| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 22.75% | 4.81% | 4.81% |
Columbia Seligman Global Technology Fund returned 4.86% in Q1 2026, significantly outperforming the MSCI World Information Technology Index which declined 9.03%. The fund's outperformance was driven by overweight positions in semiconductor equipment companies including Lam Research, Applied Materials, and Teradyne, which benefited from accelerating AI-driven demand. The portfolio also maintained strategic positions in data center infrastructure companies like Bloom Energy and Western Digital, capitalizing on the structural power and storage needs of AI workloads. Technology stocks faced headwinds from geopolitical tensions in the Middle East, rising interest rates, and profit-taking after three strong years of returns. Software companies particularly underperformed due to AI disruption concerns. Looking forward, the fund sees AI and data center capital spending remaining structurally strong despite near-term volatility. Management believes valuation dispersion has created selective buying opportunities, especially in software stocks where multiple compression has pushed valuations below long-term averages. The fund maintains conviction in companies positioned to benefit from the multi-year AI infrastructure buildout.
The fund maintains conviction in AI infrastructure and semiconductor equipment companies as core beneficiaries of the multi-year AI buildout cycle, while selectively capitalizing on valuation dislocations in software and other technology sectors.
The market is navigating significant crosscurrents of positive and negative trends. Technology stocks saw increased volatility but AI and data-center spending remains structurally strong. The fund sees selective buying opportunities from valuation dispersion, particularly in software stocks that have experienced multiple compression.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 22 2026 | 2026 Q1 | AEIS, AMAT, AVGO, BE, COHR, CRM, GDDY, GEN, LRCX, LYFT, MSFT, ORCL, TER, WDC | AI, Data centers, growth, semiconductors, technology | - | Columbia Global Technology Fund outperformed significantly in Q1 2026 by overweighting semiconductor equipment and data center infrastructure companies benefiting from AI demand. While broader technology stocks declined on geopolitical tensions and rate concerns, the fund's focus on AI infrastructure providers like Lam Research and Bloom Energy drove strong relative performance amid the structural AI buildout cycle. |
| 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 |
Columbia Seligman Global Technology Fund outperformed by 359bp in Q4 through selective AI infrastructure plays, overweighting semiconductor equipment companies like Lam Research while underweighting NVIDIA. The fund's out-of-benchmark Bloom Energy position addresses critical data center power constraints. Despite AI capex volatility, strong fundamentals support continued infrastructure build-out with hyperscaler commitment to GPU and memory spending. |
| Oct 21 2025 | 2025 Q3 | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, energy, semiconductors, technology |
BE LRCX WDC AVGO BE WDC AVGO ORCL |
Columbia Seligman Global Technology Fund delivered 23.69% returns by overweighting AI infrastructure beneficiaries like Lam Research and Bloom Energy while underweighting benchmark heavyweights NVIDIA and Apple. The strategy capitalizes on $400+ billion hyperscaler capex spending and semiconductor equipment recovery, positioning for continued AI infrastructure buildout despite enterprise software disruption risks. |
| Jul 22 2025 | 2025 Q2 | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, global, semiconductors, technology |
LRCX AAPL BE 6723 JP SYNA BE LRCX |
Columbia Seligman Global Technology Fund delivered 23.69% returns in Q3 2025 by focusing on AI infrastructure beneficiaries like Bloom Energy and semiconductor equipment leaders like Lam Research. The fund capitalizes on $400+ billion hyperscaler capex spending while maintaining selective positioning in cloud providers and cybersecurity companies positioned for sustained technology investment growth. |
| Mar 31 2025 | 2025 Q1 | 6723.T, AAPL, AVGO, BE, CHKP, EBAY, FFIV, GEN, GOOGL, GPN, LRCX, MRVL, MSFT, NVDA, ON, TER, TMV.DE, V | AI, Cloud, cybersecurity, global, semiconductors, tariffs, technology | - | Columbia Seligman Global Technology Fund declined 12.71% in Q1 2025 as tariff concerns and AI spending efficiency questions pressured technology stocks. The fund's growth-at-a-reasonable-price strategy benefited from semiconductor equipment and cybersecurity holdings while overweight semiconductor positions detracted. Management remains optimistic on AI infrastructure buildouts and cloud capex commitments despite economic uncertainty and trade policy headwinds. |
