Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 18, 2025 | Mairs & Power - Growth Fund | - | 1.9% | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, financials, growth, healthcare, large cap, technology | AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The infrastructure buildout is extraordinary with projected capital spending on AI data centers reaching $6.7 trillion by 2030. Machine vision technology has progressed more in the past six months than in the prior two decades thanks to AI, enabling systems to adapt and operate reliably in real-world conditions. | PANW CGNX |
View |
| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Small Cap Fund | - | -8.3% | AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK | AI, healthcare, infrastructure, materials, small caps, technology, valuation | AI-related stocks in the S&P 500 have accounted for around 75 percent of the market's return since ChatGPT's 2022 launch. Roughly 40 percent of capital expenditures are linked to AI. Investment in infrastructure required to power, cool, and connect a more data-intensive economy continues, with the AI and data-center buildout fueling a multi-year capital-expenditure cycle. | JHX TREX PATK |
View |
| 2025 Q1 | May 1, 2025 | Mairs & Power – Small Cap Fund | -11.0% | -11.0% | ALTR, AZEK, BKH, CASY, CGNX, HUBG, JHX, LFUS, LTH, NWE, PLXS, SIEGY, THRM, WK | Automation, small caps, tariffs, Trade Policy, Utilities, valuation | Tariff uncertainty in March caused equity declines while prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs are viewed as a tax that businesses will likely pass to consumers, creating upward pressure on prices and potential stagflation. | CGNX |
View |
| 2026 Q1 | Apr 29, 2026 | Mairs & Power – Small Cap Fund | 3.8% | 3.8% | AMBA, APG, CGNX, ENTG, HUBG, HWKN, PLXS, RDNT, SFM, WK | Automation, earnings, energy, inflation, Middle East, semiconductors, small cap, Valuations | SFM HWKN APG AMBA CGNX PLXS ENTG |
View | |
| 2026 Q1 | Apr 18, 2026 | Madison Small Cap Fund | 0.1% | 0.1% | CHRD, CRL, CVLT, DRS, ENTG, FORM, GMED, GTLB, ICUI, MEDP, MTDR, PCOR, POWI, SITE, VIAV, WK | AI, defense, energy, healthcare, semiconductors, small caps, software | SITE PCOR MTDR ICUI |
View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AXON, BFAM, CWST, DSGX, EXPO, FIVN, FSV, MRCY, NEOG, NOVT, PYCR, QTWO, RGEN, ROAD, ROL, SPSC, TFX, TREX, WK, WSO | growth, industrials, infrastructure, mid cap, small cap, software, technology, Waste management | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, mid cap, Performance, technology | The market's advance remained heavily dependent on AI-related stocks, with NVIDIA continuing its meteoric rise and Super Micro Computer benefiting from the surge in artificial intelligence-related stocks. The AI theme contributed significantly to market performance across multiple cap segments. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, infrastructure, small cap, technology | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2024 Q1 | Apr 15, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, CASY, FISV, JPM, LFUS, META, MSFT, NVDA, NVENT, RHHBY, TECH, TTC, ULTA, UNH, VZ, WK | AI, growth, healthcare, large cap, productivity, technology | AI is driving transformative possibilities across industries, particularly healthcare, banking, and telecommunications. The fund holds positions in companies serving as pick and shovel providers of AI tools for businesses. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. | ULTA CASY VZ RHHBY |
View |
| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AMZN, AZEK, CASY, CLFD, CTLT, CVRX, DOC, KNF, LFUS, MEDP, META, MGPI, MSFT, NVDA, NVT, PIPR, PLXS, TNC, WK | AI, financials, productivity, small caps, technology, value | Small cap stocks continue to trade at a significant discount to their larger cap peers, with small caps trading at a 32% discount to the broader market as measured by the S&P 500, and at a 14% discount to small cap stock's average as measured by the S&P 600. This is despite the average of analysts' earnings growth estimates for small cap companies outpacing large cap companies for the next several years. The fund sees great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations. | View | |
