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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 13, 2024 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, CERT, DOOR, MATX, MBUU, QLYS, TPX, VNT | AI, industrials, Quality, rates, small caps, technology, value | The portfolio's Quality orientation continued to stand out in the small cap space where earnings weakness was more pervasive. Strong balance sheets of portfolio companies, many with net cash, remained a significant advantage in the high rate environment. The manager seeks profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. | CERT QLYS CABO AWI VNT |
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| 2026 Q1 | Apr 22, 2026 | Third Avenue Small-Cap Value Fund | 7.8% | 7.8% | COMP, CPRX, ECPG, HOG, KALU, LXU, PBF, QLYS, RHI, SD, TDW, TPH, UNF | AI, cybersecurity, disruption, energy, Fertilizers, small caps, Staffing, value | View | ||
| 2024 Q1 | Apr 20, 2024 | Headwaters Capital Management, LLC | 8.8% | 21.4% | CLMB, QLYS, SOPH.L, SWI, UFPT | cybersecurity, Distribution, growth, mid cap, software, technology, value | CLMB is a specialty IT distributor focused on cybersecurity and data center software with deep expertise in the products it distributes. The cybersecurity focus supports faster growth rates than broader IT spend, with demand backdrop for cybersecurity broadly supporting organic revenue growth. QLYS remains a critical solution within the cybersecurity ecosystem despite Microsoft partnership ending. | CLMB |
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| 2026 Q1 | Apr 13, 2026 | The London Company SMID Cap | -3.6% | -3.6% | ACIW, AWI, AXTA, CCC, CHDN, COO, ENTG, ESI, MUSA, QLYS, TREX, WAT | cybersecurity, energy, Geopolitical, Quality, semiconductors, SMID Cap, value | ACIW CCC COO AWI CHDN QLYS ESI MUSA ENTG |
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| 2022 Q4 | Dec 31, 2022 | Baron Discovery Fund | 13.5% | 9.3% | ALGM, AXON, CDNA, DH, FORG, GTLS, MEG, QLYS, RVNC, SMAR | - | View | ||
| 2023 Q3 | Oct 31, 2023 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX | Buybacks, dividends, Quality, small caps, technology, value | The portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations. | NGVT ELANCO ENOV QLYS TPX |
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| 2023 Q3 | Oct 26, 2023 | Headwaters Capital Management, LLC | 8.8% | 21.4% | ABCM, CYRX, DHR, INSP, ISRG, QLYS, TECH, TMO, UFPT | activism, cybersecurity, healthcare, Life Sciences, mid cap, small caps, value | Weight loss drugs created significant market fears during Q3, particularly impacting healthcare stocks. The manager believes concerns about GLP-1 drugs reducing obesity and affecting medical procedures are overblown, especially for companies like Inspire Medical which could actually benefit from patients reducing BMI into treatable ranges. | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN QLYS |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX | active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations | The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels. | SIMP PTGX |
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| 2024 Q2 | Jul 22, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AER, BRKR, CHDN, DAVA, DECK, HAS, LW, MBI, MUSA, NEU, QLYS, TREX | Consumer Staples, cybersecurity, healthcare, Quality, small caps, value | The portfolio focuses on high quality businesses with strong balance sheets, high ROIC, and improving margins. The manager emphasizes owning great businesses at reasonable prices and allowing them to compound over the long term. | QLYS BRKR |
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| 2023 Q4 | Feb 20, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | BWMN, CCCS, CNM, FIVE, FOXF, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL | concentrated, growth, Quality, Resilience, small cap, value | Polen focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies that are undervalued relative to their long-term compounding potential and emphasize businesses with resilient financial models and strong balance sheets. | View | |
| 2023 Q4 | Jan 23, 2024 | The London Company Small Cap | 7.0% | 8.9% | AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM | Banking, industrials, Quality, small cap, technology, value | The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4. | RVLV PLUS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | The London Company SMID Cap | Qualys, Inc. | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI, balance sheet, cash generation, cybersecurity, market share, product innovation, Systems Software, Vulnerability Management | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company Small Cap | Qualys Inc. | Information Technology | Systems Software | Bull | NASDAQ | cloud security, cybersecurity, double-digit growth, Go-to-market Strategy, SaaS, SMB, Software | View Pitch |
| Apr 28, 2026 | Fund Letters | Headwaters Capital | Qualys Inc | Software & Services | Systems Software | Bull | NASDAQ | cloud solutions, cybersecurity, Free Cash Flow, IT Security, M&A Target, SaaS, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | Qualys Inc | Information Technology | Systems Software | Bull | NASDAQ | cloud security, competitive moat, cybersecurity, Equity, Go-to-market, Product Strategy, SaaS, Systems Software | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small-Mid Cap | Qualys Inc | Software & Services | Systems Software | Bull | NASDAQ | cloud-based, cybersecurity, defensive, high margins, IT Security, recurring revenue, SaaS | 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 |
|---|---|---|---|---|---|---|---|---|
| Terry Smith | Fundsmith | $17.1B | $86.1M | 0.50% | 647,806 | -223,053 | -25.61% | 2.2899% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $28.9M | 0.05% | 217,475 | +95,641 | +78.50% | 0.7687% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.1M | 0.01% | 23,606 | +8,686 | +58.22% | 0.0834% |
| Israel Englander | Millennium Management LLC | $233.2B | $32.6M | 0.01% | 245,322 | +117,666 | +92.17% | 0.8672% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $27.4M | 0.04% | 206,425 | +67,365 | +48.44% | 0.7297% |
| Cliff Asness | AQR Capital Management | $190.6B | $84.2M | 0.04% | 633,471 | -377,298 | -37.33% | 2.2392% |
| Rich Handler | Jefferies | $19.3B | $3.4M | 0.02% | 25,727 | -521 | -1.98% | 0.0909% |