TCW Concentrated Large Cap Growth Fund

Investor Summary

The fund is managed by three experienced Managing Directors at TCW Investment Management Company LLC with combined industry experience exceeding 80 years. Brandon D. Bond, CFA brings 23 years of experience but is retiring as Co-Portfolio Manager effective December 31, 2026. Bo Fifer, CFA contributes 31 years of experience as Managing Director, Equities, providing continuity and deep institutional knowledge within TCW's equity division. Brian M. McNamara adds 29 years of experience as Managing Director and Portfolio Manager, complementing the team's collective expertise. The management team operates within TCW Group's broader institutional infrastructure, which manages over $195 billion in assets and employs 650 staff across 11 global offices, providing substantial resources and investment support.

Fund Strategy

The TCW Concentrated Large Cap Growth Fund employs a highly focused investment approach that seeks to achieve strong long-term returns over a full market cycle by investing in companies with enduring business models and inherent competitive advantages. The strategy is characterized by consistency of investment process, unique portfolio construction, low turnover, and the tenure of the experienced investment team. The fund utilizes proprietary fundamental research focused on identifying companies with strong, sustainable business models operating in large, growing end markets. Portfolio managers integrate environmental sustainability, social responsibilities, and governance considerations into their security selection process. The concentrated approach maintains 29-31 holdings with significant position sizing reflecting management conviction, while the low portfolio turnover rate of 12-17% annually demonstrates a long-term investment horizon and commitment to high-conviction positions.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.3%	15.24%	1.7%

Executive Summary

The TCW Concentrated Large Cap Growth Fund returned 15.24% net in Q2 2026, underperforming the Russell 1000 Growth Index by 150 basis points. The quarter was defined by AI monetization, with corporate earnings confirming that AI-related capital spending is translating into real profit growth. Hyperscalers continue to spend at a rapid pace, with combined capital expenditures set to top $800 billion in 2026 and approach $1 trillion in 2027. The fund added positions in KLA Corporation and Micron Technology to increase exposure to the semiconductor cycle, while cybersecurity holdings Palo Alto Networks and CrowdStrike were strong performers. Health care holdings Boston Scientific and Intuitive Surgical detracted from performance amid negative sentiment in medtech stocks. The fund maintains its balanced playbook with two-thirds offensive and one-third defensive positioning. Looking forward, the managers remain bullish on the AI infrastructure buildout while monitoring risks including concentration, financing capacity, and whether AI productivity gains materialize economy-wide. Portfolio earnings estimates have increased while returns have lagged, creating what the managers view as a coiled spring opportunity.

Core Thesis

The fund maintains high conviction in the AI infrastructure buildout as a multi-year investment opportunity, with hyperscalers on a multi-trillion dollar spending path that is translating into real profit growth and creating secular demand for semiconductors, cybersecurity, and cloud infrastructure.

