MDGL

MDGL

MDGL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Artisan Partners Small Cap Fund	7.3%	-3.6%	BIRK, BWXT, CWAN, FLEX, FRSH, HALO, IOVA, IRTC, LSCC, MDGL, MTSI, SAIA, STVN, TTAN, WING	cash flow, fundamentals, Quality, small caps, Valuation discipline	The letter highlights a challenging environment where speculative stocks outperformed quality businesses. Management remains committed to owning high-quality small-cap companies with strong cash flows and attractive valuations. The outlook favors long-term compounding as fundamentals reassert leadership.	GWRE STVN SVTA BIRK MDGL WING BWXT CWAN IRTC MTSI FLEX	View
2025 Q4	Mar 6, 2026	Bumbershoot Holdings	-	13.0%	CAMT, CF, CTRA, FSLR, Gold, GOOGL, HRI, IPI, KGF.L, LGND, MDGL, MU, NPKI, NTR, ORN, OSIS, OSK, VKTX, VMEO, VPG	Concentration, liquidity, Multi-Strat, Reflation, Selection, semiconductors, technology, value	AI remains a primary market driver but questions emerge about whether it will be hugely deflationary to the job market and SaaS technology ecosystem. The manager notes AI will transform the world and productivity but questions its investability and who wins. The manager expects the next reflation cycle will be substantial, with liquidity flooding the system and searching for places to flow. Money needs to be absorbed and finds its way into financial assets, durable businesses, and anything with credible narratives. Core gains were led by semiconductor-related adjacencies including Micron and Camtek. The fund remains particularly focused on key critical OS platform businesses and semiconductor-related adjacencies. Materials sector exposure to the agricultural-fertilizer industry via Intrepid Potash, Nutrien, and CF Industries was a positive contributor to results. The fund maintains exposure across the fertilizer value chain. Long-standing position in gold and copper miner Barrick Mining finally moved higher as a reflection of gains in the underlying yellow metal. The fund maintains exposure to precious metals mining. Playing on the continued theme of infrastructure spending, defense and energy sustainability, positions in Industrial and Energy sectors including Oshkosh, Coterra, OSI Systems, and Herc Holdings added positively to performance.		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 Q3	Oct 24, 2025	Meridian Growth Fund	-1.8%	-	ALGN, ALIT, HALO, MDGL, SPT, ZD	capital goods, healthcare, semiconductors, SMID, valuation	A quality-oriented SMID strategy trailed as high-beta, high-valuation names outperformed amid AI-infrastructure exuberance. Underweights in industrial capital goods and speculative semis, plus a healthcare overweight, were headwinds; contributors included biopharma royalty and digital media. Managers caution on stretched multiples and stick to durable free-cash-flow compounders.	ZD HALO MDGL ALGN SPT ALIT	View
2025 Q3	Oct 21, 2025	Artisan Partners Small Cap Fund	8.7%	4.8%	4350 JP, ALAB, ASND, CGNX, CWAN, IBP, INSM, LOAR, LSCC, MDGL, MOD, MTSI, SN, WAY, WING	AI, Biotech, Health Care, industrials, small caps	The fund posted strong absolute but weaker relative returns as speculative small-cap stocks led markets. Managers emphasized profit-cycle investing, focusing on companies with durable growth such as Modine, Lattice Semiconductor, and Insmed. Key themes include AI-related infrastructure, biotech innovation, and cyclical recovery in housing and industrials.	OLLI CGNX MTSI TWST INSM MOD LSCC OLLI CGNX MTSI TWST INSM MOD LSCC	View
2025 Q4	Jan 16, 2026	Janus Henderson Forty Fund	0.3%	18.4%	AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM	AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology	AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy.	MDGL LLY ETN ORCL	View
2025 Q4	Jan 15, 2026	RTW Investments	15.5%	35.7%	ALNY, ARGX, AVID, DYN, IMTX, INSM, MDGL, PTCT, RCKT, STOK, TARS, UCB, URGN	Biotechnology, Drug Discovery, Gene Therapy, healthcare, M&A, Pharmaceuticals, Rare Diseases	The sector saw $105B in M&A activity, more than double the prior year and fourth highest in the last decade. Combined with a friendlier FTC, pharmas had enough policy clarity to pursue larger deals by fall. The recovery is likely still in early innings with continued M&A expected. After four years of underperformance, biotech indices finished ahead with NBI +32.4% and R2kB +44.6%. The bear market that endured over four consecutive years ended, with major biotech indices outperforming both the S&P 500 and Nasdaq. AI tools and lower cost Chinese R&D are mega-trends that should materially increase drug discovery productivity. The portfolio includes significant exposure to rare disease therapeutics, with companies like PTC Therapeutics developing medicines for rare neurologic and metabolic conditions. FDA leadership instability could disproportionately impact cell and gene therapy for rare disease through reduced approval of edge cases. Portfolio includes oncology-focused companies like UroGen Pharma developing innovative solutions for urothelial and specialty cancers, and Immatics developing novel PRAME immunotherapies for cancer patients. The sector represents 16% of disease area exposure. The portfolio has exposure to gene and RNA therapies, with companies like Stoke Therapeutics restoring protein expression by harnessing the body's potential with RNA medicine. This modality represents 15% of the portfolio's exposure by treatment type.		View
2022 Q4	Feb 24, 2023	L1 Capital Long Short Fund	2.4%	10.8%	CHR CN, CVE, FLTR LN, MDGL, MIN AU, ORG AU, QAN AU, QBE AU, SHOP, TECK	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 17, 2026	Seeking Alpha	Seeking Alpha	Madrigal Pharmaceuticals, Inc.	Biotechnology	Pharmaceuticals	Bull	NASDAQ Stock Market	biotechnology, Buyout candidate, FDA approval, Madrigal Pharmaceuticals, Market expansion, MASH market, pharmaceuticals, positive earnings, Rezdiffra, Stock Growth	View Pitch
Jan 21, 2026	Fund Letters	Nick Schommer	Madrigal Pharmaceuticals, Inc.	Health Care	Biotechnology	Bull	NASDAQ	Adoption, Biotech, Druglaunch, Liverdisease, MASH	View Pitch
Dec 3, 2025	Fund Letters	Craigh Cepukenas	Madrigal Pharmaceuticals, Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Efficacy, Fibrosis, Launch, MASH	View Pitch
Nov 29, 2025	Fund Letters	Chad Meade	Madrigal Pharmaceuticals, Inc.	Health Care	Biotechnology	Bull	NASDAQ	GLP-1, growth, Launch, MASH, pipeline, valuation	View Pitch
Nov 29, 2025	Fund Letters	Chad Meade	Madrigal Pharmaceuticals, Inc.	Health Care	Biotechnology	Bull	NASDAQ	GLP-1, growth, Launch, MASH, pipeline, valuation	View Pitch

BSD Shareholders of MDGL

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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