| Mar 1 2025 | 2024 Q4 | AAPL, AMAT, AVGO, BE, DBX, EBAY, GDDY, GOOGL, GPN, LRCX, META, MRVL, MSFT, NVDA, NXPI, ON, ORCL, WDC | AI, Cloud, cybersecurity, global, growth, semiconductors, software, technology | - | Technology fund outperformed on AI infrastructure thesis, with semiconductor and cybersecurity holdings driving returns. Maintained selective positioning with NVIDIA underweight, Oracle overweight, and unique Bloom Energy exposure for data center power. Faces headwinds from U.S.-China tensions but positioned for continued AI buildout and software recovery in 2025. |
| Sep 30 2024 | 2024 Q3 | 6723.T, AAPL, AMAT, AMT, AVGO, BE, CCI, EBAY, GDDY, GOOGL, LRCX, META, MSFT, NVDA, ORCL, SMTC | AI, Cloud, cybersecurity, global, semiconductors, software, technology | - | Technology fund underperformed benchmark in Q3 despite benefiting from underweight software/semiconductor positions. AI infrastructure theme remains strongest with continued buildouts expected. Semiconductor equipment demand steady with Q4 upside. Software companies positioned for cyclical recovery as non-AI IT spending resumes. Cybersecurity maintains secular growth prospects. |
| Jun 30 2024 | 2024 Q2 | AAPL, AMAT, AVGO, BE, CRNC, EBAY, GDDY, GOOGL, GPN, LRCX, META, MSFT, NVDA, ORCL, RBRK, RNG, SYNA, TER, TRIP, TXG | AI, Cloud, growth, semiconductors, technology | - | Columbia Seligman Global Technology Fund underperformed in Q2 due to underweight NVIDIA positioning, despite strong AI infrastructure thesis. Fund benefits from semiconductor equipment exposure and Oracle's cloud positioning. Management sees continued AI buildout driving technology infrastructure demand while finding value in dislocated software names and non-AI semiconductor opportunities amid geopolitical chip production pressures. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI and data-center capital spending remains structurally strong despite near-term volatility in technology share prices. Hyperscaler AI investment is still accelerating, which continues to support semiconductors and other areas of technology. The fund maintains overweight positions in semiconductor equipment companies as they represent a unique opportunity in the AI supply chain. |
Data Centers Semiconductors Hyperscalers Capital Spending |
Data CentersData center operators have increasingly turned to Bloom's solid oxide fuel cells to bypass grid constraints and power energy-intensive AI workloads. The fund maintains positions in companies benefiting from data center buildout including Western Digital for high-capacity hard drives and Coherent for high-speed optical communications. |
Power Storage Optical Communications Infrastructure | |
Semiconductor CycleThe fund's overweight allocation to semiconductor equipment sector was a primary driver of returns. Management believes semicap equipment companies represent a unique opportunity as chip manufacturers need to continue sourcing equipment to produce advanced chips. Companies like Lam Research, Applied Materials, and Teradyne all contributed positively. |
Equipment Manufacturing Testing Foundries | |
Energy TransitionThe fund holds an out-of-benchmark position in Bloom Energy, which manufactures solid oxide fuel cells that provide alternative energy sources. The company continues to guide aggressively, positioning their technology as a beneficiary of the structural power bottleneck when operating AI data centers. |
Fuel Cells Alternative Energy Power Generation | |
| 2025 Q4 |
Live SportsMario Gabelli emphasizes live entertainment and sports as major investment themes, citing 55 million viewers for Kansas City Chiefs vs Dallas Cowboys game and upcoming World Cup. He recommends Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications as ways to invest in sports teams and related assets. |
Sports Entertainment Media Teams Broadcasting |
MediaGabelli discusses media investments including Fox and Versant Media Group, highlighting Fox's sports broadcasting rights for NFL and MLB games, World Cup coverage, and Versant's cable networks and digital properties. He sees value in media companies with sports content and strong cash generation. |
Broadcasting Cable Content Networks Television | |
