| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.41% | 6.69% | 32.06% |
| 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 |
NewBridge Large Cap Growth delivered solid Q4 returns despite slight benchmark underperformance, driven by strong Technology sector results offset by Uber weakness versus Tesla strength. The portfolio maintains high-growth, high-quality positioning with 98% in growth companies. Management remains confident in fundamental-driven approach amid Fed uncertainty and Trump policy changes, believing opportunities outweigh risks for diversified growth portfolio. |
| Jun 30 2024 | 2024 Q2 | AAPL, ADBE, CRM, CSGP, GOOGL, ISRG, LLY, LULU, META, MSCI, NFLX, NOW, NVDA, ONON, PANW, TT, TTD, UBER, V, VEEV | AI, Data centers, Fed policy, growth, inflation, large cap, software, technology |
CELH TT VRT |
NewBridge Large Cap Growth underperformed in Q2 despite positive returns, with NVIDIA driving performance as the largest holding. The fund maintains conviction in AI secular trends while rotating out of challenged positions like Lululemon and UnitedHealth. Management remains optimistic on growth prospects despite Fed policy uncertainty and inflation risks, focusing on high-quality companies with sustainable competitive advantages. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Small CapsSmall-cap equities ended 2025 on a positive but volatile note with mixed market conditions throughout Q4. The manager expects the outlook for small-cap equities entering 2026 to be increasingly constructive, particularly within value-oriented segments, driven by Federal Reserve monetary easing and improving earnings momentum. |
Small Cap Value Russell 2000 |
RatesThe Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery. |
Federal Reserve Interest Rates Monetary Policy | |
EarningsConsensus expectations point to a meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical sectors. |
Earnings Growth Operating Leverage Cyclical | |
ValueSmall-cap stocks trade at approximately 16x forward earnings, compared with more than 21x for large-cap equities, leaving small caps valued at roughly a 30% discount on a relative basis. Within small caps, value-oriented stocks remain attractively positioned as growth stocks continue to trade at a meaningful premium. |
Valuation Forward P/E Discount | |
| 2024 Q2 |
AIThe portfolio benefits from AI-related investments, particularly NVIDIA Corporation which reported strong quarterly results and guidance. The fund views the AI trade as still in its early innings with considerable secular growth ahead for several sectors. Data center buildout and AI technology expansion drive investment opportunities. |
NVIDIA Data Centers GPUs Semiconductors Technology |
Data CentersStrong growth tied to data center buildout and expansion drives investment in companies like Vertiv Holdings. The computing requirements of AI continue to accelerate data center infrastructure growth, which is still in a nascent stage. Cooling and power management products are vital for efficient data center operations. |
Vertiv Cooling Power Management Infrastructure AI | |
CloudTechnology sector holdings showed strong outperformance with companies benefiting from cloud and AI investments. Software companies experienced volatility but the portfolio maintains conviction in cloud-based growth prospects across its technology holdings. |
Software SaaS Technology Growth Infrastructure |
| 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 |
| Jun 30, 2024 | Fund Letters | NewBridge Large Cap Growth Equity | CELH | Celsius Holdings, Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | consumer staples, Distribution Partnership, Energy drinks, Functional Beverages, health and wellness, Lifestyle Brand, market share gains, product innovation | Login |
| Jun 30, 2024 | Fund Letters | NewBridge Large Cap Growth Equity | TT | Trane Technologies plc | Industrials | Building Products | Bull | NYSE | Climate Solutions, Commercial Buildings, data centers, energy efficiency, HVAC systems, Industrials, Operational Leverage, Sustainability | Login |
| Jun 30, 2024 | Fund Letters | NewBridge Large Cap Growth Equity | VRT | Vertiv Holdings Co. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | AI infrastructure, Cooling Technology, data centers, digital infrastructure, GPU computing, market leadership, Power management, technology hardware | 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 | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| ANET | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| CELH | One such idea that we bought in the last quarter is Celsius Holdings. We will refrain from a full writeup today, given Elliot recently presented at MOI Global's Best Ideas 2026 Conference. |
| 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 | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| 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 | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
| 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 | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
