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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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As of Oct 30, 2026
The Bailard Technology Strategy generated a total return of 2.70% net of fees in Q3 2026, bringing its year-to-date return to 28.57% net of fees. The portfolio trailed the S&P North American Technology Index by 63 basis points during the quarter but outperformed the Morningstar U.S. Open End Technology Category by 426 basis points. The composite maintained an almost fully invested equity allocation of 99.99% alongside a negligible 0.01% cash reserve across 39 holdings, with semiconductor and semiconductor equipment representing the largest industry concentration at 41.7%, followed by software at 23.4%. Technology markets experienced sharp sector rotations as investors reassessed the durability of artificial intelligence capital expenditures against broader software adoption trends. Market dynamics favored infrastructure software platforms over application vendors amid emerging concerns regarding seat growth, pricing power, and disruption from artificial intelligence models. Concurrently, infrastructure deployment timelines extended as physical constraints around power availability, electrical grid construction, and project financing introduced execution bottlenecks, elevating the importance of asset utilization and tangible cash returns over speculative spending. Portfolio adjustments reflected these crosscurrents through disciplined reallocations across compute, connectivity, and enterprise software. Bailard initiated and scaled positions in Advanced Micro Devices, Coherent, and Qualcomm to broaden exposure to heterogeneous artificial intelligence workloads and optical networking. In software, the strategy added to Atlassian while trimming Datadog and Palo Alto Networks. Top contributors for the period included Microsoft, NVIDIA, Meta Platforms, and Everpure, which overcame valuation drawdowns in semiconductor capital equipment holdings such as KLA Corporation and Lam Research.
Durable growth across the technology sector is captured by balancing established industry leaders with emerging innovators across the full innovation cycle while prioritizing fundamental business durability over short-term market momentum.
Bailard remains constructive on AI infrastructure and selective software opportunities, but emphasizes that spending commitments must translate into productive capacity, high asset utilization, and sustainable cash returns.
Moderate Conviction Bullish
Market Conviction
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Language Signal
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Top Conviction Themes
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