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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 2, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CHRD, CNM, CSL, EHC, ENTG, ERF.TO, FORM, HCP, MODN, MWA, OSW, PRMW, PTC, SUM, WSC | energy, industrials, Quality, small cap, technology, value | Mueller Water Products manufactures products and services used in the transmission, distribution, and measurement of water in North America. America's water infrastructure is massive and in very serious need for upgrade and modernization. Significant federal funds have been allocated to do just this and the fund believes MWA is well positioned to capitalize. | HCP MWA CHRD CCOI CNM |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEY, AKAM, AMAT, AMZN, AVGO, CHTR, CP, CRM, GOOGL, INTU, ISRG, LLY, MSFT, NTRA, NVDA, PTC, SPGI, TSM, V, VRTX, YUM | AI, growth, healthcare, large cap, semiconductors, technology | AI-related momentum and optimism continued from 2023 into Q1 2024, particularly within semiconductors. The fund benefits from AI exposure through holdings like NVIDIA, Taiwan Semiconductor, and Broadcom, which are positioned to benefit from soaring demand for AI capabilities and chip production. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADYEN.AS, ANSS, BALL, BMRN, CSGP, EFX, GWRE, KLAC, LRCX, LULU, MELI, NTR, PGR, PTC, SNPS, SQ, TEAM, TT, WDAY | AI, growth, healthcare, mid cap, semiconductors, software, technology | Artificial Intelligence helped lift earnings, particularly among technology stocks. The revolutionary potential of AI may drive a super-cycle in semiconductors, as AI technology will move from the data center to laptops and smartphones. | View | |
| 2023 Q1 | Apr 20, 2023 | Titan Wealth | - | - | BMW.DE, JNJ, LVMH.PA, ORCL, PTC, RHHBY | AI, Banking, demographics, Energy Transition, geopolitics, healthcare, inflation, technology | Heightened geopolitical tensions including US-China spy balloon incidents, Russian invasion of Ukraine, and China's military expansion with potential Taiwan invasion by 2027. This backdrop increases market volatility and supports elevated inflation. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Technology Fund | 13.0% | 30.0% | 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CSU.TO, GOOGL, MA, META, MSFT, NFLX, ORCL, PTC, SAP, TSM, TXN, UBER, V, VEEV | AI, Automation, growth, SaaS, semiconductors, software, technology | AI investment opportunities continue to drive portfolio positioning, particularly in hardware and semiconductor manufacturers that power AI models. The fund recently added NICE, which provides AI modules for contact center software, demonstrating the expansion of AI applications beyond core infrastructure. | 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 | |
| 2023 Q3 | Oct 15, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC | interest rates, Quality, Recession, Russell 2000, small caps, value | Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points. | HAYW FROG OLLI MDLZ MGNI GOGO |
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| 2025 Q4 | Jan 26, 2026 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO | AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology | AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut. | CPAY CWST ARE CHDN EXPE LNWO |
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| 2025 Q4 | Jan 22, 2026 | WS Amati Global Innovation Fund | 0.0% | 0.0% | 000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC | AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology | AI continued to dominate investor debate with impressive deals between OpenAI and semiconductor vendors, though circular nature of agreements reminiscent of dot com excesses gave some pause. Overall sentiment around AI capex cycle remained buoyant despite some financially fragile players seeing share price drops. Memory semiconductors emerged as key AI beneficiaries with Korean chipmakers Samsung Electronics and SK Hynix contributing strongly to performance. Samsung fixed technical challenges with high bandwidth memory products to fully participate in AI growth. Eli Lilly strengthened its position as leader in obesity and diabetes medication category with injectable GLP1 products outperforming Novo Nordisk clinically and commercially. Newly approved oral GLP1 promises to unlock large incremental market opportunity. Defense stocks experienced broad sell-off due to concerns about UK defense funding and potential Russia/Ukraine war resolution. Despite near-term headwinds, long-term growth opportunities remain for defense technology companies like Chemring in energetics and electronic warfare. Clinical practice in Alzheimer's diagnostics is moving to blood tests as cheaper, less intrusive but equally precise option. H.U. Group has strong first mover advantage in blood-based biomarkers for Alzheimer's disease testing with multi-fold growth in past year. | 4544 JP FN LLY 000660 KS 005930 KS LITE PTC CHG LN CGNX |
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| 2023 Q4 | Jan 18, 2024 | Titan Wealth | - | - | EBAY, EL, HEIA.AS, META, NKE, NVDA, ORCL, PTC, SNY | AI, Energy Transition, global, inflation, interest rates, Multi-Asset, technology, thematic | AI is described as the 4th industrial revolution and the most important investment theme for coming years. The firm is working to identify second and third-round beneficiaries of the AI boom with modest valuations. They plan to increase exposure to technology and innovation themes embracing AI in early 2024. | View | |
| 2025 Q4 | Jan 15, 2026 | Canopy Investors | - | - | 4194.T, ASSA-B.ST, AUTO.L, AZEK, JHX, MEDP, MONC.MI, NEM, PTC, TREX, TW | AI, Enterprise Software, global, Japan, Quality, SMID Cap, valuation | AI has driven significant market rotation away from quality stocks, with concerns about disruption weighing on enterprise software and online classifieds companies. The fund believes AI disruption fears are overdone for their portfolio companies, which are more likely to be beneficiaries than victims of AI adoption. Quality was the worst-performing investment factor in H1 FY26, with lower-quality and more volatile stocks significantly outperforming. This represents a continuation of quality underperformance reminiscent of the late 1990s dot-com era, driven by speculative investor behavior and thematic investing. Japan faces structural labor shortages driving increased mid-career hiring and workforce mobility. The country has a new pro-business Prime Minister and depreciating yen enhancing export competitiveness, though it faces labor shortages, inflation, and geopolitical risks with China. Enterprise software companies face investor concerns about AI disruption, particularly around AI agents displacing traditional interfaces and reducing barriers to entry. However, many providers digitize structured processes that AI cannot easily replace and are likely to benefit from AI integration. | 4194 JP TREX AUTO LN MEDP PTC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | Graeme Bencke | PTC Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, engineering, Industrialsoftware, Plm, recurring revenue | View Pitch |
| Jan 20, 2026 | Fund Letters | Jack McManus | PTC Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Incumbency, Plm, Software, switching costs | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $15.4M | 0.03% | 88,161 | -545,425 | -86.09% | 0.0829% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $12.2M | 0.01% | 70,049 | +70,049 | +100.00% | 0.0659% |
| Ray Dalio | Bridgewater Associates | $27.4B | $10.1M | 0.04% | 58,197 | +34,564 | +146.25% | 0.0547% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $31.0M | 0.04% | 178,143 | +134,759 | +310.62% | 0.1676% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.4M | 0.00% | 42,696 | -79,157 | -64.96% | 0.0402% |
| Jeremy Grantham | GMO LLC | $39.1B | $31.3M | 0.08% | 179,624 | +179,624 | +100.00% | 0.1690% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $37.8M | 0.06% | 216,699 | +135,051 | +165.41% | 0.2038% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.2M | 0.00% | 18,294 | -2,670 | -12.74% | 0.0172% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.4M | 0.04% | 7,511 | +7,511 | +100.00% | 0.0075% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $25.1M | 0.07% | 144,282 | -34,847 | -19.45% | 0.1357% |