | Fund Letters | John Fox | Jack Henry & Associates, Inc. | Information Technology | Application Software | Bull | NASDAQ | Fintech, Margins, marketshare, Rfp, Software | View Pitch |
| Jan 9, 2026 | Seeking Alpha | Seeking Alpha | Jack Henry & Associates, Inc. | Technology | Financial Technology | Bull | NASDAQ Stock Market | Analyst Underestimation, conservative guidance, dividend yield, earnings per share, financial technology, operating margins, premium valuation, Reliable Compounder, Revenue Growth, Tech-Driven Financial Sector | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Jack Henry & Associates Inc. | Information Technology | Financial Software & Data Systems | Bull | NASDAQ | — | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Jack Henry & Associates Inc. | Information Technology | Financial Software & Data Systems | 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. | ||||||||