Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.78% | -6.1% | -6.1% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.78% | -6.1% | -6.1% |
Columbia Global Technology Growth Fund returned -6.05% in Q1 2026, outperforming its benchmark which declined -6.57%. The quarter saw a dramatic reversal in market dynamics as energy surged while growth and technology stocks, particularly software and AI infrastructure companies, came under pressure. An oil shock driven by US-Iran military conflict and evolving AI agentic frameworks that threaten traditional software pricing models shaped investor sentiment. Semiconductor capital equipment companies were standout performers, benefiting from record AI infrastructure capex commitments. TSM announced $50+ billion capex for 2026, up 25% year-over-year. Western Digital and Lumentum emerged as clear AI infrastructure winners, with shares advancing 50% and 100% respectively. However, traditional SaaS companies like ServiceNow and Intuit faced significant repricing as AI-native solutions threatened per-seat subscription models. Microsoft and Oracle guided to massive data center capex increases but faced investor skepticism about returns. The manager maintains conviction in early-stage secular AI trends while monitoring geopolitical risks and business model disruption.
Technology remains supported by long-term secular growth trends led by AI infrastructure buildout, despite cyclical sensitivity and heightened geopolitical complexity.
The manager believes they are in the early innings of powerful secular growth trends led by AI that will take years or decades to play out. They continue to monitor geopolitical risks and will allocate capital to higher-conviction ideas while being mindful of AI's impact on business models. The tone is cautiously optimistic about long-term technology trends despite near-term cyclical sensitivity.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 22 2026 | 2026 Q1 | AMAT, ASML, INTU, LITE, LRCX, MSFT, MU, NOW, NVDA, ORCL, TSM, WDC | AI, global, semiconductors, software, technology | - | Technology fund outperformed despite -6% decline as AI infrastructure buildout drove semiconductor equipment strength while traditional software models faced disruption. Oil shock and geopolitical tensions pressured growth stocks. Semiconductor capex hit records with TSM announcing $50B+ budget. Storage and optical components surged on AI demand while SaaS companies repriced on AI-native competition threats. |
| Jan 21 2026 | 2025 Q4 | AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM | AI, Cloud, global, growth, semiconductors, technology |
GOOGL TSM MU NOW |
Columbia Global Technology Growth Fund underperformed in Q4 2025 despite strong AI-driven semiconductor performance from Taiwan Semiconductor, Micron, and Lam Research. Alphabet reclaimed AI leadership with Gemini 3, while Oracle and Netflix faced headwinds. The manager maintains conviction in early-stage AI secular trends, emphasizing patient capital allocation to higher-conviction technology opportunities over the long term. |
| Oct 28 2025 | 2025 Q3 | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, innovation, semiconductors, technology |
ALAB US NVDA US AVGO US ALAB US NVDA US AVGO US ALAB HOOD NVDA AVGO TTD ACN CRM NOW |
Fund delivered solid 12.06% quarterly returns driven by AI infrastructure winners NVIDIA and Broadcom, though software holdings lagged on cautious guidance. Manager sees early innings of transformative AI secular trends taking years to unfold, but acknowledges significant tariff and trade war risks that could impact GDP growth and semiconductor sector performance. |
| Jul 22 2025 | 2025 Q2 | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, semiconductors, technology, Trade Policy |
NVDA AVGO MSFT ORCL HOOD FI GPN TMUS AAPL ALAB HOOD NVDA AVGO TTD ACN CRM NOW |
Columbia Global Technology Growth Fund gained 12.06% in Q3 2025, driven by AI infrastructure leaders NVIDIA, Broadcom, and Astera Labs. The manager sees early innings of powerful secular AI trends but warns of trade war risks threatening technology sectors. Software holdings underperformed while semiconductor connectivity plays excelled amid hyperscaler AI adoption acceleration. |
| Mar 31 2025 | 2025 Q1 | AAPL, AMZN, AVGO, BABA, GOOGL, LRCX, MA, META, MRVL, MSFT, NOW, NVDA, TMUS, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, tariffs, technology, Trade Policy | - | Columbia Global Technology Growth Fund declined 12.26% in Q1 2025 as technology stocks faced headwinds from AI sustainability concerns, trade policy shifts, and tariff risks. Despite near-term challenges including DeepSeek disruption and regulatory uncertainties, the manager remains convinced they are in early innings of powerful secular AI growth trends that will unfold over years to decades. |
| Mar 1 2025 | 2024 Q4 | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | - | Columbia Global Technology Growth Fund outperformed in Q4 2024 on strong AI momentum and security selection. Broadcom and NVIDIA led gains while semiconductor equipment faced China tensions. The fund maintains its thesis of investing in innovative technology companies globally, planning higher-conviction capital allocation amid ongoing AI advances and geopolitical monitoring. |
