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PLNT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Farrer 36 Asset Management	-	-	ADYEN.AS, ASAI3.SA, CMG, COST, IAC, PLNT, SE, WMT	digital transformation, E-Commerce, emerging markets, growth, payments, value	Manager invests in offline-to-online transitions where businesses eliminate physical presence costs while scaling globally. Sea Limited's e-commerce arm Shopee faces benign competitive environment going into 2025. Digital transformation supercharges growth as seen in advertising, travel, and gambling industries.	ASAI3.SA SE	View
2025 Q2	Aug 5, 2025	Baron Small Cap Fund	10.3%	0.3%	ASGN, BWIN, CAKE, CWA, DKNG, DXCM, ENS, FROG, GDYN, GWRE, HH, HLLY, ICLR, IDXX, INSM, IT, KNSL, KTOS, LLYVA, NCNO, NEOG, ODD, PLNT, RRR, SEMI, SIZE, TDG, UTZ, VRT	AI, defense, growth, small caps, technology, value	AI remains the dominant and most compelling market theme. Vertiv Holdings, the fund's largest position, is a direct play on AI infrastructure buildout for data centers. The market became increasingly confident in the durability and longevity of AI growth during the quarter.		View
2024 Q2	Jul 12, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO	Concentration, Fitness, infrastructure, semiconductors, small cap, Used Autos, value	Planet Fitness pioneered the high value, low price gym model with over 2,500 gyms globally and 18.7 million members. The company captured roughly 90% of U.S. gym membership growth from 2011-2019 and plans to double its number of U.S. locations.	ISS.CO SDIP.ST KMX QRVO PLNT	View
2024 Q2	Jul 12, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO	Autos, Fitness, large cap, semiconductors, software, technology, value	Generative AI is viewed as an opportunity rather than a threat to NICE's business, with AI driving cloud adoption and higher revenue per customer. AI-specific product adoption is increasing rapidly, and the company's competitive advantages position them well to benefit from AI acceleration.	ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE	View
2024 Q2	Jul 12, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO	Concentration, Consumer Services, Long Term, real estate, semiconductors, technology, value	Generative AI is viewed as an opportunity rather than a threat to NICE's business. AI is driving cloud adoption acceleration and higher revenue per customer. Cloud penetration is in the low 20% range today and AI will likely accelerate cloud adoption.	ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE	View
2024 Q2	Jul 12, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST	AI, Cloud, concentrated, Discipline, large cap, real estate, value	Generative AI continues to drive cloud adoption and presents opportunities rather than threats to businesses like NICE. AI is accelerating cloud penetration and driving higher revenue per customer through AI-specific product adoption.	ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE	View
2024 Q2	Jul 12, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST	AI, Cloud, concentrated, Discipline, Enterprise Software, large cap, technology, value	Generative AI continues to drive cloud adoption and presents opportunities rather than threats to enterprise software companies. AI is accelerating cloud penetration and driving higher revenue per customer through specific product adoption.	ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE	View
2026 Q1	May 1, 2026	Baron Small Cap Fund	-8.0%	-8.0%	CGNX, GWRE, IT, PLNT, RBC, VRT	AI, Data centers, energy, Geopolitical, growth, small caps, software, technology		GWRE IT PLNT RBC CGNX VRT	View
2024 Q1	Apr 19, 2024	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, JXN, ONEW, PLNT, STLA	energy, Europe, Fitness, industrials, small caps, value	Basic Fit faces competitive pressures from Planet Fitness entering Spain and pricing challenges with 20 euro memberships returning in France. The company is slowing expansion pace from 200 to 175 clubs annually, indicating market saturation concerns. Despite 40% year-over-year decline, the manager sees opportunity in improved cash flows as mature clubs increase.	BFIT.AS	View
