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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Small Cap Strategy | 12.7% | - | APH, ASGTF, BROS, CBZ, CHH, CIGI, CTAS, DFH, ENTG, ESAB, FSV, FTDR, LSTR, MCHP, PNFP, POOL, SITE, SSB, TT, VRSK | AI, interest rates, Quality, real estate, small caps, value | Increasing enthusiasm surrounding AI and considerable capital investments in its infrastructure have helped propel positive stock market returns this year. While no one knows exactly what the future of this technology holds, it's likely to help businesses improve efficiency by allowing them to organize and analyze data faster than ever before. | View | |
| 2024 Q3 | Sep 30, 2024 | Fenimore Dividend Focus Strategy | 5.6% | - | AJG, APH, AVY, BR, CDW, CTAS, ENTG, HEI, HLI, MCHP, MLM, PAYX, POOL, ROS, STE, SYK, TT, VRSK, WSO | AI, dividends, mid cap, Quality, Rate Cuts, semiconductors, value | 26 out of 27 names in the portfolio increased their dividend in the past 12 months with an average year-over-year increase of 10.4%. The top three dividend growers were Amphenol Corp. at 57%, Cintas Corp. at 16%, and Verisk Analytics at 15%. | View | |
| 2025 Q2 | Aug 11, 2025 | Baron FinTech Fund | 9.2% | 7.7% | ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK | Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects. | View | |
| 2024 Q2 | Jul 9, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | AI.PA, ASML, DOL.TO, EDEN.PA, GOOGL, IPS.PA, MC.PA, MSFT, NKE, NVDA, PET.TO, RELX, TSM, VRSK, WKL, ZZZ.TO | AI, consumer, global, semiconductors, technology, valuation | AI-related companies drove market strength in Q2, with semiconductor holdings like TSMC, ASM International, and ASML benefiting from technological advantages and high barriers to entry. Companies with access to large amounts of proprietary data including Verisk Analytics, RELX, and Wolters Kluwer also performed well. However, Mawer warns of potential over-exuberance in AI valuations and notes the mismatch between timing of investment and returns may create future opportunities. | View | |
| 2025 Q2 | Jul 31, 2025 | Baron Focused Growth Fund | 12.7% | 3.7% | ABNB, ACGL, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | Balance Sheets, consumer discretionary, growth, small caps, tariffs, technology | Tesla continues to benefit from sequential acceleration in automotive segment and new lower-cost models expected in 2025. The company's energy storage business is growing and becoming a significant contributor to earnings and margins. Tesla should benefit from its eight-year, $10 billion investment in AI training for autonomous technology. | View | |
| 2025 Q2 | Jul 29, 2025 | Baron Asset Fund | 7.8% | 4.6% | ACGL, APH, COO, CSGP, DKNG, FICO, GRMN, GWRE, IDXX, IOT, LPLA, MSCI, MT, PCOR, PWR, ROP, SCHW, TECH, VRSK, WST | growth, healthcare, industrials, Long Term, mid cap, Quality, software, technology | AI-related investments drove significant market momentum during the quarter, with data center infrastructure and AI-enabled software platforms benefiting from increased capital spending. The Fund's holdings like Amphenol gained from AI-driven data center demand, while Samsara leverages AI to help companies optimize operations and prevent accidents. | LPLA SAMS |
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| 2025 Q2 | Jul 18, 2025 | Voya MidCap Opportunities Strategy | - | - | APP, FIX, KTOS, MLTX, TW, VRSK | Data centers, defense, earnings, growth, industrials, mid cap, technology | Kratos Defense & Security Solutions benefited from increased government spending on defense, with shares rising following strong earnings and revenue growth year over year. | View | |
| 2025 Q2 | Jun 30, 2025 | Fenimore Dividend Focus Strategy | 5.7% | - | ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA | AI, Quality, rates, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels. | GEHC ENTG |
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| 2025 Q2 | Jun 30, 2025 | YCG Investment | - | - | AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK | Network Effects, Pricing Power, Quality, regulation, tariffs, value | YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns. | FICO AAPL |
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| 2024 Q2 | Jun 30, 2024 | Fenimore Dividend Focus Strategy | -2.6% | - | ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK | AI, dividends, industrials, mid cap, technology, value | Artificial intelligence investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward. | ESAB OSW HLI |
