| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 28.22% | 50.25% | - |
Columbia Seligman Global Technology Fund returned 50.34% in Q2 2026, significantly outperforming its benchmark MSCI World Information Technology Index return of 33.65%. The fund's outperformance was driven by concentrated overweight positions in semiconductor capital equipment companies including Lam Research, Applied Materials, and Teradyne, which benefited from AI-driven demand for advanced manufacturing equipment and memory capacity. The fund's largest position, Bloom Energy, contributed 10.96% to returns as data-center operators increasingly adopted its fuel-cell technology to bypass grid constraints for AI workloads. Western Digital more than doubled during the quarter on continued demand for high-capacity hard drives. The fund maintained overweight positions in AI infrastructure hardware companies like Hewlett Packard Enterprise. Detractors included website design companies Wix.com and GoDaddy, which faced margin pressure from AI competition fears. The fund avoided memory providers Micron and Sandisk despite their strong performance. Looking forward, the team believes AI infrastructure spending remains in early stages with capital expenditure plans at historically high levels, though risks include geopolitical tensions, elevated interest rates, and investor focus on AI monetization timelines.
The fund maintains concentrated overweight positions in semiconductor capital equipment companies and AI infrastructure enablers, believing these represent unique opportunities in the early stages of a multi-year AI buildout cycle driven by sustained hyperscaler spending.
The information technology sector enters the second half of 2026 with fundamentals remaining broadly constructive, despite periodic volatility driven by geopolitical events, interest-rate uncertainty and elevated investor expectations. AI-related spending remains a top strategic priority across hyperscalers and enterprises, with capital expenditure plans at historically high levels indicating the AI buildout is still in its early stages. Earnings growth remains healthy and broadening, with investors gaining greater confidence that AI investments are translating into tangible revenue opportunities. Software and select information-technology segments are showing signs of recovery following a period of valuation compression.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 23 2026 | 2026 Q2 | AMAT, AVGO, BE, GDDY, HPE, LRCX, TER, WDC, WIX | AI, Cloud, Data centers, growth, Memory, Semi Equipment, semiconductors, technology | - | Columbia Seligman Global Technology Fund delivered 50.34% returns in Q2 2026, crushing its benchmark by 17 percentage points through concentrated bets on semiconductor equipment makers and AI infrastructure enablers. The fund's largest position Bloom Energy surged on data-center power demand, while overweights in Lam Research, Applied Materials, and Western Digital capitalized on the AI buildout cycle. Management sees AI spending in early innings with multi-year runway ahead. |
| Apr 22 2026 | 2026 Q1 | AEIS, AMAT, AVGO, BE, COHR, CRM, GDDY, GEN, LRCX, LYFT, MSFT, ORCL, TER, WDC | AI, Data centers, growth, semiconductors, technology | - | Columbia Global Technology Fund outperformed significantly in Q1 2026 by overweighting semiconductor equipment and data center infrastructure companies benefiting from AI demand. While broader technology stocks declined on geopolitical tensions and rate concerns, the fund's focus on AI infrastructure providers like Lam Research and Bloom Energy drove strong relative performance amid the structural AI buildout cycle. |
| Jan 21 2026 | 2025 Q4 | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology |
NVDA LRCX BE WDC TER AMAT |
Columbia Seligman Global Technology Fund outperformed by 359bp in Q4 through selective AI infrastructure plays, overweighting semiconductor equipment companies like Lam Research while underweighting NVIDIA. The fund's out-of-benchmark Bloom Energy position addresses critical data center power constraints. Despite AI capex volatility, strong fundamentals support continued infrastructure build-out with hyperscaler commitment to GPU and memory spending. |
| Oct 21 2025 | 2025 Q3 | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, energy, semiconductors, technology |
BE LRCX WDC AVGO BE WDC AVGO ORCL |
Columbia Seligman Global Technology Fund delivered 23.69% returns by overweighting AI infrastructure beneficiaries like Lam Research and Bloom Energy while underweighting benchmark heavyweights NVIDIA and Apple. The strategy capitalizes on $400+ billion hyperscaler capex spending and semiconductor equipment recovery, positioning for continued AI infrastructure buildout despite enterprise software disruption risks. |