| Sep 30 2024 | 2024 Q3 | AAPL, AMAT, AMZN, ASML, AVGO, CRWD, GOOGL, INTC, LRCX, MA, META, MSFT, NVDA, ORCL, SNPS, TSM | AI, Cloud, global, growth, semiconductors, technology |
AAPL AVGO ORCL |
Technology fund underperformed in Q3 as markets rotated from growth to value amid Fed rate cuts. AI remains central theme with Oracle emerging as infrastructure winner while semiconductor equipment faced China export concerns. CrowdStrike suffered from global outage impact. Manager maintains constructive outlook, planning higher conviction capital allocation while monitoring geopolitical risks and AI advancement opportunities. |
| Jun 30 2024 | 2024 Q2 | AAPL, ACN, AMD, AMZN, ASML, AVGO, CRM, GOOGL, INTC, LRCX, MA, MSFT, NVDA, SNPS, TSM | AI, global, growth, large cap, semiconductors, technology |
NVDA AVGO AAPL AMD CRM INTC |
Columbia Global Technology Growth Fund leverages AI transformation across global technology, with concentrated exposure to infrastructure leaders like NVIDIA. Despite Q2 underperformance versus benchmark, the fund benefits from secular AI adoption trends. Semiconductors outperformed software as AI infrastructure build-out continues. Manager sees ongoing opportunities while monitoring geopolitical and regulatory risks affecting the sector. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI infrastructure super cycle drove record capital expenditure commitments from foundries and memory manufacturers. Advances in AI agentic frameworks raised questions about enterprise software pricing models. AI-driven data creation accelerated exponentially, benefiting storage solutions. |
Infrastructure Agentic Enterprise Data Storage |
SemiconductorsSemiconductor capital equipment companies delivered strong performance driven by AI infrastructure buildout. TSM announced capex budget exceeding $50 billion for 2026, up 25% from prior year. Insatiable demand for etching and deposition tools used in AI server production. |
Equipment Foundries Capex Etching Deposition | |
Data CentersHyperscalers raced to address critical optical interconnect bottlenecks limiting AI cluster scaling. Microsoft guided to $37.5 billion quarterly capex, a 66% increase to fund AI data-center buildout. Oracle announced plans to raise $50 billion for data-center expansion. |
Hyperscalers Optical Interconnect Buildout Capex | |
CloudMicrosoft's Azure cloud-computing business showed modest deceleration for the first time in years. Western Digital positioned as focused enterprise storage business with cloud revenue approximately 90% of total sales following SanDisk spin-off. |
Azure Deceleration Enterprise Storage Revenue | |
Enterprise SoftwareTraditional SaaS business models faced structural headwinds as enterprises adopted AI-native solutions. Per-seat subscription models came under pressure from general-purpose AI tools that could automate core workflows. ServiceNow and Intuit became high-profile casualties of this repricing. |
SaaS Per-seat Subscription Automation Workflows | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of underperformance attributed to positions where AI impact concerns drove stock declines. Portfolio companies deemed AI-losers declined 15% despite 10% revenue growth and 15% EPS growth, representing valuation compression rather than fundamental deterioration. |
Artificial Intelligence Disruption Valuation Technology Software |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their focus on leading businesses in sectors has been foundation of strategy since inception, though this approach was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. |
High Quality Competitive Advantages Barriers to Entry Sustainable Growth Market Leaders | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks that populate the portfolio, with significant divergence between consistent earnings growth and recent performance creating compelling valuations. |
Small Cap Medium Cap Growth Valuation Performance | |
| 2025 Q3 |
AIAI remained the most significant driver of technology market performance during the quarter. The fund benefited from AI infrastructure investments, with companies like NVIDIA reporting extraordinary demand for data-center products and Broadcom seeing AI semiconductor chips become a majority of revenue. The transformative potential of AI continues to drive investor enthusiasm across all sectors of the economy. |
Infrastructure Data Centers Semiconductors Computing Enterprise |
SemiconductorsSemiconductor companies delivered strong performance driven by AI demand. NVIDIA doubled quarterly revenue year-over-year from data-center products, while Broadcom reported 11 consecutive quarters of AI revenue growth with over $100 billion in backlog. Astera Labs became a mission-critical enabler for hyperscalers transitioning to AI computing, addressing connectivity bottlenecks in next-generation data centers. |
AI Chips Data Centers Infrastructure Connectivity Memory | |
CloudCloud computing continues as a secular growth trend with improved business models featuring less capital-intensive and more cash-generative structures. The fund maintains exposure to cloud leaders while monitoring the trajectory of AI-related capital expenditure buildout. Cloud platforms are enabling the shift to more efficient technology business models compared to prior investing periods. |
SaaS Infrastructure Computing Enterprise Scalability | |
