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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | Baird Small/Mid Cap Growth Equity Fund | 4.5% | -6.6% | ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL | AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance | The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance. | View | |
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -6.7% | -6.7% | BJ, CGON, CWST, EE, GRDN, HLNE, LGND, LSCC, MIRM, MTDR, MTSI, ONTO, RBC, RGEN, RRX, SOLV, STVN, VCTR, VVV, WING | Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 20, 2026 | Invesco Discovery Fund | 6.4% | 6.4% | AEIS, AGX, IRTC, KNX, LITE, ONTO, RKLB, STEP, TSEM, VIAV, WGS | AI, growth, industrials, semiconductors, small cap, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Artisan Partners Small Cap Fund | -2.7% | -2.7% | BWIN, COMP, FLEX, FLS, FRPT, FTAI, GWRE, IRTC, MOD, MTSI, OLLI, ONTO, PEN, TTAN, TWST | AI, defense, energy, Geopolitical, growth, semiconductors, small cap, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2024 Q4 | Mar 12, 2025 | Invesco Discovery Fund | 1.2% | 22.6% | ALAB, AMZN, CLH, CLS, CRS, CYBR, DUOL, EHC, EVR, FIX, INTA, MOD, NVDA, ONTO, PEGA, PI, QTWO, STEP, TMDX, WING | AI, Cloud, growth, semiconductors, small cap, software, technology | Technology driven innovation has continued to disrupt large portions of the global economy, providing substantial opportunity through investment in premier growth compounders. The fund added Pegasystems which has increasingly integrated artificial intelligence functionality into its products, with newest AI releases representing more than 25% of its bookings. Intapp offers cloud-based and AI-powered software solutions for the financial services industry. | INTA CVLT PEGA |
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| 2024 Q4 | Feb 11, 2025 | Invesco Small Cap Value Fund | 4.3% | 24.5% | AVTR, COHR, CSTM, EWBC, EXPE, GL, GTLS, HUN, ICLR, LITE, MSM, MXL, NRG, ONTO, QDEL, RMBS, TECK, VRT, VST, WAL, WBS | financials, industrials, Intrinsic Value, semiconductors, small cap, value | The fund employs an intrinsic value approach to select holdings, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimates of intrinsic value was attractive, indicating above-average long-term capital appreciation potential. The fund maintains a long-term investment horizon focused on wealth creation through undervalued opportunities. | MSM ONTO ICLR |
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| 2024 Q4 | Dec 31, 2024 | Artisan Mid Cap Fund | 5.1% | 12.0% | APP, EXAS, FTV, GDDY, GTLB, HOOD, HUBB, IR, LYV, MPWR, MRVL, ON, ONTO, PLTR, PSTG, SHOP, SPOT, TEAM, USFD, XYL | AI, Biotechnology, Cloud, growth, healthcare, mid cap, semiconductors, technology | AI adoption is driving growth across portfolio holdings including custom AI chips from Marvell, networking solutions from Arista Networks, and cloud software companies integrating AI functionality into their platforms. Data centers require vast amounts of electricity to power AI infrastructure, creating energy demand challenges. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan Global Discovery | 2.7% | 16.1% | ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST | AI, Biotechnology, global, growth, healthcare, semiconductors, technology | Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan Partners Small Cap Fund | 0.6% | 14.7% | ABMD.CO, ALAB, COCO, CROX, FLS, GTLB, HALO, INSM, ITGR, JBT, LSCC, MTSI, NOVT, ONTO, PSN, RGEN, SDHC, SN, STVN, VCYT, VSEC | AI, Biotechnology, energy, healthcare, semiconductors, small cap, technology | Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. Portfolio companies like Astera Labs and MACOM are benefiting from growing AI datacenter spending. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. | View | |
| 2024 Q3 | Oct 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, ACLS, ALAB, APPF, BMI, BOOT, BROS, BSY, BURL, BWXT, CACI, CASY, CWA, CYBR, EXLS, FANG, FDS, FIVE, FND, FOUR, IEX, INSP, IRTC, JKHY, KAI, KNSL, LFUS, LGIH, LSCC, LW, MANH, MEDP, MNDY, NBIX, ONTO, PCOR, PODD, POOL, PRCT, RXST, SITM, SMPL, TARS, TREX, TYL, ULS, VNOM, WSC | financials, growth, healthcare, industrials, semiconductors, small caps, software, technology | The fund initiated a position in Astera Labs, a fast-growing and profitable developer of semiconductor products known as retimers that are key enablers of AI workloads and help prevent GPU bottlenecks. The manager believes this business adds further profitable AI-exposure to the portfolio. | View | |
| 2024 Q4 | Jan 20, 2025 | Baird Small/Mid Cap Growth Equity Fund | 5.1% | 8.0% | ACLS, ALAB, APPF, CACI, CHX, CYBR, GKOS, LW, MASI, MEDP, MNDY, NBIX, ONTO, PEN, PODD, PSTG, RXST, SITM, TARS, VERX, VITA | AI, growth, healthcare, Outperformance, semiconductors, small caps, technology | The fund holds Astera Labs, a fast-growing semiconductor company with exposure to AI and data center infrastructure. The company's stock increased over 150% in the quarter following new product announcements and stronger than expected sales growth. Pure Storage was initiated as a new position, expected to benefit from hyperscaler AI spending with recent design wins. | View | |
