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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Fidelity Growth Strategies Fund | 22.7% | 12.9% | ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG | AI, Data centers, growth, industrials, infrastructure, mid cap, technology | AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities. | HOOD AXON |
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| 2025 Q2 | Aug 4, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RCL, RUBK, TW, VST, WING | AI, consumer discretionary, growth, mid cap, Rate Cuts, tariffs, technology | Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle. | View | |
| 2025 Q2 | Aug 4, 2025 | Franklin Growth Opportunities Fund | 16.9% | 5.7% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI beneficiaries like Axon Enterprise in law enforcement digitalization and AppLovin's AI-powered advertising technology. | View | |
| 2025 Q2 | Aug 27, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RBRK, RCL, TW, VST, WING | AI, consumer discretionary, financials, growth, industrials, mid cap, technology | Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle. | CVNA VST MELI TW AXON PLTR |
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| 2025 Q2 | Aug 27, 2025 | Brown Advisors Mid-Cap Growth strategy | 15.8% | 7.2% | AJG, CSGP, EFX, ENTG, FICO, FIX, GWRE, HLT, LNG, MRVL, NET, OII, PINS, RBLX, TECH, VOYG, VRT, VST, WCN, WST | AI, Data centers, defense, energy, growth, mid cap, semiconductors, technology | AI-exposed stocks that were hit disproportionately following the DeepSeek news in the first three months of the year bounced the hardest in the second quarter. Three of the top-five contributors during the quarter benefited from that recovery. Cloudflare stands to benefit meaningfully from the rise of modern application development in fast-growing sectors like AI. | VOYG FIX NET |
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| 2025 Q2 | Aug 25, 2025 | Saltlight Capital | 24.5% | - | 0700.HK, BAM, BIDU, BLU.JO, GOOGL, NVDA, RBLX, UBER | AI, Data centers, infrastructure, Long/Short, Multi-Geography, private credit, semiconductors, technology | AI is viewed as a multi-decade technology epoch spanning 40-60 years, currently in the installation phase marked by significant capital expenditure. The manager sees AI as capital-intensive, with $300-400 billion projected spending this year, building strategic positions for future robotics and physical AI applications. | GOOGL |
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| 2025 Q2 | Jul 29, 2025 | Tall Oak Capital Advisors | - | - | AEM, ANET, CCO, EDV, EHC, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NVDA, PANW, RBLX, RELX.L, SAP, STN.TO, VST, WFC | AI, healthcare, longevity, Market Volatility, Quality, technology, Trade Policy | Aging population driving structural demand for healthcare technology, surgical innovation, and rehabilitation services. Focus on companies with clear demand, strong margins, and innovative leadership across the care continuum from surgical innovation to recovery infrastructure. | EHC ISRG EHC ISRG |
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| 2025 Q2 | Jul 27, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. Current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | DXCM FICO WING AXON TTD MPWR MDB INSM ALNY WYNN RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 16, 2025 | ARK Invest | 34.6% | 15.4% | ACHR, AMD, AMZN, AVAV, COIN, CRCL, CRSP, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TTD, TWST | AI, crypto, defense, Genomics, growth, innovation, Robotics, technology | ARK views artificial intelligence as one of its Five Innovation Platforms that could play an outsized role in pulling the economy out of the rolling recession. The firm believes AI, along with other innovation platforms, could catalyze productivity gains and accelerate economic growth during turbulent times when consumers and businesses are willing to change how they operate. | View | |
| 2025 Q2 | Jul 11, 2025 | Baillie Gifford – US Equity Growth | 24.8% | 12.9% | AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO | Concentration, growth, innovation, long-term, technology, US | The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage. | SPT ROKU CRCL APP 6857 JP MDLN |
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| 2025 Q2 | Jun 30, 2025 | Artisan Mid Cap Fund | 14.4% | 5.9% | ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL | AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology | Portfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient. | View | |
| 2026 Q1 | Apr 29, 2026 | Artisan Global Discovery | -5.5% | -5.5% | ASMI, ASND, COHR, COMP, HTHT, INSM, MDB, MOD, MSI, PRS, RBC, RBLX, SE, SPOT, TWST, WING | AI, Biotechnology, Data centers, defense, energy, global, mid cap, small cap | View | ||
| 2026 Q1 | Apr 18, 2026 | Artisan Mid Cap Fund | -5.9% | -5.9% | AJG, ALAB, ARES, CCCS, COHR, DASH, EW, MDB, PRS, RBLX, SITM, SMTC, TW, WAT, WING | aerospace, AI, Biotechnology, Data centers, defense, energy, growth, mid cap | View | ||
| 2026 Q1 | Apr 15, 2026 | Carillon Eagle Mid Cap Growth Fund | - | - | ARES, AXON, CASY, CVNA, PWR, RBLX, RDDT, TER, VRT, XPO | AI, defense, energy, Geopolitical, growth, healthcare, mid cap, technology | RDDT RBLX AXON CVNA ARES XPO PWR CASY TER VRT |
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| 2025 Q1 | Mar 31, 2025 | Fidelity Growth Strategies Fund | -8.0% | -8.0% | AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX | aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy | Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, global, growth, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q4 | Feb 3, 2026 | Fidelity Growth Strategies Fund | -3.4% | 12.6% | ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL | aerospace, AI, growth, industrials, mid cap, technology | The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026. | IDXX AXON LITE ATI COHR |
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| 2025 Q4 | Feb 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2024 Q4 | Dec 31, 2024 | Sands Capital Select Growth Fund | 8.8% | 24.3% | AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V | AI, growth, innovation, long-term, software, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Technology Innovators Fund | 9.0% | 37.7% | AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, Cloud, global, growth, innovation, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Asset Fund | -4.3% | 0.1% | ACGL, ALNY, APH, CHH, COIN, COR, CSGP, DAY, DKNG, DUOL, FDS, FICO, FND, GWRE, IDXX, IT, LOAR, MORN, MPWR, MTD, NET, ONON, PLTR, PWR, RBLX, STUB, VRSK, VRT, VST | aerospace, AI, growth, mid cap, Quality, technology, underperformance, valuation | The Fund discusses AI as a primary driver of market strength and data center capital spending growth. AI is creating both opportunities and challenges, with companies seeking guidance on AI risks and opportunities. The Fund believes AI should provide a tailwind for research companies like Gartner as businesses need help understanding AI implications. | STUB |
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| 2025 Q3 | Nov 5, 2025 | Franklin Growth Opportunities Fund | 4.0% | 10.0% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, Onshoring, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI as a key component to digitalization of law enforcement and emergency services through holdings like Axon Enterprise. | View | |
| 2024 Q3 | Nov 18, 2024 | Saltlight Capital | 15.6% | 35.6% | 0700.HK, APP, BAM, BLU.JO, RBLX, SE | Advertising, AI, gaming, global, growth, technology | The gaming industry is maturing with growth slowing to 2-4% and undergoing structural consolidation into three buckets: dominant franchise builders, user-generated content platforms, and traditional hit-driven studios. The fund has exposure across all three segments through companies like Tencent, Roblox, AppLovin, and Sea Ltd. | RBLX SE 0700.HK APP |
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| 2025 Q3 | Oct 28, 2025 | Fidelity Growth Strategies Fund | 3.3% | 16.7% | ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG | AI, Data centers, growth, industrials, infrastructure, mid cap, technology | AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – US Equity Growth | 5.4% | 19.1% | DUOL, FIGM, KNF, NFLX, RBLX, SHOP, TTD, W | Advertising, AI, E-Commerce, gaming, growth, Platforms, technology | AI is reshaping digital creation and software development, with companies like Shopify benefiting from AI-enabled tools and Figma positioned to become the dominant collaborative design layer as AI transforms workflows. The Trade Desk is rolling out AI-powered platforms while the broader landscape faces challenges from AI reducing eyeballs on the open internet. | KNF Figma KNF |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Select Growth Fund | 6.3% | 22.1% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology | AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 19, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, defense, growth, healthcare, mid cap, Natural Gas, technology, Travel | The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see potential inflection in earnings growth fueled by AI-driven margin expansion. Companies with exposure to the buildout of AI data centers have performed remarkably well in 2025 as hyperscalers have revised capital expenditure plans significantly higher. | MDB US INSM US ALNY US WYNN US MPWR US |