| 2025 Q2 |
AIAI remained the most significant driver of technology market performance during the quarter. Investors remained hyper-focused on AI infrastructure spending and return on investment across all sectors. Companies like NVIDIA reported extraordinary demand for data-center products driven by generative AI adoption across hyperscalers, enterprise and sovereign customers. |
Infrastructure Data Centers Generative AI ROI Hyperscalers |
SemiconductorsSemiconductor companies delivered strong performance with NVIDIA and Broadcom leading gains. AI semiconductor chips now represent a majority of Broadcom's semiconductor revenue, with the company on pace for 11 consecutive quarters of AI revenue growth. Astera Labs positioned itself as a mission-critical enabler for hyperscalers transitioning to AI computing. |
AI Chips Data Center Connectivity Infrastructure Hyperscalers | |
CloudCloud computing continues to enable technology companies to adopt less capital-intensive and more cash-generative business models compared to prior periods. The shift to cloud form factors has improved technology business models overall, providing more resilient revenue streams. |
SaaS Business Models Capital Efficiency Cash Generation | |
Trade PolicyTrade war escalation and tariff imposition represents one of the most acute risks to the global economy and technology sector. Economically sensitive sectors like semiconductors and ecommerce face greater operating challenges from tariffs. A financial institution estimated tariffs could reduce U.S. GDP growth by 1.2 percentage points. |
Tariffs Economic Impact Semiconductors Global Trade | |
| 2025 Q1 |
AIAdvances in AI remained the key market theme since ChatGPT's launch in November 2022, but the market took a more critical view in Q1 2025. A Chinese AI startup DeepSeek sent shockwaves through global financial markets after releasing a powerful AI model claimed to be developed at a fraction of the cost of American alternatives. Investors remained hyper-focused on benchmarking return on investment from the massive outlays of capital investment expected across the technology industry to enable more productivity from generative AI. |
Generative AI DeepSeek ChatGPT AI Models Capital Investment |
SemiconductorsSemiconductor companies faced significant challenges during the quarter, with economically sensitive sectors like semiconductors likely to face greater operating challenges from tariffs. NVIDIA reported quarterly results that showed growth but still subdued compared to sky-high investor expectations, with profit margins weak as the company ramped up its new Blackwell chip architecture. The threat of new Chinese competitors upended the U.S. AI technology complex as fears rose that lower-cost alternatives could disrupt the market and reduce the need for AI semiconductors. |
NVIDIA Blackwell AI Semiconductors Chinese Competition Tariffs | |
Trade PolicyThe potential for an escalating trade war and economic challenges brought about by changes in U.S. policy and the imposition of tariffs looms large as a risk to the global economy and the technology sector. A third-party financial institution estimated that the imposition of tariffs and knock-on effects could detract an estimated 1.2 percentage points from U.S. GDP growth over the next year. Economically sensitive sectors such as semiconductors and ecommerce are likely to face greater operating challenges from tariffs. |
Tariffs Trade War GDP Impact U.S. Policy Economic Challenges | |
CloudMicrosoft's cloud business reported slightly mixed expectations during the quarter, which was attributed to supply-chain constraints. Market speculation that Microsoft was cutting back on building out data center capacity raised concerns about the future of AI spending and heightened broader market skepticism about the sustainability of the recent AI boom. Many of today's technology companies have adopted new form factors such as cloud computing that have enabled a shift to less capital-intensive and more cash-generative business models. |
Microsoft Data Centers Supply Chain Cloud Computing Business Models | |
| 2024 Q4 |
AIAI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. |
Agentic AI Productivity Enterprise Deployment Workflows |
SemiconductorsSemiconductor capital equipment industry faced challenges from increased geopolitical tensions between the United States and China. Companies like Lam Research, Applied Materials and ASML underperformed due to market concerns about export restrictions and policy shifts affecting China business. |
Capital Equipment Geopolitical Export Restrictions China Policy | |
CloudTechnology companies have adopted cloud computing form factors enabling shifts to less capital-intensive and increased cash-generative business models. This represents an improvement over prior periods of technology investing with better business model characteristics. |
Business Models Capital Efficiency Cash Generation Form Factors | |
| 2024 Q3 |
AIAI remains the key market driver with investors taking a more nuanced approach, focusing on return on investment from elevated generative AI spending. Groundbreaking advances in AI have reignited interest across technology and strengthened secular growth trends. The fund continues to monitor new opportunities from continued advances in AI. |
