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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Brown Capital Management International All Company Fund | 5.2% | 6.5% | 3064 JP, MBLY, MELI, MNDY, NVO | - | View | ||
| 2024 Q1 | Apr 23, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | MNDY, PUB FP, RACE, SU CN, SU FP | - | View | ||
| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | MNDY, PUB FP, RACE, SU CN, SU FP | - | View | ||
| 2025 Q4 | Feb 23, 2026 | Bailard Technology Strategy | -2.2% | 19.2% | ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD | AI, growth, infrastructure, positioning, semiconductors, software, technology | The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements. | View | |
| 2025 Q4 | Feb 12, 2026 | Optimist Fund | -8.5% | 32.2% | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value | The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years. | MNDY TDUP CVNA W MNDY TDUP CVNA 3769 JP|4194 CN|4733 JP|APG|CROX|FIX|FLUT|GLEN LN|JD/ LN|MTX GR|PSI CN|TKO|WISE LN|ZETA MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2024 Q4 | Dec 31, 2024 | Artisan Mid Cap Fund | 5.1% | 12.0% | CSGP, EXAS, HOOD, IR, MNDY, MPWR, MRVL, MSFT, NVR, ON, PLTR, PSTG, SPOT, TEAM, XYL | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Artisan Global Discovery | 2.7% | 16.1% | ANET, GALD SW, GXI GR, MNDY, MPWR, MTSI, NZM GR, ON, PSTG, SGE LN | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Technology Innovators Fund | 9.0% | 37.7% | 300750 CH, APP, AXON, CRWD, MNDY, NOW, NU, RBLX, SSFN, TSM | - | View | ||
| 2023 Q4 | Dec 31, 2023 | ClearBridge Mid Cap Growth Strategy | - | - | MNDY, WST | - | View | ||
| 2025 Q3 | Oct 9, 2025 | Brown Capital Management International All Company Fund | -4.5% | 6.7% | 3064 JP, CYBR, DSY FP, MNDY, SHOP | Artificial Intelligence, Growth Stocks, innovation, long-term, software | Brown Capital underperformed benchmarks as software names lagged during a value-led quarter but reiterated conviction in Exceptional Growth Companies. Holdings like Dassault Systèmes, Shopify, and CyberArk demonstrate long-term scalability and integration of AI into mission-critical workflows. The firm continues investing in innovation and AI infrastructure to enhance its research edge. | View | |
| 2025 Q3 | Oct 29, 2025 | Polen Capital – U.S. SMID Company Growth | 14.4% | 28.0% | ALAB, BE, GGAL, MNDY, SOFI, TLN | AI, Data centers, Electrification, power demand, SMID Caps | Electrification and AI-driven power demand dominated results, as holdings like Bloom Energy and Talen Energy benefited from soaring electricity needs tied to data centers and onshoring manufacturing. SMID-cap growth remained supported by expanding earnings revisions and broad market participation. Management continues to focus on companies enabling power grid modernization, digital transformation, and next-gen aerospace. | View | |
| 2025 Q3 | Oct 24, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, cyclicals, energy, industrials, small caps | The fund outperformed amid small-cap strength and AI-related industrial demand. Top contributors included Rambus and Impinj, both benefiting from hyperscaler and RFID adoption. Managers expect AI and data center capex to sustain industrial growth, while cyclical tailwinds in energy and reshoring enhance long-term fundamentals. | ZWS PRM PI RMBS |
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| 2025 Q3 | Oct 22, 2025 | Optimist Fund | 9.1% | 44.5% | CVNA, FVRR, HFG GR, MEDP, MNDY, RVLV, TDUP, W | AI, Consumer cyclicals, E-Commerce, growth, small caps | The Optimist Fund gained 9.1%, driven by small-cap cyclicals like Wayfair, ThredUp, and Carvana as fundamentals inflected upward. The manager emphasizes structural growth in e-commerce and data-driven efficiency, with selective use of AI to enhance scalability. Portfolio concentration in innovative, founder-led firms reflects conviction in multi-year compounding potential. | MEDP CVNA TDUP W MEDP CVNA TDUP W |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | APP, CRWD, DUOL, FIG, KVYO, MNDY, NFLX, NOW, NVDA, OKTA, RBLX, TEAM, TSM | Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, software | AI remained the dominant theme as the fund balanced infrastructure enablers like NVIDIA and TSMC with software innovators such as ServiceNow and Atlassian. Managers acknowledge valuation pressure from AI euphoria but see durable earnings growth from leaders integrating AI into workflow and enterprise platforms. Portfolio exposure centers on data infrastructure, cloud applications, and gaming ecosystems. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 16, 2025 | Polen Capital – International Growth | -4.5% | 2.1% | ASM NA, ASML, DSY FP, ICLR, MNDY, SAP, SGE LN, SHOP, TCEHY | Artificial Intelligence, emerging markets, healthcare, semiconductors, software | The fund underperformed due to volatility in software and IT sectors but reinforced its conviction in AI-driven semiconductor and automation growth. Polen initiated positions in Disco Corp and ASM International to capture the AI semiconductor supply chain, while maintaining exposure to Tencent for emerging-market digital expansion. Managers expect AI and healthcare innovation to drive future international growth returns. | ASM NA 6902 JP SAP GR MNDY US SAGE LN ICON IE ASML NA SHOP CN |
