VRNS

VRNS

VRNS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 5, 2025	ClearBridge Investments Small Cap Growth Strategy	-	-	ARCH, BJ, CNMD, CWAN, ELF, FOUR, GERN, GKOS, GLBE, HE, HIMS, INTA, ITCI, KVYO, PYCR, RBC, RKLB, TNC, VRNS, WIX	AI, Biotech, growth, small cap, stock selection, Trade Policy, volatility	The DeepSeek model architecture caused investors to question potential returns on investment and monetization of generative AI initiatives, leading to air coming out of the sector-crossing narrative and investment tailwind around generative AI. The combination of concerns around AI reporting precipitated a meaningful pullback in stocks.	GERN HIMS ARCH RKLB GKOS	View
2025 Q4	Feb 4, 2026	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD	aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology	The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States.		View
2024 Q4	Dec 31, 2024	Baron Discovery Fund	6.1%	16.0%	AXON, CDNA, CWAN, CYBR, DAY, DKNG, EXAS, FND, GTLS, GWRE, IRT, KTOS, LLYVA, MAC, MEG, PAR, RDDT, S, TTAN, VRNS	contrarian, growth, REITs, small caps, software, technology, value	Axon highlighted the 2025 launch of an AI bundle oriented around its innovative Draft One product which automates the process of report writing for public safety officers. This represents a significant expansion opportunity as Axon continues to find new areas of growth and pulls ahead of competition.	BC.MI IRT TTAN MAC PAR CHT	View
2024 Q4	Dec 31, 2024	Bailard Technology Strategy	3.1%	30.2%	AAPL, ADBE, AMZN, AVGO, CRWD, DDOG, FI, HUBS, KLAC, META, MRVL, MSFT, MU, NFLX, NSIT, NVDA, PANW, PSTG, SHOP, SMWB, SNOW, SPOT, TEAM, TSLA, TSM, TTD, UBER, VRNS	AI, cybersecurity, Data centers, Electric Vehicles, Fintech, semiconductors, software, technology	AI is increasingly becoming integrated into daily lives for search, planning, and productivity. Investment in data centers and GPU clusters for LLM training is anticipated to remain strong in 2025. Agentic AI is expected to gain traction in 2025 when industry-specific AI agents bring large language model capabilities directly to local users.		View
2023 Q4	Dec 31, 2023	Bailard Technology Strategy	20.0%	68.2%	AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI	AI, growth, semiconductors, software, technology	Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries.		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	View
2025 Q4	Jan 26, 2026	Baron Discovery Fund	0.2%	11.0%	ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY	AI, defense, growth, healthcare, Quality, small caps, software	The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area.	CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS	View
2025 Q4	Jan 15, 2026	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX	active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations	The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels.	SIMP PTGX	View
2024 Q3	Sep 30, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	ALGM, ANF, BJ, CVGW, CYRX, ENV, EYE, FOUR, FOXF, FTAI, HLNE, INTA, KVYO, MPWR, OS, PJT, TREX, VRNS, WTFC, ZETA	Biotechnology, consumer, Fed Cuts, financials, growth, Rotation, small caps, software	Small cap stocks snapped an unprecedented losing streak versus large caps in Q3, with the Russell 2000 Growth Index up 8.41%. The rotation was initially catalyzed by higher Trump election odds and cooling inflation data supporting Fed rate cuts. Historically rate cuts have been positive for small caps, and with earnings growth for smaller caps set to eclipse large caps over the next two years, coupled with historic lows in relative valuations, conditions are aligning for better asset class performance.		View
2024 Q3	Sep 30, 2024	Lord Abbett Developing Growth Fund	6.4%	21.1%	ADMA, CAVA, CYBR, FIX, FROG, GKOS, LOAR, PIPR, RXST, SG, TMDX, VRNS, ZETA	AI, Biotechnology, Cloud, growth, healthcare, infrastructure, small cap, technology	The fund identifies generative artificial intelligence as one of their favorite investment areas that appears ready to re-accelerate growth in 2024 and beyond. They view the emergence of generative AI as creating ample opportunities across the market cap spectrum.		View
2024 Q2	Jul 18, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BPMC, CHX, DH, FN, GLBE, HEES, ICLR, INTA, MODN, MPWR, MSFT, MSTR, NVDA, PCVX, ROAD, SMCI, TREX, VRNS, WIX, XPRO	AI, Concentration, growth, semiconductors, small caps, software, technology, underperformance	AI overhang is creating challenges for software budgets and mindshare diversion to AI hardware development versus other software priorities. Early enthusiasm around generative AI has benefited infrastructure providers supporting advanced computing requirements. As the cycle matures, businesses with durable recurring revenue models should outperform.		View
2023 Q4	Jan 30, 2024	Baron Discovery Fund	13.5%	9.3%	AAON, ACVA, AEIS, AXON, BASE, CYBR, DKNG, ESTA, EWCZ, FND, GTLB, GTLS, ICHR, KNSL, KTOS, MRAI, MRCY, REXR, S, VRNS	cybersecurity, defense, growth, HVAC, small caps, technology, value	Multiple cybersecurity holdings performed strongly in Q4, with SentinelOne, GitLab, Varonis, and CyberArk all contributing positively. The managers see accelerating demand driven by AI adoption requiring data security, SEC disclosure requirements, and vendor consolidation favoring comprehensive platforms over point solutions.	AAON VRNS GTLB ^FTSE	View
2023 Q4	Jan 13, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BLKB, CHX, EYE, FOUR, FOXF, IBP, LSCC, MIRM, MPWR, NARI, NVDA, SILK, SMCI, STAA, TREX, VRNS, WHD, WING, WMT	AI, Biotech, growth, healthcare, industrials, M&A, small cap, technology	Generative artificial intelligence captured significant attention with OpenAI's ChatGPT driving massive investment in rival models and infrastructure build in data centers and GPU-heavy AI servers. Public market capital chased AI beneficiaries while selling perceived disrupted businesses, with most significant winners in large cap universe.	IBP MIRM BLKB NARI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Baron Discovery Fund	Varonis Systems, Inc.	Information Technology	Systems Software	Bull	NASDAQ	AI, cybersecurity, Data Security, enterprise, Regulatory, SaaS, technology	View Pitch
Jan 28, 2026	Fund Letters	Andrew Peck	Varonis Systems Inc.	Information Technology	Security Software	Bull	NASDAQ	cybersecurity, Data Governance, recurring revenue, SaaS, Subscriptions	View Pitch

BSD Shareholders of VRNS

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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