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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 2, 2025 | Meridian Small Cap Growth Fund | 6.9% | - | AXGN, MIR, NPKI, PACK, TPB, VNOM | growth, Quality, Recurring Revenue, risk management, small caps | The letter highlights small-cap growth investing with an emphasis on quality, recurring revenue, and risk management. Management avoids high-beta speculation and prioritizes resilience during market drawdowns. Long-term returns are expected from steady execution and earnings growth. | VNOM AXGN PACK |
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| 2024 Q4 | Feb 10, 2025 | Meridian Contrarian Fund | 1.7% | 9.6% | CSTM, HNST, LEGN, MIR, PL, THC | - | View | ||
| 2024 Q4 | Feb 10, 2025 | Meridian Small Cap Growth Fund | 2.8% | 11.7% | ANGI, BYRN, MIR, SRI, TMDC, TPB | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | CARG, CCCC, EVRI, MIR, SKIN, SONX | - | View | ||
| 2025 Q3 | Oct 13, 2025 | Conestoga Small Cap Composite | -1.4% | -8.4% | AAON, CWST, DSGX, HLIO, HLMN, MIR, MRCY, NOVT, ROAD, SLP, SPSC, VERX | Beta, Earnings Cycle, quality growth, small caps, valuation | The letter highlights that speculative rallies in low-quality, unprofitable, and high-beta small-cap stocks drove index gains, while Conestogas focus on profitable, high-quality businesses lagged. Management remains confident that when market leadership rotates back to fundamentals, quality stocks will outperform again. The environment reflects the early phase of a new small-cap cycle, supported by earnings acceleration and valuation discounts. | ROAD US HLIO US MRCY US |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 2.0% | - | ACVA, BJ, CWST, INSP, KTOS, MIR, MRUS, NAMS, PAR, PRSU, SITM, SLNO, UNF, VRTX | AI, consumer, cyclicals, small caps, valuation | Small-cap growth leadership remains narrowly concentrated in AI beneficiaries. The strategy finds opportunity in cyclicals and consumer-oriented firms where fundamentals and valuations diverge, anticipating normalization of sentiment. | SITM US KRAT US |
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| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| 2025 Q4 | Jan 20, 2026 | Madison Small Cap Fund | -0.4% | -6.9% | AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION | AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance | The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again. | AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fund Letters | Faraz Farzam | Mirion Technologies, Inc. | Industrials | Electronic Equipment & Instruments | Bull | New York Stock Exchange | AI, Moats, Nuclear, Radiation, Recurringrevenue | View Pitch |
| Jan 8, 2026 | Value Investors Club | compoundingyoda | Mirion Technologies Inc | Industrials | Commercial Services & Supplies | Bear | New York Stock Exchange | industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing | 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 |
|---|---|---|---|---|---|---|---|---|
| Leon Cooperman | Omega Advisors | $3.0B | $196.3M | 6.51% | 8,383,441 | +1,258,441 | +17.66% | 3.6444% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $334,906 | 0.00% | 14,300 | +4,300 | +43.00% | 0.0062% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $262,304 | 0.00% | 11,200 | +11,200 | +100.00% | 0.0049% |
| Ray Dalio | Bridgewater Associates | $27.4B | $11.5M | 0.04% | 489,928 | +489,928 | +100.00% | 0.2130% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $204,925 | 0.00% | 8,750 | -8,750 | -50.00% | 0.0038% |
| Cliff Asness | AQR Capital Management | $190.6B | $6.5M | 0.00% | 277,719 | -14,619 | -5.00% | 0.1207% |
| Mario Gabelli | GAMCO Investors | $10.4B | $12.7M | 0.12% | 541,929 | +15,310 | +2.91% | 0.2356% |
| Rich Handler | Jefferies | $19.3B | $199,070 | 0.00% | 8,500 | -21,500 | -71.67% | 0.0037% |