WEX

WEX

WEX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Lyrical Asset Management	12.7%	11.9%	AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX	growth, international, Outperformance, stock selection, valuation, value	Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed.		View
2025 Q2	Jul 17, 2025	Ariel Small Cap Value Strategy	7.6%	-	CLB, DNB, FAF, LIND, OSW, REZI, WEX, ZBRA	AI, Oil Services, small cap, tariffs, technology, Trade Policy, Travel, value	OneSpaWorld Holdings showed strong demand for spa services and medi-spa treatments despite consumer sentiment concerns. Lindblad Expeditions delivered robust results with improved occupancy and net yield growth, expanding into European river cruises through a new partnership.	ZBRA WEX FAF CLB REZI LIND OSW ZBRA FAF CLB	View
2024 Q1	Apr 15, 2024	Baron Small Cap Fund	9.6%	14.5%	ASGN, BFAM, BRP, CHI, DKNG, ENDV, GWRE, HQY, IBP, ICLR, IT, KNSL, RPAY, RRR, SITE, TDG, TREX, TTD, VRT, WEX	Concentration, growth, industrials, Long Term, Outperformance, small cap, technology	Vertiv Holdings Co, the leading provider of cooling solutions to data centers, continued strong performance with 70% of revenue from data center end market. The company benefits from rising demand for data center capacity and increasing adoption of generative AI, as GenAI-related servers have higher energy density requiring more sophisticated cooling solutions.	EXPO INTC	View
2024 Q1	Mar 31, 2024	Baron FinTech Fund	6.3%	6.3%	ACGL, APO, BLK, ENDV, FDS, FI, FICO, GLOB, INTA, INTU, JKHY, KINS, MA, MELI, NU, PGR, SPGI, TW, V, WEX	digital transformation, Enterprise, Financial Services, Fintech, insurance, payments, software, technology	The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Payments, Capital Markets, and Information Services. Digital transformation of financial services remains a large, multi-decade growth opportunity despite near-term cyclical headwinds in IT spending.	GLOB ENDV APO NU PGR	View
2023 Q1	Mar 31, 2023	Baron FinTech Fund	4.8%	4.8%	ACN, APO, BILL, CME, ENDV.L, FICO, GWRE, IBKR, INTU, LPLA, MA, MELI, MKTX, MSCI, PGR, SCHW, SPGI, TW, V, WEX	AI, Banking, Financial Services, Fintech, payments, software, technology	The Fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Payments, Information Services, Tech-Enabled Financials, and Enterprise Software. Private market valuations for fintech companies are starting to catch up to steep drops in public markets, with reduced private capital investment expected to temper competitive intensity and increase profitability for publicly traded incumbents.		View
2024 Q4	Dec 31, 2024	Renaissance Investment Management – Large Cap Growth	-	-	ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX	AI, defense, growth, healthcare, large cap, technology	Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets.	PINS BAH HCA AVGO APP	View
2024 Q3	Nov 7, 2024	Prosper Stars & Stripes	-2.0%	-	BIO, BLFS, CRS, DOCS, FLT, FND, FOXF, NR, PCT, RGEN, SHC, UPWK, WEX	aerospace, healthcare, infrastructure, interest rates, Long/Short, Recession, semiconductors, small cap	The semiconductor industry has experienced a 20%+ decline in revenues similar to past industry cycles, following supply shortages that drove demand to unsustainably high levels during the pandemic. The manager sees opportunities in this rolling cycle as the industry normalizes from previous boom-bust dynamics.		View
2025 Q4	Jan 14, 2026	13D Activist Fund	0.4%	3.1%	1944.T, 9501.T, 9531.T, EBCOY, FUN, ITGR, KAEPY, WEX	activism, Japan, semiconductors, small caps, Utilities, value	Shareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to accepted and now necessary as passive investing increases. Non-activist managers are resorting to activism to realize intrinsic value as fewer investors buy and sell based on fundamentals. Japan presents significant opportunities with 76 new activist campaigns in 2025 and 154 live campaigns currently. Japanese companies offer value creation through margin expansion, enhanced capital returns, and improved corporate governance. The fund made its first investments in Japan with Ebara Corporation and Kansai Electric Power Company. Ebara Corporation is a semiconductor capital equipment powerhouse contributing one-third of revenue and over half of operating income. The company forms a duopoly in chemical mechanical planarization with Applied Materials, with AI semiconductors demanding greater CMP intensity offering clear growth runway. Kansai Electric Power Company is Japan's second-largest electric utility and top nuclear power operator with 48% of electrical output from nuclear. The company has favorable characteristics but trades at 0.75x price-to-book with opportunities for improved dividend payouts, capital efficiency, and asset sales.	WEX FUN ITGR 9503 JP 6361 JP	View
2024 Q3	Sep 30, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	BRC, CLB, JLL, LAZ, LESL, LIND, MHK, SRCL, WEX	energy, Manufacturing, payments, real estate, small caps, Travel, value	The fund focuses on small cap value investing, with the Russell 2000 Value Index outperforming growth in Q3. The manager believes patient investors who own differentiated businesses with solid competitive positioning and robust balance sheets will reap superior returns over time.	WEX CLB LIND LESL MHK LAZ JLL	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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	WEX, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	fleet services, Healthcare Benefits, high-margin, Payment Solutions, Payments Outsourcing, recurring revenue, share repurchases, Travel Benefits	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	WEX Inc	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	Fintech, Fleet Management, Healthcare Benefits, high-margin, market leader, organic growth, Payment Solutions, Payments Outsourcing, recurring revenue, Travel Payments	View Pitch
Jan 27, 2026	Fund Letters	Ken Squire	WEX Inc.	Information Technology	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Activism, Governance, Margins, Payments, spinoff	View Pitch
Dec 6, 2025	Fund Letters	Derek Pilecki	WEX Inc.	Information Technology	Software - Infrastructure	Bull	NYSE	activist, Capital-light, deleveraging, Free Cash Flow, Payments, recurring revenue, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Alpha Mantra	WEX Inc.	Information Technology	Software - Infrastructure	Neutral	NYSE	—	View Pitch

BSD Shareholders of WEX

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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