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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.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology | MercadoLibre operates the leading e-commerce platform in Latin America with low penetration compared to developed markets. MonotaRO is a Japan-based e-commerce platform for MRO products with 80% of orders still processed offline. Both companies demonstrate significant growth opportunities in their respective markets. | MONOTARO.T MELI NVO MNDY REA.AX |
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| 2023 Q3 | Sep 30, 2023 | Brown Capital Management International All Company Fund | 5.2% | 6.5% | 3064.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology | The fund holds significant positions in e-commerce platforms including MercadoLibre, the leading Latin American platform with low penetration rates providing growth runway, and MonotaRO, a Japanese MRO e-commerce platform targeting the largely offline Japanese market estimated at $70 billion. | MBLY AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT 3064.T ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2025 Q2 | Sep 21, 2025 | Meditation Capital | - | - | BRZE, FLYW, GOOGL, GTLB, MA, MNDY, MSFT | AI, payments, Quality, software, valuation | Manager bought positions in Monday.com and GitLab at 5x sales after they fell from 11x peaks, and added to Braze at 3x sales. Views these as quality software companies trading at attractive valuations despite AI concerns. GitLab's strategic position is strengthening as more AI-generated code needs DevOps management. | FLYW GTLB MNDY FLYW BRZE GTLB MNDY |
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| 2025 Q2 | Aug 4, 2025 | Baird Small/Mid Cap Growth Equity Fund | 4.5% | -6.6% | ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL | AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance | The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance. | View | |
| 2025 Q2 | Jul 27, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BOOT, BRBR, CLBT, DY, ESAB, EXR, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, Data centers, defense, growth, healthcare, Natural Gas, small cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. | POWL RMBS ZWS PRM PI MMSI BRBR CLBT VNOM ARIS BOOT AVAV ATI WWD SHAK |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 18, 2025 | Optimist Fund | 39.2% | 32.4% | CVNA, DASH, FA, FVRR, HFG, MNDY, RVLV, TDUP, UBER, W | Compounding, E-Commerce, growth, Long/Short, mid cap, value | The fund holds multiple e-commerce companies including ThredUp, Carvana, Wayfair, and Revolve. ThredUp is undergoing a significant inflection point with strong Q1 results and raised guidance. Wayfair appears to be finally seeing revenue growth inflect after more than two years of waiting, with strong demand trends cited at recent investor conferences. | RVLV W CVNA TDUP W CVNA TDUP |
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| 2024 Q2 | Jun 30, 2024 | Brown Capital Management International All Company Fund | -1.9% | 1.2% | AFX.L, ASML, AUTO.OL, CAMT, DSG.TO, MNDY, NVO, REA.AX, XERO.AX | Automation, growth, healthcare, international, small caps, technology | Novo Nordisk leads the GLP-1 market with 55% share through Wegovy and Ozempic, which now represent 57% of company revenue. The obesity market reached $24 billion in 2023 and is forecasted to reach $131 billion by 2028. Studies show significant health benefits including 14.9% weight loss and 20% reduction in cardiovascular events. | CAMT AUTO.OL AFX.DE AJB.L NVO |
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| 2026 Q1 | May 17, 2026 | Rodrigo Benedetti | - | - | AMD, ASAN, CRM, CSU.TO, INTC, MA, MNDY, MSFT, PATH, SAP, V | AI, defense, Europe, oil, semiconductors, software, valuation | View | ||
| 2026 Q1 | May 12, 2026 | Optimist Fund | -27.3% | -27.3% | AFRM, AHT.L, CVNA, DASH, DSCV.L, DSV.CO, FA, KVYO, MEDP, MNDY, TDUP, TDY, TOST, UBER, W, ZS | AI, dislocation, E-Commerce, growth, opportunity, technology | TOST CVNA W TDUP |
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| 2024 Q1 | May 1, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, AHT, BFIT, CIGI, CRCT, CVNA, DASH, FIGS, HFG, MNDY, OPEN, POOL, PTON, REVL, SMAR, UBER, W, XPOF | Concentration, E-Commerce, Fitness, growth, Market Leadership, technology, turnaround | The fund believes market leaders like Carvana, Wayfair, and DoorDash have won their respective online markets after competitors died or shrank dramatically during 2022. The manager sees this as similar to Amazon's dominance after the early 2000s tech bubble collapse. | ACVA UBER XPOF DASH CVNA |
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| 2024 Q1 | Apr 27, 2024 | Driehaus Small Cap Growth Fund | 6.4% | 27.0% | AXON, BRBR, MNDY, NVDA, SAIA, SMCI | AI, energy, growth, healthcare, industrials, semiconductors, small cap, technology | AI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is still nascent but growing rapidly, with 45% piloting and only 10% in production. The manager views AI as early and sustainable, comparing it favorably to the Tech Bubble with stronger earnings and lower multiples. | View | |