Forward Outlook

The investment backdrop remains largely constructive as we enter the second half of 2026. Corporate earnings continue to benefit from productivity gains, U.S. consumer net worth is near all-time highs due to a booming stock market, unemployment remains low, credit spreads remain tight, and inflationary pressures are easing. Economic growth remains resilient. The fund remains bullish and firmly levered to the AI infrastructure buildout while maintaining exposure to other attractive secular themes. The earnings estimates for the portfolio of quality companies has increased since the beginning of the year, while portfolio returns have been trailing earnings growth, creating what the managers refer to as a 'coiled spring' heading into the back half of the year.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 27 2026	2026 Q2	AMZN, BSX, CRWD, GOOG, ISRG, KLAC, MSFT, MU, NVDA, ORCL, PANW	AI, cybersecurity, earnings, growth, Hyperscalers, large cap, semiconductors, technology	-	TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates.
May 8 2026	2026 Q1	ASML, BSX, ETN, MCK, NOW, PLTR, TYL	AI, Concentration, growth, healthcare, large cap, semiconductors, technology	NOW BSX ASML ETN MCK PLTR	TCW's concentrated growth fund fell 11.75% in Q1 amid AI disruption fears and geopolitical tensions. Despite technology headwinds affecting ServiceNow, semiconductor and datacenter themes performed well through ASML and Eaton. Managers view the portfolio as a coiled spring with 20%+ expected earnings growth, maintaining conviction while reducing software exposure through selective position changes.
Sep 30 2025	2025 Q3	ADBE, ANET, ETN, GOOG, IT, NOW, NVDA, SHOP.TO, SPOT	AI, Cloud, consumer, growth, Hyperscalers, inflation, large cap, technology	-	TCW's fund underperformed in Q3 despite strong AI infrastructure thesis. Managers maintain conviction in early-stage AI growth cycle, comparing current 2.0% GDP tech spending to historical 2.9% peaks. Portfolio balances AI exposure with defensive growth stocks. Consumer spending remains bifurcated between high-end wealth beneficiaries and inflation-pressured low-end consumers. Forward catalysts include deregulation and $500B tax refunds in 2026.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 27 2026

2026 Q2

AMZN, BSX, CRWD, GOOG, ISRG, KLAC, MSFT, MU, NVDA, ORCL, PANW

AI, cybersecurity, earnings, growth, Hyperscalers, large cap, semiconductors, technology

TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates.

May 8 2026

2026 Q1

ASML, BSX, ETN, MCK, NOW, PLTR, TYL

AI, Concentration, growth, healthcare, large cap, semiconductors, technology

NOW
BSX
ASML
ETN
MCK
PLTR

TCW's concentrated growth fund fell 11.75% in Q1 amid AI disruption fears and geopolitical tensions. Despite technology headwinds affecting ServiceNow, semiconductor and datacenter themes performed well through ASML and Eaton. Managers view the portfolio as a coiled spring with 20%+ expected earnings growth, maintaining conviction while reducing software exposure through selective position changes.

Sep 30 2025

2025 Q3

ADBE, ANET, ETN, GOOG, IT, NOW, NVDA, SHOP.TO, SPOT

AI, Cloud, consumer, growth, Hyperscalers, inflation, large cap, technology

TCW's fund underperformed in Q3 despite strong AI infrastructure thesis. Managers maintain conviction in early-stage AI growth cycle, comparing current 2.0% GDP tech spending to historical 2.9% peaks. Portfolio balances AI exposure with defensive growth stocks. Consumer spending remains bifurcated between high-end wealth beneficiaries and inflation-pressured low-end consumers. Forward catalysts include deregulation and $500B tax refunds in 2026.

