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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 21, 2025 | AMG GW&K Small Cap Core Fund | 4.5% | -3.1% | CHX, CRDO, DAVA, FN, GPOR, HLI, INSM, INTA, IONQ, MCOM, RBC, SEI, SLGN, SPXC, STAG, STRL, TXRH, VIAV | AI, energy, growth, industrials, Natural Gas, small cap, technology, value | The fund discusses AI buildout as a secular theme driving market performance, with investors pushing all-in on AI-related investments. The manager believes the AI investment case is most likely to have durability and generate positive, estimable earnings for companies addressing hyperscaler needs. The fund added two new holdings with AI exposure in the energy sector. | SEI |
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| 2026 Q1 | Apr 21, 2026 | abrdn U.S. Small Cap Equity Fund | 1.0% | 1.0% | ADMA, ATEC, ECG, GTX, KWR, MGY, MIR, PATK, QTWO, SHOO, VIAV | energy, Geopolitical, infrastructure, small caps, technology, US | View | ||
| 2026 Q1 | Apr 20, 2026 | Invesco Discovery Fund | 6.4% | 6.4% | AEIS, AGX, IRTC, KNX, LITE, ONTO, RKLB, STEP, TSEM, VIAV, WGS | AI, growth, industrials, semiconductors, small cap, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Madison Small Cap Fund | 0.1% | 0.1% | CHRD, CRL, CVLT, DRS, ENTG, FORM, GMED, GTLB, ICUI, MEDP, MTDR, PCOR, POWI, SITE, VIAV, WK | AI, defense, energy, healthcare, semiconductors, small caps, software | SITE PCOR MTDR ICUI |
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| 2025 Q4 | Feb 17, 2026 | AMG GW&K Small Cap Core Fund | 3.5% | 7.2% | AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF | healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value | The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward. | View | |
| 2025 Q3 | Oct 9, 2025 | Resilient Asset Management | - | - | AMZN, GOOGL, JDSU, KO, LITE, META, NVDA, ORCL, VIAV | AI, diversification, international, Tax Planning, technology, valuation | Manager discusses AI's transformative potential while cautioning about investment risks, drawing parallels to the dot-com bubble. Emphasizes the massive capital requirements for AI infrastructure and questions whether companies like OpenAI can achieve the revenue growth needed to justify investments. Notes AI's mixed performance in financial planning applications. | View | |
| 2025 Q3 | Oct 28, 2025 | abrdn U.S. Small Cap Equity Fund | 5.1% | 8.3% | ANIP, DCO, EAT, FIVN, GPK, IAS, KBH, KN, KNSA, LGND, MTRN, NOG, QTWO, SMRT, SNEX, VERX, VIAV, WNS | Biotechnology, defense, infrastructure, Onshoring, Quality, small caps, US | The fund focuses exclusively on US small-cap stocks, with performance measured against the Russell 2000 Index. The manager remains optimistic about the long-term outlook for domestic small-cap stocks despite recent market turbulence. The strategy emphasizes higher-quality businesses that offer resilience to mitigate macroeconomic headwinds. | View | |
| 2024 Q4 | Jan 9, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | AZPN, BE, CERT, CHX, CWAN, FLR, FOUR, MOD, OSCR, PCVX, SGRY, SHLS, TGTX, VIAV, VRNS, WING, WIX, XMTR, XPO, ZETA | AI, growth, healthcare, industrials, M&A, Onshoring, small caps, technology | The unprecedented infrastructure buildout to support generative AI ambitions drove accelerating growth and expanding multiples across multiple sectors. This enthusiasm expanded from AI/chips to data center buildouts, HVAC equipment, service providers, and power solutions to support electricity demands of this generational product cycle. | MOD FLR CWAN TGTX OSCR BE |
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| 2025 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV | healthcare, industrials, infrastructure, Quality, small caps, technology | The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure. | CORT |
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| 2025 Q4 | Jan 20, 2026 | Madison Small Cap Fund | -0.4% | -6.9% | AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION | AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance | The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again. | AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fund Letters | Faraz Farzam | Viavi Solutions Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | AI, datacenters, Margins, Moats, Testequipment | View Pitch |
| Sep 13, 2025 | Seeking Alpha | Seeking Alpha | Viavi Solutions Inc. | Communication Equipment | Bull | 5G, cash flow, cloud, growth momentum, integration risks, network testing, operating leverage, Spirent acquisition, telecommunications, Viavi Solutions | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $7.1M | 0.01% | 401,104 | +401,104 | +100.00% | 0.1180% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $15.5M | 0.02% | 872,177 | -3,210,605 | -78.64% | 0.2566% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $8.1M | 0.01% | 454,286 | -718,388 | -61.26% | 0.1336% |
| Israel Englander | Millennium Management LLC | $233.2B | $38.1M | 0.02% | 2,136,891 | +973,555 | +83.69% | 0.6286% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $11.3M | 0.02% | 635,711 | +519,384 | +446.49% | 0.1870% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.3M | 0.00% | 70,726 | +15,449 | +27.95% | 0.0208% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $14.9M | 0.06% | 836,504 | +836,504 | +100.00% | 0.2461% |
| Rich Handler | Jefferies | $19.3B | $1.8M | 0.01% | 101,199 | +101,199 | +100.00% | 0.0298% |