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| 2024 Q2 | Jun 30, 2024 | Fenimore Value Strategy | -4.7% | - | ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK | AI, dividends, industrials, Manufacturing, mid cap, technology, value | AI investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron FinTech Fund | -2.3% | 3.8% | ACGL, APO, EFX, FI, FICO, GPN, GWRE, HLI, IBKR, INTU, KKR, MA, MCO, MELI, PGR, SPGI, SQ, TW, V, VRSK, WISE.L | AI, Capital markets, Financial Services, Fintech, growth, private credit, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Information Services, Payments, Enterprise Software, Capital Markets, E-Commerce, and Digital IT Services. Despite sector underperformance relative to broader markets, fintech fundamentals remain strong with mid-teens earnings growth across the fund. | View | |
| 2023 Q2 | Jun 30, 2023 | Fenimore Dividend Focus Strategy | 4.7% | - | BOC, CASS, CBZ, CIGI, CSV, DFH, ENTG, EXLS, G, IEX, NOMD, PNFP, SITE, SPSC, SSB, STE, THG, VMC, VRSK, WSO | AI, dividends, industrials, mid cap, Quality, technology, value | Fenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2025 Q1 | May 20, 2025 | Tall Oak Capital Advisors | - | - | AEM, AMZN, AR, COST, EHC, EQIX, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MRK, MS, MSFT, NVDA, PANW, REL.L, VRSK | Canada, Deglobalization, diversification, downside protection, global, Resilience, tariffs, Trade Policy | The first quarter marked a pivotal moment in global trade dynamics with the announcement of Liberation Day tariffs in early April, raising effective U.S. tariff rates to levels not seen in nearly a century. This signals a structural regime shift toward economic nationalism, strategic industrial policy, and deglobalization that will create more regionalized supply chains and persistent inflationary pressures. | MELI |
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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 21, 2026 | The Bristol Gate U.S. Equity Strategy | -4.9% | -4.9% | GE, INTU, MCO, MSCI, MSFT, TRGP, TT, VRSK, WMT | AI, dividends, energy, growth, software, valuation, value | View | ||
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 0.8% | 0.8% | COR, CRS, CW, EME, HUBS, IBKR, LNG, MPWR, ORLY, TPG, VEEV, VRSK | AI, defense, energy, Geopolitical, growth, mid cap, Resilience | MPWR VRSK CW CRS EME COR VEEV IBKR LNG ORLY |
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| 2026 Q1 | Apr 15, 2026 | Brown Advisors Mid-Cap Growth strategy | -9.0% | -9.0% | AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS | AI, energy, growth, industrials, mid cap, software, technology | GH FTAI ANDG RDDT TOST GWRE |
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| 2024 Q1 | Apr 15, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, ANSYS, BIRK, BNTX, CHH, CSGP, DNUT, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, ONON, RRR, SHOP, SPOT, TSLA, VRSK | consumer discretionary, financials, growth, long-term, technology | Tesla remains a core holding despite 29% decline in Q1. The company continues to generate sufficient gross profit to support robust product development including the refreshed Model 3 and Y. Tesla should benefit from its eight-year $10 billion investment in AI training for autonomous technology. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, CSGP, DAY, FDS, FICO, GWRE, HLT, IDXX, IT, MTD, PCOR, ROP, SPOT, TECH, TTD, VEEV, VRSK, VRSN | growth, healthcare, industrials, Long Term, mid cap, software, technology | The market has been focused on a narrow group of companies perceived to be AI beneficiaries. Many of Baron's holdings are well positioned to utilize AI to expand their product offerings and competitive differentiation, increase their growth rate and reduce their cost structure. Gartner is expected to emerge as a key decision support resource for every company evaluating AI opportunities and risks. | SPOT PCOR |
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| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN | AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology | GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | ANSYS, COR, CRWD, JNJ, LEGN, LNG, NVDA, NVS, ORLY, RNR, SNPS, VEEV, VRSK | energy, growth, healthcare, industrials, mid cap, technology | GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for technology infrastructure should continue through 2024, with a gradual shift toward preparing corporate data for GenAI applications including data warehousing, real time streaming, cybersecurity, and search. | CRWD VRSK SNPS LEGN VEEV COR RNR LNG ORLY |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Small Cap Strategy | -5.3% | -5.3% | AJG, APH, BWIN, CDW, CTAS, DFH, ENTG, HEI, HGTY, IEX, MCHP, MKC, POOL, ROST, RSG, SITE, SPSC, STE, TT, VRSK | insurance, Quality, small cap, tariffs, Trade Policy, value | The new administration's tariff announcements sparked market volatility and fears of higher inflation and potential recession. Companies are scrambling to adjust to the rapidly changing trade landscape, though many have diversified supplier bases since the first term and COVID. | BWIN |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Focused Growth Fund | -8.0% | -8.0% | ABNB, ACGL, AMH, ANSS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK | AI, consumer discretionary, Electric Vehicles, financials, growth, real estate, software, technology | X.AI Holdings Corp. is developing an AI model to understand the true nature of the universe, launching Grok 3 which demonstrated top scores ahead of other industry-leading AI models. The company opened the Colossus data center with over 100,000 GPUs and recently acquired X (formerly Twitter) to access vast real-time multimodal data from 600 million users. Tesla's AI ambitions include a robotaxi service launching this year and a fast-growing humanoid program that could transform its growth story. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Asset Fund | -3.0% | -3.0% | ACGL, CSGP, DKNG, FICO, GWRE, H, IDEXX, IT, MTD, ONON, ROP, SAIL, SCHW, SPACEX, SPOT, TECH, TTD, VRSK, VRT, WST | AI, Data centers, growth, insurance, mid cap, tariffs, technology | The fund holds X.AI Holdings Corp., which is developing an AI model to understand the true nature of the universe. xAI launched Grok 3, demonstrating elevated user engagement and top scores in evaluation tests, surpassing other industry-leading AI models. The company operates the world's largest coherent training center with over 100,000 GPUs. | DKNG VRT VRSK GDWR |
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| 2025 Q1 | Mar 31, 2025 | Fidelity Growth Strategies Fund | -8.0% | -8.0% | AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX | aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy | Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets. | View | |
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 2.2% | 2.2% | BJ, COR, CRWD, EME, IT, ORLY, TPG, VRSK, WCN | AI, consumer, cybersecurity, growth, industrials, mid cap, technology, Trade Policy | China's DeepSeek AI model announcement created concerns about reduced spending on AI infrastructure including data centers, weighing on semiconductors. Corporate IT buyers showed more moderate spending though resilience expected for AI and cybersecurity. CrowdStrike benefited from optimism about lower AI implementation costs leading to broader adoption. | View | |
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -3.5% | -3.5% | ALL, BC, BJ, COR, EME, FICO, FROG, HOOD, HXL, INSM, IT, ITCI, JNJ, ORLY, ROST, TER, TPG, VRSK, WCN | consumer, financials, growth, healthcare, industrials, mid cap, technology, Trade Policy | China's DeepSeek AI model announcement in January created concerns about reductions in massive AI infrastructure spending, weighing on semiconductors and related industries. Corporate IT buyers showed more moderate spending though with resilience expected for AI and cybersecurity. The wider creation or adoption of GenAI applications for businesses is expected to generate greater activity volumes for companies like JFrog. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Small Cap Strategy | 6.1% | 6.1% | APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK | consumer, financials, Quality, small cap, value | The FAM Small Cap Fund rose 6.06% in the first quarter, outperforming the Russell 2000 Index by 88 basis points. The fund continues to focus on small and midsize businesses that meet strict investment criteria, with outperformance attributed to strength in financial and consumer holdings. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Dividend Focus Strategy | 10.3% | 10.3% | APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK | dividends, healthcare, industrials, mid cap, Quality, technology, value | The fund's holdings increased their cash dividends by 8.6% on average over the past 12 months. Top dividend growers included Microchip Technology at 25.7%, Cintas Corporation at 17.4%, and Verisk Analytics at 14.7%. | View | |
