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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
The SGA U.S. Large Cap Growth portfolio returned 5.7% net of fees in the third quarter of 2026, substantially outperforming the Russell 1000 Growth Index return of 0.9% and the S&P 500 Index return of 2.3%, bringing year-to-date net returns to 0.0%. Outperformance was driven by decisive capital preservation during July's violent momentum unwind, where the strategy beat the benchmark by over 8% as speculative leverage unwound across semiconductor and AI-adjacent trades, before participating effectively in the subsequent broad-market rebound. The macroeconomic environment was marked by elevated inflation, volatile crude oil markets, and rising 10-year Treasury yields, which spurred renewed Federal Reserve monetary tightening. Concurrently, the AI infrastructure buildout encountered intensifying physical and structural headwinds, notably power grid constraints, permitting bottlenecks, and skilled labor shortages. These frictions, compounded by elevated debt financing costs among hyperscalers, reinforced a market-wide rotation toward companies possessing self-funded growth profiles, recurring revenues, and demonstrable pricing power. Portfolio activity centered on capitalizing on market volatility to establish new positions in Eaton, Quanta Services, Taiwan Semiconductor Manufacturing Company, and The TJX Companies, while completely liquidating Nike due to protracted turnaround risks. Top quarterly contributors included Microsoft, Nvidia, and Salesforce, while Yum! Brands, Waste Management, and Cooper Companies detracted from relative performance.
SGA invests in high-conviction portfolios of predictable, quality growth businesses capable of compounding mid-teens earnings growth over multi-year horizons with reduced fundamental variability and downside protection.
The setup is becoming increasingly constructive for valuation-conscious strategies focused on durable, internally funded growth as excess momentum leverage unwinds, bond yields remain elevated, and AI capital expenditure growth normalizes from unsustainable rates.
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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