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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Loomis Sayles Global Growth Fund returned 6.43% in Q2 2026, underperforming the MSCI ACWI Index's 14.93% return by 850 basis points. The fund's concentrated portfolio of high-quality growth companies continues to benefit from secular drivers including AI adoption, cloud computing expansion, and e-commerce penetration. Top contributors Arm Holdings, Alphabet, and Amazon demonstrated strong fundamentals driven by AI-related demand, with Arm launching its first data center chip, Alphabet's cloud business accelerating to 63% growth, and AWS reaching a $150 billion revenue run rate. Detractors Netflix and Trip.com reported solid fundamentals but faced near-term guidance concerns, while Tencent's results were mixed relative to expectations. The manager added to seven positions during price weakness and trimmed four holdings based on reward-to-risk, while fully exiting Alibaba, PayPal, and Qualcomm. The portfolio trades at approximately 51% discount to the manager's estimate of intrinsic value, suggesting significant upside potential. The fund maintains its disciplined, long-term approach with 8.7% annualized turnover since inception, focusing on companies with sustainable competitive advantages trading at meaningful discounts to intrinsic value.
The fund invests with a highly selective, long-term private equity approach in high-quality businesses with sustainable competitive advantages, long-term structural growth drivers, attractive cash flow returns on invested capital, and management teams focused on creating shareholder value, when they trade at a significant discount to intrinsic value defined as the present value of all expected future net cash flows.
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 a significant discount to intrinsic value. The portfolio discount to intrinsic value of approximately 51% suggests meaningful upside potential. The manager maintains a patient, selective approach with estimated annualized portfolio turnover of only 8.7% since inception, reflecting conviction in long-term holdings. The fund continues to focus on companies positioned to benefit from secular growth drivers including AI adoption, cloud computing expansion, e-commerce penetration, and streaming entertainment growth.
As of Aug 12, 2026
Aziz V. Hamzaogullari, CFA, serves as Founder, Chief Investment Officer, and Portfolio Manager of the Growth Equity Strategies Team at Loomis Sayles with over 32 years of investment industry experience. He holds a BS from Bilkent University in Turkey and an MBA from George Washington University, and is a CFA charterholder and member of the CFA Society of Boston. Prior to Loomis Sayles, he held senior positions at Evergreen Investments progressing from Senior Portfolio Manager to Managing Director, and at Manning & Napier Advisors. Under his leadership since 2010, Growth Equity Strategies assets under management grew from $1.9 billion to nearly $91 billion as of May 2025. He serves on the Board of Directors at Loomis Sayles and Board of Trustees at Dana Hall School in Wellesley, Massachusetts. His flagship Growth Fund earned Morningstar's Gold Medalist Rating and grew from under $100 million to $16 billion AUM while delivering 16.57% annualized returns.
The fund seeks to invest in high-quality companies with sustainable competitive advantages and profitable growth when they trade at a discount to intrinsic value estimates. The investment team employs a proprietary seven-step bottom-up research framework centered on three key criteria: Quality, Growth, and Valuation. The team believes less than one percent of all businesses can sustain competitive advantages beyond a decade and less than one percent can generate durable and profitable long-term growth. This necessitates being very selective and patient investors. The team employs time arbitrage, using long investment horizons to capture value from secular growth opportunities and capitalize on market short-termism. Risk is defined as permanent loss of capital rather than tracking error, with active risk management integrated throughout the investment process. The team seeks at least a 2:1 upside-to-downside reward-to-risk ratio and maintains average holding periods of 6-7 years.
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