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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 5, 2024 | Brown Capital Management Mid Company Fund | -7.9% | -3.1% | ALGN, CRL, FIVN, GWRE, NTRA, OMCL, PAYC, PODD, TDOC, VEEV | Biotechnology, growth, healthcare, Medical Devices, mid cap, software, technology | Charles River Laboratories, a pre-clinical contract research organization involved in 80% of FDA-approved drugs, is experiencing significant headwinds from higher interest rates curtailing capital market funding for biotech customers. Small and medium-sized biotech companies represent 40% of Charles River's client base and are most affected by the weaker funding environment, leading to consecutive quarterly revenue declines for the first time since 2008-2009. The manager believes this represents the worst capital-raising environment for biotech in at least five years. | NTRA FIVN CRL PODD GWRE |
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| 2023 Q3 | Sep 30, 2023 | Baird Small/Mid Cap Growth Equity Fund | -8.9% | 2.8% | BJ, CHDN, CHPX, CNMD, CWAN, FIVE, FND, FOUR, INSP, KNSL, LFUS, LGIH, MTDR, MTZ, PODD, RBC, SAM, SWAV, TTC, WSC | consumer, growth, healthcare, industrials, inflation, rates, small caps, technology | GLP-1 drugs emerged as a solution for obesity and reducing long-term cardiovascular risks, leading to sharp negative reactions across the medical equipment industry. The market views it as a zero-sum game with inevitable shrinkage of addressable markets for diabetes and sleep apnea devices. | View | |
| 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 | |
| 2025 Q2 | Jul 11, 2025 | Driehaus Small/Mid Cap Growth Fund | 15.9% | -2.4% | AXON, CVNA, CYBR, NTRA, PODD | AI, energy, growth, industrials, infrastructure, small cap, tariffs, technology | AI infrastructure demand remains robust with hyperscalers continuing competitive spending battle. DeepSeek concerns proved temporary as AI capex trends remain strong with new use cases driving productivity gains. The strategy increased exposure to AI data center buildout companies during the quarter. | View | |
| 2023 Q2 | Jun 30, 2023 | Baird Small/Mid Cap Growth Equity Fund | 3.4% | 12.9% | CHDN, CNMD, COCO, CTLT, CWAN, DECK, EXAS, ICLR, INSP, IRTC, KNSL, LGIH, MKTX, PODD, POOL, RGEN, RVNC, SEDG, SWAV, TECH | consumer discretionary, financials, growth, healthcare, industrials, small caps, technology | Healthcare sector showed mixed performance with surgical volumes returning to normal seasonal patterns, benefiting medical technology holdings like Shockwave and Inspire. However, constrained biotech spending hurt companies like Catalent, which faced operational issues and CFO termination. | View | |
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 15, 2026 | Brown Advisors Mid-Cap Growth strategy | -9.0% | -9.0% | AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS | AI, energy, growth, industrials, mid cap, software, technology | GH FTAI ANDG RDDT TOST GWRE |
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| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY | AI, growth, healthcare, mid cap, risk management, technology | Continued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications. | WDAY MDB |
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| 2026 Q1 | Apr 10, 2026 | Alpha Wealth Funds – The Insiders Fund | -7.1% | -7.1% | ABT, ADPT, AMAT, BA, BSM, CME, DXCM, ET, GOOG, INTC, KKR, LSCC, MSCI, NVDA, PODD, POOL, ROK, TPC, TREX, TTD | AI, Automation, defense, energy, Geopolitical, healthcare, Onshoring, semiconductors | View | ||
| 2026 Q1 | Mar 31, 2026 | ClearBridge Investments All Cap Growth | - | - | ADSK, APP, ASML, CRWD, DOCS, ETN, FCX, GWW, HUBS, ISRG, JCI, LHX, META, NFLX, PODD, RHHBY, RTX, TJX, TSM | AI, defense, growth, healthcare, materials, semiconductors, technology | ANET ROG.SW FCX TSM ASML APPL |
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| 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 | |
| 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 | |
