KAI

KAI

KAI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 4, 2025	Baird Small/Mid Cap Growth Equity Fund	4.5%	-6.6%	ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL	AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance	The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance.		View
2025 Q2	Jul 21, 2025	Wasatch Long/Short Alpha Fund	0.5%	-	ENSG, FN, GWRE, HLP, HQY, INSP, KAI, MORN, NSA, OZK, RBC, RKLB, ROP, SG, SKY, WDAY	Beta, Defensive, Long/Short, Quality, risk-on, small cap, tariffs	The fund focuses on high-quality companies with proven earnings growth track records, strong free cash-flow generation, and trusted management teams. This quality focus was a headwind during the quarter as lower-quality stocks outperformed in the risk-on environment, but the manager believes this creates better expected returns for quality investing over the next three-to-five years.	SG RKLB HQY GWRE FN INSP NSA SKY HQY GWRE INSP NSA SKY	View
2025 Q1	Mar 31, 2025	Baird Small/Mid Cap Growth Equity Fund	-10.6%	-10.6%	BJ, BOOT, BRBR, BROS, DKNG, EXL, GKOS, ITCI, JNJ, KAI, MASI, PEN, PLNT, PODD, POOL, PRCT, RGEN, TECH, ULS, WSO	AI, consumer, growth, healthcare, industrials, small cap, technology, volatility	AI-related spending faced questions regarding untethered pace as DeepSeek emerged as a potentially cheaper alternative platform from China. Microsoft's datacenter appetite showed signs of moderation, slowing positive market sentiment. Portfolio holdings with AI data center spending exposure experienced volatility.		View
2024 Q1	Mar 31, 2024	Baird Small/Mid Cap Growth Equity Fund	1.9%	1.9%	BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL	AI, growth, healthcare, Performance, semiconductors, small cap, technology	AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains.		View
2025 Q4	Feb 25, 2026	SouthernSun Small Cap	2.6%	5.4%	AEIS, BOOT, CSW, CXT, DAR, DORM, DY, EXTR, KAI, LPX, TKR, USPH	AI, energy, fundamentals, risk, small caps, valuation, value	Manager draws extensive parallels between today's AI-driven market environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. AI infrastructure faces energy constraints with data centers becoming massive electricity consumers, while rising power costs and grid limitations challenge assumptions of frictionless scalability. Markets may be conflating transformational potential with near-term certainty, creating valuation risk similar to past cycles. Energy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. The portfolio focuses on small-cap businesses that are performing well fundamentally with strong balance sheets, resilient cash flows, and improved competitive positions. The manager emphasizes owning businesses that can compound value over time rather than speculation, though acknowledges markets don't always reward fundamentals on a linear schedule. Portfolio positioning reflects discipline in finding mispriced companies relative to long-term intrinsic value.	TKR DY DORM KAI CSW DAR AEIS	View
2024 Q4	Dec 31, 2024	Wasatch Long/Short Alpha Fund	-8.3%	7.2%	ACHC, ENSG, FND, GWRE, HLNE, HQY, ICFI, IONQ, KAI, MORN, NSA, PCTY, RBC, ROP	Beta, Defensive, Long/Short, Mid Caps, risk management, small caps	The Fund has shorted stocks of special purpose acquisition companies because their business models are speculative and their paths to steady compounded earnings growth remain unclear. These stocks experienced sharp gains during the risk-on environment of the quarter.	IONQ ACHC FND ICFI HQY PCTY	View
2023 Q4	Dec 31, 2023	Baird Small/Mid Cap Growth Equity Fund	7.8%	10.9%	BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO	financials, growth, healthcare, industrials, rates, small cap, technology	Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter.		View
2024 Q3	Oct 30, 2024	Baird Small/Mid Cap Growth Equity Fund	6.9%	2.7%	AAON, ACLS, ALAB, APPF, BMI, BOOT, BROS, BSY, BURL, BWXT, CACI, CASY, CWA, CYBR, EXLS, FANG, FDS, FIVE, FND, FOUR, IEX, INSP, IRTC, JKHY, KAI, KNSL, LFUS, LGIH, LSCC, LW, MANH, MEDP, MNDY, NBIX, ONTO, PCOR, PODD, POOL, PRCT, RXST, SITM, SMPL, TARS, TREX, TYL, ULS, VNOM, WSC	financials, growth, healthcare, industrials, semiconductors, small caps, software, technology	The fund initiated a position in Astera Labs, a fast-growing and profitable developer of semiconductor products known as retimers that are key enablers of AI workloads and help prevent GPU bottlenecks. The manager believes this business adds further profitable AI-exposure to the portfolio.		View
2025 Q3	Oct 24, 2025	Wasatch Long/Short Alpha Fund	-7.3%	-	ENSG, FN, FOUR, FRPT, HQY, INSP, KAI, MEDP, MORN, MPWR, OPEN, OZK, RBC, ROP, SG, WDAY	AI, Biotech, healthcare, Long/Short, Quality, risk-on, small cap, Speculation	The fund focuses on long positions in high-quality companies while shorting low-quality businesses. The manager emphasizes that high-quality stocks have historically outperformed over the long term despite recent underperformance. The fund screens companies based on financial characteristics like return on assets and operating profit margins.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 27, 2026	Fund Letters	Michael Cook	Kadant Inc.	Industrials	Industrial Machinery	Bull	New York Stock Exchange	Acquisitions, Bolt-On, Free Cash Flow, Industrials, Pricing power, recurring revenue	View Pitch
Oct 23, 2025	Value Investors Club	bearclaw	Kadant Inc.	Industrials	Industrial Machinery	Bear	NYSE	Insider selling, Pulp & paper	View Pitch

BSD Shareholders of KAI

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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