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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2025 Q3 | Oct 24, 2025 | Curreen Capital | 9.0% | 18.5% | AAP, CACC, EHAB, ENR GR, FTDR, FTRE, GETB LN, KTB, PLX FP, THNC CN, VFC | cash flow, Health Care, small caps, turnaround, value | The fund gained 9%, focusing on smaller turnaround and value situations like Kontoor Brands and Fortrea. Managers emphasize disciplined capital allocation, strong cash generation, and improving healthcare fundamentals despite regulatory headwinds. The portfolio reflects bottom-up conviction in underappreciated growth and restructuring stories. | FTRE THNC CN GETB GB KTB ENH FTRE THNC CN GETB GB KTB ENH |
View |
| 2025 Q4 | Jan 28, 2026 | Prosper Stars & Stripes | 1.2% | 9.9% | ATI, EAT, GTLB, INOD, KTB, META, MSFT, PDFS, RVTY, SEAT, SITM, STUB, TKNO | AI, alpha, healthcare, Long/Short, semiconductors, small caps, value | AI investment cycle driving economic growth and market gains, with revenue per employee increasing at large AI companies. AI infrastructure spending not out of line with past tech investment expansions. GenAI reshaping software development and creating competitive pressures for traditional seat-based pricing models. Semiconductor industry experiencing high growth from normal demand plus AI buildout. Companies like PDF Solutions benefiting from increased need for yield improvement tools in 3-D semiconductor structures and supply chain data sharing as US builds denser semiconductor supply chains. Small caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. Healthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Christian Ryther | Kontoor Brands Inc. | Consumer Discretionary | Apparel Manufacturing | Bull | NYSE | acquisition, Apparel, Brand management, capital allocation, cash flow, dividends, EPS growth | View Pitch |
| Nov 29, 2025 | Fund Letters | Christian Ryther | Kontoor Brands Inc. | Consumer Discretionary | Apparel Manufacturing | Bull | NYSE | acquisition, Apparel, Brand management, capital allocation, cash flow, dividends, EPS growth | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $14.9M | 0.03% | 244,083 | +244,083 | +100.00% | 0.3964% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $17.9M | 0.02% | 292,528 | -3,195 | -1.08% | 0.4751% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.0M | 0.01% | 49,557 | -11,386 | -18.68% | 0.0805% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.6M | 0.00% | 26,865 | -441,765 | -94.27% | 0.0436% |
| Israel Englander | Millennium Management LLC | $233.2B | $42.6M | 0.02% | 696,985 | +242,547 | +53.37% | 1.1320% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.1M | 0.00% | 17,202 | -682 | -3.81% | 0.0279% |
| Bruce Kovner | Caxton Associates | $3.2B | $311,063 | 0.01% | 3,642 | +3,642 | +100.00% | 0.0083% |
| Mario Gabelli | GAMCO Investors | $10.4B | $857,887 | 0.01% | 14,043 | -71 | -0.50% | 0.0228% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $2,871 | 0.00% | 47 | +3 | +6.82% | 0.0001% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $5.8M | 0.71% | 90,899 | -2,674 | -2.86% | 0.1550% |