SAIA

SAIA

SAIA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	NCG Large Cap Growth Strategy	20.0%	5.4%	AAPL, BROS, CAT, CDNS, CMG, CYBR, MRVL, MSFT, NVDA, SAIA, SNOW, TOST, TTD, UNH	growth, industrials, Infrastructure Spending, small caps, technology, Trade Policy	The quarter was marked by President Trump's Liberation Day tariff announcement on April 2nd, which created considerable concern for global markets due to the breadth of countries included, level of tariff rates imposed, and short implementation timeframe. However, the administration later put in place a 90-day pause on tariff implementation and started talking about numerous ongoing trade deal negotiations, causing markets to reverse course.		View
2025 Q2	Aug 7, 2025	NCG Small Cap Growth Strategy	12.7%	-1.9%	AAON, AGYS, ALHC, AVPT, CDNA, CELH, CRS, CWK, ELF, GDYN, GWRE, HXL, INOD, MTSI, RXST, SAIA, SPRY, STRL, TMDX, TTAN	growth, healthcare, infrastructure, rates, small cap, technology, Trade Policy	Small cap growth stocks participated in the recent market rally, but further opportunity exists. The rolling 10-year annualized return by small vs large stands at -7.3% and is the worst ever going back to 1926, and the valuation of the small cap sector relative to large caps is in the 5th percentile historically.		View
2025 Q2	Aug 7, 2025	NCG SMID Cap Growth Strategy	13.5%	-2.5%	ALHC, CDNA, CELH, CRS, ELF, GDYN, SAIA, SPRY, STRL, TMDX, TTAN, VRT	growth, healthcare, infrastructure, rates, small caps, technology, Trade Policy	Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding companies which are direct beneficiaries.		View
2025 Q2	Aug 7, 2025	Invesco Small Cap Value Fund	6.5%	0.2%	AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimated intrinsic value was attractive, indicating potential long-term capital appreciation. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.	TEX SAIA	View
2025 Q2	Aug 21, 2025	AMG Frontier Small Cap Growth	13.9%	-2.5%	AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL	AI, growth, infrastructure, Logistics, semiconductors, small cap, technology	Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025.	LTH SAIA ODD STRL INDI SIMO ATI PGY SAIA ODD STRL LTH INDI SIMO ATI PGY	View
2025 Q2	Jul 31, 2025	Artisan Global Discovery	10.8%	6.8%	ARIS, BAB LN, GDDY, GXI, III LN, IOT, IRTC, MIPS SS, RBC, SAIA, SPOT, SRT GR, TTD, WING	discovery, Global Growth, inflection points, underfollowed, valuation	The letter emphasizes uncovering underfollowed global companies with emerging competitive advantages and accelerating fundamentals. Management focuses on identifying inflection points where earnings power is not yet reflected in valuations. The outlook favors patient capital deployed into mispriced global opportunities.	III LN WING RBC GXI GR SAIA ARIS SPOT IRTC BAB LN	View
2025 Q2	Jul 29, 2025	The London Company SMID Cap	-0.8%	-7.3%	AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA	Air Travel, Freight, Quality, SMID Cap, tariffs, Trade Policy, value	Elevated uncertainty exists with high likelihood of greater tariffs being announced in weeks ahead. Volatility surged in early April following new U.S. tariff announcements aimed at reshaping global trade. The effect of tariffs on both inflation and the broader economy could change Fed monetary policy plans.	AER AWI NEU	View
2025 Q2	Jul 22, 2025	Artisan Partners Small Cap Fund	7.3%	-3.6%	BIRK, BWXT, CWAN, FLEX, FRSH, HALO, IOVA, IRTC, LSCC, MDGL, MTSI, SAIA, STVN, TTAN, WING	cash flow, fundamentals, Quality, small caps, Valuation discipline	The letter highlights a challenging environment where speculative stocks outperformed quality businesses. Management remains committed to owning high-quality small-cap companies with strong cash flows and attractive valuations. The outlook favors long-term compounding as fundamentals reassert leadership.	GWRE STVN SVTA BIRK MDGL WING BWXT CWAN IRTC MTSI FLEX	View
2025 Q2	Jul 20, 2025	The London Company Small-Mid Cap	-0.8%	-7.3%	AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA	Freight, Logistics, Quality, SMID Cap, tariffs, Trade Policy, volatility	The manager emphasizes their high-Quality, low-Volatility orientation as positioning them well for an environment of elevated policy risks and fragile global growth. They focus on company quality, sustainable returns on capital, and resilience across economic scenarios.	AWI NEU	View