Natural GasGabelli recommends National Fuel Gas, noting that natural gas provides 40% of U.S. electric power and 33% of U.S. gas comes from Appalachia. He sees value in NFG's 1.2 million acres in the Appalachian Basin with substantial mineral ownership overlying Marcellus and Utica shales. |
Utilities Energy Infrastructure Pipelines Distribution | |
AIGabelli acknowledges AI's transformative impact but warns of potential market corrections similar to 1987. He notes AI will touch everything and create both winners and losers, while expressing concern about leveraged ETFs and retail investor influx that could accelerate market selloffs. |
Technology Automation Innovation Disruption Valuation | |
GoldGabelli's gold expert Caesar Bryan delivered 167% returns in 2025, with gold trading at $4,300 per ounce. Gabelli explains central banks and governments are buying gold as a store of value amid monetary uncertainty and geopolitical tensions, particularly citing Chinese government diversification away from dollars. |
Precious Metals Store of Value Currency Central Banks Inflation | |
| 2025 Q3 |
AIAI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. The primary driver of returns has been companies indexed to artificial intelligence infrastructure and the cloud. AI workloads require more advanced chips, driving demand for semiconductor equipment solutions. |
Infrastructure Cloud Semiconductors Capex Workloads |
Data CentersU.S. cloud-data-center spending from major providers is expected to exceed $400 billion in 2025 alone. The electricity shortage that overhangs new AI data center builds presents opportunities for alternative energy solutions. Cloud providers have committed to significant spending in 2026 following historically high 2025 spend. |
Cloud Capex Energy Infrastructure Hyperscale | |
Semiconductor CycleSemiconductor chip demand remains robust and the need for higher bandwidth memory has increased memory pricing as AI demand levels are still elevated. Semiconductor equipment demand has continued to recover strongly during the second and third quarters behind quieting tariff news. |
Memory Equipment Recovery Tariffs Demand | |
CybersecurityThe need for robust cybersecurity solutions has become paramount as the focus on AI increases, and cybersecurity firms have been able to find some pockets of success despite overall volatility within technology. Cybersecurity consistently remains a top priority for chief information officer budgets with limited impact from macro factors. |
Solutions CIO Budgets Priority Growth | |
Energy TransitionBloom Energy manufactures solid-oxide fuel cells that produce electricity and can provide an alternative source of energy compared to traditional supply. The company received favorable tax credits from the Trump administration supporting hydrogen fuel cell and clean hydrogen production, leading to cost parity with other energy providers including wind turbines. |
Fuel Cells Hydrogen Tax Credits Alternative Energy Clean Energy | |
| 2025 Q2 |
AIAI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending by cloud service providers continues to grow, with companies indexed to artificial intelligence infrastructure and cloud being primary drivers of returns in the technology market. |
Infrastructure Cloud Capex Hyperscale Data Centers |
SemiconductorsSemiconductor equipment demand has continued to recover strongly during the second and third quarters behind quieting tariff news. Semiconductor chip demand remains robust, and the need for higher bandwidth memory has increased memory pricing as AI demand levels are still elevated. |
Equipment Memory Foundries Tariffs Recovery | |
Data CentersU.S. cloud-data-center spending from major providers is expected to exceed $400 billion in 2025 alone. The electricity shortage that overhangs new AI data center builds presents opportunities for alternative energy solutions that can ramp up power delivery quicker than traditional providers. |
Cloud Capex Power Infrastructure Hyperscale | |
CybersecurityThe need for robust cybersecurity solutions has become paramount as the focus on AI increases, and cybersecurity firms have been able to find some pockets of success despite overall volatility within technology. Cybersecurity consistently remains a top priority for chief information officer budgets. |
Security CIO Budgets Enterprise Software | |
Energy TransitionBloom Energy manufactures solid-oxide fuel cells that produce electricity and can provide an alternative source of energy compared to traditional supply. The company received favorable tax credits from the Trump administration supporting hydrogen fuel cell and clean hydrogen production, leading to cost parity with other energy providers. |