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| 2025 Q3 | Oct 15, 2025 | ARK Invest | - | - | ACHR, AMD, AMZN, AVAV, COIN, CRSP, HOOD, KTOS, PLTR, PSNL, RBLX, RKLB, ROKU, RXRX, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, growth, innovation, Robotics, technology | ARK views artificial intelligence as one of the Five Innovation Platforms that could play an outsized role in pulling the economy out of the rolling recession. The firm expects AI to accelerate productivity gains and economic growth, particularly as businesses harness new technologies to increase productivity and protect margins during periods of pricing power loss. | View | |
| 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 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 19, 2026 | Artisan Mid Cap Fund | -0.4% | 14.8% | ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST | AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology | AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities. | IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR |
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| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 8.7% | ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST | aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology | AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics. | VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 2025 Q4 | Jan 14, 2026 | ARK Invest | 0.0% | 0.0% | ACHR, AMD, AVAV, COIN, CRSP, DE, GH, GOOG, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, innovation, productivity, Robotics, technology | ARK believes convergences among major platforms like AI, robotics, energy storage, public blockchain technology, and multiomics sequencing should accelerate non-farm productivity growth to 4–6% on a year-over-year basis. AI-related spending boom on data centers and power plants began in late 2022. Strong demand for AI-related chip testing and semiconductor testing across compute, networking, and memory. Robotics is identified as one of the major transformative innovation platforms that should converge with AI and other technologies to drive productivity gains. The ARK Autonomous Technology and Robotics ETF focuses on companies developing autonomous mobility, humanoid robots, and intelligent devices. Energy storage is highlighted as one of the key transformative innovation platforms that will converge with AI, robotics, blockchain, and multiomics sequencing to accelerate productivity growth and economic transformation in the coming years. ARK sees favorable policy shifts around crypto as supportive headwinds shifting into structural tailwinds for innovation. Coinbase faced challenges from weakness in crypto market trading activity, with quarterly spot trading volumes declining 9% quarter-over-quarter. The firm maintains exposure through Bitcoin ETFs and crypto-related companies. Multiomics sequencing is identified as one of the major transformative platforms. The genomics space benefited from increasingly positive sentiment following Abbott's acquisition of Exact Sciences. Companies like Guardant Health and Natera showed strong performance with significant revenue growth and clinical trial successes. Defense spending represents a significant opportunity with the U.S. Army announcing plans to purchase at least one million drones in the next 2–3 years. Companies like Kratos Defense, AeroVironment, and Rocket Lab are positioned in this space, though innovation-based defense stocks experienced broad sell-offs during the quarter. | View | |
| 2025 Q4 | Jan 13, 2026 | Voya MidCap Opportunities Strategy | - | - | DLTR, DOCS, FIX, NTRA, RBLX, VERA | AI, consumer, growth, healthcare, industrials, mid cap, technology | AI remained a dominant theme with strong headlines around innovation and elevated capital investment by major technology firms. Increased spending on AI infrastructure and adoption trends reinforced optimism about its role as a key driver of future growth. AI-driven innovation is supporting the broadening of market leadership beyond mega-cap growth. Comfort Systems USA benefited from robust demand for data centers and AI-related infrastructure, with the company reporting stronger-than-expected revenue driven by this demand. | View | |
| 2023 Q2 | Jul 27, 2023 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology | The AI investment theme remains intact with continued user adoption and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, they note current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | DXCM FICO ARIS|BAB LN|GDDY|GXI|III LN|IOT|IRTC|MIPS SS|RBC|SAIA|SPOT|SRT GR|TTD|WING AXON ARIS|BAB LN|GDDY|GXI|III LN|IOT|IRTC|MIPS SS|RBC|SAIA|SPOT|SRT GR|TTD|WING MDB INSM ALNY ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN MPWR |
