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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
The SGA International Growth portfolio generated a net return of 1.1% in the third quarter of 2026, outperforming the MSCI ACWI ex USA Net Total Return Index return of 0.5% and the MSCI ACWI ex USA Growth Net Total Return Index decline of -2.5%. Year-to-date, the strategy has returned -2.6% net of fees. The portfolio remained fully invested with minimal cash exposure, deriving significant positive stock selection from Information Technology holdings, which generated 2.8% in selection effect, while Financials and Materials represented the primary sector headwinds. Macroeconomic headwinds intensified across multiple fronts during the quarter as crude oil surpassed $100 per barrel, 10-year Treasury yields climbed above 5%, and the Federal Reserve shifted from hold to hike. These conditions precipitated a sharp unwinding of crowded momentum trades in July. Management maintains that rising borrowing costs and local grid constraints will decelerate speculative artificial intelligence capital spending, favoring profitable compounders that trade near historically steep valuation discounts relative to the broader international benchmark. Portfolio activity reflected rigorous selectivity within secular growth areas. Management initiated a new holding in Delta Electronics to capitalize on critical power and thermal bottlenecks in artificial intelligence servers, while trimming SAP, Recruit, and Sage plc into operational strength. To fund these additions and optimize portfolio growth characteristics, the fund completely liquidated Universal Music Group following decelerating subscription trends and increased capital outlays, and exited Infosys due to slowing digital enterprise spending.
SGA invests in high-conviction, large-cap quality growth businesses capable of delivering predictable mid-teens earnings growth across market cycles, converting fundamental stability into reliable long-term capital compounding.
Management anticipates that as capital expenditure growth moderates, the market will increasingly reward companies that generate self-funded, durable cash flows over purely speculative AI infrastructure narratives.
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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