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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | WS Amati Global Innovation Fund | - | - | AVY, CGNX, CHG.L, DRS, DXCM, GLBE, GLOB, HUBB, LITE, PI, PRCT, QGEN, RGEN, SHOP, TLX.AX | AI, Biotechnology, defense, global, growth, innovation, Robotics, technology | Staggering levels of capital investment into generative AI infrastructure continued throughout Q3 2025, propelling AI chips and equipment suppliers to ever higher valuations. The concentration of performance from this magnificent cohort rose beyond historic peak levels. The scale of the ultimate prize is still believed to be justification enough despite elusive returns. | View | |
| 2024 Q2 | Aug 2, 2024 | Alger Small Cap Focus Fund | 6.4% | 5.9% | AGYS, CABA, KRUS, MAR, NTRA, RGEN, WING | AI, Cloud, Genomics, growth, healthcare, small caps, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Growing confidence in AI capabilities boosted large cap technology stocks during the quarter. The fund sees AI as creating attractive investment opportunities. | RGEN KRUS CABA AGYS NTRA WING |
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| 2023 Q2 | Aug 1, 2023 | NZS Capital – Growth | - | - | AMZN, ASML, BALL, CDNS, CGNX, CSTM, DHR, FI, GOOGL, ISRG, LIN, LRCX, MSFT, OKTA, PGR, PYPL, RGEN, SUI, TXN, WDAY | AI, Cloud, Digital Economy, growth, innovation, semiconductors, technology | The manager views AI as creating vast opportunity for change with a wide range of outcomes, similar to the early days of the internet. AI has widened the range of outcomes for all companies and increased disruption risk. The manager believes some AI-themed stocks and large platform companies have become marginally less attractive due to this uncertainty. | 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 | |
| 2023 Q2 | Jun 30, 2023 | Baird Small/Mid Cap Growth Equity Fund | 3.4% | 12.9% | CHDN, CNMD, COCO, CTLT, CWAN, DECK, EXAS, ICLR, INSP, IRTC, KNSL, LGIH, MKTX, PODD, POOL, RGEN, RVNC, SEDG, SWAV, TECH | consumer discretionary, financials, growth, healthcare, industrials, small caps, technology | Healthcare sector showed mixed performance with surgical volumes returning to normal seasonal patterns, benefiting medical technology holdings like Shockwave and Inspire. However, constrained biotech spending hurt companies like Catalent, which faced operational issues and CFO termination. | View | |
| 2025 Q1 | May 1, 2025 | Conestoga Mid Cap Composite | 1.0% | 1.0% | ALGN, BFAM, CPRT, CSGP, FTNT, GNRC, GWRE, HEI.A, IT, RGEN, ROL, ROP, TECH, TYL, VRSK, WCN, WSO, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga's emphasis on higher-quality, conservative growth companies with higher recurring revenue, more stable product cycles, and less capital-intensive investment requirements was key to outperformance. The portfolio benefited from high-quality factor leadership as profitable companies measured by Return on Invested Capital and EBITDA margins declined less significantly than their high beta, non-earning counterparts. | View | |
| 2026 Q1 | Apr 29, 2026 | Weitz Multi Cap Equity Fund | -8.3% | -8.3% | CSGP, DHR, GOOGL, HEI, IR, IT, MSFT, ODFL, RGEN, SIRI, TXN, V | AI, energy, fundamentals, Geopolitical, multi-cap, Portfolio Management, value | View | ||
| 2026 Q1 | Apr 29, 2026 | Alger Small Cap Focus Fund | -7.6% | -7.6% | AGYS, CGNX, NBIS, RBC, RGEN, WGS | AI, Automation, Data centers, defense, energy, healthcare, small cap, technology | AGYS GDYN RGEN CGNX NBIS RBC |
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| 2026 Q1 | Apr 25, 2026 | The Osterweis Opportunity Fund | -3.8% | -3.8% | CWST, MOD, MTSI, RGEN, TTAN, TWST | AI, growth, healthcare, innovation, semiconductors, small cap, technology | RGEN TWST CWST MOD TTAN MTSI |