| 2024 Q3 | Sep 30, 2024 | Artisan Global Discovery | 7.6% | 13.1% | 0669.HK, ARGX, COHR, CWAN, EFX, ESTC, GALDA.SW, GWRE, GXI.DE, HUBB, IRTC, MPWR, MTSI, NZYM-B.CO, ONTO, PWR, SDZ.SW, TCOM, TREX, TTEK, TYL, VCYT, VEEV, WST | AI, global, growth, healthcare, industrials, SMID Cap, technology, water | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages. | View | |
| 2024 Q3 | Sep 30, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ADS, APPF, ARGX, CIGI, ELF, GWRE, HL, IBP, INTA, IRTC, LSCC, MKTX, MOD, ONON, ONTO, SN, SPT, SPXC, TYL, VCYT | AI, growth, healthcare, interest rates, Profit Cycle, small caps, technology | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They expect some volatility in AI-exposed stocks given relatively lofty expectations but are being disciplined on valuations. | View | |
| 2024 Q3 | Sep 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CBRE, EFX, EXAS, HUBB, HUBS, ILMN, IOT, IRTC, MPWR, NVR, ONTO, PWR, SAIA, SNPS, SPOT, TEAM, WST, XYL | AI, Biotechnology, growth, healthcare, mid cap, real estate, technology | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages. | View | |
| 2024 Q2 | Jul 28, 2024 | Driehaus Small/Mid Cap Growth Fund | 3.1% | 24.0% | AXON, CCJ, HEI, NTRA, ONTO | AI, Biotech, growth, healthcare, industrials, semiconductors, small cap, technology | Portfolio increased semiconductor exposure from 0.9% to 4.0% overweight as holdings benefited from AI infrastructure buildout. Semiconductor holdings appreciated 31.6% versus 5.0% for the index, driven by companies supplying data centers and AI hardware infrastructure. | View | |
| 2024 Q2 | Jul 26, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | ANF, EVH, INSM, KWR, LSCC, LSTR, MNDY, MSA, ONTO, PJT, RBA, SUM, TMDX, VEI, VKTX, WWD | AI, Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | The fund continues to see strong momentum within the AI data center buildout megatrend that is now a year old. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries. | View | |
| 2024 Q2 | Jul 20, 2024 | Artisan Global Discovery | 7.6% | 13.1% | AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING | AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology | AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand. | View | |
| 2024 Q2 | Jul 20, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | AAPL, AMZN, BSY, ETSY, GOOGL, GWRE, INSM, INSP, IOVA, LSCC, META, MSFT, NVDA, ONTO, SMCI, TSLA, TWST, VITA, WING, WK | AI, Biotechnology, healthcare, semiconductors, small caps, software, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 2024 Q2 | Jun 30, 2024 | Lord Abbett Developing Growth Fund | 6.4% | 21.1% | AVAV, CAMT, CAVA, CYBR, FIX, FRPT, INSP, NTRA, ONTO, RXST, SAIA, WING | AI, consumer, growth, healthcare, infrastructure, small cap, technology | The fund sees the emergence of generative artificial intelligence as one of their favorite areas ready to re-accelerate growth. They view AI as part of the broader innovation cycle they are targeting for investment opportunities. | View | |
| 2024 Q2 | Jun 30, 2024 | abrdn U.S. Small Cap Equity Fund | -7.5% | -3.2% | ATKR, ATMU, BOOT, CORT, EAT, FIVN, FROG, HEES, ONTO, PRFT | AI, Fed, Quality, rates, small caps, technology, value | Small caps trade at a significant discount to large caps and are positioned to benefit from market broadening beyond the Magnificent Seven. Corporate balance sheets flush with cash often trigger M&A activity benefiting smaller companies. Higher quality small caps have structural advantages in elevated rate environments. | FROG ATMU CORT |
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| 2025 Q1 | Mar 31, 2025 | Artisan Mid Cap Fund | -7.4% | -7.4% | ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST | AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology | The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations. | View | |
| 2025 Q1 | Mar 31, 2025 | Riverwater Partners Small Cap Strategy | - | - | BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY | Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs | The manager emphasizes specialty insurance companies, particularly in the E&S (excess and surplus) space. Both PLMR and BOW operate in this attractive market with limited competition and strong growth prospects. The manager views these companies as defensive yet offering compelling long-term growth opportunities with attractive returns on capital. | BOW WRBY LMNR PLMR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Invesco Small Cap Value Fund | Onto Innovation Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, Defect Inspection, manufacturing, Metrology, Microelectronics, process control, semiconductor equipment, Value, Yield Enhancement | View Pitch |
| Jan 8, 2026 | Value Investors Club | anonymous.user | Onto Innovation Inc. | Industrials | Commercial Services & Supplies | Bull | New York Stock Exchange | industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing | 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. | ||||||||