2026 Q1	Apr 15, 2026	Alger Weatherbie Specialized Growth Fund	-11.4%	-11.4%	AIR, CWST, DOCN, PLNT, STEP	AI, Aviation, Data centers, energy, growth, infrastructure, small cap, Waste management		PLNT STEP CWST LGCE DOCN AIR	View
2024 Q1	Apr 15, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	BKR, CELH, CRWD, DXCM, ENTG, LULU, MKTX, MLM, PLNT, RBA, ROST, SBAC, SNPS, SWAV, U, VRT, WCN	AI, Data centers, growth, healthcare, industrials, infrastructure, mid cap, technology	The fund is positioned to benefit from AI-driven data center spending acceleration, with holdings in companies like Vertiv that provide critical infrastructure for high-performance computing. The team monitors AI application adoption to assess sustainability of the investment cycle and its impact on market leadership.		View
2025 Q1	Mar 31, 2025	Baird Small/Mid Cap Growth Equity Fund	-10.6%	-10.6%	BJ, BOOT, BRBR, BROS, DKNG, EXL, GKOS, ITCI, JNJ, KAI, MASI, PEN, PLNT, PODD, POOL, PRCT, RGEN, TECH, ULS, WSO	AI, consumer, growth, healthcare, industrials, small cap, technology, volatility	AI-related spending faced questions regarding untethered pace as DeepSeek emerged as a potentially cheaper alternative platform from China. Microsoft's datacenter appetite showed signs of moderation, slowing positive market sentiment. Portfolio holdings with AI data center spending exposure experienced volatility.		View
2025 Q4	Feb 5, 2026	Baron Small Cap Fund	-1.6%	-0.7%	CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT	AI, Data centers, defense, growth, Quality, small caps, technology	AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance.		View
2024 Q4	Dec 31, 2024	Baron Small Cap Fund	-1.1%	13.3%	ALTR, ASGN, AZPN, BFAM, BLD, CAKE, DRVN, FOXF, FROG, GDYN, GTLS, GWRE, HLI, HQY, IBP, ICLR, INTA, IT, JBT, KNSL, NEOG, NPO, PLNT, RRR, TDG, VRT	AI, Data centers, growth, industrials, long-term, small caps, technology	AI-related data center buildout is driving extraordinary demand for Vertiv's power and cooling solutions. The company raised organic sales guidance to 12-14% CAGR for the next five years, benefiting from enormous capital investment in data centers to enable AI applications. JFrog is also positioned to benefit as generative AI adoption accelerates, driving the need to manage new binary types and increasing overall application complexity.		View
2023 Q4	Dec 31, 2023	Platinum International Brands Fund	-4.1%	-5.9%	1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA	Beverages, brands, China, consumer, Defensive, Valuations	The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment.		View
2022 Q4	Dec 31, 2022	Baron Small Cap Fund	9.6%	14.5%	ASGN, DXCM, EWCZ, GDYN, GTLS, INSP, IT, NEOG, PLNT, TTD, VRT	-			View
2025 Q3	Nov 5, 2025	Baron Small Cap Fund	0.5%	0.7%	BWIN, CGNX, DAY, GTLS, GWRE, HLI, HLLY, IBP, ICLR, INTA, IT, ITGR, KNSL, KTOS, NVCN, PLNT, PTECH, RDNT, RRR, SITE, VRT	AI, Data centers, defense, growth, industrials, Quality, small cap, technology	The market was powered by continued excitement around AI, with significant investment in AI infrastructure driving GDP growth. However, market concerns about AI competition negatively impacted some software holdings, though the manager sees no evidence that AI is negatively impacting Gartner's value proposition.		View
2025 Q3	Nov 25, 2025	Voss Value Fund	5.0%	-1.7%	CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF	AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value	AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb.	CLBT FLYW PRKS XPOF EEFT CVNA	View
2025 Q3	Nov 25, 2025	Voss Value Offshore Fund	4.9%	-2.3%	CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF	AI, Fintech, growth, small caps, software, technology, value	AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability.	CLBT FLYW PRKS XPOF EEFT FIVN	View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH	Commercial real estate, interest rates, real estate, small cap, United Kingdom, value	Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value	Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline.		View
