Overview

• Investor Shares returned 13.29% in Q2 2025 versus 18.20% for the Russell Midcap Growth Index, with stock selection in Industrials and Information Technology cited as the main drag.
• J.B. Hunt was highlighted as a laggard due to a sluggish freight cycle and softer guidance, with shares at $132.87 on Sept. 24 and hedge-fund holders down to 37 from 40 in Q1.
• New activity included a stake in Alcon, expected to gain share through eye‑care innovation, and re‑entries into Alnylam and CoStar on platform strength and a refocus on core businesses.
• The fund also invested in Royal Caribbean, pointing to demographic support and differentiated ships and destinations, and in SharkNinja for product innovation and international expansion.
• Coverage paired the letter with recent market snapshots and hedge‑fund counts, including Alcon held by 34 funds (down from 40), CoStar by 59 (up from 51), Royal Caribbean by 43 (down from 57), SharkNinja by 65 (down from 69), and Alnylam by 58 (down from 59).