PSN

PSN

PSN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 30, 2025	Invesco Discovery Fund	-12.2%	-12.2%	1ITCI IM, ALAB, BBIO, COOP, EMBR3 BZ, EVR, FRPT, LITE, PSN, RKLB, WAY	-			View
2024 Q4	Dec 31, 2024	Artisan Partners Small Cap Fund	0.6%	14.7%	ALAB, ARGX, COCO, CROX, FLS, GTLB, HALO, IPAR, ITGR, LSCC, NOVT, PSN, SN, TYL, VCYT, VSEC	-			View
2025 Q3	Oct 24, 2025	Artisan Global Discovery	3.0%	10.0%	ASC SJ, BFAM, CWAN, LSEG LN, MOD, PSN, PSTG, TDY, TEAM, WAY, WING	AI, defense, growth, healthcare, semiconductors	Equities advanced globally on AI-driven investment, easing tariffs, and broad rate cuts. The fund focuses on innovative growth companies in health care, technology, and defense with accelerating profit cycles. Managers highlight opportunities in biotech, semiconductors, and industrial automation amid evolving AI adoption and policy shifts.	WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD	View
2025 Q3	Oct 16, 2025	Brown Advisors Mid-Cap Growth strategy	2.0%	9.4%	ALNY, CAH, CMG, CVNA, DKNG, DXCM, FIG, FIX, MDB, NTSK, OS, PSN, RBLX, TTD, VRSK, WST, ZS	Artificial Intelligence, Biotechnology, cybersecurity, Data centers, healthcare	Brown Advisory sees strong tailwinds from AI and data center infrastructure fueling select mid-cap growth opportunities, including semiconductors, software, and cybersecurity. The fund also focuses on healthcare innovation, emphasizing biotech firms and specialty drug distributors benefiting from complex therapies and new technologies. It maintains a disciplined approach, trimming overvalued AI-exposed holdings and adding positions in emerging digital security and healthcare growth names.	CVNA NTSK PSN	View
2025 Q4	Jan 26, 2026	Brown Advisors Mid-Cap Growth strategy	-4.7%	12.5%	AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform.		View
2025 Q4	Jan 21, 2026	Artisan Partners Small Cap Fund	3.4%	8.6%	BRKR, CLBT, COCO, FLEX, GH, GWRE, HXL, INSM, IRTC, ITGR, LASR, LSCC, MOD, MTSI, PCOR, PEN, PSN, SN, STVN, VSEC	AI, Biotechnology, defense, growth, healthcare, profit cycles, small cap, technology	AI-related capital spending remains an area of active debate entering 2026. Investors continue to weigh strong industry momentum against concerns about circular financing dynamics and data center construction delays. The team finds compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes commercial aerospace suppliers are positioned to benefit for many years from significant content gains in new aircraft and growth in recurring aftermarket sales. Defense-related investments include companies with strong franchises in non-kinetic laser weapons and critical technologies. Healthcare returned as a source of market strength during the quarter. The team maintains relatively high exposure to the sector despite several years of industry headwinds, grounded in conviction in profit cycle opportunities for biotechnology companies. Many biotechnology franchises are early in what the team believes are some of the most compelling product launch cycles of their careers. The team continues to find compelling opportunities among semiconductor companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves data center performance and efficiency. These investments are managed with valuation discipline consistent with the team's process.	GWRE PSN STVN COCO INSM MTSI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	Craigh Cepukenas	Parsons Corporation	Industrials	Engineering & Construction	Bull	New York Stock Exchange	backlog, Contracts, cybersecurity, Defense, infrastructure	View Pitch
Nov 29, 2025	Fund Letters	GEORGE SAKELLARIS	Parsons Corp.	Information Technology	Aerospace & Defense	Bull	NYSE	Contracts, cybersecurity, Defense, Government, growth, infrastructure	View Pitch

BSD Shareholders of PSN

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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