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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2025 Q2 | Jul 9, 2025 | LRT Capital Management | - | 8.1% | ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH | Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic | The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential. | View | |
| 2024 Q2 | Jul 3, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM | Beta Hedging, Long/Short, quantitative, risk management, Systematic | View | ||
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Mid Cap | 6.1% | 4.8% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, consumer, Data centers, defense, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact companies like GoDaddy's business in the future. | FCN ALK ASH ICLR RRX WCC RRR |
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| 2024 Q1 | May 7, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC | Balance Sheets, cash flow, Quality, rates, SMID Cap, value | The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. The manager sees greater opportunity for quality operators with durable cash flow generation, strong balance sheets and attractive shareholder yields in the years ahead. | TTC CABO CHDN DAVA LANC AWI DECK |
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| 2025 Q1 | May 2, 2025 | LRT Capital Management | - | 6.0% | ABG, CBOE, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FIX, GPI, MKTX, NOC, PBR-A, REXR, RLI, SSD, TTC, UNH, WH | Beta, Fiscal, Hedging, Long/Short, Trade Policy, volatility | President Trump's universal tariff plans have roiled global markets and created policy uncertainty. The manager views tariffs as economically detrimental, comparing them to Import Substitution Industrialization policies that have failed historically. Hastily implemented tariffs will negatively affect the U.S. economy through slower growth, higher inflation, higher interest rates, and economic weakness. | View | |
| 2024 Q1 | May 13, 2024 | The London Company SMID Cap | 9.2% | 9.2% | AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC | AI, Balance Sheets, Quality, rates, SMID Cap, technology, value | The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Company fundamentals continued to drive price, and the strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. | TTC CABO CHDN DAVA LANC AWI DECK |
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| 2025 Q1 | May 1, 2025 | Mairs & Power – Balanced Fund | 0.0% | 0.0% | ABT, DIS, FIS, FUL, GOOG, HD, LFUS, MDT, MSI, QCOM, RHHBY, TECH, TTC, TXN, V, WEC | balanced fund, Defensive, healthcare, inflation, technology, Trade Policy, Utilities, value | Tariff uncertainty in March caused equity declines while benefiting fixed income through flight to safety. Prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs function as a tax that businesses must absorb or pass to consumers, likely creating upward pressure on prices and inflation. | View | |
| 2026 Q1 | Apr 29, 2026 | Jensen Investment | -2.5% | -2.5% | AON, BR, CDNS, FDS, G, HOLX, KEYS, KR, LH, LULU, ON, ROST, SHW, TTC | AI, competitive advantages, energy, mid cap, Quality, ROE, value | View | ||
| 2026 Q1 | Apr 29, 2026 | Mairs & Power - Growth Fund | -3.8% | -3.8% | AMP, ENTG, FAST, LFUS, MSFT, MSI, NVT, SFM, TTC, WM | AI, Data centers, energy, Geopolitical, industrials, materials, technology, value | WM AMP SFM |
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| 2026 Q1 | Apr 29, 2026 | Mairs & Power – Balanced Fund | -1.8% | -1.8% | ABT, ADP, CRM, ENTG, FAST, FISV, LFUS, PANW, TTC, TXN, UNH, V, WEC, WM, XEL | AI, Balanced, energy, healthcare, inflation, semiconductors, technology, Utilities | WM PANW |
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| 2024 Q1 | Apr 15, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, CASY, FISV, JPM, LFUS, META, MSFT, NVDA, NVENT, RHHBY, TECH, TTC, ULTA, UNH, VZ, WK | AI, growth, healthcare, large cap, productivity, technology | AI is driving transformative possibilities across industries, particularly healthcare, banking, and telecommunications. The fund holds positions in companies serving as pick and shovel providers of AI tools for businesses. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. | ULTA CASY VZ RHHBY |
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| 2024 Q4 | Dec 31, 2024 | Mairs & Power – Balanced Fund | - | 9.6% | AMP, AVGO, AXP, CASY, FISV, GGG, JPM, LFUS, LLY, MDT, MSI, NEOG, NTRS, NVDA, PG, ROK, TTC, UNH, UPS, WFC | AI, Balanced, financials, healthcare, industrials, semiconductors, small caps, technology | The fund acknowledges AI as a key driver of mega cap technology performance in 2024, though their diversified approach left them underexposed to this narrow leadership group. UnitedHealth is aggressively deploying AI technology across its business to create enduring operating efficiencies. JPMorgan has been investing heavily in AI deployment across its businesses, positioning it well for outsized earnings growth compared to peers. | View | |
