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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | Baird Small/Mid Cap Growth Equity Fund | 4.5% | -6.6% | ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL | AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance | The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance. | View | |
| 2026 Q1 | Apr 8, 2026 | Alta Fox Capital Management | - | - | PPG, XPEL | Auto Aftermarket, growth, margin expansion, Paint Protection, small cap, Vertical Integration | XPEL |
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| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | 6588.T, AAON, ALLE, ATKR, BWA, CYBR, ELAN, ENDV.L, ENS, FIVE, MBUU, MGPI, NEM.DE, OLLI, PFV.DE, RGA, RUB.PA, SWAV, XPEL, YOU.L | AI, cybersecurity, global, Japan, semiconductors, small caps, technology, value | Generative AI represents a powerful wave that has gained tremendous momentum since ChatGPT's launch. The world spent around $50B on AI-enabling chips in 2023, with forecasts ranging from $100B to over $400B in coming years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain through semiconductor manufacturing equipment. | CYBR PFEV.DE |
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| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2023 Q4 | Dec 31, 2023 | Wasatch Small Cap Growth Strategy | 7.6% | 7.6% | BRBR, FOXF, MEDP, PCTY, PNFP, XPEL | earnings, financials, growth, healthcare, Quality, small caps, technology | High-quality companies with strong cash flows and below-average debt levels are positioned to outperform as market conditions normalize. These companies can use their cash flows for buybacks, acquisitions, and capital spending initiatives to support long-term growth. | PCTY XPEL FOXF PNFP MEDP BRBR |
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| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2023 Q3 | Oct 19, 2023 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 0696.HK, ALIT, CCCS, DOXY, FIVE, GSHD, MORN, PGNY, XPEL, YETI | Automotive, global, growth, healthcare, insurance, SMID Cap, technology | Goosehead Insurance delivered robust results with 31% revenue growth and 36% premium increases, continuing to execute its plan to clean up corporate organization and return to pre-COVID productivity metrics. The company benefits from strong broker upgrades and S&P Small Cap Index inclusion. | XPEL PGNY MORN 0696.HK AMDOCS FIVE ALIT CCCS YETI GSHD |
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| 2023 Q3 | Oct 19, 2023 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | ALIT, ALTR, CCCS, CWA, DCGO, DOCS, EEFT, EXL, FTCH, GSHD, LESL, OLO, XPEL, YETI | growth, insurance, Quality, small caps, software, technology | Small cap companies as an asset class are heavily discounted relative to history, presenting attractive opportunities regarding valuation and the prospect of persistent growth. High quality small cap companies have greater latent potential for growth relative to more mature businesses and can quickly reduce spending and increase profitability if needed. | EXLS XPEL CLWD ALIT AMDOCS EEFT YETI CCCS GSHD |
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| 2022 Q3 | Oct 11, 2022 | LVS Advisory – Defensive | 0.0% | 4.4% | AVID, IBKR, NFLX, SCHW, SSNC, XPEL | - | View | ||
| 2023 Q4 | Jan 29, 2024 | Langdon Global Smaller Companies | 8.6% | 26.7% | 2HP.DE, ATG.L, IRE.AX, WOSG.L, XPEL | concentrated, global, Quality, small caps, value | Manager emphasizes value creation within companies rather than market timing, focusing on cash-generative assets with proven management teams. The approach involves disciplined buying during market dislocations when sellers act with urgency. | YETI AGYS JLG AU HYQ GR FEVR LN MEDP WOSG LN |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | AAON, AAPL, ADTC, ALLE, AMBU.CO, APPF, ATKR, BWA, CGNX, CYBR, DISO.MI, DPLO, ELANCO, ENS, EXPO, FIVE, GLOB, GWRE, HP, IPGP, KXS.TO, LAZ, LOB, LPRO, NCRX, OLLI, PEN, RGA, ROLL, SPLS, WTS, XPEL | AI, Consumer Staples, global, healthcare, industrials, small caps, technology | Artificial intelligence may have profound effects on plenty of industries and companies, but what it won't change are the human needs and desires underpinning demand for food and health-related products. The technology may change the way food and health-care businesses operate, but the demand that fuels their growth is less likely to be affected. | 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 | Jul 18, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | AAPL, ACN, AMZN, ATKR, BECG.DE, BWA, ENS, FIVE, GOOGL, IBM, KWS.L, LLY, MSFT, OLLI, PFE, PLUS, RHHBY, RMV.L, XPEL, YOUGV.L | AI, barriers to entry, competition, global, Quality, small caps, technology | Global small caps underperformed large caps due to fewer AI-related stocks in the segment. The portfolio focuses on high-quality small companies with competitive advantages in growing, profitable niches that can withstand competition from larger, well-funded competitors. | View | |
