WST

WST

WST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Brown Advisory Large-Cap Growth Strategy	16.4%	7.6%	DKNG, FICO, MSFT, NFLX, NOW, NVDA, PGR, SPGI, UBER, WST, ZTS	fundamentals, Large Cap Growth, market leaders, Pricing Power, volatility	The commentary highlights resilient large-cap growth leaders with strong balance sheets and pricing power amid heightened volatility. Management stresses taking advantage of market dislocations to add high-quality businesses at better risk-reward levels. Growth leadership is expected to broaden beyond mega-cap concentration.		View
2024 Q2	Jul 12, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEN NA, BILL, BMRN, CPRT, CSGP, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SLNY, SQ, TER, TT, WDAY, WDC, WST	-			View
2025 Q2	Jul 1, 2025	Brasada Focused Equity Strategy	-	-	UBER, WST	Compounding, Discipline, downside protection, Quality, Return on Capital	The letter highlights a focus on high-quality businesses with strong returns on capital and durable growth. Management stresses downside protection through business quality rather than diversification. Long-term compounding remains the core objective.		View
2025 Q1	May 22, 2025	Artemis US Select Fund (Class I Accumulation Shares GBP)	-14.7%	-14.7%	AAPL, AVTR, CTVA, FIX, GOOG, SAIA, VMC, WST	-			View
2025 Q1	May 1, 2025	Conestoga Mid Cap Composite	1.0%	1.0%	GNRC, HEI, IT, RGEN, ROL, ROP, TECH, VRSK, WCN, WST	-			View
2024 Q1	Apr 15, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, FIVN, FTNT, LSPD, TECH, TFX, VEEV, WCN, WST	-			View
2025 Q1	Mar 31, 2025	Artisan Global Discovery	-3.7%	-3.7%	0669 HK, ARGX, ARIS, ASND, BAB LN, CCCS, COHR, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TWST, TYL, USFD, VEEV, WAB, WST	-			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
2024 Q4	Dec 31, 2024	Conestoga Mid Cap Composite	-4.6%	4.4%	ANSS, BFAM, CPRT, EXPO, FTNT, HEI, IDXX, ROL, VRSK, WST	-			View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CCCS, FICO, IT, JBT, MSA, PYCR, ROAD, SITE, SSD, STVN, TREX, WST	-			View
2023 Q4	Dec 31, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ALGN, ANSS, CGNX, CPRT, FTNT, IDXX, IT, MTN, ROL, VEEV, WST	-			View
2023 Q4	Dec 31, 2023	ClearBridge Mid Cap Growth Strategy	-	-	MNDY, WST	-			View
2022 Q3	Oct 25, 2022	Baron Asset Fund	8.3%	10.6%	CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI	-			View
2024 Q3	Oct 23, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CGNX, EXPO, FIVN, FSV, GWRE, MSA, ROAD, TREX, WST	-			View
2024 Q3	Oct 23, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, FIVN, FTNT, GWRE, HEI, PCOR, POOL, ROP, TYL, WST	-			View
2025 Q3	Oct 16, 2025	Brown Advisory Large-Cap Growth Strategy	-0.9%	6.5%	CDNS, FICO, GOOG, INTU, IOT, ISRG, MRVL, NFLX, NVDA, TTD, WDAY, WST	Artificial Intelligence, Large Caps, quality growth, semiconductors, software	The letter discusses how AI-driven enthusiasm has concentrated market returns among a few Magnificent Seven stocks, raising valuation risks. Brown Advisory focuses on owning durable growth companies that integrate AI productively while avoiding speculative momentum plays. The strategy emphasizes quality growth, diversification, and resilience across technology, industrials, and healthcare sectors.		View
2025 Q3	Oct 16, 2025	Brown Advisors Mid-Cap Growth strategy	2.0%	9.4%	ALNY, CAH, CMG, CVNA, DKNG, DXCM, FIG, FIX, MDB, NTSK, OS, PSN, RBLX, TTD, VRSK, WST, ZS	Artificial Intelligence, Biotechnology, cybersecurity, Data centers, healthcare	Brown Advisory sees strong tailwinds from AI and data center infrastructure fueling select mid-cap growth opportunities, including semiconductors, software, and cybersecurity. The fund also focuses on healthcare innovation, emphasizing biotech firms and specialty drug distributors benefiting from complex therapies and new technologies. It maintains a disciplined approach, trimming overvalued AI-exposed holdings and adding positions in emerging digital security and healthcare growth names.	CVNA NTSK PSN	View