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| 2025 Q1 | Apr 24, 2025 | Prosper Stars & Stripes | -9.7% | -9.7% | AMSC, COLD, FLYW, FTRE, HELE, KRMN, KRNT, LH, MTLS, NSIT, PAYX, PYRC, RGEN, RHP, SARO, TLN, TRS, XMTR | Biotechnology, defense, energy, Long/Short, Onshoring, small caps, tariffs, Trade Policy | The administration announced tariff rates far higher than anticipated on April 2nd, reverting the U.S. to protectionist policies not seen for 100 years. Policy uncertainty measures shot to near record highs, creating large negative impacts on stock, bond and currency markets. Businesses face increased costs from higher tariffs and supply chain adjustments. | View | |
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 21, 2026 | Conestoga Small Cap Composite | -5.0% | -5.0% | AORT, AZTA, BL, CWST, DGII, ESE, HLIO, HLMN, LMAT, NPO, RBC, RGEN, SPSC, STVN, UTI | defense, energy, growth, Quality, small cap, software, Valuations | View | ||
| 2026 Q1 | Apr 21, 2026 | Conestoga SMid Cap Composite | -10.2% | -10.2% | BCPC, CACI, CWST, PCTY, QTWO, RBC, RGEN, ROAD, SPSC, STVN, TYL, ULS, WSO | aerospace, energy, industrials, Quality, small cap, software, technology | View | ||
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -6.7% | -6.7% | BJ, CGON, CWST, EE, GRDN, HLNE, LGND, LSCC, MIRM, MTDR, MTSI, ONTO, RBC, RGEN, RRX, SOLV, STVN, VCTR, VVV, WING | Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -7.7% | -7.7% | BJ, CASY, CCO, CRS, CW, DASH, EME, HOOD, IBKR, INSM, IONS, LNG, PINS, PR, RGEN, ROST, RRX, STVN, TPG, TRGP, TTWO | AI, Data centers, energy, Geopolitical, growth, healthcare, mid cap, technology | View | ||
| 2026 Q1 | Apr 15, 2026 | Alger Mid Cap Focus Fund | -7.6% | -7.6% | FIX, FTAI, MDB, RGEN, SE, VRT | AI, Data centers, energy, growth, industrials, mid cap, technology | SE MDB RGEN VRT FTAI FIX |
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| 2024 Q1 | Apr 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AXON, BFAM, CWST, DSGX, EXPO, FIVN, FSV, MRCY, NEOG, NOVT, PYCR, QTWO, RGEN, ROAD, ROL, SPSC, TFX, TREX, WK, WSO | growth, industrials, infrastructure, mid cap, small cap, software, technology, Waste management | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2023 Q1 | Apr 15, 2023 | Torre Financial | 16.7% | 16.7% | 7741.T, ADSK, ADYEN.AS, AMZN, APH, ASML, BALL, CCJ, CDNS, CMG, DHR, DOXI, FAST, FISV, GOOG, HXGN, LIN, MCHP, MELI, MSFT, NEE, OKTA, PGR, RGEN, WDAY | Adaptability, AI, global, growth, innovation, semiconductors, technology | AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2025 Q1 | Mar 31, 2025 | Baird Small/Mid Cap Growth Equity Fund | -10.6% | -10.6% | BJ, BOOT, BRBR, BROS, DKNG, EXL, GKOS, ITCI, JNJ, KAI, MASI, PEN, PLNT, PODD, POOL, PRCT, RGEN, TECH, ULS, WSO | AI, consumer, growth, healthcare, industrials, small cap, technology, volatility | AI-related spending faced questions regarding untethered pace as DeepSeek emerged as a potentially cheaper alternative platform from China. Microsoft's datacenter appetite showed signs of moderation, slowing positive market sentiment. Portfolio holdings with AI data center spending exposure experienced volatility. | View | |
| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY | AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy | Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan Partners Small Cap Fund | 0.6% | 14.7% | ABMD.CO, ALAB, COCO, CROX, FLS, GTLB, HALO, INSM, ITGR, JBT, LSCC, MTSI, NOVT, ONTO, PSN, RGEN, SDHC, SN, STVN, VCYT, VSEC | AI, Biotechnology, energy, healthcare, semiconductors, small cap, technology | Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. Portfolio companies like Astera Labs and MACOM are benefiting from growing AI datacenter spending. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. | View | |
| 2023 Q4 | Dec 31, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, CCCS, DUOL, ETSY, EXAS, FIVE, FND, HALO, IRTC, LSCC, MPWR, PCOR, RGEN, SAIA, SMAR, SWAV, TREX, VMI, WING | Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software, technology | Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart trials for two additional indications failed, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH approval. | View | |
