| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.6% | 7.2% | -7.6% |
SGA's Global Growth Portfolio returned 7.2% net in Q2 2026 versus 14.9% for MSCI ACWI, underperforming due to extreme momentum leadership favoring AI infrastructure beneficiaries. The MSCI ACWI Momentum Index rose 46% marking historic high after three years of leadership, a nearly three standard deviation event wider than 1999 or 2007. Despite underperformance, portfolio companies delivered median revenue growth of 12% and EPS growth of 14% with 60%+ beating consensus expectations. Manager's direct AI holdings including TSMC, Arm, Nvidia, Alphabet, Amazon, and Broadcom contributed over 100% of portfolio returns while rest of portfolio detracted as quality growth went unrewarded. Portfolio now trades at steepest discount to MSCI ACWI since 2011 inception with Enterprise Yield of approximately 3%, positioning for 16% revenue growth and 20% earnings growth over next three years from predictable businesses. Manager initiated six new positions including Linde, Equinix, Schneider Electric, and Arista Networks while exiting Universal Music Group, Alcon, and Intuit. With memory cycle showing speculation signs, IPO calendar testing appetite, and AI implementation taking longer than expected, manager believes conditions building for rotation toward quality compounders offering compelling risk-adjusted return potential.
SGA maintains high-conviction portfolio of quality growth businesses trading at steepest discount to market since inception despite delivering consistent fundamental performance, positioning for attractive risk-adjusted returns as extreme momentum leadership and AI infrastructure speculation mature.
Manager expresses high conviction that conditions for meaningful rotation toward quality global compounders are quietly building as AI CapEx cycle matures, IPO calendar tests market appetite, and memory cycle reminds investors that cyclicality is rarely abolished. Portfolio fundamentals remain strong with companies delivering expected growth and strengthening competitive positions while trading at valuations cheaper relative to market than at nearly any point since firm's founding in 2003. Manager believes portfolio's Enterprise Yield of approximately 3% with ample valuation support lays foundation for healthy double-digit absolute return potential for years to come. While acknowledging extended underperformance has been frustrating, manager sees clear evidence from portfolio fundamentals and valuation opportunity pointing toward attractive risk-adjusted returns moving forward.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 29 2026 | 2026 Q2 | AMZN, ANET, AON, ARM, AVGO, GOOGL, LIN, NVDA, SE, SU.PA, TSM, V | AI, Concentration, global, growth, momentum, Quality, semiconductors, valuation | - | SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. |
| Apr 28 2026 | 2026 Q1 | ADYEN.AS, ARM, AXP, CP, HDB, IT, MSFT, TSM, UNH | AI, Geopolitical, Global Growth, payments, Quality, semiconductors, valuation |
ARM TSM CP ADYEY HDB MSFT AXP |
SGA's quality growth strategy underperformed in Q1 2026 as AI disruption and Middle East geopolitical tensions drove market volatility. Despite strong portfolio fundamentals with most holdings exceeding expectations, the strategy suffered from rotation away from proven compounders toward cyclical AI plays. Portfolio now trades at record discount to market, positioning for potential outperformance as conditions normalize. |
| Feb 8 2026 | 2025 Q4 | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation |
GOOG TSM 9983 JP AVGO NFLX SE MSFT MELI ARM NOW INFY |
SGA's Global Growth portfolio faced challenging Q4 2025 conditions as momentum and cyclicals dominated quality growth strategies. Despite underperformance, the portfolio's quality companies trade at historically attractive valuations while generating strong fundamental growth. With AI CapEx growth expected to moderate and cyclicals at peak multiples, SGA sees favorable setup for 2026 as market leadership broadens. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure spending drove Q2 market surge with hyperscaler CapEx guidance supporting parabolic rally in semiconductors, memory, and networking equipment. Manager owns dominant AI enablers including TSMC, Arm, Nvidia, Alphabet, Amazon, and Broadcom which contributed over 100% of portfolio returns. Manager believes AI will have significantly positive long-term impact but implementation will take time and stocks riding high on narratives will be vulnerable to sentiment shifts. |
AI Infrastructure Hyperscaler CapEx Semiconductors Data Centers Cloud |
Semiconductor CycleMemory companies surged with Micron rising nine-fold in three years driven by sharp ASP hikes in conventional DRAM, not HBM. Manager skeptical that cyclicality is dead, noting new fabrication capacity comes online 2027-2028 which has historically preceded corrections. Portfolio has no direct exposure to Micron, SK Hynix, or Samsung Electronics despite their 3.2% combined benchmark weight. |
Memory DRAM HBM Cyclicality Capacity | |
MomentumMomentum leadership of past three years has been unlike anything witnessed since SGA's founding in 2003. Performance gap between momentum and quality indices globally is wider than 1999 or 2007, a nearly three standard deviation event. MSCI ACWI Momentum Index rose 46% in Q2 marking historic high relative to core index after three years of leadership. |
