What happened According to a February 17, 2026, SEC filing, Starboard Value LP disclosed a new position in Clearwater Analytics (NYSE:CWAN), purchasing 9,959,031 shares. At quarter-end, the holding was valued at $240.21 million, with the change reflecting the purchase of a new position. What else to know This was a new position, representing 4.55% of Starboard’s 13F reportable assets under management as of December 31, 2025 Top holdings following the filing: NASDAQ: QRVO: $634.74 million (12.0% of AU ...

最近，随着美股13F文件的披露，多家私募机构2025Q4最新调仓情况浮出水面。之前的文章，证星研究院已经分享了段永平和景林最新美 股的持仓动向。 大家可以回顾文章： 1.段永平，加仓巨头超1110% 2.景林最新出手加仓了！ 今天的文章，我们最后再来梳理一下高瓴HHLR、喜马拉雅（李录）、伯克希尔，这三家机构Q4美股的持仓动向。 （HHLR25Q4前十大持仓） 从调仓动向来看，HHLR在第四季度显著加大了对互联网电商板块的配置。拼多多与阿里巴巴构成持仓的"双核心"，成为基金持仓的大 头。 具体而言，第一大重仓股拼多多获得HHLR大幅增持，持仓市值攀升至12.16亿美元，环比增幅达24.77%，持仓占比也从上个季度的 27.76%提升至39.17%，接近总持仓的四成。 第二大重仓股阿里的增持力度也十分强劲，持仓市值达7.96亿美元，环比增幅高达65.07%，持仓占比从14.37%跃升至25.65%。 以下为主要内容： 一、高瓴资本： 根据文件披露，高瓴旗下专注二级市场投资的HHLR基金，2025年第四季度末持仓总市值为31.04亿美元，上一季度少24%。整体持仓展现 出"聚焦核心、收缩边缘"的投资策略。 其中， ...

Group 1 - Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to Black Hills Corp.'s merger with NorthWestern Energy Group, where Black Hills shareholders will own approximately 56% of the combined company upon completion [2] - Clearwater Analytics Holdings, Inc. is being sold to Permira and Warburg Pincus for $24.55 per share in cash, while European Wax Center, Inc. is being sold to General Atlantic for $5.80 per share in cash [3] - Halper Sadeh LLC may seek increased consideration, additional disclosures, and other relief on behalf of shareholders [4]

A lender group led by JPMorgan Chase & Co. is preparing to raise $5.3 billion of debt to support Qualtrics International Inc.’s purchase of health-care survey firm Press Ganey Forsta, according to people familiar with the matter. The package is expected to comprise a $3.3 billion leveraged loan issued in US dollars and euros, while another $2 billion could be sold in the high-yield bond market or to private credit firms, said the people, who requested anonymity to discuss private deliberations. A deal cou ...

Core Insights - Conestoga Capital Advisors reported that US equities had solid returns in 2025, with double-digit gains across major indices, but underlying conditions showed extreme volatility and market leadership [1] - In Q4 2025, Conestoga's Small Cap Strategy returned -1.89% net-of-fees, underperforming the Russell 2000 Growth Index, which returned 1.22% [1] - The rally in "low quality" stocks continued but at a slower pace compared to previous quarters [1] Company Focus: Clearwater Analytics Holdings, Inc. (NYSE:CWAN) - Clearwater Analytics Holdings, Inc. provides technology solutions for accounting and reporting, significantly contributing to Conestoga's strategy performance in Q4 2025 [2] - As of February 17, 2026, Clearwater's stock closed at $22.93 per share, with a -5.75% return in the past month and a 15.20% decline over the past twelve months [2] - Clearwater Analytics has a market capitalization of $6.825 billion [2] - The company’s shares outperformed in Q4 2025 following an acquisition announcement, which led to a re-rating towards the transaction value, emphasizing its recurring revenue model and strong client retention [3] Hedge Fund Interest - Clearwater Analytics is not among the 30 most popular stocks among hedge funds, with 33 hedge fund portfolios holding the stock at the end of Q3 2025, down from 51 in the previous quarter [5] - While Clearwater is recognized for its potential, analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [5]

