LZ

LZ

LZ

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, ALIT, BYRN, CARG, CNCL, FORR, LZ, MATX, MIR, MMSI, NRGN, QDEL, RBA, SG, STNE, TPB	Automation, Diagnostics, growth, healthcare, small cap, technology	The fund holds multiple healthcare positions including QuidelOrtho Corporation in diagnostics, Consensus Cloud Solutions serving healthcare data security, and Neurogene in gene therapy. Healthcare IT staffing issues are creating macro pressure on enterprise-level adoptions.	SG NRGN BYRN FORR QDEL CNCL	View
2025 Q1	Mar 31, 2025	Meridian Small Cap Growth Fund	-12.2%	-12.2%	ALIT, CARG, CSOD, IMXI, LZ, MMSI, RBA, TNDM, TPB, VCYT, VNOM, WAY	Diagnostics, growth, healthcare, Medical Devices, small caps, tariffs, Trade Policy, volatility	The fund focuses exclusively on small-cap growth stocks, with the Russell 2000 Growth Index as its benchmark. Small-cap stocks fell more sharply than large-caps during the quarter, declining 9.5% versus 4.5% for large-caps. The strategy's emphasis on smaller cap stocks within the index was a headwind during the quarter as larger-cap stocks outperformed.	MMSI RBA LZ VCYT IMXI TNDM	View
2024 Q3	Sep 30, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	AGS, BYRN, CARG, EVRI, LZ, MIR, MMSI, RBA, SEAT, SMAR, SRI, TMDX, TPB	Automotive, consumer, gaming, growth, healthcare, small caps	The fund holds Everi Holdings, a gaming technology company with hardware manufacturing and financial technology segments. The stock rose after a private equity acquisition offer at a 56% premium, reinforcing confidence in the financial technology segment.	TPB EVRI BYRN VICI LZ STRI	View
2024 Q3	Sep 30, 2024	Robotti Value Investors	-	-	BLDR, LZ, NEU, TDW	Bottom-up, Consolidation, Patience, small caps, value, Zombies	Manager focuses on finding value in discounted companies trading at 2x normalized earnings, emphasizing that valuation matters and provides margin of safety. The firm identifies businesses with demonstrable asset values and earnings potential that are ignored in public security valuations.	TDW BLDR NEU	View
2024 Q2	Jul 17, 2024	Madison Small Cap Fund	6.3%	17.2%	CCOI, CNM, CR, CSL, CVLT, EHC, FORM, HCP, INSP, LZ, MODN, OPCH, OSW, PRMW, SUM, WSC	AI, industrials, semiconductors, small caps, takeovers, technology, value	The AI data center buildout is driving significant demand for specialized memory chips called High Bandwidth Memory (HBM), with test intensity 25% higher than traditional memory. Form Factor has dominant market share at leading HBM maker SK Hynix and benefits from this trend. However, the AI frenzy is creating overheated valuations in anything related to the Nvidia-charged AI data center buildout.	OPCH INSP LZ FORM	View
2024 Q2	Jun 30, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, AGS, ALIT, BYRN, CARG, LZ, MIR, MMSI, RBA, SILK, SMAR, STNE, TMDX, TPB	downside protection, growth, Medical Devices, Quality, small caps, technology	The fund holds multiple medical technology companies including TransMedics Group with their revolutionary organ transplant technology and Silk Road Medical with their minimally invasive carotid artery treatment. These companies are taking market share with innovative solutions that improve patient outcomes.	AGS SILK TMDX ALIT BYRN LZ	View
2023 Q4	Jan 14, 2024	Madison Small Cap Fund	6.3%	17.2%	CFLT, CHRD, EPC, GOGO, HAIN, LZ, MC, OLLI, OSW, PRMW, SAIA, SHAK	energy, financials, healthcare, Quality, rates, small caps, technology, value	Small caps surged 14% in Q4 after benign inflation data, with the worst performers becoming the best in a dash for trash rally. Small caps finally outperformed large caps and mega cap tech after a narrow market year. The fund believes relative valuations remain more attractive for small caps than other domestic equity asset classes despite the recent rally.	CHRD BLZE 0MCB LN CFLT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Madison Small Cap Fund	LegalZoom.com Inc	Communication Services	Interactive Media & Services	Neutral	NASDAQ	Automation, Business Formation, Buyback program, digital services, Legal Services, Market Share Loss, SaaS, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Meridian Small Cap Growth Fund	LegalZoom.com, Inc.	Communication Services	Interactive Media & Services	Neutral	NASDAQ	Digital transformation, gross margin improvement, Legal Services, Online Platform, small business, subscription model, Valuation Discipline	View Pitch
Apr 13, 2026	Fund Letters	Meridian Small Cap Growth Fund	LegalZoom.com, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Brand moat, Legal Services, network effects, Online Platform, operating leverage, SaaS, small business	View Pitch
Apr 13, 2026	Fund Letters	Meridian Small Cap Growth Fund	LegalZoom.com Inc.	Communication Services	Interactive Media & Services	Neutral	NASDAQ	attractive valuation, Compliance Services, Leadership Change, Legal Services, Online Platform, small business, Tax Services, Wait-and-See	View Pitch
Jan 22, 2026	Twitter / X	@Fierce__beast	LegalZoom.com, Inc.	Industrials	Data Processing & Outsourced Services	Bear	NASDAQ	Business Formation, Capitalized, Capitalized Software, Driven, Fcfe, Formation, Marketing Software, Partnerships	View Pitch

BSD Shareholders of LZ

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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