Momentum Market Leadership Concentration Speculation | |
QualityOutside narrow group of AI winners and cyclical areas, quality growth went completely unrewarded in Q2. Portfolio companies delivered median revenue growth of 12% and EPS growth of 14% with 60%+ beating consensus, yet majority saw valuation multiples compress. Portfolio trades near steepest discount to MSCI ACWI since inception despite strong fundamental delivery. |
Quality Valuation Fundamentals Earnings Growth | |
ValuationPortfolio's Enterprise Yield is approximately 3% with ample valuation support, laying foundation for healthy double-digit absolute return potential. Since inception in 2011, portfolio's valuation relative to market has never been better. Portfolio positioned to deliver approximately 16% revenue growth and 20% earnings growth over next three years from predictable, non-cyclical businesses. |
Enterprise Yield Discount Opportunity Relative Value | |
Data CentersInitiated positions in Equinix and Schneider Electric to benefit from AI-driven data center buildout. Equinix growth re-accelerating as AI inferencing ramps and power demand remains high, with demand continuing to outpace supply. Schneider well-positioned to benefit from rising electricity demand driven by electrification and AI-related data center investment. |
Data Centers Power Infrastructure Electrification | |
OilBrent crude prices fell from peaks above $120 to approximately $80 following US-Iran ceasefire agreement and reopening of Strait of Hormuz after 107 days of closure. Decline in oil prices has changed calculus for monetary policy globally. Portfolio's direct revenue exposure to affected region remains under 2%. |
Oil Prices Geopolitical Risk Strait of Hormuz Energy | |
RatesRate volatility has compressed multiples on long-duration cash flows with little regard for business quality or earnings consistency. If oil prices continue to moderate, inflation picture might improve faster than expected and rate cuts could return to conversation. Warsh Fed previously expected to hold rates steady in 2026 confronting energy-led inflation. |
Interest Rates Inflation Fed Policy Monetary Policy | |
| 2026 Q1 |
AIAI-disruption narratives significantly impacted markets in Q1, driving weakness in software, information services, payments, and insurance brokers. The enormous AI CapEx cycle faces a more demanding environment with geopolitical tensions. Companies like Alphabet, Amazon, Microsoft, and Meta are reinvesting most cash generation into data center infrastructure. If global growth slows, the payback period on AI investments lengthens and market willingness to capitalize future AI earnings at premium multiples will be questioned. |
Data Centers CapEx Hyperscalers Infrastructure |
GeopoliticalQ1 2026 was defined by re-emergence of acute geopolitical risk with partial blockade of Strait of Hormuz, daily missile exchanges across Middle East, and opaque peace negotiations driving oil prices from $70 to peaks above $120 per barrel. These conditions invite comparison with oil shocks of 1973 and 1979. The direction of risk is clearly negative for growth and positive for inflation, and investors are right to be cautious. |
Oil Middle East Sanctions Inflation | |
SemiconductorsTSMC was a top contributor as its central role in AI-driven semiconductor demand continued. The company delivered resilient margins and reaffirmed roughly 30% revenue growth for the year. TSMC raised its AI revenue growth outlook to mid-to-high-50% CAGR through 2029, underscoring its integral role in accelerating AI infrastructure demand. Arm Holdings also contributed positively with strong fiscal Q3 results and accelerating data center adoption. |
TSMC Foundries AI Infrastructure Data Centers | |
PaymentsBroad weakness in payments businesses led to initiation of new position in American Express. Adyen was a detractor following Q4 results and more cautious 2026 outlook, with revenue guidance lowered from low-to-mid 20s to 20-22%. Despite disappointment, SGA remains confident in Adyen's long-term outlook given strong pricing power and highly repeatable revenues underpinned by billions of transactions annually. |
Adyen American Express FinTech Transaction Processing | |
QualitySGA's portfolio of reliable compounders is trading at its steepest ever discount relative to the MSCI ACWI P/E, while many cyclicals are trading at peak multiples just as CapEx growth is poised to slow. The proven, predictable compounders and established software businesses that form the core of portfolios have continued to be overlooked despite delivering strong fundamental results. Between two-thirds and three-quarters of holdings have met or exceeded both internal expectations and consensus forecasts. |
Compounders Valuation Fundamentals Discount | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of underperformance attributed to positions where AI impact concerns drove stock declines. Portfolio companies deemed AI-losers declined 15% despite 10% revenue growth and 15% EPS growth, representing valuation compression rather than fundamental deterioration. |
Artificial Intelligence Disruption Valuation Technology Software |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their focus on leading businesses in sectors has been foundation of strategy since inception, though this approach was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. |
