NTRA

NTRA

NTRA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 5, 2024	Brown Capital Management Mid Company Fund	-7.9%	-3.1%	CRL, FIVN, GWRE, NTRA, PODD, TDOC	-			View
2024 Q2	Aug 2, 2024	Alger Small Cap Focus Fund	6.4%	5.9%	AGYS, CABA, KRUS, NTRA, RGEN, WING	-			View
2024 Q2	Jul 12, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADYEN NA, AMAT, AZN LN, CRM, GOOG, MSCI, NTRA, NVDA, ODFL, PANW, PCOR, TSM, WDAY	-			View
2024 Q1	Apr 27, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADYEY, AMAT, NTRA, TSM	-			View
2024 Q1	Apr 15, 2024	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	ACAD, CWST, NTRA, NVRO, PI, XMTR	-			View
2024 Q1	Apr 15, 2024	Alger Small Cap Focus Fund	6.4%	5.9%	APPF, CWAN, NARI, NTRA, WING, XMTR	-			View
2025 Q4	Feb 5, 2026	ClearBridge Investments All Cap Growth	-	-	AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD	aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility	AI continues to represent a powerful long-term opportunity, though early beneficiaries such as semiconductors and infrastructure have already seen significant gains. The team is focused on ensuring proper exposure within the AI complex while also positioning for potential market leadership broadening. Eli Lilly rose strongly after striking a deal with the U.S. government to offer its GLP-1 treatments to Medicare and Medicaid patients while readouts on the company's oral GLP-1 treatment indicated a broader market than expected. Long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. Hilton has a long runway for growth supported by continued mid- to high-single-digit net unit expansion. The company has strong margins and free cash flow conversion, enabling consistent return of capital through share buybacks.		View
2024 Q4	Dec 31, 2024	Alger Small Cap Focus Fund	1.8%	7.8%	ALAB, CDNA, MOD, NTRA, WING, XMTR	-			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	Parnassus Growth Equity Fund	4.9%	26.9%	AKAM, AMAT, AMD, AVGO, AZN, BSX, CRM, DASH, DDOG, EFX, EXAS, FERG, INTU, MC FP, MELI, MSFT, NTRA, NVDA, PCOR, TEAM, TMO, TSM, UNH, VRTX	-			View
2023 Q4	Dec 31, 2023	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	ACAD, CLB, FLYW, NTRA, STEP, VERX	-			View
2023 Q4	Dec 31, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	ATRC, CABA, CFLT, EXTR, NTRA, XMTR	-			View
2023 Q4	Dec 31, 2023	NCG Small Cap Growth Strategy	4.8%	14.8%	BRZE, CSTL, CWAN, DAVA, GWRE, MEDP, NTRA, TNDM	-			View
2023 Q4	Dec 31, 2023	NCG SMID Cap Growth Strategy	4.8%	15.5%	BRZE, CSTL, CWAN, DAVA, DXCM, GWRE, MEDP, NTRA, TNDM, VRT	-			View
2022 Q3	Dec 31, 2022	Alger Spectra Fund	3.2%	32.4%	AMZN, GOOG, MSFT, NTRA, TSLA	-			View
2025 Q3	Nov 8, 2025	ClearBridge Investments All Cap Growth	-	-	AVGO, NTRA, ORCL, UNH, VST	AI, Cloud, infrastructure, semiconductors, software	The letter highlights extreme dispersion between AI winners and AI losers, with cloud providers, semiconductor leaders, and AI infrastructure companies massively outperforming. Application software and IT services names face pressure from perceived AI disintermediation, prompting portfolio shifts toward beneficiaries of AI infrastructure spending. The managers maintain a balanced but upgraded AI exposure while acknowledging persistent macro and geopolitical risks.		View
2025 Q4	Jan 26, 2026	Brown Advisors Mid-Cap Growth strategy	-4.7%	12.5%	AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform.		View
2025 Q4	Jan 19, 2026	Carillon Eagle Mid Cap Growth Fund	0.0%	8.7%	ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST	aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology	AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics.	VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA	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	Alger Small Cap Focus Fund	3.6%	6.9%	ABT, EXAS, GH, NBIS, NTRA, QURE, STVN	AI, Biotechnology, Diagnostics, growth, healthcare, small cap, technology	The market's biggest tailwind was continued investment tied to artificial intelligence, though increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with capital deployed. U.S. business spending appears to be accelerating, driven by burgeoning demand for AI infrastructure. Multiple portfolio holdings focus on cancer diagnostics and treatment, including molecular diagnostics companies specializing in liquid biopsy tests, colorectal cancer screening, and molecular residual disease testing. The oncology testing market shows strong momentum with favorable reimbursement dynamics and higher test volumes. Cloud computing is growing and supporting innovation, with corporations digitizing their operations. The fund holds positions in AI-focused cloud infrastructure providers operating GPU compute capacity, benefiting from accelerating AI adoption as demand for high-quality GPU compute continues to outstrip available supply. Portfolio includes biotechnology companies developing gene therapies for rare diseases like Huntington's disease, an area with no approved disease-modifying treatments. The sector faces regulatory uncertainty but shows encouraging efficacy signals in clinical trials.	STVN QURE NBIS NTRA GH EXAS	View
