TMDX Archives

TMDX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2024 Q2	Jul 11, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	AMAT, ANSS, ASML, CDNS, INSP, INTC, KLAC, KLIC, NVDA, PDFS, SNPS, TMDX	AI, Medical Devices, mid cap, semiconductors, small caps, technology, value	The manager discusses semiconductor manufacturing complexity and the need for advanced yield optimization software. PDF Solutions is positioned to benefit from increasing complexity at advanced nodes and the emergence of new foundries investing at the leading edge.		View
2025 Q2	Jul 10, 2025	Headwaters Capital Management, LLC	7.3%	-2.6%	COIN, DHR, GMED, HOOD, MSTR, NVDA, PLTR, TECH, TMDX, TMO	AI, Biotechnology, mid cap, Risk Appetite, small caps, valuation	AI enthusiasm is driving large cap outperformance and creating narrow market breadth concentrated in AI beneficiaries. The manager believes AI is real with lasting benefits but excitement around valuations is reaching extremes similar to 1999. History suggests the AI cycle will eventually reach over-investment and excess capacity.	TECH TECH	View
2026 Q1	Apr 22, 2026	Baird Small/Mid Cap Growth Equity Fund	-4.8%	-4.8%	ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO	AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology			View
2024 Q1	Apr 22, 2024	Rodrigo Benedetti	0.0%	0.0%	AM.PA, APP, CHG.L, CLS, HO.PA, KNF, MRVI, ONT.L, OXB.L, PFE, PSTG, SMR.AX, TEP.PA, TMDX	Biotech, defense, Europe, growth, small caps, value	European defense companies trade at reasonable multiples with potential tailwinds from awakening EU defense budgets. Dassault Aviation produces the Rafale fighter, the only Fifth Generation aircraft not made by Lockheed Martin or Russians, with growing order book and no competing aircraft expected soon.	AM.PA	View
2023 Q1	Mar 31, 2023	Driehaus Micro Cap Growth Strategy	2.0%	2.0%	AGYS, ELF, PI, TMDX, UBS, XENE	Banking Crisis, Fed policy, growth, healthcare, inflation, Micro Cap, Recession, technology	Regional bank failures including Silicon Valley Bank and Signature Bank created a banking crisis in March. The crisis was driven by concentrated deposit bases, uninsured deposits, and forced treasury sales at losses rather than credit quality issues. Emergency Fed measures including deposit guarantees and the Bank Term Funding Program helped restore stability.		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
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	View
2024 Q4	Feb 10, 2025	Meridian Small Cap Growth Fund	2.8%	11.7%	AGS, ALIT, ANGI, BYRN, CARG, CCSI, MIR, RBA, SMAR, STNE, TMDX, TPB, WAY	growth, healthcare, nuclear, Quality, risk management, small caps, technology	Mirion Technologies operates in industries with strong secular trends tied to rising demand for nuclear power, including AI-related data center energy needs. The company provides critical technologies for the nuclear power sector with recurring revenues.	ANGI SRI TMDX BYRN TPB MRAD	View
2024 Q4	Dec 31, 2024	Minot Light Capital Partners	5.2%	-	BYON, CFR.SW, DERM, MYTE, REAL, TDUP, TMDX	Dermatology, E-Commerce, growth, Luxury, Microcap, small caps, Specialty Pharma, value	The fund's largest holding MyTheresa operates in the high-end luxury fashion space and recently acquired YOOX NET-A-PORTER from Richemont. The transaction creates substantial synergies and establishes MyTheresa as a leading curated digital platform for luxury fashion. Management expects the combined legacy MYTE and Mr. Porter brands to generate around $2.2 billion in revenues in 2025.	DERM MYTE	View
2024 Q4	Dec 31, 2024	Wasatch Small Cap Growth Strategy	1.7%	15.2%	BOOT, BRBR, PACS, PCTY, ROAD, TMDX	consumer, financials, growth, healthcare, infrastructure, SaaS, small cap, technology	U.S. small-cap stocks gained after the November election on expectations of less regulation, tax cuts and stronger economic growth. The managers believe business conditions are generally favorable for smaller companies, though they note some pockets of consumer spending weakness.	TMDX ROAD PCTY BRBR	View
