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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 | Fintech, Long/Short, small caps, software, value | FinTech stocks are noticeably out of favor on Wall Street, especially post-SIVB bank failure and financial sector scare, with many hitting 10-year or all-time lows. The fund sees this as creating attractive relative valuations and opportunities in the space. They have been buying Nashville-based i3 Verticals as a software and payment solutions provider that is transitioning from a payments company to a majority software company. | IIIV |
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| 2025 Q2 | Jun 30, 2025 | Artisan Mid Cap Fund | 14.4% | 5.9% | ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL | AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology | Portfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient. | View | |
| 2024 Q2 | Jun 30, 2024 | PM Capital Australian Companies Fund | -2.9% | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, fixed income, healthcare, insurance, software, Valuations | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager questions sustainability of $3-4 trillion annual data center spending projections by 2030, citing economic viability and energy infrastructure as key risks. | TTAN TYL AJG CR |
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| 2026 Q1 | May 8, 2026 | TCW Concentrated Large Cap Growth Fund | -11.8% | -11.8% | ASML, BSX, ETN, MCK, NOW, PLTR, TYL | AI, Concentration, growth, healthcare, large cap, semiconductors, technology | PLTR MCK ETN ASML BSX NOW |
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| 2025 Q1 | May 1, 2025 | Conestoga Mid Cap Composite | 1.0% | 1.0% | ALGN, BFAM, CPRT, CSGP, FTNT, GNRC, GWRE, HEI.A, IT, RGEN, ROL, ROP, TECH, TYL, VRSK, WCN, WSO, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga's emphasis on higher-quality, conservative growth companies with higher recurring revenue, more stable product cycles, and less capital-intensive investment requirements was key to outperformance. The portfolio benefited from high-quality factor leadership as profitable companies measured by Return on Invested Capital and EBITDA margins declined less significantly than their high beta, non-earning counterparts. | View | |
| 2026 Q1 | Apr 25, 2026 | NZS Capital – Growth | -8.9% | -8.9% | ARM, ASML, CSU.TO, DHR, FROG, ISRG, IT, LIN, LRCX, SYK, TEAM, TSM, TYL, WDAY | AI, disruption, growth, healthcare, semiconductors, software, technology | TYL |
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| 2026 Q1 | Apr 21, 2026 | Conestoga SMid Cap Composite | -10.2% | -10.2% | BCPC, CACI, CWST, PCTY, QTWO, RBC, RGEN, ROAD, SPSC, STVN, TYL, ULS, WSO | aerospace, energy, industrials, Quality, small cap, software, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Madison Mid Cap Fund | -4.3% | -4.3% | BRO, BSY, FWONA, IT, MC, MEDP, MKSI, PCAR, ROST, TDY, THO, TTAN, TYL | AI, mid cap, Quality, semiconductors, software, value | BSY TYL |
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| 2024 Q1 | Apr 15, 2024 | Artisan Global Discovery | 7.6% | 13.1% | ANET, BAB.L, BSX, CELH, HUBS, LSCC, MIPS.ST, MKTX, MPWR, PWR, RDC.DE, SAIA, SPGI, SPOT, SWAV, TEAM, TW, TYL, VEEV, VRT | AI, Data centers, global, growth, healthcare, Logistics, mid cap, technology | AI is deserving of attention as a technology trend with diverse use cases being explored and processing power gains suggesting improving effectiveness. The fund has exposure to AI beneficiaries across the technology food chain including chip manufacturers, networking equipment providers, and cloud software leaders incorporating AI functionality. | View | |
| 2025 Q1 | Mar 31, 2025 | Artisan Global Discovery | -3.7% | -3.7% | ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST | AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy | Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments. | View | |
| 2024 Q1 | Mar 31, 2024 | City Different Investments – Multi-Cap Core | 11.4% | 33.1% | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, insurance, software, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager questions sustainability of $3-4 trillion annual data center spending projections by 2030, citing concerns about economic viability and energy infrastructure bottlenecks. | TTAN TYL AJG CR |
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| 2023 Q1 | Mar 31, 2023 | Tarkio Fund | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, software, technology, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager tracks economic viability risks and energy infrastructure bottlenecks while maintaining exposure to the theme despite bubble concerns. | TTAN TYL AJG ACR |
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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 | |