Artificial Intelligence Generative AI AI Revolution AI Workloads AI Strategy |
SemiconductorsSemiconductor capital equipment companies underperformed due to market concerns about potential export bans to China. The semiconductor complex was weighed down initially by Nvidia's earnings that failed to meet stratospheric expectations, though it quickly recovered. Geopolitical tensions around semiconductor technology access remain a key concern. |
Semiconductor Equipment Export Restrictions China Trade Foundries Memory | |
CloudOracle emerged as a key AI infrastructure provider with partnerships across all three major cloud providers. The company's compelling infrastructure offering positions it as a durable picks-and-shovels provider to AI workloads. Cloud computing represents an improved business model with less capital-intensive operations. |
Cloud Infrastructure Enterprise Technology AI Infrastructure Cloud Providers SaaS | |
CybersecurityCrowdStrike faced significant challenges after distributing a faulty update that caused widespread Microsoft Windows crashes globally, disrupting critical services. The investment narrative shifted to wait-and-see mode as deal cycles are expected to lengthen with customers requiring greater security assurance. |
Security Software Cyber Threats Digital Security Enterprise Security IT Security | |
| 2024 Q2 |
AIAI remains the key market driver since OpenAI introduced ChatGPT in late 2022. Ground-breaking advances in AI reignited interest across technology and strengthened secular growth trends. The AI theme broadened out as investors pondered ramifications of the steadily evolving AI economy, with companies looking to become more productive from this transformative technology. |
Machine Learning ChatGPT OpenAI Productivity Transformation |
SemiconductorsSemiconductors and technology hardware outperformed software and IT services companies, playing a more decisive role in enabling AI. NVIDIA announced its latest iteration of market-leading semiconductors had started shipping, alleviating concerns of a potential air pocket ahead of the new product cycle. |
Chips Hardware Manufacturing Product Cycle Equipment | |
CloudMany of today's technology companies have adopted new form factors such as cloud computing, which has enabled a shift to less capital-intensive and increased cash-generative business models. Better cloud demand supports growth outlook for companies like AMD. |
Computing Infrastructure SaaS Demand Business Models |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Rahul Narang | GOOGL | Alphabet Inc. | Information Technology | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, monetization, Search | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductor Foundries | Bull | New York Stock Exchange | AI, CapEx, Foundry, semiconductors, Technologyleadership | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | MU | Micron Technology, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, Margins, Memory, Supplydiscipline | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | NOW | ServiceNow, Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | Acquisitions, AI, Software, valuation, Workflow | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NOW | ServiceNow Inc | Information Technology | Software | Bear | NYSE | AI, Automation, enterprise, Renewals, Workflow | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO US | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB US | Astera Labs, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, Connectivity, CXL, data centers, hyperscalers, PCIe | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA US | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI compute, backlog, CUDA, data center, hyperscalers, Networking | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO US | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | accelerators, backlog, custom silicon, Free Cash Flow, Networking | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB | Astera Labs Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, Connectivity, growth, hyperscalers, semiconductors | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB US | Astera Labs, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | HOOD | Robinhood Markets Inc | Financials | Capital Markets | Bull | NASDAQ | Brokerage, Crypto, Fintech, Trading, Volatility | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Acceleration, AI, data centers, GPUs, hyperscalers | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO | Broadcom Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, custom silicon, Networking, semiconductors | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA US | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | TTD | The Trade Desk Inc | Communication Services | Advertising Technology | Bear | NASDAQ | advertising, Competition, CTV, guidance, Programmatic | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ACN | Accenture plc | Information Technology | IT Services | Bear | NYSE | AI, Bookings, Consulting, Digital transformation, services | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | CRM | Salesforce Inc | Information Technology | Software | Bear | NASDAQ | AI, cloud, CRM, Enterprise software, guidance | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | TTD | The Trade Desk | Communication Services | Interactive Media & Services | Neutral | NASDAQ | Ad Tech, AI platform, Competition Concerns, Connected tv, digital advertising, programmatic advertising | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | NOW | ServiceNow, Inc. | Information Technology | Software | Neutral | NYSE | AI Orchestration, Cloud computing, Enterprise software, platform strategy, Renewal Concerns, workflow automation | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | ALAB | Astera Labs | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Connectivity, data centers, growth, hyperscalers, semiconductors, technology | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, AI Revenue Growth, backlog, custom silicon, Networking Hardware, Semiconductor Infrastructure | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | HOOD | Robinhood Markets | Financials | Capital Markets | Bull | NASDAQ | Cryptocurrencies, Digital Finance, Fintech, international expansion, Online Brokerage, S&P 500, Trading Platform | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | ACN | Accenture plc | Information Technology | IT Services | Neutral | NYSE | AI services, Bookings Concerns, Digital transformation, It consulting, margin expansion, professional services | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI Computing, CUDA Platform, data centers, enterprise, hyperscalers, semiconductors, Software Ecosystems | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | CRM | Salesforce, Inc. | Information Technology | Software | Neutral | NYSE | AI platform, Cloud computing, conservative guidance, CRM Software, Enterprise software, Healthcare Technology | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | AI, cloud, Databases, growth, Margins | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | HOOD | Robinhood Markets, Inc. | Financials | Capital Markets | Bull | NASDAQ | ARPU, Crypto, Fintech, growth, Trading | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | FI | Fiserv, Inc. | Information Technology | Transaction & Payment Processing Services | Bear | NYSE | Execution, growth, Merchant, Payments, valuation | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | GPN | Global Payments Inc. | Industrials | Transaction & Payment Processing Services | Bear | NYSE | Competition, Execution, growth, Margins, Payments | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | TMUS | T-Mobile US, Inc. | Communication Services | Wireless Telecommunication Services | Bear | NASDAQ | Churn, Competition, Margins, Promotions, Telecom | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | Competition, growth, Hardware, innovation, services | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, Demand, efficiency, GPUs | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, ASICs, growth, hyperscalers, semiconductors | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, growth, productivity, Software | Login |
| Sep 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Artificial Intelligence, consumer electronics, Fast Follower Strategy, Hardware Refresh Cycle, Product Ecosystem, Smartphones, technology integration | Login |
| Sep 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI revolution, Artificial Intelligence, capital allocation, custom chips, market dominance, Networking Infrastructure, semiconductors | Login |
| Sep 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | ORCL | Oracle Corporation | Information Technology | Software | Bull | NYSE | AI workloads, Artificial Intelligence, cloud infrastructure, Cloud Partnerships, Complete Technology Stack, Enterprise software, Picks and shovels | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | INTC | Intel Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Neutral | NASDAQ | AI products, Cyclical Recovery, margin compression, PC Demand, semiconductors, Strategic Transformation | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI revenue, Cloud Demand, Enterprise Recovery, market share gains, product launch, semiconductors | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI integration, consumer electronics, Ecosystem, Hardware refresh, OpenAI partnership, Product cycle | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | CRM | Salesforce, Inc. | Information Technology | Software | Neutral | NYSE | AI integration, cloud, CRM, Digital Assets, enterprise spending, Sales cycles, Software | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, infrastructure, Long-term holding, Revenue Growth, Secular Trend, semiconductors | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Gpu, Hardware, market leadership, Product cycle, semiconductors, Software Ecosystem | Login |
| TICKER | COMMENTARY |
|---|---|
| NVDA | NVIDIA's announcement of a $2 billion strategic investment and multi-billion-dollar purchase commitments for Lumentum's advanced laser components validated the company's mission-critical role in the AI infrastructure stack. The largest AI infrastructure names, including Microsoft and NVIDIA, contributed disproportionately to index losses. |
| LRCX | Lam Research was the standout performer among the equipment makers, driven by insatiable demand for the company's etching and deposition tools used in production for AI servers. |
