| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Oak Ridge Investments navigated Q1 2026 amid significant geopolitical and economic headwinds, including the Iran conflict that spiked oil prices and triggered market corrections. Despite a 10% market decline, the firm maintained conviction in AI-driven opportunities, noting that over 45% of the S&P 500 now relates to AI businesses. The upcoming IPOs of OpenAI, Anthropic, and SpaceX will create additional large-cap opportunities. Portfolio positioning emphasized companies benefiting from AI infrastructure demand, particularly data center power providers that delivered strong returns. The firm eliminated deteriorating positions while expanding underweights in software and increasing exposure to AI-adjacent companies. Key risks include persistent geopolitical instability, rising inflation from energy costs, and potential policy shifts affecting onshoring initiatives. However, management believes current valuations are sustainable and sees exceptional growth prospects across market sectors. The environment mirrors historical periods when disciplined stock selection has generated the firm's best performance, despite near-term volatility expectations.
Despite geopolitical uncertainty and market corrections, AI-driven opportunities and sustainable valuations create favorable conditions for disciplined stock selection across multiple market cap segments.
Very little visibility suggests heightened volatility over the near term, but valuations are sustainable and exceptional growth prospects exist in many areas of the market. Conditions are similar to when the firm has historically performed best through disciplined portfolio management and stock selection.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 1 2026 | 2026 Q1 | - | AI, Data centers, energy, geopolitics, healthcare, inflation, technology | - | Oak Ridge navigated Q1 2026 geopolitical turmoil by positioning around AI infrastructure opportunities while managing energy-driven inflation risks. Strong performance from data center power providers offset broader tech corrections. The firm eliminated weak positions and increased AI-adjacent exposure, viewing current conditions as favorable for disciplined stock selection despite near-term volatility. |
| Jan 2 2026 | 2025 Q4 | CSCO, TGT, WMT | AI, Fed policy, growth, healthcare, technology, Valuations | - | Oak Ridge delivered solid 2025 returns while slightly trailing benchmarks, maintaining concentrated Technology and Healthcare exposure. Healthcare surged in Q4 on weight loss and biotech strength. The firm emphasizes valuations matter as markets become more selective, expecting AI adoption and broadening leadership to create active management opportunities ahead. |
| Oct 1 2025 | 2025 Q3 | - | AI, growth, healthcare, Quality, semiconductors, small caps, technology | - | Oak Ridge delivered strong absolute returns in Q3 2025 while maintaining focus on quality amid momentum-driven markets. Fed rate cuts and manageable inflation fueled broad market gains. Technology exposure drove performance despite legacy software headwinds. Political tensions and AI investment concerns create risks, but strong fundamentals and GDP forecasts support continued market advances through year-end. |
| Jul 22 2025 | 2025 Q2 | BRK-B, JPM, MSFT, NVDA, PLTR | AI, Biotech, Fed policy, growth, healthcare, Mega Cap, tariffs, technology | - | Oak Ridge's growth strategy capitalizes on AI transformation and healthcare innovation while managing concentration risk through disciplined trimming. Despite tariff volatility and macro uncertainty, the firm maintains conviction in technology leadership and GLP-1 pharmaceutical advances. Expected Fed rate cuts and 2026 growth optimism support the outlook, though elevated valuations and geopolitical risks require careful navigation. |
| Apr 23 2025 | 2025 Q1 | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | - | Caledonia delivered 4.4% NAV return driven by strong Public Companies and Private Capital performance. AI beneficiaries Oracle, Microsoft and Alibaba led gains while permanent capital structure enabled opportunistic deployment during market volatility. Stonehage Fleming sale at 3.2x cost exemplifies patient capital approach. Strong balance sheet with £430m liquidity positions for new opportunities despite ongoing macroeconomic uncertainty. |
| Jan 1 2025 | 2024 Q4 | MCD, NVDA, TSLA | AI, growth, healthcare, large cap, technology, Valuations | - | Oak Ridge underperformed concentrated benchmarks but delivered strong absolute returns by maintaining conviction in mega-cap technology leaders while avoiding overvalued names like Tesla. The firm expects AI-driven economic growth of 2-2.5% in 2025 with deregulation catalysts, though expensive valuations and geopolitical risks warrant selectivity in this narrow market environment. |
