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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 10, 2024 | Artemis US Select Fund | 2.4% | 20.1% | AAPL, BLDR, COHR, ELV, GOOGL, LW, META, MU, NVDA, SAIA, SYK, TSLA, WDC | AI, growth, large cap, semiconductors, technology, US | Nvidia finds itself in a unique situation as the only company that can supply the means to develop AI models. Its customers are the largest, most cash-generative companies in the world who are extremely motivated to make their own AI tools. The fund identified key beneficiaries of AI infrastructure buildout including companies supplying network cabling, lasers, and memory chips integral for training large language models. | NVDA |
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| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2025 Q4 | Dec 31, 2025 | Royal London Global Equity Diversified Fund | 4.8% | 12.5% | 7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V | AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations | The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index. | HAG GR ITW RACE LW MU LLY GOOG |
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| 2023 Q4 | Dec 31, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | ALGM, AMZN, COTY, LBRDK, LEVI, LW, LYV, MSFT, RIVN, SBH, SPHR, VST, ZM | consumer, Hedged Equity, Quality, risk management, technology, value | Allegro Microsystems faced headwinds from weaker guidance and inventory corrections in automotive and industrial markets. The company continues to see strong traction in e-mobility business targeting electric and autonomous vehicles. Long-term outlook remains positive despite near-term uncertainty around recovery pace. | AAPL|MSFT|NFLX|NVDA|UNH LEVI SBH SPHR ALGM LBRDK |
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| 2023 Q4 | Dec 31, 2023 | Baird Small/Mid Cap Growth Equity Fund | 7.8% | 10.9% | BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO | financials, growth, healthcare, industrials, rates, small cap, technology | Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter. | View | |
| 2023 Q3 | Oct 31, 2023 | The London Company SMID Cap | 9.2% | 9.2% | AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA | Automation, Quality, SMID Cap, Travel, value, Waste management | Initiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure. | ZBRA WAT ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CWST |
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| 2024 Q3 | Oct 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, ACLS, ALAB, APPF, BMI, BOOT, BROS, BSY, BURL, BWXT, CACI, CASY, CWA, CYBR, EXLS, FANG, FDS, FIVE, FND, FOUR, IEX, INSP, IRTC, JKHY, KAI, KNSL, LFUS, LGIH, LSCC, LW, MANH, MEDP, MNDY, NBIX, ONTO, PCOR, PODD, POOL, PRCT, RXST, SITM, SMPL, TARS, TREX, TYL, ULS, VNOM, WSC | financials, growth, healthcare, industrials, semiconductors, small caps, software, technology | The fund initiated a position in Astera Labs, a fast-growing and profitable developer of semiconductor products known as retimers that are key enablers of AI workloads and help prevent GPU bottlenecks. The manager believes this business adds further profitable AI-exposure to the portfolio. | View | |
| 2024 Q3 | Oct 2, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AWI, ENTG, LW, WAT, WTM, ZBRA | Balance Sheet, Quality, rates, small caps, value | The London Company emphasizes balance sheet strength and quality factors as core investment criteria. Their focus on quality became a temporary headwind during Q3 as lower-quality, highly leveraged companies outperformed due to rate relief expectations. The firm believes balance sheet strength will become a differentiator as corporate debt maturities approach. | WTM LW ENTG AWI ZBRA WAT |
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| 2025 Q4 | Jan 21, 2026 | Meridian Hedged Equity Fund | 0.1% | 0.0% | ABNB, AMZN, CB, DHI, DHR, DKNG, GEO, LNG, LW, LYV, MGM, MTCH, VST, YOU | energy, gaming, Hedged Equity, Homebuilders, Options, Travel, value | The fund holds positions in gaming companies including MGM Resorts International and DraftKings. MGM benefited from record results in Macau properties and BetMGM achieving profitability. DraftKings faced near-term pressures from earnings shortfalls and competitive pressures but maintains long-term earnings potential. The fund maintains exposure to energy companies including Vistra Corp and Cheniere Energy. Vistra is positioned to benefit from surging electricity demand driven by data centers and electrification trends, operating attractive nuclear and natural gas generation assets in tight power markets. The fund has exposure to travel-related companies including MGM Resorts and Clear Secure. Clear Secure provides biometric identity solutions for travelers and benefited from robust travel demand and operational efficiency during the quarter. The fund holds D.R. Horton as a top position, representing exposure to the homebuilding sector. The company is positioned in the residential construction market. | YOU DHR MGM VST DKNG LW |