| 2024 Q3 | Oct 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, ACLS, ALAB, APPF, BMI, BOOT, BROS, BSY, BURL, BWXT, CACI, CASY, CWA, CYBR, EXLS, FANG, FDS, FIVE, FND, FOUR, IEX, INSP, IRTC, JKHY, KAI, KNSL, LFUS, LGIH, LSCC, LW, MANH, MEDP, MNDY, NBIX, ONTO, PCOR, PODD, POOL, PRCT, RXST, SITM, SMPL, TARS, TREX, TYL, ULS, VNOM, WSC | financials, growth, healthcare, industrials, semiconductors, small caps, software, technology | The fund initiated a position in Astera Labs, a fast-growing and profitable developer of semiconductor products known as retimers that are key enablers of AI workloads and help prevent GPU bottlenecks. The manager believes this business adds further profitable AI-exposure to the portfolio. | View | |
| 2025 Q3 | Oct 24, 2025 | NCG Large Cap Growth Strategy | 8.4% | 14.2% | AAPL, APP, ARM, CRM, CYBR, GEV, HOOD, INSM, ISRG, MDB, NFLX, NOW, NVDA, ORCL, PGR, TEAM, TOST, TYL | AI, growth, infrastructure, Quality, rates, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | HOOD GEV ORCL MDB APP AAPL NVDA |
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| 2025 Q3 | Oct 24, 2025 | Artisan Global Discovery | 3.0% | 10.0% | ARGX, ASND, BAB.L, BFAM, CW, INSM, IRTC, LSEG.L, LYV, PRCT, PURE, PX, RBC, SE, TDY, TEAM, TYL, WAY, WING, WST | AI, Biotechnology, defense, global, growth, healthcare, small cap, technology | AI investment boom contributed over 1% to US GDP growth through first half of year, with tech investment growing at fastest pace since 2000. However, rapid AI advancements are creating uncertainty about which software companies can successfully integrate AI versus those facing business model disruption. | WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD |
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| 2024 Q3 | Oct 23, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, BFAM, CGNX, CWST, DSGX, EXPO, FIVN, FSV, GWRE, MSA, POOL, QTWO, ROAD, ROL, SITE, TREX, TYL, WSO, WST | growth, industrials, infrastructure, software, technology | The infrastructure spending in the United States has benefited companies like Construction Partners in two ways: the level of demand and funding available, and supply tightness in hot mixed asphalt plants leading to better pricing and expanding margins. | View | |
| 2024 Q3 | Oct 23, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ANSS, CPRT, CSGP, FIVN, FTNT, GWRE, HEI.A, IDXX, IT, PCOR, POOL, RGEN, ROL, ROP, TFX, TYL, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, software, technology | Fortinet led portfolio returns as the cybersecurity leader reported significant beats on billings and accelerating bookings growth, indicating the firewall product cycle may have turned positive. The company is managing inventory well and operating margins surprised to the upside. | View | |
| 2025 Q3 | Oct 19, 2025 | Artisan Mid Cap Fund | 8.8% | 15.3% | ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD | AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors | Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients. | SPOT WING LSCC INSM ARGX |
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| 2023 Q3 | Oct 19, 2023 | Horizon Investment | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, insurance, software, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager tracks economic viability risks and energy infrastructure bottlenecks while maintaining exposure despite minimal revenue generation relative to capital deployment. | TTAN TYL AJG ACR |
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| 2024 Q3 | Oct 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AIT, ALIT, BAH, BLD, CWAN, DOCS, ELF, FIVE, GSHD, HLNE, MKTX, MPWR, PGNY, POOL, REVL, RGEN, RH, SITM, TTEK, TYL | Concentration, earnings, growth, Quality, SMID Cap, value, volatility | elf Beauty represents a discount beauty company focused on cosmetics and skincare with impressive track record for growth, margins, and returns on capital. The company is uniquely positioned due to its reputation for quality, innovation, and prices well below other mass cosmetics brands, with significant room for growth in brand awareness, shelf space expansion, and international markets. | BAH AIT BLD ELF PGNY HLNE RVLV GSHD |
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| 2025 Q3 | Oct 10, 2025 | Sandhill Investment Management | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, insurance, software, Valuations | AI capital expenditure boom continues driving market returns since ChatGPT's release. AI-related stocks account for 75% of market returns and 90% of capital spending. Manager sees potential bubble risks around economic viability and energy infrastructure constraints for data centers requiring enormous power. | 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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| 2024 Q4 | Jan 22, 2025 | Peak Asset Management | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, Concentration, healthcare, insurance, software, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager questions sustainability given minimal revenue generation versus massive capital deployment into data centers. Energy constraints pose potential bottlenecks for ambitious growth projections. | TTAN TYL AJG CR CR TTAN CR TYL AJG CR |
