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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Dividend Focus Strategy | 5.6% | - | AJG, APH, AVY, BR, CDW, CTAS, ENTG, HEI, HLI, MCHP, MLM, PAYX, POOL, ROS, STE, SYK, TT, VRSK, WSO | AI, dividends, mid cap, Quality, Rate Cuts, semiconductors, value | 26 out of 27 names in the portfolio increased their dividend in the past 12 months with an average year-over-year increase of 10.4%. The top three dividend growers were Amphenol Corp. at 57%, Cintas Corp. at 16%, and Verisk Analytics at 15%. | View | |
| 2023 Q2 | Jun 30, 2023 | Fenimore Dividend Focus Strategy | 4.7% | - | BOC, CASS, CBZ, CIGI, CSV, DFH, ENTG, EXLS, G, IEX, NOMD, PNFP, SITE, SPSC, SSB, STE, THG, VMC, VRSK, WSO | AI, dividends, industrials, mid cap, Quality, technology, value | Fenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2025 Q1 | May 13, 2025 | McIntyre Partnerships | -17.1% | -17.1% | BWA, FTRE, GTX, HAYW, LESL, MDRX, SEG, SHC, STE, STHO, SWIM | Concentration, Healthcare Software, small caps, special situations, value | The fund focuses on concentrated special situations that are often complex, with a benchmark of Russell 2000 Value. The manager emphasizes idiosyncratic ideas with strong catalysts that should be less at the whims of macro forces over time. | MDRX |
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| 2026 Q1 | Apr 21, 2026 | Upslope Capital Management | 8.6% | 8.6% | 8697.T, CME, FCN, GOOGL, HOLN SW, INTC, JKHY, KESKOB.HE, LIFCO-B.ST, SAND.ST, SJ.TO, STE | defense, Europe, Long/Short, mid cap, Quality, value, volatility | View | ||
| 2024 Q1 | Apr 15, 2024 | Meridian Growth Fund | 6.8% | 0.0% | ACVA, ALIT, CARG, EEFT, IRDM, MATX, QDEL, RBA, SHC, ST, STE, TRMB, ZD | growth, Quality, Recurring Revenue, risk management, small caps, technology | QuidelOrtho Corporation is a global leader in the diagnostics industry following the merger of Quidel and Ortho Clinical Diagnostics. The company faced challenges from a dramatic slowdown in Covid-19 testing volumes but maintains steady performance in its core clinical diagnostic division with EBITDA margins north of 20%. | RBA ACVA TRMB SHC IRDM QDEL |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Small Cap Strategy | -5.3% | -5.3% | AJG, APH, BWIN, CDW, CTAS, DFH, ENTG, HEI, HGTY, IEX, MCHP, MKC, POOL, ROST, RSG, SITE, SPSC, STE, TT, VRSK | insurance, Quality, small cap, tariffs, Trade Policy, value | The new administration's tariff announcements sparked market volatility and fears of higher inflation and potential recession. Companies are scrambling to adjust to the rapidly changing trade landscape, though many have diversified supplier bases since the first term and COVID. | BWIN |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. | View | |
| 2025 Q1 | Mar 31, 2025 | Meridian Growth Fund | -8.0% | -8.0% | ALIT, CARG, CHDN, COO, EEFT, HALO, OKTA, RBA, STE, TNDM, TRMB, WAY, ZD | Biotechnology, cybersecurity, growth, healthcare, Quality, Resilience, small caps, tariffs | The fund focuses on small-cap growth investing through the Russell 2500 Growth Index benchmark, with emphasis on high-quality businesses with recurring revenue and sustainable competitive advantages. The strategy demonstrated resilience during the quarter's market decline, outperforming on six of seven days when the index declined 2% or more. | CARG TNDM ZD RBA HALO OKTA |
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| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – International Growth | 1.0% | 9.6% | 1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC | AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation | SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia. | TEAM ARM DSY FP SRT GR 9983 JP |
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| 2025 Q4 | Feb 19, 2026 | McIntyre Partnerships | 0.0% | 6.0% | MDRX, SAFE, SHC, STE | healthcare, liquidation, real estate, small cap, undervalued, value | Portfolio positioned in undervalued securities trading at significant discounts to intrinsic value. Manager emphasizes rotation from winners to laggards where fundamentals are improving but share prices declined. Focus on companies with strong cash generation trading below fair value multiples. Significant exposure to healthcare through sterilization services (SHC) and healthcare software (MDRX). Healthcare IT viewed as defensive with regulatory complexity creating barriers to disruption. Sterilization services seen as recession-proof with predictable growth. Exposure through liquidating real estate holdings (STHO) and entertainment real estate (SEG). Focus on asset monetization and development projects with major tenants like Meow Wolf driving traffic and rental income growth. | MDRX SEG STHO SHC |
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| 2024 Q4 | Feb 10, 2025 | Meridian Growth Fund | -0.8% | 6.3% | ALIT, CARG, CHDN, DOCS, EEFT, GNRC, OKTA, RBA, RELY, ST, STE, TMDX, TRMB, ZD | growth, healthcare, industrials, Quality, small caps, technology | The portfolio's largest allocation with historically attractive valuations below long-term averages. Utilization has recovered above pre-pandemic levels and investor interest in biotechnology is showing signs of revival. | CARG RELY DOCS STE ST TMDX |