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| 2025 Q4 | Jan 21, 2026 | The London Company SMID Cap | 2.0% | -4.8% | AER, LW, NEU, WAT, WTM, ZBRA | industrials, mid cap, Quality, small cap, SMID Cap, value | The portfolio emphasizes companies with high and stable returns on invested capital, conservative leverage, and reasonable valuations. Quality factors were headwinds during the quarter but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during the quarter, with Value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager expects a return to fundamentals where reasonable valuations become more important. | LW NEU ZBRA AER |
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| 2024 Q4 | Jan 20, 2025 | Baird Small/Mid Cap Growth Equity Fund | 5.1% | 8.0% | ACLS, ALAB, APPF, CACI, CHX, CYBR, GKOS, LW, MASI, MEDP, MNDY, NBIX, ONTO, PEN, PODD, PSTG, RXST, SITM, TARS, VERX, VITA | AI, growth, healthcare, Outperformance, semiconductors, small caps, technology | The fund holds Astera Labs, a fast-growing semiconductor company with exposure to AI and data center infrastructure. The company's stock increased over 150% in the quarter following new product announcements and stronger than expected sales growth. Pure Storage was initiated as a new position, expected to benefit from hyperscaler AI spending with recent design wins. | View | |
| 2023 Q3 | Sep 30, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | COTY, DBRG, LEVI, LW, LYV, MSFT, RIVN, SBH, VST, ZM | consumer, Diversified, Equity, large cap, technology | View | ||
| 2024 Q2 | Jul 22, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AER, BRKR, CHDN, DAVA, DECK, HAS, LW, MBI, MUSA, NEU, QLYS, TREX | Consumer Staples, cybersecurity, healthcare, Quality, small caps, value | The portfolio focuses on high quality businesses with strong balance sheets, high ROIC, and improving margins. The manager emphasizes owning great businesses at reasonable prices and allowing them to compound over the long term. | QLYS BRKR |
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| 2023 Q1 | Apr 20, 2023 | The London Company Small-Mid Cap | 2.0% | 4.8% | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR | Banking, Quality, Recession, semiconductors, SMID Cap, value | The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | AER|AWI|MUSA|NEU|SAIA|WTM ENTG ABLLW CHDN |
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| 2023 Q1 | Apr 20, 2023 | The London Company SMID Cap | 9.2% | 9.2% | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR | Banking, Capital Allocation, Quality, Recession, SMID Cap, value | The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | AER|AWI|MUSA|NEU|SAIA|WTM ENTG ABLLW CHDN |
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| 2024 Q4 | Jan 13, 2025 | 13D Activist Fund | 0.8% | 1.7% | ALV, APD, AZTA, BBWI, ENV, EXEL, FTR, HR, JHG, LW, MDU, MRCY, NSIT, PSO, RIOT, RPD, SWX, THS, TWLO, VSTS | activism, Bitcoin, Corporate Governance, Data centers, M&A, Proxy Fights, SMID Cap, value | 2024 was a record year for shareholder activism with 128 new initiations in North America. Success rates continue to soar with activists achieving 96% success rate in 2023 and 86% in 2024 versus high 60s historically. Shareholder activism is becoming more mainstream with 40 non-activists launching new campaigns in 2024. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | The London Company Small-Mid Cap | Lamb Weston Holdings, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | Cost Reduction, Flexible Balance Sheet, Frozen Potato Products, industry tailwinds, market share, Operational Turnaround, productivity improvements | View Pitch |
| Feb 26, 2026 | Fund Letters | Paul Schofield | Lamb Weston Holdings, Inc. | Consumer Staples | Packaged Foods & Meats | Bear | New York Stock Exchange | Food, inflation, Margins, Staples, Volumes | View Pitch |
| Jan 27, 2026 | Fund Letters | Brian Campbell | Lamb Weston Holdings, Inc. | Consumer Staples | Packaged Foods | Bull | New York Stock Exchange | balance sheet, Food service, market share, Pricingpower, QSR | View Pitch |
| Jan 24, 2026 | Fund Letters | Clayton Freeman | Lamb Weston Holdings, Inc. | Consumer Staples | Packaged Foods | Bull | New York Stock Exchange | Cost control, Frozen-Food, Margins, Pricing, Staples | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Hawkinvest | Lamb Weston Holdings, Inc. | Consumer Staples | Packaged Foods | Bull | NYSE | — | 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. | ||||||||