KNSL

KNSL

KNSL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 11, 2025	Giverny Capital Asset Management	9.1%	5.4%	BLDR, FI, GOOG, HEI, KNSL, MTB, PGR	Balance Sheets, cash flow, long-term, niche leaders, Quality	The commentary stresses ownership of high-return, niche market leaders with conservative balance sheets amid elevated macro uncertainty. Management prioritizes businesses with durable competitive advantages, strong cash generation, and prudent capital structures. Lower exposure to mega-cap concentration is viewed as a deliberate long-term choice.	GOOG FISV KNSL	View
2024 Q1	Apr 15, 2024	Baron Discovery Fund	13.5%	9.3%	ALGM, CDNA, CYBR PM, DAVA, DKNG, ICHR, INTA, KNSL, MASI, NARI, NVTS, RGEN, RH, SMCI	-			View
2024 Q1	Apr 15, 2024	Baron Small Cap Fund	9.6%	14.5%	DAVA, EXPO, FOXF, IBP, INTA, KNSL, NEOG, VRT	-			View
2025 Q1	Mar 31, 2025	Baron Growth Fund	-4.3%	-4.3%	ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI	-			View
2025 Q1	Mar 31, 2025	Baron Small Cap Fund	-9.1%	-9.1%	AZPN, BRP, GWRE, IT, KNSL, PAR, RDNT, TTD, VRT	-			View
2024 Q4	Mar 10, 2025	Turtle Creek Fund Test	-2.7%	-	ABG, AHT LN, ASO, BLDR, DOO CN, FFBB, KNSL, TIGO, UBAB, WSC	-			View
2025 Q4	Mar 1, 2026	Baron Growth Fund	-2.8%	-14.4%	ACGL, CHH, CSGP, CWAN, FIGS, IDXX, KNSL	AI Risk, Earnings Quality, Return on Capital, Small Cap Growth, Valuation Compression	Baron Growth Fund declined 2.69% in Q4 2025, lagging the Russell 2000 Growth Indexs 1.22% gain, as high-quality small and mid-cap growth stocks remained out of favor. Approximately 60% of the years relative underperformance was attributed to market disagreement over AI risk in core holdings, leading to valuation compression despite continued double-digit earnings growth. Management emphasizes long-term compounding through competitively advantaged businesses with durable growth, high returns on capital, and resilient cash flow generation, arguing that recent multiple contraction creates embedded upside.		View
2025 Q4	Feb 5, 2026	Baron Small Cap Fund	-1.6%	-0.7%	CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT	AI, Data centers, defense, growth, Quality, small caps, technology	AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance.		View
2024 Q4	Dec 31, 2024	Zelikovic Investments / Tavor Capital	-	-	ATKR, BN, BUR LN, EXO NA, FFH CN, IAC, KKR, KNSL, MKL, TASE IT, TPL	-			View
2023 Q4	Dec 31, 2023	NCG Large Cap Growth Strategy	14.2%	39.9%	ADBE, KNSL, WDAY	-			View
2025 Q3	Nov 5, 2025	Baron Small Cap Fund	0.5%	0.7%	BWIN, IT, KNSL, KTOS, LGN, NOVT, PAR, RRR, VRT	AI Infrastructure, Data centers, defense, quality growth, small caps	The fund highlights the tension between speculative rallies in unprofitable microcaps and its disciplined focus on quality small-cap compounders. Its holdings in industrial and AI-infrastructure names like Vertiv and Kratos demonstrate long-term growth potential as data center and defense spending expand. Despite near-term underperformance, the strategy remains committed to profitable, defensible businesses with recurring cash flows.		View
2023 Q3	Nov 10, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	AZPN, KNSL, MRCY, SITE, SKIN, VRT	-			View
2025 Q3	Oct 31, 2025	Turtle Creek Fund Test	0.4%	-	AHT, BFH, KNSL, SCI, WSC	Active Share, earnings growth, Mid Cap Equities, North America, Portfolio Upgrade	Quality: The portfolio has been upgraded toward market leaders, best-run operators, and durable niche businesses, raising average business quality. Valuation: Despite higher growth prospects, holdings trade near ~10x earnings with returns driven by earnings, not multiple expansion. Midcaps: Management highlights better prospective returns outside the S&P 500s elevated multiples, favoring mid-cap exposures.	CTAS KNSL WSC CTAS KNSL WSC	View
