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 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
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 | |
CloudSnowflake was added as the leading player in cloud data storage, providing comprehensive data warehousing services for large businesses. The company's cloud-native platform helps companies store, analyze and share data across organizations, crucial for AI infrastructure upgrades. |
Data Storage Infrastructure Platform Enterprise | |
E-commerceAlibaba Group was the top detractor despite its core E-commerce business continuing to perform well and Cloud revenue growth accelerating. The company was negatively impacted by significant spending on subsidies to grow their Quick Commerce business, though losses are expected to be reduced over time. |
Quick Commerce Cloud China Technology AI | |
StreamingNetflix has built a durable economic moat around its globally-scaled streaming business. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals and accelerate its competitive flywheel. |
Content Global Scale Subscription Competitive Moat Media | |
| 2025 Q3 |
HealthcareFund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. |
Pharmaceuticals Medical Devices Biotechnology Healthcare IT Special Situations |
| 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 | 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 |
| 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 |
| 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 | We added to our holdings in Amazon.com Inc. |
| 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 | Alibaba (+90% total return in local currency to the point of sale). The share price strength occurred despite a deterioration in some of the fundamentals: earnings declined by approximately 75% in the most recent quarter, while capital expenditure has increased fourfold over the past two years as the company invests heavily to drive growth in its cloud business. Our original investment case was anchored in the strength of the free cash flow generation of the core business. As this thesis has weakened, we exited the position during the quarter. |
| GOOGL | I'm willing to go bankrupt rather than lose this race. Larry Page, co-founder of Google |
| MELI | E-commerce was another drag. Sea Limited and MercadoLibre struggled as investors became more cautious on discretionary spending and less willing to pay up for growth. |
| META | Meta was cited as a larger position that contributed little despite what I thought was positive operating progress, representing opportunity cost in the portfolio. |
| MSFT | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| NFLX | Netflix has built a durable economic moat around its vertically-integrated, globally-scaled streaming business. As the first company to establish a global subscription media platform within the $500 billion TV market, Netflix is now reaping the benefits of its early leadership. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry. |
| NKE | Notable positive contributions from the Fund's short book in December include National Vision Holdings, Nike, and Starbucks. |
| NVO | Novo Nordisk shares were a drag on the portfolio due to increased competition in the weight-loss drug market, resulting in reduced sales and profit growth outlooks. In December, the company announced FDA approval for its oral Wegovy pill, which could alter investor perception positively. |
| 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. |
| 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 | Ferrari is one of three separately listed businesses that account for around half of Exor's net asset value. |
| 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 | The largest 10 companies, by market capitalization, had reached 40.7% of the S&P 500 by the end of 2025, up from roughly 30% at the end of 2021. At the top of this list are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Broadcom (AVGO), Meta (META), and Tesla (TSLA). |
| 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 % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||