Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 25, 2025 | Baron Discovery Fund | 14.7% | 7.6% | ASIC, CWAN, INSP, KRMN, KTOS, MAC, MEG, RH, WYNN | early stage, innovation, long runway, small caps, volatility | The letter emphasizes early-stage and small-cap companies with long runways for growth and innovation. Volatility is framed as an opportunity to build positions in underappreciated businesses. The strategy seeks transformational companies before they become widely recognized. | View | |
| 2025 Q2 | Jul 18, 2025 | Voya MidCap Opportunities Strategy | - | - | ALC SW, FIX, HOOD, KTOS, NET | AI, capital investment, growth, Mid Caps, profitability | The commentary focuses on mid-cap growth companies with superior capital investment, profitability, and attractive risk-reward profiles. Management highlights expanding market leadership beyond mega-cap stocks as a source of opportunity. AI-driven productivity gains and selective sector positioning underpin the strategys outlook. | View | |
| 2025 Q1 | Mar 31, 2025 | Artisan Partners Small Cap Fund | -10.1% | -10.1% | ARIS, ASND, BROS, DAY, FRSH, FTAI, GWRE, HALO, KTOS, MTSI, SG, VCYT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Discovery Fund | -6.2% | -6.2% | ACLX, AXON, EXAS, INDI, INSP, KRMN, KTOS, MEG, NARI, TEM, WING | - | View | ||
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -9.6% | -9.6% | ACVA, ADUS, AZEK, BFAM, BJ, BOOT, CBLL, CHEF, CWST, DAWN, ERJ, FORM, FROG, FRPT, HLNE, INR, INSM, ITCI, KTOS, MGY, MVBF, PAY, PI, RRX, SLNO, TTEK, VERX, VRNA, VVV, WHD | - | 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 | |
| Q4 2025 | Feb 25, 2026 | Lord Abbett Developing Growth Fund | 1.7% | 14.6% | BBIO, CELH, CRDO, CRS, FIX, GH, KTOS, LRN, MDGL, MOD, RDDT, RKLB, WGS | AI, growth, Health Care, industrials, innovation, small caps, technology | Generative artificial intelligence continues to provide markets an additional tailwind through productivity gains. Innovation is flourishing in pioneering Gen AI companies in semiconductors and software, as well as industrial companies enabling datacenter expansion and power infrastructure to support it. AI is also playing a role in the emerging defense and space technology sector. The defense and space technology sector is experiencing a positive inflection as a historically low growth area sees advancement in autonomous software and hardware systems. AI's role is particularly exciting in this emerging sector. Industrial companies are enabling datacenter expansion and power infrastructure to support the growing artificial intelligence infrastructure needs. Health Care sector contributed to relative performance, with significant allocations to precision oncology companies and pharmaceutical companies focused on specialized treatments. | 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 | |
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | CLBT, CRDO, KTOS, RNA | Artificial Intelligence, defense, growth, healthcare, small caps | The ClearBridge Small Cap Growth Strategy lagged benchmarks as speculative retail-driven rallies lifted low-quality stocks. The team added to high-conviction industrial and healthcare names like Kratos, Insmed, and Bloom Energyeach benefiting from AI, defense, and electrification trends. Management remains optimistic about broader participation as policy stability and rate cuts emerge. | KD US BE US |
View |
| 2025 Q3 | Oct 28, 2025 | Voya MidCap Opportunities Strategy | - | - | APP, FIX, KTOS, MLTX, TW, VRSK | Artificial Intelligence, Data centers, defense, infrastructure, Rate Cuts | The fund outperformed its benchmark on strong stock selection within industrials and technology. Contributors included Kratos Defense, Comfort Systems, and AppLovinbenefiting from defense modernization, data center expansion, and AI-driven digital advertising. Management expects continued market leadership expansion beyond megacaps as Fed rate cuts and global capex cycles sustain growth opportunities in AI infrastructure and defense sectors. | View | |
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | BIRK, INSP, KRMN, KTOS, MEG, MRCY, NTSK, PAR, PRMB, WING | Artificial Intelligence, cybersecurity, Data centers, defense, infrastructure | The firm reported strong performance across portfolios, driven by AI, emerging markets, and global infrastructure spending. Managers highlighted the expansion of data centers, defense, and renewable projects as key drivers of long-term growth. The Stock in Focus feature on CrowdStrike emphasized cybersecurity as a structural necessity in a digitizing and AI-powered economy, with rising enterprise adoption and high profitability metrics supporting the sectors investment case. | View | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 2.0% | - | ACVA, BJ, CWST, INSP, KTOS, MIR, MRUS, NAMS, PAR, PRSU, SITM, SLNO, UNF, VRTX | AI, consumer, cyclicals, small caps, valuation | Small-cap growth leadership remains narrowly concentrated in AI beneficiaries. The strategy finds opportunity in cyclicals and consumer-oriented firms where fundamentals and valuations diverge, anticipating normalization of sentiment. | SITM US KRAT US |