| 2024 Q3 | Nov 7, 2024 | Prosper Stars & Stripes | -2.0% | - | BIO, BLFS, CRS, DOCS, FLT, FND, FOXF, NR, PCT, RGEN, SHC, UPWK, WEX | aerospace, healthcare, infrastructure, interest rates, Long/Short, Recession, semiconductors, small cap | The semiconductor industry has experienced a 20%+ decline in revenues similar to past industry cycles, following supply shortages that drove demand to unsustainably high levels during the pandemic. The manager sees opportunities in this rolling cycle as the industry normalizes from previous boom-bust dynamics. | View | |
| 2023 Q3 | Nov 1, 2023 | NZS Capital – Growth | - | - | ADYEN.AS, APH, ASML, BALL, CCJ, CMG, DHR, DOX, FI, GOOGL, HXGBY, MCHP, NEE, OKTA, PGR, RGEN | AI, Automation, Energy Transition, growth, innovation, semiconductors, technology | AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2024 Q3 | Oct 23, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ANSS, CPRT, CSGP, FIVN, FTNT, GWRE, HEI.A, IDXX, IT, PCOR, POOL, RGEN, ROL, ROP, TFX, TYL, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, software, technology | Fortinet led portfolio returns as the cybersecurity leader reported significant beats on billings and accelerating bookings growth, indicating the firewall product cycle may have turned positive. The company is managing inventory well and operating margins surprised to the upside. | View | |
| 2024 Q3 | Oct 23, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM | growth, healthcare, Quality, small cap, technology, volatility | The fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position. | View | |
| 2024 Q3 | Oct 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AIT, ALIT, BAH, BLD, CWAN, DOCS, ELF, FIVE, GSHD, HLNE, MKTX, MPWR, PGNY, POOL, REVL, RGEN, RH, SITM, TTEK, TYL | Concentration, earnings, growth, Quality, SMID Cap, value, volatility | elf Beauty represents a discount beauty company focused on cosmetics and skincare with impressive track record for growth, margins, and returns on capital. The company is uniquely positioned due to its reputation for quality, innovation, and prices well below other mass cosmetics brands, with significant room for growth in brand awareness, shelf space expansion, and international markets. | BAH AIT BLD ELF PGNY HLNE RVLV GSHD |
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| 2025 Q4 | Jan 26, 2026 | Baron Discovery Fund | 0.2% | 11.0% | ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY | AI, defense, growth, healthcare, Quality, small caps, software | The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area. | CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS |
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| 2025 Q4 | Jan 23, 2026 | Baron Health Care Fund | 13.1% | 10.3% | ABBV, ACLX, ARGX, ARQT, AZN, BSX, DHR, DSXY, EHC, ELAN, INSM, ISRG, LLY, MASI, MTD, PEN, RDNT, RGEN, SYK, TEVA, TMO, WELL | Biotechnology, GLP1, healthcare, Life Sciences, M&A, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being Cidara Therapeutics and Abivax. Biotechnology funding surged 94% year-over-year in December, making it the strongest month in the last three years. The Fund maintains 33.2% allocation to biotechnology companies. Eli Lilly's Mounjaro and Zepbound GLP-1/GIP therapies are viewed as transformational for diabetic and non-diabetic obese patients. The manager expects this drug class to become the standard of care for both diabetes and obesity, ultimately representing a $150 billion-plus market opportunity. M&A activity has been accelerating, with notable deals including Cidara Therapeutics acquired by Merck for $9.2 billion and Penumbra acquired by Boston Scientific for $14.5 billion. Large pharmaceutical companies will lose patent protection on products generating $400 billion of sales over the next eight years. The Fund maintains 14.2% allocation to life sciences tools & services. End markets are improving with strong biotechnology funding, stable biopharmaceutical R&D investment, and reduced risk of industry disruption following drug pricing agreements with the Trump Administration. | RGEN ELAN WELL ARQT TMO EHC DOCS ARQQ TEVA ARGX LLY |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -4.7% | 9.4% | ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV | AI, consumer, financials, growth, healthcare, industrials, mid cap, technology | Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook. | AMAT AXON PINS TTWO |