| 2024 Q1 | Apr 23, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | 0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE, IDEXY, LVMUY, MNDY, NSRGY, NVO, PUBGY, RACE, SAF.PA, SANDX, SAP, SBGSY, SONY, SU, TSM | Automation, Europe, growth, healthcare, international, Japan, Luxury, technology | Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout in this theme. | View | |
| 2025 Q1 | Apr 22, 2025 | Optimist Fund | -4.9% | -4.9% | CVNA, DASH, FA, FVRR, HFG.DE, LIDR, MNDY, RVLV, TDUP, UBER, W | consumer, E-Commerce, growth, long-term, profitability, Recovery, technology | Multiple e-commerce companies featured prominently including ThredUp (secondhand fashion marketplace), Revolve (fashion e-commerce), and Wayfair (home goods e-commerce). Manager views short-term pressure on consumer discretionary as noise and remains focused on long-term fundamentals. | FA W REVL HFG UBER CVNA TDUP |
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| 2025 Q1 | Apr 2, 2025 | Ghosh Capital | 8.0% | 8.0% | APH, CBZ, COST, CSU.TO, ETL.PA, GOOGL, HOOD, HRB, KNT.L, KPG.AX, MDA.TO, MELI, MNDY, PNG.TO, RELY, RHM.DE, SPGI, TEAM, TOI.TO, VIE.PA | defense, growth, infrastructure, Nationalism, small caps, Valuations, value | Countries like Canada and Europe are taking defense seriously due to Trump's policies requiring more global defense contributions. This creates a wall of money for consistent defense spending as nationalist policies spread worldwide. | KPG.AX |
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| 2026 Q1 | Apr 15, 2026 | Brown Capital Management International All Company Fund | -13.7% | -13.7% | CAMTEK.TA, COH.AX, CYBR, MNDY, NU, NVO, SAF.PA, SAP | AI, growth, international, semiconductors, software, technology, valuation | NU SAF.PA COH.AX CAMT SAP |
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| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE.MC, ITX.MC, MC.PA, MNDY, NESN.SW, NVO, PUB.PA, RACE, SAF.PA, SAND.ST, SAP, SE.PA, SONY, SU, TSM, ZEAL.CO | AI, Europe, growth, international, Japan, Luxury, Rate Cuts, semiconductors | Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout. | View | |
| 2024 Q1 | Apr 15, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, EXR, FIVE, FRSH, KWR, LSTR, MKTX, MNDY, MSA, PJT, RBA, SMAR, SMCI, SUM, VKTX, VNOM, WCC, WING, WWD | AI, Biotechnology, energy, growth, healthcare, small caps, technology | AI investment theme continued to drive strong gains as companies exposed to artificial intelligence posted strong performance. The fund benefited from AI infrastructure plays like Super Micro Computer, which provides accelerated computing platforms for cloud computing and AI applications. The managers are closely monitoring AI adoption and the sustainability of the AI investment cycle to determine future market leadership. | View | |
| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | 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 DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2023 Q4 | Dec 31, 2023 | ClearBridge Mid Cap Growth Strategy | - | - | MNDY, WST | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Brown Capital Management International All Company Fund | 18.6% | 28.6% | CHKP, CYBR, MBLY, MELI, MNDY | E-Commerce, growth, international, Israel, technology | The fund holds two Israeli cybersecurity companies (CyberArk Software and Check Point Software Technologies) representing part of their 7% Israel allocation. Israeli technology and innovation in cybersecurity are described as unmatched globally, with these companies having global operations and virtually all revenue generated outside of Israel. | 2413.T ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2025 Q3 | Oct 9, 2025 | Brown Capital Management International All Company Fund | -4.5% | 6.7% | 3064.T, CYBR, DSY.PA, MNDY, PANW, SHOP.TO | AI, Concentration, cybersecurity, E-Commerce, growth, international, software | Software companies face questions about AI impact on standalone providers, but mission-critical firms with vertical focus and high switching costs can integrate AI to enhance products and operations. Companies like Dassault Systèmes use domain-specific AI for simulations and design optimization rather than generic AI tools. | View | |
| 2024 Q3 | Oct 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, ACLS, ALAB, APPF, BMI, BOOT, BROS, BSY, BURL, BWXT, CACI, CASY, CWA, CYBR, EXLS, FANG, FDS, FIVE, FND, FOUR, IEX, INSP, IRTC, JKHY, KAI, KNSL, LFUS, LGIH, LSCC, LW, MANH, MEDP, MNDY, NBIX, ONTO, PCOR, PODD, POOL, PRCT, RXST, SITM, SMPL, TARS, TREX, TYL, ULS, VNOM, WSC | financials, growth, healthcare, industrials, semiconductors, small caps, software, technology | The fund initiated a position in Astera Labs, a fast-growing and profitable developer of semiconductor products known as retimers that are key enablers of AI workloads and help prevent GPU bottlenecks. The manager believes this business adds further profitable AI-exposure to the portfolio. | View | |