| 2024 Q4 | Dec 31, 2024 | Mairs & Power - Growth Fund | - | 19.6% | AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH | AI, Housing, long-term, Regional, small caps, technology, value | AI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts. | NVDA MSFT CLFD |
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| 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 | |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Mid Cap | 4.5% | 9.5% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, defense, financials, healthcare, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact GoDaddy's business in the future. | HII WCC CIEN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2025 Q3 | Oct 2, 2025 | LRT Capital Management | - | -0.2% | ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR-A, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM | Long/Short, Market Neutral, Quality, risk management, Systematic, valuation, value | The manager emphasizes investing in high-quality companies that are growing their value per share. While the quality factor has struggled over the past year, the manager views this as presenting the greatest opportunity for future investment and believes now is a perfect time to add to the strategy given its muted returns. | View | |
| 2025 Q4 | Jan 23, 2026 | Bell Global Emerging Companies Fund | -1.8% | -5.9% | 3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS | global, industrials, Quality, SMID Cap, technology, value | The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions. | VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL |
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| 2024 Q3 | Sep 30, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, FI, GOOGL, JPM, KHC, LFUS, MSI, NVDA, ROK, TTC, UNH, WK | AI, healthcare, industrials, interest rates, small caps, technology, Valuations | More than 40% of S&P 500 companies cited AI in Q2 earnings calls. The fund remains excited about AI prospects but has been trimming positions due to lofty valuations. UnitedHealth Group is working on multiple AI use cases that could save billions in efficiencies, including call center automation. | KHC TTC UNH |
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| 2024 Q3 | Sep 30, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | ABT, AMP, CASY, CHRW, ECL, FI, HRL, HSY, JPM, LFUS, LLY, LOW, MSI, NEOG, NVDA, PG, ROK, TECH, TTC, UPS | Balanced, Bonds, consumer, healthcare, industrials, rates, technology | The Federal Reserve cut its key lending rate by half a percentage point in September, with potential for additional cuts in November and December. Lower rates are expected to benefit smaller companies by reducing borrowing costs and improving earnings growth prospects. | View | |
| 2024 Q3 | Sep 30, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AZEK, CASY, CFR, CLFD, CTLT, CVRX, DOC, ENTG, JBT, KNF, LTH, MCS, MGPI, PIPR, QCRH, THRM, TNC, TTC, WK, WTFC | banks, Fed, growth, rates, small caps, Valuations | Small cap stocks currently trade at a 29% discount to the broader market and 6% discount to their long-term average, despite analysts expecting small cap earnings growth to outpace large caps. The fund sees great opportunities in small companies with above-average growth prospects at favorable valuations. Lower interest rates should disproportionately benefit smaller companies over time. | View | |
| 2023 Q3 | Sep 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | ABT, CRM, ECL, ENTG, GGG, GOOGL, HON, HRL, LLY, MSFT, MSI, TECH, TTC, TXN, USB, XEL | AI, Balanced, fixed income, growth, inflation, rates, technology, value | Artificial intelligence is creating efficiencies and driving investment opportunities, particularly in technology companies. The fund sees AI as crucial for creating workforce efficiencies amid changing labor dynamics. Microsoft's leadership in AI helped propel it to all-time highs this year. | View | |
| 2023 Q3 | Sep 30, 2023 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AMZN, GOOGL, HRL, JPM, MSFT, NVDA, NVT, SCHW, T, TECH, TMUS, TTC, UNH, USB, VZ | AI, growth, healthcare, industrials, large cap, technology, Telecommunications, value | AI remains in the forefront of investors' minds and will have a profound effect on the economy and society over the coming years. The fund believes AI will have the largest impact in the near term on large enterprises that can harness AI to increase workforce productivity and improve customer experience. They remain skeptical of lofty valuations and have been trimming holdings accordingly. | View | |