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| 2025 Q4 | Jan 18, 2026 | Conestoga Mid Cap Composite | -5.8% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology | The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly. | GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY |
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| 2025 Q4 | Jan 18, 2026 | Conestoga Small Cap Composite | -1.9% | -10.1% | AAON, AZTA, BMI, CWAN, DGII, DSGX, FSV, KRMN, LMAT, NGEN, NOVT, RBC, RGEN, ROAD, SPSC, STVN, TREX, TRNS, VCEL, VERX | Biotechnology, credit, Performance, Quality, small caps, tariffs, volatility | Small Caps achieved new all-time highs in 2025 despite extreme volatility, with the Russell 2000 Growth Index surging 50% from April to October after initial tariff concerns. The manager expects Small Caps to outperform Large Caps given 32% projected earnings growth versus 13% for Large Caps and a 25% valuation discount. The market was dominated by low-quality, high-beta, unprofitable stocks during the April-October rally, creating headwinds for the manager's high-quality approach. However, profitable stocks began outperforming unprofitable ones by 5% from mid-October through year-end, suggesting quality leadership may be returning. Small Cap biotech and pharmaceutical stocks dominated fourth quarter performance, representing 132% of the Russell 2000 Growth Index's total returns despite comprising only 11% year-to-date through Q3. The manager's minimal exposure to this sector was a significant performance headwind. Trump administration's comprehensive tariff strategy announcement in February caused Small Caps to plummet over 20% in weeks. However, potential policy modifications in April sparked a dramatic turnaround, with the Russell 2000 Growth Index surging nearly 50% over six months. Concerns about credit quality in private credit and regional banking emerged in Q4, highlighted by First Brands bankruptcy and Tricolor fraud allegations. JPMorgan CEO's cockroach comment underscored systemic concerns, triggering a 10% correction in the Russell 2000 Growth Index. | MLAB KRMN BMI FSV RGEN RBC CWAN |
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| 2025 Q4 | Jan 18, 2026 | Conestoga SMid Cap Composite | -2.7% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | Biotechnology, defense, growth, industrials, Quality, small caps, technology | Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions. | GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN |
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| 2025 Q4 | Jan 15, 2026 | Alger Mid Cap Focus Fund | -3.4% | 15.0% | APH, BIIB, CVNA, FIX, FTI, NET, NTRA, RGEN | growth, healthcare, industrials, mid cap, technology | The letter emphasizes mid-cap growth investing driven by fundamental research and accelerating earnings momentum as market participation broadens beyond mega caps. AI-related capex, digitization, and productivity gains are cited as key secular tailwinds supporting revenue growth across industrials, healthcare, and technology. Growth is positioned to benefit as earnings durability, not valuation expansion, increasingly drives returns. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ALL, ARGX, BJ, COR, CTAS, DASH, EME, FND, IAC, ICLR, LNG, ORLY, PINS, PR, RGEN, RNR, ROST, TPG, TSCO, VEEV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic affects Information Technology budget setting cycles as companies approach year end. | View | |
