LRN

LRN

LRN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	May 2, 2025	Ashva Capital Management	-13.6%	-13.6%	IBN, LRN, UBER	Compounding, Drawdown, India, Quality, rates, tariffs, value, volatility	Stride Inc. represents a direct beneficiary of the secular shift toward online and hybrid education models, operating a high-margin, recurring revenue business with consistent enrollment growth and underappreciated optionality in adult learning and career prep divisions.	UBER IBN LRN	View
2026 Q1	Apr 20, 2026	Laughing Water Capital	-4.5%	-4.5%	LFCR, LQDA, LRN, NN, PAR, SES.TO, TBPH, VTY.L	Biotechnology, Concentration, small cap, special situations, value			View
2025 Q1	Mar 31, 2025	abrdn U.S. Small Cap Equity Fund	-3.7%	-3.7%	AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK	infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water	Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation.	REVG MWA WK SHOO VERX LRN HEES CORT	View
2025 Q4	Feb 5, 2026	Polen Capital – U.S. Small Company Growth	-1.5%	25.1%	AGX, BE, CORT, LRN, METC, NVDA, WGS	AI, Biotechnology, Electrification, Energy Transition, growth, innovation, small caps	AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy that provide power solutions for AI workloads. The theme faced scrutiny in early Q4 but reasserted dominance after NVIDIA's strong earnings, with AI also providing structural tailwinds for biotech through drug discovery efficiencies. The portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. Biotech delivered its best quarter in five years, benefiting from improving interest rates, easing regulation enabling more M&A activity, and excitement around AI's promise in drug discovery. The portfolio nearly doubled its biotech exposure during the quarter as more opportunities presented themselves in this improving environment. The portfolio includes exposure to critical minerals through Ramaco Resources, which produces metallurgical coal and is developing a rare earth elements deposit aimed at strengthening domestic supply chains for defense, batteries, and advanced technologies. However, the rare earths narrative faced increasing investor scrutiny during the quarter.		View
2025 Q4	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 Q4	Jan 29, 2026	abrdn U.S. Small Cap Equity Fund	0.5%	8.8%	ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV	healthcare, industrials, infrastructure, Quality, small caps, technology	The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure.	CORT	View
2025 Q4	Jan 24, 2026	Invesco Discovery Fund	4.9%	16.5%	AVAV, BTSG, CRS, CVLT, CW, EHC, ESAB, FIVE, FN, FROG, GH, HLNE, LITE, LRN, MTSI, RKLB, RMBS, SITM, STEP, TSEM	AI, compounders, growth, industrials, innovation, semiconductors, small caps, technology	AI-related innovation and infrastructure build-out has remained robust, providing substantial opportunities. The fund benefits from AI ecosystem exposure through companies like Lumentum, which supplies lasers to AI data centers and hyperscale facilities. Strong demand for AI infrastructure stocks continues to drive performance. The fund maintains significant exposure to semiconductor companies including Tower Semiconductor, SiTime Corp, and MACOM Technology Solutions. Tower Semiconductor reported strong results in optical semiconductor business, leading management to accelerate long-term goal timelines. Memory subsystem demand remains strong with companies like Rambus benefiting from DRAM demand. Industrial renewal provides abundant investment opportunities with the fund maintaining its largest overweight in the industrials sector. The portfolio includes aerospace and defense companies like Curtiss-Wright Corp and Carpenter Technology Corp, reflecting the ongoing industrial transformation and infrastructure build-out themes.	EHC GH	View
2025 Q4	Jan 15, 2026	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX	active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations	The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels.	SIMP PTGX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	abrdn U.S. Small Cap Equity Fund	Stride	Consumer Discretionary	Diversified Consumer Services	Bull	NYSE	Digital Learning, earnings beat, Education Services, Guidance Raise, market share	View Pitch
Apr 13, 2026	Fund Letters	Ashva Capital Management	Stride Inc.	Consumer Discretionary	Education Services	Bull	NYSE	Adult Education, Career Preparation, Digital transformation, education technology, high-margin business, online learning, recurring revenue	View Pitch
Dec 4, 2025	Seeking Alpha	Seeking Alpha	Stride, Inc.		Education & Training Services	Bull		Career learning, education technology, financial strength, long-term growth, market share, platform upgrade, stock repurchase, Stride, Inc., valuation recovery, virtual public school	View Pitch
Oct 15, 2025	Value Investors Club	bigvic	Stride, Inc.	Health Care	Education Services / K-12 Online Learning	Bull	NYSE	Career learning, Cash EPS, duopoly, School choice, Share Buybacks, Virtual schools	View Pitch
Sep 16, 2025	Short Thesis	Fuzzy Panda	Stride Inc	Health Care	Education Services (Online Learning)	Bear	NYSE	Enrollment, Funding, Margins, Online school, Regulation	View Pitch
Aug 13, 2025	Seeking Alpha	Gary Alexander	Stride, Inc.	Health Care	Education & Training Services	Bull	NYSE	—	View Pitch
Aug 13, 2025	Seeking Alpha	Bay Area Ideas	Stride, Inc.	Health Care	Education & Training Services	Neutral	NYSE	—	View Pitch

BSD Shareholders of LRN

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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