Quality Competitive Advantages Margins Returns Durability | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks that populate the portfolio, with significant divergence between consistent earnings growth and recent performance creating compelling valuations. |
Small Cap Growth Valuation Performance Russell |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | SGA - Global Growth | ARM | Arm Holdings | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, CSS Platform, data center, Equity, hyperscalers, Mobile computing, Power Efficient Computing, royalties, semiconductors | Login |
| Apr 28, 2026 | Fund Letters | SGA - Global Growth | TSM | Taiwan Semiconductor Manufacturing Company | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI, Equity, Foundry, Geographic Diversification, manufacturing, Process Nodes, semiconductors, Taiwan, technology leadership | Login |
| Apr 28, 2026 | Fund Letters | SGA - Global Growth | CP | Canadian Pacific Kansas City | Railroads | Rail Transportation | Bull | New York Stock Exchange | Cross-border Trade, Equity, Freight, margin expansion, Nearshoring, Psr, Rail Transportation, share repurchase, Tri-national Network | Login |
| Apr 28, 2026 | Fund Letters | SGA - Global Growth | ADYEY | Adyen | Software - Infrastructure | Data Processing & Outsourced Services | Bull | - | Authorization Rates, e-commerce, Equity, Fintech, Fraud prevention, global expansion, Omnichannel, Payments, platform | Login |
| Apr 28, 2026 | Fund Letters | SGA - Global Growth | HDB | HDFC Bank | Banks - Regional | Banks | Bull | New York Stock Exchange | asset quality, banking, brand strength, deposit growth, Emerging markets, Equity, India, loan growth, operating leverage | Login |
| Apr 28, 2026 | Fund Letters | SGA - Global Growth | MSFT | Microsoft | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI, Azure, Cloud computing, enterprise, Equity, productivity, recurring revenue, Software, technology platform | Login |
| Apr 28, 2026 | Fund Letters | SGA - Global Growth | AXP | American Express | Credit Services | Consumer Finance | Bull | New York Stock Exchange | Affluent Customers, billings growth, consumer finance, credit cards, Equity, international expansion, Merchant Network, operating leverage, Payments | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | GOOG | Alphabet Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | Artificial Intelligence, Cloud computing, digital advertising, Margins, Search | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductor Foundries | Bull | New York Stock Exchange | Artificial Intelligence, CapEx, Foundry, Pricing power, semiconductors | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | 9983 JP | Fast Retailing Co., Ltd. | Consumer Discretionary | Apparel Retail | Bull | New York Stock Exchange | Apparel, Brand, Global Retail, Margins, supply chain | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | AVGO | Broadcom Inc. | Information Technology | Semiconductor Designers | Bull | NASDAQ | Custom Asics, inference, Margins, Networking, recurring revenue | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | NFLX | Netflix, Inc. | Communication Services | Streaming Services | Bull | NASDAQ | advertising, Free Cash Flow, Pricing power, Streaming, Subscriptions | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | SE | Sea Limited | Consumer Discretionary | E-commerce | Bull | New York Stock Exchange | e-commerce, Emerging markets, Fintech, Logistics, platform | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | MSFT | Microsoft Corporation | Information Technology | System Software | Bull | NASDAQ | Artificial Intelligence, CapEx, cloud, Enterprise software, recurring revenue | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | MELI | MercadoLibre, Inc. | Consumer Discretionary | E-commerce | Bull | NASDAQ | e-commerce, Fintech, Latin America, Logistics, scale | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | ARM | Arm Holdings plc | Information Technology | Semiconductors | Bull | NASDAQ | data centers, margin compression, R&D, royalties, semiconductor IP | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | NOW | ServiceNow, Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | growth deceleration, Integration, M&A, Valuation risk, workflow automation | Login |
| Feb 8, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | INFY | Infosys Limited | Information Technology | IT Consulting & Other Services | Bear | New York Stock Exchange | Artificial Intelligence, enterprise spending, IT services, Outsourcing, Tariff Uncertainty | Login |
| TICKER | COMMENTARY |
|---|---|
| TSM | Taiwan Semiconductor Manufacturing Company (TSMC), the world's leading semiconductor foundry, was a top contributor to performance during the quarter. Shares were supported by sustained strength in demand for advanced logic and compute, with customers across AI accelerators and CPUs continuing to require additional capacity. TSMC remains firmly positioned at the leading edge of semiconductor manufacturing, benefiting from secular demand across high performance computing, smartphones, automotive, and AI applications. Its technology leadership and scale support sustained double digit growth, with revenue increasingly driven by recurring and repeatable categories that reduce cyclicality. Given TSMC's dominant competitive position, deep customer entrenchment, and the continued global need for advanced compute, TSMC remains well-positioned to deliver strong double-digit revenue and earnings growth over the coming years. |
