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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | BBIO, BOOT, BPMC, BWX, CASH, DUOL, ICLR, INSM, MIRM, PD, ROAD, RYTM, SNY, SPT, TARS, UMBF, UTI, VYGR, WING, WIX | AI, Biotechnology, growth, nuclear, small caps, Space, technology, Trade Policy | Generative AI represents a generational potential to reshape numerous aspects of business and daily life, with a rapidly evolving technological paradigm of winners and losers. Duolingo is leveraging AI to offer enhanced language learning to consumers. | View | |
| 2025 Q2 | Jul 11, 2025 | Driehaus Micro Cap Growth Strategy | 17.9% | -3.6% | AGX, CRNX, HCI, ROAD, UTI | AI, growth, healthcare, industrials, infrastructure, Micro Cap, tariffs, technology | AI infrastructure demand remains robust with hyperscalers continuing competitive AI battle. AI capex trends are driving strong data center demand and productivity gains. The strategy increased exposure to AI infrastructure companies during the quarter after reducing positions following DeepSeek concerns. | View | |
| 2026 Q1 | Apr 25, 2026 | Wasatch Micro Cap Fund | -3.2% | -3.2% | CDNL, EZPW, LINC, RDVT, UTI, VITL, WLDN | AI, Education, gold, infrastructure, Micro-Cap, software | WLDN VITL RDVT CDNL EZPW UTI LINC |
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| 2026 Q1 | Apr 21, 2026 | Conestoga Small Cap Composite | -5.0% | -5.0% | AORT, AZTA, BL, CWST, DGII, ESE, HLIO, HLMN, LMAT, NPO, RBC, RGEN, SPSC, STVN, UTI | defense, energy, growth, Quality, small cap, software, Valuations | View | ||
| 2026 Q1 | Apr 21, 2026 | Conestoga Micro Cap Composite | -7.1% | -7.1% | MAMA, NABL, ODD, PHR, PL, QTWO, TRNS, TWST, UTI, WLDN | AI, defense, energy, Quality, small caps, software, valuation | View | ||
| 2024 Q1 | Apr 15, 2024 | THB Asset Management | 10.3% | 10.1% | BYON, CENX, CLNE, DOUG, FIGS, HWKN, ICHR, LIDR, LMAT, LUNA, PLUS, RELL, RES, TRNS, UCTT, UFPT, UTI, VCEL, WNC | Concentration, Economy, inflation, Micro Cap, rates, regulation, Small business | Inflation remains problematic and is a top concern among Americans, affecting their financial outlook despite robust economic conditions. Some elements have rolled over but food, energy, shelter, and insurance remain elevated, impacting daily consumer lives. | WNC |
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| 2025 Q1 | Mar 31, 2025 | NCG SMID Cap Growth Strategy | 14.1% | 14.1% | AGYS, ALHC, AORT, ATEC, ATRO, BROS, CAVA, FLYW, GLBE, INOD, IRTC, OS, PEGA, PEN, QNST, SAIA, SITM, UTI, VERX, WAY | growth, healthcare, industrials, small cap, technology, uncertainty, underperformance | NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on companies that can grow revenue and profits at strong rates in any economic and market environment. The firm continues to seek high-quality growth companies selected using original research combined with strong sell discipline. | View | |
| 2023 Q4 | Dec 31, 2023 | THB Asset Management | 10.3% | 10.1% | ATMU, BYON, CENX, HONE, ICHR, LMAT, LMB, MHO, PLPC, PLUS, RES, SKIN, TRNS, TTI, UFPT, UTI, XPRO | Commercial real estate, consumer, Electric Vehicles, inflation, interest rates, Micro Cap | EV adoption is slowing with companies like Ford losing $36,000 per EV sold and GM delaying production. Consumer concerns about charging infrastructure, range, and cost are limiting adoption. Investment opportunities exist in ICE-related companies as EV transition timelines extend. | ATMU |
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| 2025 Q4 | Jan 21, 2026 | NCG Micro Cap Growth Strategy | 6.4% | 11.9% | AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI | active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability and has market cap constraints, returned only 5.4% versus Russell 2000/Microcap Growth at 13% and 22% respectively. Biotech was a significant area of outperformance that the firm avoided, contributing approximately 8 points to the Russell Microcap Growth Index's 21.84% return. The firm maintains low or no exposure to biotech, viewing many business models as unproven despite strong recent performance. This sector constituted almost all of the relative underperformance from their microcap strategy. The firm sees improving conditions for small cap performance, with earnings growth turning positive in 2025 and expected to accelerate in 2026. Small caps historically benefit during Fed rate-cutting cycles and continue to trade at a relative discount to large caps. Combined with an improving fundamental backdrop, they believe there's opportunity for this discount to narrow. | View | |