| 2023 Q3 | Sep 30, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, BL, BSY, CAVA, CCCS, ETSY, EXAS, FIVE, GLBE, GWRE, HALO, IRTC, LSCC, MTSI, PCOR, PZZA, RGEN, SAIA, SMAR, SPXC, STVN, SWAV, TREX, WCC, WING, WMS | Biotechnology, growth, healthcare, Medical Devices, semiconductors, small cap, software, technology | Manager discusses the rapid growth of GLP-1 obesity drugs from Novo Nordisk and Eli Lilly, noting their impact on medical device stocks. While acknowledging public health benefits, believes the effects on cardiovascular disease incidence will take time and that opportunities for innovative franchises to gain share outweigh market expansion concerns. | View | |
| 2023 Q3 | Sep 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | BALL, CGNX, CPRT, CSGP, FDS, FTNT, GGG, GNRC, GWRE, HEI.A, IDXX, POOL, RGEN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, interest rates, mid cap, Quality, technology | Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus is positioned to outperform in an environment facing higher interest rates and potential recession. | OMCL CSWI |
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| 2023 Q3 | Sep 30, 2023 | Conestoga Small Cap Composite | 10.1% | 7.8% | ALTR, AZTA, CSWI, CWAN, CWST, DGII, FICO, HLIO, MLAB, MODN, NOVT, NRC, OMCL, PRO, RGEN, ROAD, SPSC, SSD, TRNS, VERX | growth, healthcare, industrials, Quality, small cap, technology | Conestoga emphasizes profitable companies with lower debt levels relative to benchmarks, which they believe positions their strategies for outperformance in an economy facing higher interest rates and potential recession. Higher-quality companies enjoyed stronger relative performance in the third quarter. | View | |
| 2023 Q3 | Sep 30, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CSWI, CWAN, CWST, DSGX, EXPO, FICO, FSV, GGG, GWRE, MMSI, NOVT, OMCL, POOL, RGEN, ROAD, ROL, SPSC, WSO | growth, healthcare, infrastructure, Quality, small cap, technology | Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus positioned their strategies for outperformance in an environment facing higher interest rates and potential recession. | NSTG AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU OMCL CSWI |
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| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, ARGX, BJ, CSGP, DXCM, EFX, FIVE, FND, GFL, IAC, IBKR, IDXX, LNG, NDAQ, PINS, PXD, RGEN, RNR, ROST, SWAV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now beginning to reengage with cloud initiatives as they reach better financial positions, with green shoots noted by some holdings. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN | AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology | The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025. | VMC XAI FICO GWRE VRSK |
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| 2024 Q2 | Jul 24, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AAON, AIT, ALIT, APPF, BL, CCCS, DAVA, DOXI, HELE, HLNE, IBP, OPCH, PGNY, RGEN, RH, ROAD, RVLV, SITM, SMCI, WING, WRBY, XPEL | growth, healthcare, Quality, rates, small caps, technology, volatility | The performance gap between small caps and large caps continued to widen during Q2, with small cap investors retreating to lower-volatility sectors. Small cap continues to be highly sensitive to shifting rate expectations, while leadership in large cap remains narrow and driven by momentum. | View | |
| 2024 Q2 | Jul 23, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AAON, CCCS, DOXI, DT, EXL, FIVE, FND, KINS, MPWR, PAYC, PGNY, POOL, REVG, RGEN, RH, SITM, TREX, TTEK, TYL | AI, growth, healthcare, Quality, SMID Cap, technology, volatility | AI beneficiaries saw considerable hype and crowding, with companies like Monolithic Power Systems benefiting from growth in enterprise data segments driven by cloud-based CPU server applications including AI. However, exceptions exist with some AI-related stocks losing ground relative to first quarter results. | PGNY PAYC FIVE TTEK RGEN CCCS KGIC AAON |