2023 Q4	Dec 31, 2023	NCG Small Cap Growth Strategy	4.8%	14.8%	BRZE, CSTL, CWAN, DAVA, FLYW, GWRE, KNSL, LGIH, MEDP, NTRA, SILK, TMDX, TNDM, VRRM	Biotechnology, Fed Pivot, growth, healthcare, market breadth, small caps	Small cap stocks underperformed large caps heading into the fourth quarter, with the Russell Microcap Growth Index down about 5% through Q3. However, market breadth broadened in November and December following the Fed pivot, with the Russell Microcap Growth Index returning 13.68% versus 4.42% for large caps. The rally was primarily led by low quality stocks and sectors most impacted by the Fed's restrictive stance.	CSTL TNDM ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN NTRA ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK BRZE MEDP	View
2023 Q4	Dec 31, 2023	NCG SMID Cap Growth Strategy	4.8%	15.5%	BRZE, CSTL, CWAN, DAVA, DXCM, FLYW, GWRE, KNSL, LGIH, MEDP, NTRA, SILD, TMDX, TNDM, VRRM, VRT	Biotech, growth, healthcare, Medical Devices, small caps, technology	Healthcare holdings drove much of the underperformance across strategies due to investor perception that GLP-1 drugs will reduce medical interventions. Many healthcare companies began recovering in Q4 and the firm believes in long-term growth fundamentals. The firm continues direct research to inform investment decisions in this space.	DXCM MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC CSTL TNDM ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN NTRA ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK BRZE MEDP	View
2024 Q3	Oct 7, 2024	Rodrigo Benedetti	-	-	ABT, APP, ARKK, ASTS, COOP, EW, HIFS, KRE, LUMN, MBIN, MDT, MEDP, PFBC, TMDX	Europe, financials, Medical Devices, Shorts, Tankers, trading, volatility	Manager sees opportunities in tankers due to seasonal weakness ending and Middle East conflict escalation. Expects enforcement of dark fleet sanctions to benefit compliant fleet carrying offsetting output from Saudi Arabia and others, tightening ship availability. However, notes growing orderbook and higher valuations make tankers difficult as long-term holds.	EW	View
2025 Q3	Oct 29, 2025	Polen Capital – U.S. Small Company Growth	21.1%	27.1%	BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX	aerospace, AI, Data centers, Electrification, growth, innovation, small cap	The world faces a shortage of electric power due to growing adoption of electric vehicles, cloud data center proliferation, and the AI revolution. Bank of America estimates these drivers will push electricity demand growth to a 2.5% annual run rate, 5x higher than the last decade's 0.5% growth. The strategic value of AI in the US-China geopolitical power struggle has made electricity production a national priority.	SOFI BE GOOGL TSLA	View
2024 Q3	Oct 11, 2024	Driehaus Small/Mid Cap Growth Fund	3.1%	24.0%	AXON, CRNX, CYBR, HEI, TMDX	AI, Biotechnology, earnings, growth, healthcare, industrials, rates, small caps	AI remains a powerful transformational theme with robust capex spending on data centers and infrastructure. Hyperscalers view AI as an existential threat to their business models and are increasing AI GPU cluster intelligence from current IQ levels of 100-120 to genius levels of 160+ and potentially 1,000. While 40% capex increases may decelerate in 2025-2026, AI infrastructure spending will remain strong.		View
2024 Q3	Oct 11, 2024	Driehaus Small Cap Growth Fund	6.4%	27.0%	AXON, CRNX, FTAI, PCVX, TMDX	AI, Biotech, growth, industrials, infrastructure, Rate Cuts, small caps	AI infrastructure spending by Hyperscalers remains robust with 40% capex increases in 2024. Manager views AI as existential threat driving continued investment in GPUs, servers, networking equipment and data centers. Expects spending to decelerate but remain strong through 2025-2026.		View
2024 Q3	Oct 11, 2024	Driehaus Micro Cap Growth Strategy	8.2%	24.0%	ADMA, ALKT, CRNX, MOD, TMDX	AI, Biotechnology, Fed Cuts, growth, healthcare, Micro Cap, small caps, valuation	AI infrastructure spending by Hyperscalers remains robust despite concerns about ROI. The manager views AI as an existential threat to major tech companies, driving continued capex investment in GPUs, servers, networking equipment and data centers. While 40% capex growth may decelerate in 2025-2026, AI infrastructure spending should remain strong.		View
