SNOW

SNOW

SNOW

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Burke Wealth Managament The Focused Growth Strategy	15.9%	6.3%	ABNB, BWXT, NVDA, NVO, SNOW, UBER	innovation, scalability, secular growth, Valuation discipline, volatility	The letter focuses on secular growth businesses with long runways and scalable models. Management highlights patience through volatility and disciplined valuation. Growth is framed as selective rather than broad-based.		View
2024 Q1	Apr 15, 2024	Alger Mid Cap Focus Fund	4.6%	18.7%	ANSS, DECK, MBLY, SMCI, SNOW, VRT	-			View
2025 Q1	Mar 31, 2025	Baron Opportunity Fund	-12.0%	-12.0%	AVGO, MPWR, NARI, NVDA, SNOW, SPOT, TSLA, TSM, TTD	-			View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ	-			View
2025 Q1	Mar 31, 2025	Sands Capital Select Growth Fund	-10.1%	-10.1%	AMZN, APP, APPL, ASML, AVGO, DDOG, ENTG, NET, NOW, NVDA, RBLX, SE, SNOW, SPOT, TSM, UBER	-			View
2022 Q4	Mar 28, 2023	Adestella Investment Management	11.4%	-14.7%	DASH, DKNG, FC, OTLY, SNOW	-			View
Q4 2025	Mar 2, 2026	Baron Global Opportunity Fund	6.5%	27.5%	ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS	AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology	AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms.		View
2025 Q4	Feb 11, 2026	Baron Fifth Avenue Growth Fund	3.3%	18.2%	ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models.	MELI CPNG META SHOP NVDA MPWR AVGO GOOGL	View
Q4 2025	Feb 10, 2026	FPA Source Capital	4.3%	18.4%	ADI, CRM, GOOGL, IFF, META, MSFT, MTN, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	Balanced, credit, private credit, Quality, small caps, value	The fund emphasizes being 'value aware' and focuses on finding rare cases where both quality and value intersect. They regularly search the 52-week low list for potential opportunities rather than momentum plays. The managers believe the investment community is casting its gaze away from various market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. The fund is actively investing in global securities with lower market capitalizations, believing these offer attractive opportunities that are being overlooked. They note there may be a shrinking pool of active investors with the interest and resources to conduct in-depth research on lower market-cap names. Source has 25.9% committed to private credit including called and uncalled capital as of quarter-end. The managers continue to look for opportunities to increase that exposure, viewing private credit as an attractive asset class for the fund's balanced strategy. The fund is responding to historically low credit spreads by reducing exposure to high yield and other lower-rated debt. They believe current spreads offer insufficient compensation for credit risk and increase the risk of permanent impairment of capital. The managers are downside-focused and do not share the market's optimism needed to justify such low spreads.	MSFT MTN IFF SAF FP TEL	View
2025 Q4	Dec 31, 2025	Burke Wealth Managament The Focused Growth Strategy	2.0%	7.4%	AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG	AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy	The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act.		View
2024 Q4	Dec 31, 2024	Burke Wealth Managament The Focused Growth Strategy	2.7%	28.4%	ADBE, AMZN, CHTR, CRWD, GOOG, NVO, SNOW, UEEC	-			View
2022 Q4	Dec 31, 2022	Aquamarine Fund	-	-21.0%	1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA	-			View
2025 Q3	Oct 22, 2025	WestEnd Capital	3.9%	13.2%	AMD, BABA, BIDU, SNOW	Artificial Intelligence Infrastructure, Enterprise AI, Global Technology Platforms, Mega-Cap Leadership, Semiconductor Competition	Equity markets rallied with leadership concentrated in profitable mega-cap technology firms exhibiting superior ROE and margin profiles relative to prior concentration cycles :contentReference[oaicite:3]{index=3}. WestEnd broadened its AI exposure to catch-up trades such as AMD, Alibaba, and Baidu while maintaining core positions in hyperscalers and enterprise data platforms like Snowflake. The portfolio balances Technology dominance with Industrials and International diversification, focusing on durable AI infrastructure, autonomous systems, and global digital transformation.	BIDU BABA SNOW AMD	View
2025 Q3	Oct 19, 2025	Artisan Mid Cap Fund	8.8%	15.3%	ARGX, DXCM, INSM, LPLA, LSCC, NTBLQ, RBC, RDDT, SNOW, SPOT, TDY, TEAM, TTAN, TYL, VCYT, WING, WWD	aerospace, Artificial Intelligence, Automation, Biotech, semiconductors	Healthcare innovation is accelerating with new drugs and devices from companies like Argenx and Insmed driving strong profit cycles. Technology exposure benefits from AI-led investment in chips and data infrastructure through holdings like Lattice Semiconductor and Synopsys. Industrials such as Woodward and Teledyne profit from expanding aerospace and defense demand.	SPOT WING LSCC INSM ARGX	View