2023 Q3	Sep 30, 2023	Baron Small Cap Fund	9.6%	14.5%	ASGN, AZPN, CGNX, CLVT, DXCM, FND, FOXF, GTLS, GWRE, ICON, INDI, INSP, IT, KNSL, LBRDA, PLNT, RRR, SITE, VRT, WASH	Automation, consumer discretionary, Data centers, healthcare, industrials, small cap, Specialty Insurance, technology	Vertiv Holdings, the fund's largest position, benefits from AI-driven growth in data center infrastructure. The company provides critical thermal management solutions for increasingly energy-dense data centers required for artificial intelligence applications.		View
2023 Q3	Sep 30, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALB, BKR, CELH, CMG, CRWD, DXCM, HAL, PEN, PLNT, SNPS	AI, cybersecurity, energy, growth, healthcare, interest rates, mid cap, technology	The fund sees generative AI as transformative across various businesses and continues to look for investment opportunities. Synopsys is releasing new tools to help companies use AI to improve semiconductor development projects. The emergence of AI has sparked optimism and increased spending in semiconductors, hardware, and software industries.		View
2023 Q3	Sep 30, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CELH, FRSH, KNSL, KWR, LBRT, LTHM, PJT, PLNT, SLAB, SUM	AI, energy, growth, healthcare, rates, semiconductors, small cap, technology	The fund remains excited about the potential for generative AI to transform a variety of businesses and continues to look for ways to benefit from this emerging trend. Despite strong interest from the investment community, valuations for many companies well-positioned to benefit from AI currently trade at reasonable multiples relative to their prospects for accelerating earnings growth. The emergence of the latest version of artificial intelligence has sparked healthy optimism, translating to increased spending in various industries such as semiconductors, hardware, and software.		View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, NEWR, PLNT, PRAA, RETA, TMCI, VERX	Biotechnology, consumer, growth, healthcare, industrials, small cap, technology	While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings.		View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ALGM, BJ, DRVN, EME, GFL, HCP, HLNE, HQY, INSP, LESL, MODG, MTSI, NEWR, PHR, PLNT, PRAA, RETA, STVN, TPG	consumer, financials, growth, healthcare, industrials, small cap, technology	While cloud adoption is still nascent, businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings.		View
2024 Q2	Jul 27, 2024	Baron Small Cap Fund	9.6%	14.5%	ASGN, BWIN, CHRT, DAY, DKNG, ENDV, EWCZ, EXPO, FND, GDOT, GWRE, IBP, INSP, KNSL, LOAR, PLNT, SITE, SPT, TREX, VRT	Cloud, consumer discretionary, Data centers, healthcare, industrials, Rotation, small cap, technology	Vertiv Holdings Co, a leading provider of critical digital infrastructure for data centers, is positioned to benefit from AI-driven growth in data center spend. The company reported very strong results with orders up 60%, highlighting strong demand for its products in data center cooling and power management.		View
2023 Q4	Jan 30, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADBE, ADYEY, AMZN, CRM, DE, EFX, GOOGL, HSY, INTU, LIN, LLY, MSFT, NVDA, PLNT, SBAC, SHW, TMO, ULTA, V	AI, growth, inflation, large cap, rates, software, technology	The market rally was driven by exceptional earnings growth and positive investor sentiment surrounding artificial intelligence prospects, particularly among the Magnificent Seven technology stocks. Adobe's AI opportunity through Firefly gained market appreciation after initial disruption concerns were resolved.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO CRM ADYEY ADBE	View
