On February 17, 2026, Fort Baker Capital Management disclosed a new position in Clearwater Analytics (NYSE:CWAN), acquiring 1,529,288 shares worth $36.89 million in the fourth quarter.
According to a filing with the Securities and Exchange Commission dated February 17, 2026, Fort Baker Capital Management reported acquiring 1,529,288 shares of Clearwater Analytics (NYSE:CWAN). The estimated value of this new position was $36.89 million at quarter’s end.
Top holdings after the filing:
NASDAQ:FYBR: $40.59 million (5.7% of AUM)
NASDAQ:CYBR: $38.63 million (5.4% of AUM)
NYSE:FTW: $37.45 million (5.3% of AUM)
NYSE:CWAN: $36.89 million (5.2% of AUM)
NASDAQ:EXAS: $36.26 million (5.1% of AUM)
As of Friday, Clearwater shares were priced at $23.44, down about 12% over the past year and well underperforming the S&P 500, which is instead up about 15% in the same period.
Metric | Value |
|---|---|
Price (as of Friday) | $23.44 |
Market Capitalization | $7 billion |
Revenue (TTM) | $731.4 million |
Net Income (TTM) | ($38.8 million) |
Clearwater Analytics provides SaaS solutions for automated investment data aggregation, reconciliation, accounting, and reporting, with additional offerings in performance measurement, compliance monitoring, and risk analytics.
The company generates revenue through subscription-based fees for its cloud-native platform, which delivers continuous investment accounting and analytics services to institutional clients.
Primary customers include insurers, investment managers, corporations, institutional investors, and government entities seeking scalable and automated investment data solutions.
Clearwater Analytics Holdings operates at scale with a technology-driven platform designed to streamline investment data management and reporting for institutional clients. Its strategy focuses on delivering comprehensive, cloud-based solutions that integrate with both proprietary and third-party systems, enabling clients to achieve operational efficiency and regulatory compliance. The company’s competitive edge lies in its ability to offer real-time, automated investment accounting and analytics, positioning it as a key partner for organizations managing complex investment portfolios.
Catching a software name after a dip makes sense if the fundamentals are on the upswing, and Clearwater seems to be a fitting candidate on that front. The company is back to high-growth form, with quarterly revenue hitting about $217 million and annual recurring revenue at $841 million, up 72% and 77% year over year, respectively. Profitability is improving, too, with adjusted EBITDA rising and margins remaining around 30%. In the wider tech landscape, Clearwater fits well with other infrastructure plays like cybersecurity and fiber, but it stands out with its focus on data and subscriptions.
However, the firm’s growth comes with challenges. Clearwater is integrating acquisitions, adding AI features, and dealing with substantial debt linked to its expansion plans. Plus, the pending take-private deal at $24.55 per share puts a cap on expectations that the market is already reflecting. That might be the most important here. It’s unclear whether Fort Baker added this position before or after the acquisition, which was announced in late December, but it held onto the position post-announcement, showing conviction either way.
