RCL

RCL

RCL

Letters With This Ticker

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	View
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 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	View
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	View
2025 Q2	Jul 14, 2025	Recurve Capital	-	14.8%	AMZN, BC.MI, CCOI, CVNA, ELF, MSFT, PAY, RCL, RH	Concentration, Decision Tree, disruption, E-Commerce, growth, Long Term, value creation, volatility	Carvana represents a disruptive e-commerce platform in the used auto market with industry-leading unit economics. The company has transformed from near-bankruptcy in 2022 to a high-quality secular growth story, demonstrating the power of purpose-built modern operating infrastructure that competitors cannot replicate.	BC PAY AMZN RH ELF RCL CCOI CVNA RH CCOI CVNA	View
2025 Q2	Jun 30, 2025	Parnassus Mid Cap Growth Fund	13.3%	-	ALC, ALNY, BLDR, CSGP, DDOG, EFX, GWRE, HLT, HOOD, JBHT, KLAC, MELI, NET, ODFL, POOL, RCL, RGEN, SARO, SN, WDC	AI, Cyclical, growth, Logistics, mid cap, semiconductors, software	The fund maintains thematic focus on artificial intelligence exposure through software and semiconductor companies. Portfolio includes companies like Guidewire, Autodesk and Cadence that are well positioned with large datasets and existing customer relationships to train AI technology for specific use cases.		View
2025 Q1	May 14, 2025	Recurve Capital	-13.0%	-13.0%	AMZN, BC, CCOI, CVNA, ELF, RCL, RH, W	consumer, growth, Luxury, tariffs, technology, uncertainty, volatility	The administration has launched a massive global tariff campaign utilizing executive branch emergency powers to unprecedented levels. The nature of these unilateral tariff policy changes, implemented with almost no notice, creates higher volatility and uncertainty. The fund has about 22% exposure to consumer goods companies with less than 20% direct tariff exposure, primarily through RH and ELF which have elevated exposure to China and Vietnam supply chains.	W CCOI RH	View
2026 Q1	Apr 1, 2026	Recurve Capital	-18.2%	-18.2%	CCOI, CVNA, RCL	Cyclical, drawdowns, Geopolitical, growth, portfolio, value, volatility		CVNA	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	Mar 2, 2026	Recurve Capital	-	-1,820.0%	CVNA, RCL	Drawdown, Geopolitical, Iran, oil, portfolio, risk management, volatility			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	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	Capital markets, consumer, earnings, Entertainment, small caps, value	Royal Caribbean Group delivered strong quarterly earnings with robust consumer demand, healthy onboard spending, and solid pricing. The company benefits from new megaships, expanded island destinations, and a growing addressable market including younger demographics new to cruising.	MSGE LESL MHK CG ATGE RCL	View
2024 Q4	Dec 31, 2024	Renaissance Investment Management – Large Cap Growth	-	-	ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX	AI, defense, growth, healthcare, large cap, technology	Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets.	PINS BAH HCA AVGO APP	View
2025 Q3	Nov 24, 2025	Recurve Capital	-	14.6%	AMZN, BC.MI, CCOI, CVNA, ELF, KMX, PAY, RCL, RH	E-Commerce, growth, Luxury, opportunity, Portfolio Management, tariffs, Trade Policy	Carvana continues exceptional execution with over 45% year-over-year growth in September quarter, exiting above 50% unit growth. The company is rapidly expanding variable roles in reconditioning and local delivery, with job openings up 60% over six months, signaling strong growth intentions months ahead of third-party data.		View
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 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	View
2024 Q3	Oct 15, 2024	Recurve Capital	-	-	AMZN, AWI, BC, CCOI, CVNA, NCLH, RCL, RH, V, W	Concentration, disruption, growth, long-term, Process, Psychology	Carvana represents one of the best disruptive growth stories in the market, disrupting the used auto industry with powerful flywheel effects and operating leverage from future growth. The company has no serious risk of competitive disruption on the horizon and is actually the disruptor in its industry. Despite being up significantly, the manager remains exuberantly positive about its future returns and risk/reward profile.	CCOI CVNA	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 Q3	Sep 30, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ARES, AXON, BKR, CELH, COR, CRWD, DXCM, ENTG, FICO, GEV, GWW, RBA, RCL, ROST, SNPS, TTD, VST, WAB, WCN	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	The dramatic growth in AI infrastructure investment remains a dominant theme in the market, with hundreds of billions being invested by mega-cap tech companies. The fund holds positions well positioned to benefit from this trend, though managers remain vigilant of potential drawdown risks in AI winners.	ENTG SNPS CRWD CELH DXCM WAB FICO VST AXON GEV	View
2024 Q2	Jul 31, 2024	Ariel Fund	12.1%	0.0%	ADT, ATGE, LESL, LH, NVST, RCL, SPHR, SSD	consumer, earnings, Entertainment, healthcare, small caps, technology, value	AI-themed stocks continue to dominate markets this year, driving a narrow momentum rally that helped the S&P 500 gain while Mid- and Small-Cap companies declined. The resulting bifurcation has been extreme, as non-AI companies in the S&P 500 Index lost 1.2%.	NVST LESL SPHR ADT ATGE RCL	View