2024 Q4	Jan 3, 2025	Rodrigo Benedetti	-	-	AAPL, AMZN, APP, CIEN, CUBI, GOOGL, META, MSFT, NVDA, PFBC, PLTR, TMDX, TSLA	AI, banks, Biotech, Europe, semiconductors, technology, value	Manager extensively analyzes AI capex spending by major tech companies, questioning sustainability of current investment levels and whether returns will justify the massive capital deployment. Notes that companies like MSFT and META are spending heavily on AI infrastructure, with some potentially approaching zero free cash flow.		View
2025 Q4	Jan 13, 2026	Infuse Partners	-7.2%	0.0%	DUOL, MELI, NU, SNWV, TMDX	E-Commerce, Education, Fintech, growth, Latin America, long-term, Medical Devices, technology	MercadoLibre continues to demonstrate exceptional execution with its e-commerce/payments flywheel spinning fast even at $25 billion revenue. The company has successfully outcompeted strong marketplaces like Amazon, Shopee, Temu and TikTokShop using vertical integration and fast delivery times. Management thinks genuinely long-term unlike most companies that only give lip service to long-term decision making. Nu Holdings is gradually becoming a super app with strong traction in Mexico after receiving full banking license, proving the model is replicable outside Brazil. The company's lean cost structure enables better rates, leading to more customers and economies of scale. Success has come despite Brazil's terrible macro backdrop over 15 years, with battle-tested lending algorithms positioned for expansion into more stable geographies. Sanuwave operates a razor and blades business model with the UltraMist device for treating diabetic foot ulcers. Despite a Q3 growth hiccup while building sales organization, growth should resume as there aren't many profitable medtech companies growing faster than 30%. TransMedics has revolutionized organ transplant process, owning 22 private jets and performing 30 organ transplants daily, with increasing density creating competitive advantages. Duolingo should be viewed as an engagement machine that happens to educate rather than just a language learning app. With almost 40% of monthly users logging in daily (compared to Snapchat's 50%), the company has built exceptional engagement muscle. As it broadens into math, music, chess and other subjects, retention should increase further, potentially becoming a must-have app for learning all sorts of things.	DUOL MELI TMDX NU	View
2024 Q4	Jan 11, 2025	Driehaus Micro Cap Growth Strategy	0.5%	-32.9%	CLFD, ELF, PI, TMDX, XENE	Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps	Manager believes inflation will continue to fall as key drivers like excess money supply (M2 now negative year-over-year), excess savings, and supply chain issues have largely normalized. Fed policy response to inflation trajectory remains the key market driver.		View
2024 Q3	Sep 30, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	AGS, BYRN, CARG, EVRI, LZ, MIR, MMSI, RBA, SEAT, SMAR, SRI, TMDX, TPB	Automotive, consumer, gaming, growth, healthcare, small caps	The fund holds Everi Holdings, a gaming technology company with hardware manufacturing and financial technology segments. The stock rose after a private equity acquisition offer at a 56% premium, reinforcing confidence in the financial technology segment.	TPB EVRI BYRN VICI LZ STRI	View
2024 Q3	Sep 30, 2024	Lord Abbett Developing Growth Fund	6.4%	21.1%	ADMA, CAVA, CYBR, FIX, FROG, GKOS, LOAR, PIPR, RXST, SG, TMDX, VRNS, ZETA	AI, Biotechnology, Cloud, growth, healthcare, infrastructure, small cap, technology	The fund identifies generative artificial intelligence as one of their favorite investment areas that appears ready to re-accelerate growth in 2024 and beyond. They view the emergence of generative AI as creating ample opportunities across the market cap spectrum.		View
2024 Q2	Jul 31, 2024	Driehaus Small Cap Growth Fund	6.4%	27.0%	BRBR, CAMT, CCJ, FTAI, TMDX	AI, Biotech, growth, healthcare, industrials, semiconductors, small cap, technology	The fund increased exposure to semiconductors and hardware companies tied to AI infrastructure buildout. Several holdings benefited from the hardware infrastructure buildout to support AI applications, including semi cap equipment companies and semiconductor or component suppliers to data centers. IT budgets are shifting away from enterprise software towards AI and its supporting infrastructure.		View