2024 Q4	Jan 27, 2025	Buckley Capital	1.5%	2.0%	AAPL, DNTL.TO, GOGO, MSFT, PLNT, TSLA, XPOF	Aviation, Connectivity, Fitness, Franchising, Russell 2000, small cap, undervalued, value	Manager emphasizes investing in undervalued stocks trading at significant discounts to intrinsic value, comparing portfolio holdings like IWG and Basic Fit to overvalued large-cap names like Apple and Tesla. Portfolio consists of undervalued stocks diversified across multiple businesses with substantial gaps between current prices and intrinsic values.	XPOF GOGO	View
2023 Q4	Jan 27, 2024	Baron Small Cap Fund	9.6%	14.5%	ALTR, ASGN, CLVT, DPHC, DXCM, ENDV, ETWO, EWC, FND, FOXF, GTLS, GWRE, IBP, ICLR, IDXX, IT, KNSL, KTOS, NCNO, NEOG, ODD, PLNT, RRR, SBA, SHLS, SITE, SKIN, TDG, TREX, TTD, VRT	AI, consumer discretionary, Data centers, growth, industrials, rates, small caps, technology	Vertiv Holdings benefits from robust demand for data center cooling solutions, particularly as AI-related servers require more sophisticated cooling. The company held its first Analyst Day introducing long-term growth targets and margin expansion plans.		View
2023 Q4	Jan 27, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	BILL, CRWD, DXCM, GTLS, HAL, MPWR, PAYC, PLNT, SNPS, TRU	AI, cybersecurity, energy, growth, healthcare, mid cap, semiconductors, technology	Artificial intelligence applications are driving demand for semiconductor chips and enterprise data centers. The rise of AI is expected to make it easier for criminals to generate sophisticated cyber attacks, increasing demand for security software. Technology companies are leveraging AI in new product announcements.		View
2022 Q4	Jan 19, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALB, BKR, CRWD, GNRC, HAL, HZNP, MRVL, PLNT, URI, WOLF	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 4, 2026	Fund Letters	Baron Small Cap Fund	Planet Fitness, Inc.	Leisure	Hotels, Restaurants & Leisure	Bull	New York Stock Exchange	Category Leader, Cheap Valuation, Fitness Centers, franchise, Low cost, new management, same-store sales, secular growth	View Pitch
Apr 28, 2026	Fund Letters	Alger Weatherbie Specialized Growth Fund	Planet Fitness, Inc.	Leisure	Hotels, Restaurants & Leisure	Bull	New York Stock Exchange	Brand, Consumer Discretionary, Fitness, franchise, Leisure, Low cost, Membership, recurring revenue, Unit growth	View Pitch
Apr 13, 2026	Fund Letters	Vulcan Value Partners - Small Cap	Planet Fitness Inc.	Consumer Discretionary	Leisure Facilities	Bull	NYSE	Consumer Discretionary, expansion strategy, Fitness Centers, franchise model, Free Cash Flow, market share growth, same-store sales, Subscription Business	View Pitch
Apr 13, 2026	Fund Letters	Vulcan Value Partners - Large Cap	Planet Fitness Inc.	Consumer Discretionary	Leisure Facilities	Bull	NYSE	Consumer Discretionary, Fitness Centers, franchise model, high margins, Low-cost Provider, membership growth, unit expansion	View Pitch
Apr 13, 2026	Fund Letters	Vulcan Value Partners - All Cap	Planet Fitness Inc.	Consumer Discretionary	Leisure Facilities	Bull	NYSE	brand recognition, Consumer Discretionary, expansion, Fitness Centers, franchise model, market share gains, Subscription Business, Unit economics	View Pitch
Apr 13, 2026	Fund Letters	Vulcan Value Partners - Focus	Planet Fitness Inc.	Consumer Services	Leisure Facilities	Bull	NYSE	Consumer services, Fitness Centers, franchise model, High returns, Low-cost Provider, market share gains, recurring revenue, unit expansion	View Pitch
Apr 13, 2026	Fund Letters	Vulcan Value Partners - Focus Plus	Planet Fitness Inc.	Consumer Discretionary	Leisure Facilities	Bull	NYSE	Consumer Discretionary, expansion, Fitness Centers, franchise model, Low Price Strategy, market share growth, recurring revenue, subscription revenue	View Pitch
Sep 16, 2025	Short Thesis	Bear Cave	Planet Fitness Inc	Consumer Discretionary	Leisure Facilities	Bear	NYSE	consumer, Fitness, franchise, Margins, Saturation	View Pitch

BSD Shareholders of PLNT

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.

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Letters With This Ticker

Pitches With This Ticker

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