| 2024 Q2 | Jun 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, APPF, BAH, CACI, CNMD, DECK, FIVE, FND, FSS, GKOS, HEI, INSP, ITCI, JNJ, LGIH, LII, MANH, MEDP, NBIX, PODD, POOL, PRCT, RBC, RGEN, RXST, SPSC, SSD, TARS, TREX, TXRH, VERX, XPEL, ZBRA | AI, Defense Spending, growth, healthcare, small caps, software, technology | Artificial intelligence continues to drive outperformance in technology-related businesses. The portfolio benefits from AI tailwinds through utilities and telecommunications sectors. AAON's recent BASX Solutions acquisition provides exposure to datacenter infrastructure builds driven by AI needs. | View | |
| 2025 Q1 | Apr 23, 2025 | Plural Investing | -15.1% | -15.1% | SEG, WOSG.L, XPEL | Luxury, real estate, small caps, tariffs, Travel, turnaround, value | Fund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at 6.4x FCF in three years while still growing at low double-digit rates. Manager emphasizes investing only in businesses worth substantially more than current trading prices. | WOSG.L SEG |
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| 2023 Q4 | Feb 20, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | BWMN, CCCS, CNM, FIVE, FOXF, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL | concentrated, growth, Quality, Resilience, small cap, value | Polen focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies that are undervalued relative to their long-term compounding potential and emphasize businesses with resilient financial models and strong balance sheets. | 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 |
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| 2023 Q4 | Jan 31, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | 4751.T, 6588.T, AAON, BWA, CYBR, EAVA.L, FIVE, HP, JCU, MALIBU, MGPI, NBIX, NMTC.DE, OLLI, SWAV, TOMRA.OL, XPEL, YOUGF | AI, global, growth, healthcare, Japan, Quality, small caps, technology | Japan represents the second-largest country weight in the global small cap benchmark but has been challenging for quality growth stocks. Style headwinds have been pronounced with high-quality companies underperforming low-quality ones by 718 basis points from 2021-2023. Recent government reforms and Tokyo Stock Exchange mandates aim to improve corporate governance and shareholder returns, which may benefit the investment opportunity set over time. | View | |
| 2023 Q4 | Jan 16, 2024 | Plural Investing | 9.2% | 3.1% | KD, XPEL | consumer, small caps, Spin-Offs, technology, turnaround, value | The fund focuses on businesses trading at substantial discounts to conservatively calculated intrinsic value. Portfolio trades at 6.1x estimated net profits in three years with businesses still growing at double-digit rates. Manager emphasizes buying businesses they would be happy to own if the market shut for five years. | XPEL BKD |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Plural Investing | XPEL Inc | Consumer Discretionary | Automobile Components | Bull | NASDAQ | automotive, franchise model, growth, market leader, Owner operator, Protection Films, Short squeeze | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Global SMID Company Growth | XPEL | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | Authorized Dealers, automotive, Car Enthusiasts, Category Growth, international expansion, Paint Protection Film, Product Diversification | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | XPEL | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | automotive, brand recognition, distribution network, Geographic Expansion, high margins, Paint Protection Film, specialty materials | View Pitch |
| Apr 28, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | XPEL, Inc. | Consumer Discretionary | Auto Parts & Equipment | Neutral | NASDAQ | aftermarket, Automotive Products, Customer concentration, OEM Relationships, Paint Protection Film, Tesla, Window Tints | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Global SMID Company Growth | XPEL Inc | Consumer Discretionary | Auto Components | Neutral | NASDAQ | Adjacent Markets, Automotive Aftermarket, Geographic Expansion, market leadership, Paint Protection Film, Tesla Competition | View Pitch |
| Apr 9, 2026 | Fund Letters | Alta Fox Capital Management | XPEL Inc | Auto Parts | Automotive Parts & Equipment | Bull | NASDAQ | Automotive Aftermarket, Brand Premium, margin expansion, market share gains, niche market, operating leverage, Paint Protection Film, PPF, secular growth, software platform, turnaround, Value, vertical integration | View Pitch |
| Oct 15, 2025 | Value Investors Club | avalon216 | XPEL Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | automotive protection, franchisor model, high-ROIC, international expansion, M&A, net cash, OEM channels, PPF, Pricing power, Tesla partnership | View Pitch |
| Sep 16, 2025 | Short Thesis | Culper Research | XPEL Inc | Consumer Discretionary | Auto Parts & Equipment (Protective Films / Aftermarket Auto Accessories) | Bear | NASDAQ | Auto aftermarket, Competition, Films, Luxury, valuation | 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. | ||||||||