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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Renaissance Investment Management – International Small Cap Equity | - | - | 6481.T, 6849.T, ATAT, BB.PA, CLS, CSTM, CWK, ERO, FINV, IMAX, MRX.L, MTLS, NEXNY, OSW, PLYA, PRMB, RDWR, SPNS, STNG, TPK.L, UBI.PA, WNS | China, Europe, international, small cap, tariffs, Trade Policy | Trade tensions are front of mind for investors and likely to ratchet higher in 2025 after Trump takes office. Trump has floated ideas such as a 10% tariff on all imports and 60% tariff on Chinese imports. Countries running large trade deficits with the US are most at risk. | View | |
| 2025 Q3 | Nov 4, 2025 | Aristotle Small Cap Equity Fund | 3.2% | -1.5% | AEIS, ALE, AZEK, BWIN, COLB, CRI, DLB, DY, FLWS, HAE, HGV, JHX, KN, KNX, MRCY, MTSI, OGS, PCP, PPBI, REI, SPNS, WNC | Banking, defense, healthcare, Natural Gas, semiconductors, small caps, value | Small cap equities delivered robust performance in Q3 2025, with the Russell 2000 reaching its first all-time high since November 2021. Small caps benefited from dovish Fed rhetoric, attractive relative valuations, broadening market breadth, earnings recovery, and rotation away from mega-cap stocks. Valuations remain compelling relative to large caps, with the Russell 2000 trading near multi-decade lows on a relative basis. | COLB MTSI MRCY SUPN |
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| 2025 Q3 | Oct 30, 2025 | Spheria Global Opportunities Fund | -1.7% | - | CARG, FERG, HEM.ST, ITRK, LPLA, SPNS, UHR.SW, USLM, WMK | AI, fundamentals, global, Quality, risk management, small cap, Speculation, value | Markets remained captivated by the relentless momentum of all things AI, a theme increasingly shaping narratives around productivity, employment, and market structure, even as a growing chorus warned of speculative excess. | USLM LPLA |
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| 2024 Q4 | Jan 15, 2025 | ARK Invest | - | - | ACHR, AMD, ARKB, AVAV, BFLY, CDNA, COIN, DM, MELI, NTLA, NU, PLTR, QSI, RKLB, SMWB, SOFI, SPNS, TER, TXG, XMTR | AI, crypto, Deflation, Genomics, innovation, Recession, Robotics, technology | ARK expects AI to play an outsized role in pulling the economy out of rolling recession by driving productivity growth and creating new products and services. The firm believes the most important AI investment opportunities are associated with disruptive innovation, suggesting winners and losers will be surprising. ARK advocates for diversified exposure to the AI revolution, particularly software applications underrepresented in broad-based benchmarks. | View | |
| 2025 Q4 | Jan 14, 2026 | Spheria Global Opportunities Fund | -3.0% | 2.9% | ACLR.SW, CARG, EXPD, HEM.ST, ITRK.L, JKHY, PAYC, RMV.L, SPNS, YETI | financials, global, industrials, Quality, small caps, technology | The fund maintains a consistent, valuation-aware approach focused on high-quality businesses with durable economics, proven cash generation and clear paths to value creation. This quality-oriented strategy faced challenges in 2025 as markets rewarded loss-making businesses and concept-driven stocks. Small caps are still yet to materially close the relative valuation gap that has opened up since shortly before the current interest rate cycle kicked off in early 2022. The fund targets global listed small cap and microcap companies. | PAYC JKHY |
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| 2023 Q2 | Jun 30, 2023 | Oakmark Fund- International Small Cap | 3.8% | 0.0% | ADECN.SW, APPS.MC, ENX.PA, SOW.DE, SPNS, SWON.SW, VPLAY.ST | Europe, M&A, private equity, small caps, software, Staffing, value | Multiple private equity firms showed interest in portfolio companies during the quarter, with Software AG receiving a takeover bid from Silver Lake, Applus receiving interest from three PE firms including Apollo, and SoftwareOne getting an unsolicited offer from Bain. The manager views these bids as validation of value but believes the offers undervalue the companies. | SPNS ENX.PA VPLAY.ST SWON.SW APPS.MC SOW.DE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Oakmark Fund- International Small Cap | Sapiens International Corporation | Information Technology | Application Software | Bull | NASDAQ | cloud migration, Customer Stickiness, Insurance-software, Israel, margin expansion, Mission-critical systems | 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. | ||||||||