Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 21.7% | 2.0% | 25.1% |
| 2025 | 2024 |
|---|---|
| 25.1% | 31.7% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 21.7% | 2.0% | 25.1% |
| 2025 | 2024 |
|---|---|
| 25.1% | 31.7% |
Columbia Global Technology Growth Fund returned 1.97% in Q4 2025, underperforming its benchmark due to security selection challenges. The quarter marked a critical transition in AI from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels. Leading contributors included Alphabet, which reclaimed AI leadership through Gemini 3 and achieved over $100 billion quarterly revenue, and semiconductor companies like Taiwan Semiconductor Manufacturing, Micron Technology, and Lam Research, all benefiting from insatiable AI chip demand. Detractors included Oracle, which faced concerns about AI infrastructure execution risk, and Netflix, pressured by its proposed Warner Bros. Discovery acquisition. The manager maintains conviction in early-stage secular growth trends, particularly AI opportunities expected to unfold over years or decades. Key risks include potential technology regulation, AI capital expenditure slowdowns, and geopolitical tensions. The fund continues allocating capital to higher-conviction ideas while analyzing emerging themes like advanced robotics, quantum computing, and defense technology, emphasizing a patient, long-term investment approach.
The fund maintains conviction in long-term secular technology growth trends, particularly AI transformation, while balancing growth opportunities with attractive value investments in a globally diversified portfolio of technology companies.
The manager believes we are in the early innings of many powerful secular growth trends, with AI opportunities taking years or decades to play out. They are analyzing emerging themes such as advanced robotics, quantum computing and defense technology. The outlook emphasizes taking a long-term view and patient approach as key to long-term success, while monitoring geopolitical risks and regulatory changes.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 |
The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The… |
| Oct 28 2025 | 2025 Q3 | ACN, ALAB, AVGO, CRM, HOOD, NOW, NVDA, TTD | Artificial Intelligence, Cloud, Data centers, semiconductors, tariffs |
ALAB US NVDA US AVGO US ALAB US NVDA US AVGO US ALAB HOOD NVDA AVGO TTD ACN CRM NOW |
The funds returns were powered by surging demand for AI infrastructure, led by NVIDIA and Broadcom, as hyperscalers invested heavily in next-generation data centers. Management… |
| Jul 22 2025 | 2025 Q2 | AAPL, AVGO, FI, GPN, HOOD, MSFT, NVDA, ORCL, TMUS | AI, Cloud Computing, innovation, secular growth, semiconductors |
NVDA AVGO MSFT ORCL HOOD FI GPN TMUS AAPL |
The letter emphasizes powerful secular growth driven by artificial intelligence, cloud computing and digital infrastructure. Management highlights strong demand for semiconductors and software platforms with… |
| Mar 31 2025 | 2025 Q1 | GOOG, MRVL, MSFT, NOW, NVDA, TMUS, UBER, V | - | - | - |
| Mar 1 2025 | 2024 Q4 | AVGO, GOOG, NVDA, RDDT | - | - | - |
| Sep 30 2024 | 2024 Q3 | AAPL, AVGO, CRWD, ORCL, SNPS | - | - | - |
| Jun 30 2024 | 2024 Q2 | AAPL, AMD, AVGO, CRM, NVDA | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CloudAmazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. |
Infrastructure Logistics Automation Efficiency Coordination | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Trade |
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| 2025 Q2 |
Technology |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB | Astera Labs Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, Connectivity, growth, hyperscalers, semiconductors | 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 |
| Oct 28, 2025 | Fund Letters | Rahul Narang | HOOD | Robinhood Markets Inc | Financials | Capital Markets | Bull | NASDAQ | Brokerage, Crypto, Fintech, Trading, Volatility | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | GOOGL | Alphabet Inc. | Information Technology | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, monetization, Search | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Acceleration, AI, data centers, GPUs, hyperscalers | 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 |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO | Broadcom Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, custom silicon, Networking, semiconductors | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | MU | Micron Technology, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, Margins, Memory, Supplydiscipline | 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 |
| 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 | 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 |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NOW | ServiceNow Inc | Information Technology | Software | Bear | NYSE | AI, Automation, enterprise, Renewals, Workflow | 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 |
| 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 |
| Jul 22, 2025 | Fund Letters | Rahul Narang | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, growth, productivity, Software | 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 |
| Jul 22, 2025 | Fund Letters | Rahul Narang | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | AI, cloud, Databases, growth, Margins | 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 |
| Jul 22, 2025 | Fund Letters | Rahul Narang | HOOD | Robinhood Markets, Inc. | Financials | Capital Markets | Bull | NASDAQ | ARPU, Crypto, Fintech, growth, Trading | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB US | Astera Labs, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | 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 |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA US | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | 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 |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO US | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | 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 |
| TICKER | COMMENTARY |
|---|---|
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| 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. |
| HOOD | Robinhood Markets, Inc. is a digital brokerage platform serving retail investors. Shares detracted during the quarter following robust performance over the first nine months of the year. While overall activity levels remain strong, Robinhood experienced some softening in customer engagement in November, with cryptocurrency trading volumes in particular declining on both a month-over-month and year-over-year basis. |
| LRCX | we believe it is well positioned to become an approved vendor for Lam Research (a supplier of wafer-fabrication equipment) as well |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| 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 |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| NOW | In the case of ServiceNow, the stock weakened following reports of a potential large acquisition while the company has also been challenged by bearish sentiment across the software as a service or SAAS segment. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| 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. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||