2023 Q2	Jul 31, 2023	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	8.1%	16.5%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, small cap, value	Cruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows.		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	View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2023 Q2	Jun 30, 2023	Ariel Fund	12.1%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, small cap, value	Cruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jun 30, 2023	Ariel International Fund	7.6%	0.0%	BIDU, CAH, CBRE, CCL, CG, DB1.DE, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Asia, Europe, growth, international, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2025 Q1	Mar 31, 2025	Ariel Fund	-8.0%	-8.0%	AAPL, AMZN, ATGE, BIO, GOOGL, LESL, META, MSFT, NCLH, NVDA, OSW, PARA, RCL, SJM, SPHR, TSLA	Media, Recovery, small caps, Travel, value, volatility	The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, and dislocations of this magnitude have often served as a prelude to robust recoveries.	OSW NCLH SPHR BIO LESL SJM ATGE PARA	View
2023 Q1	Mar 31, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with memories having more value than goods for many consumers.		View
2023 Q1	Mar 31, 2023	Ariel Fund	12.1%	0.0%	ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA	Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value	Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model.		View
2023 Q1	Mar 31, 2023	Ariel Global Fund	6.9%	0.0%	9984.T, CAH, CBRE, CCL, CG, ELE.MC, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Fed policy, global, growth, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2023 Q1	Mar 31, 2023	Ariel International Fund	7.6%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZBH, ZIMV	Europe, growth, international, liquidity, momentum, technology, value	Manager emphasizes contrarian value approach, avoiding expensive U.S. market while leaning into undervalued opportunities in Europe and Emerging Markets. The fund's deliberate underweight in Technology and overweight in recession-resilient sectors reflects this value orientation.		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	View
2023 Q4	Feb 29, 2024	Ashva Capital Management	23.0%	0.0%	BLDR, META, NVDA, NVR, RCL, UBER	Fed policy, Goldilocks, Housing, Recession, Soft Landing, technology	Manager believes millennials reaching home ownership age face a housing shortage that could last decades due to insufficient construction following the 2008 housing bubble. This structural shortage supports long-term investment in housing-related companies.		View
2023 Q4	Jan 31, 2024	Ariel Fund	12.1%	0.0%	ATGE, CLB, JLL, MAT, MSGE, RCL	consumer, earnings, energy, Entertainment, real estate, small caps, value	Royal Caribbean Group advanced on quarterly earnings beat and raised full-year guidance driven by stronger consumer demand and solid cost containment. The company continues to experience solid momentum in onboard spend, while 2024 booking trends are significantly ahead of historical ranges at higher pricing.	MSGE AMAT CLB JLL ATGE ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2023 Q4	Jan 25, 2024	Laughing Water Capital	2.5%	11.1%	ALC, APG, BVH, CDMO, DGX, ENZ, HGV, LFCR, LH, LMB, NN, RCL, THRY, VNDA, VTY.L, VZ	Buybacks, concentrated, long-term, small caps, value	Manager focuses on small and very small cap stocks despite recent underperformance. Notes that small caps have significantly underperformed large caps, with micro cap ETF returning only 8% in 2023. Believes this creates opportunity as small caps are only 4% expensive vs 20-year average while large caps are 88% expensive.	ANNX	View
2024 Q4	Jan 17, 2025	Carillon Eagle Mid Cap Growth Fund	-	-	APP, ARES, AXON, BAH, BKR, COR, ENTG, FND, GWW, LPLA, MPWR, MRVL, RBA, RCL, TTD, WAB, WING	AI, consumer, financials, growth, healthcare, mid cap, semiconductors, technology	AI investment theme drove significant market returns in 2024, with one major chip designer's data center revenues expected to represent 15% of total US capital spending in 2025. Hyperscalers need to generate $400 billion in revenue from AI to justify current spending levels, though user surveys suggest GenAI applications are meeting or exceeding expectations across industries.	MRVL AXON APP	View
2024 Q4	Jan 16, 2025	Recurve Capital	-	-	AMZN, AWI, BC.MI, CCOI, CVNA, NCLH, RCL, RH, W	disruption, E-Commerce, growth, Luxury, Recovery, technology, Travel, value	Carvana is disrupting auto retailing with 1% market share in a fragmented market where the largest player has 2% share. The company offers superior retail experience and delivery services compared to 40,000 independent dealers. Wayfair is building a disruptive platform in home furnishings, bringing global suppliers to retail customers through its marketplace model with verticalized logistics capabilities.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Ariel Fund	Royal Caribbean Group	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	China, Consumer Discretionary, Cruise, Leisure, Megaships, Pricing power, Tourism, Travel	View Pitch
Apr 13, 2026	Fund Letters	Recurve Capital	Royal Caribbean Group	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Consumer Discretionary, Cruise lines, Leisure, market leader, Post-Pandemic Recovery, Tourism, Travel	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Royal Caribbean Group	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NYSE	Consumer Discretionary, Cruise, fleet-expansion, hospitality, Leisure, Tourism, Travel	View Pitch
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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