| Jul 22 2025 | 2025 Q2 | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, global, semiconductors, technology |
LRCX AAPL BE 6723 JP SYNA BE LRCX |
Columbia Seligman Global Technology Fund delivered 23.69% returns in Q3 2025 by focusing on AI infrastructure beneficiaries like Bloom Energy and semiconductor equipment leaders like Lam Research. The fund capitalizes on $400+ billion hyperscaler capex spending while maintaining selective positioning in cloud providers and cybersecurity companies positioned for sustained technology investment growth. |
| Mar 31 2025 | 2025 Q1 | 6723.T, AAPL, AVGO, BE, CHKP, EBAY, FFIV, GEN, GOOGL, GPN, LRCX, MRVL, MSFT, NVDA, ON, TER, TMV.DE, V | AI, Cloud, cybersecurity, global, semiconductors, tariffs, technology | - | Columbia Seligman Global Technology Fund declined 12.71% in Q1 2025 as tariff concerns and AI spending efficiency questions pressured technology stocks. The fund's growth-at-a-reasonable-price strategy benefited from semiconductor equipment and cybersecurity holdings while overweight semiconductor positions detracted. Management remains optimistic on AI infrastructure buildouts and cloud capex commitments despite economic uncertainty and trade policy headwinds. |
| Mar 1 2025 | 2024 Q4 | AAPL, AMAT, AVGO, BE, DBX, EBAY, GDDY, GOOGL, GPN, LRCX, META, MRVL, MSFT, NVDA, NXPI, ON, ORCL, WDC | AI, Cloud, cybersecurity, global, growth, semiconductors, software, technology | - | Technology fund outperformed on AI infrastructure thesis, with semiconductor and cybersecurity holdings driving returns. Maintained selective positioning with NVIDIA underweight, Oracle overweight, and unique Bloom Energy exposure for data center power. Faces headwinds from U.S.-China tensions but positioned for continued AI buildout and software recovery in 2025. |
| Sep 30 2024 | 2024 Q3 | 6723.T, AAPL, AMAT, AMT, AVGO, BE, CCI, EBAY, GDDY, GOOGL, LRCX, META, MSFT, NVDA, ORCL, SMTC | AI, Cloud, cybersecurity, global, semiconductors, software, technology | - | Technology fund underperformed benchmark in Q3 despite benefiting from underweight software/semiconductor positions. AI infrastructure theme remains strongest with continued buildouts expected. Semiconductor equipment demand steady with Q4 upside. Software companies positioned for cyclical recovery as non-AI IT spending resumes. Cybersecurity maintains secular growth prospects. |
| Jun 30 2024 | 2024 Q2 | AAPL, AMAT, AVGO, BE, CRNC, EBAY, GDDY, GOOGL, GPN, LRCX, META, MSFT, NVDA, ORCL, RBRK, RNG, SYNA, TER, TRIP, TXG | AI, Cloud, growth, semiconductors, technology | - | Columbia Seligman Global Technology Fund underperformed in Q2 due to underweight NVIDIA positioning, despite strong AI infrastructure thesis. Fund benefits from semiconductor equipment exposure and Oracle's cloud positioning. Management sees continued AI buildout driving technology infrastructure demand while finding value in dislocated software names and non-AI semiconductor opportunities amid geopolitical chip production pressures. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure spending remains a top strategic priority across hyperscalers and enterprises, driving demand for semiconductors, networking, servers, and power solutions. Capital expenditure plans remain at historically high levels, indicating the AI buildout is still in its early stages. Investors are gaining confidence that AI investments are translating into tangible revenue opportunities rather than remaining purely experimental spending. |
Data Centers Semiconductors Cloud Infrastructure Spending |
Semiconductor CycleSemiconductor capital equipment companies represent a unique opportunity in the AI supply chain, as large chip manufacturers will need to continue sourcing equipment to produce advanced chips that can support agentic AI. AI-driven data-center spending is sustaining robust demand for advanced semiconductor manufacturing equipment, while memory customers accelerate investments in high-bandwidth memory and DRAM capacity. Leading-edge logic and memory capital expenditures are expected to remain elevated through 2026. |
Semi Equipment Memory Foundries Data Centers | |
Data CentersData-center operators have increasingly turned to alternative power-generation solutions to bypass grid constraints and power energy-intensive AI workloads. Accelerating AI data-center construction is driving demand for reliable, onsite power-generation solutions, particularly as utilities struggle to provide sufficient grid capacity in many regions. The fund maintains overweight positions in hardware companies that are key participants in the AI supply chain and data-center buildout. |
AI Energy Storage Grid Upgrade Cloud Infrastructure | |
