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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Alger Weatherbie Specialized Growth Fund | 11.6% | -5.2% | ACAD, NEO, NEOG, RXO, STRL, UPST | Compounding, earnings, growth, innovation, Resilience | The letter focuses on companies with durable growth profiles benefiting from secular innovation, strong balance sheets, and expanding end markets. Management highlights disciplined stock selection amid market volatility, emphasizing earnings resilience and long-term compounding rather than short-term macro noise. Growth opportunities are framed around companies capable of sustaining above-average revenue and cash flow expansion. | NEO RXO NEOG ACAD UPST STRL |
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| 2025 Q2 | Jul 22, 2025 | Conestoga Small Cap Composite | 4.8% | -7.1% | AAON, AGYS, BFAM, CWAN, DSGX, ESE, EXPO, FSS, JBTM, MMSI, NEOG, RBC, ROAD, SLP | Beta, earnings, growth, Quality, small caps | The commentary highlights the challenges of conservative growth investing during periods dominated by low-quality, high-beta stock rallies. Management maintains focus on profitable small-cap companies with strong balance sheets and recurring revenues. Small-cap growth is positioned to benefit as fundamentals reassert importance over speculation. | SLP KIDS SSTI ERII HLMN MEG ROAD WLDN PL |
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| 2025 Q2 | Jul 22, 2025 | Conestoga SMid Cap Composite | 5.0% | -1.0% | AXON, CWAN, EXPO, FICO, GWRE, HEI, MMSI, NEOG, POOL, RBC, ROAD, WSO | cash flow, fundamentals, growth, SMID Caps, valuation | The letter emphasizes disciplined growth investing amid tariff uncertainty and rapid market rebounds. While narrow leadership hurt short-term performance, management remains focused on companies with scalable business models and consistent cash generation. SMid-cap growth is viewed as attractive as valuation gaps persist. | RBC GWRE AXON ROAD |
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| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Small Cap Fund | - | -8.3% | AZEK, CGNX, HUBG, NEOG, RDNT, TECH, WK | fundamentals, Mean reversion, small caps, Valuation gap, volatility | The fund emphasizes the long-term opportunity in undervalued small-cap companies amid valuation dispersion. Management notes that fundamentals remain intact despite near-term macro and rate headwinds. Small caps are positioned as a fertile area for future mean reversion. | View | |
| 2025 Q2 | Jul 17, 2025 | Alger Small Cap Focus Fund | 15.2% | -5.0% | CWAN, FSS, NEOG, RBC, TECH, TPC | Construction, earnings, industrials, infrastructure, spending | The letter emphasizes infrastructure spending and operational execution as key drivers for small-cap performance. Management highlights construction, industrial demand, and public spending tailwinds. The outlook supports earnings growth tied to infrastructure cycles. | TECH NEOG FSS RBC TPC |
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| 2024 Q1 | Apr 15, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | DAVA, EXPO, FOXF, IBP, INTA, KNSL, NEOG, VRT | - | View | ||
| 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 | ||
| 2024 Q1 | Apr 15, 2024 | Wasatch Small Cap Growth Strategy | 7.6% | 7.6% | AGYS, CWAN, FIVN, HQY, MEDP, NEOG, NVMI, YETI | - | View | ||
| 2025 Q4 | Mar 1, 2026 | Baron Growth Fund | -2.8% | -14.4% | ACGL, CHH, CNS, CSGP, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | AI, financials, growth, Quality, small caps, underperformance, valuation | The fund experienced significant underperformance due to market concerns about AI disruption affecting portfolio companies like Gartner, CoStar, Clearwater Analytics, FactSet, MSCI, and Guidewire. These AI-impacted stocks declined 15% despite 10% revenue growth and 15% EPS growth, representing 42% of the portfolio. The manager believes the market's assessment of AI risk differs from their own and expects valuations to recover as AI concerns moderate. The fund focuses exclusively on high-quality businesses with superior characteristics including competitive advantages, sustainable growth, and strong financial metrics. This quality-focused strategy was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. The Earnings Quality factor performance was in the 100th percentile, demonstrating the fund's quality bias during a period when quality was penalized. The fund invests in a portfolio of competitively advantaged small and medium-sized businesses, which remained out of favor for most of the quarter. The strategy of owning leading small-cap businesses has been the foundation since inception, delivering 354 basis points of annual outperformance over the benchmark since inception despite recent headwinds. | 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 | Conestoga Small Cap Composite | 1.7% | 9.6% | ALTR, CXT, EXPO, FOXF, KAI, NCNO, NEOG, NOVT, QTCO, ROAD, SITE, SSD, VERX, WK | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Small Cap Fund | 9.6% | 14.5% | ASGN, DXCM, EWCZ, GDYN, GTLS, INSP, IT, NEOG, PLNT, TTD, VRT | - | View | ||
| 2025 Q4 | Jan 18, 2026 | Minot Light Capital Partners | 0.0% | 14.4% | ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA | Biotech, growth, momentum, Process, small caps, value, volatility | The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap. | OM ARQ RZLT XOMA |
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| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Balanced Fund | 0.0% | 6.6% | AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC | AI, Balanced, earnings, financials, healthcare, rates, technology | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence. | View | |
| 2023 Q4 | Feb 20, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, CHH, IRDM, KNSL, MTN, NEOG | - | View | ||
| 2023 Q4 | Feb 20, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, IDXX, IRMD, IT, NEOG, TSLA, XRX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | H. George Dai | Neogen Corporation | Health Care | Health Care Supplies | Bear | NASDAQ | Animals, diagnostics, Foodsafety, guidance, restructuring | View Pitch |
| Dec 3, 2025 | Fund Letters | Amy Zhang | Neogen Corporation | Health Care | Diagnostics & Research | Bull | NASDAQ | agriculture, Animalsafety, diagnostics, Foodsafety, Genomics, Regulation, turnaround | View Pitch |
| Nov 26, 2025 | Value Investors Club | Dr. Ridgewell | Neogen Corp | Health Care | Health Care Supplies | Bull | NASDAQ | Food safety, Petrifilm, Diagnostics, Integration, Divestitures, Genomics, Testing Platform | View Pitch |
| Oct 14, 2025 | Substack | Toff Cap Monday Monitor | Neogen Corporation | Health Care | Diagnostics & Research | Bull | asset sales, balance sheet, cost-cutting, financial position, leverage, merger, profitability, strategic review, value creation, workforce reduction | View Pitch | |
| Oct 13, 2025 | Seeking Alpha | Seeking Alpha | Neogen Corporation | Diagnostics & Research | Bear | 3M Food Safety acquisition, debt reduction, divestment, Food Safety, investor concerns, leverage, Neogen Corporation, profitability challenges, restructuring, valuation multiples | 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. | ||||||||