SWAV

SWAV

SWAV

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	ClearBridge Mid Cap Growth Strategy	-	-	BKI, CASY, CMG, FERG, KEYS, SWAV, XPO	-			View
2023 Q3	Sep 30, 2023	Baird Small/Mid Cap Growth Equity Fund	-8.9%	2.8%	BJ, CHDN, CHPX, CNMD, CWAN, FIVE, FND, FOUR, INSP, KNSL, LFUS, LGIH, MTDR, MTZ, PODD, RBC, SAM, SWAV, TTC, WSC	consumer, growth, healthcare, industrials, inflation, rates, small caps, technology	GLP-1 drugs emerged as a solution for obesity and reducing long-term cardiovascular risks, leading to sharp negative reactions across the medical equipment industry. The market views it as a zero-sum game with inevitable shrinkage of addressable markets for diabetes and sleep apnea devices.		View
2023 Q2	Jul 8, 2023	Torre Financial	13.2%	31.9%	6367.T, ADYEY, AMD, ANSS, ASML, CDNS, FI, GOOGL, JNJ, LIN, LRCX, LZAGY, MCHP, MEDP, MSFT, NFLX, NOW, NVDA, NVO, ON, PGR, SWAV, TSLA, TSM, TXN, WISE.L	AI, global, growth, innovation, large cap, semiconductors, technology	The fund discusses being in the early stages of an AI bubble where long-term promise is significant but near-term corrections are expected. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree rather than direct beneficiaries.		View
2023 Q2	Jun 30, 2023	Baird Small/Mid Cap Growth Equity Fund	3.4%	12.9%	CHDN, CNMD, COCO, CTLT, CWAN, DECK, EXAS, ICLR, INSP, IRTC, KNSL, LGIH, MKTX, PODD, POOL, RGEN, RVNC, SEDG, SWAV, TECH	consumer discretionary, financials, growth, healthcare, industrials, small caps, technology	Healthcare sector showed mixed performance with surgical volumes returning to normal seasonal patterns, benefiting medical technology holdings like Shockwave and Inspire. However, constrained biotech spending hurt companies like Catalent, which faced operational issues and CFO termination.		View
2024 Q1	Apr 15, 2024	Artisan Mid Cap Fund	2.4%	6.6%	BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL	-			View
2024 Q1	Apr 15, 2024	Artisan Global Discovery	7.6%	13.1%	ANET, BAB.L, BSX, CELH, HUBS, LSCC, MIPS.ST, MKTX, MPWR, PWR, RDC.DE, SAIA, SPGI, SPOT, SWAV, TEAM, TW, TYL, VEEV, VRT	AI, Data centers, global, growth, healthcare, Logistics, mid cap, technology	AI is deserving of attention as a technology trend with diverse use cases being explored and processing power gains suggesting improving effectiveness. The fund has exposure to AI beneficiaries across the technology food chain including chip manufacturers, networking equipment providers, and cloud software leaders incorporating AI functionality.		View
2024 Q1	Apr 15, 2024	Baron Opportunity Fund	4.0%	25.1%	ACLX, AMD, AMZN, ASML, AVGO, CRWD, CSGP, INDI, LEGN, MBLY, META, MSFT, NVDA, RIVN, SPOT, SWAV, TSLA, TSM, TTD, VKTX	AI, Cloud, growth, innovation, large cap, semiconductors, technology	AI is described as the most significant advancement impacting the digital world since the internet itself. The fund is positioned just past the first upward inflection in a generational S-curve for AI adoption and economic impact. Every digital interaction will eventually be AI powered, making humans more productive across various activities.		View
2024 Q1	Apr 15, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	BKR, CELH, CRWD, DXCM, ENTG, LULU, MKTX, MLM, PLNT, RBA, ROST, SBAC, SNPS, SWAV, U, VRT, WCN	AI, Data centers, growth, healthcare, industrials, infrastructure, mid cap, technology	The fund is positioned to benefit from AI-driven data center spending acceleration, with holdings in companies like Vertiv that provide critical infrastructure for high-performance computing. The team monitors AI application adoption to assess sustainability of the investment cycle and its impact on market leadership.		View
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS	-			View
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN	AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology	GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers.		View