MemoryDemand for high-bandwidth memory to support AI workloads has driven massive price increases for memory solutions. The rally in memory-related stocks reflects expectations that tighter industry supply discipline should support better pricing and profitability. The fund did not own memory providers such as Micron during the quarter, which detracted from performance relative to the benchmark. |
Semiconductors AI Data Centers | |
CloudSoftware companies delivered improved bookings, cloud consumption, and customer-spending trends during the quarter. Following a period of valuation compression, investors are increasingly identifying opportunities in areas that lagged the initial AI-driven rally. Earnings growth remains healthy and broadening across cloud and enterprise IT companies. |
SaaS Enterprise Software AI | |
| 2026 Q1 |
AIAI and data-center capital spending remains structurally strong despite near-term volatility in technology share prices. Hyperscaler AI investment is still accelerating, which continues to support semiconductors and other areas of technology. The fund maintains overweight positions in semiconductor equipment companies as they represent a unique opportunity in the AI supply chain. |
Data Centers Semiconductors Hyperscalers Capital Spending |
Data CentersData center operators have increasingly turned to Bloom's solid oxide fuel cells to bypass grid constraints and power energy-intensive AI workloads. The fund maintains positions in companies benefiting from data center buildout including Western Digital for high-capacity hard drives and Coherent for high-speed optical communications. |
Power Storage Optical Communications Infrastructure | |
Semiconductor CycleThe fund's overweight allocation to semiconductor equipment sector was a primary driver of returns. Management believes semicap equipment companies represent a unique opportunity as chip manufacturers need to continue sourcing equipment to produce advanced chips. Companies like Lam Research, Applied Materials, and Teradyne all contributed positively. |
Equipment Manufacturing Testing Foundries | |
Energy TransitionThe fund holds an out-of-benchmark position in Bloom Energy, which manufactures solid oxide fuel cells that provide alternative energy sources. The company continues to guide aggressively, positioning their technology as a beneficiary of the structural power bottleneck when operating AI data centers. |
Fuel Cells Alternative Energy Power Generation | |
| 2025 Q4 |
Live SportsMario Gabelli emphasizes live entertainment and sports as major investment themes, citing 55 million viewers for Kansas City Chiefs vs Dallas Cowboys game and upcoming World Cup. He recommends Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications as ways to invest in sports teams and related assets. |
Sports Entertainment Media Teams Broadcasting |
MediaGabelli discusses media investments including Fox and Versant Media Group, highlighting Fox's sports broadcasting rights for NFL and MLB games, World Cup coverage, and Versant's cable networks and digital properties. He sees value in media companies with sports content and strong cash generation. |
Broadcasting Cable Content Networks Television | |
Natural GasGabelli recommends National Fuel Gas, noting that natural gas provides 40% of U.S. electric power and 33% of U.S. gas comes from Appalachia. He sees value in NFG's 1.2 million acres in the Appalachian Basin with substantial mineral ownership overlying Marcellus and Utica shales. |
Utilities Energy Infrastructure Pipelines Distribution | |
AIGabelli acknowledges AI's transformative impact but warns of potential market corrections similar to 1987. He notes AI will touch everything and create both winners and losers, while expressing concern about leveraged ETFs and retail investor influx that could accelerate market selloffs. |
Technology Automation Innovation Disruption Valuation | |
GoldGabelli's gold expert Caesar Bryan delivered 167% returns in 2025, with gold trading at $4,300 per ounce. Gabelli explains central banks and governments are buying gold as a store of value amid monetary uncertainty and geopolitical tensions, particularly citing Chinese government diversification away from dollars. |
Precious Metals Store of Value Currency Central Banks Inflation | |
| 2025 Q3 |
AIAI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. The primary driver of returns has been companies indexed to artificial intelligence infrastructure and the cloud. AI workloads require more advanced chips, driving demand for semiconductor equipment solutions. |
Infrastructure Cloud Semiconductors Capex Workloads |