| Oct 1 2024 | 2024 Q3 | - | growth, healthcare, large cap, Quality, rates, technology | - | Oak Ridge's growth portfolios stayed positive despite mega-cap rotation, benefiting from strong stock selection in semiconductors and cybersecurity while maintaining heavy healthcare overweights in transformative weight loss. Fed rate cuts sparked soft landing optimism amid surging geopolitical risks. The firm increased turnover to capture shifting opportunities while maintaining high conviction in quality growth positioning for expected volatility ahead. |
| Jul 1 2024 | 2024 Q2 | CSCO, MSFT | growth, healthcare, Market Concentration, Mega Cap, technology, Valuations | - | Oak Ridge navigates unprecedented market concentration in Mega-Cap technology while maintaining exposure to leaders and seeking emerging opportunities. Their largest bet on GLP-1 pharmaceuticals has delivered exceptional returns. They expect Fed rate cuts in September as growth slows, anticipating eventual rotation from concentrated leadership to broader market participation that favors active stock selection. |
| Apr 1 2024 | 2024 Q1 | - | diversification, Dollar, inflation, rates, Trade Policy, Valuations | - | Brighton Jones emphasizes global diversification over market timing in Q3 2025, highlighting international equity leadership and dollar weakness. Despite tariff-induced volatility and elevated U.S. valuations, the firm maintains moderate conservative positioning while favoring value-oriented, globally diversified strategies over cap-weighted indexes for superior long-term prospects. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIOver 45% of the S&P 500 are in businesses directly related to AI, with almost every company expanding utilization. Upcoming IPOs of OpenAI, Anthropic and SpaceX will instantly be top 25 companies. Valuations on mega-cap leaders are reasonable despite greater growth prospects. |
Artificial Intelligence Technology Innovation IPOs Mega Cap |
Data CentersDemand for power driven by AI data center buildouts surged. Industrial holdings providing power services to datacenters advanced significantly, with one position gaining 54% during the quarter. Liquid cooling solutions for servers also performed strongly. |
Power Infrastructure Cooling Servers Energy | |
OilIran conflict triggered natural spike in oil prices affecting global markets. Higher energy prices will increase inflation and reduce consumer discretionary spending. Energy sector rewarded lower quality companies during the crisis. |
Energy Geopolitics Inflation Crisis Prices | |
InflationInflation will increase due to higher operating costs from fuel price spikes. Consumer expectations shifted from rate cuts to possible increases. Higher energy prices create headwinds for discretionary spending. |
Rates Energy Consumer Operating Costs Policy | |
GLP1Significant weakness in standout pharmaceutical holding that remains the leader in weight loss drugs and benefits from promising treatments across cancer and Alzheimer's. The pullback created defensible valuation warranting overweight position. |
Pharmaceuticals Weight Loss Healthcare Valuation Biotech | |
| 2025 Q4 |
Defense SpendingManager maintains exposure to global armaments companies, noting the entire world is rapidly rearming off an extremely low base of defense spending. Despite Q4 underperformance, the position materially outperformed for the full year with top contributors including Rheinmetall, Palantir Technologies, and RTX. |
Defense Armaments Military Geopolitical Security |
GoldManager holds both physical gold bullion and a leveraged gold exposure called 'Gresham's Wrath' that combines 1.5x gold exposure with option income generation. Gold demand from global central banks is accelerating while US Treasuries are being reduced, with physical deliveries highlighting growing mistrust of fiat currencies. |
Gold Precious Metals Monetary Inflation Currency | |
Precious Metal RoyaltyExposure to precious metal royalty and streaming companies provides diversified exposure to gold and silver through production growth without operational mining risks. These capital-light businesses offer asymmetric optionality and inflation protection, with both exposures materially outperforming for the year. |
Royalties Streaming Mining Commodities Cash Flow | |
JapanManager exited unhedged Japan exposure due to currency headwinds from weakening Yen but added new dynamically hedged Japan position. The new exposure filters 1,300+ Japanese companies down to less than 200 based on shareholder yield and corporate governance screens, with 75% currency hedge at year-end. |
Japan Currency Hedging Corporate Governance Shareholder Yield | |
Capital MarketsHoldings in exchanges like Nasdaq and Chicago Board of Options Exchange are described as essential high-margin toll roads for the economy with immense operating leverage. These businesses benefit from network effects, regulatory barriers, and are positioned to benefit from volatility and innovation including digital assets. |