Fuel Cells Hydrogen Tax Credits Clean Energy Alternative | |
| 2025 Q1 |
AIAI continues to be the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending from publicly traded cloud service providers including Microsoft, Google, Amazon, Oracle and Meta is continuing to grow. However, concerns emerged about the size of AI-related capital expenditure spending and a slowdown in cloud spending as AI models become cheaper and more efficient. |
Infrastructure Cloud Capex Models Deployment |
SemiconductorsSemiconductor equipment demand remains steady despite volatility in the subsector given headline news around tariffs. The fund sees strong company fundamentals within the semiconductor and semiconductor equipment spaces. Companies continue to try moving more production domestically to avoid impacts from tariffs. |
Equipment Foundries Domestic Production Tariffs | |
CybersecurityCybersecurity remains a consistent top priority in chief investment officer budgets with limited impact from macroeconomic factors. The need for robust cybersecurity solutions has become paramount as the focus on AI increases. Companies positioned in this manner continue to have a favorable secular backdrop for sustained growth. |
Solutions Budgets Protection Growth Secular | |
Data CentersThe investment thesis on Bloom Energy is that its technology offers a solution to the electricity shortage that overhangs new AI data-center construction in the U.S. and around the world. Bloom's fuel cells plug into a natural gas line that fits on a data center's campus without taking up much real estate. |
Construction Electricity Infrastructure Power Energy | |
Trade PolicyTariffs were one of the driving factors behind volatility in technology-stock prices. The new administration's implementation of tariffs on trading partners including Europe, Canada and China led to concerns about potential for lower economic growth and higher inflation. Attention focused on April 2 when the new administration was likely to announce plans for sweeping reciprocal tariffs on trading partners. |
Tariffs Reciprocal Partners Implementation Volatility | |
| 2024 Q4 |
AIAI continues to be the strongest theme in technology, as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spend from public cloud service providers Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow. The fund sees AI as driving demand for technology infrastructure and offering the promise of exponentially increased productivity gains. |
Infrastructure Productivity Cloud Data Centers Semiconductors |
SemiconductorsSemiconductor equipment demand remains steady, with upside continuing into 2025. The complexity around AI-related processors is continuing to drive robust activity for advanced packaging and backside power. The fund holds positions in companies like Broadcom, Marvell Technology, and Lam Research, though faces headwinds from U.S.-China trade tensions. |
Equipment Packaging Trade Tensions China Manufacturing | |
CybersecurityCybersecurity consistently remains a top priority for chief information officer budgets, with limited impact from macroeconomic factors. Companies positioned here continue to have a favorable secular backdrop for sustained growth. The need for robust cybersecurity solutions becomes paramount as the focus on AI increases. |
CIO Budgets Secular Growth AI Security Enterprise Software | |
CloudThe fund maintains exposure to cloud infrastructure companies and sees Oracle as positioned to be a major beneficiary of the AI rollout with potential to compete with other large cloud providers. Capital expenditure spending from major cloud service providers continues to grow as demand for computer power that can handle AI is increasing. |
Infrastructure Oracle Competition Capex Computing Power | |
Data CentersThe fund holds an out-of-benchmark position in Bloom Energy, which provides alternative energy solutions for AI data center builds. Bloom's fuel cells can provide power to data centers without taking up much real estate and can ramp up power delivery quicker than other energy providers, addressing electricity shortages that overhang new AI data center builds. |
Energy Power Infrastructure Electricity Alternative Energy | |
| 2024 Q3 |
AIAI continues to be the strongest theme in tech with infrastructure buildouts continuing and companies hastening to deploy new AI capabilities. Capital spend from public cloud service providers continues to grow, though investors began questioning when AI spending could translate into profits. |
Infrastructure Buildout Productivity Processors Connectivity |