2025 Q2	Jul 15, 2025	Madison Small Cap Fund	4.3%	-5.0%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, Speculation, value	AI continues to be the dominant theme driving Russell 2000 performance, with broad-based fear among investors that AI could pose an existential threat to software business models. The manager believes these fears are vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View
2025 Q2	Jul 15, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	12.9%	-	BJ, CRS, CRWD, CW, EME, EVR, F, FROG, HOOD, HUBS, INSP, ORLY, PLTR, SAIA, VEEV	AI, cybersecurity, growth, healthcare, M&A, mid cap, tariffs, technology	The U.S. proposed tariff regime led to significant economic fallout and market volatility. Companies across sectors either scrapped or reduced forward guidance as they wait to see how results fare in this environment. Many companies are understandably conservative with their outlooks as tariff levies are quickly announced and rescinded.	JFROG	View
2024 Q2	Jul 10, 2024	Artemis US Select Fund	2.4%	20.1%	AAPL, BLDR, COHR, ELV, GOOGL, LW, META, MU, NVDA, SAIA, SYK, TSLA, WDC	AI, growth, large cap, semiconductors, technology, US	Nvidia finds itself in a unique situation as the only company that can supply the means to develop AI models. Its customers are the largest, most cash-generative companies in the world who are extremely motivated to make their own AI tools. The fund identified key beneficiaries of AI infrastructure buildout including companies supplying network cabling, lasers, and memory chips integral for training large language models.	NVDA	View
2025 Q1	May 22, 2025	Artemis US Select Fund	-14.7%	-14.7%	AAPL, ALL, AVTR, CTVA, EXP, FI, GOOGL, GS, KO, PCG, SAIA, VMC, WST	AI, Data centers, healthcare, industrials, tariffs, technology, Trade Policy, value	Trump's tariff announcements are creating significant market uncertainty and forcing portfolio repositioning. The managers believe tariffs are likely permanent as a revenue generation mechanism for tax cuts, leading them to reduce exposure to companies sensitive to trade disruptions.		View
2024 Q1	May 21, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH	Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic	The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks.		View
2026 Q1	Apr 29, 2026	Cambiar SMID Fund	2.2%	2.2%	ALGN, BOKF, CF, CLX, HF, LUV, ON, PHR, SAIA, SOLV, WBS	AI, diversification, energy, Geopolitical, Quality, SMID Cap, value		PHR SOLV ON	View
2024 Q1	Apr 27, 2024	Driehaus Small Cap Growth Fund	6.4%	27.0%	AXON, BRBR, MNDY, NVDA, SAIA, SMCI	AI, energy, growth, healthcare, industrials, semiconductors, small cap, technology	AI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is still nascent but growing rapidly, with 45% piloting and only 10% in production. The manager views AI as early and sustainable, comparing it favorably to the Tech Bubble with stronger earnings and lower multiples.		View
2024 Q1	Apr 25, 2024	Artemis US Select Fund	-	-	AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS	AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation	Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance.	CNM ALL NSC META AAPL	View
2025 Q1	Apr 22, 2025	Polen Capital – Global SMID Company Growth	-5.0%	-5.0%	8136.T, AXSB.NS, BAH, ELF, GLOB, GSHD, KLYJ.NS, SAIA, TTEK	Beauty, gaming, global, growth, international, Quality, small caps, SMID Cap	Polen Capital focuses on resilient businesses that can self-fund growth and execute across various economic backdrops. The quality growth investment style underperformed during the quarter as value outperformed growth.	SAIA KLYJ.NS ELF GLOB LOTTO.MI GSHD 8136.T	View
2025 Q1	Apr 22, 2025	Polen Capital – U.S. SMID Company Growth	-12.7%	-12.7%	ALGN, BAH, CRL, ELF, ENTG, ETSY, FIX, GLOB, GSHD, MANH, NSIT, PAYC, PGNY, RMBS, ROAD, RVLV, SAIA, TREX, WING, YETI	Construction, consumer discretionary, growth, Quality, SMID Cap, software, tariffs, volatility	Market volatility driven by Trump administration's tariff policies and trade uncertainty. Managers stress-testing portfolios across various tariff scenarios and exiting positions vulnerable to tariff impacts like Yeti and Align Technology due to China/Mexico manufacturing exposure.	MANH WING FIX ROAD SAIA	View