2025 Q3	Oct 15, 2025	Upslope Capital Management	8.8%	12.5%	8697 JP, BIO, CHG LN, DPLM LN, EVR, FCN, GOOG, HOLN SW, HSY, IMXI, INTC, KDEF, MKTX, SMIN LN, STE, TDY, WST	AI, defense, healthcare, Quality, valuation	Upslope remains cautious as valuations stretch and shorting speculative names becomes difficult. The fund adds defensive longs in healthcare and new exposure to the Korea Defense ETF, citing global security and cost advantages. Its positioning favors durable, high-quality businesses poised to outperform when speculative excess fades.		View
2025 Q3	Oct 13, 2025	Conestoga Mid Cap Composite	-3.2%	1.1%	AAON, FDS, FTNT, GNRC, IDXX, IT, JKHY, TYL, VRSK, WST, XYL	earnings, Growth Equities, Mid Caps, Quality, valuation	Mid-cap stocks underperformed large-caps amid concentration in mega-cap tech leadership. Conestogas focus on sustainable earnings growth and conservative valuations left it lagging during speculative phases but positioned for long-term compounding when fundamentals reassert. The firm maintains exposure to industrial and technology companies with steady cash flows.	IDXX US WST US	View
2025 Q3	Oct 13, 2025	Conestoga SMid Cap Composite	-1.1%	-2.1%	CWST, DSGX, EVI, GNRC, JKHY, MRCY, QTWO, ROAD, TYL, WST	quality growth, semiconductors, SMID Caps, software, technology	The SMid-Cap strategy underperformed amid a rally dominated by unprofitable, high-beta stocks, while its disciplined quality-growth approach faced headwinds. Weakness in software and lack of semiconductor exposure weighed on returns, though select industrials and healthcare names showed resilience. Management views the current low-quality outperformance as typical of early-cycle conditions likely to normalize.		View
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
2025 Q4	Jan 27, 2026	Artisan Global Discovery	1.7%	12.1%	ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD	AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology	AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses.	MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR	View
2025 Q4	Jan 19, 2026	Artisan Mid Cap Fund	-0.4%	14.8%	ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST	AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology	AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities.	IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR	View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2024 Q3	Sep 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	2019 HK, ARGX, CBRE, CELH, COHR, DXCM, EW, EXAS, ILMN, ONTO, RYTH, SPOT, TTEK, WST	-			View
2024 Q3	Sep 30, 2024	Baron Asset Fund	8.3%	10.6%	COO, CSGP, DUOL, DXCM, FICO, GWRE, IT, SCHW, VRSK, WELL, WST	-			View
2024 Q3	Sep 30, 2024	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	AME, APP, CPRT, DOCS, LINE, WST	-			View
2024 Q2	Jun 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ANET, ARGX, CCC, CELH, CMG, EXAS, FIVE, INSM, LSCC, MRVL, MTSI, POOL, RBLX, SPOT, TYL, WST	-			View
2024 Q2	Jun 30, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	CSGP, GWRE, HEI, LSPD, POOL, RGEN, ROL, TYL, VEEV, VRSK, WST	-			View
2023 Q1	May 23, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, AVLR, BSY, CPRT, CSGP, EXPO, FTNT, IDXX, IT, JKHY, PCOR, TECH, WST, XM, XUL	-			View
2025 Q1	Apr 14, 2025	Parnassus Mid Cap Growth Fund	-10.0%	-10.0%	APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ	-			View
2025 Q1	Mar 31, 2025	Artisan Mid Cap Fund	-7.4%	-7.4%	ASC SJ, AZO, BBY, BFAM, BKR, CCCS, DASH, DDOG, DECK, MRVL, PLTR, SAIA, SNOW, SPOT, VKTX, WST	-			View
2023 Q1	Mar 31, 2023	Artisan Global Discovery	7.6%	13.1%	BSY, CNHI, CPR IM, CWAN, GXI GR, HAPVY, HUBS, LSCC, NDAQ, NEF GR, SIVBQ, SMIN LN, WST	-			View
2023 Q1	Mar 31, 2023	Baron Asset Fund	8.3%	10.6%	ANSS, CSGP, FRC, GWRE, ICLR, IDXX, IT, LPLA, MKTX, PWR, RGEN, TECH, WST	-			View
2022 Q4	Mar 2, 2023	Baron Asset Fund	8.3%	10.6%	ACGLN, AZPN, FICO, FIS, HUBS, ICLR, IDXX, IT, MTD, RIVN, TTD, WIX, WST, ZI	-			View
2023 Q4	Jan 27, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, FICO, IDXX, IT, TRU, WST	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	Derek Johnston	West Pharmaceutical Services, Inc.	Health Care	Health Care Supplies	Bull	New York Stock Exchange	biologics, healthcare, Injectables, Margins, Packaging	View Pitch

BSD Shareholders of WST

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: