Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.9% | -3.1% | 17.6% |
| 2025 |
|---|
| 17.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.9% | -3.1% | 17.6% |
| 2025 |
|---|
| 17.6% |
The Loomis Sayles Global Growth Fund posted -3.05% returns in Q4 2025, underperforming the MSCI ACWI Index by 634 basis points, though delivering strong 17.56% annual returns. The fund maintains a concentrated approach, investing in high-quality businesses with sustainable competitive advantages when trading at significant discounts to intrinsic value. Top contributors included Alphabet, benefiting from AI-driven search growth and cloud acceleration; Shopify, with 32% revenue growth and expanding market share; and Fanuc, leveraging factory automation demand. Key detractors were Oracle, despite strong RPO growth, Netflix, amid Warner Bros. acquisition uncertainty, and MercadoLibre, facing elevated investment cycles. The portfolio reflects secular growth themes including AI adoption, cloud infrastructure transition, streaming entertainment expansion, and e-commerce penetration in emerging markets. Manager Aziz Hamzaogullari initiated positions in Ferrari and Nike while trimming Alibaba, Fanuc, and Qualcomm. The portfolio trades at approximately 46% discount to estimated intrinsic value, with the manager maintaining conviction in long-term structural growth drivers across holdings.
The fund seeks to invest in companies with sustainable competitive advantages, long-term structural growth drivers, attractive cash flow returns on invested capital, and management teams focused on creating long-term value when they trade at significant discounts to intrinsic value.
The manager remains committed to the long-term investment approach of investing in high-quality businesses with sustainable competitive advantages and profitable growth when they trade at significant discounts to intrinsic value. The overall portfolio discount to intrinsic value was approximately 45.8% as of December 31, 2025, with estimated annualized portfolio turnover of approximately 8.9% since inception.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 9 2026 | 2025 Q4 | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology |
GOOG SHOP 6954 JP ORCL NFLX MELI |
AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode… |
| Nov 8 2025 | 2025 Q3 | ADYEN NA, GOOG, MELI, NFLX, ORCL, TSLA | Cloud, Digital Advertising, E-Commerce, EVs, growth | LFCR | The fund focuses on high-quality global growth companies with durable competitive advantages and structural growth drivers. Secular adoption curves in cloud computing, digital advertising, EVs,… |
| Jul 27 2025 | 2025 Q2 | MELI, NFLX, ORCL, TCOM, VRTX, YUMC | Competitive Advantage, Global Growth, innovation, Reinvestment, secular trends |
NFLX MELI ORCL TCOM YUMC VRTX |
The commentary focuses on global secular growth driven by innovation, productivity gains, and expanding end markets across regions. The manager stresses bottom-up security selection, favoring… |
| Mar 31 2025 | 2025 Q1 | AMZN, GOOG, MELI, NOVN SW, TSLA | - | - | - |
| Jun 30 2024 | 2024 Q2 | ADYEY, CRSP, GOOG, RNA, SHOP, TCEHY | - | - | - |
| 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 |
AutomationFactory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. |
Factory Automation Industrial Sensors Machine Vision Robotics Industrial IoT | |
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 | |
E-commerceThe portfolio maintains exposure to e-commerce platforms and enablement technologies through holdings like Amazon and Shopify. The fund views e-commerce as benefiting from secular shifts in consumer behavior and continued digital commerce adoption across retail categories. |
Platforms Digital Retail Consumer Technology | |
StreamingNetflix represents the fund's exposure to global streaming entertainment, despite near-term headwinds from subscriber growth concerns and content spending. The fund continues to view Netflix as the dominant global streaming platform with durable competitive advantages through its content library, technology infrastructure, and growing advertising business. |
Content Global Advertising Platform Entertainment | |
| 2025 Q3 |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech |
| 2025 Q2 |
Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 27, 2025 | Fund Letters | Aziz V. Hamzaogullari | MELI | MercadoLibre, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | ecommerce, Fintech, growth, Logistics, Margins | Login |
| Jul 27, 2025 | Fund Letters | Aziz V. Hamzaogullari | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | New York Stock Exchange | cashflow, cloud, Margins, Software, Subscription | Login |
| Jul 27, 2025 | Fund Letters | Aziz V. Hamzaogullari | TCOM | Trip.com Group Ltd. | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NASDAQ | Demand, Margins, recovery, Tourism, Travel | Login |
| Jul 27, 2025 | Fund Letters | Aziz V. Hamzaogullari | YUMC | Yum China Holdings, Inc. | Consumer Discretionary | Restaurants | Bull | New York Stock Exchange | consumer, growth, Loyalty, Margins, Restaurants | Login |
| Jul 27, 2025 | Fund Letters | Aziz V. Hamzaogullari | VRTX | Vertex Pharmaceuticals Incorporated | Health Care | Biotechnology | Bull | NASDAQ | Biotech, cashflow, Genetics, innovation, pipeline | Login |
| Feb 9, 2026 | Fund Letters | Aziz V. Hamzaogullari | GOOG | Alphabet Inc. | Communication Services | Internet Services & Infrastructure | Bull | NASDAQ | advertising, Artificial Intelligence, CapEx, cloud, Free Cash Flow, Search | Login |