Data CentersU.S. cloud-data-center spending from major providers is expected to exceed $400 billion in 2025 alone. The electricity shortage that overhangs new AI data center builds presents opportunities for alternative energy solutions. Cloud providers have committed to significant spending in 2026 following historically high 2025 spend. |
Cloud Capex Energy Infrastructure Hyperscale | |
Semiconductor CycleSemiconductor chip demand remains robust and the need for higher bandwidth memory has increased memory pricing as AI demand levels are still elevated. Semiconductor equipment demand has continued to recover strongly during the second and third quarters behind quieting tariff news. |
Memory Equipment Recovery Tariffs Demand | |
CybersecurityThe need for robust cybersecurity solutions has become paramount as the focus on AI increases, and cybersecurity firms have been able to find some pockets of success despite overall volatility within technology. Cybersecurity consistently remains a top priority for chief information officer budgets with limited impact from macro factors. |
Solutions CIO Budgets Priority Growth | |
Energy TransitionBloom Energy manufactures solid-oxide fuel cells that produce electricity and can provide an alternative source of energy compared to traditional supply. The company received favorable tax credits from the Trump administration supporting hydrogen fuel cell and clean hydrogen production, leading to cost parity with other energy providers including wind turbines. |
Fuel Cells Hydrogen Tax Credits Alternative Energy Clean Energy | |
| 2025 Q2 |
AIAI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending by cloud service providers continues to grow, with companies indexed to artificial intelligence infrastructure and cloud being primary drivers of returns in the technology market. |
Infrastructure Cloud Capex Hyperscale Data Centers |
SemiconductorsSemiconductor equipment demand has continued to recover strongly during the second and third quarters behind quieting tariff news. Semiconductor chip demand remains robust, and the need for higher bandwidth memory has increased memory pricing as AI demand levels are still elevated. |
Equipment Memory Foundries Tariffs Recovery | |
Data CentersU.S. cloud-data-center spending from major providers is expected to exceed $400 billion in 2025 alone. The electricity shortage that overhangs new AI data center builds presents opportunities for alternative energy solutions that can ramp up power delivery quicker than traditional providers. |
Cloud Capex Power Infrastructure Hyperscale | |
CybersecurityThe need for robust cybersecurity solutions has become paramount as the focus on AI increases, and cybersecurity firms have been able to find some pockets of success despite overall volatility within technology. Cybersecurity consistently remains a top priority for chief information officer budgets. |
Security CIO Budgets Enterprise Software | |
Energy TransitionBloom Energy manufactures solid-oxide fuel cells that produce electricity and can provide an alternative source of energy compared to traditional supply. The company received favorable tax credits from the Trump administration supporting hydrogen fuel cell and clean hydrogen production, leading to cost parity with other energy providers. |
Fuel Cells Hydrogen Tax Credits Clean Energy Alternative | |
| 2025 Q1 |
AIAI continues to be the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending from publicly traded cloud service providers including Microsoft, Google, Amazon, Oracle and Meta is continuing to grow. However, concerns emerged about the size of AI-related capital expenditure spending and a slowdown in cloud spending as AI models become cheaper and more efficient. |
Infrastructure Cloud Capex Models Deployment |
SemiconductorsSemiconductor equipment demand remains steady despite volatility in the subsector given headline news around tariffs. The fund sees strong company fundamentals within the semiconductor and semiconductor equipment spaces. Companies continue to try moving more production domestically to avoid impacts from tariffs. |
Equipment Foundries Domestic Production Tariffs | |
CybersecurityCybersecurity remains a consistent top priority in chief investment officer budgets with limited impact from macroeconomic factors. The need for robust cybersecurity solutions has become paramount as the focus on AI increases. Companies positioned in this manner continue to have a favorable secular backdrop for sustained growth. |
Solutions Budgets Protection Growth Secular | |
Data CentersThe investment thesis on Bloom Energy is that its technology offers a solution to the electricity shortage that overhangs new AI data-center construction in the U.S. and around the world. Bloom's fuel cells plug into a natural gas line that fits on a data center's campus without taking up much real estate. |