Exchanges Trading Market Data Financial Infrastructure | |
BitcoinDespite long-term bullish views, manager completely exited Bitcoin position in mid-November using risk management framework similar to commodity trading funds. The position kept falling after exit while US Large Cap equities they rotated into continued to increase in value. |
Bitcoin Cryptocurrency Risk Management Digital Assets | |
| 2025 Q3 |
AIAI demand and backlogs suggest good visibility for at least another couple of quarters. The demand is concentrated in hardware, predominantly semiconductors, with great concern over the future of software companies, particularly those focused on seat licensing. There is some quiet concern about the return on investment in the spending race to keep pace in AI development. |
Semiconductors Hardware Software Development |
TechnologyTechnology holdings generated strong double digit returns, driven by full exposure to the Mega-Cap leaders and security providers, but the sector was the greatest detractor due to losses from legacy software companies weighing on results. 44.7% of the S&P 500 is made up of stocks in the Tech and Communication Services sectors. |
Mega-Cap Software Security Communication Services | |
Small CapsIt was encouraging seeing small-cap stocks participate in the market advance, with the Russell 2000 outpacing the S&P 500 for only the 4th quarter in 4 ½ years. Smaller stocks historically perform well during periods of declining interest rates, and the dominance of mega-cap technology stocks over the past decade has created perceived valuation disparity. |
Russell 2000 Valuation Interest Rates Disparity | |
QualityDuring the third quarter, unprofitable, higher risk companies dominated the markets. Momentum as a factor meaningfully outperformed quality. While that type of environment might not favor our process and philosophy in the short term, we see it as an opportunity for us to continue to upgrade and optimize the quality of our portfolio for the long term. |
Momentum Risk Philosophy Optimization | |
| 2025 Q2 |
AITechnology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields. |
Nvidia Microsoft Azure Blackwell Transformative |
GLP1Healthcare holdings included a leading pharmaceutical company that had soared due to their leading GLP-1 drug and robust pipeline, though it experienced profit taking. The drug company is believed to be poised for future upside revisions due to further advances in weight loss and new drugs for Alzheimer's and cancer. A health and wellness company spiked 67% on their involvement in adding GLP-1 drugs to their lineup. |
Weight Loss Pharmaceutical Pipeline Alzheimer's Cancer | |
Trade PolicyThe quarter began with a panic selloff in reaction to triple-digit tariffs threatened on President Trump's Liberation Day. Fed concerns over tariff effects on inflation and interest rates seemed to ease the rhetoric, with the market viewing any inflationary impact as transitory. Companies have reduced capital investment and labor hiring while trimming estimates for 2025, with surveys suggesting most plan to pass increased costs to customers. |
Tariffs Liberation Day Inflation Protectionism Fed | |
RatesThe market needs the Fed to change its mildly restrictive rate policy to sustain valuations and maintain strong stock performance. While it seemed prudent for the Fed to wait for tariff resolution, economic and inflation data have softened sentiment, with current expectations for three rate cuts this year beginning in September. |
Fed Rate Cuts Monetary Policy Valuations September | |
| 2025 Q1 |
AIOracle, Microsoft and Alibaba Group were strongest performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realise gains from Oracle position given strong AI-driven performance. |
Cloud Software Technology Growth |
Private CapitalPrivate Capital pool delivered 7.7% return driven primarily by agreed sale of Stonehage Fleming and good operational performance from AIR-serv. The strategy focuses on cash generative businesses with strong growth potential, typically investing £50m to £150m using low levels of leverage. Portfolio consists of eight companies with five investments representing over 90% of pool NAV. |
Direct Investment Mid Market Growth Cash Generation | |
DividendsIncome portfolio aims to deliver initial yield on invested cost of 3.5% with overall dividend from holdings growing ahead of inflation over longer term. Caledonia received dividend of £24.5m from AIR-serv during six-month period. Board declared interim dividend of 3.68p per share reflecting change in dividend payment profile to 50% of prior year total annual dividend. |
Income Yield Distribution Growth | |
| 2024 Q4 |
AIAI represents considerably greater transformative innovation than previous technologies. The U.S. economy is expected to grow 2-2.5% in 2025, fueled heavily by investments in AI and security. Jobs data will be pressured by AI over time. |
