STRL

STRL

STRL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Fidelity Growth Strategies Fund	22.7%	12.9%	ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.	HOOD AXON	View
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 Q2	Aug 21, 2025	AMG Frontier Small Cap Growth	13.9%	-2.5%	AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL	AI, growth, infrastructure, Logistics, semiconductors, small cap, technology	Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025.	LTH SAIA ODD STRL INDI SIMO ATI PGY SAIA ODD STRL LTH INDI SIMO ATI PGY	View
2025 Q2	Aug 21, 2025	AMG GW&K Small Cap Core Fund	4.5%	-3.1%	CHX, CRDO, DAVA, FN, GPOR, HLI, INSM, INTA, IONQ, MCOM, RBC, SEI, SLGN, SPXC, STAG, STRL, TXRH, VIAV	AI, energy, growth, industrials, Natural Gas, small cap, technology, value	The fund discusses AI buildout as a secular theme driving market performance, with investors pushing all-in on AI-related investments. The manager believes the AI investment case is most likely to have durability and generate positive, estimable earnings for companies addressing hyperscaler needs. The fund added two new holdings with AI exposure in the energy sector.	SEI	View
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
2025 Q2	Jun 30, 2025	Distillate Capital International	-	22.3%	AMGN, CRM, FERG, GMED, HCA, HII, ICLR, JBL, JNJ, KLAC, LRCX, MOS, PEP, REGN, STRL, TMUS, TPG, UNH, VST, VTRS	free cash flow, large cap, momentum, Quality, rebalancing, small caps, valuation, value	The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as starting valuations historically predict future valuation headwinds.		View
2026 Q1	May 6, 2026	Fidelity Growth Strategies Fund	-3.2%	-3.2%	COHR, FICO, FIX, MTZ, STRL, VRT	AI, Data centers, growth, industrials, infrastructure, mid cap, technology			View
2026 Q1	May 13, 2026	AMG GW&K Small Cap Core Fund	0.0%	0.0%	AEIS, ALGM, ARQT, AVNT, FWRG, HLI, IDA, MTSI, RBC, SF, STRL, UTZ, VCYT, VIAV	energy, healthcare, industrials, small caps, technology, value			View
2025 Q1	May 13, 2025	Sawgrass Asset Management – Small Cap Quality Growth	-5.2%	-5.2%	ADMA, CORT, RDNT, SNEX, STRL	growth, Outperformance, Quality, small caps, value, volatility	Evidence is growing in favor of a size leadership switch from large to small caps. Three key linchpins support this thesis: relative valuation discount of small cap to large cap at continual trough valuations, concentration of mega-caps as a percent of total equity market, and the duration of large cap leadership cycle being the second longest in U.S. stock market history. Additional supportive factors include healthy high yield market, resiliency of small caps regardless of winning party in Presidential elections, and normalizing GDP.		View
2025 Q1	Mar 31, 2025	AMG GW&K Small Cap Core Fund	-7.3%	-7.3%	ADC, ARQT, BWIN, CBZ, CHX, COCO, FLYW, FNA, GBCI, GMED, HALO, HLI, HMN, ICFI, INSM, INTA, ITCI, LOPE, MGY, MTSI, NWE, PAR, PATK, PPBI, PRIM, RBC, SKY, SPXC, STAG, STRL, SWTX, TNDM, UMBF, UTZ	AI, Biotechnology, energy, financials, Quality, small caps, Trade Policy	The fund discusses navigating uncertainty from tariff announcements and trade policy changes by the current U.S. Administration. The manager analyzes potential impacts on manufacturing, consumers, and trading partners, while monitoring for signs of policy moderation or negotiation.		View
2025 Q4	Feb 3, 2026	Fidelity Growth Strategies Fund	-3.4%	12.6%	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026.	IDXX AXON LITE ATI COHR	View
2025 Q4	Feb 17, 2026	AMG GW&K Small Cap Core Fund	3.5%	7.2%	AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF	healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value	The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward.		View
