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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Baron FinTech Fund | 12.5% | 16.8% | ACGL, APO, BLK, EFX, ENDV, FICO, FIS, GWRE, INTU, KKR, LPLA, MA, MELI, PGR, PRI, RPAY, SCHW, SPGI, TRU, TWFG, V | Capital markets, Financial Services, Fintech, growth, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Sixteen holdings have risen more than 30% this year, representing 42% of net assets, operating across consumer credit, enterprise software, insurance, asset management, payments, and brokerage sectors. | PRI TWFG GWRE MELI FICO |
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| 2023 Q3 | Sep 30, 2023 | Baron FinTech Fund | 1.1% | 11.5% | ACGL, ACN, ADYEY, APO, CME, EFX, FICO, FIS, GPN, HLI, IBKR, INTU, LPLA, MA, MELI, MKTX, MORN, MSCI, NCNO, PGR, SPGI, SQ, TW, V | Capital markets, Fintech, growth, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Many fintech stocks have already gone through their own version of a recession with multiples near decade lows, but outlooks are more promising due to cost restructuring and focus on profitability. | ACGL MORN CARTRADE.NS INTU APO |
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| 2025 Q2 | Aug 2, 2025 | Touchstone Balanced Fund | 7.1% | 5.8% | DD, DE, LPLA, META, PM, SLB, TSLA | Balanced, equities, Fed, fixed income, Multi-Asset, Trade Policy | Trade policy continues to be a primary source of uncertainty for investors. While the White House has announced a handful of deals and frameworks for deals, there are still a lot of details that remain unknown, especially related to China. Questions remain around the legality of certain tariffs that utilized International Emergency Economic Powers Act authority. | View | |
| 2025 Q2 | Aug 18, 2025 | Baron Durable Advantage Fund | 15.6% | 7.4% | ACGL, ACN, AMZN, APH, AVGO, CME, DHR, GOOGL, LPLA, META, MPWR, MSFT, NVDA, SPGI, TMO, TSM, TXN, TXRH, UNH, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI infrastructure buildout is proving durable with NVIDIA maintaining leadership position. The company disclosed line of sight to projects requiring tens of gigawatts of AI infrastructure, with every gigawatt representing $40-50 billion opportunity. Scaling laws have expanded beyond pre-training to post-training and time-test scaling, all driving GPU demand. | CME APH UNH META NVDA AVGO |
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| 2025 Q2 | Aug 11, 2025 | Baron FinTech Fund | 9.2% | 7.7% | ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK | Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects. | View | |
| 2025 Q2 | Jul 29, 2025 | Baron Asset Fund | 7.8% | 4.6% | ACGL, APH, COO, CSGP, DKNG, FICO, GRMN, GWRE, IDXX, IOT, LPLA, MSCI, MT, PCOR, PWR, ROP, SCHW, TECH, VRSK, WST | growth, healthcare, industrials, Long Term, mid cap, Quality, software, technology | AI-related investments drove significant market momentum during the quarter, with data center infrastructure and AI-enabled software platforms benefiting from increased capital spending. The Fund's holdings like Amphenol gained from AI-driven data center demand, while Samsara leverages AI to help companies optimize operations and prevent accidents. | LPLA SAMS |
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| 2025 Q2 | Jul 27, 2025 | Thornburg Small/Mid Cap Core Fund | 10.4% | -2.3% | AGYS, AVTR, BJ, BMRN, CLH, COHR, CWST, CYTK, FTI, LPLA, MYRG, NTNX, PNFP, RPAY, SXT, TXNM, VRT, WD | Barbell, cyclicals, Domestically Focused, Risk Appetite, small caps, Trade Policy, valuation | Trump administration's Liberation Day tariff package sparked early April selloff, though temporary pause in tariff escalation helped drive market recovery. Tariffs remain an overhang and source of ongoing policy uncertainty, but small and mid-cap companies may be insulated as many are domestically focused and less reliant on global supply chains. | View | |
| 2025 Q2 | Jul 20, 2025 | BBH Select Series – Mid Cap Fund | 5.4% | -0.9% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO | healthcare, industrials, mid cap, payments, software, tariffs, technology | Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks. | GLOB WSO FOUR GWRE |