| Feb 9, 2026 | Fund Letters | Aziz V. Hamzaogullari | SHOP | Shopify Inc. | Information Technology | Internet Services & Infrastructure | Bull | New York Stock Exchange | e-commerce, Free Cash Flow, network effects, Omnichannel, Payments, platform | Login |
| Feb 9, 2026 | Fund Letters | Aziz V. Hamzaogullari | 6954 JP | FANUC Corporation | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Artificial Intelligence, Automation, manufacturing, Margins, robotics, secular growth | Login |
| Feb 9, 2026 | Fund Letters | Aziz V. Hamzaogullari | ORCL | Oracle Corporation | Information Technology | Enterprise Software | Bull | New York Stock Exchange | Artificial Intelligence, backlog, CapEx, Cloud computing, Enterprise software, Subscriptions | Login |
| Feb 9, 2026 | Fund Letters | Aziz V. Hamzaogullari | NFLX | Netflix, Inc. | Communication Services | Streaming Services | Bull | NASDAQ | advertising, Content, Free Cash Flow, scale, Streaming, Subscriptions | Login |
| Feb 9, 2026 | Fund Letters | Aziz V. Hamzaogullari | MELI | MercadoLibre, Inc. | Information Technology | E-commerce Platforms | Bull | NASDAQ | e-commerce, Fintech, Latin America, Logistics, network effects, Payments | Login |
| Nov 8, 2025 | Fund Letters | Aziz V. Hamzaogullari | LFCR | Lifecore Biomedical, Inc. | Health Care | Drug Manufacturers - Specialty & Generic | Bull | NASDAQ | Bioprocessing, CDMO, Contractmanufacturing, GLP-1, Injectables, pharmaceuticals, Reshoring, tariffs | Login |
| Jul 27, 2025 | Fund Letters | Aziz V. Hamzaogullari | NFLX | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | cashflow, Content, Margins, Streaming, Subscriptions | Login |
| TICKER | COMMENTARY |
|---|---|
| 6954.T | Fanuc reported September quarter results that beat consensus estimates, raising full-year operating profit guidance by 10% on demand recovery and improved utilization rates. Robot orders were particularly strong, up 38% y/y, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Furthermore, at an international robot show in December, Fanuc showcased significant advancements in AI-enabled robotics, with commercialization that may arrive in the coming years. |
| AMZN | This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA. |
| BA | Some of the biggest winners over the past year are also among our biggest positions currently, including names like Boeing, GE Aerospace, and Cameco. |
| BABA | our Asian investments performed strongly with Alibaba and Jardine Matheson up 63% |
| 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. |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| 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. |
| 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. |
| NKE | Notable positive contributions from the Fund's short book in December include National Vision Holdings, Nike, and Starbucks. |
| NVO | I sold Novo Nordisk (NVO) after a very brief period of ownership due to what appeared to be a disadvantageous competitive situation after further diligence. Eli Lilly (LLY) is much more highly valued than NVO, which initially attracted me to NVO as a value investor, but further investigation has revealed LLY has a superior product (for now). While NVO has been first to market with an oral GLP-1, it is likely only a matter of time before LLY brings a similar option to market. NVO may take an aggressive approach to pricing to access more customers and compete with LLY, but LLY's advantage is likely to persist and I felt there were better alternatives for the capital. |
| 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. |
| QCOM | I remember like yesterday when Qualcomm was the top performing stock in 1999 rising a spectacular 2,619%; it then dropped over 85% by 2002. |
| RACE | Our largest common stock holding is Ferrari. Over the last three years we have purchased 543,800 shares. At year-end, our investment in Ferrari was valued at $202.3 million. When we started purchasing shares in 2022, we were thinking about what the company would look like in two decades. Ferrari's vehicles will, of course, continue to change over the coming years, but we think the reasons people will choose the brand in the 2040s will be nearly the same as they are today. We believe Ferrari is one such company that has sustained its competitive edge. |
| SHOP.TO | Non dividend paying technology names Shopify and Celestica had also meaningful contribution to the index returns for the year, detracting our relative outcome. |
| TSLA | Under the previous system, companies that produced only electric vehicles—most notably Tesla—generated large quantities of credits that could then be sold to manufacturers falling short of their EV production targets, allowing them to avoid regulatory penalties. |
| UAA | We sold our position in Under Armour. |
| UL | Unilever is a global consumer goods company that develops and markets everyday food and personal care brands for billions of consumers worldwide. Anchored by iconic brands such as Dove, Knorr, Hellmann's and Vaseline, Unilever's refreshed management team is driving improved execution and strategic discipline to deliver more consistent growth, with a focus on higher-margin categories. Specifically, we appreciate their undertaking of various self-help initiatives, including cost-savings programs and brand divestments, which we believe will help unlock sustained value in the future. Despite Unilever's strong outlook, it trades at a discount to its peer group as prior undermanagement has resulted in 1% volume growth for the past decade. This provided us the opportunity to invest in a strong company with leading brands and an improved management team that is poised to increase per-share value. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||