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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 18, 2025 | Optimist Fund | 39.2% | 32.4% | CVNA, RVLV, TDUP, W | compounders, Founder-led, inflection points, Long-Term Growth, volatility | The letter emphasizes investing in underappreciated market leaders run by ambitious, founder-like CEOs with long growth runways. Management highlights inflecting compounders where near-term margins mask long-term earnings power. Volatility is embraced as an opportunity to add to high-conviction positions at attractive prices. | W CVNA TDUP |
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| 2024 Q1 | May 9, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | CNM, DAVA, EXLS, GLOB, RVLV, SMCI, WING | - | View | ||
| 2025 Q1 | Apr 23, 2025 | Polen Capital – U.S. Small Company Growth | -10.8% | -10.8% | BROS, ELF, EXLS, FOXF, GLOB, GSHD, MODG, RVLV, TECH, YETI | - | View | ||
| 2025 Q1 | Apr 22, 2025 | Optimist Fund | -4.9% | -4.9% | CVNA, FA, HFG GR, RVLV, TDUP, UBER, W | - | View | ||
| 2025 Q1 | Apr 22, 2025 | Polen Capital – U.S. SMID Company Growth | -12.7% | -12.7% | ALGN, BAH, CRL, ELF, ETSY, FIX, FOXF, GLOB, GSHD, MANH, MODG, PGNY, ROAD, RVLV, SAIA, TECH, WING, YETI | - | View | ||
| 2025 Q1 | Apr 15, 2024 | The London Company Small Cap | -7.1% | -7.1% | ACIW, ATKR, CNNE, DV, MC, NGVT, RVLV, SGI, THG, UNF | - | View | ||
| 2024 Q3 | Oct 23, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | 4P0 GR, ALIT, ALRM, BROS, DOCS, ELF, GSHD, HLNE, NSIT, NVEE, PCTY, PGNY, RH, RMBS, RVLV, SITM | - | View | ||
| 2025 Q3 | Oct 22, 2025 | Optimist Fund | 9.1% | 44.5% | CVNA, FVRR, HFG GR, MEDP, MNDY, RVLV, TDUP, W | AI, Consumer cyclicals, E-Commerce, growth, small caps | The Optimist Fund gained 9.1%, driven by small-cap cyclicals like Wayfair, ThredUp, and Carvana as fundamentals inflected upward. The manager emphasizes structural growth in e-commerce and data-driven efficiency, with selective use of AI to enhance scalability. Portfolio concentration in innovative, founder-led firms reflects conviction in multi-year compounding potential. | MEDP CVNA TDUP W MEDP CVNA TDUP W |
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| 2024 Q3 | Oct 2, 2024 | The London Company Small Cap | 7.0% | 8.9% | ACIW, CERT, PLUS, RVLV, VNT, WTM | - | View | ||
| 2024 Q3 | Oct 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | 0HOT LN, AIT, ALIT, BLD, ELF, FIVE, GSHD, HLNE, MPWR, PGNY, RH, RVLV | - | View | ||
| 2024 Q3 | Oct 18, 2024 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TME, TTEK | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Optimist Fund | 27.8% | 49.2% | CVNA, FA, RVLV, SMAR, SWIM, W | - | View | ||
| 2025 Q4 | Jan 21, 2026 | The London Company Small Cap | 2.5% | -1.0% | AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM | Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value | The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes. | DV CCC GTES CERT NEU HAE |
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| 2025 Q4 | Jan 20, 2026 | Madison Small Cap Fund | -0.4% | -6.9% | AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION | AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance | The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again. | AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL |
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| 2024 Q2 | Jul 24, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AAON, AIT, ALIT, DAVA, HELE, HLNE, IBP, OPCH, PGNY, RGEN, ROAD, RVLV, SITM, SMCI, WING, XPEL | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 3697 JP, 6ON GR, AIF CN, DPH LN, DT, GSHD, KWS LN, RVLV, TOM NO | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | ALIT, APPF, BL, FFO GR, GSHD, LESL, PGNY, RVLV | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | ALIT, AZPN, CPRT, DT, ETSY, MORN, RVLV, TTD | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. Small Company Growth | 4.7% | 3.8% | ALRM, AMN, BDC, BROS, EEFT, FN, NSIT, NVEE, OPCH, RVLV, TREX, WRBY, WSC | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TCEHY, TTEK | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. SMID Company Growth | 2.7% | 1.4% | ALRM, BAH, BLD, BROS, BSY, EEFT, ENTG, FF0 GR, GSHD, HLNE, NSIT, PSTG, RMBS, RVLV, TYL, WRBY, WSC | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Optimist Fund | 11.6% | 66.5% | CVNA, DASH, HFG GR, RVLV, SWIM, TDUP, W, XPOF | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||