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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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| 2024 Q3 | Sep 30, 2024 | Artisan Global Discovery | 7.6% | 13.1% | 0669.HK, ARGX, COHR, CWAN, EFX, ESTC, GALDA.SW, GWRE, GXI.DE, HUBB, IRTC, MPWR, MTSI, NZYM-B.CO, ONTO, PWR, SDZ.SW, TCOM, TREX, TTEK, TYL, VCYT, VEEV, WST | AI, global, growth, healthcare, industrials, SMID Cap, technology, water | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages. | View | |
| 2024 Q3 | Sep 30, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ADS, APPF, ARGX, CIGI, ELF, GWRE, HL, IBP, INTA, IRTC, LSCC, MKTX, MOD, ONON, ONTO, SN, SPT, SPXC, TYL, VCYT | AI, growth, healthcare, interest rates, Profit Cycle, small caps, technology | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They expect some volatility in AI-exposed stocks given relatively lofty expectations but are being disciplined on valuations. | View | |
| 2023 Q2 | Aug 23, 2023 | Voss Value Offshore Fund | 7.4% | 8.9% | IIIV, TYL | Fintech, growth, payments, small caps, software, technology, value | FinTech stocks are noticeably out of favor on Wall Street, especially post-SIVB bank failure and financial sector scare, with many hitting 10-year or all-time lows. The fund sees this as creating attractive relative valuations and opportunities in the space. | IIIV |
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| 2024 Q2 | Jul 26, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, BKR, CELH, COR, CRWD, DASH, DXCM, ENTG, FIVE, GEV, MPWR, RBA, ROST, SNPS, TYL, ULTA, WAB, WCN | AI, energy, growth, healthcare, industrials, mid cap, technology | The fund continues to see strong momentum within the AI data center buildout megatrend. 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 | |
| 2024 Q2 | Jul 25, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT | growth, healthcare, industrials, mid cap, technology | View | ||
| 2024 Q2 | Jul 23, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AAON, CCCS, DOXI, DT, EXL, FIVE, FND, KINS, MPWR, PAYC, PGNY, POOL, REVG, RGEN, RH, SITM, TREX, TTEK, TYL | AI, growth, healthcare, Quality, SMID Cap, technology, volatility | AI beneficiaries saw considerable hype and crowding, with companies like Monolithic Power Systems benefiting from growth in enterprise data segments driven by cloud-based CPU server applications including AI. However, exceptions exist with some AI-related stocks losing ground relative to first quarter results. | PGNY PAYC FIVE TTEK RGEN CCCS KGIC AAON |
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| 2024 Q2 | Jul 20, 2024 | Artisan Global Discovery | 7.6% | 13.1% | AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING | AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology | AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand. | View | |
| 2024 Q2 | Jun 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST | AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 2024 Q2 | Jun 30, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CWST, DH, DSGX, EXPO, FICO, FSV, GWRE, HEI.A, POOL, RBC, RGEN, ROAD, ROL, SITE, SPXC, STVN, TREX, TYL, WSO | consumer discretionary, growth, healthcare, small caps, software, technology | Software industry holdings outperformed despite perceived shift in spending to AI-related hardware. Tyler Technologies reported strong results with recurring revenues now at 84% of revenue. Guidewire Software showed acceleration in subscription software growth to 35%. | View | |
| 2024 Q2 | Jun 30, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | CPRT, CSGP, GWRE, HEI.A, IDXX, IT, LSPD, POOL, RGEN, ROL, ROP, TYL, VEEV, VRSK, WCN, WST | growth, healthcare, mid cap, software, technology | Manager discusses the prolonged underperformance of small cap stocks versus large caps, noting this feels like peak pessimism for small caps. They believe the current environment parallels past cycles like the Nifty Fifty and Dot Com eras, with small cap valuations near early 2000s lows. | 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% | JPM, TYL | Banking, Quality, software, technology, value | Andvari seeks businesses with highly valued products or services that enable higher than average margins and returns, more robust free cash flows, more dependable revenues, and stronger customer relationships. They avoid commodity businesses like banking that compete primarily on price. | TYL |
