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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 24, 2025 | Meridian Contrarian Fund | 6.7% | - | HNST, KRNT, LASR, PENG, PL, PRGO | AI, defense, Electrification, small caps, turnaround | The fund focuses on undervalued companies with visible catalysts for recovery, highlighting themes in AI infrastructure, electrification, and defense technology. Managers see opportunities in overlooked small- and mid-cap firms benefiting from industrial automation and power transition. The contrarian strategy targets earnings rebounds from improving fundamentals despite macro uncertainty. | LASR PL KRNT PRGO HNST LASR PL KRNT PRGO HNST |
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| 2025 Q4 | Jan 21, 2026 | Artisan Partners Small Cap Fund | 3.4% | 8.6% | BRKR, CLBT, COCO, FLEX, GH, GWRE, HXL, INSM, IRTC, ITGR, LASR, LSCC, MOD, MTSI, PCOR, PEN, PSN, SN, STVN, VSEC | AI, Biotechnology, defense, growth, healthcare, profit cycles, small cap, technology | AI-related capital spending remains an area of active debate entering 2026. Investors continue to weigh strong industry momentum against concerns about circular financing dynamics and data center construction delays. The team finds compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes commercial aerospace suppliers are positioned to benefit for many years from significant content gains in new aircraft and growth in recurring aftermarket sales. Defense-related investments include companies with strong franchises in non-kinetic laser weapons and critical technologies. Healthcare returned as a source of market strength during the quarter. The team maintains relatively high exposure to the sector despite several years of industry headwinds, grounded in conviction in profit cycle opportunities for biotechnology companies. Many biotechnology franchises are early in what the team believes are some of the most compelling product launch cycles of their careers. The team continues to find compelling opportunities among semiconductor companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves data center performance and efficiency. These investments are managed with valuation discipline consistent with the team's process. | GWRE PSN STVN COCO INSM MTSI |
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| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Twitter / X | @crux_capital_ | nLight, Inc. | Information Technology | Electronic Manufacturing Services | Bull | NASDAQ | CounterDrone, DefenseManufacturing, DirectedEnergy, HypersonicDefense, Lasers, MissileDefense, Spaceforce | View Pitch |
| Feb 4, 2026 | Twitter / X | @crux_capital_ | nLIGHT, Inc. | Electronic Equipment, Instruments & Components | Electronic Manufacturing Services | Bull | NASDAQ | Aerospace, Defense, DirectedEnergy, Lasers, manufacturing, OpticalComponents, Photonics | View Pitch |
| Jan 22, 2026 | Twitter / X | @KairosPraxis | nLIGHT, Inc. | Electronic Equipment, Instruments & Components | Electronic Components | Bull | NASDAQ | Australia, buyback, Defense, Lasers, Lasr, Photonics, process control, Welding | View Pitch |
| Nov 29, 2025 | Fund Letters | James England | nLIGHT, Inc. | Information Technology | Electronic Components | Bull | NASDAQ | Defense, Lasers, leverage, Margins, Programs, TAM | View Pitch |
| Nov 28, 2025 | Fund Letters | James England | nLIGHT, Inc. | Information Technology | Electronic Components | Bull | NASDAQ | Defense, Lasers, leverage, Margins, Programs, TAM | 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. | ||||||||