MEG

MEG

MEG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 25, 2025	Baron Discovery Fund	14.7%	7.6%	ASIC, CWAN, INSP, KRMN, KTOS, MAC, MEG, RH, WYNN	early stage, innovation, long runway, small caps, volatility	The letter emphasizes early-stage and small-cap companies with long runways for growth and innovation. Volatility is framed as an opportunity to build positions in underappreciated businesses. The strategy seeks transformational companies before they become widely recognized.		View
2025 Q2	Jul 22, 2025	Conestoga Micro Cap Composite	15.7%	6.1%	ERII, HLMN, KIDS, MEG, OLO, PL, ROAD, SLP, SSTI, TWST, WLDN	earnings, growth, Micro Caps, profitability, volatility	The letter discusses high-quality growth investing in micro-cap companies during a period of extreme volatility and narrow market leadership. While speculative and unprofitable stocks led short-term rallies, Conestoga stresses that durable revenue growth and profitability drive long-term returns. The outlook favors disciplined growth as earnings cycles recover.	TWST	View
2025 Q1	May 1, 2025	Conestoga Micro Cap Composite	-8.2%	-8.2%	ERII, KIDS, MEG, OLO, PLMR, SSTI, TKNO, TRNS, VCEL, WLDN	-			View
2025 Q1	Mar 31, 2025	Baron Discovery Fund	-6.2%	-6.2%	ACLX, AXON, EXAS, INDI, INSP, KRMN, KTOS, MEG, NARI, TEM, WING	-			View
2024 Q4	Dec 31, 2024	Alger Weatherbie Specialized Growth Fund	-1.6%	7.8%	MEG, NEOG, NTRA, SMTC, TNDM, UPST	-			View
2024 Q4	Dec 31, 2024	Baron Discovery Fund	6.1%	16.0%	AXON, BC IM, CDNA, FND, GTLS, IRT, MAC, MEG, PAR, TTAN	-			View
2024 Q4	Dec 31, 2024	Conestoga Micro Cap Composite	9.9%	13.5%	ERII, MEG, NABL, NVEE, ODFL, OLO, PCTY, PL, ROAD, TBRD CN, TFX, TKNO, TRNS, UTI	-			View
2022 Q4	Dec 31, 2022	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	CLB, GDYN, GKOS, MEG, PI, XMTR	-			View
2022 Q4	Dec 31, 2022	Baron Discovery Fund	13.5%	9.3%	ALGM, AXON, CDNA, DH, FORG, GTLS, MEG, QLYS, RVNC, SMAR	-			View
2024 Q3	Oct 31, 2024	Liberty Park Capital Management	7.1%	2.5%	AUR, CLAR, CLW, ENVX, ETD, INTT, ITI, KRNT, MEG, SWIM, XMTR	-			View
2025 Q3	Oct 24, 2025	Titan Wealth	-	-	BIRK, INSP, KRMN, KTOS, MEG, MRCY, NTSK, PAR, PRMB, WING	Artificial Intelligence, cybersecurity, Data centers, defense, infrastructure	The firm reported strong performance across portfolios, driven by AI, emerging markets, and global infrastructure spending. Managers highlighted the expansion of data centers, defense, and renewable projects as key drivers of long-term growth. The Stock in Focus feature on CrowdStrike emphasized cybersecurity as a structural necessity in a digitizing and AI-powered economy, with rising enterprise adoption and high profitability metrics supporting the sectors investment case.		View
2024 Q3	Oct 23, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BWMN, COCO, ERII, MAMA, MEG, PRO, QTWO, ROAD, SLP, TKNO, USPH, WLDN	-			View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2025 Q4	Jan 18, 2026	Conestoga Micro Cap Composite	-1.9%	16.2%	BLFS, BWMN, COCO, CYX, DGII, ELVA, IIIV, IRMD, MAMA, MEG, PHR, PL, PLMR, QTWO, ROAD, TKNO, TRNS, UTI, VCEL, WLDN	Biotech, consumer, defense, energy, growth, Micro Cap, Quality, small cap	Small Cap biotech and pharmaceutical stocks emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns despite comprising just 11% year-to-date through Q3. The portfolio had limited