SemiconductorsSemiconductor equipment demand remains steady with upside continuing into Q4 2024. The complexity around AI-related processors is driving robust activity for advanced packaging and backside power. Non-AI semiconductor companies should benefit from electric vehicle growth over the long term. |
Equipment Packaging Processors Electric Vehicles Advanced | |
CybersecurityCybersecurity consistently remains a top priority for CIO budgets with limited impact from macro factors. Companies positioned in cybersecurity continue to have a favorable secular backdrop for sustained growth as the need for robust solutions becomes paramount with increased AI focus. |
CIO Budgets Secular Growth Solutions Priority Sustained | |
CloudPublic cloud service providers such as Microsoft, Google, Amazon, Oracle and Meta continue to grow their capital spend. Oracle is positioned as an immediate AI beneficiary and has a chance to emerge as a fourth cloud competitor with next-generation infrastructure. |
Capital Spend Infrastructure Service Providers Competition Next-generation | |
Electric VehiclesElectronic vehicle sales in China are projected to hit 10 million vehicles, roughly 45% of all car sales. In the US, EV sales are forecasted to rise 20% compared to 2023, hitting roughly 11% of all new car sales, providing a secular backdrop for non-AI semiconductor companies. |
China Sales Growth Market Share Secular Semiconductors | |
| 2024 Q2 |
AIAI continues to be the strongest theme in technology, driving infrastructure buildouts and accelerating company deployment of new AI capabilities. Capital spend from public cloud service providers continues to grow, with NVIDIA remaining the most important AI player despite supply constraints. |
Infrastructure Buildout Deployment Processors Data Centers |
SemiconductorsSemiconductor equipment demand remains steady with upside continuing into the second half of 2024. The complexity around AI-related processors is driving robust activity for advanced packaging and backside power, while geopolitical risks around Taiwan are increasing pressure for domestic chip production. |
Equipment Advanced Packaging Domestic Production Taiwan Geopolitical | |
CloudPublic cloud service providers including Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow their capital spend. Oracle has a chance to emerge as a fourth cloud competitor with next generation cloud infrastructure providing price-performance advantages. |
Infrastructure Capital Spend Competition Next Generation | |
CybersecurityCybersecurity consistently remains a top priority for CIO budgets with limited impact from macroeconomic factors. The need for robust cybersecurity solutions becomes paramount as the focus on AI increases, providing companies positioned here with a favorable secular backdrop for sustained growth. |
CIO Budgets Secular Growth AI Security Priority | |
Electric VehiclesEV sales in China are projected to hit 10 million vehicles, roughly 45% of all car sales in the country. In the U.S., EV sales are forecasted to rise 20% compared to 2023, hitting roughly 11% of all new car sales, providing a secular backdrop for various non-AI semiconductor companies. |
China Sales Growth Market Share Secular Backdrop |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Jan 21, 2026 | Fund Letters | Vimal Patel | TER | Teradyne, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | accelerators, AI, Memory, Semicap, Testing, Utilization | 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 | 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 |
| 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 | LRCX | Lam Research Corp. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Cycle recovery, Margins, Nand, ROIC, semiconductors, Wafer fab | 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 | BE | Bloom Energy Corp. | Industrials | Renewable Energy Equipment | Bull | NYSE | AI infrastructure, clean energy, data centers, energy transition, Hydrogen, Tax credit | Login |
| Sep 30, 2025 | Fund Letters | Columbia Seligman Global Technology Fund | BE | Bloom Energy | Industrials | Electrical Equipment | Bull | NYSE | AI infrastructure, alternative energy, clean technology, data centers, Fuel cells, Hydrogen, Industrials, Power generation | Login |
| Sep 30, 2025 | Fund Letters | Columbia Seligman Global Technology Fund | LRCX | Lam Research | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Chips, AI infrastructure, Deposition, Etch Solutions, Memory Manufacturing, NAND flash, semiconductor equipment | 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 |
