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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $8.1M | 0.02% | 26,348 | -18,900 | -71.05% | 0.0647% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $6.9M | 0.01% | 22,387 | +22,387 | +100.00% | 0.0549% |
| Ray Dalio | Bridgewater Associates | $27.4B | $13.5M | 0.05% | 43,953 | +13,988 | +46.68% | 0.1079% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.0M | 0.00% | 3,416 | +3,416 | +100.00% | 0.0084% |
| Israel Englander | Millennium Management LLC | $233.2B | $74.7M | 0.03% | 243,795 | +240,136 | +6562.89% | 0.5983% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $34.0M | 0.05% | 111,178 | +76,226 | +218.09% | 0.2729% |
| Cliff Asness | AQR Capital Management | $190.6B | $23.5M | 0.01% | 76,604 | -225 | -0.29% | 0.1880% |
| Rich Handler | Jefferies | $19.3B | $652,270 | 0.00% | 2,130 | +2,130 | +100.00% | 0.0052% |