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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 24, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AAON, AIT, ALIT, APPF, BL, CCCS, DAVA, DOXI, HELE, HLNE, IBP, OPCH, PGNY, RGEN, RH, ROAD, RVLV, SITM, SMCI, WING, WRBY, XPEL | growth, healthcare, Quality, rates, small caps, technology, volatility | The performance gap between small caps and large caps continued to widen during Q2, with small cap investors retreating to lower-volatility sectors. Small cap continues to be highly sensitive to shifting rate expectations, while leadership in large cap remains narrow and driven by momentum. | View | |
| 2024 Q2 | Jul 17, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CNM, CR, CSL, CVLT, EHC, FORM, HCP, INSP, LZ, MODN, OPCH, OSW, PRMW, SUM, WSC | AI, industrials, semiconductors, small caps, takeovers, technology, value | The AI data center buildout is driving significant demand for specialized memory chips called High Bandwidth Memory (HBM), with test intensity 25% higher than traditional memory. Form Factor has dominant market share at leading HBM maker SK Hynix and benefits from this trend. However, the AI frenzy is creating overheated valuations in anything related to the Nvidia-charged AI data center buildout. | OPCH INSP LZ FORM |
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| 2025 Q1 | Mar 31, 2025 | Madison Small Cap Fund | -9.0% | -9.0% | AXS, BOX, CFLT, CMCO, CSL, EHC, HQY, OPCH, POWI, PRMB, RVLV, SHAK, SMG, SMPL, WK | Construction, consumer, financials, healthcare, small cap, tariffs, technology | Industrial economic activity remains depressed and the back half recovery expected in residential and non-residential construction now seems in jeopardy due to stubbornly high interest rates. The managers believe companies with depressed construction exposure are attractively valued but acknowledge these stocks may take longer to inflect upwards than previously anticipated. They continue to see opportunities in construction-related industries due to this unique cycle where many companies have strong balance sheets and higher than normal margin profiles. | 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Madison Small Cap Fund | Option Care Health Inc | Health Care | Health Care Providers & Services | Bull | NASDAQ | buybacks, Fragmented Market, Free Cash Flow, Healthcare Delivery, Healthcare services, Home Infusion, market share, recurring revenue | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $879,336 | 0.00% | 27,600 | -256,468 | -90.28% | 0.0152% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $8.7M | 0.01% | 273,400 | +273,400 | +100.00% | 0.1505% |
| Israel Englander | Millennium Management LLC | $233.2B | $15.3M | 0.01% | 480,962 | -260,074 | -35.10% | 0.2648% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $589,410 | 0.00% | 18,500 | +0 | +0.00% | 0.0102% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $8.7M | 0.01% | 273,901 | -855,316 | -75.74% | 0.1508% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.5M | 0.00% | 47,118 | -169,129 | -78.21% | 0.0259% |
| Mario Gabelli | GAMCO Investors | $10.4B | $11.8M | 0.11% | 369,002 | +99,244 | +36.79% | 0.2031% |
| Stanley Druckenmiller | Duquesne Capital Management | $4.5B | $55.6M | 1.24% | 1,745,950 | +768,265 | +78.58% | 0.9612% |