The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Ithaka's US Growth Strategy returned 21.9% net in Q2 2026, outperforming the Russell 1000 Growth Index by 500 basis points as AI infrastructure remained the dominant market driver. The portfolio's concentrated positions in semiconductor and cybersecurity companies delivered exceptional returns, with AMD surging 182% as the market recognized the massive opportunity in agentic AI workloads requiring high-core-count CPUs. CrowdStrike and Palo Alto Networks benefited from a narrative shift recognizing that AI adoption creates vastly larger attack surfaces requiring specialized protection. The quarter saw 60% of S&P 500 earnings growth concentrated in the AI complex, with NVIDIA and Micron alone contributing 40%. Physical infrastructure constraints are emerging as a critical bottleneck, with data center power connections now taking five to seven years. The managers initiated five new positions while eliminating five others, maintaining their disciplined approach to owning high-quality businesses with durable competitive advantages. Looking forward, they expect AI diffusion, infrastructure limits, and capital markets access for model providers to remain key themes, while the pending midterm elections should create a more stable legislative environment.
Ithaka maintains a concentrated portfolio of 26 large-cap growth companies positioned to benefit from secular AI infrastructure build-out, with particular emphasis on semiconductor companies capturing the shift to agentic AI workloads and cybersecurity platforms protecting expanding attack surfaces in an AI-driven world.
The managers expect AI diffusion, physical infrastructure constraints, and capital markets access for large model providers to remain the dominant themes driving markets. They anticipate continued scrutiny of AI monetization models following budget overruns, while infrastructure bottlenecks around power and construction timelines will likely drive innovation in behind-the-meter power solutions. The pending midterm elections are expected to create a more stable legislative environment. The investment discipline remains focused on long-term wealth creation through concentrated positions in businesses with high probability of compounding economic value, led by prudent management teams with durable secular tailwinds and advantaged business models.
As of Jul 17, 2026
The Ithaka Group LLC is led by an experienced investment team comprising Scott E. O'Gorman, CFA (President, CIO, Portfolio Manager with 29 years experience), Andrew J. Colyer, CFA (Director of Research and Portfolio Manager with 21 years experience), Daniel J. White, CFA, CAIA (Senior Research Analyst and Portfolio Manager with 11 years experience), and Zander Zidlicky (Research Associate with 3 years experience). The firm was founded in 2008 as an independent SEC-registered investment management firm and operates as an independent investment boutique specializing in managing concentrated, high-quality US large-cap growth equity portfolios.
The Ithaka Group's investment approach centers on identifying superior companies based on business success and the sustainability of that success. The firm believes that a company's share price follows its free cash flows, which grow through effective capital allocation with high returns. The strategy focuses on 25 to 35 high-quality growth companies with the expectation of multi-year holdings and low turnover, emphasizing companies capable of sustained long-term cash flow growth. The portfolio management approach balances concentration and diversification by owning 20 to 40 companies with capped sectors and individual holdings. The strategy is actively managed with an intention to hold investments for three to five years or longer, selling holdings when they cease to add value relative to alternatives, while remaining fully invested at all times.
Lead Portfolio Manager
Scott O'Gorman
Managing Partner
Moderate Conviction Bullish
Market Conviction
The portfolio holds 26 concentrated large-cap positions with a maximum of 35 holdings allowed, demonstrating structural concentration. The managers provide detailed, multi-paragraph commentary on specific holdings like AMD, CrowdStrike, and Palo Alto Networks, explaining competitive moats and thesis drivers. They name specific positions, discuss CEO actions, and explain TAM expansions with concrete numbers. The letter describes a conviction-weighted approach and provides extensive company-specific analysis. However, the portfolio is not extremely concentrated (26 names vs. 5-10), and some hedging language exists around monitoring themes. This places conviction in the high-moderate to high range rather than extreme concentration territory.
Growth Outlook
Market outlook remains high conviction: Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakn...
Risk Appetite
Risk appetite posture is very low conviction: Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakn...
Capital Deployment
The portfolio initiated five new positions and eliminated five positions during the quarter, representing rotation rather than net deployment. Cash remains at approximately 70 basis points, which acted as a drag in the strong market, suggesting cash levels were relatively stable. The activity reflects rebalancing and sector rotation from SaaS/MedTech into semiconductors and infrastructure rather than aggressive net deployment of capital. The letter describes maintaining concentrated positions rather than scaling them significantly. This represents modest rotation activity with stable cash levels.
Forward Guidance
Forward guidance signal: Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakn...
Language Signal
The letter balances bullish language around AI infrastructure opportunities, secular tailwinds, and exceptional fundamental growth with cautionary language about infrastructure bottlenecks, monetization scrutiny, extreme concentration risk, and the SaaS-pocalypse. Positive terms like explosive growth, massive beneficiary, and robust returns are offset by concerns about budget overruns, multiple compression, and limited market breadth. The language is relatively balanced between opportunity and risk framing.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakn...
Opportunity Density
The managers see attractive opportunities within defined areas, particularly AI infrastructure, semiconductors, and cybersecurity, as evidenced by initiating five new positions. They describe massive TAM expansions in server CPUs and discuss multiple secular tailwinds. However, they also note that outside of AI, the market is 'not hot' on a relative basis, describe the SaaS-pocalypse as ongoing, and emphasize selectivity in their approach. The opportunity set is characterized as rich within specific themes but requiring selectivity across the broader market.
Time Horizon
The managers explicitly state they focus on long-term wealth creation and seek companies with high probability of compounding economic value. They discuss secular tailwinds, durable competitive advantages, and cite AMD's 50+ year history riding computing power demand. The letter references TAM forecasts extending to 2030 and discusses multi-year infrastructure build-out timelines. However, the portfolio also responds to quarterly earnings, monitors near-term catalysts like elections and IPOs, and rotated five positions during the quarter. This reflects a multi-year thesis orientation with some tactical responsiveness, placing the time horizon in the 2-4 year range rather than permanent capital territory.
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Ithaka US Growth Strategy or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