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| 2023 Q2 | Jun 30, 2023 | Baron FinTech Fund | 5.3% | 10.3% | ACN, APO, BLK, CSGP, FI, FICO, INTU, LPLA, MA, MELI, MKTX, MSCI, NU, PGR, SHOP, SPGI, TW, V | AI, Banking, Capital markets, Fintech, payments, private credit, software, technology | Network International received takeover offers and was acquired by Brookfield for $2.8 billion. Visa announced acquisition of Brazilian company Pismo for $1 billion. M&A activity picking up in payments sector with valuations at attractive levels. | View | |
| 2026 Q1 | Apr 28, 2026 | Diamond Hill Small-Mid Cap Strategy | -2.5% | -2.5% | AR, AVTR, CIEN, HII, HUM, ICLR, LAMR, LPLA, PNFP, RKT, RRX, RTO.L, SSNC, WTW | AI, defense, energy, healthcare, mid cap, Quality, small cap, volatility | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron FinTech Fund | -1.4% | -1.4% | ACGL, APO, CME, FI, FICO, GLOB, GWRE, HOOD, KKR, LPLA, MA, MELI, MORN, PGR, PRI, SCHW, SPGI, SQ, TW, V | Capital markets, E-Commerce, Fintech, insurance, payments, software, trading | Strong performance from global payment networks Visa and Mastercard driven by accelerating payment volumes and defensive business models. Payment companies benefit from fee-based revenue tied to nominal payment volumes, providing protection against inflationary pressures. | TTAN HOOD SQ APO KKR TW PGR MELI |
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| 2025 Q1 | Mar 31, 2025 | Baron Opportunity Fund | -12.0% | -12.0% | AAPL, AMZN, ARGX, AVGO, CSGP, CYBR, LPLA, META, MPWR, MSFT, NARI, NVDA, NVMI, SNOW, SPOT, TEAM, TSLA, TTD, VRT, ZS | AI, growth, innovation, large cap, semiconductors, tariffs, technology, Trade Policy | AI remains the most powerful technology platform shift and secular growth driver since the internet. Despite tariff uncertainty affecting valuations of AI leaders like NVIDIA and Broadcom, robust AI capital investment plans continue through 2025-2026. The manager believes AI will drive productivity-driven digital transformation, with tech spending potentially doubling from 5% to 10% of global GDP. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Small Companies | -3.1% | -3.1% | AAPL, ALGN, ASML, CBSH, CHD, EPAM, FIVE, FTI, GLOB, HP, LAZ, LIVN, LPLA, MKC, NBIX, NDAQ, OLLI, PEN, RGA, STNE | Germany, global, infrastructure, Quality, small caps, Trade Policy | The portfolio significantly increased exposure to Germany over the past couple years, with an 8.3% average weight versus 1.1% in the benchmark. Despite economic challenges, the manager found high-quality growing businesses trading at reasonable prices. Germany's constitutional amendment to allow fiscal stimulus and infrastructure spending of over $500 billion boosted market performance in Q1. | 7747.T 6952.T FPE3.DE NEM.DE G24.DE |
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| 2025 Q1 | Mar 31, 2025 | BBH Select Series – Mid Cap Fund | -6.0% | -6.0% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, LPLA, TTWO, VMC, WH, WMS, WSO, ZBRA | industrials, insurance, mid cap, software, technology, Testing, value | The fund benefits from exposure to property & casualty insurance through Brown & Brown and Guidewire Software. Brown & Brown delivered strong organic growth of 13.8% and continues to benefit from the current inflationary environment and hard insurance premium rate cycle. Guidewire benefits from increasing gross written premiums as insurance rates rise due to inflation and limited capacity. | KEYS ULS |
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| 2025 Q1 | Mar 31, 2025 | Thornburg Small/Mid Cap Core Fund | -11.4% | -11.4% | AIT, BJ, CLH, CWST, LPLA, NTNX, PNFP, TXNM, WAL, WH | AI, growth, mid cap, rates, Recession, small cap, Trade Policy, value | Markets experienced substantial volatility driven by an unwind of the artificial intelligence and momentum trade following DeepSeek's arrival, which showcased China's cost-efficient advancement within AI technology. The Magnificent Seven stocks were hit especially hard, down 16%, as fears of peak AI spending emerged. | View | |
