NVEE

NVEE

NVEE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Liberty Park Capital Management	1.4%	-2.2%	AUR, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR	consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value	Nicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden.	HAYPP.ST LAKE SKY NSSC XMTR	View
2024 Q1	Apr 18, 2024	Liberty Park Capital Management	-4.1%	-4.1%	ASPN, BELFB, BLN.TO, COHR, ENS, ENVX, HEES, HQI, INTT, ITI, KRNT, LMB, LUNA, NVEE, POWL, PWFL, RELL, SWIM, TGLS, TWI	Industrial, Long/Short, small caps, technology, value	Markets rallied to start the year thanks to AI enthusiasm, with AI-related transceivers at Coherent growing over 100% quarter-over-quarter. However, AI enthusiasm has moderated as the fund moved into Q2 2024.	BLN.TO LUNA	View
2024 Q1	Apr 15, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BWMN, DGII, HLMN, NVEE, PHR, PLMR, PLOW, QTWO, ROAD, SMLR, SSTI, TCYSF, TKNO, TRNS, USPH, VCEL, WLDN	growth, healthcare, industrials, infrastructure, Micro Cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness.		View
2023 Q4	Dec 31, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	DGII, HLMN, IIIV, IRMD, MLAB, NVEE, OLO, PHR, PL, PLOW, PRO, QTWO, ROAD, SLP, SMLR, SSTI, TCYSF, TRNS, USPH, VCEL	Biotech, growth, healthcare, industrials, Microcap, technology, underperformance	The biotechnology and pharmaceuticals industries significantly outperformed the broader market during Q4, creating headwinds for the portfolio due to its large underweight to these areas. The manager notes these are typically unprofitable businesses with zero or insignificant earnings and negative cash flows that benefit from lower interest rates.		View
2024 Q3	Oct 31, 2024	Liberty Park Capital Management	7.1%	2.5%	AUR, BLN.TO, CGNX, CLAR, CLW, ENS, ENVX, ETD, GTLS, HQI, INTT, ITI, KRNT, LMB, MEG, NVEE, SWIM, THRY, XMTR, YOU	Election, Long/Short, Manufacturing, Rate Cuts, small caps, technology	Small cap equities were prime beneficiaries of the risk-on sentiment shift following Fed rate cuts and Trump assassination attempt. The fund focuses on small cap investments with Russell 2000 benchmark and weighted average market cap of $1.4 billion for Select Opportunities portfolio.	XMTR	View
2024 Q3	Oct 23, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM	growth, healthcare, Quality, small cap, technology, volatility	The fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position.		View
2023 Q3	Sep 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	BLFS, DGII, DH, HLMN, IIIV, MODN, NSTG, NVEE, PHR, PLMR, PRO, QTWO, ROAD, SLP, THBRF, TKNO, TRNS, USPH, VCEL, WLDN	Biotechnology, growth, healthcare, infrastructure, Micro Cap, small cap, software	The bioprocessing industry continues to be negatively impacted by inventory destocking and elongated sales cycles. Companies like BioLife Solutions and Repligen faced challenges from inventory overhang and longer purchase-approval timeframes. Despite near-term headwinds, the longer-term prospects for bioprocessing tools remain bright.		View
2024 Q2	Jul 25, 2024	Liberty Park Capital Management	7.1%	2.5%	BELFB, BLBD, BLN, CGNX, COHR, ENVX, ETD, HEES, INTT, ITI, KRNT, LMB, LWLG, NVEE, PRIM, RELL, SWIM, TGLS, THRY, WEAV	AI, Long/Short, small caps, technology, turnaround, value	The manager believes the current AI hype cycle is coming to an end as investors notice actual revenue from AI is minimal relative to enormous capital equipment investment. OpenAI forecasts only $3.4 billion in 2024 revenue while over $100 billion has been spent on data center capex in the past 12 months. The AI industry needs time to digest this massive investment.	KRNT	View
2023 Q2	Jul 19, 2023	Liberty Park Capital Management	7.1%	2.5%	BELFB, BOWL, CBT, ETWO, EXP, ITI, KRT, LBRT, LMB, LUNA, NR, NVEE, POWL, SWIM, THRY, VSEC, VSH, WEAV, YOU, ZEUS	alpha, energy, inflation, Long/Short, small caps, technology, value	The fund focuses on small-cap stocks that were severely undervalued during 2022, with many quality companies trading at single-digit P/E multiples despite strong fundamentals. The managers believe these obscure, niche small-cap companies require more time for investors to digest fundamentals and price shares to reality.	APG\|DR CN\|KITS CN\|NRP\|SYZ CN	View
2024 Q2	Jun 30, 2024	THB Asset Management	10.3%	10.1%	ALNT, AMZN, BSIG, BYON, CRNC, DAKT, HWKN, IMMR, LIMB, LMAT, LUNA, NVDA, NVEE, PLUS, POOL, RES, TRNS, UFPT, VCEL, VITL	AI, Elections, inflation, infrastructure, Microcap, small caps, technology, value	Artificial intelligence is receiving significant media attention with companies committing billions to building infrastructure for data storage and processing. The AI ecosystem includes undiscovered companies whose products and services are necessary for continued infrastructure build-out. THB holdings participating in AI infrastructure include Limbach Holdings, NV5 Global, ePlus, and Luna Innovations.	DAKT	View
2023 Q2	Jun 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	CYRX, DGII, HCAT, IIIV, MEG, MLAB, MODN, NSTG, NVEE, OLO, PL, PRO, ROAD, SSTI, THBRF, TRNS, USPH, VCEL	Biotech, defense, growth, healthcare, industrials, infrastructure, Micro Cap, technology	The portfolio faced challenges in biotech holdings with inventory destocking headwinds prevalent across the industry. Companies like CryoPort and NanoString experienced pressure from the challenging funding environment and weakened biotech demand, though some recovery is expected in 2024.		View
2024 Q4	Jan 23, 2025	Polen Capital – U.S. Small Company Growth	4.7%	3.8%	AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC	AI, growth, Quality, small cap, technology, value	The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner.	BDC FN TREX WSC BROS RVLV WRBY	View
2024 Q4	Jan 14, 2025	Liberty Park Capital Management	5.9%	8.6%	AIOT, BLN.TO, CGNX, GTLS, HQI, INOD, INTT, IONQ, LMB, LWLG, MOD, NVEE, SOUN, SWIM, THRY, TITN, UPWK, WHR, XMTR, YOU	AI, energy, Long/Short, Manufacturing, small caps, Staffing, Trump	Manager is significantly long small-cap equities in general, viewing them as beneficiaries of Trump presidency and rate cuts. The fund focuses on small-cap names with average market cap of $2.5 billion for longs. Performance significantly outpaced Russell 2000 in Q4.	HQI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of NVEE

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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