NET

NET

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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 4, 2025	ClearBridge Mid Cap Growth Strategy	-	-	AXON, CVNA, NET, PLTR	Capital Allocation, fundamentals, quality growth, secular trends, volatility	The letter underscores confidence in high-quality mid-cap growth companies benefiting from secular tailwinds and improving capital allocation. Management notes that volatility created opportunities to add to best ideas. Long-term growth remains the core thesis despite macro noise.		View
2025 Q2	Aug 27, 2025	ClearBridge Investments Mid Cap Growth Strategy	-	-	APP, CVNA, HLT, MELI, NET, PLTR, TW	AI Demand, Compounding, earnings growth, Mid Caps, volatility	The letter highlights a rebound in mid-cap growth stocks supported by resilient demand for AI-related services and improving earnings visibility. Management views mid-cap growth as a source of long-term compounders overlooked during recent market volatility. Selectivity and balance sheet strength remain critical.	CVNA VST MELI TW AXON PLTR	View
2025 Q2	Aug 27, 2025	BlackRock Science And Technology Term Trust	19.5%	-	HXSCL, NET, NVDA, SPOT	AI, growth, innovation, private equity, technology	The letter centers on technology-driven innovation across public and private markets, including AI, semiconductors, and software. Management highlights access to private equity as a differentiator, capturing long-duration growth opportunities not available in public markets alone. Innovation is framed as a multi-year structural growth driver despite valuation volatility.		View
2025 Q2	Aug 27, 2025	Brown Advisors Mid-Cap Growth strategy	15.8%	7.2%	ENTG, GWRE, MRVL, NET, PINS, RBLX, TECH, VOYG, VST	AI Infrastructure, fundamentals, Mid Cap Growth, secular growth, valuation	The letter focuses on mid-cap growth companies benefiting from secular trends such as AI infrastructure, data centers, and industrial services. Volatility created by tariffs and macro uncertainty has generated selective entry points. Growth is framed as attractive when supported by fundamentals and reasonable valuations.		View
2025 Q2	Aug 2, 2025	Baron Global Advantage Fund	22.6%	11.0%	ARGX BB, DAVA, DDOG, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, TSM	alpha, fundamentals, Global Growth, long-term, volatility	The letter focuses on exploiting volatility by maintaining conviction in long-term global growth winners despite sharp drawdowns. Management stresses separating signal from noise and prioritizing fundamentals over short-term sentiment. Volatility is viewed as the price paid for long-term alpha generation.		View
2025 Q2	Jul 27, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	AXON, BKR, NET, OKTA, PLTR, RCL, RH, RYAN, SRPT, VST	broadening, earnings, Mid Caps, Resilience, secular growth	The letter highlights a rebound in mid-cap growth stocks driven by earnings resilience and easing macro fears. Management sees broadening opportunities beyond mega-cap leadership. Mid-cap secular growers are favored.	RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR	View
2025 Q2	Jul 22, 2025	Conestoga Mid Cap Composite	3.5%	4.5%	AAON, BSY, CPRT, FICO, GWRE, HEI, IDXX, MTD, NET, POOL, ROP, VEEV, WCN, WSO	Competitive Advantage, earnings, growth, Mid Caps, volatility	The commentary focuses on maintaining high-quality growth exposure despite macro-driven volatility. Management highlights the resilience of companies with strong competitive positions and long runways for earnings expansion. Mid-cap growth is positioned as a balance between scalability and valuation discipline.	MTD NET FICO AAON POOL ROP WSO WCN CPRT VEEV IDXX GWRE HEI.A BSY	View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR	AI, Cloud, growth, Platforms		NET MELI AXON NFLX NVDA	View
2025 Q2	Jul 18, 2025	Voya MidCap Opportunities Strategy	-	-	ALC SW, FIX, HOOD, KTOS, NET	AI, capital investment, growth, Mid Caps, profitability	The commentary focuses on mid-cap growth companies with superior capital investment, profitability, and attractive risk-reward profiles. Management highlights expanding market leadership beyond mega-cap stocks as a source of opportunity. AI-driven productivity gains and selective sector positioning underpin the strategys outlook.		View
2025 Q2	Jul 17, 2025	Alger Mid Cap Focus Fund	19.9%	3.9%	CWAN, GLOB, NET, PLTR, RYAN, VRT	Artificial Intelligence, Digitization, growth, productivity, technology	The letter highlights artificial intelligence as a key secular growth driver benefiting mid-cap technology and industrial firms. Management points to accelerating adoption, strong earnings, and rising investment spend. The outlook remains constructive on AI-enabled productivity gains.	RYAN CWAN VRT NET PLTR	View
2025 Q1	Mar 31, 2025	Baron Global Advantage Fund	-9.5%	-9.5%	0609969D IN, BAF IN, DDOG, MELI, NET, NVDA, SHOP, TSM	-			View
2025 Q1	Mar 31, 2025	Fidelity Growth Strategies Fund	-8.0%	-8.0%	DECK, HWM, NET, VRSK	-			View
2025 Q1	Mar 31, 2025	Sands Capital Select Growth Fund	-10.1%	-10.1%	AMZN, APP, APPL, ASML, AVGO, DDOG, ENTG, NET, NOW, NVDA, RBLX, SE, SNOW, SPOT, TSM, UBER	-			View
2025 Q4	Mar 2, 2026	Baron Global Opportunity Fund	6.5%	27.5%	ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS	AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology	AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms.		View
2025 Q4	Feb 3, 2026	Fidelity Growth Strategies Fund	-3.4%	12.6%	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026.	IDXX AXON LITE ATI COHR	View