| 2025 Q4 | Feb 4, 2026 | Baron Asset Fund | 7.9% | 8.2% | ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL | AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology | The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Focused Growth Fund | 14.4% | 29.5% | ABNB, ACGL, AMH, ANSYS, BRKR, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KREM, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP.TO, SPOT, TSLA, VRSK | consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, Streaming, technology | Tesla continues to demonstrate strong performance with 54% quarterly gains, driven by core automotive acceleration and new lower-cost model releases expected in 2025. The company benefits from lower interest rates helping car sales and halting continuous price reductions, while energy storage business grew 60% sequentially. | View | |
| 2024 Q4 | Dec 31, 2024 | Fenimore Small Cap Strategy | -1.1% | 12.5% | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, STE, TRRSF, VRSK | Homebuilders, Outsourcing, Quality, small cap, technology, value | Fenimore focuses on finding quality companies with strong leadership that can push through changes and continue driving profits higher over the medium and long term. They seek robust businesses that make their own luck through hiring producers, creating new products, and taking market share from fragile competitors. | View | |
| 2024 Q4 | Dec 31, 2024 | Fenimore Dividend Focus Strategy | -5.2% | 7.6% | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, ENTG, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, TRRSF, VRSK | dividends, mid cap, Quality, technology, value | 26 out of 27 names in the fund increased their dividend in the past 12 months with an average year-over-year increase of 9.7%. The top three dividend growers were Amphenol Corp at 50%, Cintas Corp at 16%, and Verisk Analytics at 15%. | View | |
| 2023 Q4 | Dec 31, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ALGN, ANSS, CGNX, CPRT, CSGP, EXPO, FIVN, FTNT, HEI.A, IDXX, IT, JKHY, MTD, MTN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga focuses on higher-quality companies with durable competitive advantages, balance sheet strength, and capable management teams. The portfolio faced stylistic headwinds as low-quality, unprofitable businesses outperformed during the quarter, particularly after the October 27th market bottom. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, CTAS, IDXX, IT, MLM, PANW, RNR, VEEV, VRSK | cybersecurity, growth, healthcare, industrials, infrastructure, mid cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | VEEV ABC ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK KMLM CHE CTAS PANW 1ITCI IM AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2023 Q4 | Dec 31, 2023 | Fenimore Dividend Focus Strategy | 10.8% | 19.7% | A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK | AI, dividends, mid cap, Quality, value | The fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%). | View | |
| 2023 Q4 | Dec 31, 2023 | Fenimore Value Strategy | 11.3% | 16.1% | A, APD, BIPC, BOC, BROS, CBZ, CDW, CHH, CIGI, CSV, DFH, ENTG, EXPO, G, MKC, MKL, MLM, NOMD, PAYX, ROST, STE, TROW, TRRSF, TT, VRSK, WAT | dividends, financials, materials, mid cap, Quality, value | Fenimore invests exclusively in companies with durable value, including strong balance sheets, ample cash to reinvest in growth or pay dividends, strong competitive advantages, and capable, ethical management. The firm emphasizes high-quality businesses over short-term performers. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Asset Fund | -4.3% | 0.1% | ACGL, ALNY, APH, CHH, COIN, COR, CSGP, DAY, DKNG, DUOL, FDS, FICO, FND, GWRE, IDXX, IT, LOAR, MORN, MPWR, MTD, NET, ONON, PLTR, PWR, RBLX, STUB, VRSK, VRT, VST | aerospace, AI, growth, mid cap, Quality, technology, underperformance, valuation | The Fund discusses AI as a primary driver of market strength and data center capital spending growth. AI is creating both opportunities and challenges, with companies seeking guidance on AI risks and opportunities. The Fund believes AI should provide a tailwind for research companies like Gartner as businesses need help understanding AI implications. | STUB |
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| 2025 Q3 | Nov 13, 2025 | Baron FinTech Fund | -4.4% | 3.0% | COF, FDS, FICO, GWRE, HLI, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, MORN, NU, PGR, SHOP, SPGI, TW, V, VRSK | AI, Capital markets, credit, financials, Fintech, payments, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Tech-Enabled Financials represented 29.3% of net assets, with the fund maintaining overweight positions in this category relative to the benchmark. | COF FICO SHOP CN IBKR HOOD |
