STEP

STEP

STEP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 18, 2025	Invesco Discovery Fund	17.2%	3.0%	AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH	AI, growth, industrials, infrastructure, semiconductors, small caps, technology	The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI.	TXRH QTWO CLS TTMI LSCC AEIS	View
2026 Q1	Apr 20, 2026	Invesco Discovery Fund	6.4%	6.4%	AEIS, AGX, IRTC, KNX, LITE, ONTO, RKLB, STEP, TSEM, VIAV, WGS	AI, growth, industrials, semiconductors, small cap, technology			View
2026 Q1	Apr 15, 2026	Alger Weatherbie Specialized Growth Fund	-11.4%	-11.4%	AIR, CWST, DOCN, PLNT, STEP	AI, Aviation, Data centers, energy, growth, infrastructure, small cap, Waste management		PLNT STEP CWST LGCE DOCN AIR	View
2024 Q4	Mar 12, 2025	Invesco Discovery Fund	1.2%	22.6%	ALAB, AMZN, CLH, CLS, CRS, CYBR, DUOL, EHC, EVR, FIX, INTA, MOD, NVDA, ONTO, PEGA, PI, QTWO, STEP, TMDX, WING	AI, Cloud, growth, semiconductors, small cap, software, technology	Technology driven innovation has continued to disrupt large portions of the global economy, providing substantial opportunity through investment in premier growth compounders. The fund added Pegasystems which has increasingly integrated artificial intelligence functionality into its products, with newest AI releases representing more than 25% of its bookings. Intapp offers cloud-based and AI-powered software solutions for the financial services industry.	INTA CVLT PEGA	View
2025 Q3	Oct 20, 2025	Invesco Discovery Fund	7.9%	11.0%	AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH	AI, growth, industrials, infrastructure, semiconductors, small caps, technology	The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI.		View
2025 Q4	Jan 24, 2026	Invesco Discovery Fund	4.9%	16.5%	AVAV, BTSG, CRS, CVLT, CW, EHC, ESAB, FIVE, FN, FROG, GH, HLNE, LITE, LRN, MTSI, RKLB, RMBS, SITM, STEP, TSEM	AI, compounders, growth, industrials, innovation, semiconductors, small caps, technology	AI-related innovation and infrastructure build-out has remained robust, providing substantial opportunities. The fund benefits from AI ecosystem exposure through companies like Lumentum, which supplies lasers to AI data centers and hyperscale facilities. Strong demand for AI infrastructure stocks continues to drive performance. The fund maintains significant exposure to semiconductor companies including Tower Semiconductor, SiTime Corp, and MACOM Technology Solutions. Tower Semiconductor reported strong results in optical semiconductor business, leading management to accelerate long-term goal timelines. Memory subsystem demand remains strong with companies like Rambus benefiting from DRAM demand. Industrial renewal provides abundant investment opportunities with the fund maintaining its largest overweight in the industrials sector. The portfolio includes aerospace and defense companies like Curtiss-Wright Corp and Carpenter Technology Corp, reflecting the ongoing industrial transformation and infrastructure build-out themes.	EHC GH	View
2024 Q3	Sep 30, 2024	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	HLNE, MEG, NTRA, PGNY, PRO, STEP	AI, Cloud, Genomics, growth, healthcare, private markets, small cap, technology	AI is at an inflection point, potentially enabling significant increases in productivity. Utilities sector stocks are being viewed as a play on artificial intelligence given the high electricity consumption needed to power data centers running AI programs. However, Information Technology sector underperformed due to heightened scrutiny around AI spend, with market participants questioning whether the significant rise in AI-related capital expenditures would yield sufficient returns.	PRO PGNY MEG STEP NTRA HLNE	View
2024 Q2	Jul 31, 2024	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	GKOS, NTRA, PGNY, SITE, SPT, STEP	AI, Genomics, growth, healthcare, innovation, Medical Devices, small cap, technology	AI is at an inflection point, potentially enabling significant increases in productivity. Sustained enthusiasm for artificial intelligence boosted large cap technology stocks during the quarter. The fund continues to observe this secular theme as creating attractive investment opportunities.	SPT SITE PGNY GKOS NTRA STEP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Alger Weatherbie Specialized Growth Fund	StepStone Group, Inc.	Asset Management	Capital Markets	Bull	NASDAQ	alternative investments, asset management, financials, infrastructure, Institutional Investors, Private Debt, private equity, Private markets, Real Estate	View Pitch
Apr 13, 2026	Fund Letters	Alger Weatherbie Specialized Growth Fund	StepStone Group, Inc.	Financials	Asset Management & Custody Banks	Bull	NASDAQ	alternative investments, asset management, Carried interest, Evergreen Funds, Fundraising, Institutional Clients, Private markets	View Pitch
Apr 13, 2026	Fund Letters	Alger Weatherbie Specialized Growth Fund	StepStone Group Inc.	Financials	Asset Management & Custody Banks	Bull	NASDAQ	advisory services, asset management, Carried interest, Customized Solutions, Fundraising, Institutional Clients, Private markets	View Pitch

BSD Shareholders of STEP

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.

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