2024 Q3	Oct 18, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TME, TTEK	-			View
2023 Q2	Oct 7, 2023	SVN Capital Fund	0.0%	29.4%	0QTE LN, CPRT, HEI, KNSL, ODFL, RMS FP	-			View
2025 Q4	Jan 21, 2026	NCG Large Cap Growth Strategy	1.0%	15.3%	AAPL, AMD, GE, GHI, GOOGL, HOOD, KNSL, MDB, MSFT, NFLX, ORCL, PGR, ROKU, SAIA, SPOT	active management, growth, Outperformance, Quality, small caps, technology	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 high-quality names. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, presenting an opportunity for this discount to narrow. The firm maintains significant exposure to AI infrastructure and sees an accelerated pace of innovation happening across various industries. Their technology holdings are diversified across AI infrastructure among other areas.		View
2025 Q4	Jan 15, 2026	ROCKLINC Partners Fund	0.7%	20.3%	AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO	active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value	Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure.	SII	View
2025 Q4	Jan 12, 2026	SVN Capital Fund	0.0%	-5.7%	532978.NS, 533655.NS, COHR, HEI, KKR, KNSL, RML.PA	aerospace, AI, Alternative Asset Managers, Concentration, India, insurance, Quality, value	India combines sustained economic growth, rising formalization, deepening capital markets, and a growing pool of well-run, founder-led businesses with long reinvestment runways. The economy has grown from about $1 trillion to around $4 trillion over roughly 17 years, with credible estimates suggesting it could roughly quadruple over the next 15-20 years. India has moved from the periphery to the center of global equity markets as the fourth-largest listed market in the world. AI represents a new layer of software and automation that is already changing how work is done, how products are built, and how decisions are made. It has triggered a significant investment cycle across the physical stack including chips, servers, networking equipment, power generation, cooling, and data centers. Several businesses in the portfolio are already using these tools to improve efficiency, decision-making, and service quality. The alternative-asset industry is still in the early stages of moving from the margins into the mainstream, both for institutions and particularly for private-wealth clients. KKR's three-engine model is designed for this structural shift, with management aiming to build a business that can double and then double again, taking adjusted net income per share from $3.42 in 2023 to more than $15 within roughly 10 years. HEICO operates in the unglamorous world of replacement parts and mission-critical components, serving as the world's largest independent supplier of FAA-approved PMA replacement parts. The business benefits from structural tailwinds including Americans driving more, an aging vehicle fleet, and rising repair complexity that means more vehicles are totaled rather than repaired. The excess and surplus (E&S) segment has grown steadily for years, with AM Best estimating that direct premiums written are approaching $130 billion, accounting for more than a quarter of all U.S. commercial-lines premium. Kinsale has built a focused underwriting business designed for speed, discipline, and cost efficiency with consistently low expense ratios in the low-20s.	HEI KKR KNSL CPRT TRIV IN BAF IN	View
2023 Q3	Sep 30, 2023	Baron Discovery Fund	13.5%	9.3%	CWAN, EWCZ, KNSL, LLYVK, MEG, NVTS, PAR, S, SILK, TXG	-			View