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2023 Q4 | Dec 31, 2023 | Baird Small/Mid Cap Growth Equity Fund | 7.8% | 10.9% | BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO | financials, growth, healthcare, industrials, rates, small cap, technology | Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter. | View | |
| 2025 Q3 | Nov 8, 2025 | Baird Small/Mid Cap Growth Equity Fund | -3.2% | -9.6% | AAON, ADMA, AFRM, ALAB, BMI, BOOT, BRBR, BROS, BURL, BWXT, CASY, CAVA, CLWD, COCO, DKNG, ELF, EXAS, FDS, FOUR, FSS, HLI, INSM, INSP, IONQ, LII, MASI, MKTX, MTSI, NBIX, PEN, PODD, QBTS, RGTI, SOFI, TARS, TTAN, TWLO, TXRH, WAY, WING, WSO | AI, growth, healthcare, momentum, Quality, semiconductors, small cap, software | AI enthusiasm drove significant benchmark outperformance through semiconductor and infrastructure plays, with quantum computing stocks adding over 2% to benchmark weight despite extreme valuations. The market's insatiable desire for AI beneficiaries created meaningful factor headwinds for the portfolio. | View | |
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT | consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology | Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth. | SBUX SUNP IN ICLR|LLY|PLTR|SNPS|TGT AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH |
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| 2022 Q4 | Nov 2, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | COUP, CRWD, GNRC, PODD, XPO | - | 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 | |
| 2025 Q3 | Oct 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, DDOG, EFX, GWRE, GWW, HLT, HOOD, ICLR, JBHT, KLAC, MELI, MORN, MPWR, NET, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | AI, Cyclical, growth, mid cap, semiconductors, technology, value | The portfolio maintains exposure to artificial intelligence through software and semiconductor companies. AI megatrend is boosting demand for memory and storage, particularly ultra-high-capacity drives. Strong demand for AI applications in system-on-a-chip and memory testing is a major growth driver. | View | |
| 2025 Q3 | Oct 14, 2025 | Parnassus Growth Equity Fund | 5.8% | - | AAPL, AMZN, APPF, ASML, AVGO, BRO, CMG, CRM, DE, GOOGL, INSM, INTU, LLY, MELI, MSFT, NVDA, PODD, SARO, TSLA, TSM, V | aerospace, AI, growth, healthcare, large cap, Quality, semiconductors, technology | The fund continues to selectively participate in AI secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested the money and scaled the technology to drive this massive infrastructure transformation. However, there is risk that AI investments could become overheated before monetization gains momentum. | PODD US SARO US |
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| 2023 Q3 | Oct 10, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V | Concentration, growth, large cap, technology | 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 | |
| 2023 Q3 | Aug 10, 2023 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | AEL, ALGM, BJ, CASY, FWRD, HUBS, IRDM, KVYO, LNTH, MGRC, MOG.A, NCNO, NEWR, NMIH, NOVT, ODD, OMCL, PEN, PODD, SGFY, SHOP, SYNH, WHD, XPO | Banking, growth, healthcare, Medical Devices, small caps, software, technology | The early August revelation that GLP-1 diabetes and obesity treatment semaglutide has potentially important cardiovascular benefits led to pervasive selling across medical technology stocks. While longer-term implications were most pointed for diabetes stocks, reverberations were felt across cardiovascular, orthopedic and surgery-related stocks. | LNTH MGRC NCNO KVYO |