| 2025 Q1 | Mar 31, 2025 | abrdn U.S. Small Cap Equity Fund | -3.7% | -3.7% | AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK | infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water | Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation. | REVG MWA WK SHOO VERX LRN HEES CORT |
View |
| 2024 Q4 | Dec 31, 2024 | Conestoga Micro Cap Composite | 9.9% | 13.5% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, NEOG, NOVT, NVDA, QTWO, ROAD, SITE, SSD, TRNS, TSLA, VCEL, VERX, WK | Attribution, growth, healthcare, industrials, Micro Cap, Performance, technology | Enthusiasm for Artificial Intelligence created a more speculative investing environment that proved challenging for Conestoga's investment strategies. AI is a key technology unlocking the true potential of Planet Labs and its vast data engine. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, ATRC, BJ, CYBR, ESAB, FIVE, FLYW, FROG, LEGN, LSCC, PCTY, PRA, RAPT, SYNA, TER, TPG, VC, WK, WNS | Biotechnology, cybersecurity, growth, healthcare, industrials, small 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, requiring additional governance rules for cyber risk management strategy. IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS | Automation, cybersecurity, financials, growth, healthcare, industrials, small 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. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2025 Q3 | Oct 27, 2025 | 13D Activist Fund | 8.9% | 2.7% | ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI | activism, M&A, SMID Cap, technology, value | Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing. | WK VSAT TRIP PFGC |
View |
| 2025 Q3 | Oct 24, 2025 | Mairs & Power - Growth Fund | 8.0% | 10.1% | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, Data centers, growth, healthcare, large cap, technology | AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The fund remains excited about AI's potential to reshape industries and enhance productivity, having integrated AI tools into their own investment process. However, many AI-related stocks now appear generously valued, leading to selective position trimming where enthusiasm has outpaced fundamentals. | View | |
| 2025 Q3 | Oct 24, 2025 | Mairs & Power – Small Cap Fund | - | 2.1% | AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK | AI, earnings, GLP1, infrastructure, small caps, technology, value | AI-related stocks in the S&P 500 have accounted for around 75% of market returns since ChatGPT's 2022 launch. Investment in infrastructure to power, cool, and connect a data-intensive economy shows durable momentum. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, distribution, nuclear capacity, and thermal management. | PATK |
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 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | APP, APTV, AVTR, CCK, CPAY, DKNG, ETSY, FIVE, FRSH, ICLR, PFGC, PINS, RARE, RRX, SBAC, SUI, THC, VST, VYX, WK | healthcare, industrials, interest rates, mid cap, Quality, technology, Value rotation | AppLovin represents one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions, with mobile games representing only the tip of the iceberg of AppLovin's potential for its AI-enabled platform. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | BOX, CCOI, CIEN, CNM, CR, CSL, EHC, OSW, SMG, SUM, WK | Construction, Housing, industrials, small cap, software, technology | New investment in Workiva, a cloud-based software provider of compliance and regulatory reporting solutions used by 75% of Fortune 500 companies. The platform offers collaboration, data integration, and process management controls for financial and regulatory management systems. | WK |
View |
| 2024 Q3 | Sep 30, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, FI, GOOGL, JPM, KHC, LFUS, MSI, NVDA, ROK, TTC, UNH, WK | AI, healthcare, industrials, interest rates, small caps, technology, Valuations | More than 40% of S&P 500 companies cited AI in Q2 earnings calls. The fund remains excited about AI prospects but has been trimming positions due to lofty valuations. UnitedHealth Group is working on multiple AI use cases that could save billions in efficiencies, including call center automation. | KHC TTC UNH |
View |
