Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.93% | -13.09% | -13.09% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.93% | -13.09% | -13.09% |
Loomis Sayles Global Growth Fund posted -13.09% returns versus -3.20% for the MSCI ACWI benchmark, underperforming by 9.89% in Q1 2026. The fund maintains a concentrated approach with top 10 holdings representing 54.3% of assets, led by technology giants Alphabet, Meta, and Tesla. Key contributors included Arm Holdings, which reported record results driven by AI-accelerated adoption of higher-royalty technology, Novartis despite patent headwinds, and Ambev's solid execution in challenging markets. Detractors included Shopify, Adyen, and Tesla, though the manager maintains conviction in these positions. The portfolio trades at an estimated 47.9% discount to intrinsic value, reflecting the manager's patient, long-term approach with 8.7% annualized turnover since inception. Manager Aziz Hamzaogullari emphasizes investing in businesses with sustainable competitive advantages when they trade at meaningful discounts, maintaining overweight positions in communication services, consumer discretionary, and healthcare while avoiding several sectors entirely.
The fund invests in high-quality businesses with sustainable competitive advantages, long-term structural growth drivers, and attractive cash flow returns when they trade at significant discounts to intrinsic value, using a highly selective private equity approach to public market investing.
Manager remains committed to long-term investment approach focused on high-quality businesses with sustainable competitive advantages trading at significant discounts to intrinsic value. Emphasizes patience in deployment with estimated 8.7% annualized portfolio turnover since inception. Maintains overweight positions in communication services, consumer discretionary, and healthcare sectors while avoiding energy, materials, utilities, and real estate sectors entirely.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 14 2026 | 2026 Q1 | ABEV, ADYEN.AS, ARM, BA, NVS, SHOP.TO, TSLA | AI, Electric Vehicles, global, growth, healthcare, innovation, Quality, technology | - | Concentrated global growth fund underperformed significantly in Q1 2026 despite strong individual company fundamentals. Manager maintains high conviction in technology leaders like Arm Holdings benefiting from AI adoption and Tesla's EV/autonomy evolution. Portfolio trades at substantial discount to estimated intrinsic value, reflecting patient long-term approach focused on quality businesses with sustainable competitive advantages. |
| 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 |
Loomis Sayles Global Growth Fund delivered strong 17.56% annual returns despite Q4 underperformance. The concentrated portfolio benefits from AI acceleration at Alphabet, e-commerce growth at Shopify and MercadoLibre, and automation demand at Fanuc. Manager initiated Ferrari and Nike positions while maintaining conviction in quality businesses trading at significant discounts to intrinsic value. |
| Nov 8 2025 | 2025 Q3 | 0700.HK, AAPL, ADYEY, AMZN, BABA, GOOGL, MELI, META, MSFT, NFLX, NVDA, NVO, ORCL, RIVN, SHOP.TO, TSLA, UBER, VRTX | AI, Cloud, Electric Vehicles, global, growth, long-term, Quality, technology | LFCR | Global Growth Fund delivered solid Q3 returns driven by AI and cloud infrastructure themes across Tesla, Alphabet, and Oracle holdings. Despite near-term EV delivery challenges and regulatory uncertainties, the manager maintains conviction in secular growth drivers including electric vehicle adoption, digital transformation, and streaming entertainment. Portfolio trades at 43% discount to intrinsic value with selective positioning in high-quality businesses. |
| Jul 27 2025 | 2025 Q2 | AMZN, GOOGL, MC.PA, MELI, META, MSFT, NFLX, ORCL, SHOP.TO, TCOM, TSLA, V, VRTX, YUMC | global, growth, healthcare, long-term, Quality, technology, value |
NFLX MELI ORCL TCOM YUMC VRTX |
Strong Q2 performance driven by Netflix's streaming dominance, MercadoLibre's Latin American e-commerce leadership, and Oracle's accelerating cloud transition. Portfolio maintains concentrated exposure to high-quality businesses with sustainable competitive advantages trading at significant discounts to intrinsic value. Long-term approach continues with patient capital deployment and selective positioning in structurally advantaged companies. |
| Mar 31 2025 | 2025 Q1 | ADYEN.AS, AMZN, BABA, DE, GOOGL, MELI, META, NFLX, NVS, ORCL, QCOM, SHOP, TSLA, V | E-Commerce, global, growth, healthcare, long-term, Quality, technology | - | Global growth fund underperformed in Q1 2025 with -3.35% returns versus -1.32% benchmark. Strong performance from MercadoLibre, Alibaba, and Novartis offset weakness in Tesla, Alphabet, and Amazon. Portfolio maintains concentrated exposure to quality growth companies in e-commerce, electric vehicles, cloud computing, and pharmaceuticals trading at significant discounts to intrinsic value estimates. |
| Jun 30 2024 | 2024 Q2 | 0700.HK, ADYEN.AS, ALNY, AMZN, BA, CRSP, GOOGL, MELI, META, MSFT, NFLX, NVO, ORCL, SHOP, TSLA, VRTX | AI, Biotechnology, Cloud, global, growth, healthcare, Quality, technology | - | Loomis Sayles Global Growth Fund outperformed in Q2 with a concentrated portfolio of quality growth companies trading below intrinsic value. Strong performance from Alphabet's AI and cloud growth, Alnylam's gene therapy progress, and Tencent's gaming recovery offset weakness in Adyen and Shopify. The fund maintains a 42% portfolio discount to intrinsic value. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager discusses AI's impact on portfolio companies, noting Arm Holdings benefits from faster-than-expected AI adoption driving higher-royalty technology incorporation. Addresses market concerns about AI threatening enterprise software companies, arguing that mission-critical providers like Shopify have sustainable competitive advantages that AI enhances rather than threatens. |
Artificial Intelligence Machine Learning Processors Software Technology |
Electric VehiclesTesla remains a core holding despite delivery declines, with manager emphasizing the company's evolution from hardware-centric to physical AI and autonomy focus. Believes secular EV adoption will accelerate driven by battery technology advances, cost parity, and government initiatives to phase out internal combustion engines. |
EVs Batteries Autonomy Transportation Clean Energy | |
SemiconductorsArm Holdings highlighted as benefiting from record royalty revenue and faster adoption of higher-royalty Armv9 architecture. Company expanding from mobile dominance into data centers, cloud computing, and automotive markets with significant growth potential in chip profit pool participation. |
Chips Processors IP Licensing Data Centers Mobile | |
E-commerceShopify demonstrates strong market share gains with 31% GMV growth, expanding merchant solutions globally and introducing AI assistant Sidekick. Manager believes the platform's network effects and mission-critical nature create sustainable competitive advantages despite AI concerns. |
Online Commerce Platforms Payments Merchants Digital | |
PharmaceuticalsNovartis facing largest patent expiry in company history but positioned for sustained growth through innovative medicine focus and strong pipeline. Company seeing benefits from decade-long R&D shift with novel drug launches like Pluvicto and Leqvio expected to drive future growth. |
Drugs Innovation Patents Healthcare R&D | |
| 2025 Q4 |
AIManager draws parallels between today's AI-driven market concentration and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions. |
Artificial Intelligence Data Centers Valuations Energy Infrastructure Technology |
EnergyEnergy plays a critical role in AI infrastructure economics through data center power consumption. Rising electricity prices and grid constraints in data-center-heavy regions are compressing margins and extending deployment timelines, creating physical bottlenecks to AI scaling. |
Electricity Data Centers Grid Infrastructure Power Pricing Utilities | |
Small CapsThe Small Cap Strategy returned 6.21% gross versus Russell 2000's 12.81% return. Manager likes the current portfolio fundamentals with strong balance sheets and resilient cash flows, though markets haven't rewarded fundamentals on a linear schedule requiring continued patience. |
Russell 2000 Value Investing Fundamentals Portfolio Management | |
| 2025 Q3 |
AIMultiple portfolio companies are leveraging AI capabilities across their businesses. Alphabet benefits from AI overviews and AI Mode search functionality with over 2 billion monthly users. Oracle's cloud infrastructure is specifically built for AI workloads with major contracts from OpenAI, xAI, and Meta. Tesla continues advancing autonomous driving through AI training on supercomputers with FSD version 13 representing a step change improvement. |
Machine Learning Autonomous Driving Cloud Infrastructure Search Technology Data Analytics |
CloudCloud infrastructure represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 32% year-over-year with improving margins reaching 21%. Oracle's cloud business is targeting over $100 billion in revenue by 2029, up from just over $10 billion in 2025, with remaining performance obligations growing 359% year-over-year to $455 billion. |
Infrastructure SaaS Data Centers Enterprise Software Scalability | |
Electric VehiclesTesla remains the core EV holding despite near-term delivery challenges. The manager believes secular EV adoption will accelerate driven by battery technology advances, cost parity, and government incentives. Tesla maintains technology leadership and strong market position with around 25% revenue share globally, while competitors like traditional automakers are pulling back on EV investments. |
Battery Technology Autonomous Driving Charging Infrastructure Manufacturing Market Share | |
E-commerceMercadoLibre continues executing well in Latin American e-commerce with gross merchandise volume growing 37% year-over-year. The company benefits from lower e-commerce penetration rates in Latin America versus other geographies and continues investing in fulfillment centers and logistics to improve user experience and extend market leadership. |
Marketplaces Logistics Payments Latin America Digital Commerce | |
StreamingNetflix reported strong results with revenue growing 17% in constant currency and operating margins expanding 700 basis points to 34%. The company completed rollout of its internal ad tech platform and is targeting a doubling of advertising revenue in 2025. Management expects the secular shift from linear television to streaming to continue benefiting the platform. |
Content Advertising Subscription Global Expansion Technology Platform | |
PaymentsMultiple companies benefit from the secular shift to electronic payments. MercadoLibre's fintech revenue grew 63% with total platform payment volumes increasing 61% to $65 billion. Adyen continues expanding market share in merchant acquisition despite some headwinds from U.S. tariff changes affecting Asia-based merchants. |
Digital Payments Fintech Merchant Services Financial Technology Transaction Processing | |
| 2025 Q2 |
StreamingNetflix continues to demonstrate strong competitive advantages through its global scale, content investment, and subscriber growth. The company is successfully transitioning to an ad-supported model while expanding internationally, with management expecting accelerating revenue growth driven by pricing power and new monetization strategies. |
Netflix SVOD Content Subscribers Advertising |
E-commerceMercadoLibre maintains its leadership position across Latin America with strong growth in both commerce and fintech services. The company continues to gain market share while investing heavily in infrastructure and logistics to improve customer experience and expand its addressable market. |
MercadoLibre Latin America Marketplace Fintech GMV | |
CloudOracle is successfully transitioning from traditional on-premise software to cloud-based subscription services, with cloud revenues now representing over 40% of total revenues. The company expects revenue growth to accelerate as the cloud transition progresses and benefits from higher customer lifetime value. |
Oracle Database Subscription Infrastructure Enterprise | |
TravelTrip.com continues to benefit from the recovery in China travel markets and growing international demand. Cross-border flight capacity has recovered to 83% of pre-pandemic levels, with management expecting further improvement and sustained mid-teens revenue growth. |
Trip.com China OTA Recovery International | |
RestaurantsYum China demonstrates resilience in a challenging consumer environment through value offerings and continued expansion into lower-tier cities. The company maintains attractive unit economics with two-year payback periods while growing its loyalty program to over 540 million members. |
Yum China KFC Pizza Hut Expansion Loyalty | |
BiotechnologyVertex Pharmaceuticals continues to innovate in cystic fibrosis treatments while expanding into new therapeutic areas. The company has successfully launched next-generation therapies and is building a diversified pipeline beyond CF, including gene therapy and pain management. |
Vertex Cystic Fibrosis Gene Therapy Pipeline Innovation | |
| 2025 Q1 |
E-commerceThe fund maintains significant exposure to e-commerce leaders including MercadoLibre in Latin America and Amazon globally. MercadoLibre continues to execute well with strong GMV growth and market share gains across commerce, payments, and financial services. Amazon's e-commerce business showed solid growth with 11% unit sales growth suggesting continued market share expansion. |
Marketplaces Payments Fintech GMV Digital Commerce |
Electric VehiclesTesla remains a core holding despite near-term headwinds from elevated interest rates and brand concerns. The manager believes Tesla's cost leadership, technology advantages, and upcoming lower-priced models position it well for long-term EV adoption. Full self-driving software represents a significant monetization opportunity with margins significantly higher than current company average. |
Autonomous Driving Battery Technology EV Adoption Software Monetization Manufacturing Scale | |
CloudThe portfolio includes major cloud providers Amazon Web Services and Google Cloud. AWS showed stabilization with 19% growth as clients shifted from optimization to innovation, while AI workloads represent a multibillion-dollar revenue run rate growing at triple-digit rates. Google Cloud decelerated to 30% growth but maintains strong operating leverage. |
AI Workloads Enterprise IT Infrastructure Operating Leverage Market Share | |
AIArtificial intelligence represents a key growth driver across multiple holdings. Google reported triple-digit AI-related revenue growth for the sixth consecutive quarter, while Amazon's AI-based workloads show triple-digit growth rates. Tesla's FSD version 13 represents the first AI-only training version delivering step-change improvements in autonomous driving capabilities. |
Machine Learning Autonomous Systems Data Processing Neural Networks Software Intelligence | |
PharmaceuticalsNovartis represents the fund's healthcare exposure with strong performance from established medicines and novel drug launches. Key growth drivers include Pluvicto for prostate cancer, Leqvio for cardiovascular disease, and Kisqali for breast cancer. The company benefits from a vast clinical pipeline of approximately 45 new molecular entities supporting long-term growth. |
Drug Development Clinical Pipeline Oncology Cardiovascular R&D Innovation | |
| 2024 Q2 |
AIGoogle has been operating as an AI-first company for much of the past decade, with nearly 80% of advertising customers using at least one AI-powered search product. The company continues integrating generative AI functionality into search and providing AI services through its cloud business. |
Artificial Intelligence Machine Learning Search Cloud Advertising |
