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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Small Cap Fund | - | -8.3% | AZEK, CGNX, HUBG, NEOG, RDNT, TECH, WK | fundamentals, Mean reversion, small caps, Valuation gap, volatility | The fund emphasizes the long-term opportunity in undervalued small-cap companies amid valuation dispersion. Management notes that fundamentals remain intact despite near-term macro and rate headwinds. Small caps are positioned as a fertile area for future mean reversion. | View | |
| 2025 Q1 | May 1, 2025 | Conestoga SMid Cap Composite | -5.7% | -5.7% | ALTR MM, BFAM, CCCS, HBCP, IT, MMSI, PCTY, QTWO, ROAD, ROL, SPSC, WK | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AXON, BFAM, CWST, FIVN, MRCY, NEOG, ROAD, TREX, WK | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAON, AXON, CCCS, CWST, EXPO, FOXF, MRCY, MSTR, NEOG, PLOW, ROAD, SMCI, TREX, VCEL, WK | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AZEK, CLFD, CVRX, DOC, KNF, MEDP, NVT, WK | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Conestoga SMid Cap Composite | -0.7% | 11.4% | AXON, BFAM, CGNX, DSGX, EXPO, HLMN, KAI, MTN, NCNO, NOVT, PCOR, QTWO, ROAD, TFX, WK | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Conestoga Small Cap Composite | 1.7% | 9.6% | ALTR, CXT, EXPO, FOXF, KAI, NCNO, NEOG, NOVT, QTCO, ROAD, SITE, SSD, VERX, WK | - | View | ||
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | BJ, FIVE, FLYW, PRA, RAPT, VC, WK, WNS | - | View | ||
| 2025 Q3 | Oct 27, 2025 | 13D Activist Fund | 8.9% | 2.7% | BILL, PFGC, TRIP, VSAT, WK | activism, catalysts, Governance, Margins, SMIDcaps | Shareholder activism continues to accelerate in both frequency and success rates, aided by the universal proxy and a rotation toward SMID value that favors activist-led turnarounds. The letter highlights multiple new activist campaigns across technology, food distribution, travel, defense, and software, emphasizing margin improvement and strategic optionality. Activism remains a compelling alpha source as activists target undervalued companies with identifiable catalysts and operational inefficiencies. | WK VSAT TRIP PFGC |
View |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Small Cap Fund | 0.0% | 4.0% | ABT, AIR, BSY, CASY, CVRX, EXAS, INSP, KNF, MEDP, MGPI, NVT, WK | AI, earnings, healthcare, rates, small caps, technology, Valuations | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The managers believe they are entering a transition period for AI, with signals that the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. Small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. Small cap stocks are still trading at a significant discount to the S&P 500, which the managers believe presents an attractive opportunity for long-term investors. Lower interest rates, reduced corporate tax burdens, and regulatory relief could offer further support to small caps. The Federal Reserve cut rates in the fourth quarter with expectations for lower interest rates continuing into 2026. Lower rates should provide a tailwind to profitability for smaller companies and make it easier for them to find talent. Interest rate changes take time to work through the economy, typically around a year to feel the effects. | View | |
| 2025 Q4 | Jan 16, 2026 | Janus Henderson Global Sustainable Equity Fund | -1.5% | 9.2% | 1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK | AI, Climate, Energy Transition, global, semiconductors, sustainability, technology | AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term. | View | |
| 2025 Q4 | Jan 14, 2026 | Lakehouse Global Growth Fund | 0.0% | -8.5% | 4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK | global, growth, Networks, software, technology | The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in the portfolio with strategic advantages in networks, loyalty, and intellectual property. Multiple holdings focus on enterprise software solutions including Workiva for compliance and reporting, Sansan for business networking, and Constellation Software for vertical software acquisitions. These companies benefit from loyalty and intellectual property moats. The fund holds Adyen, a global payment processing platform, and Tradeweb Markets, which operates electronic trading networks for fixed income markets. Both companies benefit from network effects and switching costs. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | WK | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AZEK, CASY, CLFD, CVRX. MGPI, EMTG, LTH, TNC, TTC, WK | - | View | ||
| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | ACGL, CASY, CHWY, RBRK, WK | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 28, 2025 | Fund Letters | Ken Squire | Workiva Inc. | Information Technology | Application Software | Bull | NYSE | Activism, buyout, Governance, profitability, SaaS | 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. | ||||||||