PAY

PAY

PAY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 15, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	11.0%	-	ADUS, BJ, BOOT, EE, GTLS, INSM, INSP, IRTC, KRYS, MGY, OLLI, PAY, PJT, STVN, VCEL, VCTR, VRNA, WH, WHD, WRBY	AI, Biotechnology, consumer, defense, growth, semiconductors, small cap, tariffs	The U.S.'s proposed tariff regime led to significant economic fallout with global markets whipsawing in the ensuing tariff tantrum. Many companies across most areas either scrapped or significantly reduced forward guidance as they wait to see how near-term results fare in this environment. Companies with better balance sheets increased their inventories during tariff pauses, which should provide them with opportunities for greater market share later in 2025.	CWAN KTOS KRYS	View
2025 Q2	Jul 14, 2025	Recurve Capital	-	14.8%	AMZN, BC.MI, CCOI, CVNA, ELF, MSFT, PAY, RCL, RH	Concentration, Decision Tree, disruption, E-Commerce, growth, Long Term, value creation, volatility	Carvana represents a disruptive e-commerce platform in the used auto market with industry-leading unit economics. The company has transformed from near-bankruptcy in 2022 to a high-quality secular growth story, demonstrating the power of purpose-built modern operating infrastructure that competitors cannot replicate.	BC PAY AMZN RH ELF RCL CCOI CVNA RH CCOI CVNA	View
2025 Q1	Mar 31, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	-9.6%	-9.6%	ADUS, BFAM, BJ, BOOT, CBLL, CHEF, DAWN, ERJ, FRPT, HLNE, INFN, INSM, ITCI, MGY, MVBF, PAY, SLNO, VRNA, VVV, WHD	AI, Biotechnology, defense, growth, semiconductors, small cap, tariffs, Trade Policy	Global trade outlook and tariff concerns are creating significant market turbulence. Companies are girding for greater turbulence before waters calm, with specific impacts on Boot Barn from tariff concerns and Cactus Inc. building Vietnam capacity to address tariff risks.		View
2025 Q3	Nov 24, 2025	Recurve Capital	-	14.6%	AMZN, BC.MI, CCOI, CVNA, ELF, KMX, PAY, RCL, RH	E-Commerce, growth, Luxury, opportunity, Portfolio Management, tariffs, Trade Policy	Carvana continues exceptional execution with over 45% year-over-year growth in September quarter, exiting above 50% unit growth. The company is rapidly expanding variable roles in reconditioning and local delivery, with job openings up 60% over six months, signaling strong growth intentions months ahead of third-party data.		View
2025 Q4	Jan 20, 2026	Marram Investment Management	0.0%	4.0%	AVDX, BILL, FITB, FOUR, OKE, PAA, PAGP, PAY, PSFE, PYPL	Banking, biopharma, cash flow, energy, payments, value	Payment technology businesses experiencing disconnect between operating fundamentals and share price performance. Companies continue to compound value per share despite valuation compression and shareholder turnover. Manager rebalanced allocation by exiting some positions and concentrating in higher-conviction holdings at lower prices. Energy infrastructure companies with indispensable assets benefiting from geopolitical strife, inflation, and increased recognition of renewable energy limitations. MLPs remain cornerstone allocation with favorable industry demand dynamics, stable cash flows, conservative balance sheets, and inflation protection. Large regional banks purchased during March 2023 banking crisis at fire-sale prices have generated 30%+ IRR. Manager continues to view sector favorably for steady 10%+ annual profits but has prudently moderated exposure due to expanded valuations and gradually easing credit underwriting standards. Sector out of favor due to political factors leading to lower industry R&D spend. Manager believes society will continue to need new drugs and health innovations, expecting capital to return and R&D spend to reaccelerate. Initiated diversified basket allocation via ETFs and service-based businesses.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Recurve Capital	Paymentus Holdings Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	B2B software, Bill Payment, Cloud Technology, digital payments, Electronic Payments, Fintech, SaaS	View Pitch
Jan 28, 2026	Fund Letters	Vivian Y. Chen	Paymentus Holdings, Inc.	Financials	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Billpay, compounding, Fintech, Founderled, Freecashflow	View Pitch

BSD Shareholders of PAY

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: