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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
The SGA Global Growth Portfolio generated a net return of 3.5% in the third quarter of 2026, bringing year-to-date net performance to -4.4%. The strategy outperformed both the MSCI ACWI Net TR index return of 1.6% and the MSCI ACWI Growth Net TR index return of -0.5% during the quarter. Outperformance was predominantly driven by strong stock selection in Information Technology and Industrials, as enterprise software and platform holdings rebounded sharply following first-half multiple compression. Portfolio cash allocation remained minimal at 0.0% as the strategy operated fully invested with a historically low valuation multiple relative to the broader market index. Macroeconomic conditions experienced sharp reversals as market leadership whipsawed from an aggressive July sell-off in semiconductor and momentum trades to a renewed rally despite the Federal Reserve moving from hold to hike and 10-year Treasury yields topping 5%. The manager observed that the artificial intelligence build-out is transitioning into secondary phases where physical constraints around power, electrical grids, and thermal management dominate compute infrastructure. Additionally, fears surrounding enterprise software obsolescence began subsiding as mission-critical vendors proved that revenue durability and pricing power remain resilient. Portfolio activity was characterized by disciplined rotation out of stretched valuations into physical infrastructure and recurring business models. New long positions were initiated in Ecolab, Apple, Quanta Services, and Delta Electronics to target power bottlenecks and enterprise ecosystems. These buys were funded through complete liquidations of Arm Holdings, Experian, S&P Global, and AIA Group. Trims were executed across select mega-cap tech names, while capital was deployed to build positions in Disco, Schneider Electric, Galderma, and Linde on price weakness.
SGA builds high-conviction portfolios of quality businesses capable of generating predictable, mid-teens earnings growth with reduced variability to compound client capital reliably over multi-year cycles.
Market leadership is expected to broaden as physical power constraints decelerate early-phase hardware spending, rewarding durable compounders and software franchises trading at historically low relative valuations.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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