| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 2025 | 2024 |
|---|---|
| 35.4% | 26.7% |
Columbia Seligman Global Technology Fund returned 4.96% in Q4 2025, outperforming the MSCI World Information Technology Index by 359 basis points. The fund's core thesis centers on capitalizing on AI infrastructure demand through selective positioning in semiconductor equipment companies like Lam Research and Applied Materials, while maintaining underweight exposure to mega-cap stocks like NVIDIA. Key contributors included semiconductor equipment holdings that benefited from AI-driven demand for advanced chips and memory solutions. The fund holds an out-of-benchmark position in Bloom Energy, addressing power constraints for AI data centers. Despite Q4 volatility around AI capital expenditure concerns, fundamentals remained strong with hyperscalers committing to large-scale GPU and memory spending. Looking forward, the fund expects continued AI infrastructure build-out supported by potential Fed rate cuts, though risks include semiconductor supply chain exposure to geopolitical tensions and rising GPU costs pressuring cloud provider margins. The portfolio maintains overweight positions in equipment companies while staying underweight software and mega-cap technology stocks.
The fund capitalizes on the AI infrastructure build-out through selective positioning in semiconductor equipment companies and energy solutions while maintaining underweight exposure to mega-cap technology stocks that have driven recent market performance.
The market is navigating significant crosscurrents with AI infrastructure build-out remaining strong while facing headwinds from supply chain exposure to geopolitical tensions and rising GPU costs. Semiconductor equipment demand is expected to remain steady with continued recovery, and cybersecurity remains a top CIO budget priority amid increasing AI adoption.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology |
NVDA LRCX BE WDC TER AMAT |
AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around… |
| Oct 21 2025 | 2025 Q3 | AAPL, AVGO, BE, LRCX, NVDA, ORCL | AI, Cloud, cybersecurity, energy, semiconductors |
BE LRCX WDC AVGO BE WDC AVGO ORCL |
The fund outperformed benchmarks with 23.7% gains, driven by semiconductors, cloud infrastructure, and AI data center demand. Bloom Energy and Lam Research were key contributors,… |
| Jul 22 2025 | 2025 Q2 | AAPL, ADBE, AVGO, BE, LRCX, MRVL, MSFT, NVDA | AI Infrastructure, cybersecurity, global tech, semiconductors, valuation |
LRCX AAPL BE 6723 JP SYNA |
The commentary focuses on global technology opportunities driven by AI infrastructure buildouts, semiconductor demand and cybersecurity needs. Management stresses bottom-up stock selection and valuation awareness… |
| Mar 31 2025 | 2025 Q1 | AAPL, AVGO, BE, LRCX, MSFT, NVDA | - | - | - |
| Mar 1 2025 | 2024 Q4 | APPL, AVGO, BE, LRCX, MRVL, MSFT, NVDA | - | - | - |
| Sep 30 2024 | 2024 Q3 | AAPL, AVGO, GDDY, GOOG, NVDA, ORCL, SMTC | - | - | - |
| Jun 30 2024 | 2024 Q2 | AVGO, BE, GDDY, GOOG, GPN, MSFT, NVDA, ORCL, TER | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
CybersecurityCybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. |
Security AI Detection Enterprise Cloud Protection | |
Data CentersEMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. |
Infrastructure Electrification Recurring Revenue Growth Drivers | |
Energy StorageHigh-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. |
Memory Storage HDDs Capacity Infrastructure | |
SemiconductorsMACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. |
Demand Competition Connectivity Customer Concentration | |
| 2025 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
EnergyEnergy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. |
Data Centers Grid Utilities Power Infrastructure | |
SemiconductorsMACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. |
Demand Competition Connectivity Customer Concentration | |
| 2025 Q2 |
Technology |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 21, 2025 | Fund Letters | Vimal Patel | LRCX | Lam Research Corp. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Cycle recovery, Margins, Nand, ROIC, semiconductors, Wafer fab | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | TER | Teradyne, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | accelerators, AI, Memory, Semicap, Testing, Utilization | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | WDC | Western Digital Corp. | Information Technology | Computer Storage & Peripherals | Bull | NASDAQ | AI, Demand, Margins, Memory, Pricing, profitability, Storage | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | DRAM, Foundry, HBM, Margins, Semicap, Wafers | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Asic, data centers, Free Cash Flow, hyperscale, semiconductors | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | BE | Bloom Energy Corp. | Industrials | Renewable Energy Equipment | Bull | NYSE | AI infrastructure, clean energy, data centers, energy transition, Hydrogen, Tax credit | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | WDC | Western Digital Corp. | Information Technology | Computer Storage & Peripherals | Bull | NASDAQ | AI, Demand, Margins, Memory, Pricing, profitability, Storage | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Asic, data centers, Free Cash Flow, hyperscale, semiconductors | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | ORCL | Oracle Corp. | Information Technology | System Software | Bull | NYSE | AI, backlog, cloud, Margins, Oci, Partnerships, Software | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Equipment, Memory, Packaging, R&D, semiconductors | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | Competition, Ecosystem, Hardware, Saturation, tariffs | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | BE | Bloom Energy Corporation | Industrials | Electrical Components & Equipment | Bull | NYSE | datacenters, energy, Hydrogen, Policy, Power | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | 6723 JP | Renesas Electronics Corporation | Information Technology | Semiconductors | Bear | NYSE | Autos, guidance, Industrial, Risk, semiconductors | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | SYNA | Synaptics Incorporated | Information Technology | Semiconductors | Bear | NASDAQ | Execution, IoT, leadership, Margins, restructuring | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bear | NASDAQ | AI, datacenters, GPUs, guidance, Margins, valuation | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CapEx, Deposition, Etch, HBM, Memory, Semicap | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | BE | Bloom Energy Corporation | Industrials | Electrical Equipment | Bull | New York Stock Exchange | AI, datacenters, Fuelcells, infrastructure, Power, scaling | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | BE | Bloom Energy Corp. | Industrials | Renewable Energy Equipment | Bull | NYSE | AI infrastructure, clean energy, data centers, energy transition, Hydrogen, Tax credit | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | WDC | Western Digital Corporation | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | data centers, Demand, Hdd, hyperscalers, spinoff, Storage | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | AAPL shares rose in 4Q25 following better-than-feared iPhone 17 sell-through trends and stronger Services momentum. The company reported that early adoption of its on-device AI features exceeded internal expectations, particularly in North America and Europe, where attach rates for Pro models remained elevated. Wearables also returned to growth, helped by new health features and improved battery life. |
| AMAT | AMAT was a top contributor in 4Q25 as semiconductor equipment stocks rallied on improving wafer-fab spending visibility. Management noted during its quarterly call that orders tied to AI-related capacity—particularly advanced logic and high-bandwidth memory—were tracking ahead of plan, leading to mid-teens growth in semiconductor systems revenue. Strength in services and spares also continued, with installed base revenues growing at a high single-digit rate. |
| AVGO | During the quarter, we initiated a below-average weight position in leading semiconductor and infrastructure software company Broadcom. Broadcom's ongoing transformation from a provider of custom ASICs to a full rack-scale solutions vendor, including scale-up networking, marks a significant improvement in its strategic positioning compared to earlier in the year. This strategic evolution has been validated by recent product launches, such as the Scale-up Ethernet solution, and committed orders from major customers like Anthropic. |
| BE | Bloom Energy is a provider of solid oxide fuel cells that play a critical role in delivering clean, reliable, always on power at scale. AI data centers require an enormous amount of power and one of the key challenges to date has been the inability of power grids to supply the necessary electricity to meet the constant and growing demands from AI workloads. Bloom's Energy Server fuel cells help address this issue, generating cost-efficient, reliable power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. During the quarter, the company announced better than expected results with added optimism from a $5B partnership with Brookfield as the preferred onsite power provider for the company's global AI factories. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| LRCX | we believe it is well positioned to become an approved vendor for Lam Research (a supplier of wafer-fabrication equipment) as well |
| LYFT | Another is applying things we've learned from past investments to make new investments – Lyft (LYFT). Falling on Lyft at almost the right time – I was a few months late for its full move – is an example of just following up and reading about things. We still need to be aware that autonomous driving could warp Lyft's business prospects for better or for worse, but at its fundamental level it's very cheap and still growing. |
| MRVL | We also initiated a position in Marvell Technology which is a fabless semiconductor company that supplies technology necessary to move, store, process and secure data across various end-markets such as data centers, enterprise networks and telecommunications infrastructure. We believe the risk/reward looks compelling and we elected to start a position on the stock's recent pullback. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| MU | Core gains were led by investments in the Technology sector including Micron |
| NVDA | Capital spending from Google, Microsoft, Amazon, Meta, OpenAI, and more have led to Nvidia becoming the Rrst 5 trillion market cap company. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| PINS | Pinterest Inc., an image-based social media company, pulled back by -20%. The company reported an inline quarter, however, guidance for fourth quarter revenue and profits was slightly below Street expectations. Pinterest has been pleased with the adoption of new functionality by advertisers as they strive to gain higher returns on advertising spend. User engagement trends have also been solid with monthly active user growth increasing solidly, notably in international markets. |
| TER | The fund's allocations to semiconductor equipment companies Teradyne and Applied Materials contributed positively to performance during the quarter, following a strong overall period for semiconductor capital equipment companies. Teradyne's strong price appreciation was led by an increased demand for semiconductor testing equipment, fueled by booming demand for AI accelerators and memory. Its management team also reported strong results for the third quarter of 2025 and issued optimistic guidance for future business with significant revenue growth year over year. |
| WDC | The fund maintained an overweight position in technology hardware, storage & peripherals company Western Digital. Early in 2025, the company announced a strategic spin-off separating its flash division as SanDisk, while Western Digital focused primarily on the hard disk drive (HDD) market, allowing the company to be valued as a standalone HDD leader. The continued surge in AI infrastructure demand massively boosted the demand for high-capacity HDDs, and Western Digital benefited from an increase in purchase orders from major hyperscalers extending into 2026 and even 2027. |
| WIX | Wix.com Ltd. is a leading provider of cloud-based web-development platform for micro-businesses. Shares of Wix declined 41.5% during the fourth quarter and ended the year down 51.9% due to a quarterly earnings report that emphasized greater-than-expected investment behind their new acquisition, the vibe-coding startup, Base44. |
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