Artificial Intelligence Innovation Productivity Automation Growth |
ConcentrationMarket leadership has become very narrow with the top ten largest S&P 500 members representing over 37% of the index. Technology and Communication Services now combine for slightly more than 60% of growth indices, creating unprecedented concentration levels. |
Market Concentration Index Weighting Mega Cap Leadership Diversification | |
GLP1A correction occurred in the leading GLP-1 manufacturer following a multi-year run, with the position trimmed on valuation concerns. There was a cooling on the GLP-1 front that affected the largest healthcare holding. |
Weight Loss Diabetes Pharmaceuticals Healthcare Valuation | |
| 2024 Q3 |
RatesFed cut rates 50 basis points with further cuts expected to be data dependent. Lower rates improve affordability of homes and big ticket items while supporting consumer spending. Rate-sensitive sectors like Real Estate and Utilities performed best during the quarter. |
Fed Interest Rates Monetary Policy Real Estate Utilities |
GLP1Healthcare sector took a break during the quarter, particularly the red hot GLP-1 weight loss area. Oak Ridge remains heavily overweight in the leader of the transformative weight loss field despite trimming their largest active bet in late June. |
Weight Loss Healthcare Pharmaceuticals Obesity Medical Devices | |
AITechnology changes were made late in the quarter to be better positioned not only for direct AI plays, but other beneficiaries of a changing landscape. Strong stock selection in semiconductors and cloud networking positions boosted returns. |
Artificial Intelligence Semiconductors Cloud Technology Innovation | |
CybersecurityStrong stock selection in cyber security positions contributed to performance, though the portfolio suffered a severe loss from selling a leading cyber security provider that caused a major software shutdown throughout the U.S. |
Security Software Technology Risk Management Infrastructure | |
| 2024 Q2 |
AIAI spending has driven significant investment in semiconductors and technology infrastructure. IT budgets have shifted away from cloud, security and other initiatives to fund AI programs, but the disproportionate spend should begin to ease over the coming quarters. The firm maintains exposure to AI-related companies in semiconductors and datacenters. |
Semiconductors Technology Infrastructure Spending |
GLP1The leading GLP-1 pharmaceutical maker is the portfolio's largest active bet across multiple strategies. The company has delivered over 50% returns for two consecutive years and maintains market leading position in the weight loss category with several other large areas of opportunity. |
Pharmaceuticals Weight Loss Healthcare Innovation | |
BuybacksShare buybacks are mentioned as one of the factors that has influenced market performance over the past four decades, though the data presented does not reflect their impact on historical returns. |
Capital Allocation Shareholder Returns | |
| 2024 Q1 |
InflationInflation has fallen from a peak of 9% in June 2022 to just under 3% in recent readings, with the Federal Reserve making significant progress. Some economists predict inflation may tick higher in the final three months of the year before easing again in early 2026. Monthly inflation readings can reveal potential trends sooner than year-over-year figures. |
Inflation Fed Policy Price Pressures Consumer Prices Monetary Policy |
RatesThe Federal Reserve has reduced the Fed Funds target rate by 125 basis points over the past year through four cuts. The yield curve is moving back toward normal as short-term yields ease and long-term yields stay elevated. The market anticipates two more rate cuts in 2026, taking the Fed Funds rate to the neutral rate of 300-325 basis points. |
Fed Funds Yield Curve Rate Cuts Treasury Yields Neutral Rate | |
DollarThe U.S. dollar declined approximately 11% since January after surging nearly 10% following the presidential election. The dollar index now sits slightly below its pre-election level and has spent the past three years oscillating within a 100-120 range. Currency swings have been a powerful factor affecting international holdings this year. |
Dollar Index Currency Exchange Rates International Holdings DXY | |
Trade PolicyPresident Trump unveiled a sweeping tariff plan on April 2nd that was far more extensive than the expected modest 10% tariffs, sending shockwaves through global markets. A 90-day pause was announced on April 9th, giving countries an opportunity to negotiate trade deals before higher rates would take effect. This created significant market volatility and recovery. |
Tariffs Trade Deals Global Markets Supply Chains Trade Negotiations |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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