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| 2024 Q2 | Jul 13, 2022 | Blue Tower Asset Management | 8.8% | 0.0% | AAPL, ACDVF, AMZN, BELFB, BGEO.L, CMT, GOOGL, MASI, META, MSFT, NVDA, RGEN, TFII, TSLA | AI, Concentration, Georgia, Russia, Sanctions, small caps, value | Russian investments frozen due to escalating sanctions regime. TCS Group became further sanctioned and segregated to OFAC escrow accounts. Risk of expropriation increases as war continues. | CGEO.L |
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| 2024 Q2 | Jun 30, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CWST, DH, DSGX, EXPO, FICO, FSV, GWRE, HEI.A, POOL, RBC, RGEN, ROAD, ROL, SITE, SPXC, STVN, TREX, TYL, WSO | consumer discretionary, growth, healthcare, small caps, software, technology | Software industry holdings outperformed despite perceived shift in spending to AI-related hardware. Tyler Technologies reported strong results with recurring revenues now at 84% of revenue. Guidewire Software showed acceleration in subscription software growth to 35%. | View | |
| 2024 Q2 | Jun 30, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | CPRT, CSGP, GWRE, HEI.A, IDXX, IT, LSPD, POOL, RGEN, ROL, ROP, TYL, VEEV, VRSK, WCN, WST | growth, healthcare, mid cap, software, technology | Manager discusses the prolonged underperformance of small cap stocks versus large caps, noting this feels like peak pessimism for small caps. They believe the current environment parallels past cycles like the Nifty Fifty and Dot Com eras, with small cap valuations near early 2000s lows. | View | |
| 2024 Q2 | Jun 30, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AGYS, ALTR, CWST, DGII, DH, DSGX.TO, EXPO, LMAT, MMSI, MODN, MSA, PYCR, RGEN, SITE, SLP, SPXC, SSD, STVN, TREX, ULS | Bioprocessing, growth, healthcare, industrials, small caps, software, technology | Manager discusses the current period as peak pessimism for small caps, with private equity and delayed IPOs shrinking the universe. However, they believe the current prophecy of permanent large cap tech dominance has the cautionary ring of 'it's different this time' and note that relative valuations hover near early 2000s lows. | View | |
| 2024 Q2 | Jun 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, APPF, BAH, CACI, CNMD, DECK, FIVE, FND, FSS, GKOS, HEI, INSP, ITCI, JNJ, LGIH, LII, MANH, MEDP, NBIX, PODD, POOL, PRCT, RBC, RGEN, RXST, SPSC, SSD, TARS, TREX, TXRH, VERX, XPEL, ZBRA | AI, Defense Spending, growth, healthcare, small caps, software, technology | Artificial intelligence continues to drive outperformance in technology-related businesses. The portfolio benefits from AI tailwinds through utilities and telecommunications sectors. AAON's recent BASX Solutions acquisition provides exposure to datacenter infrastructure builds driven by AI needs. | View | |
| 2023 Q2 | Jun 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST | consumer discretionary, growth, healthcare, industrials, mid cap, technology | The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles. | View | |
| 2023 Q2 | Jun 30, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AAPL, AXON, BFAM, CWAN, CWST, DSGX, EXPO, FICO, GGG, GWRE, MRCY, MSFT, PYCR, RBC, RGEN, ROL, SITE, SPSC, TREX, WSO | consumer discretionary, growth, industrials, SMID Cap, technology, Utilities | SPS Commerce benefits from secular growth in the digitization of ecommerce and maintains a steady, durable business model that has remained resilient in a slower macroeconomic environment. The company highlights that historically they have only seen about a 1% drag on revenue growth from macro slowdowns. | View | |
