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 become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
CloudSnowflake was added as the leading player in cloud data storage, providing comprehensive data warehousing services for large businesses. The company's cloud-native platform helps companies store, analyze and share data across organizations, crucial for AI infrastructure upgrades. |
Data Storage Infrastructure Platform Enterprise | |
SemiconductorsTaiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. |
Foundries Advanced Process AI Chips Manufacturing Technology Leadership | |
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
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 | 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| AAPL | The largest 10 companies, by market capitalization, had reached 40.7% of the S&P 500 by the end of 2025, up from roughly 30% at the end of 2021. At the top of this list are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Broadcom (AVGO), Meta (META), and Tesla (TSLA). Apple: Market capitalization near $4 trillion. A double requires creating a company larger than the size of Walmart, JPMorgan, and Pfizer combined. |
| AMZN | We added to our holdings in Amazon.com Inc. |
| ASML | ASML is the largest constituent of the MSCI EAFE Index as the critical toolmaker in the AI ecosystem. |
| AVGO | Broadcom, a leading semiconductor company and long-term holding, continued to execute well amid strong demand for custom silicon supporting AI workloads. |
| GOOGL | I'm willing to go bankrupt rather than lose this race. Larry Page, co-founder of Google |
| HOOD | Continued to use profitable larger position in Robinhood Markets to opportunistically fund more attractively valued holdings. |
| LRCX | we believe it is well positioned to become an approved vendor for Lam Research (a supplier of wafer-fabrication equipment) as well |
| META | Meta was cited as a larger position that contributed little despite what I thought was positive operating progress, representing opportunity cost in the portfolio. |
| MSFT | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| MU | We took a position in Micron Technology early in the quarter to gain exposure to high-bandwidth memory, a clear bottleneck in chip development. The position was later sold for a solid gain. |
| NFLX | Netflix has built a durable economic moat around its vertically-integrated, globally-scaled streaming business. As the first company to establish a global subscription media platform within the $500 billion TV market, Netflix is now reaping the benefits of its early leadership. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry. |
| 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 | Nvidia sits at the top of the S&P 500 as the designer in the AI ecosystem. |
| 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. |
| TSM | TSMC leads the MSCI Emerging Markets Index as the manufacturer in the AI ecosystem. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||