| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.4% | 6.7% | 32.1% |
| 2025 |
|---|
| 32.1% |
NewBridge Large Cap Growth Equity posted a positive 6.69% net return in Q4 2024 but slightly underperformed the Russell 1000 Growth Index. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Technology sector holdings led outperformance, with Broadcom, ServiceNow, and Arista Networks delivering strong results. The portfolio's biggest challenge was the contrast between Uber's 19% decline and Tesla's 60% gain, as the fund held Uber but not Tesla. Portfolio actions included adding Tradeweb Markets and Reddit while eliminating Celsius Holdings due to industry headwinds. Key risks include Fed policy uncertainty, Trump administration fiscal policies, and geopolitical tensions. However, the manager believes opportunities outweigh risks, supported by Trump's pro-business policies and continued data center expansion trends. The strategy continues focusing on company fundamentals, seeking market-leading growth companies with sustainable competitive advantages and strong financial metrics for long-term capital appreciation.
The portfolio focuses on investing in high-quality, large-cap growth companies with market leadership, solid financial bases, responsible management teams, and sustainable revenue and earnings growth, maintaining discipline through company fundamental analysis while navigating market volatility and policy uncertainty.
The manager believes the opportunities should outweigh the risks and be supportive of their diversified growth portfolio. They remain confident that portfolio constituents should be able to show solid financial results in the future and believe the portfolio is well-positioned to report attractive financial metrics growth. The focus will continue to be on company fundamentals and looking for opportunities to improve the portfolio's composition of growth and quality.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 22 2026 | 2025 Q4 | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump |
TW RDDT CELH |
The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are… |
| Jun 30 2024 | 2024 Q2 | CELH, CSGP, LULU, MSCI, NVDA, TT, UNH, VRT | - | - | - |
| 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 |
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 | |
Data CentersEMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. |
Infrastructure Electrification Recurring Revenue Growth Drivers | |
GrowthEconomic growth is accelerating according to Hedgeye's real GDP projection model, gaining significant momentum in Q1 and continuing through much of Q2 2026. This growth acceleration historically supports risk assets, particularly cyclical equities and commodities. |
Economic Growth GDP Risk Assets Cyclical Acceleration |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 22, 2026 | Fund Letters | Erick Maronak | TW | Tradeweb Markets, Inc. | Financials | Capital Markets | Bull | NASDAQ | And Continued Adoption By Institutional Clients., Include Electronification, market share gains | Login |
| Jan 22, 2026 | Fund Letters | Erick Maronak | RDDT | Reddit, Inc. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, AI, Data, monetization, social media | Login |
| Jan 22, 2026 | Fund Letters | Erick Maronak | CELH | Celsius Holdings, Inc. | Consumer Staples | Beverages | Neutral | NASDAQ | Beverages, Distribution, Energy drinks, Promotion, Slowdown | Login |
| TICKER | COMMENTARY |
|---|---|
| ADBE | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| AMZN | This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA. |
| ANET | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AVGO | During the quarter, we initiated a below-average weight position in leading semiconductor and infrastructure software company Broadcom. Broadcom's ongoing transformation from a provider of custom ASICs to a full rack-scale solutions vendor, including scale-up networking, marks a significant improvement in its strategic positioning compared to earlier in the year. This strategic evolution has been validated by recent product launches, such as the Scale-up Ethernet solution, and committed orders from major customers like Anthropic. |
| CELH | Security selection within the Consumer Staples sector also detracted from relative performance, driven by an allocation to Celsius Holdings, Inc. (1.1%), a developer of energy drinks. |
| CSGP | The shares of CoStar Group, Inc., the global leader in digitizing real estate, declined in the fourth quarter, due to concerns that the company's residential Homes.com platform will continue to require significant capital investment and competitive worries that Google's new real estate advertisement format and Zillow's OpenAI partnership could divert traffic from Homes.com in the years ahead. |
| 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. |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| MCK | This is a pharmaceutical distribution company, operating mainly in the United States. I followed their industry for many years. I first bought the stock for US$144 in the spring of 2018 when many investors worried the company would be permanently damaged by liabilities stemming from the opioid crisis in the United States. We later bought the stock for US$205 when Greenfield started managing money in September 2021, representing roughly 10 times earnings. The stock has climbed steadily to US$824 today, which works out to roughly 20 times earnings. We have trimmed the position size but continue to own shares today. I see the investment similar to a royalty on Americans taking more pharmaceuticals over time. |
| 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. |
| MPWR | During the quarter, we also initiated a position in Monolithic Power Systems, Inc. (MPS), which designs semiconductor chips that control and deliver power inside electronic systems. Its products ensure that processors, memory, and sensors receive the precise power they need, safely and efficiently. MPS has built a leadership position in power management through deep system-level design expertise and highly integrated solutions that combine multiple functions into compact, high-performance devices. MPS is positioned to benefit from two major long-term shifts: the redesign of data centers for AI and the transformation of vehicle electrical architectures. |
| 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. |
| NOW | In the case of ServiceNow, the stock weakened following reports of a potential large acquisition while the company has also been challenged by bearish sentiment across the software as a service or SAAS segment. |
| NVDA | Capital spending from Google, Microsoft, Amazon, Meta, OpenAI, and more have led to Nvidia becoming the Rrst 5 trillion market cap company. |
| RDDT | Reddit is a well-established internet company and community platform. The company has a loyal user base and opportunities to expand and monetize advertising, as well as leverage its treasure trove of data for a growing number of AI-related use cases. Recent deals with high-profile leaders in the AI/LLM arena (GOOG, OpenAI) have proven successful, parlaying into a growing user base and further interest from advertisers. We see great potential for Reddit to expand its relevance due to the rapidly growing secular opportunities, paired with product growth initiatives and fundamental company strengths. |
| 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. |
| TW | Tradeweb -1.4% |
| UBER | UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion. |
| V | We added to our holdings in Visa Inc. |
| VRT | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
| ZTS | ZTS: $6B authorized August 2024; $1.5B used as of September 2025 |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
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| Industry | Prev Quarter % | Current Quarter % | Change |
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