2025 Q3	Nov 11, 2025	AMG GW&K Small Cap Core Fund	6.9%	3.6%	ABCB, CRDO, HLI, INTA, LOPE, MEDP, MTSI, PRIM, RBC, RGTI, RMBS, SPXC, STRL, SUPN	AI, Biotech, earnings, healthcare, small cap, technology	The market saw impressive gains driven by artificial intelligence stocks, though the fund missed these speculative rallies due to its focus on consistent earnings. The team added two technology stocks to increase exposure to AI infrastructure during the quarter.		View
2025 Q3	Oct 28, 2025	Fidelity Growth Strategies Fund	3.3%	16.7%	ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.		View
2025 Q3	Oct 24, 2025	NCG Small Cap Growth Strategy	5.9%	3.9%	AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, STRL, TOL, VCEL, XMTR	AI, defense, growth, infrastructure, nuclear, small cap, Speculation, valuation	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 increases in investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors.	BE XMTR	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
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 Q3	Oct 2, 2025	Rodrigo Benedetti	-	-	ABX, CLS, CONL, IJH, IREN, IWM, JOBY, MSFT, NBIS, NEM, ORCL, PLTR, RXST, SNAP, STRL, TGEN, TSSI, VRT	AI, Fed policy, Gold Miners, Long/Short, Risk Appetite, Shorts, Speculation	Manager attempted to short AI-related names believing the theme needed a rest, targeting low quality companies benefiting from datacenter capex but offering commoditizable services at high multiples. However, the market continued financing datacenter capex aggressively, forcing position closures after significant losses.		View
2025 Q4	Jan 28, 2026	Rodrigo Benedetti	0.0%	0.0%	ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP	AI, Biotechnology, commodities, Fintech, gold, healthcare, oil	Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system.	EMO CN KITS CN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 14, 2026	Seeking Alpha	Seeking Alpha	Sterling Infrastructure, Inc.	Infrastructure	Construction Services	Neutral	NASDAQ Stock Market	AI infrastructure, backlog growth, CEC integration, Construction services, Customer Diversification, hyperscaler buildout, mission-critical projects, operating margins, Semiconductor Fabs, Valuation risk	View Pitch
Apr 13, 2026	Fund Letters	AMG Frontier Small Cap Growth	Sterling Infrastructure Inc	Industrials	Construction & Engineering	Bull	NASDAQ	construction, data centers, infrastructure, Margin Improvement, market share gains, Site Preparation, Transportation, U.S. Onshoring	View Pitch
Jan 25, 2026	Seeking Alpha	Seeking Alpha	Sterling Infrastructure, Inc.	Construction and Engineering	Infrastructure Construction	Bull	NASDAQ Stock Market	acquisition, AI bubble, data centers, E-infrastructure, EPS growth, Government Spending, growth prospects, P/E ratio, Sterling Infrastructure, transportation solutions	View Pitch
Dec 3, 2025	Fund Letters	James A.Colgan	Sterling Infrastructure, Inc.	Industrials	Construction Machinery & Heavy Trucks	Bull	NASDAQ	backlog, construction, datacenters, infrastructure, Margins, Onshoring	View Pitch
Dec 3, 2025	Fund Letters	H. George Dai	Sterling Infrastructure, Inc.	Industrials	Construction & Engineering	Bull	NASDAQ	backlog, construction, Cyclical, datacenters, infrastructure	View Pitch
Oct 29, 2025	Seeking Alpha	Seeking Alpha	Sterling Infrastructure, Inc.		Engineering & Construction	Bull		bullish outlook, data center demand, E-infrastructure, EPS guidance, growth strategy, Market expansion, Sterling Infrastructure, Transportation	View Pitch
Oct 23, 2025	Value Investors Club	althea	Sterling Infrastructure, Inc.	Industrials	Construction & Engineering	Bear	NYSE	Chips, Consensus risk, data centers, Multiple compression	View Pitch

BSD Shareholders of STRL

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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