Construction Electricity Infrastructure Power Energy | |
Trade PolicyTariffs were one of the driving factors behind volatility in technology-stock prices. The new administration's implementation of tariffs on trading partners including Europe, Canada and China led to concerns about potential for lower economic growth and higher inflation. Attention focused on April 2 when the new administration was likely to announce plans for sweeping reciprocal tariffs on trading partners. |
Tariffs Reciprocal Partners Implementation Volatility | |
| 2024 Q4 |
AIAI continues to be the strongest theme in technology, as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spend from public cloud service providers Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow. The fund sees AI as driving demand for technology infrastructure and offering the promise of exponentially increased productivity gains. |
Infrastructure Productivity Cloud Data Centers Semiconductors |
SemiconductorsSemiconductor equipment demand remains steady, with upside continuing into 2025. The complexity around AI-related processors is continuing to drive robust activity for advanced packaging and backside power. The fund holds positions in companies like Broadcom, Marvell Technology, and Lam Research, though faces headwinds from U.S.-China trade tensions. |
Equipment Packaging Trade Tensions China Manufacturing | |
CybersecurityCybersecurity consistently remains a top priority for chief information officer budgets, with limited impact from macroeconomic factors. Companies positioned here continue to have a favorable secular backdrop for sustained growth. The need for robust cybersecurity solutions becomes paramount as the focus on AI increases. |
CIO Budgets Secular Growth AI Security Enterprise Software | |
CloudThe fund maintains exposure to cloud infrastructure companies and sees Oracle as positioned to be a major beneficiary of the AI rollout with potential to compete with other large cloud providers. Capital expenditure spending from major cloud service providers continues to grow as demand for computer power that can handle AI is increasing. |
Infrastructure Oracle Competition Capex Computing Power | |
Data CentersThe fund holds an out-of-benchmark position in Bloom Energy, which provides alternative energy solutions for AI data center builds. Bloom's fuel cells can provide power to data centers without taking up much real estate and can ramp up power delivery quicker than other energy providers, addressing electricity shortages that overhang new AI data center builds. |
Energy Power Infrastructure Electricity Alternative Energy | |
| 2024 Q3 |
AIAI continues to be the strongest theme in tech with infrastructure buildouts continuing and companies hastening to deploy new AI capabilities. Capital spend from public cloud service providers continues to grow, though investors began questioning when AI spending could translate into profits. |
Infrastructure Buildout Productivity Processors Connectivity |
SemiconductorsSemiconductor equipment demand remains steady with upside continuing into Q4 2024. The complexity around AI-related processors is driving robust activity for advanced packaging and backside power. Non-AI semiconductor companies should benefit from electric vehicle growth over the long term. |
Equipment Packaging Processors Electric Vehicles Advanced | |
CybersecurityCybersecurity consistently remains a top priority for CIO budgets with limited impact from macro factors. Companies positioned in cybersecurity continue to have a favorable secular backdrop for sustained growth as the need for robust solutions becomes paramount with increased AI focus. |
CIO Budgets Secular Growth Solutions Priority Sustained | |
CloudPublic cloud service providers such as Microsoft, Google, Amazon, Oracle and Meta continue to grow their capital spend. Oracle is positioned as an immediate AI beneficiary and has a chance to emerge as a fourth cloud competitor with next-generation infrastructure. |
Capital Spend Infrastructure Service Providers Competition Next-generation | |
Electric VehiclesElectronic vehicle sales in China are projected to hit 10 million vehicles, roughly 45% of all car sales. In the US, EV sales are forecasted to rise 20% compared to 2023, hitting roughly 11% of all new car sales, providing a secular backdrop for non-AI semiconductor companies. |
China Sales Growth Market Share Secular Semiconductors | |
| 2024 Q2 |
AIAI continues to be the strongest theme in technology, driving infrastructure buildouts and accelerating company deployment of new AI capabilities. Capital spend from public cloud service providers continues to grow, with NVIDIA remaining the most important AI player despite supply constraints. |