| 2025 Q3 | Oct 29, 2025 | Polen Capital – U.S. SMID Company Growth | 14.4% | 28.0% | ALAB, BE, GGAL, MNDY, ORCL, SOFI, TLN | aerospace, AI, Electrification, energy, growth, industrials, SMID Cap, technology | AI data centers require enormous amounts of power, driving demand for solutions like Bloom Energy's fuel cells. The AI revolution has turbocharged electricity demand and is viewed as having strategic value in the geopolitical power struggle between the US and China. | View | |
| 2025 Q3 | Oct 24, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BOOT, BRBR, CLBT, DY, ESAB, EXP, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, cyclicals, Data centers, growth, healthcare, Natural Gas, small cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. | ZWS PRM PI RMBS |
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| 2025 Q3 | Oct 22, 2025 | Optimist Fund | 9.1% | 44.5% | CVNA, DASH, FADU, FVRR, HFG.DE, MEDP, MNDY, RVLV, SWIM, TDUP, UBER, W | Biotech, Cyclical, E-Commerce, growth, mid cap, Recovery, technology | The fund sees acceleration in cyclical e-commerce holdings like Wayfair and ThredUp that have been in multi-year downswings. Wayfair delivered strong growth with revenue up 5-6% and expanding margins, while ThredUp posted 16% revenue growth with strong operating leverage. | MEDP CVNA TDUP W MEDP CVNA TDUP W |
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| 2025 Q3 | Oct 16, 2025 | Polen Capital – International Growth | -4.5% | 2.1% | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | growth, healthcare, international, Quality, semiconductors, software, technology | AI is driving demand for advanced semiconductors and equipment. ASML benefits from AI-driven semiconductor advances requiring their equipment for advanced logic and memory chips. ASM International's ALD technology is increasingly needed for building logic gates on leading edge chips as AI fuels ongoing advances in semiconductors. | ASM NA 6902 JP SAP GR MNDY US SAGE LN ICON IE ASML NA SHOP CN |
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| 2024 Q3 | Oct 16, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, CIGI, CVNA, DASH, FA, HFG.DE, LIDR, MNDY, REVL, UBER, W | Cyclical, E-Commerce, growth, mid cap, value | The fund holds multiple e-commerce positions including Carvana (online used car sales), Revolve (fashion e-commerce), and Wayfair (home goods). Carvana continues strong performance with 30%+ unit growth and superior margins. Revolve showed accelerating revenue growth and expanding margins. | POOL FA HFG.DE CVNA |
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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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| 2024 Q4 | Jan 20, 2025 | Baird Small/Mid Cap Growth Equity Fund | 5.1% | 8.0% | ACLS, ALAB, APPF, CACI, CHX, CYBR, GKOS, LW, MASI, MEDP, MNDY, NBIX, ONTO, PEN, PODD, PSTG, RXST, SITM, TARS, VERX, VITA | AI, growth, healthcare, Outperformance, semiconductors, small caps, technology | The fund holds Astera Labs, a fast-growing semiconductor company with exposure to AI and data center infrastructure. The company's stock increased over 150% in the quarter following new product announcements and stronger than expected sales growth. Pure Storage was initiated as a new position, expected to benefit from hyperscaler AI spending with recent design wins. | View | |
| 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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| 2023 Q2 | Jul 27, 2023 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund seeks AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | POWL RMBS ZWS KPRMILL IN AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN |
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| 2024 Q2 | Jul 26, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | ANF, EVH, INSM, KWR, LSCC, LSTR, MNDY, MSA, ONTO, PJT, RBA, SUM, TMDX, VEI, VKTX, WWD | AI, Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | The fund continues to see strong momentum within the AI data center buildout megatrend that is now a year old. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries. | View | |
| 2023 Q2 | Jul 19, 2023 | Polen Capital – International Growth | 3.3% | 3.9% | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | AI, growth, healthcare, international, Quality, semiconductors, software, technology | AI is driving advances in semiconductors and benefiting companies like ASML whose equipment is essential for printing advanced logic and memory chips. AI should benefit Tencent's various business units including public cloud, large language model, gaming, and business productivity software. | 000700.HK ASM 6146.T AIR FP|ICLR|LIN|MRVL|NOW|TSM ASML SHOP.TO |