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| 2024 Q4 | Dec 31, 2024 | Fenimore Small Cap Strategy | -1.1% | 12.5% | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, STE, TRRSF, VRSK | Homebuilders, Outsourcing, Quality, small cap, technology, value | Fenimore focuses on finding quality companies with strong leadership that can push through changes and continue driving profits higher over the medium and long term. They seek robust businesses that make their own luck through hiring producers, creating new products, and taking market share from fragile competitors. | View | |
| 2023 Q4 | Dec 31, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ALIT, CARG, CHDN, EEFT, FOXF, GOOS, HSIC, MATX, RBA, ST, STE, TRMB, ZD | growth, industrials, Quality, small caps, technology | The Fund's investment approach focuses on high-quality companies with recurring revenue and sustainable competitive advantages. The strategy emphasizes building an enduring portfolio that can mitigate capital losses during turbulent bear market environments. | MATX EEFT CARG HSIC FOXF GOOS.TO |
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| 2023 Q4 | Dec 31, 2023 | Fenimore Dividend Focus Strategy | 10.8% | 19.7% | A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK | AI, dividends, mid cap, Quality, value | The fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%). | View | |
| 2023 Q4 | Dec 31, 2023 | Fenimore Value Strategy | 11.3% | 16.1% | A, APD, BIPC, BOC, BROS, CBZ, CDW, CHH, CIGI, CSV, DFH, ENTG, EXPO, G, MKC, MKL, MLM, NOMD, PAYX, ROST, STE, TROW, TRRSF, TT, VRSK, WAT | dividends, financials, materials, mid cap, Quality, value | Fenimore invests exclusively in companies with durable value, including strong balance sheets, ample cash to reinvest in growth or pay dividends, strong competitive advantages, and capable, ethical management. The firm emphasizes high-quality businesses over short-term performers. | View | |
| 2025 Q3 | Oct 28, 2025 | Canopy Investors | -4.1% | - | AZO, BVI.PA, EDEN.PA, HEI, MCO.PA, MEDP, ROL, SBAC, STE, SXS.L, TREX, TW | AI, Biotechnology, Construction, Defensive, global, Quality, semiconductors, small caps | Small biotechs are the engine of innovation in the pharma industry and are expected to grow at high-single-digit rates over the medium term. Biotech funding levels and Pfizer's agreement with the Trump Administration on drug pricing have been cautiously positive developments. | TREX MEDP TREX US MEDP US TREX US MEDP US |
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| 2025 Q3 | Oct 24, 2025 | Meridian Growth Fund | -1.8% | - | ALGN, ALIT, ALKT, CARG, CHDN, COO, DT, GFS, HALO, MDGL, RELY, SPT, STE, TRMB, ZD | AI, growth, healthcare, industrials, Quality, small caps, SMID, technology | The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. While AI remains transformative long-term, valuations have become disconnected from fundamentals with companies exceeding $10 billion market caps lacking profits or revenues. The fund remains disciplined and unlikely to pursue high-momentum AI names without meaningful revenues or profitability. | ZD HALO MDGL ALGN SPT ALIT |
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| 2025 Q3 | Oct 15, 2025 | Upslope Capital Management | 8.8% | 12.5% | 8697.T, BIO, CHG.L, CME, DPLM.L, EVR, FCN, GOOGL, HOLN.SW, HSY, IMXI, INTC, KDEF, MKTX, SAND.ST, SMIN.L, SRT.DE, STE, TDY, WST | AI, defense, healthcare, Long/Short, Quality, risk management, valuation | Elevated and rising geopolitical tensions globally and in Asia-Pacific should drive sustained defense investment for years. Korean defense industry maintains significant relative cost advantages versus US and European peers while being cheaper, faster and compatible with NATO standards. | View | |
| 2023 Q2 | Oct 8, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, SHC, SPHR, STE | Buybacks, Entertainment, GARP, healthcare, small caps, value | MSGE completed its spin-off of SPHR (Sphere Entertainment). The Sphere has gone viral with its exosphere displays, which validates the innovative business model for selling naming rights and advertisements. Manager trimmed position but retains holding. | SHC |
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| 2025 Q4 | Jan 13, 2026 | Upslope Capital Management | 2.0% | 14.8% | 6954.T, 8697.T, BAH, BIO, CCK, CME, DPLM.L, FCN, GOOGL, HOLN.SW, HSIC, HSY, INTC, MKTX, SAND.ST, SMIN.L, STE, TDY | AI, Automation, defense, healthcare, industrials, Japan, Long/Short, mid cap | Manager exited European defense stocks for the first time since early 2022, citing full valuations and expectations that the Ukraine conflict may wind down. However, maintains exposure through Booz Allen Hamilton and Korea Defense ETF, noting long-term secular tailwinds from rising geopolitical risks and defense spending. AI is described as everywhere, particularly on buyside analyst desktops, contributing to faster market pace and gambling-like behavior. Manager sees AI moving into the