2024 Q1	Apr 15, 2024	Artisan Partners Small Cap Fund	9.0%	14.0%	ARGX, ASND, BL, CCCS, ELF, ETSY, FIVE, FND, FRPT, HALO, IPGP, LSCC, MPWR, MYRG, PCOR, SAIA, SHLS, SMAR, TREX, VMI, WING	AI, Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software	Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart failed two additional indications in Q4, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH. The team maintains conviction in de-risked biotech assets with proven drugs and diversified pipelines.		View
2024 Q1	Apr 15, 2024	Artisan Global Discovery	7.6%	13.1%	ANET, BAB.L, BSX, CELH, HUBS, LSCC, MIPS.ST, MKTX, MPWR, PWR, RDC.DE, SAIA, SPGI, SPOT, SWAV, TEAM, TW, TYL, VEEV, VRT	AI, Data centers, global, growth, healthcare, Logistics, mid cap, technology	AI is deserving of attention as a technology trend with diverse use cases being explored and processing power gains suggesting improving effectiveness. The fund has exposure to AI beneficiaries across the technology food chain including chip manufacturers, networking equipment providers, and cloud software leaders incorporating AI functionality.		View
2025 Q1	Apr 15, 2024	The London Company Small-Mid Cap	-6.6%	-6.6%	AER, BR, CABO, CACC, CHDN, DECK, SAIA, THG, ZBRA	Defensive, Quality, Recession, SMID Cap, tariffs, value	The manager emphasizes their Quality factor approach, noting that Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions. They believe they may be late in the economic cycle, which bodes well for Quality factors over the next few years.	SAIA	View
2025 Q1	Mar 31, 2025	NCG Small Cap Growth Strategy	-13.0%	-13.0%	AGYS, ALHC, ATRO, BROS, CAVA, ELF, FLYW, FRPT, GLBE, INOD, IRTC, OS, PEGA, PEN, PYCR, QNST, SAIA, SDHC, SITM, VERX	earnings, growth, healthcare, industrials, policy, small cap, technology, Valuations	Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding small companies which are direct beneficiaries.		View
2025 Q1	Mar 31, 2025	NCG SMID Cap Growth Strategy	14.1%	14.1%	AGYS, ALHC, AORT, ATEC, ATRO, BROS, CAVA, FLYW, GLBE, INOD, IRTC, OS, PEGA, PEN, QNST, SAIA, SITM, UTI, VERX, WAY	growth, healthcare, industrials, small cap, technology, uncertainty, underperformance	NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on companies that can grow revenue and profits at strong rates in any economic and market environment. The firm continues to seek high-quality growth companies selected using original research combined with strong sell discipline.		View
2025 Q1	Mar 31, 2025	Artisan Global Discovery	-3.7%	-3.7%	ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST	AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy	Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments.		View
2024 Q4	Dec 31, 2024	BlackRock Innovation And Growth Term Trust	1.0%	-	AAXN, CSGP, CYH, DKNG, FND, FOXF, GDRX, LMCA, SAIA, TPG, TW, VRT	AI, growth, innovation, Options, private equity, SMID Cap, technology	BlackRock sees AI as a broadening dynamic with attractive risk-reward potential among AI-exposed companies across semiconductors, software and digital advertising. They identify emerging opportunities in datacenter-related businesses operating in optical equipment, connectivity solutions, and application specific chips.		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
2023 Q2	Dec 7, 2023	Madison Small Cap Fund	6.3%	17.2%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, Speculation, underperformance, value	AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending boom. However, manager views AI disruption fears in software as vastly overblown, noting 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View
2023 Q3	Oct 9, 2023	Artemis US Select Fund	2.6%	-	BX, CEG, CSX, DXCM, KHC, META, SAIA, TFII	active management, energy, healthcare, large cap, stock selection, technology, Transportation	Meta's significant incremental investment in AI and datacentre infrastructure will lead to meaningful new revenue opportunities both through growing in existing markets and entirely new product categories. Constellation Energy benefits indirectly from the AI wave as energy-intensive data centres are being built in the states that Constellation serves.	ABX TFII AER\|AWI\|MUSA\|NEU\|SAIA\|WTM CSX DXCM ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO CEG	View
2025 Q3	Oct 20, 2025	Invesco Small Cap Value Fund	10.0%	10.2%	AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.		View
2024 Q3	Oct 2, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM	Alpha Generation, Long/Short, quantitative, risk management, Systematic			View
2024 Q3	Oct 16, 2024	Longleaf Partners Global Fund	14.8%	18.4%	0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG	Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value	The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally.	MGM FDX PRX.AS ERF.PA CNX K DHER.DE	View
2025 Q3	Oct 14, 2025	Madison Small Cap Fund	-1.6%	-6.6%	AXS, BOX, CIEN, CMN, CRL, CSL, EHC, ENTG, EXP, FORM, GMS, HAYW, HQY, HXL, KN, SAIA, SHAK, SMG, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, underperformance, value	AI continues to be the dominant theme driving much of the Russell 2000's performance, particularly in technology stocks. The manager expresses skepticism about AI disruption fears in software, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. They view fears about AI replacing critical software applications as vastly overblown.	CRL EXP HXL	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO	AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors	AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels.		View
2025 Q4	Jan 30, 2026	Invesco Small Cap Value Fund	6.8%	17.6%	ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS	AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Small-cap value stocks appear attractive relative to S&P 500 Index stocks. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The Russell 2000 Value Index P/E multiple has been at a historical discount compared to the S&P 500 Index P/E. The fund benefited from AI-driven growth potential in holdings like Lumentum, which rallied due to investor enthusiasm for its AI applications. ArcBest's operational efficiency and technological advancements using artificial intelligence should position the company well for demand recovery in trucking.	LITE GTLB ARCB GMED CRL	View
2024 Q4	Jan 28, 2025	Artemis US Select Fund	10.8%	29.5%	AAPL, AMZN, AVTR, BLDR, CEG, COHR, CPRI, ELV, FI, FWONK, GS, IP, KKR, LIN, NVDA, SAIA, TPG, UNH, VST, WMT	AI, Capital markets, energy, large cap, stock selection, technology, Trump	The mega caps' massive spending on AI has lifted various businesses from clean power producers to companies providing skilled labor to build data centers. This theme is likely to continue in the race to develop the best AI offering, though questions remain about forward returns impact.		View
2025 Q4	Jan 21, 2026	NCG Large Cap Growth Strategy	1.0%	15.3%	AAPL, AMD, GE, GHI, GOOGL, HOOD, KNSL, MDB, MSFT, NFLX, ORCL, PGR, ROKU, SAIA, SPOT	active management, growth, Outperformance, Quality, small caps, technology	The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming high-quality names. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, presenting an opportunity for this discount to narrow. The firm maintains significant exposure to AI infrastructure and sees an accelerated pace of innovation happening across various industries. Their technology holdings are diversified across AI infrastructure among other areas.		View
2024 Q3	Sep 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ANET, ARGX, CBRE, EFX, EXAS, HUBB, HUBS, ILMN, IOT, IRTC, MPWR, NVR, ONTO, PWR, SAIA, SNPS, SPOT, TEAM, WST, XYL	AI, Biotechnology, growth, healthcare, mid cap, real estate, technology	The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages.		View
2023 Q3	Sep 30, 2023	Artisan Mid Cap Fund	2.4%	6.6%	ARGX, ASND, BNTX, DXCM, EXAS, GPN, HALO, HUBS, IR, JBL, LSCC, PWR, RPGN, SAIA, SWAV, TEAM, VEEV, WING, WST, ZS	AI, Biotechnology, Energy Transition, growth, healthcare, mid cap, semiconductors, technology	Manager is bullish on GLP-1 obesity therapies, especially the growth they should enable for biologics packaging franchises like West Pharmaceutical. Believes the public health benefits are real but unlikely to materially restrain growth opportunities of medical device holdings for many years. Taking advantage of attractive valuations in adversely impacted holdings like DexCom.		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
2024 Q2	Jul 20, 2024	Artisan Global Discovery	7.6%	13.1%	AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING	AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology	AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand.		View
2024 Q2	Jun 30, 2024	Lord Abbett Developing Growth Fund	6.4%	21.1%	AVAV, CAMT, CAVA, CYBR, FIX, FRPT, INSP, NTRA, ONTO, RXST, SAIA, WING	AI, consumer, growth, healthcare, infrastructure, small cap, technology	The fund sees the emergence of generative artificial intelligence as one of their favorite areas ready to re-accelerate growth. They view AI as part of the broader innovation cycle they are targeting for investment opportunities.		View