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| 2024 Q2 | Jun 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST | AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 2023 Q1 | Mar 31, 2023 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, Data centers, defense, growth, healthcare, mid cap, Natural Gas, technology | The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see a potential inflection in earnings growth fueled by AI-driven margin expansion. However, they recognize that current lofty multiples of many AI infrastructure stocks imply a strong growth trajectory for the next several years and leave little margin for error. | ARIS|BAB LN|GDDY|GXI|III LN|IOT|IRTC|MIPS SS|RBC|SAIA|SPOT|SRT GR|TTD|WING MDB INSM ALNY ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN MPWR |
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| 2022 Q4 | Mar 2, 2023 | Saltlight Capital | 15.6% | 35.6% | BAM, RBLX, TCEHY | - | View | ||
| 2023 Q4 | Feb 23, 2024 | Saltlight Capital | 15.6% | 35.6% | AMZN, APP, GOOGL, MELI, META, NVDA, RBLX, TCP.JO | Advertising, AI, gaming, Meta, Networks, software, technology | Manager discusses AI infrastructure capex concerns but sees opportunities in AI software applications. Believes market overestimates short-term AI adoption while underestimating long-term potential. Focuses on AI-enhanced advertising platforms where high margins justify expensive AI compute costs. | TCP.JO APP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Carillon Eagle Mid Cap Growth Fund | Roblox | Electronic Gaming & Multimedia | Interactive Media & Services | Bull | New York Stock Exchange | cash flow generation, Engaged Users, Gaming Hits, Online Gaming Platform, social media, User Behavior, Viral Games, Virtual Experiences | View Pitch |
| Apr 13, 2026 | Fund Letters | Saltlight Capital | Roblox Corporation | Communication Services | Interactive Media & Services | Bull | NYSE | Advertising Monetization, Creator economy, Cross Platform, Gaming Platform, network effects, Platform economics, User-generated content, Youth Demographics | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Roblox Corp. | Communication Services | Entertainment | Bull | New York Stock Exchange | CapEx, Creators, Engagement, Gaming, monetization, platform, Regulation | View Pitch |
| Jan 23, 2026 | Fund Letters | Matthew Kamm | Roblox Corporation | Communication Services | Interactive Home Entertainment | Bull | New York Stock Exchange | AI, Creators, Engagement, Gaming, Platforms | View Pitch |
| Jan 20, 2026 | Fund Letters | Kirsty Gibson | Roblox Corporation | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | Engagement, infrastructure, Investment cycle, monetization, operating leverage | View Pitch |
| Jan 20, 2026 | Fund Letters | Eric Mintz | Roblox Corporation | Communication Services | Interactive Media & Services | Neutral | New York Stock Exchange | cashflow, Gaming, Margins, platform, Users | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | Roblox Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | AI, Engagement, Gaming, monetization, User-generated content | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Angerame | Roblox Corporation | Communication Services | Interactive Home Entertainment | Bull | NYSE | advertising, Creator economy, Engagement, growth, monetization, network effects, UGC | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | Roblox Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | AI, Engagement, Gaming, monetization, User-generated content | View Pitch |
| Sep 16, 2025 | Short Thesis | Hindenburg | ROBLOX Corp | Communication Services | Interactive Home Entertainment | Bear | NYSE | ADS, ARPU, Cloud costs, DAU mix, Developer payouts | View Pitch |
| Sep 16, 2025 | Short Thesis | Bear Cave | ROBLOX Corp | Communication Services | Interactive Home Entertainment | Bear | NYSE | ADS, ARPU, Cloud costs, DAU mix, Duration risk | View Pitch |
| Sep 16, 2025 | Short Thesis | Hunterbrook | ROBLOX Corp | Communication Services | Interactive Home Entertainment | Bear | NYSE | Ads RPM, ARPU, DAU mix, Developer payouts, Op leverage | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Gary Alexander | Roblox Corporation | Communication Services | Electronic Gaming & Multimedia | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Juxtaposed Ideas | Roblox Corporation | Communication Services | Electronic Gaming & Multimedia | Neutral | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||