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 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
CloudCloud computing remains a core portfolio theme with strong positioning in hyperscale providers and infrastructure companies. Microsoft Azure showed 39% growth while Google Cloud exceeded 30% growth, both supported by AI workload adoption. The fund sees continued multi-year demand for cloud infrastructure and services as enterprises accelerate digital transformation. |
Azure Infrastructure Hyperscale Enterprise Growth | |
SemiconductorsMACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. |
Demand Competition Connectivity Customer Concentration | |
| 2025 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
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 | 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| AAPL | AAPL shares rose in 4Q25 following better-than-feared iPhone 17 sell-through trends and stronger Services momentum. The company reported that early adoption of its on-device AI features exceeded internal expectations, particularly in North America and Europe, where attach rates for Pro models remained elevated. Wearables also returned to growth, helped by new health features and improved battery life. |
| AMZN | This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA. |
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AVGO | During the quarter, we initiated a below-average weight position in leading semiconductor and infrastructure software company Broadcom. Broadcom's ongoing transformation from a provider of custom ASICs to a full rack-scale solutions vendor, including scale-up networking, marks a significant improvement in its strategic positioning compared to earlier in the year. This strategic evolution has been validated by recent product launches, such as the Scale-up Ethernet solution, and committed orders from major customers like Anthropic. |
| 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 | Capital spending from Google, Microsoft, Amazon, Meta, OpenAI, and more have led to Nvidia becoming the Rrst 5 trillion market cap company. |
| 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 | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| 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 | |||