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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 31, 2024 | Fawkes Capital Management | 1.0% | - | BDT CN, CRDO, HPS/A CN, QCOM, VRT | - | View | ||
| 2025 Q2 | Jul 17, 2025 | Alger Mid Cap Focus Fund | 19.9% | 3.9% | CWAN, GLOB, NET, PLTR, RYAN, VRT | Artificial Intelligence, Digitization, growth, productivity, technology | The letter highlights artificial intelligence as a key secular growth driver benefiting mid-cap technology and industrial firms. Management points to accelerating adoption, strong earnings, and rising investment spend. The outlook remains constructive on AI-enabled productivity gains. | RYAN CWAN VRT NET PLTR |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Large Cap Equity | 10.6% | 3.4% | CW, HWM, UNH, VRT, VRTX | Capital discipline, innovation, Large Cap Growth, margin expansion, secular demand | The letter focuses on sustained large-cap growth driven by margin expansion, innovation, and secular end markets such as AI infrastructure and global industrial modernization. Management stresses owning companies with visible revenue runways and strong capital discipline rather than chasing cyclical rebounds. Growth is expected to persist despite valuation dispersion across sectors. | View | |
| 2024 Q1 | Apr 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Global Discovery | 7.6% | 13.1% | 6415 TT, BAB LN, BJ, BSX, CELH, MIPS SS, MKTX, MONC IM, RDC GR, SAIA, SPGI, SPOT, SWAV, TEAM, TYL, VEEV, VRT | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | ANSS, DECK, MBLY, SMCI, SNOW, VRT | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | DAVA, EXPO, FOXF, IBP, INTA, KNSL, NEOG, VRT | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | CELH, CRWD, LULU, MKTX, MMM, PLNT, SBAC, SWAV, U, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Asset Fund | -3.0% | -3.0% | ACGL, CSGP, DKNG, GWRE, IT, ROP, SCHW, TECH, TTD, VRSK, VRT, WST | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Small Cap Fund | -9.1% | -9.1% | AZPN, BRP, GWRE, IT, KNSL, PAR, RDNT, TTD, VRT | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Baron Small Cap Fund | -1.6% | -0.7% | CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT | AI, Data centers, defense, growth, Quality, small caps, technology | AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Small Cap Fund | -1.1% | 13.3% | BWIN, FROG, GTLS, IBP, ICLR, INTA, NPO, VRT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | BlackRock Innovation And Growth Term Trust | 1.0% | - | AXON, FND, GALD SW, VRT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | BAC, CTVA, ELAN, HWM, IQV, LEN, MELI, OLED, SCHW, TEAM, UBER, VRT | - | View | ||
| 2023 Q4 | Dec 31, 2023 | NCG SMID Cap Growth Strategy | 4.8% | 15.5% | BRZE, CSTL, CWAN, DAVA, DXCM, GWRE, MEDP, NTRA, TNDM, VRT | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Small Cap Fund | 9.6% | 14.5% | ASGN, DXCM, EWCZ, GDYN, GTLS, INSP, IT, NEOG, PLNT, TTD, VRT | - | View | ||
| 2023 Q3 | Dec 11, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | CELH, DXCM, NOVT, SHOP, SPLK, VRT | - | View | ||
| 2025 Q3 | Nov 5, 2025 | Baron Small Cap Fund | 0.5% | 0.7% | BWIN, IT, KNSL, KTOS, LGN, NOVT, PAR, RRR, VRT | AI Infrastructure, Data centers, defense, quality growth, small caps | The fund highlights the tension between speculative rallies in unprofitable microcaps and its disciplined focus on quality small-cap compounders. Its holdings in industrial and AI-infrastructure names like Vertiv and Kratos demonstrate long-term growth potential as data center and defense spending expand. Despite near-term underperformance, the strategy remains committed to profitable, defensible businesses with recurring cash flows. | View | |
| 2023 Q3 | Nov 10, 2023 | Alger Spectra Fund | 3.2% | 32.4% | GFL, MSFT, SLB, TMDX, VRT | - | View | ||
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | AZPN, KNSL, MRCY, SITE, SKIN, VRT | - | View | ||
| 2025 Q4 | Jan 28, 2026 | Rodrigo Benedetti | 0.0% | 0.0% | ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP | AI, Biotechnology, commodities, Fintech, gold, healthcare, oil | Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system. | EMO CN KITS CN |