| 2023 Q1 | May 23, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, CWAN, CWST, DSGX, EVI, EXPO, FICO, FSV, JKHY, LSPD, NOVT, PLOW, RBC, RGEN, ROL, SPSC, TECH, WSO, WST | Banking, growth, healthcare, Quality, small cap, software, technology | The strategy benefited from a market rotation into quality-growth companies with higher multiples, particularly within software, which had underperformed cheaper stocks throughout much of 2022 because of the sharp rise in interest rates. Companies with stronger balance sheets, positive cash flows, and more sustainable growth rates may be preferred given banking sector pressures. | View | |
| 2023 Q4 | Jan 16, 2024 | NZS Capital – Growth | 4.0% | 22.0% | ADSK, ADYEN.AS, AMD, AMZN, ANSS, ASML, BALL, CCJ, DHR, GTLS, MRNA, MSFT, NEE, NVDA, RGEN, SHOP, SWAV, TSLA, TT, WDAY | AI, Cloud, Energy Transition, growth, innovation, semiconductors, technology | AI will have transformational impact on society and the economy, drawing focus outside of IT including healthcare. The FDA approved the first CRISPR/Cas9 gene-edited therapy, marking the precipice of curative therapies. AI is boosting digital transformation of scientific research and accelerating innovation in scientific discovery. | 1102 TT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | Fund Letters | Alger Small Cap Focus Fund | Repligen Corporation | Medical Instruments & Supplies | Life Sciences Tools & Services | Bull | NASDAQ | Biologics Manufacturing, Bioprocessing, cell therapy, Chromatography, filtration, gene therapy, Life Sciences Tools, Monoclonal Antibodies | View Pitch |
| Apr 28, 2026 | Fund Letters | The Osterweis Opportunity Fund | Repligen Corporation | Medical Instruments & Supplies | Life Sciences Tools & Services | Bull | NASDAQ | biologics, Bioprocessing, guidance, Life Sciences Tools, manufacturing, Nih, recovery, Sentiment | View Pitch |
| Apr 23, 2026 | Fund Letters | Alger Mid Cap Focus Fund | Repligen Corporation | Medical Instruments & Supplies | Life Sciences Tools & Services | Bull | NASDAQ | Biologics Manufacturing, Bioprocessing, cell therapy, Chromatography, filtration, gene therapy, Life Sciences Tools, Monoclonal Antibodies, Purification | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | Repligen | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biologic Drugs, Bioprocessing, CDMO, filtration, Life Sciences Tools, market share gains, Process Analytics, Technical Leadership | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Small Cap Focus Fund | Repligen Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biologics Manufacturing, Bioprocessing Technologies, Cell and Gene Therapies, CEO transition, Chromatography, filtration, Monoclonal Antibodies, Process Analytics | View Pitch |
| Mar 16, 2026 | Substack | Borlaug | Repligen Corporation | Biotechnology | Bioprocessing | Bull | NASDAQ Stock Market | Bioprocessing, biotechnology, Competitive advantages, growth drivers, Industry dynamics, innovation, market position, production capabilities, Repligen, strategic initiatives | View Pitch |
| Feb 18, 2026 | Substack | Borlaug | Repligen Corporation | Life Sciences | Bioprocessing | Bull | NASDAQ Stock Market | Bioprocessing, clinical exposure, growth potential, innovation, life sciences, management team, market share, Repligen, revenue estimates, single-use technology | View Pitch |
| Jan 28, 2026 | Fund Letters | Neal Kaufman | Repligen Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | AI, Bioprocessing, Consumables, lifesciences, Margins | View Pitch |
| Jan 21, 2026 | Fund Letters | Bob Mitchell | Repligen Corp. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biologics, Bioprocessing, Consumables, Destocking, operating leverage | View Pitch |
| Jan 21, 2026 | Fund Letters | Bob Mitchell | Repligen Corp. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biologics, Bioprocessing, Consumables, Destocking, operating leverage | View Pitch |
| Jan 21, 2026 | Fund Letters | Derek Johnston | Repligen Corp. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biologics, Bioprocessing, Consumables, Destocking, Margins | 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. | ||||||||