Argent Capital Management
Argent Mid Cap Strategy
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 14 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Argent Capital Management for every strategy.
What it bought and sold
- New positionHinge Health, Inc.Sep 2026
We initiated positions in Illumina, Hinge Health and Viatris, adding exposure to an area that offered lower beta characteristics and more attractive valuations than many of our AI infrastructure holdings.
We sold NRG Energy, an integrated power company spanning retail electricity, wholesale generation and smart home services, after reassessing its risk and reward following a period of strong appreciation and rising execution uncertainty.
Within AI infrastructure, we trimmed Hewlett Packard Enterprise, Comfort Systems and Vertiv.
We sold NRG Energy, an integrated power company spanning retail electricity, wholesale generation and smart home services, after reassessing its risk and reward following a period of strong appreciation and rising execution uncertainty.
We initiated positions in Illumina, Hinge Health and Viatris, adding exposure to an area that offered lower beta characteristics and more attractive valuations than many of our AI infrastructure holdings.
We added to our position in Chord Energy, a leading oil and natural gas producer focused on the Williston Basin and Bakken formation, where it controls more than 1.3 million net acres and a large inventory of economically attractive drilling locations.
Monolithic Power Systems, a provider of high performance power management semiconductors, has been a major beneficiary of AI infrastructure spending, with Enterprise Data revenue growing more than 160 percent year over year in the most recent quarter.
We also trimmed Fortinet, a leading provider of network security, firewalls and secure networking, on size grounds alone.
Within AI infrastructure, we trimmed Hewlett Packard Enterprise, Comfort Systems and Vertiv.
Within AI infrastructure, we trimmed Hewlett Packard Enterprise, Comfort Systems and Vertiv.
Illumina, which we also initiated during the quarter, contributed significantly as well.
We initiated the position on an improving combination of identity security demand and operating execution, and the thesis was validated quickly when the company reported better than expected second quarter fiscal 2027 results and raised its full year outlook.
Also held
Its investment theses
- Hewlett Packard Enterprise Co.Sep 2026Hewlett Packard Enterprise benefits from AI infrastructure demand, strong execution, and expanding opportunities in enterprise inference, networking, and data center modernization.
- Okta, Inc. Class ASep 2026Okta is benefiting from improving identity security demand, AI-agent-driven opportunities, and a broader platform with improving profitability.
- Twilio, Inc. Class ASep 2026Twilio is showing an improving growth and profitability trajectory, supported by stronger customer engagement and AI-enabled communications.
- Victory Capital Holdings, Inc. Class ASep 2026Victory Capital is supported by strong earnings, improving flows, and an accretive acquisition that should expand growth potential.
- Illumina, Inc.Sep 2026Illumina is stabilizing and benefiting from clinical sequencing growth, recurring consumables, and a refocused strategy with improving profitability.
- Comfort Systems USA, Inc.Sep 2026Comfort Systems benefits from data center and mission-critical infrastructure spending, but the stock moved on valuation compression despite strong execution.
- Vertiv Holdings Co. Class ASep 2026Vertiv remains tied to AI data center infrastructure, with long-term demand intact, but the stock corrected as expectations and valuation reset.
- Onto Innovation Inc.Sep 2026Onto Innovation benefits from exposure to advanced packaging and semiconductor investment, but valuation compression outweighed strong execution.
- UL Solutions Inc. Class ASep 2026UL Solutions has solid fundamentals, but the stock fell as investors withdrew a premium valuation after guidance disappointed.
- Monolithic Power Systems, Inc.Sep 2026Monolithic Power Systems benefits from AI infrastructure demand, but the position was sold because of premium valuation and rising competitive and execution risks.