2024 Q1	Apr 15, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	6588.T, AAON, ALLE, ATKR, BWA, CYBR, ELAN, ENDV.L, ENS, FIVE, MBUU, MGPI, NEM.DE, OLLI, PFV.DE, RGA, RUB.PA, SWAV, XPEL, YOU.L	AI, cybersecurity, global, Japan, semiconductors, small caps, technology, value	Generative AI represents a powerful wave that has gained tremendous momentum since ChatGPT's launch. The world spent around $50B on AI-enabling chips in 2023, with forecasts ranging from $100B to over $400B in coming years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain through semiconductor manufacturing equipment.	CYBR PFEV.DE	View
2024 Q1	Apr 10, 2024	NZS Capital – Growth	-	-	6367.T, ADYEY, AMD, ANSS, ASML, FI, JNJ, LIN, LONN.SW, MCHP, MEDP, NFLX, NOW, NVDA, ON, PGR, SWAV, TSM, TXN, WISE.L	AI, global, growth, innovation, large cap, semiconductors, technology	The fund discusses being in the early stages of an AI bubble with long-term promise but near-term correction risk. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree. The fund notes AI's potential impact is unknowable but enthusiasm is bordering euphoria.		View
2024 Q1	Mar 31, 2024	Baird Small/Mid Cap Growth Equity Fund	1.9%	1.9%	BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL	AI, growth, healthcare, Performance, semiconductors, small cap, technology	AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains.		View
2023 Q4	Dec 31, 2023	Artisan Partners Small Cap Fund	9.0%	14.0%	ARGX, ASND, CCCS, DUOL, ETSY, EXAS, FIVE, FND, HALO, IRTC, LSCC, MPWR, PCOR, RGEN, SAIA, SMAR, SWAV, TREX, VMI, WING	Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, software, technology	Healthcare biotechnology holdings faced R&D setbacks despite solid commercial progress. Argenx's Vyvgart trials for two additional indications failed, Halozyme experienced underperformance related to Argenx setbacks, and Ascendis faced FDA manufacturing questions for TransCon PTH approval.		View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS	Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology	Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage.		View
2023 Q4	Dec 31, 2023	Baird Small/Mid Cap Growth Equity Fund	7.8%	10.9%	BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO	financials, growth, healthcare, industrials, rates, small cap, technology	Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter.		View
2022 Q3	Oct 28, 2022	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CELH, COHR, EVOP, KRTX, RPD, SLAB, SMPL, SWAV, UEIC, WING	-			View
2023 Q3	Sep 30, 2023	Artisan Mid Cap Fund	2.4%	6.6%	ARGX, ASND, BNTX, DXCM, EXAS, GPN, HALO, HUBS, IR, JBL, LSCC, PWR, RPGN, SAIA, SWAV, TEAM, VEEV, WING, WST, ZS	AI, Biotechnology, Energy Transition, growth, healthcare, mid cap, semiconductors, technology	Manager is bullish on GLP-1 obesity therapies, especially the growth they should enable for biologics packaging franchises like West Pharmaceutical. Believes the public health benefits are real but unlikely to materially restrain growth opportunities of medical device holdings for many years. Taking advantage of attractive valuations in adversely impacted holdings like DexCom.		View
2023 Q3	Sep 30, 2023	Artisan Partners Small Cap Fund	9.0%	14.0%	ARGX, ASND, BL, BSY, CAVA, CCCS, ETSY, EXAS, FIVE, GLBE, GWRE, HALO, IRTC, LSCC, MTSI, PCOR, PZZA, RGEN, SAIA, SMAR, SPXC, STVN, SWAV, TREX, WCC, WING, WMS	Biotechnology, growth, healthcare, Medical Devices, semiconductors, small cap, software, technology	Manager discusses the rapid growth of GLP-1 obesity drugs from Novo Nordisk and Eli Lilly, noting their impact on medical device stocks. While acknowledging public health benefits, believes the effects on cardiovascular disease incidence will take time and that opportunities for innovative franchises to gain share outweigh market expansion concerns.		View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BJ, CSGP, DXCM, EFX, FIVE, FND, GFL, IAC, IBKR, IDXX, LNG, NDAQ, PINS, PXD, RGEN, RNR, ROST, SWAV	consumer, energy, financials, growth, healthcare, industrials, mid cap, technology	While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now beginning to reengage with cloud initiatives as they reach better financial positions, with green shoots noted by some holdings.		View