| TICKER | COMMENTARY |
|---|---|
| BE | The fund continues to hold an out-of-benchmark position in Bloom Energy, a company that manufactures and markets solid oxide fuel cells that produce electricity and can provide an alternative source of energy compared to traditional supply. Data center operators have increasingly turned to Bloom's solid oxide fuel cells to bypass grid constraints and power energy-intensive AI workloads. Investor confidence has continued to be reinforced by large partnerships with American Electric Power and Brookfield Asset Management, and the company continues to guide aggressively going forward positioning their technology as a beneficiary of the structural power bottleneck when it comes to operating AI data centers. |
| LRCX | Lam Research was one of the fund's largest positions during the quarter and the stock appreciated during the quarter behind accelerating AI-driven demand, particularly from high-bandwidth memory and advanced logic manufacturing where Lam's etch and deposition tools are critical. |
| WDC | The fund's position in Western Digital was a key contributor during the period as the fund maintained an overweight allocation to the name and the stock backed up a strong 2025 with a great start to 2026. The rally in the stock reflected a continuation of demand for high-capacity hard drives, with cloud customers accounting for most of their revenue as hyperscale data-center storage needs advanced during the quarter. |
| AMAT | The fund also held an overweight position in Applied Materials, which increased behind boosted investor confidence as management framed the AI build-out as a multi-year structural demand cycle, while also providing strong forward guidance. These comments underscored Applied Materials' position as a core beneficiary of rising wafer-fab equipment spending. |
| TER | Finally, the portfolio maintained an overweight in semiconductor chip testing company Teradyne, which surged after the company delivered exceptionally strong earnings and raised revenue guidance. With AI workloads approaching significant levels of total revenue as chipmakers ramp production of advanced computer and memory devices, the demand for semiconductor test equipment remains very strong. |
| COHR | Sticking to the theme of data-center buildout, the fund maintained a position in Coherent during the quarter that also contributed to performance. The company benefitted from meaningful gross-margin expansion driven by increased demand for high-speed optical communications inside of data centers, which includes a ramp up in 800G and early 1.6T transceivers. |
| AEIS | Operating in a similar type of environment, our exposure to Advanced Energy Industries contributed positively to performance behind increased demand for the company's high-efficiency power conversion systems used in advanced wafer-fab equipment and hyperscale data centers. |
| LYFT | The fund's out-of-benchmark position in rideshare company Lyft detracted from overall performance during the quarter, as the company's performance missed expectations during the quarter's earnings call. While gross bookings and rider volumes continued to grow at a mid-to high-teens rate, revenue was weighed down by pricing pressure and only grew slightly as management cited an increase in aggressive ride pricing and promotions from other competitors. |
| GDDY | Finally, the fund maintained an overweight position in website design and hosting company GoDaddy that detracted from performance. GoDaddy and other software companies faced increased pressure and margin compression around fears that parts of the website design business and other areas of software as a whole will be AI losers, threatened by startup AI providers claiming some of their market share. The fund's management team continues to believe that incumbent software companies have rights to win, especially when it comes to owning the trust of partners they have worked with for many years, as well as having the necessary distribution teams and channels to continue to promote their company solutions. |
| MSFT | Microsoft was listed as a top five detractor with -0.88% effect on return. |
| GEN | Gen Digital was listed as a top five detractor with -0.49% effect on return. |
| CRM | Salesforce.com was listed as a top five detractor with -0.48% effect on return. |
| AVGO | Broadcom was listed as a top five detractor with -0.46% effect on return. |
| ORCL | Oracle was listed as a top five detractor with -0.38% effect on return. |
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