2024 Q2	Jun 30, 2024	BlackRock Innovation And Growth Term Trust	0.0%	0.0%	ASM, AXON, CSGP, ENTG, LBRDK, MPWR, PINS, SAIA, TW, VRT	AI, growth, innovation, private equity, semiconductors, SMID Cap, technology	A swell in datacenter capital expenditures is one of the important points we think about in our research pipeline. Continued excitement around artificial intelligence fueled strong returns for semiconductor holdings including Monolithic Power Systems and ASM International.		View
2023 Q1	Apr 14, 2023	Madison Small Cap Fund	6.3%	17.2%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, consumer, healthcare, Quality, small cap, Speculation	AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending. However, the manager views fears about AI disrupting software business models as vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View
2025 Q1	Mar 31, 2025	Artisan Mid Cap Fund	-7.4%	-7.4%	ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST	AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology	The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations.		View
2022 Q4	Jan 20, 2023	Artisan Global Discovery	7.6%	13.1%	0ABI LN, 0I4Q LN, CNHI, CTLT, GMAB, GXI GR, IR, LSCC, MPWR, PUMA, RYTM, SAIA, SIVB, TEAM, ZS	-			View
2023 Q4	Jan 15, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ARGX, ASND, CELH, CMG, DECK, DPZ, DXCM, EFX, EXAS, FIVE, HUBB, IRTC, JBL, LTTC, LULU, ON, POOL, PWR, RYAN, SAIA, SHOP, TREX, VEEV, WING, XYL	Biotech, Energy Transition, growth, healthcare, mid cap, semiconductors, software, technology	Healthcare was the weakest performer for the year, primarily due to biotech holdings. Argenx's Vyvgart launch in myasthenia gravis continued to shine, reaching sales north of $1 billion ahead of schedule, but trial failures in two additional indications marred an otherwise stellar year. Ascendis's Skytrofa tracked well in its second year, but FDA approval for TransCon PTH was delayed due to manufacturing questions.		View
2023 Q4	Jan 14, 2024	Madison Small Cap Fund	6.3%	17.2%	CFLT, CHRD, EPC, GOGO, HAIN, LZ, MC, OLLI, OSW, PRMW, SAIA, SHAK	energy, financials, healthcare, Quality, rates, small caps, technology, value	Small caps surged 14% in Q4 after benign inflation data, with the worst performers becoming the best in a dash for trash rally. Small caps finally outperformed large caps and mega cap tech after a narrow market year. The fund believes relative valuations remain more attractive for small caps than other domestic equity asset classes despite the recent rally.	CHRD BLZE 0MCB LN CFLT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	AMG Frontier Small Cap Growth	Saia Inc	Industrials	Trucking	Bull	NASDAQ	Less-than-truckload, Ltl, margin expansion, Network Optimization, operating leverage, Pricing Improvement, Terminal Network, Volume Recovery	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Global SMID Company Growth	Saia	Industrials	Trucking	Bull	NASDAQ	Cyclical Recovery, industry consolidation, Less-than-truckload, market leader, Transportation, Trucking, US, Value	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - U.S. SMID Company Growth	SAIA Inc	Industrials	Trucking	Bull	NASDAQ	Cyclical Recovery, Freight, Logistics, Ltl, margin expansion, Scale Advantages, Transportation	View Pitch
Apr 13, 2026	Fund Letters	Invesco Small Cap Value Fund	Saia Inc	Industrials	Ground Transportation	Bull	NASDAQ	Cyclical, Freight, Logistics, Ltl, Network expansion, Transportation, Trucking	View Pitch
Apr 13, 2026	Fund Letters	The London Company Small-Mid Cap	Saia, Inc.	Industrials	Trucking	Bull	NASDAQ	consolidation, e-commerce, Freight, Ltl, network, Non-unionized, Onshoring, Transportation, Trucking	View Pitch
Dec 3, 2025	Fund Letters	Jason L. White	Saia, Inc.	Industrials	Road & Rail	Bear	NASDAQ	Capacity, Cycle, Freight, Margins, Pricing, tariffs, Transportation, Volumes	View Pitch
Dec 3, 2025	Fund Letters	James A.Colgan	Saia, Inc.	Industrials	Trucking	Bull	NASDAQ	Freight, Logistics, Margins, network, Transportation, Trucking	View Pitch
Aug 13, 2025	Seeking Alpha	Robert F. Abbott	Saia, Inc.	Industrials	Trucking	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	ABI Invest	Saia, Inc.	Industrials	Trucking	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of SAIA

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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