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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
NCG SMID Cap Growth Composite returned -17.00% net of fees in the third quarter of 2026, underperforming the Russell 2500 Growth Index decline of -10.34%, but bringing year-to-date performance to 20.43% net of fees versus 7.27% for the benchmark. Cash was maintained at 3%, while relative allocations remained concentrated in active overweights across technology (29%), industrials (29%), and basic materials (6%), offset by deliberate underweights in consumer discretionary, financials, and healthcare. Macroeconomic headwinds escalated during the quarter as the collapse of the U.S.-Iran ceasefire drove Brent crude near $100 per barrel, reigniting inflationary pressures and pushing the 10-year Treasury yield above 5%. Sticky CPI readings prompted a 25 basis point Federal Reserve policy rate hike, disproportionately penalizing smaller-capitalization equities dependent on external financing. Despite macro volatility, underlying corporate fundamentals showed resilient earnings growth outpacing share prices, supporting multi-year secular cycles across AI infrastructure, data center buildouts, and manufacturing reshoring. Portfolio performance was driven by top contributors HTFL, GH, and WK, while ALHC, CRS, and UCTT served as the primary absolute detractors. The team maintained disciplined execution, initiating 15 new positions, including WK, U, BAND, and BLZE in technology, alongside healthcare and specialty insurance names, while liquidating 10 positions to zero, including MOD, AAON, ALHC, and UCTT, effectively redeploying capital into high-growth franchises with attractive relative valuations.
NCG seeks long-term capital compounding by investing in high-quality growth businesses with durable competitive advantages, strong balance sheets, and robust earnings power, strictly managed through a disciplined sell process.
The fundamental backdrop for high-quality growth investing remains constructive despite macro complications, with recent small-cap weakness viewed as a prime opportunity to add to durable businesses at attractive valuations.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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