2025 Q4	Jan 15, 2026	Alger Spectra Fund	-1.2%	29.4%	CDTX, GOOGL, META, MRK, MSFT, NBIS, NTRA	AI, Biotechnology, Cloud, Communication, growth, healthcare, technology	AI remains at an inflection point with potential for significant productivity increases. However, the quarter saw increased scrutiny around AI infrastructure bottlenecks, financing sources, and whether returns can match capital deployed. Despite volatility, demand for AI infrastructure continues to outstrip supply. Cloud computing continues growing and supporting innovation. Microsoft Azure showed strong 39% year-over-year growth despite capacity constraints, with commercial bookings surging 111% and remaining performance obligations up 51%. Strong performance from specialty diagnostics and therapeutics companies. Natera showed strong earnings with higher test volumes and favorable reimbursement dynamics. Cidara Therapeutics was acquired by Merck for $9.2 billion based on its promising influenza prevention drug.	META MSFT NBIS CIDM NTRA GOOGL	View
2025 Q4	Jan 15, 2026	Alger Weatherbie Specialized Growth Fund	1.8%	0.5%	ACAD, AIR, FSV, GKOS, KTOS, NTRA	AI, Biotechnology, defense, growth, healthcare, industrials, small cap, technology	The market's biggest tailwind was continued investment tied to artificial intelligence, though increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with the capital deployed. AI is at an inflection point, potentially enabling significant increases in productivity. Cloud computing is growing and supporting innovation as corporations are digitizing their operations. This represents one of the secular themes creating attractive investment opportunities. Portfolio includes significant exposure to biopharmaceutical companies like Natera with genetic testing platforms, ACADIA Pharmaceuticals focused on CNS disorders, and Glaukos developing ophthalmic medical technologies. These companies are advancing novel therapies and diagnostic capabilities. Investment in Kratos Defense & Security Solutions reflects focus on affordable unmanned systems, hypersonics and rocket systems, and satellite command-and-control, which are increasingly aligned with U.S. and allied priorities around rapid fielding and scalable production.	KTOS AIR FSV GKOS ACAD NTRA	View
2025 Q4	Jan 14, 2026	Driehaus Small/Mid Cap Growth Fund	1.8%	10.0%	CRNX, CVNA, GH, NTRA, PWR, XBI	AI, Biotechnology, energy, growth, healthcare, industrials, small caps, technology	AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. Healthcare displayed very strong relative performance during the quarter, with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high as the sector broadly performed much better. AI capex and data center spending are expected to remain strong due to exponential demand growth for AI LLMs. However, a key risk involves potential delays in completing data centers from shortages in power generation, the grid and equipment, resulting in project postponements. Energy contributed positively with outperformance coming from strength in oil service and uranium miners. The portfolio maintains an overweight position in energy versus the benchmark, with exposure increasing during the quarter.		View
2025 Q4	Jan 13, 2026	Voya MidCap Opportunities Strategy	-	-	DLTR, DOCS, FIX, NTRA, RBLX, VERA	AI, consumer, growth, healthcare, industrials, mid cap, technology	AI remained a dominant theme with strong headlines around innovation and elevated capital investment by major technology firms. Increased spending on AI infrastructure and adoption trends reinforced optimism about its role as a key driver of future growth. AI-driven innovation is supporting the broadening of market leadership beyond mega-cap growth. Comfort Systems USA benefited from robust demand for data centers and AI-related infrastructure, with the company reporting stronger-than-expected revenue driven by this demand.		View
2024 Q3	Sep 30, 2024	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	HLNE, MEG, NTRA, PGNY, PRO, STEP	-			View
2022 Q3	Sep 30, 2022	Alger Small Cap Focus Fund	6.4%	5.9%	HSKA, MRCY, NTRA, QDEL, RBC, SWAV	-			View
2024 Q2	Jul 31, 2024	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	GKOS, NTRA, PGNY, SITE, SPT, STEP	-			View
2022 Q1	Jul 11, 2022	Alger Spectra Fund	3.2%	32.4%	AMZN, GOOG, MSFT, NTRA, TSLA	-			View
2023 Q2	Jun 30, 2023	Alger Mid Cap Focus Fund	4.6%	18.7%	1732020D, AGYS, AYX, BSY, NTRA, PANW	-			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	Alger Spectra Fund	3.2%	32.4%	1732020D, ABBV, MELI, MSFT, NTRA, NVDA	-			View
2025 Q1	Apr 14, 2025	Parnassus Mid Cap Growth Fund	-10.0%	-10.0%	APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ	-			View
2023 Q1	Mar 31, 2023	Alger Mid Cap Focus Fund	4.6%	18.7%	BATRA, BILL, CEG, NTRA, PANW, VRDN	-			View
2023 Q1	Mar 31, 2023	Alger Small Cap Focus Fund	6.4%	5.9%	CWAN, GTLB, GWRE, HSKA, NTRA, XMTR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Amy Zhang	Natera, Inc.	Health Care	Diagnostics & Research	Bull	NASDAQ	diagnostics, Genomics, growth, Oncology, Reimbursement	View Pitch
Jan 27, 2026	Fund Letters	Ankur Crawford	Natera, Inc.	Health Care	Diagnostics & Research	Bull	NASDAQ	diagnostics, Genomics, growth, Oncology, Reimbursement	View Pitch
Jan 27, 2026	Fund Letters	H. George Dai	Natera, Inc.	Health Care	Diagnostics & Research	Bull	NASDAQ	diagnostics, Genomics, growth, Oncology, Reimbursement	View Pitch
Jan 21, 2026	Fund Letters	Andrew Choi	Natera, Inc.	Health Care	Health Care Technology	Bull	NASDAQ	clinical adoption, Genetic Testing, healthcare innovation, Molecular Diagnostics, Reimbursement	View Pitch
Jan 20, 2026	Fund Letters	Eric Mintz	Natera, Inc.	Health Care	Diagnostics	Bull	NASDAQ	diagnostics, Genomics, growth, Margins, Oncology	View Pitch

BSD Shareholders of NTRA

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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