Infrastructure Buildout Deployment Processors Data Centers |
SemiconductorsSemiconductor equipment demand remains steady with upside continuing into the second half of 2024. The complexity around AI-related processors is driving robust activity for advanced packaging and backside power, while geopolitical risks around Taiwan are increasing pressure for domestic chip production. |
Equipment Advanced Packaging Domestic Production Taiwan Geopolitical | |
CloudPublic cloud service providers including Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow their capital spend. Oracle has a chance to emerge as a fourth cloud competitor with next generation cloud infrastructure providing price-performance advantages. |
Infrastructure Capital Spend Competition Next Generation | |
CybersecurityCybersecurity consistently remains a top priority for CIO budgets with limited impact from macroeconomic factors. The need for robust cybersecurity solutions becomes paramount as the focus on AI increases, providing companies positioned here with a favorable secular backdrop for sustained growth. |
CIO Budgets Secular Growth AI Security Priority | |
Electric VehiclesEV sales in China are projected to hit 10 million vehicles, roughly 45% of all car sales in the country. In the U.S., EV sales are forecasted to rise 20% compared to 2023, hitting roughly 11% of all new car sales, providing a secular backdrop for various non-AI semiconductor companies. |
China Sales Growth Market Share Secular Backdrop |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Vimal Patel | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bear | NASDAQ | AI, datacenters, GPUs, guidance, Margins, valuation | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CapEx, Deposition, Etch, HBM, Memory, Semicap | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | BE | Bloom Energy Corporation | Industrials | Electrical Equipment | Bull | New York Stock Exchange | AI, datacenters, Fuelcells, infrastructure, Power, scaling | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | WDC | Western Digital Corporation | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | data centers, Demand, Hdd, hyperscalers, spinoff, Storage | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | TER | Teradyne, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | accelerators, AI, Memory, Semicap, Testing, Utilization | Login |
| Jan 21, 2026 | Fund Letters | Vimal Patel | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | DRAM, Foundry, HBM, Margins, Semicap, Wafers | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | BE | Bloom Energy Corp. | Industrials | Renewable Energy Equipment | Bull | NYSE | AI infrastructure, clean energy, data centers, energy transition, Hydrogen, Tax credit | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | LRCX | Lam Research Corp. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Cycle recovery, Margins, Nand, ROIC, semiconductors, Wafer fab | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | WDC | Western Digital Corp. | Information Technology | Computer Storage & Peripherals | Bull | NASDAQ | AI, Demand, Margins, Memory, Pricing, profitability, Storage | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Asic, data centers, Free Cash Flow, hyperscale, semiconductors | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | BE | Bloom Energy Corp. | Industrials | Renewable Energy Equipment | Bull | NYSE | AI infrastructure, clean energy, data centers, energy transition, Hydrogen, Tax credit | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | WDC | Western Digital Corp. | Information Technology | Computer Storage & Peripherals | Bull | NASDAQ | AI, Demand, Margins, Memory, Pricing, profitability, Storage | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Asic, data centers, Free Cash Flow, hyperscale, semiconductors | Login |
| Oct 21, 2025 | Fund Letters | Vimal Patel | ORCL | Oracle Corp. | Information Technology | System Software | Bull | NYSE | AI, backlog, cloud, Margins, Oci, Partnerships, Software | Login |
| Sep 30, 2025 | Fund Letters | Columbia Seligman Global Technology Fund | BE | Bloom Energy | Industrials | Electrical Equipment | Bull | NYSE | AI infrastructure, alternative energy, clean technology, data centers, Fuel cells, Hydrogen, Industrials, Power generation | Login |