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| 2025 Q3 | Oct 9, 2025 | Mawer International Equity Fund | 3.7% | 21.8% | 0700.HK, AJG, APH, ASML, ATR, BDX, BMO.TO, BNS.TO, BWXT, DB1.DE, FNV.TO, GOOGL, LSEG.L, MLM, MMC, MSFT, RELX.L, RY.TO, SHOP.TO, TD.TO, TME, TSM, VRSK, WAT, WKL.AS | AI, Banking, Canada, gold, rates, semiconductors, technology | AI-related stocks have dominated market returns since ChatGPT's launch in November 2022, accounting for a lion's share of S&P 500 returns, earnings growth, and capital spending. Corporate spending on data center infrastructure and semiconductors is projected to be several trillion dollars over the next three years. AI companies are making enormous investment deals with each other, staying largely within the established AI ecosystem. | View | |
| 2025 Q3 | Oct 9, 2025 | Fenimore Dividend Focus Strategy | -0.7% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, MCHP, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, rates, small caps, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving gains. Portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | FSV CN VRSK US ROST US APH US |
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| 2025 Q3 | Oct 9, 2025 | Fenimore Small Cap Strategy | -5.1% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, NOMD, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, rates, small caps, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving gains. Portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | CWST US |
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| 2025 Q3 | Oct 9, 2025 | Fenimore Value Strategy | 1.4% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, NOMD, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, small caps, US, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving much of the gains. Many portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | LSTR US A US ROST US APH US |
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| 2025 Q3 | Oct 28, 2025 | Voya MidCap Opportunities Strategy | - | - | APP, FIX, KTOS, MLTX, TW, VRSK | Advertising, Data centers, defense, growth, industrials, mid cap, technology | Kratos Defense & Security Solutions benefited from increased government spending on defense, with shares rising following strong second-quarter earnings and revenue growth year over year. | View | |
| 2025 Q3 | Oct 28, 2025 | Baron Focused Growth Fund | 4.8% | 8.6% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer discretionary, Electric Vehicles, growth, portfolio construction, small caps, technology | AI concerns impacted several holdings including FactSet and Verisk, with investors fearing competitive threats to data moats. However, FactSet continues to benefit from AI through revenue enhancements and cost containments. Tesla's AI initiatives advance rapidly with robotaxi network expansion and Full Self-Driving development. | 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 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, DDOG, EFX, GWRE, GWW, HLT, HOOD, ICLR, JBHT, KLAC, MELI, MORN, MPWR, NET, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | AI, Cyclical, growth, mid cap, semiconductors, technology, value | The portfolio maintains exposure to artificial intelligence through software and semiconductor companies. AI megatrend is boosting demand for memory and storage, particularly ultra-high-capacity drives. Strong demand for AI applications in system-on-a-chip and memory testing is a major growth driver. | View | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CRS, CRWD, CTAS, CYBR, EME, HUBS, IBKR, IT, MLM, MPWR, NVDA, ORLY, PANW, RNR, VRSK | AI, consumer, financials, growth, industrials, materials, mid cap, technology | AI remains a dominant theme though cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and its sustainability. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot com peak levels. | View | |
| 2025 Q4 | Jan 31, 2026 | YCG Investment | - | - | AAPL, CPRT, GOOGL, LIN, META, TDG, VRSK | aerospace, Industrial, Long Term, Networks, Quality, Speculation, technology, value | YCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. The firm believes quality stocks are undervalued as investors chase speculative opportunities. TransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. The aerospace aftermarket benefits from secular growth in air travel and regulatory barriers that create pricing power for parts suppliers. Linde operates in industrial gases with economies of scale advantages and take-or-pay contracts that provide guaranteed income streams. The business benefits from mission-critical applications across diverse industries and expensive transportation costs that create local monopolies. Meta demonstrates the resilience of large networks through its ability to adapt to competitive threats and regulatory changes. The company's massive user base and AI investments have enabled it to maintain growth in engagement and advertising despite challenges from TikTok and Apple's privacy changes. | META LIN TDG |
