On November 5, 2025, Jackson Square Partners, LLC announced a purchase of 88,516 shares of AAON (AAON 2.05%)which increased its position by approximately $9.16 million for the quarter ended September 30, 2025.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated November 5, 2025, Jackson Square Partners, LLC reported purchasing 88,516 additional shares of AAON during the quarter. The fund's total holdings in the company were 133,734 shares valued at $12.50 million. This increased AAON's weighting in the portfolio to 5.05% of reportable assets.
What else you should know
The fund increased its exposure to AAON, which now represents 5.1% of 13F reportable assets under management
Top holdings after filing:
NASDAQ: NVDA: $19.22 million (7.8% of AUM) as of 9/30/2025
NASDAQ:MSFT: $18.05 million (7.3% of AUM) as of 09/30/2025
NASDAQ:GOOGL: $14.25 million (5.8% of AUM) as of 9/30/2025
NASDAQ:AAON: $12.50 million (5.1% of AUM) as of 09/30/2025
NASDAQ:CYBR: $12.10 million (4.9% of AUM) as of 9/30/2025
As of November 4, 2025, the stock price was $89.93, down 19.7% from last year and underperforming the S&P 500 by 38.62 percentage points
Company overview
| Metric | Value |
|---|---|
| Sales (TTM) | $1.26 billion |
| Net Income (TTM) | $122.09 million |
| Dividend yield | 0.41% |
| Price (as of market closing November 4th, 2025) | $89.93 |
Corporate snapshot
AAON, Inc. manufactures and sells a diversified portfolio of commercial and industrial air conditioning and heating equipment, including rooftop units, chillers, ventilation equipment and data center cooling systems.
Major customers include commercial customers in the retail, manufacturing, education, lodging, supermarket, data center, medical and pharmaceutical sectors in the United States and Canada.
The company operates through an integrated manufacturing and distribution model and generates revenue through the development, production and direct sales of HVAC solutions. It uses a network of independent representatives and an internal sales team.
Stupid attitude
If an investment firm dumps about $5 million in Nvidia stock and instead buys about $7.25 million in a commercial HVAC manufacturer, it's worth asking what's going on.
Jackson Square Partners has a very actively managed portfolio. In fact, of the 58 stock positions listed in the most recent 13F filing, not a single one remained unchanged during the quarter. The management team made far more sales (49) than purchases (7). This suggests that they, like many other analysts, believe the market is currently too exuberant.
The fund's managers appeared particularly bearish on semiconductor stocks this quarter. Not only did they reduce their Nvidia position by 29,330 shares, they also reduced their stake in the chipmaker AMDData center infrastructure company Vertiveand specialist in semiconductor manufacturing ASML.
So why would a company that is bearish on semiconductors and data centers increase its position in AAON, which has recently posted strong results on demand for data center cooling systems?
Well, unlike AMD, Vertiv, and ASML, which all posted big year-to-date gains in 2025, AAON's shares are down 13.3% this year, and they fell even further in the third quarter, when the Jackson Square purchases took place.
This appears to be the case of an investment firm that is concerned about an overvalued stock market and is therefore moving money out of highly valued stocks (and potentially taking profits in the process) and investing in stocks with more reasonable valuations.
glossary
Form 13F: A quarterly report by institutional investment managers disclosing their stock holdings.
Assets under management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Reportable assets: Assets that must be disclosed in regulatory filings, such as those listed on Form 13F.
Position: The amount of a particular security or investment held by an investor or fund.
Exposure: The degree to which a portfolio is affected by changes in the value of a particular asset or sector.
Weight (portfolio weight): The percentage of a portfolio's total value allocated to a particular investment.
Dividend yield: Annual dividend paid by a company as a percentage of its stock price.
HVAC: heating, ventilation and air conditioning; Systems that regulate the indoor climate and air quality.
Integrated manufacturing: A business model in which production processes are consolidated into a single company for efficiency and control.
Independent representatives: Third-party agents or companies authorized to sell a company's products but not employed by the company.
TTM: The 12-month period ending with the most recent quarterly report.