| 2023 Q3 | Sep 30, 2023 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AIR, AZEK, CASY, CFR, CLFD, DCI, FIBK, GBCI, JAMF, NVT, TTC, WK | AI, Banking, financials, industrials, small cap, technology, value | The fund views artificial intelligence as crucial for creating workforce efficiencies amid changing labor market dynamics. They see investment opportunities in technology companies utilizing AI to create efficiencies in the workforce. The fund favors companies likely to benefit from recent advancements in AI. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AMZN, CRM, ECL, ENTG, FISV, GOOGL, GRCO, HD, HRL, LLY, META, MSFT, NTRS, NVDA, TSLA, TTC, TXN, USB, XEL | AI, Balanced, inflation, Regional Banks, technology, value | Artificial intelligence has driven significant outperformance in technology stocks, particularly benefiting mega-cap names like Microsoft, Alphabet, Amazon, and Nvidia. The fund maintains a favorable long-term view on technology given growth in AI, automation, and cloud computing, though valuations appear over-extended near-term. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AMZN, GGG, GOOGL, HRL, JPM, LNT, MSFT, NVDA, SCHW, TTC, UNH, USB | AI, Banking, growth, healthcare, large cap, technology, value | The fund sees artificial intelligence as a transformative technology similar to the internet, driving massive outperformance in technology stocks. They expect AI integration across productivity software and believe it will enable large-scale productivity improvements, though not overnight. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | ALTR, ASB, AZEK, CFR, CLFD, ENTG, ENV, FIBK, GBCI, JAMF, LFUS, NVT, THRM, TTC | AI, Banking, healthcare, industrials, small caps, technology, Valuations | The manager discusses artificial intelligence as a key driver of Technology sector performance, noting investor excitement over AI has boosted large tech names like Alphabet, Amazon, Microsoft, and Nvidia. They maintain a favorable long-term view on Technology given growth in AI, automation, and cloud computing but are cautious near-term due to over-extended valuations. | View | |
| 2022 Q4 | Feb 2, 2023 | Mairs & Power - Growth Fund | 0.0% | 19.0% | ECL, GOOGL, TECHNE, TTC, UNH | - | View | ||
| 2022 Q4 | Jan 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | ACHC, BEPC, CARS, DBRG, TTC, VWE | - | View | ||
| 2023 Q4 | Jan 28, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, BBY, ECL, FUL, GGG, GOOGL, HRL, JNJ, MSFT, NVDA, PIPR, SCHW, SHW, TECH, TTC | AI, earnings, growth, inflation, large cap, Mid-caps, technology, value | The fund benefited from investors' enthusiasm for AI, particularly through holdings in the Magnificent 7 technology stocks. The managers are well positioned to take advantage of growing interest in artificial intelligence and are particularly interested in companies that can utilize AI to improve sales and profitability. | ABBY PIPR AAPL |
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| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V | Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value | The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | The Toro Company | Industrials | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, Dealer Network, high-ROIC, Outdoor Equipment, Professional Equipment, recurring revenue, Replacement Cycles, Turf Maintenance | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small-Mid Cap | The Toro Company | Industrials | Agricultural & Farm Machinery | Bull | NYSE | agricultural machinery, Dealer Network, Industrials, Non-Discretionary, Pricing power, Professional Equipment, Rentals, Repairs, Replacement Cycles, ROIC | View Pitch |
| Apr 13, 2026 | Fund Letters | Mairs & Power - Growth Fund | Toro Company | Industrials | Machinery | Bull | NYSE | Cyclical, Equipment Manufacturing, Golf, housing market, infrastructure, Landscaping, machinery, Underground Drilling | View Pitch |
| Jan 27, 2026 | Fund Letters | Ned Bell | The Toro Company | Industrials | Machinery | Bull | New York Stock Exchange | Industrials, infrastructure, machinery, Pricingpower, resilience | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Welch | The Toro Company | Consumer Discretionary | Machinery | Bull | NYSE | Inventory, Landscaping, machinery, Margins, Pricing power, recovery | View Pitch |
| Sep 16, 2025 | Short Thesis | Jehoshaphat Research | Toro Co/The | Consumer Discretionary | Machinery (Lawn & Garden Equipment) | Bear | NYSE | Equipment, Housing, Inventory, Landscaping, Margins | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||