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| 2025 Q4 | Jan 30, 2026 | Baron Focused Growth Fund | 12.3% | 22.3% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology | The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment. | DUOL CSGP SPOT ONON H FIGS GWRE |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | -3.8% | 13.9% | APH, COR, CRS, CYBR, EME, HUBS, IBKR, LNG, ORLY, PANW, PFGC, TPG, VEEV, VRSK | defense, energy, financials, growth, healthcare, industrials, mid cap, technology | The portfolio initiated a position in Karman Holdings, a missile systems design and manufacturing specialist. The company is well-positioned as a vital picks-and-shovels provider in the defense and commercial space industries, supporting defense stockpile replenishment, commercial satellite constellation expansion, and major Department of Defense investments in hypersonic and air defense systems. The manager anticipates a significant acceleration in AI adoption as 2026 unfolds. This represents a key forward-looking catalyst that could drive investment opportunities across the technology sector. The manager is currently awaiting a Supreme Court decision on the Trump Administration's tariffs and expects potential pivots toward alternative trade enforcement frameworks. The implementation of the One Big Beautiful Bill is projected to drive higher consumer tax refunds and catalyze corporate capital spending. The portfolio holds CyberArk Software, an access security solutions provider, which reported strong third quarter results. The stock is closely linked to Palo Alto Networks following its acquisition offer, demonstrating the consolidation dynamics in the cybersecurity sector. | HUBS APH KRMN VEEV IBKR |
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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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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, BJ, CHE, CRWD, CTAS, ORLY, RNR, TER, VEEV, VRSK | AI, consumer, cybersecurity, Data centers, growth, healthcare, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic is affecting Information Technology budget setting cycles as companies approach year end. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, COO, CSGP, DUOL, DXCM, FDS, FICO, GWRE, ICON, IDXX, IT, LPLA, MTD, ROP, SCHW, TRU, VMC, VRSK, WELL, WST | growth, healthcare, mid cap, rates, real estate, software, technology | Gartner positioned to emerge as key resource for companies evaluating AI opportunities and risks on their business. This should provide tailwind to Gartner's volume growth and pricing realization over time. Duolingo's AI tier (Max) allows users to have real-time conversations with AI-based characters. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ABNB, ACGL, AMH, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDEXX, ILMN, IRDM, JEF, KKD, LVS, MRNA, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK | concentrated, consumer discretionary, financials, growth, long-term, small caps, technology | Tesla represents the fund's largest position at 9.8% of assets, with the stock contributing 274 bps to quarterly performance. The manager believes lower interest rates should help Tesla sell more cars and halt continuous price reductions, while the energy storage business continues to grow rapidly. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, AXON, AZPN, BAH, CSGP, FDS, FICO, GWRE, IDXX, ILMN, IT, MKTX, MORN, MTD, MTN, ONON, PWR, SBAC, VRSK, ZI | analytics, growth, insurance, mid cap, software, technology | The fund benefits from cloud-based software implementations, particularly through Guidewire's 17 deals for cloud software with Tier 1 insurance carriers. Cloud adoption continues to drive growth for portfolio companies. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ONON ACGL ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2023 Q3 | Sep 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | BALL, CGNX, CPRT, CSGP, FDS, FTNT, GGG, GNRC, GWRE, HEI.A, IDXX, POOL, RGEN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, interest rates, mid cap, Quality, technology | Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus is positioned to outperform in an environment facing higher interest rates and potential recession. | OMCL CSWI |
