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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 15, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 11.0% | - | ADUS, BJ, BOOT, EE, GTLS, INSM, INSP, IRTC, KRYS, MGY, OLLI, PAY, PJT, STVN, VCEL, VCTR, VRNA, WH, WHD, WRBY | AI, Biotechnology, consumer, defense, growth, semiconductors, small cap, tariffs | The U.S.'s proposed tariff regime led to significant economic fallout with global markets whipsawing in the ensuing tariff tantrum. Many companies across most areas either scrapped or significantly reduced forward guidance as they wait to see how near-term results fare in this environment. Companies with better balance sheets increased their inventories during tariff pauses, which should provide them with opportunities for greater market share later in 2025. | CWAN KTOS KRYS |
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| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -6.7% | -6.7% | BJ, CGON, CWST, EE, GRDN, HLNE, LGND, LSCC, MIRM, MTDR, MTSI, ONTO, RBC, RGEN, RRX, SOLV, STVN, VCTR, VVV, WING | Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Merion Road Capital | 5.0% | 0.6% | AMWD, BELFA, BELFB, KTOS, MBC, VCTR | arbitrage, Asset Management, defense, Housing, Mergers, small cap, value | Kratos benefited from Defense Secretary Pete Hegseth's announcement to ramp production and fielding of drones. The company beat Q2 earnings and management identified several large wins post quarter end that will boost Q3 bookings and provide increased confidence on 2026-2027 guidance. Additional upside lies in tactical drones currently being discussed by customers. | BELFA AMWD VCTR KTOS BELFA AMWD VCTR KTOS |
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| 2024 Q2 | Jul 14, 2024 | Merion Road Capital | 5.4% | 11.2% | CLH, GOOGL, LAKE, MSA, NAPA, TRNS, UBAB, VCTR | Asset Management, Community Banks, Consolidation, Industrial Safety, M&A, small caps, value | Victory Capital Holdings represents a traditional asset management firm with strong shareholder returns and M&A strategy. The Amundi USA acquisition provides significant scale and revenue synergy opportunities through distribution agreements. | LAKE VCTR |
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| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ADUS, ATRC, AZEK, BJ, BOOT, CERT, ESAB, EWCZ, HLNE, IAC, MDIA, MRUS, MVBF, RRX, SILK, SVV, TMCI, VCTR, WRBY, WSC | consumer, financials, growth, healthcare, industrials, small cap, technology | The narrative for Technology and related services continues with its GenAI headlines. Enterprises remain in the early stages of determining what their GenAI uses might be, and how to implement them. Data center capital expenditures remain strong, boosting semiconductors and related companies. | View | |
| 2024 Q4 | Jan 31, 2025 | Merion Road Capital | 5.5% | 17.4% | AMZN, BELFB, CLH, CRH, GOOG, IBKR, MCEM, UBAB, VCTR | Banking, Buybacks, Cement, defense, small caps, technology, value | Manager holds two cement positions - Clean Harbors and Monarch Cement. Clean Harbors benefits from structural improvements to specialty waste sector with multi-year runway for organic growth and margin expansion. Monarch Cement offers opportunity to own fantastic asset at reasonable price due to illiquidity and dual shareholder structure. | BELFB MCEM UBAB GOOG VCTR CLH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Merion Road Capital | Victory Capital Holdings | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, AUM growth, cash generation, Distribution Agreement, EBITDA margins, M&A, revenue synergies, shareholder returns | View Pitch |
| Apr 13, 2026 | Fund Letters | Merion Road Capital | Victory Capital | Financials | Asset Management & Custody Banks | Bull | NASDAQ | Amundi Transaction, asset management, AUM growth, capital return, Cost synergies, Free Cash Flow, share repurchase | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Sallen | Victory Capital Holdings | Financials | Asset Management | Bull | NASDAQ | acquisition, asset management, buybacks, cashflow, Distribution, synergy, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Sallen | Victory Capital Holdings | Financials | Asset Management | Bull | NASDAQ | acquisition, asset management, buybacks, cashflow, Distribution, synergy, valuation | View Pitch |
| Oct 15, 2025 | Seeking Alpha | Seeking Alpha | Victory Capital Holdings, Inc. | Asset Management | Bull | Amundi acquisition, asset management, assets under management, earnings growth, global expansion, management fees, operating margin, technical analysis, valuation, Victory Capital | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | Joseph E. Jones | Victory Capital Holdings | Financials | Asset Management | Bull | NASDAQ | — | 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. | ||||||||