| 2023 Q1 | Mar 31, 2023 | Baron FinTech Fund | 4.8% | 4.8% | ACN, APO, BILL, CME, ENDV.L, FICO, GWRE, IBKR, INTU, LPLA, MA, MELI, MKTX, MSCI, PGR, SCHW, SPGI, TW, V, WEX | AI, Banking, Financial Services, Fintech, payments, software, technology | The Fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Payments, Information Services, Tech-Enabled Financials, and Enterprise Software. Private market valuations for fintech companies are starting to catch up to steep drops in public markets, with reduced private capital investment expected to temper competitive intensity and increase profitability for publicly traded incumbents. | View | |
| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA | credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities | Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth. | PCG ENR.DE LYV BN |
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| 2025 Q4 | Feb 18, 2026 | Baron FinTech Fund | -2.2% | 0.9% | APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V | AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology | Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property. | NEPT MS GWRE MELI HOOD FICO JKHY SPGI |
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| 2024 Q4 | Feb 10, 2025 | Meridian Contrarian Fund | 1.7% | 9.6% | AXS, BEPC, BWXT, CCO, CSTM, FCNCA, HNST, LEGN, LPLA, MIR, PL, PRGO, THC | aerospace, contrarian, healthcare, nuclear, small cap, turnaround, value | The fund employs a contrarian investment process seeking out-of-favor companies with depressed valuations and visible catalysts for sustainable improvement. They screen for companies with multiple quarters of year-over-year earnings decline and identify those poised for earnings rebounds through turnaround plans, new management, or business improvements. | THC CSTM LEGN PL MIR HNST |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Mid Cap | -2.4% | 10.6% | ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC | Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | AAPL, AMD, AMZN, ANET, ARGX, ASML, AVGO, CRWD, CYBR, GOOGL, INDI, LPLA, META, MPWR, MSFT, NARI, NVDA, PCVX, RCKT, SHOP, SPOT, TEAM, TSLA, TTD, VKTX, ZS | AI, growth, innovation, large cap, secular trends, technology | AI infrastructure demand continues to drive robust performance across compute, networking, and systems. NVIDIA maintains unmatched leadership spanning GPUs, systems, software and networking solutions. The advent of reasoning models requiring multiple passes through models is expected to significantly increase compute intensity in both training and inference. | CYBR LPLA ANET NVDA TSLA |
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| 2024 Q4 | Dec 31, 2024 | Baron FinTech Fund | 5.2% | 22.9% | ACGL, APO, FI, FICO, GWRE, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, NU, PGR, PRI, SPGI, TTAN, TW, V, WISE.L | Capital markets, Digital Banking, Financial Services, Fintech, growth, payments, software, technology | The fund focuses on fintech companies at the intersection of financial services and technology, benefiting from secular trends including growing demand for data, electronification of capital markets, shift to electronic payments, rise of e-commerce, and digital transformation across financial institutions. These trends continue to drive digitization of the financial sector. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Durable Advantage Fund | 5.5% | 13.3% | AMZN, APH, APO, AVGO, COST, DHR, GOOGL, INTU, LPLA, META, MPWR, MSFT, NVDA, SPGI, TDG, TMO, TSM, TXRH, V, WELL | AI, Cloud, growth, large cap, semiconductors, technology, Valuations | The fund views AI as a massive infrastructure buildout opportunity, with Oracle reporting $455 billion in AI bookings and NVIDIA announcing a $100 billion investment into OpenAI. The manager believes we are still early in the AI cycle, comparing it to 1996-1997 rather than the 2000 bubble peak, with more rational valuations today. | TSM NVDA GOOGL LOAR VRSK |
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| 2025 Q3 | Nov 4, 2025 | Touchstone Balanced Fund | 5.3% | 11.4% | DD, DE, LPLA, META, PM, SLB, TSLA | Balanced, credit, duration, Fed, Multi-Asset, Trade Policy | Trade policy continues to be a primary source of uncertainty for investors. While the White House has announced a handful of deals and frameworks for deals, there are still a lot of details that remain unknown, especially related to China. Questions remain around the legality of certain tariffs that utilized International Emergency Economic Powers Act authority. | View | |
