TWFG

TWFG

TWFG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Baron FinTech Fund	12.5%	16.8%	ACGL, APO, BLK, EFX, ENDV, FICO, FIS, GWRE, INTU, KKR, LPLA, MA, MELI, PGR, PRI, RPAY, SCHW, SPGI, TRU, TWFG, V	Capital markets, Financial Services, Fintech, growth, insurance, payments, software, technology	The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Sixteen holdings have risen more than 30% this year, representing 42% of net assets, operating across consumer credit, enterprise software, insurance, asset management, payments, and brokerage sectors.	PRI TWFG GWRE MELI FICO	View
2026 Q1	Apr 13, 2026	Giverny Capital Asset Management	-6.9%	-6.9%	AME, AXP, CSU.TO, HWKN, IBP, KNSL, TSM, TWFG	Concentration, Quality, software, technology, value		AXP CSU.TO	View
2025 Q3	Oct 6, 2025	Giverny Capital Asset Management	6.8%	12.6%	AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG	AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation	Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements.	NVDA US MEDP US	View
2025 Q4	Jan 27, 2026	Giverny Capital Asset Management	0.0%	12.6%	ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO	AI, HVAC, insurance, Quality, small caps, technology, value	Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality.	FISV CACC KMX ALGN WSO KNSL SCHW ANET	View
2024 Q3	Sep 30, 2024	Baron Discovery Fund	13.5%	9.3%	AEIS, AXON, BASE, CDNA, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, KTOS, LLYVA, MEG, NARI, PTECH, SIZE, TEM, TWFG, VCYT	growth, healthcare, rates, Rotation, small caps, technology, valuation	The fund believes the bear market in small-cap growth stocks that started in February 2021 is finally ending. Small-cap growth is trading at its largest discount relative to large cap in 25 years, with investors under-allocated to the asset class. The combination of lower interest rates, stronger economic growth, attractive valuations, and easier earnings comparisons creates a backdrop conducive for stronger small company fundamentals and valuation multiples.	NARI TWFG TEM AXON CDNA	View
2025 Q1	Apr 15, 2025	Giverny Capital Asset Management	-3.4%	-3.4%	AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG	Construction, insurance, Quality, technology, Trade Policy, value	Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment.	BLDR AAON TWFG	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Giverny Capital Asset Management	TWFG Inc.	Financials	Insurance Brokers	Bull	NASDAQ	Climate Change Impact, founder-led, Independent Agents, Insurance Technology, Personal Lines Insurance, Platform business, small-cap	View Pitch
Apr 13, 2026	Fund Letters	Baron Discovery Fund	TWFG, Inc.	Financials	Insurance	Bull	NASDAQ	Capital-light, Equity, founder-led, Independent Agents, Insurance Broker, M&A, P&C insurance, platform	View Pitch
Apr 13, 2026	Fund Letters	Baron FinTech Fund	TWFG, Inc.	Financials	Insurance Brokers	Bull	NASDAQ	Capital-light, Commission Revenue, founder-led, Independent Agency, insurance brokerage, IPO, M&A, market share gains, Property & Casualty	View Pitch

BSD Shareholders of TWFG

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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