2024 Q4	Dec 31, 2024	Baron Global Advantage Fund	11.8%	26.1%	ASML, CPNG, INDI, MELI, NET, SHOP, TSLA, TTAN	-			View
2021 Q4	Dec 31, 2021	Aquamarine Fund	-	23.8%	1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM	-			View
2025 Q3	Oct 3, 2025	Vision Capital	-	15.6%	3690 HK, JD, LULU, NET, PLTR	Artificial Intelligence, Cloud infrastructure, Data Analytics, digital transformation, software	The fund highlights a concentrated portfolio of high-quality global compounders driving technological transformation through AI and digital infrastructure. Key holdings such as Palantir, Cloudflare, and ServiceNow reflect exposure to mission-critical software and data analytics platforms with durable growth prospects. The manager maintains a long-term, low-turnover approach emphasizing network effects, scalability, and founder-led innovation.		View
2024 Q3	Oct 28, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADSK, ARNB, BILL, BIRK, GWRE, H, IBKR, IQV, JBHT, LPLA, MRNA, MTN, NET, NTR, ONON, RRR, SHOP, SPOT, TSLA	-			View
2025 Q4	Jan 30, 2026	PGIM Jennison Global Opportunities Fund	-4.1%	5.3%	AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM	AI, consumer, Data centers, global, growth, semiconductors, technology	The team is a big believer in the massive paradigm shift to GenAI and expects leadership in accelerated computing, agentic applications, search, robotics and autonomous driving to move dynamically. Jennison plans to execute with fluidity in this rapidly evolving set of opportunities that cross into multiple sectors. The most interesting part of the Fund, with the strongest secular growth profile, seems to be the most controversial in the market and centers on the massive paradigm shift to GenAI. The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation. This trend led Jennison to add GE Vernova to the Fund's Industrials sector for their natural gas turbine, wind, and electrification businesses. Taiwan Semiconductor rose on record profitability as AI demand continues to exceed expectations. Jennison initiated a position in Advanced Micro Devices as the team believes the use of GPUs for agentic AI applications will continue to expand and customers of NVIDIA are looking for second sources.	GEV	View
2025 Q4	Jan 22, 2026	Sands Capital Global Growth Fund	6.2%	10.2%	6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V	AI, defense, energy, global, growth, Robotics, Space, technology	AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions.	ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL	View
2025 Q4	Jan 15, 2026	Alger Mid Cap Focus Fund	-3.4%	15.0%	APH, BIIB, CVNA, FIX, FTI, NET, NTRA, RGEN	growth, healthcare, industrials, mid cap, technology	The letter emphasizes mid-cap growth investing driven by fundamental research and accelerating earnings momentum as market participation broadens beyond mega caps. AI-related capex, digitization, and productivity gains are cited as key secular tailwinds supporting revenue growth across industrials, healthcare, and technology. Growth is positioned to benefit as earnings durability, not valuation expansion, increasingly drives returns.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	2.7%	28.0%	AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY	AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US	The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement.	TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX	View
2022 Q3	Sep 30, 2022	Baron Opportunity Fund	4.0%	25.1%	ARGX, GOOG, INDI, ISRG, IT, MPWR, MSFT, NET, NOW, NVDA, RIVN, SHOP, TSLA, ZI	-			View
2022 Q2	Jun 30, 2022	Baron Opportunity Fund	4.0%	25.1%	AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Fund Letters	Brian A. Christiansen	Cloudflare, Inc.	Information Technology	IT Services	Bull	New York Stock Exchange	cybersecurity, Edge, Enterprises, growth, Networking, valuation	View Pitch
Dec 5, 2025	Fund Letters	Derek Johnston	Cloudflare, Inc.	Information Technology	IT Services	Bull	NYSE	cloud, cybersecurity, Edge, growth, Platforms	View Pitch
Dec 4, 2025	Fund Letters	Eric Mintz	Cloudflare, Inc.	Information Technology	Systems Software	Bull	NYSE	cloud, Edge, infrastructure, Security, Software	View Pitch
Dec 3, 2025	Fund Letters	Amy Zhang	Cloudflare, Inc.	Information Technology	Systems Software	Bull	NYSE	cloud, Edgecomputing, Networking, SaaS, Sase, Security, Zerotrust	View Pitch
Nov 29, 2025	Fund Letters	Garvin Jabusch	Cloudflare Inc.	Information Technology	Software	Bull	NYSE	Ai edge, cybersecurity, energy efficiency, SaaS, Scalability, Sustainability, Zero trust	View Pitch
Nov 28, 2025	Fund Letters	Garvin Jabusch	Cloudflare Inc.	Information Technology	Software	Bull	NYSE	Ai edge, cybersecurity, energy efficiency, SaaS, Scalability, Sustainability, Zero trust	View Pitch
Sep 10, 2025	Seeking Alpha	Seeking Alpha	Cloudflare, Inc.		Software - Infrastructure	Bear		Cloudflare, competitive landscape, Customer base, cybersecurity, Global network, margin expansion, market sentiment, Overvaluation, Revenue Growth, valuation multiples	View Pitch
Aug 13, 2025	Seeking Alpha	Shot_Caller	Cloudflare, Inc.	Information Technology	Software - Infrastructure	Bull	NYSE	—	View Pitch
Aug 13, 2025	Seeking Alpha	Michael Del Monte	Cloudflare, Inc.	Information Technology	Software - Infrastructure	Neutral	NYSE	—	View Pitch

BSD Shareholders of NET

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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