| 2025 Q4 | Jan 21, 2026 | NCG Small Cap Growth Strategy | 4.2% | 8.3% | ADPT, ATEC, AVPT, AXGN, BETA, BLND, CCB, CELH, COHR, ELF, KNX, KVYO, MTSI, PCOR, PEGA, PI, PRCH, QTWO, TOL, TTAN, UTI, WAL, WULF | active management, growth, healthcare, industrials, Outperformance, Quality, small caps, technology | The manager emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability, underperformed broader small cap indexes that included unprofitable companies. Biotech was a significant area of outperformance in small cap indexes during 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. The manager has maintained low or no exposure to biotech, which contributed to relative underperformance. They continue to view many biotech business models as unproven despite strong recent performance. The portfolio includes holdings in AI infrastructure companies as part of their technology sector overweight. The manager sees strong growth prospects in AI-related investments and believes these companies are trading at attractive valuations within their diversified technology holdings. Nuclear energy was identified as one of the specific areas of outsized strength in small cap markets during 2025. The portfolio maintains exposure to the nuclear energy market through one company in their energy allocation, reflecting their focus on emerging energy themes. | View | |
| 2025 Q4 | Jan 21, 2026 | NCG SMID Cap Growth Strategy | 3.6% | 8.1% | ADPT, AII.TO, ATEC, AXGN, BETA, BLND, CELH, COHR, ELF, INOD, KVYO, MTSI, PCOR, PEGA, PHAT, PI, QTWO, TOL, TTAN, UAMY, UTI, WULF | Biotechnology, growth, healthcare, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They believe quality factors worked against active managers in 2025, as low-quality stocks with negative earnings significantly outperformed. The firm maintains their focus on quality despite near-term headwinds. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, and the firm believes there is opportunity for this discount to narrow with an improving fundamental backdrop. Biotech was an area of outsized strength in 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. However, the firm maintains low or no exposure to biotech as they view many business models as unproven with high expectations that may fail to materialize. | View | |
| 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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| 2025 Q4 | Jan 18, 2026 | Conestoga Micro Cap Composite | -1.9% | 16.2% | BLFS, BWMN, COCO, CYX, DGII, ELVA, IIIV, IRMD, MAMA, MEG, PHR, PL, PLMR, QTWO, ROAD, TKNO, TRNS, UTI, VCEL, WLDN | Biotech, consumer, defense, energy, growth, Micro Cap, Quality, small cap | Small Cap biotech and pharmaceutical stocks emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns despite comprising just 11% year-to-date through Q3. The portfolio had limited exposure to this sector rally, with mixed results from holdings like Alpha Teknova facing inventory normalization headwinds while IRadimed delivered record results. Defense-related stocks provided strong performance leadership throughout 2025, with Planet Labs benefiting significantly from expanding contracts in government and defense sectors. The company secured significant new contract wins and achieved profitability earlier than expected, delivering a 388% total return for the year. Energy efficiency and grid modernization themes drove strong performance, particularly through Willdan Group which capitalized on surging demand from AI-driven data center markets and large government contracts. Electrovaya also benefited from industrial electrification trends and differentiated battery technology for material handling applications. Consumer staples holdings delivered exceptional performance with strong brand momentum and execution. Mama's Creations achieved 69% annual returns through successful market share capture and new product placements at major retailers, while Vita Coco demonstrated category leadership with 44% annual returns and consistent cash generation. | ODD ELVA BWMN IIIV COCO MAMA IRMD PL |
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| 2024 Q2 | Jun 30, 2024 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BLFS, CYRX, DGII, DH, ERII, HLMN, MEG, MLAB, MODN, PHR, PLMR, PRO, QTWO, SLP, SSTI, TCYSF, TKNO, TRNS, UTI, WLDN | Biotechnology, Environmental, growth, healthcare, Industrial, Micro Cap, technology | The portfolio includes multiple biotech-related holdings including BioLife Solutions, Alpha Teknova, and CryoPort serving the life sciences industry. BioLife Solutions exceeded expectations and is seeing increased regulatory approvals for its bio-preservation media. Alpha Teknova provides critical reagents for biopharmaceutical development despite current market headwinds. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Wasatch Micro Cap Fund | Universal Technical Institute, Inc. | Education & Training Services | Diversified Consumer Services | Bull | New York Stock Exchange | AI Beneficiary, Automotive training, Diesel technology, Labor shortage, Skilled Trades, Technical education, Vocational Training | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $15.5M | 0.01% | 594,823 | +14,150 | +2.44% | 0.9083% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $25.6M | 0.03% | 977,914 | +813,150 | +493.52% | 1.4933% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $955,652 | 0.00% | 36,573 | -38,259 | -51.13% | 0.0558% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $14.5M | 0.01% | 555,573 | +193,017 | +53.24% | 0.8484% |
| Cliff Asness | AQR Capital Management | $190.6B | $250,743 | 0.00% | 9,596 | -4,784 | -33.27% | 0.0147% |
| Mario Gabelli | GAMCO Investors | $10.4B | $5.4M | 0.05% | 205,500 | +11,500 | +5.93% | 0.3138% |