| TSM | TSM anchored the group and announced a capex budget exceeding $50 billion for 2026, an increase of over 25% from prior-year levels. |
| ASML | ASML reported strong results driven by its monopoly position in extreme ultraviolet lithography, and its shares increased over 20%. |
| AMAT | Applied Materials rallied after reporting strong results powered by DRAM (dynamic random-access memory) chip revenue and expanding demand for transistor processing tools, before giving back gains in March alongside the broader market. |
| WDC | Western Digital delivered exceptional returns during the first quarter of 2026, with its shares advancing about 50% as the pure-play HDD (hard disk drive) company cemented its position as a primary beneficiary of the AI data-storage buildout. Following the completion of its spin-off of SanDisk in late 2025, Western Digital entered the quarter as a focused enterprise storage business with cloud revenue approximately 90% of total sales. Management emphasized that hyperscaler customers had entered into multi-year purchase commitments for Western Digital products that provide storage solutions, as AI-driven data creation continued to accelerate exponentially. |
| LITE | Lumentum Holdings surged during the first quarter and the company was added to the S&P 500 Index, as the optical and photonic components maker emerged as one of the market's clearest AI-infrastructure winners. The quarter's most significant development was Lumentum's receipt of a several-hundred-million-dollar order for co-packaged optics deliverable in the first half of 2027, alongside a rapidly expanding optical circuit switch backlog, as hyperscalers raced to address the critical optical interconnect bottleneck limiting AI cluster scaling. Lumentum shares climbed over 100% during the quarter. |
| MU | Micron Technology reported stellar results, as its revenue nearly tripled year over year and came in about $20 billion ahead of consensus expectations. Reported earnings were also well above Street estimates. Micron's results were powered by explosive demand for high-bandwidth memory (HBM), and the company confirmed that its entire calendar-year 2026 HBM supply was fully contracted under fixed-price agreements. The company announced a 30% dividend increase and guided for fiscal third quarter revenue that would exceed entire full-year revenue for prior years. Despite the exceptional results, shares pulled back sharply in the final weeks of March with the broader geopolitical selloff and rising Treasury yields. Nonetheless, Micron shares rose over 18% during the quarter. |
| MSFT | Microsoft shares declined about 25% during the quarter, marking the company's steepest quarterly loss since the fourth quarter of 2008 and making it the worst performer among the Magnificent Seven stocks. Microsoft reported strong quarterly results but guided to quarterly capital expenditures of $37.5 billion, a 66% increase to fund its AI data-center buildout. Microsoft's cloud-computing business Azure showed modest deceleration for the first time in years. In response to competitive pressures, Microsoft reshuffled its AI leadership team to better innovate on Copilot adoption, which has lagged expectations despite reaching 450 million users, the vast majority on the free tier. |
| INTU | Intuit shares declined about 30% during the quarter. The financial software leader became one of the highest-profile casualties of the end of the Software as a Service (SaaS) business model and faced a repricing of traditional software business models as a result of accelerating AI capability. The sell-off was triggered by intensifying fears that general-purpose AI tools could automate core tax-preparation and small-business accounting workflows and undermine the per-seat subscription models that have underpinned Intuit's premium valuation for over a decade. Despite the narrative pressure, reported results were strong, and the company's internal AI platform showed tangible traction. |
| ORCL | Oracle shares fell about 25% during the quarter, as the market further digested the scale and financial intensity of the company's AI infrastructure ambitions. The company reported strong quarterly growth with evidence of enterprise demand, and announced plans to raise $50 billion in financing to fund data-center buildout, along with a sizable headcount reduction. Further weighing on sentiment was the increasingly complex web of financing relationships and customer concentration, with OpenAI's infrastructure needs representing a significant portion of Oracle's forward commitments. Investors are demanding clearer evidence that the massive capital deployment will generate adequate returns to meet bullish expectations. |
| NOW | ServiceNow shares declined over 30% during the quarter, as the company became a high-profile victim of the broader repricing of SaaS business models amid growing adoption of AI-native solutions. The sell-off reflected investor concerns that the company's traditional per-seat licensing model faces structural headwinds as enterprises increasingly adopt hyperscale-based AI offerings. Despite the stock's decline, ServiceNow raised its full-year outlook for subscription revenue growth, and the company's AI platform continued to gain traction in large-enterprise automation deals. |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||