View |
| 2025 Q4 | Jan 15, 2026 | Alger Weatherbie Specialized Growth Fund | 1.8% | 0.5% | ACAD, AIR, FSV, GKOS, KTOS, NTRA | AI, Biotechnology, defense, growth, healthcare, industrials, small cap, technology | The market's biggest tailwind was continued investment tied to artificial intelligence, though increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with the capital deployed. AI is at an inflection point, potentially enabling significant increases in productivity. Cloud computing is growing and supporting innovation as corporations are digitizing their operations. This represents one of the secular themes creating attractive investment opportunities. Portfolio includes significant exposure to biopharmaceutical companies like Natera with genetic testing platforms, ACADIA Pharmaceuticals focused on CNS disorders, and Glaukos developing ophthalmic medical technologies. These companies are advancing novel therapies and diagnostic capabilities. Investment in Kratos Defense & Security Solutions reflects focus on affordable unmanned systems, hypersonics and rocket systems, and satellite command-and-control, which are increasingly aligned with U.S. and allied priorities around rapid fielding and scalable production. | KTOS AIR FSV GKOS ACAD NTRA |
View |
| 2025 Q4 | Jan 14, 2026 | ARK Investment Management LLC | 0.0% | 0.0% | ACHR, AMD, AVAV, COIN, CRSP, DE, GH, GOOG, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, innovation, productivity, Robotics, technology | ARK believes convergences among major platforms like AI, robotics, energy storage, public blockchain technology, and multiomics sequencing should accelerate non-farm productivity growth to 4–6% on a year-over-year basis. AI-related spending boom on data centers and power plants began in late 2022. Strong demand for AI-related chip testing and semiconductor testing across compute, networking, and memory. Robotics is identified as one of the major transformative innovation platforms that should converge with AI and other technologies to drive productivity gains. The ARK Autonomous Technology and Robotics ETF focuses on companies developing autonomous mobility, humanoid robots, and intelligent devices. Energy storage is highlighted as one of the key transformative innovation platforms that will converge with AI, robotics, blockchain, and multiomics sequencing to accelerate productivity growth and economic transformation in the coming years. ARK sees favorable policy shifts around crypto as supportive headwinds shifting into structural tailwinds for innovation. Coinbase faced challenges from weakness in crypto market trading activity, with quarterly spot trading volumes declining 9% quarter-over-quarter. The firm maintains exposure through Bitcoin ETFs and crypto-related companies. Multiomics sequencing is identified as one of the major transformative platforms. The genomics space benefited from increasingly positive sentiment following Abbott's acquisition of Exact Sciences. Companies like Guardant Health and Natera showed strong performance with significant revenue growth and clinical trial successes. Defense spending represents a significant opportunity with the U.S. Army announcing plans to purchase at least one million drones in the next 2–3 years. Companies like Kratos Defense, AeroVironment, and Rocket Lab are positioned in this space, though innovation-based defense stocks experienced broad sell-offs during the quarter. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | H. George Dai | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | Bear | NASDAQ | cashflow, Defense, Drones, Government, Hypersonics | View Pitch |
| Jan 8, 2026 | Fund Letters | Aaron Sallen | Kratos Defense & Security Solutions Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Contracting, Defense, Drones, Hypersonics, innovation | View Pitch |
| Jan 8, 2026 | Fund Letters | Grant R. Babyak | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Defense, Drones, Hypersonic, margin, Missile-Defense, Space | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Sallen | Kratos Defense & Security Solutions | Industrials | Defense Technology | Bull | NASDAQ | Aerospace, Contracts, Defense, Drones, growth, Procurement, Production | View Pitch |
| Nov 29, 2025 | Fund Letters | Andrew Peck | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | backlog, Defense spending, Hypersonics, operating leverage, Unmanned systems | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Sallen | Kratos Defense & Security Solutions | Industrials | Defense Technology | Bull | NASDAQ | Aerospace, Contracts, Defense, Drones, growth, Procurement, Production | View Pitch |
| Nov 29, 2025 | Fund Letters | Andrew Peck | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | backlog, Defense spending, Hypersonics, operating leverage, Unmanned systems | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Julia Ostian | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Merion Road Capital Management | Kratos Defense & Security Solutions, Inc. | Industrials | Aerospace & Defense | 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. | ||||||||