2024 Q2	Jul 26, 2024	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	ANF, EVH, INSM, KWR, LSCC, LSTR, MNDY, MSA, ONTO, PJT, RBA, SUM, TMDX, VEI, VKTX, WWD	AI, Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology	The fund continues to see strong momentum within the AI data center buildout megatrend that is now a year old. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries.		View
2023 Q2	Jul 25, 2023	Headwaters Capital Management, LLC	8.8%	21.4%	ABCM, CYRX, NSIT, TMDX	-			View
2023 Q2	Jul 19, 2023	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX	aerospace, AI, Electrification, growth, innovation, small caps, technology	The manager views electrification as a multi-year theme driven by electric vehicles, cloud data centers, and AI revolution creating electricity demand growth of 2.5% annually versus 0.5% historically. The strategic value of AI in US-China geopolitical competition has made electricity production a national priority.	TMDX CRS ODD POWL JOBY 6BE GR	View
2024 Q2	Jul 18, 2024	Driehaus Micro Cap Growth Strategy	8.2%	24.0%	ARLO, CRNX, MOD, TMDX, TNDM	AI, growth, healthcare, industrials, inflation, Micro Cap, semiconductors, technology	The strategy increased exposure to semiconductors and hardware companies benefiting from AI infrastructure buildout. Holdings range from semi cap equipment companies to semiconductor/component suppliers to data centers. The fundamental outlook for AI-related holdings and the industry has improved dramatically.		View
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	View
2024 Q2	Jun 30, 2024	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, AGS, ALIT, BYRN, CARG, LZ, MIR, MMSI, RBA, SILK, SMAR, STNE, TMDX, TPB	downside protection, growth, Medical Devices, Quality, small caps, technology	The fund holds multiple medical technology companies including TransMedics Group with their revolutionary organ transplant technology and Silk Road Medical with their minimally invasive carotid artery treatment. These companies are taking market share with innovative solutions that improve patient outcomes.	AGS SILK TMDX ALIT BYRN LZ	View
2024 Q2	Jun 30, 2024	Wasatch Small Cap Growth Strategy	-	-	ADUS, BOOT, FIVE, NVMI, RPD, SITE, SPT, TMDX	AI, growth, healthcare, retail, semiconductors, small caps, technology	AI beneficiaries continued to power ahead during Q2 2024, with the strategy's best contributor being Nova Ltd., which benefited from increased inspection requirements for complex AI chips. The team has conducted extensive research on AI's potential impact across industries and owns companies that participate in AI development or benefit from related business improvements.	SPT SITE FIVE TMDX BOOT NVMI	View
2023 Q1	Apr 19, 2023	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX	aerospace, AI, Data centers, Electrification, growth, innovation, small caps	AI data centers require enormous amounts of power, creating challenges for power grids to supply necessary electricity for constant and growing AI workloads. This has driven demand for solutions like Bloom Energy's fuel cells that can generate reliable power onsite for data centers.	TMDX CRS ODD POWL JOBY 6BE GR	View
2024 Q4	Jan 17, 2025	Carillon Eagle Small Cap Growth Fund	-	-	APPF, AROC, BILL, ESAB, EVH, EXR, FRSH, KWR, LPLA, LSTR, MMSI, MSA, PCVX, PI, PJT, RBA, SUM, TMDX, ZETA	AI, Election, financials, growth, healthcare, M&A, small caps, technology	The letter discusses significant AI investment themes, noting that one major chip designer's data center revenues are expected to represent approximately 15% of total U.S. capital spending in 2025. The managers highlight the risk of excess capacity if generative AI applications fail to drive demand, requiring hyperscalers to generate $400 billion in revenue to justify current spending levels.		View
2023 Q4	Jan 17, 2024	Driehaus Micro Cap Growth Strategy	8.2%	24.0%	CLFD, ELF, PI, TMDX, XENE	Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps	Manager extensively analyzes inflation drivers including excess money supply, savings, supply chains, and labor shortages. Believes inflation will continue to fall as M2 money supply turns negative, excess savings decline, and supply chains recover. Views falling inflation as key catalyst for equity market recovery.		View
2024 Q4	Jan 14, 2025	Headwaters Capital Management, LLC	-6.8%	13.1%	CLMB, PLTR, TMDX	cybersecurity, Data centers, mid cap, Quality, Risk Appetite, Speculation, value	Manager emphasizes focus on quality businesses with strong fundamentals, contrasting with market rotation into speculative assets. Quality stocks significantly lagged during Q4 as investors favored high beta and non-earning companies. The strategy maintains discipline in owning quality businesses at appropriate multiples.	TMDX CLMB	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 7, 2026	Seeking Alpha	Seeking Alpha	TransMedics Group, Inc.	Healthcare	Medical Devices	Bear	Nasdaq Stock Market	Aircraft ownership, Free Cash Flow, international expansion, Medical devices, Organ Care System, Organ Procurement Organization, Organ Transplant, Revenue Growth, TransMedics Group, valuation	View Pitch
Apr 28, 2026	Fund Letters	Polen Capital - U.S. Small Company Growth	TransMedics Group	Health Care	Health Care Equipment	Neutral	NASDAQ	healthcare innovation, Life-Saving Technology, medical technology, Organ Preservation, Organ Transplantation, Transplant Outcomes	View Pitch
Apr 27, 2026	Fund Letters	Polen Capital - U.S. Small Company Growth	TransMedics Group	Health Care	Health Care Equipment	Neutral	NASDAQ	healthcare innovation, Life-Saving Technology, Medical devices, medical technology, Organ Preservation, Organ Transplant, Transplant Outcomes	View Pitch
Apr 13, 2026	Fund Letters	Meridian Growth Fund	Transmedics Group, Inc.	Health Care Equipment & Services	Health Care Equipment	Bull	NASDAQ	Healthcare Equipment, market share gains, medical technology, Organ Transplant, profitability, Proprietary technology, Revenue Growth	View Pitch
Apr 13, 2026	Fund Letters	Meridian Small Cap Growth Fund	TransMedics Group, Inc.	Health Care	Health Care Equipment & Supplies	Bull	NASDAQ	Healthcare Equipment, Logistics Network, Market expansion, medical technology, Organ Transplant, profitability, Proprietary technology	View Pitch
Apr 13, 2026	Fund Letters	Wasatch Small Cap Growth Strategy	TransMedics Group, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	healthcare innovation, life sciences, Logistics, market share gains, medical technology, Organ Transplant	View Pitch
Apr 13, 2026	Fund Letters	Headwaters Capital	TransMedics Group	Health Care	Health Care Equipment	Bull	NASDAQ	Bull, competitive moat, FDA approval, Healthcare Equipment, Logistics Network, market dominance, medical technology, Organ Transplant	View Pitch
Apr 13, 2026	Fund Letters	Meridian Growth Fund	TransMedics Group, Inc.	Health Care	Health Care Equipment	Bear	NASDAQ	Bear, growth deceleration, Healthcare Equipment, Market Share Loss, medical technology, Organ Transplantation, Position Reduction	View Pitch
Apr 13, 2026	Fund Letters	Meridian Small Cap Growth Fund	TransMedics Group, Inc.	Health Care	Health Care Equipment & Supplies	Bear	NASDAQ	growth deceleration, Healthcare Equipment, market share, Medical devices, medical technology, Organ Transplantation	View Pitch
Apr 13, 2026	Fund Letters	Wasatch Small Cap Growth Strategy	TransMedics Group, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Biomedical, Healthcare Equipment, life sciences, Medical devices, medical technology, Organ Transplant, Standard of Care	View Pitch
Feb 4, 2026	Twitter / X	@ScorpionFund	TransMedics Group, Inc.	Health Care Equipment & Supplies	Health Care Equipment	Bear	NASDAQ	CMS, Italy, Logistics, Medtech, Perfusion, Pricing, Reimbursement, Transplant	View Pitch
Jan 27, 2026	Fund Letters	Ryan Reeves	TransMedics Group, Inc.	Health Care	Medical Devices	Bull	NASDAQ	healthcare, innovation, Logistics, scale, Transplants	View Pitch
Jan 23, 2026	Twitter / X	@ScorpionFund	TransMedics Group, Inc.	Health Care Services	Health Care Supplies	Bear	NASDAQ	Hiring, Linkedin, Linkedin Data, Organox, Post Says, Tmdx, Transmedics, Transplant	View Pitch
Sep 16, 2025	Short Thesis	Scorpion Capital	TransMedics Group Inc	Health Care	Health Care Equipment	Bear	NASDAQ	Dilution, Organs, Reimbursement, TAM, Transplant	View Pitch
Aug 8, 2025	Seeking Alpha	Fernanda Galvez Jalil	TransMedics Group, Inc.	Health Care	Medical Devices	Bull	NASDAQ	—	View Pitch

BSD Shareholders of TMDX

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
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