RCL

RCL

RCL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	AXON, BKR, NET, OKTA, PLTR, RCL, RH, RYAN, SRPT, VST	broadening, earnings, Mid Caps, Resilience, secular growth	The letter highlights a rebound in mid-cap growth stocks driven by earnings resilience and easing macro fears. Management sees broadening opportunities beyond mega-cap leadership. Mid-cap secular growers are favored.	RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR	View
2025 Q4	Mar 2, 2026	Recurve Capital	-	10.0%	CCOI, CVNA, QQQ, RCL	AI, disruption, innovation, Quality, technology, value	Manager discusses AI's disruptive impact on software companies and capital-light business models, while positioning portfolio companies as durable due to their intersection of physical and digital infrastructure. Companies like Carvana and Royal Caribbean use AI for pricing optimization, logistics, and customer experience enhancement. Carvana represents a major portfolio holding that has grown 100x from 2022 lows, demonstrating the power of digitally native auto dealing with proprietary technology for pricing, logistics, inspections, and reconditioning workflows. Royal Caribbean exemplifies the portfolio's focus on companies combining physical assets with technology innovation, using AI and technology for pricing optimization, packaging, promotions, and onboard customer experience delivery.		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	View
2025 Q4	Feb 12, 2026	Artemis US Select Fund (Class I Accumulation Shares GBP)	7.0%	10.0%	AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC	AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities	The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment.		View
2024 Q4	Dec 31, 2024	Ariel Fund	-0.7%	11.8%	ATGE, CG, LESL, MHK, MSGE, RCL	-			View
2025 Q4	Jan 21, 2026	Renaissance Investment Management – Large Cap Growth	0.0%	0.0%	AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM	AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation	AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies.	NFLX AMAT GOOG	View
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	View
2024 Q2	Jul 31, 2024	Ariel Fund	12.1%	0.0%	ADT, ATGE, LESL, NVST, RCL, SPHR	-			View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CBRE, CG, LESL, MSGE, NTRS, PARA, RCL	-			View
2023 Q2	Jun 30, 2023	Ariel Fund	12.1%	0.0%	CBRE, CG, LESL, MSGE, PARA, RCL	-			View
2025 Q1	Mar 31, 2025	Ariel Fund	-8.0%	-8.0%	ATGE, BIO, LESL, OSW, PARA, RCL, SJM, SPHR	-			View
2023 Q4	Jan 31, 2024	Ariel Fund	12.1%	0.0%	ATGE, CLB, JLL, MAT, RCL	-			View
2024 Q4	Jan 17, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	APP, AXON, BAH, ENTG, FND, LPLA, MPWR, MRVL, RCL, WING	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 30, 2026	Seeking Alpha	Seeking Alpha	Royal Caribbean Cruises Ltd.	Consumer Discretionary	Cruise Lines	Neutral	New York Stock Exchange	cruise industry, fleet-expansion, hold recommendation, industry growth, net leverage, occupancy rates, passenger increase, Revenue Growth, Royal Caribbean Cruises, valuation	View Pitch
Jan 20, 2026	Fund Letters	Eric Mintz	Royal Caribbean Group	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Neutral	New York Stock Exchange	Competition, Cruises, guidance, Pricing, Travel	View Pitch
Dec 4, 2025	Fund Letters	Eric Mintz	Royal Caribbean Cruises Ltd.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	NYSE	consumer, Leisure, Pricing, Tourism, Travel	View Pitch
Aug 13, 2025	Seeking Alpha	Juxtaposed Ideas	Royal Caribbean Cruises Ltd.	Consumer Discretionary	Travel Services	Bear	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	ABI Invest	Royal Caribbean Cruises Ltd.	Consumer Discretionary	Travel Services	Neutral	NYSE	—	View Pitch

BSD Shareholders of RCL

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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