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| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, IDXX, LNG, MLM, ORLY, PANW, RNR, SNPS, VRSK, WCN | Cloud, consumer, cybersecurity, energy, growth, healthcare, infrastructure, mid cap | While cloud adoption is still nascent, businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ICLR|LLY|PLTR|SNPS|TGT RNR DLNG AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2024 Q2 | Jul 27, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, AMH, ANSYS, ARE, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK | concentrated, consumer discretionary, Disruptive Growth, growth, Long/Short, rates, technology | Tesla continues to drive manufacturing costs lower and invest heavily in AI initiatives. The company expects to launch a lower cost model as soon as late 2024, which should result in accelerated revenue growth and increased factory utilization. Tesla's energy storage business almost doubled in Q2 from Q1 levels. | COST GWW IBKR TSLA SPOT |
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| 2024 Q2 | Jul 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN | AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology | The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025. | VMC XAI FICO GWRE VRSK |
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| 2024 Q2 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, ADBE, AMAT, AVGO, BAC, BALL, COST, CRM, DE, FI, GOOGL, INTC, LIN, MA, MSFT, MU, NTR, NVDA, O, ORCL, RHHBY, VRSK | AI, Esg, growth, large cap, Quality, semiconductors, technology, value | AI-related narratives drove the largest positive and negative contributions to performance. Companies like Alphabet, Applied Materials, and Oracle rose on confidence about AI infrastructure build-out and adoption. The fund continues to focus on companies well positioned to capitalize on emerging AI opportunities. | View | |
| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ARGX, BJ, CHE, DASH, FIVE, GFL, GPN, HCP, IBKR, MPWR, NICE, RRX, STVN, TER, TSM, VRSK, WEX | consumer, financials, growth, healthcare, industrials, mid cap, semiconductors, 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. Corporate IT spending on software has been muted thus far in 2024 compared with the same period in 2023. | View | |
| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, CHE, COR, CRWD, JNJ, LEGN, NVS, PANW, TER, VEEV, VRSK | AI, Biotechnology, cybersecurity, Data centers, growth, industrials, mid 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. Corporate IT spending on software has been muted thus far in 2024 compared with the same period in 2023. | 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 | |
| 2024 Q2 | Jun 30, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, NKE, ORCL, PYPL, SPGI, TKO, V, VRSK | AI, Athleisure, Concentration, consumer discretionary, large cap, North America, technology, valuation | Adobe's AI capabilities are expanding their addressable market by bringing in more users while upselling existing ones. The company has been able to monetize its AI investments, which is only possible for businesses with differentiated products and genuine moats. Adobe credits AI with assisting and amplifying human ingenuity and enhancing productivity. | NKE ADBE |
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| 2023 Q2 | Jun 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST | consumer discretionary, growth, healthcare, industrials, mid cap, technology | The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles. | View | |
| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST | AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology | DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | ALNY, APP, ARES, CASY, CAVA, CELH, DDOG, EQT, HUBS, JLL, KKR, MELI, MRVL, RYAN, SAIL, STE, TTD, TW, VRSK, VRT | AI, Biotechnology, Data centers, growth, mid cap, Natural Gas, technology, Trade Policy | The emergence of DeepSeek, a China-based low-cost large language model, stoked fears about returns from massive AI ecosystem investments, causing rotation out of AI-related tech stocks. Despite this, the managers believe large AI hyperscalers will continue developing intensive data centers, providing long-term opportunities for their holdings like Marvell and Vertiv. | View | |
| 2024 Q4 | Jan 29, 2025 | Baron Asset Fund | -0.1% | 10.5% | ACGL, ANSYS, AXON, AZPN, CDW, CSGP, DAY, FICO, GWRE, ICLR, IDXX, IT, MTD, MTN, PCOR, ROP, SCHW, TTAN, VRSK, WELL | growth, healthcare, industrials, Long Term, mid cap, Quality, technology | The fund discusses AI through its investment in X.AI Corp, founded by Elon Musk, which has developed the Grok AI model that has achieved impressive results compared to established AI models. The company operates the Colossus data center with over 100,000 GPUs, making it the largest coherent training center globally. The upcoming Grok 3 release is expected to significantly improve capabilities and expand monetization strategies. | STTN |