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| 2025 Q4 | Jan 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
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| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 8.7% | ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST | aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology | AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics. | VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Global Equity | 2.9% | 0.0% | 6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX | AI, banks, Data centers, defense, financials, global, nuclear, technology | The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy. | VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C |
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| 2025 Q4 | Jan 12, 2026 | Munro Global Growth Fund | -0.7% | 12.2% | 300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout. | CIEN GOOGL |
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| 2024 Q3 | Sep 30, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | BRP, DAVA, DXCM, EWCZ, GCMG, GTLS, GWRE, IBTA, ICON, LOAR, VRT | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Baron Small Cap Fund | 9.6% | 14.5% | AZPN, CGNX, DRVN, FFO GR, GWRE, INDI, KNSL, LBRDA, VRT | - | View | ||
| 2023 Q3 | Aug 11, 2023 | Jackson Peak Capital | 9.9% | 0.0% | ATVI, EDR, LESL, SAVE, VRT | - | View | ||
| 2023 Q2 | Jul 30, 2023 | Baron Small Cap Fund | 9.6% | 14.5% | AZPN, KNSL, MRCY, SITE, SKIN, VRT | - | View | ||
| 2024 Q2 | Jul 27, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | BWIN, GWRE, IBP, IBTA, KNSL, LOAR, PLNT, SITE, VRT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | NewBridge Large Cap Growth Equity | 6.0% | 22.4% | CELH, CSGP, LULU, MSCI, NVDA, TT, UNH, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Global Equity | 0.4% | 0.4% | HWM, IFX GR, MELI, MRVL, PRX NA, RHM GR, TSM, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Large Cap Equity | -6.5% | -6.5% | HWM, MRVL, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | ALNY, APP, MRVL, TW, VRT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 16, 2026 | Fund Letters | Cassandra A. Hardman | Vertiv Holdings Co. | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | AI, cloud, Cooling, datacenters, infrastructure, Margins, Power | View Pitch |
| Dec 3, 2025 | Fund Letters | Amy Zhang | Vertiv Holdings Co. | Industrials | Electrical Components & Equipment | Bull | NYSE | AI, backlog, CapEx, Cooling, datacenters, infrastructure, Power | View Pitch |
| Nov 29, 2025 | Fund Letters | Cassandra A. Hardman | Vertiv Holdings Co. | Industrials | Electrical Equipment | Bull | NYSE | AI, data centers, Digitalization, infrastructure, Margins, Power management | View Pitch |
| Oct 28, 2025 | Seeking Alpha | Seeking Alpha | Vertiv Holdings Co. | Electrical Equipment & Parts | Bull | AI infrastructure, backlog growth, data centers, growth trajectory, Nvidia partnership, operating margins, order book, power solutions, thermal solutions, valuation multiples | View Pitch | ||
| Oct 7, 2025 | Seeking Alpha | Seeking Alpha | Vertiv Technologies | Electrical Equipment & Parts | Neutral | AI infrastructure, data center cooling, DCF analysis, growth potential, hyperscale giants, macro headwinds, Order Backlog, Strategic Partnerships, valuation, Volatility | View Pitch | ||
| Sep 16, 2025 | Short Thesis | ValueWalk | Vertiv Holdings Co | Industrials | Electrical Components & Equipment (Data Center Infrastructure) | Bear | NYSE | datacenter, Integration, leverage, Margins, Supply | View Pitch |
| Sep 1, 2025 | Seeking Alpha | Seeking Alpha | Vertiv Holdings Co | Electrical Equipment & Parts | Bull | AI, cloud services, data centers, electrical equipment, growth potential, infrastructure, market position, technology, thermal management, Vertiv | View Pitch | ||
| Aug 8, 2025 | Seeking Alpha | Michael Del Monte | Vertiv Holdings Co | Industrials | Electrical Equipment & Parts | Bull | NYSE | — | 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. | ||||||||