| ARM | Arm Holdings, leading designer and licensor of CPU architectures and related subsystems, was a top contributor to performance again this quarter. The company delivered solid quarterly results, including 20% revenue growth and 12% profit growth, with continued strength in licensing activity and sustained royalty expansion despite a tougher comparison period. Management guidance reinforced confidence in maintaining roughly 20% revenue growth, supported by increasing demand for Arm-based CPUs and expanding adoption across data center and AI workloads, which helped offset expected weakness in handset markets. Confidence was further supported by evidence of strong CPU demand, improving share gains versus x86 architectures, and growing customer traction, including an expanding roster of signed partners and management's confidence in achieving long-term revenue targets. With strong pricing power, highly recurring revenues, and expanding royalty rates as Arm captures more value across the compute stack, we continue to view the company as a high-quality, long-term compounder well-positioned to benefit from the proliferation of AI and power efficient computing. |
| GOOGL | Alphabet was a contributor to performance during the quarter supported by the continued narrative that the company is a well-positioned beneficiary of the AI investment cycle. Its full-stack exposure spans infrastructure, foundational models, developer tools, and scaled consumer applications, providing broad participation in AI adoption. The stock benefited from the company's Q1 report which highlighted robust ongoing demand for the company's AI compute resources. We continue to view Alphabet as a high-quality, long-term compounder. Its leading global platforms, supported by strong network effects, direct user relationships, and scaled infrastructure, underpin durable pricing power and highly recurring revenue streams. The company remains well-positioned to benefit from sustained growth drivers, including the ongoing shift toward digital advertising and cloud computing, while its continued investment in AI and innovation supports its ability to reinforce its competitive position over time. |
| NFLX | Netflix was a detractor from returns during the quarter after the stock came under pressure despite reporting solid first quarter results in April. Revenue grew 16% year-over-year, or 14% excluding FX, and operating income rose 18%, supported by strong growth in APAC and Latin America. Second quarter revenue guidance came in roughly 1% below expectations and EBIT guidance was 5% light due to content amortization timing. Management maintained full-year guidance of 11% to 13% revenue growth (excluding FX) and approximately 20% profit growth rather than raising it, which disappointed some investors who had anticipated a lift following the recent price hike and the removal of the Warner Bros. Discovery deal overhang. With the Warner Bros. Discovery acquisition now behind it, management can refocus on the core business and deploy excess free cash flow toward AI investment and buybacks, including a new $25 billion authorization. The company continues to expand its mobile and content initiatives, while evaluating longer-term opportunities in advertising and AI-driven production tools. Over the long term, Netflix benefits from a recurring subscription model with low churn and demonstrated pricing power, supported by a broad and growing content library and meaningful global growth opportunity. |
| INTU | Intuit was a detractor from performance during the quarter. The company reported fiscal third quarter results that included a modest revenue beat and a full-year guidance increase, though results were overshadowed by weaker than expected Consumer Tax performance. TurboTax revenue grew 7%, below guidance, with notable weakness in the DIY segment. Management cited pressure among lower income, price sensitive filers and a contraction in total IRS filers of roughly 30 basis points. Despite double-digit revenue growth and ongoing margin expansion above 40%, we became increasingly concerned with the DIY Tax weakness, continued deterioration in Mailchimp, and reduced visibility on the timing of any growth reacceleration, as well as management's ability to execute in a challenging environment. Given these factors, we chose to exit the position and reallocate the capital to Arista Networks. |
| CRM | Salesforce was a detractor from performance during the quarter as investor sentiment remained cautious following another quarter that merely met its guidance targets. Current remaining performance obligations (cRPO) growth were in line at roughly 9% rather than the historical pattern of beating by about a point, and the forward quarter guide was modest. Management acknowledged continued weakness in Marketing, Commerce, and Tableau (roughly 20% of revenue), partially offset by strength in Sales Cloud, Service Cloud, Slack, and Data Cloud (roughly 75% to 80% of revenue), with Sales and Service Cloud each posting seat growth in the quarter. Additionally, Agentforce annualized recurring revenue reached $1.2 billion, growing 205%. Management reiterated full-year guidance and a second-half reacceleration based on bookings strength and lower attrition, alongside a long-term double-digit organic growth target through CY29 with about 100 basis points of annual margin expansion. Despite concerns around AI-driven competition, we believe Salesforce's integration into customer business processes, large installed base, and wide product set position it well to compete effectively in the Agentic AI era, supporting low-teens earnings growth over the next three years. |