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| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS | durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value | Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Artisan Mid Cap Fund | -7.4% | -7.4% | ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST | AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology | The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations. | 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 24, 2025 | Tsai Capital | - | 23.0% | AAPL, ABNB, ACN, AMZN, ANSS, COST, CPRT, CSGP, DHR, FDS, GOOG, IDXX, MA, MKL, MSCI, MSFT, NKE, QXO, TSLA, TYL, V, ZTS | AI, Compounding, disruption, growth, long-term, technology, Tesla, value | The manager believes they are particularly well-positioned to benefit from the AI revolution, which represents the most transformative technological advancement since the advent of the internet. Many of the companies they own are leading the charge in the AI revolution, with others set to reap substantial benefits as they integrate these transformative technologies into their operations. Autonomy—embodied in self-driving vehicles and humanoid robots—will be one of the earliest large-scale applications of AI. | View | |
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. SMID Company Growth | 2.7% | 1.4% | ALRM, AZPN, BAH, BLD, BROS, BSY, CWAN, EEFT, ENTG, FND, FOXF, GSHD, HLI, HLNE, NSIT, PAYC, PSTG, RMBS, RVLV, TREX, TYL, WRBY, WSC | AI, growth, Quality, semiconductors, SMID Cap, software, technology, value | The market was dominated by crowded AI trades in 2024, with high-beta AI-adjacent growth companies outperforming. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from GenAI-driven transformation in a more sustainable, long-term manner. | BROS WSC PSTG NSIT BSY ENTG RMBS GSHD WRBY RVLV |
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| 2024 Q4 | Jan 20, 2025 | Andvari Associates | - | 13.3% | AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL | dividends, interest rates, real estate, REITs, software, technology, Telecommunications | Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts. | TOI.TO CSGP SBAC AMT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Horizon Investment | Tyler Technologies Inc. | Information Technology | Application Software | Bull | NYSE | Fragmented Market, government software, high switching costs, Mission-Critical, Municipal, public sector, SaaS | View Pitch |
| Apr 28, 2026 | Fund Letters | NZS Capital - Growth | Tyler Technologies | Software - Application | Application Software | Bull | New York Stock Exchange | AI disruption, Court Management, government software, Mission-Critical, Municipal Government, Public safety, Regulatory Software, System of Record, Tax Assessment, vertical market software | View Pitch |
| Apr 27, 2026 | Fund Letters | Andvari Associates | Tyler Technologies | Information Technology | Application Software | Bull | NYSE | Cloud computing, government software, margin expansion, recurring revenue, SaaS, Technology Transition, turnaround, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Tarkio Fund | Tyler Technologies Inc. | Information Technology | Application Software | Bull | NYSE | defensive, Fragmented Market, government software, high switching costs, Mission-Critical, Municipalities, recurring revenue | View Pitch |
| Apr 23, 2026 | Fund Letters | Madison Mid Cap Fund | Tyler Technologies | Software - Application | Application Software | Bull | New York Stock Exchange | AI Resilient, Government Technology, Municipal Software, public sector, SaaS, Software Implementation, Technology Modernization | View Pitch |
| Apr 13, 2026 | Fund Letters | City Different Investments - Multi-Cap Core | Tyler Technologies Inc. | Information Technology | Application Software | Bull | NYSE | Defensive Software, Fragmented Market, government software, high switching costs, Local Government, Mission-Critical, Municipal Technology | View Pitch |
| Apr 13, 2026 | Fund Letters | PM Capital Australian Companies Fund | Tyler Technologies Inc. | Information Technology | Application Software | Bull | NYSE | Defensive Software, Fragmented Market, government software, high switching costs, Local Government, Mission-Critical, Municipal Technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Peak Asset Management | Tyler Technologies Inc. | Information Technology | Application Software | Bull | NYSE | Defensive Software, Fragmented Market, government software, high switching costs, Local Government, Mission-Critical | View Pitch |
| Apr 13, 2026 | Fund Letters | Peak Asset Management | Tyler Technologies Inc. | Information Technology | Application Software | Bull | NYSE | Defensive Software, Fragmented Market, government software, high switching costs, Local Government, Mission-Critical | View Pitch |
| 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. | ||||||||