Group 1 - A consortium of private credit firms, led by Goldman Sachs Alternative Investment Fund, will provide $3.5 billion to support the acquisition of Clearwater Analytics (CWAN.US) [1] - The debt issuance will carry a premium of 4.5 percentage points over the U.S. benchmark interest rate [1] - The acquisition, led by private equity firms Permira Holdings and Warburg Pincus, values Clearwater at approximately $8.4 billion and is expected to close by mid-2026 [1] Group 2 - Clearwater provides a cloud software platform for institutional investors in both public and private markets [2] - Recent market focus on the potential of artificial intelligence replacing software services has led to a decline in debt prices for some companies, casting a shadow over private equity investments in software [2] - The financing for the acquisitions of OneStream and Clearwater indicates that private credit institutions remain open to the software sector despite scrutiny over their exposure to risks [2]

Core Insights - Baron Discovery Fund's fourth-quarter 2025 investor letter highlights its focus on long-term, well-managed companies with potential in untapped markets, while addressing advancements in AI and their implications for human identity in a changing landscape [1] Fund Performance - In Q4 2025, the fund generated a return of 0.19% (Institutional Shares), underperforming the Russell 2000 Growth Index by 1.03 percentage points [1] - For the entire year, the fund posted a return of 10.96%, while the Index returned 13.01% [1] - The top 10 holdings comprised 26.7% of the fund's net assets, with cash making up 3.3% [1] Clearwater Analytics Holdings, Inc. - Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is a significant contributor to the fund's performance, providing technology solutions for accounting and reporting [2][3] - As of February 2, 2026, Clearwater's stock closed at $24.08 per share, with a market capitalization of $7.167 billion [2] - The company reported solid Q3 2025 earnings and raised its 2025 guidance, with a consortium of private equity investors intending to acquire the company, leading to a positive market reaction [3] - Clearwater is expected to maintain adjusted EBITDA margins of over 40% due to its efficient business model [3] Hedge Fund Interest - Clearwater Analytics Holdings, Inc. was held by 33 hedge fund portfolios at the end of Q3, down from 51 in the previous quarter [4] - While the potential of Clearwater as an investment is acknowledged, certain AI stocks are believed to offer greater upside potential and less downside risk [4]

Core Viewpoint - Clearwater Analytics has been selected by Generali Deutschland AG to provide its investment management platform for a €40 billion unit-linked fund life insurance business, indicating a strategic move to unify processes and support growth in a rapidly expanding sector in Europe [1] Company Summary - Clearwater Analytics is recognized as the most comprehensive technology platform for investment management, highlighting its competitive position in the market [1] - Generali Deutschland AG is leveraging Clearwater's platform to enhance operational efficiency across four subsidiaries, which suggests a focus on streamlining processes and improving service delivery [1] Industry Summary - The unit-linked fund life insurance sector in Europe is identified as one of the fastest-expanding sectors, indicating significant growth potential and investment opportunities within this market [1] - The collaboration between Clearwater Analytics and Generali Deutschland AG reflects a trend towards technological integration in investment management, which may influence competitive dynamics in the industry [1]

Group 1: Intel and Semiconductor Sector Performance - Intel shares increased by 11% ahead of its fourth-quarter financial results release [3] - Other semiconductor stocks also saw gains, with Micron Technology up 6.6%, AMD up 7.7%, and Nvidia gaining nearly 3% [3] - J.P. Morgan noted that many semiconductor firms have "considerable upside" in the AI accelerator total addressable market [4] Group 2: Earnings Expectations - Wall Street anticipates Intel to report earnings per share (EPS) of $0.08 on revenue of $13.39 billion, indicating a 6% decline during the quarter [4]

Merger Investigations - Penumbra, Inc. is set to be acquired by Boston Scientific Corporation in a cash and stock transaction valuing Penumbra at $374 per share, with an enterprise value of approximately $14.5 billion. The investigation focuses on whether the Penumbra Board breached its fiduciary duties by failing to conduct a fair process and whether the deal provides fair value to shareholders [2] - Calavo Growers, Inc. will be acquired by Mission Produce, Inc., with Calavo stockholders receiving $27.00 per share, consisting of $14.85 in cash and 0.9790 shares of Mission for each share of Calavo. The total enterprise value of the transaction is approximately $430 million. The investigation examines if the Calavo Board breached its fiduciary duties regarding the fairness of the deal [4] - Clearwater Analytics Holdings, Inc. is being acquired by a Permira and Warburg Pincus-led Investor Group for $24.55 per share in cash, amounting to approximately $8.4 billion. The investigation looks into whether the Clearwater Analytics Board failed to conduct a fair process and if the deal consideration is fair for shareholders [6]