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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 2, 2024 | VH Standard Asset Management | - | -3.5% | AMED, AMK, AMZN, CERE, CPRI, FREE, HCP, HES, HIBB, INTC, IRBT, JBLU, JNPR, MXL, SAVE, SIMO, SQNS, TSEM, VMW, VZIO | capital preservation, diversification, healthcare, Merger Arbitrage, risk management, technology | The fund has significant exposure to healthcare merger arbitrage opportunities, representing 27% of the portfolio. Recent completed transactions include SGEN (Seagen) acquired by Pfizer, which generated a 0.96% gain for the fund. | 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 |
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| 2026 Q1 | Apr 21, 2026 | Renaissance Investment Management – International Small Cap Equity | - | - | CWK, EFXT, FELTY, PTXKY, SMSMY, TSEM, WBRBY | AI, China, Commercial real estate, energy, international, small cap, Trade Policy | 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 16, 2026 | ARK Invest | -1.8% | -1.8% | ACHR, AVAV, AVGO, BLSH, CRCL, HOOD, IRDM, ODD, PRLB, PYPL, SHOP, TEM, TER, TSEM, TSLA, TSM, TWST, TXG, VELO, VRTX, WGS | AI, Autonomous, Biotechnology, crypto, innovation, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – International Small Cap Equity | - | - | FINV, ITRN, KOF, MEOH, MTLS, NOMD, TGLS, TIGO, TSEM, VLRS, WBRBY, YUEIY | China, Europe, international, Manufacturing, small cap, tariffs, valuation | Trump implemented universal 10% tariffs and reciprocal tariffs on sixty nations, creating economic uncertainty that may slow global growth as companies hold back on investment plans. The rapid-fire conflicting statements from the administration have increased uncertainty about future trade policies. | View | |
| 2025 Q4 | Feb 8, 2026 | BlackRock Science And Technology Term Trust | 1.5% | 0.0% | ATE, CIEN, CLS, CRDO, FN, LITE, NVDA, TSEM | AI, Cloud, growth, infrastructure, private equity, semiconductors, technology | AI investment is expanding beyond infrastructure-heavy phase toward scaled adoption at the application layer. Current AI infrastructure investment is driven by rollout of newer Blackwell-class GPUs and ramp-up in compute capacity by hyperscalers and sovereign governments. The Trust seeks companies with strong AI monetization strategies and durable competitive moats. Technology sector supported by sustained investment in cloud and data center infrastructure. Accelerating cloud infrastructure spending is driving robust AI-driven demand. National AI and cloud initiatives have been matching or exceeding the scale of traditional hyperscaler investments. Strong demand for advanced semiconductors driven by AI infrastructure rollout and compute capacity expansion. Semiconductor companies in the portfolio benefited from strong earnings momentum and investor optimism around AI-related products. The Trust increased allocations to semiconductors during the quarter. | View | |
| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – International Small Cap Equity | - | - | CLS, CWK, FELTY, KOF, MRX, NOMD, RDWR, TIGO, TSEM, WBRBY | AI, China, emerging markets, Europe, international, semiconductors, small cap, Trade Policy | The emergence of an arms race in artificial intelligence has aligned China's government and its technology stocks with the goal of producing Chinese-made artificial intelligence infrastructure that can compete with American-made technology. Tower Semiconductor is capitalizing on high demand for data centers and artificial intelligence through increased capacity in Silicon Photonics and Silicon Germanium. | TSEM TSEM |
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| 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 |
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| 2025 Q4 | Jan 21, 2026 | Renaissance Investment Management – International Small Cap Equity | 0.0% | 0.0% | 0696.HK, 4536.T, ARIS.TO, DCBO, EFXT, ERO, GLNG, IMOS, KLBN4.SA, NOMD.L, PSFE, PTXKY, RDWR, TMVWY, TSEM, TTVSY | AI, China, Copper, gold, international, Mining, semiconductors, small cap | Gold rose 64% in 2025, its best year since 1979, driven by concerns over Federal Reserve independence, U.S. government deficit, geopolitical tensions, and central banks diversifying from U.S. dollar-based assets. Precious metals are viewed as dollar and inflation hedges. Copper had a strong year as supply disruptions at major mines continued. Demand is expected to rise in 2026 as copper is a key component in electrification push, maintaining imbalanced supply/demand and upward price pressure. Chinese technology companies with AI exposure performed well during the year. Tower Semiconductor benefited from accelerating AI demand, with strong momentum in RF infrastructure and silicon photonics businesses where customer demand far outpaces current supply. Chinese stocks performed well, particularly technology companies with AI exposure. However, hopes for economic growth acceleration failed to materialize as meaningful stimulus follow-through did not occur. Government officials have signaled further stimulus in 2026 with more proactive fiscal policy. | ARIS CN PSFE TSEM |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | Michael E. Schroer | Tower Semiconductor Ltd. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Capacity, Margins, Photonics, Rf, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael E. Schroer | Tower Semiconductor Ltd. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, diversification, Foundry, growth, Photonics, semiconductors | View Pitch |
| Nov 28, 2025 | Fund Letters | Michael E. Schroer | Tower Semiconductor Ltd. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, diversification, Foundry, growth, Photonics, semiconductors | 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 | $5.0M | 0.01% | 42,200 | +35,800 | +559.38% | 0.0346% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $189.5M | 0.22% | 1,613,540 | -1,210,087 | -42.86% | 1.3225% |
| Zach Schreiber | PointState Capital | $6.8B | $56.4M | 0.83% | 480,614 | +197,110 | +69.53% | 0.3939% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $43.8M | 0.06% | 372,713 | -72,087 | -16.21% | 0.3055% |
| Israel Englander | Millennium Management LLC | $233.2B | $93.9M | 0.04% | 799,272 | -6,400 | -22.46% | 0.6551% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $12.0M | 0.02% | 102,405 | +102,405 | +100.00% | 0.0839% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.4M | 0.00% | 29,251 | +29,251 | +100.00% | 0.0239% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $7.3M | 0.03% | 62,559 | +62,559 | +100.00% | 0.0513% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $99.4M | 0.33% | 846,953 | -491,289 | -36.71% | 0.6942% |
| $25.6B | $24.0M | 0.09% | 204,365 | +204,365 | +100.00% | 0.1675% |