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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | NCG Micro Cap Growth Strategy | 12.7% | 0.6% | OWLT, SIBN, SITM, SPRY, STRL, TITN, TMDX | growth, healthcare, infrastructure, Micro Cap, small cap, technology, Trade Policy, valuation | 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 | 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 Q3 | Nov 8, 2025 | Summers Value Fund | 20.4% | 4.9% | ADMA, CCSI, DERM, ELMD, INSP, LGND, LQDA, QURE, SPOK, SPRY, UFPT, ZIMV | Biotechnology, healthcare, innovation, M&A, Pharmaceuticals, Regulatory, small cap, value | The fund has increased portfolio exposure to biopharma stocks following years of underperformance, believing they are poised for outperformance. The manager is optimistic about the innovation cycle and recognizes that large-cap companies will pay sizeable premiums to acquire attractive pipelines with large sales opportunities. | View | |
| 2025 Q3 | Oct 28, 2025 | Baron Discovery Fund | 2.8% | 10.6% | AAON, AEIS, BIRK, BMI, CDNA, CYBR, DKNG, DT, EXAS, GTLS, INSP, KTOS, LLYVA, MEG, MRCY, PAR, PRMB, SPRY, WING, WYNN | cybersecurity, defense, earnings, growth, Quality, small cap, technology, water | The Fund benefits from a generational increase in defense spending amid heightened global conflicts. Defense companies like Kratos, Mercury Systems, and Karman Holdings are winning new contracts across multiple divisions and benefiting from the current administration's openness to smaller, agile defense contractors. The defense spending cycle appears to be in a generational upswing. | KTOS WING INSP PAR BIRK KTOS WING INSP BIRK |
View |
| 2025 Q3 | Oct 24, 2025 | NCG SMID Cap Growth Strategy | 7.1% | 4.3% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, SPRY, STRL, TOL, XMTR | AI, earnings, growth, industrials, infrastructure, Rate Cuts, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | Bret Jensen | ARS Pharmaceuticals, Inc. | Health Care | Biotechnology | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Out of Ignorance | ARS Pharmaceuticals, Inc. | Health Care | Biotechnology | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Eli Casdin | Casdin Capital | $1.6B | $18.6M | 1.16% | 1,600,000 | +1,600,000 | +100.00% | 2.0039% |
| Daniel Loeb | Third Point | $7.3B | $6.5M | 0.09% | 556,237 | +556,237 | +100.00% | 0.6967% |
| Israel Englander | Millennium Management LLC | $233.2B | $36.9M | 0.02% | 3,168,406 | +2,361,370 | +292.60% | 3.9683% |
| James E. Flynn | Deerfield Management | $6.9B | $87.4M | 1.27% | 7,503,812 | -2,220,696 | -22.84% | 9.3983% |
| Peter Kolchinsky | RA Capital Management | $9.8B | $126.5M | 1.30% | 10,860,977 | +0 | +0.00% | 13.6030% |