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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 21, 2025 | Wasatch Small Cap Growth Strategy | - | - | AGYS, BRBR, CWAN, FN, GSHD, NVMI | AI, growth, Quality, small caps, technology, volatility | Two technology companies benefited from increasing artificial intelligence usage. Fabrinet makes optical components for data centers while Nova sells metrology systems for semiconductor manufacturing. AI has been a popular investment theme driving stock performance. | AGYS NVMI FN GSHD CWAN BRBR GSHD |
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| 2026 Q1 | Apr 25, 2026 | Wasatch Small Cap Growth Strategy | - | - | AGYS, CAMT, ECG, FOUR, NVMI, VITL | AI, growth, small caps, software, technology | ECG CAMT NVMI VITL AGYS FOUR |
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| 2024 Q1 | Apr 15, 2024 | Wasatch Small Cap Growth Strategy | 7.6% | 7.6% | AGYS, CWAN, FIVN, HQY, MEDP, MSTR, NEOG, NVMI, SMCI, YETI | AI, fundamentals, growth, healthcare, semiconductors, small cap, technology | AI and technology broadly drove much of the market returns during Q1, with IT producing approximately half of the Russell 2000 Growth Index's total return. Wasatch has three main considerations regarding AI: avoiding companies whose business models will be materially disrupted, being attracted to companies that can use AI to strengthen competitive positions or reduce costs, and being interested in certain companies directly involved in AI while cognizant of potential asymmetric risks and unreasonable valuations. | AGYS FIVN CWAN YETI HQY NVMI MEDP |
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| 2025 Q1 | Mar 31, 2025 | Baron Opportunity Fund | -12.0% | -12.0% | AAPL, AMZN, ARGX, AVGO, CSGP, CYBR, LPLA, META, MPWR, MSFT, NARI, NVDA, NVMI, SNOW, SPOT, TEAM, TSLA, TTD, VRT, ZS | AI, growth, innovation, large cap, semiconductors, tariffs, technology, Trade Policy | AI remains the most powerful technology platform shift and secular growth driver since the internet. Despite tariff uncertainty affecting valuations of AI leaders like NVIDIA and Broadcom, robust AI capital investment plans continue through 2025-2026. The manager believes AI will drive productivity-driven digital transformation, with tech spending potentially doubling from 5% to 10% of global GDP. | View | |
| 2025 Q3 | Oct 20, 2025 | Wasatch Small Cap Growth Strategy | -3.7% | - | AGYS, BRBR, ENSG, FN, FOUR, HQY, INSP, MEDP, NVMI, OLLI, PCTY, PNFP, RBC, SHAK | AI, growth, Quality, semiconductors, small caps, technology, underperformance | The fund focuses on high-quality, long-duration growth companies while markets have favored low-quality stocks with speculative business models. The quality gap between fund holdings and the index is near its widest level in at least a decade based on return on assets metrics. | View | |
| 2024 Q2 | Jul 31, 2024 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, AXON, BASE, CDXC, CHI, CYBR, DKNG, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, KTOS, MEG, NVMI, PAR, PCOR, SILK, SITE, STVN, TEM, TXRH | AI, Diagnostics, healthcare, small caps, technology, value, volatility | Fund owns several AI-enabled companies including GitLab, SentinelOne, and Couchbase that adapt AI models to enhance their products. Also owns Nova Ltd., a semiconductor capital equipment company enabling AI chip manufacturing. Managers believe the market will broaden from AI hardware to adaptive AI investments. | View | |
| 2024 Q2 | Jun 30, 2024 | Wasatch Small Cap Growth Strategy | - | - | ADUS, BOOT, FIVE, NVMI, RPD, SITE, SPT, TMDX | AI, growth, healthcare, retail, semiconductors, small caps, technology | AI beneficiaries continued to power ahead during Q2 2024, with the strategy's best contributor being Nova Ltd., which benefited from increased inspection requirements for complex AI chips. The team has conducted extensive research on AI's potential impact across industries and owns companies that participate in AI development or benefit from related business improvements. | SPT SITE FIVE TMDX BOOT NVMI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 16, 2026 | Seeking Alpha | Seeking Alpha | Nova Ltd. | Semiconductors | Semiconductor Equipment & Materials | Bull | Nasdaq Stock Market | balance sheet strength, Complex manufacturing, Diversified demand, Earnings momentum, Execution, high margins, Revenue Growth, semiconductor equipment, Semiconductor metrology, Valuation risk | View Pitch |
| Apr 28, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | Nova Ltd. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Defect Reduction, Performance Optimization, semiconductor equipment, technology hardware | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | Nova Ltd. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, capital allocation, Cyclical, market share, Metrology Equipment, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | Nova Ltd. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Cyclical, Metrology, process control, semiconductor equipment, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | Nova Ltd. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Manufacturing Technology, Metrology systems, process control, semiconductor equipment | View Pitch |
| Feb 4, 2026 | Twitter / X | @TheValueist | Nova Ltd. | Semiconductors & Semiconductor Equipment | Semiconductor Equipment | Bull | NASDAQ | Advancedpackaging, AIChips, GateAllAround, HBM, Israel, Metrology, ProcessControl, SemiconductorEquipment, ThinFilm | View Pitch |
| Feb 4, 2026 | Twitter / X | @TheValueist | Nova Ltd. | Semiconductors & Semiconductor Equipment | Semiconductor Materials & Equipment | Bull | NASDAQ | China, Convertibles, DRAM, GAA, HBM, Metrology, Packaging, ProcessControl, Raman, Scatterometry, services, Spectroscopy, ThinFilm, WFE, yield | 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. | ||||||||