| 2025 Q3 | Nov 4, 2025 | Thornburg Small/Mid Cap Core Fund | 2.4% | 0.1% | AIT, ATGE, BJ, CLH, COHR, CWST, ITT, LPLA, PNFP, PSTG, SMPL, STKL, SXT, TLN, VRT, WAL | AI, Defensive, industrials, Quality, rates, small caps, technology, valuation | Semiconductor and software companies were supported by increased spending on data centers and power infrastructure tied to AI adoption during the quarter. | View | |
| 2025 Q3 | Nov 13, 2025 | Baron FinTech Fund | -4.4% | 3.0% | COF, FDS, FICO, GWRE, HLI, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, MORN, NU, PGR, SHOP, SPGI, TW, V, VRSK | AI, Capital markets, credit, financials, Fintech, payments, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Tech-Enabled Financials represented 29.3% of net assets, with the fund maintaining overweight positions in this category relative to the benchmark. | COF FICO SHOP CN IBKR HOOD |
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| 2025 Q3 | Oct 30, 2025 | Spheria Global Opportunities Fund | -1.7% | - | CARG, FERG, HEM.ST, ITRK, LPLA, SPNS, UHR.SW, USLM, WMK | AI, fundamentals, global, Quality, risk management, small cap, Speculation, value | Markets remained captivated by the relentless momentum of all things AI, a theme increasingly shaping narratives around productivity, employment, and market structure, even as a growing chorus warned of speculative excess. | USLM LPLA |
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| 2025 Q3 | Oct 28, 2025 | BBH Select Series – Mid Cap Fund | -0.9% | -1.8% | ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST | AI, healthcare, mid cap, Quality, tariffs, technology, value | The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments. | BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADSK, BILL, CDNS, EFX, GWRE, IQV, JBHT, KLAC, LPLA, MELI, MTD, NET, NTR, ROST, SHW, TEAM, TER, TT, WDC | growth, healthcare, mid cap, Quality, semiconductors, software, technology, Transportation | Fund maintained overweight position despite third quarter underperformance, expecting holdings to benefit as AI moves from data centers to smartphones and laptops. Increasing semiconductor complexity requires more design, capital equipment and testing. | View | |
| 2022 Q3 | Oct 28, 2022 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALB, AVTR, BKR, ENPH, FLT, LPLA, SGEN, TRU, WCN, WOLF | - | View | ||
| 2022 Q3 | Oct 25, 2022 | Baron Asset Fund | 8.3% | 10.6% | CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI | - | View | ||
| 2025 Q3 | Oct 19, 2025 | Artisan Mid Cap Fund | 8.8% | 15.3% | ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD | AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors | Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients. | SPOT WING LSCC INSM ARGX |
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| 2025 Q4 | Jan 30, 2026 | Baron Durable Advantage Fund | 2.7% | 16.6% | AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade. | WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG |
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| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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| 2025 Q4 | Jan 23, 2026 | Bell Global Emerging Companies Fund | -1.8% | -5.9% | 3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS | global, industrials, Quality, SMID Cap, technology, value | The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions. | VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL |
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| 2025 Q4 | Jan 23, 2026 | Bell Global Equities Fund | -1.5% | 0.0% | 3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V | financials, Global Equities, industrials, QARP, Quality, technology | Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions. | JKHY LPLA GWW TSCO ODFL |
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| 2025 Q4 | Jan 21, 2026 | Harbor Capital Appreciation Fund | 0.8% | 14.0% | AAPL, AMD, AMZN, APH, AVGO, CDNS, GOOG, GOOGL, ITX.MC, LLY, LPLA, META, MRK, MSFT, NFLX, NKE, NOW, NVDA, TSLA, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI infrastructure spending concerns weighed on some positions like Microsoft and Meta, while AI-driven demand supported Taiwan Semiconductor's advanced manufacturing nodes. The fund initiated a position in Amphenol to benefit from AI infrastructure connectivity needs. Eli Lilly recovered during the quarter amid renewed optimism about its GLP-1 obesity and diabetes franchise, supported by improved visibility on pricing. The company remains a key growth driver in the healthcare sector. | MRK APH |