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| 2023 Q4 | Jan 27, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, ANSYS, BNTX, CHH, CSGP, FDS, FIGS, GWRE, H, IDXX, ILMN, IRDM, MSCI, RIVN, RRR, SHOP, SPOT, TSLA, VAC, VRSK | Casinos, consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, technology | Tesla remains the Fund's largest position at 11.4% despite modest quarterly decline. The manager views Tesla as benefiting from AI investments through autonomous driving technology, Dojo training computer, and humanoid robotics. The Cybertruck launch and refreshed Model 3 are generating strong demand while improving unit economics. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK CHRS ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA BNTX |
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| 2023 Q4 | Jan 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, AXON, BIRK, CHH, CSGP, DXCM, FDS, FICO, GWRE, IDXX, IT, MTD, MTN, PWR, TRU, VEEV, VRSK, WST | Diagnostics, growth, healthcare, industrials, mid cap, software, technology | Gartner positioned to emerge as critical decision support resource for companies contemplating AI opportunities and risks. Expected to provide tailwind to volume growth and pricing realization over time. | BIRK |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | Verisk Analytics Inc. | Consulting Services | Research & Consulting Services | Bull | NASDAQ | AI-Enabled Solutions, Data Flywheel, Insurance Analytics, ISO Database, network effects, proprietary data, Regulatory Embedding | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Asset Fund | Verisk Analytics, Inc. | Industrials | Research & Consulting Services | Bull | NASDAQ | capital allocation, Data Analytics, defensive, Insurance Analytics, margin expansion, market leadership, organic growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Asset Fund | Verisk Analytics, Inc. | Industrials | Research & Consulting Services | Bull | NASDAQ | Data Analytics, Insurance Technology, margin expansion, P&C insurance, Pricing power, proprietary data, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | Verisk Analytics | Industrials | Research & Consulting Services | Bull | NASDAQ | Add, Auto Insurance, Data Analytics, Equity, Insurance Analytics, Property & Casualty, risk assessment | View Pitch |
| Nov 29, 2025 | Fund Letters | Alex Umansky | Verisk Analytics, Inc. | Industrials | Data Analytics | Bull | NASDAQ | acquisition, analytics, Insurance, Margins, Recurring | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Value Investor | Verisk Analytics, Inc. | Industrials | Consulting Services | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $8.4M | 0.02% | 37,513 | -2,700 | -67.50% | 0.0325% |
| Nick Train | Lindsell Train Ltd | $3.9B | $1.7M | 0.04% | 7,500 | +900 | +13.64% | 0.0065% |
| Ray Dalio | Bridgewater Associates | $27.4B | $5.5M | 0.02% | 24,697 | +14,139 | +133.92% | 0.0214% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $19.9M | 0.03% | 89,032 | +49,625 | +125.93% | 0.0772% |
| Israel Englander | Millennium Management LLC | $233.2B | $17.0M | 0.01% | 76,052 | -559,893 | -88.04% | 0.0660% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $34.6M | 0.03% | 154,804 | +10,581 | +7.34% | 0.1343% |
| Murray Stahl | Horizon Kinetics | $7.4B | $1.6M | 0.02% | 7,000 | +0 | +0.00% | 0.0061% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $206.8M | 0.31% | 924,687 | +279,018 | +43.21% | 0.8023% |
| Cliff Asness | AQR Capital Management | $190.6B | $285.6M | 0.15% | 1,276,695 | +522,147 | +69.20% | 1.1077% |
| Bruce Kovner | Caxton Associates | $3.2B | $2.1M | 0.07% | 7,528 | -2,975 | -28.33% | 0.0080% |
| Charles Mawer | Mawer Investment Management | $17.9B | $57.1M | 0.32% | 255,201 | -37,365 | -12.77% | 0.2214% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $340,680 | 0.01% | 1,523 | -302 | -16.55% | 0.0013% |
| Donald Yacktman | Yacktman Asset Management | $7.1B | $3.5M | 0.05% | 15,460 | +2,300 | +17.48% | 0.0134% |
| Brian Bares | Bares Capital Management | $1.1B | $14,588 | 0.00% | 58 | +0 | +0.00% | 0.0001% |
| Rich Handler | Jefferies | $19.3B | $1.7M | 0.01% | 7,722 | -4,987 | -39.24% | 0.0067% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $171.7M | 0.46% | 767,759 | +137,358 | +21.79% | 0.6662% |