physical world as a catalyst for industrial automation companies like Fanuc, which is positioned to benefit from AI's expansion beyond digital applications. Fanuc holds ~50% market share in CNCs and is a leading factory robotics player, positioned to benefit from AI moving into the physical world and rising trade barriers boosting global reshoring. The company serves general industrial, automotive, electronics, and aerospace end markets with global diversification. Portfolio includes Japan Exchange Group benefiting from ongoing Japanese equity market structure reforms and corporate governance improvements. Fanuc represents exposure to leading Japanese industrials with fortress balance sheets and global market leadership in automation. | HSIC 6954 JP CCK BAH |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2024 Q3 | Sep 30, 2024 | Meridian Growth Fund | 6.8% | 0.0% | CARG, CHDN, COO, DOCS, EEFT, GFS, OKTA, RBA, SMAR, ST, STE, TRMB, ZD | growth, healthcare, semiconductors, small caps, software, technology | The fund is gaining confidence in healthcare outlook after years of underperformance. Healthcare stocks are trading slightly below historical valuations with stable to improving fundamentals. Recent company checks reinforce a sound basis for the portfolio's overweight position in this sector. | COO SMAR DOCS GFS ZD OKTA |
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| 2024 Q2 | Jul 31, 2024 | McIntyre Partnerships | 14.7% | 6.0% | SHC, STE, UMG.AS, WMG | Concentration, healthcare, Legal Risk, small caps, Sterilization, value | Manager focuses on buying companies at discounted valuations, exemplified by SHC trading at 10x 2025 EBITDA versus peer STE at 15x. Exited UMG position when it reached 30x earnings, stating unwillingness to underwrite multiple expansion beyond 50% premium to market. Portfolio concentrated in undervalued positions with clear catalysts. | SHC |
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| 2024 Q2 | Jun 30, 2024 | Meridian Growth Fund | 6.8% | 0.0% | ACVA, AGIO, ALIT, CARG, CHDN, CHWY, EEFT, RBA, RELY, SMAR, ST, STE, TMDX, TRMB, ZD | consumer discretionary, growth, healthcare, industrials, Quality, small cap, technology | The fund holds Transmedics Group, a medical technology company with a differentiated capability to facilitate organ transplants through their Organ Care System (OCS). The company reported increased adoption and buildout of its OCS platform with strong top-line growth and profitability metrics ahead of plan. | RELY TRMB ALIT AGIO CHWY TMDX |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | APTV, ARGX, ASH, ATS, AZPN, BSY, CAE, CSGP, EMN, EQT, ETSY, EVBG, ICLR, LYV, MRVL, SCI, STE, VRT | AI, Data centers, energy, healthcare, industrials, mid cap, Natural Gas | AI development drove surge in investor demand for large tech companies and benefited portfolio holdings like Vertiv. Deploying AI applications will necessitate substantial investment in new data centers and upgrading existing facilities, creating opportunities for data center infrastructure providers. | View | |
| 2023 Q2 | Jun 30, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ACTA, CARG, CERT, ST, STE, ZD | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Riverwater Sustainable Value Strategy | - | - | AGM, AM, CG, CIEN, CNX, COOP, IDCC, LMNR, PNFP, RRC, STE | Defensive, Energy Transition, Quality, Regional Banks, small caps, Trade Policy, value | The manager increased exposure to energy transition by adding Range Resources and Antero Midstream Corp. Both companies play critical roles in energy and electrification, with electrification expected to see significant demand growth in coming years and decades. Range is a low-cost natural gas producer while Antero specializes in transporting, gathering and processing natural gas. | AM RRC PNFP COOP LMNR |
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| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | ALNY, APP, ARES, CASY, CAVA, CELH, DDOG, EQT, HUBS, JLL, KKR, MELI, MRVL, RYAN, SAIL, STE, TTD, TW, VRSK, VRT | AI, Biotechnology, Data centers, growth, mid cap, Natural Gas, technology, Trade Policy | The emergence of DeepSeek, a China-based low-cost large language model, stoked fears about returns from massive AI ecosystem investments, causing rotation out of AI-related tech stocks. Despite this, the managers believe large AI hyperscalers will continue developing intensive data centers, providing long-term opportunities for their holdings like Marvell and Vertiv. | View | |
| 2022 Q4 | Jan 27, 2023 | McIntyre Partnerships | 14.7% | 6.0% | MSGE, SHC, STE | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Meridian Growth Fund | STERIS plc | Health Care | Health Care Equipment | Bull | NYSE | defensive, Healthcare services, Litigation Overhang, medical equipment, Mission-Critical, Neutral, Sterilization | View Pitch |
| Oct 24, 2025 | Value Investors Club | Jumbos02 | STERIS plc | Health Care | Health Care Equipment & Supplies | Bull | NYSE | EtO litigation, Helth Care, Margin recovery, Sterilization, Tariff risk | 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. | ||||||||