2024 Q4	Jan 31, 2025	WestEnd Capital	-	50.8%	BA, MKSI, SNOW	Artificial Intelligence, Data Center Infrastructure, Earnings Expansion, Mega-Cap Technology, U.S. Exceptionalism	The letter argues that U.S. exceptionalism and the artificial intelligence infrastructure buildout remained the dominant drivers of equity returns, with NVIDIA and hyperscalers accounting for a disproportionate share of index gains :contentReference[oaicite:0]{index=0}. WestEnd maintains a concentrated overweight to Technology, emphasizing data centers, GPUs, and enterprise AI deployment as the next leg of monetization. While valuations are elevated and tariff risks could pressure long-duration growth stocks, the firm expects earnings breadth to expand in 2025, supporting continued leadership from high-quality mega-cap platforms.	MKSI SNOW BA	View
2025 Q4	Jan 29, 2026	FPA Crescent Fund	3.1%	17.7%	ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	AI, global, healthcare, Quality, small caps, technology, value	The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined.	MSFT	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	2.7%	28.0%	AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY	AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US	The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement.	TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX	View
2025 Q4	Jan 13, 2026	Jacob Fund	-	-	CABA, OMER, PRME, SNOW	AI, Biotechnology, Cloud, Gene Therapy, growth, small cap, technology	The manager believes the AI productivity cycle is real and will result in weaker labor markets while profit margins and earnings growth accelerate. Recent cooling of AI-related technology names is viewed as healthy for creating more attractive valuations. The fund added Snowflake, which is expanding AI capabilities through partnerships like Anthropic. The manager remains convinced that gene therapies will effectively cure patients with chronic and deadly diseases despite setbacks. Prime Medicine's elegant gene editing function offers simpler and safer treatment options with less off-target activity than first-generation technologies like CRISPR. Two biotech positions were added: Cabaletta Bio developing CAR-T immunotherapy for autoimmune diseases, and Prime Medicine for next-generation gene therapy. Both represent early-stage opportunities with significant upside potential if technologies prove viable. Snowflake was added as the leading player in cloud data storage, providing comprehensive data warehousing services for large businesses. The company's cloud-native platform helps companies store, analyze and share data across organizations, crucial for AI infrastructure upgrades.	SNOW	View
2023 Q2	Sep 14, 2023	Spear Advisors	-3.5%	0.0%	AMD, HUBS, MRVL, NVDA, S, SHOP, SNOW	-			View
2023 Q1	Apr 18, 2023	Ithaka US Growth Strategy	0.2%	0.0%	CRM, DXCM, ISRG, MSFT, NVDA, SNOW	-			View
2025 Q1	Mar 31, 2025	Artisan Mid Cap Fund	-7.4%	-7.4%	ASC SJ, AZO, BBY, BFAM, BKR, CCCS, DASH, DDOG, DECK, MRVL, PLTR, SAIA, SNOW, SPOT, VKTX, WST	-			View
2023 Q1	Mar 5, 2023	Spear Advisors	-3.5%	0.0%	NVDA, SNOW, ZS	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	George Bolton	Snowflake Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	analytics, Artificial Intelligence, cloud, data platform, earnings growth, Software	View Pitch
Feb 21, 2026	Fund Letters	George Bolton	Snowflake Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, analytics, cloud, Consumption, Data, Ecosystem, enterprise, innovation, Multi Cloud	View Pitch
Jan 27, 2026	Fund Letters	Ryan Jacob	Snowflake Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, cloud, Data, hyperscalers, infrastructure	View Pitch
Jan 23, 2026	Fund Letters	Matthew Kamm	Snowflake Inc.	Information Technology	Application Software	Bear	New York Stock Exchange	AI, cloud, Consumption, Data, valuation	View Pitch
Nov 29, 2025	Fund Letters	Emerson Bluhm	Snowflake Inc.	Information Technology	Data Warehousing	Bear	NYSE	AI, cloud, Consumption, Data, growth, Re-rating	View Pitch
Oct 24, 2025	Value Investors Club	Wells	Snowflake Inc.	Information Technology	Application Software	Bull	NASDAQ	Data warehouse, DBMS, FCF margin, Snowflake	View Pitch
Sep 16, 2025	Short Thesis	Lauren Balik	Snowflake Inc	Information Technology	Systems Software	Bear	NYSE	cloud, Competition, Data, SaaS, SBC	View Pitch
Aug 8, 2025	Seeking Alpha	Star Investments	Snowflake Inc.	Information Technology	Software - Application	Bull	NYSE	—	View Pitch

BSD Shareholders of SNOW

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: