WRBY

WRBY

WRBY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 15, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	11.0%	-	ADUS, BJ, BOOT, EE, GTLS, INSM, INSP, IRTC, KRYS, MGY, OLLI, PAY, PJT, STVN, VCEL, VCTR, VRNA, WH, WHD, WRBY	AI, Biotechnology, consumer, defense, growth, semiconductors, small cap, tariffs	The U.S.'s proposed tariff regime led to significant economic fallout with global markets whipsawing in the ensuing tariff tantrum. Many companies across most areas either scrapped or significantly reduced forward guidance as they wait to see how near-term results fare in this environment. Companies with better balance sheets increased their inventories during tariff pauses, which should provide them with opportunities for greater market share later in 2025.	CWAN KTOS KRYS	View
2025 Q1	Apr 23, 2025	Polen Capital – U.S. Small Company Growth	-10.8%	-10.8%	AAON, AIT, BROS, ELF, EXLS, FOXF, GLOB, GSHD, MEDP, MODG, NSIT, PCTY, PGNY, RMBS, RVLV, TECH, TREX, WRBY, YETI	consumer discretionary, growth, Portfolio Management, Quality, small caps, tariffs, volatility	The first quarter was marked by heightened volatility due to concerns about the Trump administration's emerging trade policies and global tariff imposition. The managers stress-tested their businesses across various tariff policy scenarios and made portfolio adjustments, particularly exiting Consumer Discretionary positions vulnerable to tariff uncertainty.	TECH RVLV ELF GLOB GSHD EXLS BROS	View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Small Cap Growth Strategy	3.5%	5.9%	ABVX.PA, AXGN, BOOT, CBLL, CWST, FROG, LGCE, MTSI, NAMS, NSKE, OLLI, SLNO, STVN, TTEK, UEC, WRBY	Biotechnology, consumer, energy, growth, healthcare, industrials, small caps, technology	The fund holds multiple biotech positions including Abivax SA for ulcerative colitis treatment, NewAmsterdam Pharma for cholesterol inhibitors, and Axogen for peripheral nerve regeneration. Strong clinical trial results and FDA approvals are driving performance, with Abivax rising 58% on acquisition speculation. Focus on value-oriented retailers, franchise models, and premium brands including Boot Barn for western wear, Warby Parker for eyewear, and Ollie's Bargain Outlet for closeouts. Consumer behavior shifts toward lower-priced inventory are impacting performance, with mixed results across positions. Investment in cybersecurity companies like Netskope and JFrog, with JFrog being the portfolio's strongest performer rising 32% due to increased security demand following NPM supply chain attacks. Security add-on products are seeing significant pipeline growth. Position in Uranium Energy as the largest licensed uranium miner in the U.S., positioned to benefit from renewed focus on nuclear power as long-term energy solution and U.S. efforts to strengthen domestic nuclear fuel supply chains for national security. Holdings include Ceribell for portable EEG technology and Stevanato Group for pharmaceutical packaging. Ceribell surged 91% after FDA clearance for neonatal applications, while Stevanato faced conservative guidance despite beating expectations.	FROG AXGN UEC OLLI WRBY BOOT	View
2025 Q4	Jan 14, 2026	Riverwater Partners Small Cap Strategy	0.0%	0.0%	ADEA, AMD, ATMU, ATRC, BHST, BKH, CNX, DIS, HSTM, ITGR, KGS, LEU, LMNR, LOPE, MOD, NPKI, PLMR, STKL, VECO, WRBY	AI, financials, healthcare, infrastructure, Natural Gas, nuclear, Quality, small caps	Natural gas stocks benefited from AI theme as potential winners in powering data centers. CNX Resources was the top contributor driven by weather-related price increases and strong company execution. The manager remains encouraged by structural demand drivers for natural gas supporting higher volumes over time. Centrus Energy was positioned at the nexus of U.S. national security, nuclear energy independence, and next-generation reactor deployment. The company benefited from structural shift away from Russian nuclear fuel supply toward domestic enrichment, with rising demand from advanced reactors, SMRs, and nuclear power supporting AI-driven data center load growth. NPK International was added as a way to participate in multi-year infrastructure buildout required to support grid expansion, electrification, and energy system upgrades. The company provides composite matting solutions for utility and energy-related end markets with advantages over traditional timber mats. The manager avoided speculative AI investments but played the theme through picks-and-shovels approach via semicap equipment and utility infrastructure buildout. Natural gas stocks benefited as potential winners in powering data centers. Warby Parker has a call option on smart glasses and AI-enabled eyewear through its partnership with Google.	ITGR HSTM WRBY ADEA NPKI KGS BHST LMNR LOPE LEU CNX	View
2024 Q2	Jul 24, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AAON, AIT, ALIT, APPF, BL, CCCS, DAVA, DOXI, HELE, HLNE, IBP, OPCH, PGNY, RGEN, RH, ROAD, RVLV, SITM, SMCI, WING, WRBY, XPEL	growth, healthcare, Quality, rates, small caps, technology, volatility	The performance gap between small caps and large caps continued to widen during Q2, with small cap investors retreating to lower-volatility sectors. Small cap continues to be highly sensitive to shifting rate expectations, while leadership in large cap remains narrow and driven by momentum.		View
2024 Q2	Jun 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ADUS, ATRC, AZEK, BJ, BOOT, CERT, ESAB, EWCZ, HLNE, IAC, MDIA, MRUS, MVBF, RRX, SILK, SVV, TMCI, VCTR, WRBY, WSC	consumer, financials, growth, healthcare, industrials, small 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. Data center capital expenditures remain strong, boosting semiconductors and related companies.		View
2025 Q1	Mar 31, 2025	Riverwater Partners Small Cap Strategy	-	-	BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY	Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs	The manager emphasizes specialty insurance companies, particularly in the E&S (excess and surplus) space. Both PLMR and BOW operate in this attractive market with limited competition and strong growth prospects. The manager views these companies as defensive yet offering compelling long-term growth opportunities with attractive returns on capital.	BOW WRBY LMNR PLMR	View
2022 Q1	Mar 31, 2022	Baron Focused Growth Fund	11.7%	13.2%	ACGL, CSGP, GWRE, H, IRDM, MTN, SPOT, TSLA, VLD, WRBY	-			View
2023 Q4	Feb 16, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697.T, AZPN, BMBL, CCCS, DLO, ETSY, EVD.DE, FIVE, FOXF, GNRC, MEDP, MKTX, MPWR, PAYC, POOL, TECH, TME, WRBY, XPEL, YUMC	consumer, global, growth, Quality, SMID Cap, software, technology	Five Below recovered from Q3 weakness with 14% year-on-year revenue growth and raised guidance. The discount retailer continues to outperform peers and benefits from consumers looking to stretch their dollar further in a challenging macro backdrop.	CCCS PAYC XPEL EVD.DE 3697.T FIVE	View
2024 Q4	Jan 23, 2025	Polen Capital – U.S. Small Company Growth	4.7%	3.8%	AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC	AI, growth, Quality, small cap, technology, value	The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner.	BDC FN TREX WSC BROS RVLV WRBY	View
2024 Q4	Jan 23, 2025	Polen Capital – U.S. SMID Company Growth	2.7%	1.4%	ALRM, AZPN, BAH, BLD, BROS, BSY, CWAN, EEFT, ENTG, FND, FOXF, GSHD, HLI, HLNE, NSIT, PAYC, PSTG, RMBS, RVLV, TREX, TYL, WRBY, WSC	AI, growth, Quality, semiconductors, SMID Cap, software, technology, value	The market was dominated by crowded AI trades in 2024, with high-beta AI-adjacent growth companies outperforming. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from GenAI-driven transformation in a more sustainable, long-term manner.	BROS WSC PSTG NSIT BSY ENTG RMBS GSHD WRBY RVLV	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	Warby Parker Inc.	Consumer Discretionary	Specialty Retail	Bull	NYSE	B Corp, direct-to-consumer, Eyewear, growth, market share gains, retail expansion, Specialty retail, Target Partnership	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - U.S. Small Company Growth	Warby Parker	Consumer Discretionary	Specialty Retail	Bull	NYSE	Consumer Discretionary, direct-to-consumer, Eyewear, Omnichannel, optometry, Specialty retail, vertical integration	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - U.S. SMID Company Growth	Warby Parker	Consumer Discretionary	Specialty Retail	Bull	NYSE	direct-to-consumer, Eyewear, Healthcare services, Omnichannel, optometry, Specialty retail, vertically integrated	View Pitch
Jan 24, 2026	Fund Letters	Grant R. Babyak	Warby Parker Inc.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Direct toconsumer, Eye wear, innovation, Margins, smart glasses	View Pitch
Jan 16, 2026	Fund Letters	Adam Peck	Warby Parker Inc.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Eyewear, Margins, Omnichannel, retail, ROIC	View Pitch

BSD Shareholders of WRBY

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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