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| 2023 Q2 | Jul 19, 2023 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | ALAB, BE, GGAL, MNDY, ORCL, SOFI, TLN | AI, energy, growth, industrials, innovation, SMID Cap, technology | AI data centers require enormous amounts of power, driving demand for solutions like Bloom Energy's fuel cells. The AI revolution has turbocharged electricity demand and is viewed as strategically important in the US-China geopolitical power struggle. | ATLN.L SOFI 6BE GR |
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| 2024 Q2 | Jul 16, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, CIGI, CVNA, DASH, HFG, MNDY, RVLV, SMAR, TDUP, UBER, W | Concentration, E-Commerce, growth, mid cap, SaaS, technology | The fund holds multiple e-commerce leaders including Carvana (fastest growing automotive dealer in North America), Wayfair (waiting for home goods market stabilization), and ThredUp (second-hand consignment marketplace). These companies are positioned to benefit from continued digital transformation and market share gains. | MNDY CVNA |
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| 2023 Q1 | Apr 19, 2023 | Polen Capital – International Growth | 3.3% | 3.9% | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | AI, China, growth, healthcare, international, semiconductors, software, technology | AI is driving advances in semiconductors and benefiting companies like ASML whose equipment is essential for printing advanced logic and memory chips. AI should benefit Tencent's various business units including public cloud, large language models, gaming, and productivity software. | 000700.HK ASM 6146.T SAP MNDY SGE.L AIR FP|ICLR|LIN|MRVL|NOW|TSM ASML SHOP.TO |
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| 2023 Q1 | Apr 19, 2023 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | ALAB, BE, GGAL, MNDY, ORCL, SOFI, TLN | aerospace, AI, Electrification, energy, growth, industrials, SMID Cap, technology | AI data centers require enormous amounts of power, driving demand for companies like Bloom Energy that provide reliable onsite power solutions. The AI revolution has turbocharged electricity demand growth. Sectors exposed to the AI narrative performed best in the quarter, with Technology driving roughly 65% of overall index returns. | ATLN.L SOFI 6BE GR |
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| 2023 Q1 | Mar 31, 2023 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | POWL RMBS ZWS KPRMILL IN AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN |
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| 2024 Q4 | Jan 20, 2025 | Optimist Fund | 11.6% | 66.5% | ACVA, BFIT.AS, CRCT, CVNA, DASH, DSV.CO, FIGS, HFG.DE, LATM, MNDY, REVL, TDUP, TDY, UBER, W, XPOF | consumer, E-Commerce, growth, Logistics, mid cap, profitability, technology | Multiple e-commerce holdings including Carvana (used car retail), DoorDash (food delivery), Revolve (fashion), and Wayfair (home goods) represent core portfolio positions. The manager sees significant growth potential as these companies gain market share and improve profitability despite challenging market conditions. | TDUP W POOL RVLV HFG.DE DASH CVNA |
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| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW | E-Commerce, financials, growth, healthcare, industrials, international, software, technology | Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth. | WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO |
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| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Substack | Alpha Seeker 84 | monday.com Ltd. | Technology | Software - Application | Bull | NASDAQ Stock Market | AI monetization, AI work platform, buyback, Management Credibility, mondayDB 3.0, NDR expansion, operating margin, Revenue Growth, seats-plus-credits model, valuation re-rating | View Pitch |
| Apr 27, 2026 | Fund Letters | Polen Capital - International Growth | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | Enterprise software, platform, Revenue Growth, SaaS, SMB to Enterprise, Work Operating System, workflow automation | View Pitch |
| Apr 13, 2026 | Fund Letters | Meditation Capital | Monday.com Ltd. | Software & Services | Application Software | Bull | NASDAQ | AI Resilient, SaaS, Software, valuation compression, Work management, Workflow Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | Collaborative Software, CRM, founder-led, Free Cash Flow, Knowledge Workers, SaaS, Unit economics, Work management | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | CRM, Israel, IT Service Management, Low-Code Platform, No-Code, Platform Play, SaaS, workflow management | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | Cloud software, Free Cash Flow, GAAP profitability, IPO, Israel, SaaS, workflow management | View Pitch |
| 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 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. | ||||||||