CloudGoogle Cloud reported 28% year-over-year growth with accelerating momentum, representing 12% of total Alphabet revenue. The segment achieved 9% operating margins, improving from 3% in the prior year as the cloud business scales. |
Infrastructure Platform Software Enterprise Computing | |
Gene TherapyAlnylam Pharmaceuticals leads in siRNA-based therapies with five approved treatments and over ten in clinical trials. CRISPR Therapeutics has launched Casgevy for blood disorders and continues advancing CAR-T therapies for cancer and autoimmune diseases. |
RNA CRISPR Biotechnology Rare Diseases Therapeutics | |
E-commerceShopify generated $61 billion in GMV with 23% growth, outpacing overall retail sales and gaining market share. The platform serves over two million merchants across 175 countries with an integrated commerce operating system. |
Retail Merchants Platform Digital Commerce SMB | |
GamingTencent's gaming business showed signs of recovery with 3% growth in domestic gaming gross receipts. The company has navigated regulatory changes by investing in high-quality content and IP that fits within the regulatory framework. |
Video Games Entertainment Mobile Gaming Content China | |
PaymentsAdyen reported 46% volume growth as it ramped relationships with large clients including Block's Cash App. The company now processes over €1 billion annually for 19 platforms, demonstrating the scale of its unified payment offering. |
Fintech Merchant Acquiring Digital Payments Processing Financial Services |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| ARM | Arm Holdings is the world's leading microprocessor intellectual property (IP) supplier. The company develops and licenses its microprocessor IP technology to a network of partners to facilitate the design and manufacture of semiconductor chips used in a wide range of end markets, with a primary focus on mobile, cloud, automotive, and IoT (internet of things). Arm reported quarterly financials that again reflected record results in its 10th quarter as a public company, including record-high royalty revenue and the third highest quarter for licensing revenue. The company is seeing faster-than-expected incorporation of its higher-royalty technology as companies look to monetize AI, and the company offers the only available design tool allowing for customization. |
| NVS | Novartis is a diversified global healthcare company with market leadership in branded pharmaceuticals across a broad range of treatment areas, including oncology (30% of revenues), immunology (almost 20% of revenues), cardiovascular, renal, and metabolic (almost 20%), and neurology (10%). Novartis reported quarterly financial results that were fundamentally solid but slightly below consensus expectations for revenue. The company provided guidance for 2026 that included low-single-digit revenue growth, despite the largest patent expiry in the company's history as Entresto, Promacta, and Tasigna all started facing generic competition in 2025. |
| ABEV | Ambev SA is the leading beer brewer and distributor in South America and among the five largest brewers globally. Operating in 18 countries throughout South America, Central America, and the Caribbean, as well as in Canada, Ambev is the market share leader in its three largest markets, including its home market of Brazil, the third-largest market for beer consumption after the US and China. Ambev reported quarterly financial results that reflected solid execution under difficult market conditions. The company reported that revenue rose 5% over the prior-year quarter, despite weakness in the company's two largest markets, Brazil and Argentina. |
| SHOP.TO | Shopify is a leading global provider of mission-critical commerce infrastructure that enables retail companies to start, grow, market, and manage a retail business of any size. Shopify reported strong quarterly results that were above both consensus expectations and management's guidance for most key metrics, including gross merchandise volume (GMV), revenue, adjusted operating profit, and free cash flow. For the quarter, revenue of $3.7 billion rose 31% year over year, benefiting from strong growth among existing clients, continued penetration of its merchant solutions, and new client acquisition across all regions. |
| ADYEN.AS | Adyen is a global merchant acquisition and payment solutions provider based in Amsterdam. Adyen reported financial results for the second half of 2025 that were fundamentally solid but slightly below expectations for revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization). The company also modestly lowered its 2026 guidance to reflect revenue growth of 20% to 22% (from low-to-mid 20% growth previously) and EBITDA margins of approximately 53% versus consensus expectations for 54%. |
| TSLA | Founded in 2003, Tesla is a global leader in the design, manufacturing, and sales of high-performance fully electric (battery) vehicles (EVs). Tesla reported quarterly financial results that were better-than-expected for revenues and operating margins, driven by improving software sales and strong performance in its energy generation and storage system business. While vehicle deliveries declined for a second straight year in 2025, Tesla reported record vehicle sales in Asia Pacific and average selling prices increased 4% year over year due to the higher-priced new model Y. |
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