2022 Q3	Sep 30, 2022	Alger Small Cap Focus Fund	6.4%	5.9%	HSKA, MRCY, NTRA, QDEL, RBC, SWAV	-			View
2023 Q3	Apr 10, 2023	Artisan Global Discovery	7.6%	13.1%	0669.HK, ADYEN.AS, AMD, ARGX, BSX, GXI.DE, LSCC, LSEG.L, ON, SWAV, TEAM, VEEV	Biotechnology, global, growth, Medical Devices, payments, software	Argenx is a commercial stage biotechnology company with an approved first-in-class therapy for autoimmune diseases. The company's platform antibody treatment Vyvgart has one indication in market for treating myasthenia gravis that is experiencing a successful launch, with FDA approval for subcutaneous injection version and positive results for CIPD treatment.	SWAV ADYEN TEAM ARGX	View
2022 Q1	Mar 31, 2022	Baron Opportunity Fund	4.0%	25.1%	ARWR, CDAY, CRWD, ILMN, MDB, MSFT, RIVN, SHOP, SWAV, TSLA, V	-			View
2023 Q4	Jan 31, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	4751.T, 6588.T, AAON, BWA, CYBR, EAVA.L, FIVE, HP, JCU, MALIBU, MGPI, NBIX, NMTC.DE, OLLI, SWAV, TOMRA.OL, XPEL, YOUGF	AI, global, growth, healthcare, Japan, Quality, small caps, technology	Japan represents the second-largest country weight in the global small cap benchmark but has been challenging for quality growth stocks. Style headwinds have been pronounced with high-quality companies underperforming low-quality ones by 718 basis points from 2021-2023. Recent government reforms and Tokyo Stock Exchange mandates aim to improve corporate governance and shareholder returns, which may benefit the investment opportunity set over time.		View
2022 Q4	Jan 30, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	EVH, GTLS PR B, HALO, LNTH, LSCC, LTHM, MSA, SMPL, SWAV, VNOM	-			View
2023 Q4	Jan 27, 2024	Baron Opportunity Fund	4.0%	25.1%	AMD, AMZN, ARGX, CDAY, CRWD, CSGP, DT, GOOGL, GTOS, GWRE, HUBS, ILMN, INDY, IT, LEGN, LRCX, META, MRVL, MSFT, NOW, NVDA, RIVN, SHOP, SWAV, TSLA, TTD, V, VKTX, WDAY	AI, Cloud, growth, innovation, semiconductors, software, technology	AI is described as real and transformative, not hype, with the fund positioned across the AI stack from semiconductors to cloud services to applications. The manager emphasizes they have been investing in AI for years, predicting it will forever change human-computer interaction through natural language processing.	LRCX AAPL\|MSFT\|NFLX\|NVDA\|UNH AMZN AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q4	Jan 16, 2024	NZS Capital – Growth	4.0%	22.0%	ADSK, ADYEN.AS, AMD, AMZN, ANSS, ASML, BALL, CCJ, DHR, GTLS, MRNA, MSFT, NEE, NVDA, RGEN, SHOP, SWAV, TSLA, TT, WDAY	AI, Cloud, Energy Transition, growth, innovation, semiconductors, technology	AI will have transformational impact on society and the economy, drawing focus outside of IT including healthcare. The FDA approved the first CRISPR/Cas9 gene-edited therapy, marking the precipice of curative therapies. AI is boosting digital transformation of scientific research and accelerating innovation in scientific discovery.	1102 TT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Artisan Global Discovery	Shockwave Medical Inc	Health Care	Health Care Equipment	Bull	NASDAQ	cardiovascular, FDA approval, Intravascular Lithotripsy, Medical devices, Pipeline Investment, Revenue Growth, Treatment Capacity	View Pitch

BSD Shareholders of SWAV

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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