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| 2025 Q4 | Jan 27, 2026 | Polen Capital – International Growth | -2.5% | -0.5% | 0700.HK, 7974.T, 8035.T, ASML, BABA, LONN.SW, MELI, MNDY, SAP, SHL.DE, SHOP, TEP.PA | AI, E-Commerce, gaming, growth, international, Quality, semiconductors, underperformance | AI adoption is transforming the global economy and creating investment opportunities. Advanced chips sit at the epicenter of everything AI related, with ASML's equipment essential to printing advanced logic and volatile memory chips. Markets are attempting to price in these technological shifts, though the transition remains volatile. Semiconductor capital equipment companies continue to benefit from investor optimism around AI. Tokyo Electron benefits from rising demand for more chip volume and more complex chips, driving investment into chip fabrication plants. The company is expected to grow revenues at high single-digit rate while increasing operating margins from 25% to 35% in the medium term. E-commerce platforms face mixed dynamics with growth opportunities offset by competitive pressures. MercadoLibre continues to benefit from low e-commerce penetration in Latin America and maintains 35%+ topline growth in its 26th year. However, Alibaba's profitability in core e-commerce has been pressured by heavy investments to compete in food and grocery delivery. Nintendo's Switch 2 launch marks the beginning of a significant upgrade cycle with potential for elevated growth in both hardware and software over the coming five years. The overall Switch installed base could reach 250 million customers, nearly doubling the customer base capable of downloading gaming titles. The company is expected to grow earnings at 30% annualized for the next few years. The investment approach focuses on businesses with durable competitive advantages, strong returns on capital, and resilient earnings. Quality companies are expected to ultimately outperform the broader market despite current market preference for cyclically sensitive businesses. This quality-focused strategy is especially important when investors embrace risk and cyclicality. | View | |
| 2025 Q4 | Jan 26, 2026 | NZS Capital – Growth | -1.4% | 17.9% | AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI | AI, growth, positioning, semiconductors, software, technology, valuation | The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered. | ISRG TSM LRCX FISV DHR GOOGL |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2024 Q2 | Jul 16, 2024 | Optimist Fund | 27.8% | 49.2% | CVNA, DASH, MNDY, SMAR, UBER, W | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, CSL AU, EVO SS, ICLR, KER FP, MELI, MNDY, NU, SAP GR, SGE LN, SHOP, SPOT, SU FP, TEMN SW, WTW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 25, 2026 | Fund Letters | Optimist Fund | Monday.com Ltd. | Information Technology | Application Software | Bear | NASDAQ | Communication Issues, Enterprise software, Management Exit, Mixed Results, Project Management, SaaS | View Pitch |
| Mar 21, 2026 | Fund Letters | Optimist Fund | Monday.com Ltd. | Information Technology | Application Software | Bear | NASDAQ | Communication Issues, Enterprise software, Management Exit, Mixed Results, Project Management, SaaS | View Pitch |
| Mar 21, 2026 | Fund Letters | Optimist Fund | Monday.com Ltd. | Information Technology | Application Software | Bear | NASDAQ | Communication Issues, Enterprise software, Management Exit, Mixed Results, Project Management, SaaS | View Pitch |
| Mar 19, 2026 | Seeking Alpha | Seeking Alpha | Monday.com | Software | Workflow Management Software | Bear | NASDAQ Stock Market | Agentic AI, commoditization risks, growth deceleration, Monday.com, Nvidia GTC, retention rates, revenue model, seat-based pricing, workflow management | View Pitch |
| Feb 21, 2026 | Fund Letters | Jordan McNamee | Monday.com Ltd. | Information Technology | Application Software | Bear | NASDAQ | Confidence, enterprise, Execution, exit, growth, guidance, management, SaaS, visibility | View Pitch |
| Feb 4, 2026 | Twitter / X | @nataninvesting | monday.com Ltd. | Software | Application Software | Bull | NASDAQ | AI, Automation, Collaboration, Israel, Retention, SaaS, Switching, valuation, Workflow, WorkOS | View Pitch |
| Jan 8, 2026 | Fund Letters | Timothy Liu | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | Automation, growth, SaaS, Software, Workflow | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, Margins, SaaS, User growth, Work management | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, Margins, SaaS, User growth, Work management | View Pitch |
| Nov 2, 2025 | Substack | Rijnberk Invest Insights | Monday.com Ltd. | Information Technology | Software - Application | Bear | AI-driven automation, competitive positioning, customer base expansion, Enterprise software, financial health, market consolidation, product innovation, Revenue Growth, SaaS, Work Operating System | 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. | ||||||||