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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | WS Amati Global Innovation Fund | - | - | AVY, CGNX, CHG.L, DRS, DXCM, GLBE, GLOB, HUBB, LITE, PI, PRCT, QGEN, RGEN, SHOP, TLX.AX | AI, Biotechnology, defense, global, growth, innovation, Robotics, technology | Staggering levels of capital investment into generative AI infrastructure continued throughout Q3 2025, propelling AI chips and equipment suppliers to ever higher valuations. The concentration of performance from this magnificent cohort rose beyond historic peak levels. The scale of the ultimate prize is still believed to be justification enough despite elusive returns. | View | |
| 2025 Q2 | Jul 27, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BOOT, BRBR, CLBT, DY, ESAB, EXR, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, Data centers, defense, growth, healthcare, Natural Gas, small cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. | POWL RMBS ZWS PRM PI MMSI BRBR CLBT VNOM ARIS BOOT AVAV ATI WWD SHAK |
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| 2025 Q2 | Jul 22, 2025 | Alger Weatherbie Specialized Growth Fund | 11.6% | -5.2% | AORT, PI, PLMR, SMTC, SPSC, VERX | AI, growth, healthcare, industrials, semiconductors, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Continued enthusiasm for artificial intelligence drove Information Technology sector outperformance. Burgeoning demand for AI infrastructure is driving U.S. business spending acceleration. | VERX PLMR SPSC AORT PI SMTC NEO RXO NEOG ACAD UPST STRL |
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| 2025 Q2 | Jul 21, 2025 | Wasatch Micro Cap Fund | 12.6% | - | LMB, PAR, PI, PNTG, VITL, WLDN | Biotechnology, growth, infrastructure, Micro-Cap, Quality, Risk Appetite, underperformance | Micro-cap stocks posted exceptionally strong returns in Q3 as investor risk appetite remained robust following the Trump administration's moderated tariff stance in April. A much-anticipated interest-rate cut late in the quarter further fed that risk appetite, creating an environment favorable for higher-risk assets. | PNTG PAR LMB VITL PI WLDN GDYN AGYS ROAD LMB |
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| 2026 Q1 | Apr 23, 2026 | WS Amati Global Innovation Fund | - | - | 005930 KS, BAS.DE, BSY, JHX, LITE, MKSI, PI, TECN SW, VU.PA, WGS | AI, Automation, defense, global, innovation, semiconductors, technology | JHX BSY TECN.SW VU.PA PI MKSI LITE 005930.KS |
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| 2023 Q1 | Mar 31, 2023 | Driehaus Micro Cap Growth Strategy | 2.0% | 2.0% | AGYS, ELF, PI, TMDX, UBS, XENE | Banking Crisis, Fed policy, growth, healthcare, inflation, Micro Cap, Recession, technology | Regional bank failures including Silicon Valley Bank and Signature Bank created a banking crisis in March. The crisis was driven by concentrated deposit bases, uninsured deposits, and forced treasury sales at losses rather than credit quality issues. Emergency Fed measures including deposit guarantees and the Bank Term Funding Program helped restore stability. | 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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| 2022 Q4 | Dec 31, 2022 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | CLB, GDYN, GKOS, MEG, PI, XMTR | - | View | ||
| 2025 Q3 | Oct 24, 2025 | NCG Micro Cap Growth Strategy | 4.6% | 5.2% | ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA | AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap | AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities. | ATRO |
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| 2025 Q3 | Oct 24, 2025 | NCG Small Cap Growth Strategy | 5.9% | 3.9% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, STRL, TOL, VCEL, XMTR | AI, defense, growth, infrastructure, nuclear, small cap, Speculation, valuation | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant increases in investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | BE XMTR |
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| 2025 Q3 | Oct 24, 2025 | NCG SMID Cap Growth Strategy | 7.1% | 4.3% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, SPRY, STRL, TOL, XMTR | AI, earnings, growth, industrials, infrastructure, Rate Cuts, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | View | |
| 2025 Q3 | Oct 24, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BOOT, BRBR, CLBT, DY, ESAB, EXP, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, cyclicals, Data centers, growth, healthcare, Natural Gas, small cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. | ZWS PRM PI RMBS |