| 2024 Q3 | Sep 30, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AZEK, CASY, CFR, CLFD, CTLT, CVRX, DOC, ENTG, JBT, KNF, LTH, MCS, MGPI, PIPR, QCRH, THRM, TNC, TTC, WK, WTFC | banks, Fed, growth, rates, small caps, Valuations | Small cap stocks currently trade at a 29% discount to the broader market and 6% discount to their long-term average, despite analysts expecting small cap earnings growth to outpace large caps. The fund sees great opportunities in small companies with above-average growth prospects at favorable valuations. Lower interest rates should disproportionately benefit smaller companies over time. | View | |
| 2023 Q3 | Sep 30, 2023 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AIR, AZEK, CASY, CFR, CLFD, DCI, FIBK, GBCI, JAMF, NVT, TTC, WK | AI, Banking, financials, industrials, small cap, technology, value | The fund views artificial intelligence as crucial for creating workforce efficiencies amid changing labor market dynamics. They see investment opportunities in technology companies utilizing AI to create efficiencies in the workforce. The fund favors companies likely to benefit from recent advancements in AI. | View | |
| 2024 Q2 | Jul 23, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, GGG, GOOGL, JPM, LLY, META, MSFT, NVDA, NVT, QCOM, ROK, TECH, USB, WK | AI, growth, healthcare, industrials, large cap, semiconductors, technology | The fund is well-positioned to benefit from AI adoption through holdings in Nvidia, which continues to see immense demand for GPU chips powering generative AI. Companies like Qualcomm and nVent are also benefiting from AI market enthusiasm, with Qualcomm's technology playing a big role in AI inferencing on smartphones and nVent's liquid cooling solutions needed for AI datacenters. | NVT QCOM |
View |
| 2024 Q2 | Jul 23, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | ALRS, ASB, AZEK, CASY, CFR, CLFD, CVRX, GBCI, HUBG, INSP, JBT, KNF, MEDP, MGPI, NVT, PIPR, QCRH, TNC, WK, WTFC | healthcare, interest rates, Regional Banks, small caps, technology, value | Small cap stocks currently trade at a 40% discount to the broader market as measured by the S&P 500, a 13% discount to the S&P 500 Equal-Weighted Index, and at a 15% discount to small cap stocks' long-term average. Analysts' earnings growth estimates for small cap companies outpace large cap companies for the next several years. The fund continues to see great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations. | View | |
| 2024 Q2 | Jul 20, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | AAPL, AMZN, BSY, ETSY, GOOGL, GWRE, INSM, INSP, IOVA, LSCC, META, MSFT, NVDA, ONTO, SMCI, TSLA, TWST, VITA, WING, WK | AI, Biotechnology, healthcare, semiconductors, small caps, software, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | ACGL, APP, ATKR, AVTR, CASY, CHWY, CLH, CSGP, DT, FRSH, HIG, MHK, PINS, RBRK, RRX, WK, WSC | AI, financials, industrials, mid cap, software, technology | The letter discusses how AI integration is affecting client spending patterns and software companies. Management notes that AI development and rollout will create tailwinds for companies like Freshworks, and Rubrik has introduced new AI data security products as an additional revenue source. | RBK CHWY |
View |
| 2025 Q1 | Mar 31, 2025 | Madison Small Cap Fund | -9.0% | -9.0% | AXS, BOX, CFLT, CMCO, CSL, EHC, HQY, OPCH, POWI, PRMB, RVLV, SHAK, SMG, SMPL, WK | Construction, consumer, financials, healthcare, small cap, tariffs, technology | Industrial economic activity remains depressed and the back half recovery expected in residential and non-residential construction now seems in jeopardy due to stubbornly high interest rates. The managers believe companies with depressed construction exposure are attractively valued but acknowledge these stocks may take longer to inflect upwards than previously anticipated. They continue to see opportunities in construction-related industries due to this unique cycle where many companies have strong balance sheets and higher than normal margin profiles. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | abrdn U.S. Small Cap Equity Fund | Workiva | Information Technology | Software | Bear | NYSE | Compliance Reporting, ESG Software, Regulatory risk, SaaS, Sustainability | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Small Cap Fund | Workiva Inc | Software & Services | Application Software | Bull | NYSE | cloud-based, Compliance software, Consulting Partnerships, Fortune 500, Regulatory Reporting, SaaS, SEC Filing, sticky revenue, Value | View Pitch |
| 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. | ||||||||