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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
Emerald Wealth Partners' Growth Equity Strategy generated a net return of 24.1% year-to-date through September 30, 2026, outpacing its Bloomberg World Growth benchmark's 13.4% return. Software holdings served as the primary performance contributors during the third quarter, led by substantial rallies in Microsoft and ServiceNow, which offset sharp drawdowns across semiconductor equipment names including Applied Materials, ASML, and Tokyo Electron. To manage emerging risk and harvest gains, the manager trimmed outperforming positions in cybersecurity and hardware, lifting the portfolio's cash position to 8.61% of total assets. The investment team highlights an aggressive market rotation out of high-flying semiconductor hardware and into enterprise software, alongside escalating macro concerns regarding the debt financing requirements of global artificial intelligence infrastructure. Long-term interest rates, term premiums, and debt spreads for AI-related corporate debt spiked beyond 7%, posing growing headwinds for balance-sheet-dependent capital deployment. Nevertheless, the manager maintains a constructive outlook on structural AI adoption, emphasizing that commercial productivity gains are emerging faster than anticipated and spreading across broad enterprise sectors without yet evidencing tech bubble excesses. Portfolio activity during the quarter centered on taking profits in cybersecurity leaders Fortinet, Palo Alto Networks, and CrowdStrike, as well as Advantest, while fully exiting Uber on robotaxi disruption concerns. Capital was actively redeployed into high-free-cash-flow leaders Nvidia and Zscaler. Core high-conviction holdings Meta Platforms and Oracle remain central pillars of the strategy, with Meta advancing consumer and enterprise monetization via its Muse AI agent and Oracle expanding high-margin cloud infrastructure capacity backed by customer prepayments and supplier financing.
Capitalize on durable, long-term technological transformations by investing in high-quality growth businesses with dominant economic moats, robust balance sheets, and strong free cash flow generation.
The manager anticipates greater market volatility in the months ahead due to seasonal patterns and the upcoming US midterm elections, and plans to utilize its increased cash reserve to deploy capital into quality businesses benefiting from durable AI productivity improvements.
Moderate Conviction Bullish
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