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| 2023 Q2 | Jul 20, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AMZN, CDNS, ISRG, MELI, MSFT, NOW, NVDA, PODD, PYPL, SQ, TSCO, TTD | AI, Cloud, growth, large cap, semiconductors, technology, US | Generative AI dominated earnings calls with 70% of portfolio companies mentioning it. The technology requires enormous resources suggesting value will accrue to platform providers and hardware manufacturers. While debate exists between dreamers and naysayers, the massive investment being deployed significantly increases adoption probability. | PYPL ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM PODD AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q2 | Jun 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, APPF, BAH, CACI, CNMD, DECK, FIVE, FND, FSS, GKOS, HEI, INSP, ITCI, JNJ, LGIH, LII, MANH, MEDP, NBIX, PODD, POOL, PRCT, RBC, RGEN, RXST, SPSC, SSD, TARS, TREX, TXRH, VERX, XPEL, ZBRA | AI, Defense Spending, growth, healthcare, small caps, software, technology | Artificial intelligence continues to drive outperformance in technology-related businesses. The portfolio benefits from AI tailwinds through utilities and telecommunications sectors. AAON's recent BASX Solutions acquisition provides exposure to datacenter infrastructure builds driven by AI needs. | View | |
| 2024 Q2 | Jun 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST | AI, growth, healthcare, industrials, Mid-cap, technology, value | The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark Fixed Income | - | - | PODD | credit, fixed income, high yield, Spreads, tariffs, value | Credit markets are finally pricing in uncertainty after an extended period of complacency. High yield spreads have widened to +375 basis points, almost 100 basis points off the tights, while investment-grade BBB credit has widened to around +120 basis points. This repricing creates opportunities for value investors as risk premiums begin to reflect reality. | PODD |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ithaka US Growth Strategy | Insulet Corp. | Health Care | Health Care Equipment & Supplies | Bear | NASDAQ | Competition, Diabetes, Healthcare Equipment, Insulin delivery, market share, Medical devices, Medtronic | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Fixed Income | Insulet Corporation | Health Care | Health Care Equipment | Bull | NASDAQ | Bond, capital structure, Credit, Diabetes, Free Cash Flow, healthcare, high yield, Insulin delivery, Medical devices | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management Mid Company Fund | Insulet | Health Care Equipment & Supplies | Health Care Equipment | Bull | NASDAQ | CGM Integration, Diabetes Management, Insulin Pump, international expansion, Manufacturing efficiency, market leader, Medical devices, Tubeless Technology | View Pitch |
| Sep 16, 2025 | Short Thesis | Blue Orca | Insulet Corp | Health Care | Health Care Equipment | Bear | NASDAQ | Competition, Devices, Diabetes, Insulin, Reimbursement | 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 | $582.2M | 0.48% | 2,048,369 | -43,329 | -2.07% | 3.1727% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.8M | 0.01% | 13,447 | +8,300 | +377.27% | 0.0208% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.4M | 0.00% | 5,000 | +5,000 | +100.00% | 0.0077% |
| Ray Dalio | Bridgewater Associates | $27.4B | $16.3M | 0.06% | 57,344 | +36,250 | +171.85% | 0.0888% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $402,484 | 0.00% | 1,416 | +400 | +26.67% | 0.0022% |
| Israel Englander | Millennium Management LLC | $233.2B | $66.2M | 0.03% | 232,949 | -500 | -20.00% | 0.3608% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $394.4M | 0.32% | 1,387,527 | -79,747 | -5.44% | 2.1491% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $104.2M | 0.15% | 366,722 | +115,918 | +46.22% | 0.5680% |
| Cliff Asness | AQR Capital Management | $190.6B | $130.5M | 0.07% | 459,115 | +283,643 | +161.65% | 0.7111% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $42.2M | 0.16% | 148,299 | +88,982 | +150.01% | 0.2297% |
| James E. Flynn | Deerfield Management | $6.9B | $3.0M | 0.04% | 10,616 | +6,136 | +136.96% | 0.0164% |
| Bret Barakett | Tremblant Capital | $3.9B | $30.8M | 0.79% | 108,469 | +108,469 | +100.00% | 0.1680% |
| Roderick Wong | RTW Investments | $10.0B | $92.3M | 0.92% | 324,600 | +324,600 | +100.00% | 0.5028% |
| Rich Handler | Jefferies | $19.3B | $3.8M | 0.02% | 13,361 | +7,602 | +132.00% | 0.0207% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $38.3M | 0.10% | 134,760 | -32,317 | -19.34% | 0.2087% |