exposure to this sector rally, with mixed results from holdings like Alpha Teknova facing inventory normalization headwinds while IRadimed delivered record results. Defense-related stocks provided strong performance leadership throughout 2025, with Planet Labs benefiting significantly from expanding contracts in government and defense sectors. The company secured significant new contract wins and achieved profitability earlier than expected, delivering a 388% total return for the year. Energy efficiency and grid modernization themes drove strong performance, particularly through Willdan Group which capitalized on surging demand from AI-driven data center markets and large government contracts. Electrovaya also benefited from industrial electrification trends and differentiated battery technology for material handling applications. Consumer staples holdings delivered exceptional performance with strong brand momentum and execution. Mama's Creations achieved 69% annual returns through successful market share capture and new product placements at major retailers, while Vita Coco demonstrated category leadership with 44% annual returns and consistent cash generation.	ODD ELVA BWMN IIIV COCO MAMA IRMD PL	View
2024 Q3	Sep 30, 2024	Baron Discovery Fund	13.5%	9.3%	AXON, CDNA, GTLS, INDI, LMACA, MEG, NARI, TEM, TWFG	-			View
2024 Q3	Sep 30, 2024	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	HLNE, MEG, NTRA, PGNY, PRO, STEP	-			View
2023 Q3	Sep 30, 2023	Baron Discovery Fund	13.5%	9.3%	CWAN, EWCZ, KNSL, LLYVK, MEG, NVTS, PAR, S, SILK, TXG	-			View
2024 Q2	Jul 31, 2024	Baron Discovery Fund	13.5%	9.3%	ALAB, BASE, CDNA, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, MEG, NVMI, PCOR, RGEN, SILK, SITE, STVN, TEM, VCYT	-			View
2024 Q2	Jun 30, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BLFS, CYRX, DGII, DH, ERII, MEG, MLAB, MODN, PRO, QTWO, SLP, SSTI, TKNO, TRNS, UTI	-			View
2023 Q2	Jun 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	CYRX, DGII, HCAT, MEG, MLAB, NSTG, OLO, PL, ROAD, SSTI, USPH, VCEL	-			View
2022 Q2	Jun 30, 2022	Baron Discovery Fund	13.5%	9.3%	ALKT, ASGN, CDAY, CWAN, DAVA, DH, ESTA, GTLB, GWRE, MEG, PGNY, REXR, SAIL	-			View
2023 Q1	May 23, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	CYRX, MEG, MODN, NVEE, OLO, SSTI, TBRD CN, TKNO, TRNS, USPH	-			View
2023 Q1	Mar 31, 2023	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	CHGG, FSV, MEG, SPSC, VERX, XMTR	-			View
2023 Q1	Jan 25, 2023	Baron Discovery Fund	13.5%	9.3%	AXNX, AXON, CERT, CYBR, DKNG, FND, GTLB, INDI, MEG, NARI, NVTS, RVNC, SILK, SITM, VRAY	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Dec 5, 2025	Fund Letters	Bob Mitchell	Montrose Environmental Group, Inc.	Industrials	Environmental & Facilities Services	Bull	NYSE	Compliance, Environmental, growth, Remediation, services	View Pitch
Nov 29, 2025	Fund Letters	Cole Smead	MEG Energy Corp.	Industrials	Oil & Gas Exploration & Production	Bull		Canada, energy, M&A, oil, synergies, value investing	View Pitch
Sep 16, 2025	Short Thesis	Jehoshaphat Research	Montrose Environmental Group I	Industrials	Oil & Gas Exploration & Production (Oil Sands)	Bear	TSX	Carbon risk, Oil sands, Pipelines, Regulation, WCS	View Pitch

BSD Shareholders of MEG

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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