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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Aug 23, 2023 | Voss Value Fund | 7.2% | 8.9% | IIIV, TYL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Global Discovery | 7.6% | 13.1% | 6415 TT, BAB LN, BJ, BSX, CELH, MIPS SS, MKTX, MONC IM, RDC GR, SAIA, SPGI, SPOT, SWAV, TEAM, TYL, VEEV, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Artisan Global Discovery | -3.7% | -3.7% | 0669 HK, ARGX, ARIS, ASND, BAB LN, CCCS, COHR, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TWST, TYL, USFD, VEEV, WAB, WST | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Artisan Partners Small Cap Fund | 0.6% | 14.7% | ALAB, ARGX, COCO, CROX, FLS, GTLB, HALO, IPAR, ITGR, LSCC, NOVT, PSN, SN, TYL, VCYT, VSEC | - | View | ||
| 2024 Q3 | Oct 23, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ANSS, CPRT, FIVN, FTNT, GWRE, HEI, PCOR, POOL, ROP, TYL, WST | - | View | ||
| 2025 Q3 | Oct 19, 2025 | Artisan Mid Cap Fund | 8.8% | 15.3% | ARGX, DXCM, INSM, LPLA, LSCC, NTBLQ, RBC, RDDT, SNOW, SPOT, TDY, TEAM, TTAN, TYL, VCYT, WING, WWD | aerospace, Artificial Intelligence, Automation, Biotech, semiconductors | Healthcare innovation is accelerating with new drugs and devices from companies like Argenx and Insmed driving strong profit cycles. Technology exposure benefits from AI-led investment in chips and data infrastructure through holdings like Lattice Semiconductor and Synopsys. Industrials such as Woodward and Teledyne profit from expanding aerospace and defense demand. | SPOT WING LSCC INSM ARGX |
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| 2025 Q3 | Oct 13, 2025 | Conestoga Mid Cap Composite | -3.2% | 1.1% | AAON, FDS, FTNT, GNRC, IDXX, IT, JKHY, TYL, VRSK, WST, XYL | earnings, Growth Equities, Mid Caps, Quality, valuation | Mid-cap stocks underperformed large-caps amid concentration in mega-cap tech leadership. Conestogas focus on sustainable earnings growth and conservative valuations left it lagging during speculative phases but positioned for long-term compounding when fundamentals reassert. The firm maintains exposure to industrial and technology companies with steady cash flows. | IDXX US WST US |
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| 2025 Q3 | Oct 13, 2025 | Conestoga SMid Cap Composite | -1.1% | -2.1% | CWST, DSGX, EVI, GNRC, JKHY, MRCY, QTWO, ROAD, TYL, WST | quality growth, semiconductors, SMID Caps, software, technology | The SMid-Cap strategy underperformed amid a rally dominated by unprofitable, high-beta stocks, while its disciplined quality-growth approach faced headwinds. Weakness in software and lack of semiconductor exposure weighed on returns, though select industrials and healthcare names showed resilience. Management views the current low-quality outperformance as typical of early-cycle conditions likely to normalize. | View | |
| 2025 Q3 | Oct 10, 2025 | Sandhill Investment Management | - | - | AJG, CR, TTAN, TYL | Artificial Intelligence, Corporate Bonds, Market Concentration, quality growth, Valuation discipline | The October 2025 newsletter highlights record equity indices driven largely by AI-related capital expenditure, with roughly 75% of market returns and 80% of earnings growth tied to AI stocks since ChatGPT's release, creating elevated concentration risk and S&P 500 valuations near 23x forward earnings. Sandhill stresses diversification and valuation discipline, selectively adding industrial and software names such as Crane, Arthur J. Gallagher, Tyler Technologies and ServiceTitan while remaining patient in corporate bonds amid tight spreads and a flat yield curve. The firm remains cautious given sticky inflation near 3%, softening labor data and potential overcapacity in AI infrastructure, but continues to focus on high-quality businesses with durable competitive advantages. | AJG CR |
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| 2025 Q4 | Jan 9, 2026 | Tsai Capital | 0.0% | 7.6% | AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V | Compounding, disruption, Ecosystems, growth, innovation, Networks, technology | Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth. | View | |
| 2025 Q4 | Jan 27, 2026 | Artisan Global Discovery | 1.7% | 12.1% | ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD | AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology | AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses. | MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR |
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| 2025 Q4 | Jan 26, 2026 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO | AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology | AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut. | CPAY CWST ARE CHDN EXPE LNWO |
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| 2025 Q4 | Jan 18, 2026 | Conestoga Mid Cap Composite | -5.8% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology | The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly. | GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY |
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| 2025 Q4 | Jan 18, 2026 | Conestoga SMid Cap Composite | -2.7% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | Biotechnology, defense, growth, industrials, Quality, small caps, technology | Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions. | GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN |
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| 2023 Q2 | Aug 23, 2023 | Voss Value Offshore Fund | 7.4% | 8.9% | IIIV, TYL | - | View | ||
| 2024 Q2 | Jul 26, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, CELH, CRWD, DASH, DXCM, FIVE, GEV, MPWR, TYL, ULTA | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AAON, CCCS, DAVA, FIVE, KNSL, MPWR, PAYC, RGEN, SITM, TTEK, TYL, WING | - | View | ||
| 2024 Q2 | Jul 20, 2024 | Artisan Global Discovery | 7.6% | 13.1% | 4684 JP, BSY, ESTC, LM0F GR, LSCC, MRO LN, MTSI, NTBL, ONTO, SAIA, TWST, TYL | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CCC, CELH, CMG, EXAS, FIVE, INSM, LSCC, MRVL, MTSI, POOL, RBLX, SPOT, TYL, WST | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | EXPO, FICO, GWRE, HEI, POOL, RGEN, SITE, STVN, TREX, TYL | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | CSGP, GWRE, HEI, LSPD, POOL, RGEN, ROL, TYL, VEEV, VRSK, WST | - | View | ||
| 2022 Q1 | Apr 29, 2022 | Andvari Associates | 0.0% | 20.3% | CSU CN, TOI CN, TYL | - | View | ||
| 2023 Q1 | Apr 24, 2023 | Andvari Associates | 0.0% | 20.3% | TYL | - | View | ||
| 2022 Q4 | Jan 30, 2023 | Andvari Associates | 0.0% | 20.3% | ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. SMID Company Growth | 2.7% | 1.4% | ALRM, BAH, BLD, BROS, BSY, EEFT, ENTG, FF0 GR, GSHD, HLNE, NSIT, PSTG, RMBS, RVLV, TYL, WRBY, WSC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2025 | Seeking Alpha | Lighting Rock Research | Tyler Technologies, Inc. | Information Technology | Software - Application | Bear | NYSE | — | 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. | ||||||||