| Sep 30, 2025 | Fund Letters | Columbia Seligman Global Technology Fund | LRCX | Lam Research | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Chips, AI infrastructure, Deposition, Etch Solutions, Memory Manufacturing, NAND flash, semiconductor equipment | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Equipment, Memory, Packaging, R&D, semiconductors | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | Competition, Ecosystem, Hardware, Saturation, tariffs | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | BE | Bloom Energy Corporation | Industrials | Electrical Components & Equipment | Bull | NYSE | datacenters, energy, Hydrogen, Policy, Power | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | 6723 JP | Renesas Electronics Corporation | Information Technology | Semiconductors | Bear | NYSE | Autos, guidance, Industrial, Risk, semiconductors | Login |
| Jul 22, 2025 | Fund Letters | Vimal Patel | SYNA | Synaptics Incorporated | Information Technology | Semiconductors | Bear | NASDAQ | Execution, IoT, leadership, Margins, restructuring | Login |
| TICKER | COMMENTARY |
|---|---|
| BE | The fund continued to hold an off-benchmark position in Bloom Energy. The company manufactures and markets solid-oxide fuel cells that produce electricity and can provide an alternative source of energy compared to traditional supply. Data-center operators have increasingly turned to Bloom's solid-oxide fuel cells to bypass grid constraints and power energy-intensive AI workloads. The optimism around Bloom continued during the quarter, with expectations that accelerating AI data-center construction would drive demand for reliable, onsite power-generation solutions, particularly as utilities struggled to provide sufficient grid capacity in many regions. The stock also benefited from growing recognition of Bloom's fuel-cell technology as a potential bridge solution for powering AI infrastructure, supporting expectations for stronger bookings and long-term revenue. |
| LRCX | Lam Research was one of the largest positions in the fund during the quarter. The stock appreciated as investors became increasingly optimistic that AI-driven data-center spending would sustain robust demand for advanced semiconductor manufacturing equipment, while memory customers accelerated investments in high-bandwidth memory and dynamic random-access memory (DRAM) capacity. Lam stock also benefited from improving semiconductor-industry fundamentals, strong earnings execution and growing confidence that leading-edge logic and memory capital expenditures would remain elevated through 2026, supporting Lam's revenue and margin outlook. |
| AMAT | The fund also held an overweight position in Applied Materials, which operates in a similar space as Lam Research. The company's share price rose during the quarter as its investor base grew more confident that AI-driven semiconductor demand would support sustained wafer fabrication equipment spending, specifically in leading-edge logic and advanced packaging. |
| TER | Finally, the portfolio maintained an overweight in semiconductor chip-testing company Teradyne, whose stock rose during the quarter on the back of improving semiconductor industry sentiment, expectations for a broader recovery in test spending and confidence that Teradyne is well-positioned to capitalize on rising complexity in next-generation processors. |
| WDC | The position in Western Digital was a key contributor as the fund maintained an overweight allocation to the name, and the stock continued an outstanding six-quarter run with its share price more than doubling during the quarter. The rally in the stock was a continuation of demand for high-capacity hard drives and the expectation that tighter industry supply discipline should support better pricing and profitability. |
| HPE | Sticking to the theme of data-center buildout, the fund maintained an overweight position in Hewlett Packard Enterprise during the quarter, which contributed to performance. The share price rose during the quarter as investors gained confidence that accelerating AI infrastructure deployments would drive stronger demand for the company's AI servers, networking equipment and hybrid cloud solutions. |
| WIX | Finally, the fund maintained overweight positions in website design and hosting companies Wix.com and GoDaddy, which detracted from performance during the second quarter. Both companies faced increased pressure and margin compression around fears that parts of the website design business and other areas of software as a whole will be AI losers, threatened by startup AI providers claiming some of their market share. |
| GDDY | Finally, the fund maintained overweight positions in website design and hosting companies Wix.com and GoDaddy, which detracted from performance during the second quarter. Both companies faced increased pressure and margin compression around fears that parts of the website design business and other areas of software as a whole will be AI losers, threatened by startup AI providers claiming some of their market share. |
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