SITE Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Letter
2025 Q4	Feb 5, 2026	Baron Small Cap Fund	-1.6%	-0.7%	CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT	AI, Data centers, defense, growth, Quality, small caps, technology	AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance.	View
2024 Q4	Dec 31, 2024	Conestoga Small Cap Composite	1.7%	9.6%	ALTR, CXT, EXPO, FOXF, KAI, NCNO, NEOG, NOVT, QTCO, ROAD, SITE, SSD, VERX, WK	-		View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CCCS, FICO, IT, JBT, MSA, PYCR, ROAD, SITE, SSD, STVN, TREX, WST	-		View
2023 Q3	Nov 10, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	AZPN, KNSL, MRCY, SITE, SKIN, VRT	-		View
2022 Q3	Oct 27, 2022	Choice Equities Capital Management	-1.8%	5.5%	CROX, FARM, OEC, SITE, WCC	-		View
2024 Q2	Jul 31, 2024	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	GKOS, NTRA, PGNY, SITE, SPT, STEP	-		View
2024 Q2	Jul 31, 2024	Baron Discovery Fund	13.5%	9.3%	ALAB, BASE, CDNA, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, MEG, NVMI, PCOR, RGEN, SILK, SITE, STVN, TEM, VCYT	-		View
2023 Q2	Jul 30, 2023	Baron Small Cap Fund	9.6%	14.5%	AZPN, KNSL, MRCY, SITE, SKIN, VRT	-		View
2024 Q2	Jul 27, 2024	Baron Small Cap Fund	9.6%	14.5%	BWIN, GWRE, IBP, IBTA, KNSL, LOAR, PLNT, SITE, VRT	-		View
2024 Q2	Jun 30, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	EXPO, FICO, GWRE, HEI, POOL, RGEN, SITE, STVN, TREX, TYL	-		View
2024 Q2	Jun 30, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AGYS, ALTR, DH, EXPO, LMAT, MMSI, MODN, MSA, MSTR, PYCR, SITE, SLP, SMCI, SPXC, SSD, STVN, TREX, ULS	-		View
2024 Q2	Jun 30, 2024	Wasatch Small Cap Growth Strategy	-	-	ADUS, BOOT, FIVE, NVMI, RPD, SITE, SPT, TMDX	-		View
2023 Q2	Jun 30, 2023	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	INSP, NVRO, PI, PLNT, SITE, SPSC	-		View
2023 Q2	Jun 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AXON, BL, FF0 GR, FSS, LMAT, MLAB, MRCY, NOVT, SITE, SPSC, SSD	-		View
2023 Q2	Jun 30, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	FFO GR, INSP, MEDP, RBC, SITE, SPT	-		View
2023 Q1	Mar 31, 2023	Baron Small Cap Fund	9.6%	14.5%	ALTR, AXNX, CLVT, DAVA, FND, GWRE, IBP, IT, RPAY, SITE	-		View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 13, 2025	Seeking Alpha	The Value Investor	SiteOne Landscape Supply, Inc.	Other	-	Bear	NYSE	—	View Pitch

BSD Shareholders of SITE

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

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