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| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 8.7% | ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST | aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology | AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics. | VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA |
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| 2024 Q3 | Sep 30, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, COO, CSGP, DUOL, DXCM, FDS, FICO, GWRE, ICON, IDXX, IT, LPLA, MTD, ROP, SCHW, TRU, VMC, VRSK, WELL, WST | growth, healthcare, mid cap, rates, real estate, software, technology | Gartner positioned to emerge as key resource for companies evaluating AI opportunities and risks on their business. This should provide tailwind to Gartner's volume growth and pricing realization over time. Duolingo's AI tier (Max) allows users to have real-time conversations with AI-based characters. | View | |
| 2025 Q1 | Mar 31, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | APP, ARES, AXON, BKR, CELH, COR, DDOG, DECK, ITCI, LPLA, MRVL, PLTR, RBA, TTD, WAB, WCN | AI, energy, growth, healthcare, mid cap, technology, Trade Policy | The fund remains optimistic on AI investment cycle despite market concerns about slowing hyperscaler spending. They believe the investment cycle to support AI technology is still in early innings and expect continued buildout of data centers and related infrastructure. | View | |
| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | APP, ARES, AXON, BAH, BKR, COR, ENTG, FND, GWW, LPLA, MPWR, MRVL, RBA, RCL, TTD, WAB, WING | AI, consumer, financials, growth, healthcare, mid cap, semiconductors, technology | AI investment theme drove significant market returns in 2024, with one major chip designer's data center revenues expected to represent 15% of total US capital spending in 2025. Hyperscalers need to generate $400 billion in revenue from AI to justify current spending levels, though user surveys suggest GenAI applications are meeting or exceeding expectations across industries. | MRVL AXON APP |
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| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | APPF, AROC, BILL, ESAB, EVH, EXR, FRSH, KWR, LPLA, LSTR, MMSI, MSA, PCVX, PI, PJT, RBA, SUM, TMDX, ZETA | AI, Election, financials, growth, healthcare, M&A, small caps, technology | The letter discusses significant AI investment themes, noting that one major chip designer's data center revenues are expected to represent approximately 15% of total U.S. capital spending in 2025. The managers highlight the risk of excess capacity if generative AI applications fail to drive demand, requiring hyperscalers to generate $400 billion in revenue to justify current spending levels. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Baron Asset Fund | LPL Financial Holdings Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Asset-Based Fees, Financial Advisors, Independent Broker-Dealer, market share gains, Scale Advantages, technology platform, wealth management | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Opportunity Fund | LPL Financial Holdings Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Capital-light, financial services, Independent Broker-Dealer, market share, secular growth, technology platform, wealth management | View Pitch |
| Jan 28, 2026 | Fund Letters | Ned Bell | LPL Financial Holdings Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Advisors, Brokerage, Inflows, operating leverage, wealth management | View Pitch |
| Jan 27, 2026 | Fund Letters | Ned Bell | LPL Financial Holdings Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, capital returns, operating leverage, organic growth, wealth management | View Pitch |
| Nov 28, 2025 | Fund Letters | Marcus Burns | LPL Financial Holdings Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Advisors, cashflow, growth, Platforms, synergies | 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. | ||||||||