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| 2025 Q3 | Oct 21, 2025 | Alger Weatherbie Specialized Growth Fund | - | - | AORT, PI, PLMR, SMTC, SPSC, VERX | AI, growth, healthcare, industrials, semiconductors, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Continued enthusiasm for artificial intelligence drove Information Technology sector outperformance. Burgeoning demand for AI infrastructure is accelerating U.S. business spending. | VERX PLMR SPSC AORT PI VERX PLMR SPSC AORT PI |
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| 2025 Q3 | Oct 20, 2025 | Wasatch Micro Cap Fund | 9.5% | - | LMB, PAR, PI, PNTG, VITL, WLDN | Biotechnology, growth, healthcare, infrastructure, Microcap, Quality, Risk Appetite, Utilities | Micro-cap stocks posted exceptionally strong returns in Q3 as investor risk appetite remained robust following the Trump administration's moderated tariff stance in April. A much-anticipated interest-rate cut late in the quarter further fed that risk appetite, creating an environment favorable for higher-risk assets. | PNTG LMB VITL PI WLDN |
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| 2025 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV | healthcare, industrials, infrastructure, Quality, small caps, technology | The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure. | CORT |
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| 2025 Q4 | Jan 21, 2026 | NCG Small Cap Growth Strategy | 4.2% | 8.3% | ADPT, ATEC, AVPT, AXGN, BETA, BLND, CCB, CELH, COHR, ELF, KNX, KVYO, MTSI, PCOR, PEGA, PI, PRCH, QTWO, TOL, TTAN, UTI, WAL, WULF | active management, growth, healthcare, industrials, Outperformance, Quality, small caps, technology | The manager emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability, underperformed broader small cap indexes that included unprofitable companies. Biotech was a significant area of outperformance in small cap indexes during 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. The manager has maintained low or no exposure to biotech, which contributed to relative underperformance. They continue to view many biotech business models as unproven despite strong recent performance. The portfolio includes holdings in AI infrastructure companies as part of their technology sector overweight. The manager sees strong growth prospects in AI-related investments and believes these companies are trading at attractive valuations within their diversified technology holdings. Nuclear energy was identified as one of the specific areas of outsized strength in small cap markets during 2025. The portfolio maintains exposure to the nuclear energy market through one company in their energy allocation, reflecting their focus on emerging energy themes. | View | |
| 2025 Q4 | Jan 21, 2026 | NCG SMID Cap Growth Strategy | 3.6% | 8.1% | ADPT, AII.TO, ATEC, AXGN, BETA, BLND, CELH, COHR, ELF, INOD, KVYO, MTSI, PCOR, PEGA, PHAT, PI, QTWO, TOL, TTAN, UAMY, UTI, WULF | Biotechnology, growth, healthcare, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They believe quality factors worked against active managers in 2025, as low-quality stocks with negative earnings significantly outperformed. The firm maintains their focus on quality despite near-term headwinds. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, and the firm believes there is opportunity for this discount to narrow with an improving fundamental backdrop. Biotech was an area of outsized strength in 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. However, the firm maintains low or no exposure to biotech as they view many business models as unproven with high expectations that may fail to materialize. | View | |
| 2024 Q4 | Jan 11, 2025 | Driehaus Micro Cap Growth Strategy | 0.5% | -32.9% | CLFD, ELF, PI, TMDX, XENE | Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps | Manager believes inflation will continue to fall as key drivers like excess money supply (M2 now negative year-over-year), excess savings, and supply chain issues have largely normalized. Fed policy response to inflation trajectory remains the key market driver. | View | |
| 2022 Q3 | Sep 30, 2022 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | AMRC, CLB, DH, DRQ, PI, SPSC | - | View | ||
| 2023 Q2 | Jul 27, 2023 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund seeks AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | POWL RMBS ZWS KPRMILL IN AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN |
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| 2023 Q1 | Mar 31, 2023 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | POWL RMBS ZWS KPRMILL IN AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN |
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| 2024 Q4 | Jan 17, 2025 | Driehaus Small Cap Growth Fund | 1.1% | -34.3% | CALX, HALO, KNSL, PI, WSC | Fed policy, growth, inflation, infrastructure, Onshoring, Recession, small cap, Valuations | Manager believes inflation will continue to fall as key drivers (excess money supply, excess savings, supply chain issues, labor shortages) are normalizing. M2 money supply is now negative year-over-year, excess savings are declining, and supply chains have largely recovered. | View | |
| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | APPF, AROC, BILL, ESAB, EVH, EXR, FRSH, KWR, LPLA, LSTR, MMSI, MSA, PCVX, PI, PJT, RBA, SUM, TMDX, ZETA | AI, Election, financials, growth, healthcare, M&A, small caps, technology | The letter discusses significant AI investment themes, noting that one major chip designer's data center revenues are expected to represent approximately 15% of total U.S. capital spending in 2025. The managers highlight the risk of excess capacity if generative AI applications fail to drive demand, requiring hyperscalers to generate $400 billion in revenue to justify current spending levels. | View | |
| 2023 Q4 | Jan 17, 2024 | Driehaus Small Cap Growth Fund | 6.4% | 27.0% | CALX, HALO, KNSL, PI, WSC | Biotechnology, Fed policy, growth, inflation, infrastructure, Onshoring, Recession, small cap | Manager believes inflation will continue to fall as key drivers (excess money supply, excess savings, supply chain issues, labor shortages) are normalizing. M2 money supply is now negative year-over-year, excess savings are declining, and supply chains have largely recovered. | View | |
| 2023 Q4 | Jan 17, 2024 | Driehaus Micro Cap Growth Strategy | 8.2% | 24.0% | CLFD, ELF, PI, TMDX, XENE | Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps | Manager extensively analyzes inflation drivers including excess money supply, savings, supply chains, and labor shortages. Believes inflation will continue to fall as M2 money supply turns negative, excess savings decline, and supply chains recover. Views falling inflation as key catalyst for equity market recovery. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 26, 2026 | Fund Letters | WS Amati Global Innovation Fund | Impinj Inc | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Exponential Growth, inventory management, market dominance, Radio-Frequency, retail technology, RFID, Volatile Stock | View Pitch |
| Apr 13, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | Impinj | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Asset tracking, growth, Inventory Tracking, Licensing, RFID, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | Impinj Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Enterprise software, Food & Grocery, inventory management, retail technology, RFID Technology, supply chain, Wireless Tracking | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Micro Cap Fund | Impinj, Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Neutral | NASDAQ | Inventory Tracking, Logistics, RFID Technology, supply chain, technology hardware, Walmart | View Pitch |
| Nov 29, 2025 | Fund Letters | Eric Mintz | Impinj Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | growth, Logistics, Margins, retail, RFID, semiconductors, technology | View Pitch |
| Nov 29, 2025 | Fund Letters | H. George Dai | Impinj Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Adoption, Endpoints, Item-level tracking, operating leverage, Readers, RFID, supply chain | View Pitch |
| Nov 29, 2025 | Fund Letters | Ken Korngiebel | Impinj Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Adoption, growth, Logistics, Margins, retail, RFID, semiconductors, supply chain, technology, Tracking | View Pitch |
| Nov 28, 2025 | Fund Letters | H. George Dai | Impinj Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Adoption, Endpoints, Item-level tracking, operating leverage, Readers, RFID, supply chain | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $17.9M | 0.01% | 102,753 | +102,753 | +100.00% | 0.4865% |
| Alex Sacerdote | Whale Rock Capital Management LP | $7.8B | $154.4M | 1.97% | 887,272 | -337,313 | -27.55% | 4.2009% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $7.4M | 0.01% | 42,663 | +39,463 | +1233.22% | 0.2020% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $696,040 | 0.00% | 4,000 | -313,103 | -98.74% | 0.0189% |
| Israel Englander | Millennium Management LLC | $233.2B | $239,612 | 0.00% | 1,377 | -3,076 | -69.08% | 0.0065% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $333,055 | 0.00% | 1,914 | -2,412 | -55.76% | 0.0091% |
| Cliff Asness | AQR Capital Management | $190.6B | $793,137 | 0.00% | 4,558 | -3,347 | -42.34% | 0.0216% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $5.2M | 0.02% | 30,105 | -64,858 | -68.30% | 0.1425% |