MRCY

MRCY

MRCY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, BFAM, CWST, FIVN, MRCY, NEOG, ROAD, TREX, WK	-			View
2024 Q1	Apr 15, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAON, AXON, CCCS, CWST, EXPO, FOXF, MRCY, MSTR, NEOG, PLOW, ROAD, SMCI, TREX, VCEL, WK	-			View
2025 Q3	Nov 4, 2025	Aristotle Small Cap Equity Fund	3.2%	-1.5%	ALE, AZEK, COLB, CRI, DLB, FLWS, HAE, HGV, JHX, KNX, MRCY, MTSI, OGS, REI, RRC, SUPN, WNC	consumer, industrials, Recovery, small caps, valuation	The fund emphasized high-conviction small-cap holdings with strong fundamentals and improving earnings visibility amid an easing policy backdrop. Despite market volatility, management sees opportunities in niche industrials, regional banks, and select consumer firms poised for recovery. Small-cap valuations remain historically attractive, supported by resilient demand and renewed investor risk appetite.	COLB MTSI MRCY SUPN	View
2023 Q3	Nov 10, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	AZPN, KNSL, MRCY, SITE, SKIN, VRT	-			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
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	View
2025 Q3	Oct 13, 2025	Conestoga SMid Cap Composite	-1.1%	-2.1%	CWST, DSGX, EVI, GNRC, JKHY, MRCY, QTWO, ROAD, TYL, WST	quality growth, semiconductors, SMID Caps, software, technology	The SMid-Cap strategy underperformed amid a rally dominated by unprofitable, high-beta stocks, while its disciplined quality-growth approach faced headwinds. Weakness in software and lack of semiconductor exposure weighed on returns, though select industrials and healthcare names showed resilience. Management views the current low-quality outperformance as typical of early-cycle conditions likely to normalize.		View
2025 Q4	Jan 26, 2026	Baron Discovery Fund	0.2%	11.0%	ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY	AI, defense, growth, healthcare, Quality, small caps, software	The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area.	CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS	View
2022 Q3	Sep 30, 2022	Alger Small Cap Focus Fund	6.4%	5.9%	HSKA, MRCY, NTRA, QDEL, RBC, SWAV	-			View
2022 Q3	Sep 30, 2022	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, CCRN, MRCY, PETQ	-			View
2022 Q3	Sep 30, 2022	Baron Small Cap Fund	9.6%	14.5%	AVNT, AXNX, AZPN, CAKE, CLVT, GDYN, HLLY, ICLR, IT, KNSL, MRCY, RPAY, TTD	-			View
2023 Q2	Jul 30, 2023	Baron Small Cap Fund	9.6%	14.5%	AZPN, KNSL, MRCY, SITE, SKIN, VRT	-			View
2023 Q2	Jul 28, 2023	Aristotle Small Cap Equity Fund	7.3%	9.4%	ADEA, CRNC, DY, GXO, ITRI, MODV, MRCY, STHO	-			View
2023 Q2	Jun 30, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	1732020D, INSP, MRCY, NTRA, RGEN, SWAV	-			View
2023 Q2	Jun 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AXON, BL, FF0 GR, FSS, LMAT, MLAB, MRCY, NOVT, SITE, SPSC, SSD	-			View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, EXPO, FICO, GGG, MRCY, PLOW, RBC, RGEN, SPSC, TREX, WSO	-			View
2022 Q1	May 22, 2022	Baron Discovery Fund	-16.4%	-16.4%	ACC, AXNX, AXON, GTLS, JBGS, MRCY, PING, VLDX	-			View
2023 Q4	Jan 30, 2024	Baron Discovery Fund	13.5%	9.3%	AAON, AEIS, DKNG, ESTA, GTLB, GTLS, KNSL, MRCY, S, VRNS	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Dave Adams	Mercury Systems Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	Aerospace, backlog, Computing, Defense, Government, growth, Security	View Pitch

BSD Shareholders of MRCY

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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