2023 Q3	Sep 30, 2023	Baron Small Cap Fund	9.6%	14.5%	AZPN, CGNX, DRVN, FFO GR, GWRE, INDI, KNSL, LBRDA, VRT	-			View
2023 Q3	Sep 30, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CLA LN, FRSH, KNSL, KWR, LBRT, LTHM, SLAB, SUM	-			View
2022 Q3	Sep 30, 2022	Baron Small Cap Fund	9.6%	14.5%	AVNT, AXNX, AZPN, CAKE, CLVT, GDYN, HLLY, ICLR, IT, KNSL, MRCY, RPAY, TTD	-			View
2024 Q2	Jul 31, 2024	Baron Discovery Fund	13.5%	9.3%	ALAB, BASE, CDNA, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, MEG, NVMI, PCOR, RGEN, SILK, SITE, STVN, TEM, VCYT	-			View
2023 Q2	Jul 30, 2023	Baron Discovery Fund	13.5%	9.3%	DH, GTLB, KNSL, NVTS, RGEN, RVNC, SKIN, STYN, VRAY	-			View
2023 Q2	Jul 30, 2023	Baron Small Cap Fund	9.6%	14.5%	AZPN, KNSL, MRCY, SITE, SKIN, VRT	-			View
2024 Q2	Jul 27, 2024	Baron Small Cap Fund	9.6%	14.5%	BWIN, GWRE, IBP, IBTA, KNSL, LOAR, PLNT, SITE, VRT	-			View
2024 Q2	Jul 27, 2024	Baron Growth Fund	11.1%	7.4%	ALTR, ANSS, ARCH, CSGP, GWRE, KNSL, MNT, MSCI	-			View
2023 Q2	Jul 27, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CELH, FGEN, KNSL, MSA, SLAB, SMAR, SPT, SUM, WWD, XPOF	-			View
2024 Q2	Jul 23, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	AAON, CCCS, DAVA, FIVE, KNSL, MPWR, PAYC, RGEN, SITM, TTEK, TYL, WING	-			View
2025 Q1	Apr 15, 2025	Giverny Capital Asset Management	-3.4%	-3.4%	AAON, ALL, ANET, FIVE, KMX, KNSL, LMN CN, MEDP, PGR, TWFG	-			View
2025 Q1	Mar 31, 2025	Madison Mid Cap Fund	-4.2%	-4.2%	ACGL, AWI, BRO, KNSL, MKSI, ROST, TREX	-			View
2023 Q4	Feb 20, 2024	Baron Growth Fund	11.1%	7.4%	ACGL, CHH, IRDM, KNSL, MTN, NEOG	-			View
2023 Q4	Jan 30, 2024	Baron Discovery Fund	13.5%	9.3%	AAON, AEIS, DKNG, ESTA, GTLB, GTLS, KNSL, MRCY, S, VRNS	-			View
2023 Q4	Jan 27, 2024	Baron Small Cap Fund	9.6%	14.5%	FF0 GR, GTLS, IBP, IT, KNSL, NCNO, SKIN	-			View
2023 Q4	Jan 27, 2024	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CFLT, CYTK, GTLS, KNSL, KWR, LSCC, PJT, SUM, VICR, WING	-			View
2024 Q4	Jan 24, 2025	Giverny Capital Asset Management	0.8%	21.1%	AHT LN, ALGN, FERG, FI, IBP, KNSL, MEDP, MTB	-			View
2024 Q4	Jan 23, 2025	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TCEHY, TTEK	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 29, 2026	Fund Letters	David M. Poppe	Kinsale Capital Group Inc	Financials	Property & Casualty Insurance	Bull	New York Stock Exchange	efficiency, Insurance, Margins, technology, underwriting	View Pitch
Jan 27, 2026	Fund Letters	Shreekkanth Viswanathan	Kinsale Capital Group, Inc.	Financials	Property & Casualty Insurance	Bull	New York Stock Exchange	buybacks, Discipline, Float, Insurance, underwriting	View Pitch
Dec 6, 2025	Fund Letters	David M. Poppe	Kinsale Capital Group Inc.	Financials	Insurance - Property & Casualty	Bull	NYSE	Expenses, growth, Insurance, specialty, underwriting	View Pitch
Nov 29, 2025	Fund Letters	Cameron McKendry	Kinsale Capital Group Inc.	Financials	Insurance	Bull	NYSE	E&s, efficiency, growth, Insurance, management, profitability, ROE, technology, underwriting	View Pitch
Nov 29, 2025	Fund Letters	Cameron McKendry	Kinsale Capital Group Inc.	Financials	Insurance	Bull	NYSE	E&s, efficiency, growth, Insurance, management, profitability, ROE, technology, underwriting	View Pitch
Nov 2, 2025	Substack	Compound and Fire	Kinsale Capital Group	Financials	Insurance - Property & Casualty	Bull		combined ratio, growth, Insurance, Kinsale Capital Group, Niche markets, operating EPS, ROE, scalable model, underwriting discipline, value creation	View Pitch

BSD Shareholders of KNSL

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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