| LIN | Linde, the world's largest industrial gas company, was added to the portfolio in April. We had previously exited the position in 2024 due to valuation considerations and forced attrition; since then, the stock price has consolidated while fundamentals continued to progress. Linde remains an attractive long-term investment, supported by a highly durable business model and meaningful structural advantages. A large share of revenue is generated from long-term, recurring customer contracts in essential end markets, providing strong pricing power and cash flow visibility even in a slower growth environment. The company's strengths are rooted in its production efficiency and broad exposure across diverse end markets, including healthcare, manufacturing, electronics, chemicals, and energy. Looking ahead, Linde is well-positioned to benefit from structural improvements and a potential acceleration in global growth across several of its core markets over the medium term. |
| EQIX | A position in Equinix, a leading global data center provider, was initiated during the quarter. The company sells space, power, and connectivity services across a global footprint, binding strategic clients to its facilities through interconnection and co-placement for low-latency and high-bandwidth services. Equinix is a familiar name for SGA, having been a portfolio holding for ten years before being sold in 2024 as the growth rate had slowed and management was in the midst of a leadership transition. Both dynamics have since reversed, with growth re-accelerating as AI inferencing ramps and power demand remains high, and with new leaders now announced and in place. Approximately 95% of revenue is recurring and supported by contracts that typically span two to five years, while customer churn has historically remained low, reflecting the critical nature of its services. We believe Equinix is particularly well positioned to benefit from increasingly distributed and connectivity-intensive AI applications given its globally interconnected footprint and neutral platform. |
| SU.PA | We initiated a position in Schneider Electric, a global leader in energy management and industrial automation focused on enabling the efficient and reliable use of electricity across buildings, infrastructure, industrial applications, and data centers. The company offers a broad portfolio of electrical distribution equipment, automation and control systems, software, and services. Schneider benefits from a large installed base, broad product portfolio, and global distribution network built on decades-long relationships with distributors and contractors. These advantages support customer retention, create meaningful switching costs, and underpin the company's ability to pass through pricing. As one of the very few players capable of delivering end-to-end electrical solutions and services at scale, Schneider is well-positioned to benefit from rising electricity demand driven by electrification, AI-related data center investment, aging electrical infrastructure, and distributed energy systems globally. The AI datacenter-related revenues are expected to demonstrate continued strong growth momentum driven by robust customer backlog, while the buildings and non-AI industrials are near cyclical lows offering recovery upside. |
| ANET | We initiated a new position in Arista Networks, a high-performance networking company focused on software-driven cloud architectures for hyperscalers, cloud providers, and other high-performance computing environments. The company's core innovation, the Extensible Operating System (EOS), is a single, highly modular Linux-based platform that runs across all switches, enabling scalability, automation, and reliability and operational simplicity across complex network environments. Arista's focused architecture and superior product performance have supported stable gross margins of approximately 60-65% and non-GAAP operating margins above 40%, demonstrating meaningful pricing power. While approximately 85% of Arista's revenue is derived from hardware products, the business exhibits a high degree of repeatability driven by ongoing data center expansion, technology refresh cycles, and increasing network complexity. We view Arista as a high-quality, long-term compounder well-positioned to benefit from the structural buildout of data center networking and the proliferation of cloud and AI driven workloads. |
| NVDA | Nvidia was among the largest contributors to performance in Q2, contributing 1.04% to portfolio returns with a 14.9% return on a 7.0% average weight position. The position was trimmed on strength during the quarter. |
| AMZN | Amazon was among the largest contributors to performance in Q2, contributing 0.89% to portfolio returns with a 14.4% return on a 5.6% average weight position. The position was trimmed on strength during the quarter. |
| AVGO | Broadcom was among the largest contributors to performance in Q2, contributing 0.73% to portfolio returns with a 22.3% return on a 4.0% average weight position. |
| BABA | Alibaba was trimmed due to government cloud competition concerns and was a detractor from performance, declining 21.3% during the quarter. |
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