QUARTER	THEMES	TAGS
2026 Q2	AI AI monetization was a key event during the quarter. Corporate earnings confirmed AI-related capital spending is translating into real profit growth. Hyperscalers continue to spend at a rapid pace, with combined total set to top $800 billion in 2026 and approaching $1 trillion in 2027. The fund maintains significant exposure to AI infrastructure buildout through semiconductor and cloud positions.	Infrastructure Hyperscalers Capital Spending Monetization Agentic AI
	Semiconductors The fund added positions in KLA Corporation and Micron Technology during the quarter. Semiconductor chip complexity is driving accelerating demand for more advanced inspection systems. Industry demand currently exceeds supply driven by AI infrastructure buildout, and this is expected to persist for the foreseeable future. The fund views memory as shifting from a commodity component to a mission-critical strategic asset.	Memory DRAM NAND Inspection Supply
	Cybersecurity Palo Alto Networks and CrowdStrike were strong performers after posting solid quarterly results. AI is viewed as a multi-year tailwind for firewall demand and can drive acceleration in bookings growth. Rather than a risk, AI proliferation underscores the importance of a cybersecurity ecosystem. As the use of AI agents proliferates, the risk of breaches and cybersecurity attacks increases, necessitating increased cybersecurity spend.	Firewalls AI Agents Breaches Ecosystem
	Earnings Q2 earnings growth estimates for the S&P 500 rose from 18.8% at the start of the quarter to 23.1% by quarter end, the second consecutive quarter with above 20% year-over-year growth. S&P 500 earnings are estimated to grow nearly 30% in 2Q2026, and S&P 500 earnings revisions are the third strongest in the past 29 years. The earnings estimates for the portfolio of quality companies has increased since the beginning of the year.	Growth Revisions Estimates Quality
	Medical Devices Boston Scientific shares moved lower after quarterly results and CHAMPION AF data results failed to act as a positive catalyst. Intuitive Surgical shares moved lower despite releasing solid quarterly results, challenged by increasing negative investor sentiment in health care medtech stocks. The fund remains constructive on Intuitive Surgical given its 20-year lead on competitors and strong competitive moat.	Robotics Electrophysiology Watchman Da Vinci
	Cloud Amazon, Microsoft, Alphabet and Oracle now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago. Hyperscalers are seeing a return on investment from AI capital spending. The fund maintains exposure to hyperscalers as they continue their infrastructure buildout on a multi-trillion dollar spending path.	Backlog Hyperscalers Infrastructure Revenue
	Inflation Inflation remained one of the quarter's defining themes, with CPI for May indicating a 4.2% annual inflation rate, reinforcing a higher-for-longer interest-rate environment. Newly confirmed Fed Chair Kevin Warsh held overnight rates steady at 3.50%-3.75% at his first FOMC meeting in June, pledging to deliver price stability. Inflationary pressures are easing in part due to lower oil prices and the disinflationary nature of AI.	CPI Fed Rates Disinflationary
	Risk Appetite Market leadership remained most pronounced in AI-related infrastructure beneficiaries, though earnings growth became incredibly broad based as the quarter progressed. YTD performance for the equal-weighted S&P 500 tops that of the market-cap weighted S&P 500 through 2Q2026. S&P 500 market breadth remains extremely narrow, however, particularly within the information technology and energy sectors, with concentration remaining a key sticking point for investors.	Breadth Concentration Leadership Equal-weighted
2026 Q1	AI AI disruption concerns dominated the quarter with fears of mass white-collar unemployment and software displacement. The managers believe numerous software companies face terminal risk but see opportunities in companies that can monetize AI paradigm shifts.	Artificial Intelligence Software Disruption Automation Enterprise
	Semiconductors ASML performed well with strong EUV bookings and improved investor sentiment. Demand remains robust for leading-edge lithography critical to future chip production, with capacity constraints at major customers.	Semiconductors Lithography EUV Chip Production TSMC
	Data Centers Eaton benefits from accelerating datacenter demand with orders up 200% year-over-year. The company has $3 trillion in megaprojects announced since 2021, with 54% being datacenters.	Data Centers Infrastructure Power Equipment Cooling Megaprojects
	Healthcare Boston Scientific faced challenges with disappointing results in key growth franchises. McKesson was added as a new position, viewed as having successfully revamped its portfolio to higher margin businesses with sustainable growth.	Medical Devices Drug Distribution Healthcare IT Electrophysiology Pharmaceuticals
2025 Q3	AI AI infrastructure spending by hyperscalers continues to drive economic growth, with demand far outstripping supply. The managers believe we are still very early in the AI growth curve, comparing current tech spending (2.0% of GDP) favorably to historical peaks. AI is making companies more efficient and driving secular growth across multiple portfolio holdings.	Hyperscalers Infrastructure GPUs Data Centers Efficiency
	Cloud Cloud service providers are funding AI growth with current cash flow, unlike the dot-com era when companies were free cash flow negative. The managers highlight strong fundamentals across cloud platforms, with Alphabet processing over 980 trillion tokens monthly and significant user growth across AI services.	Service Providers Cash Flow Tokens User Growth Platforms
	E-commerce Shopify demonstrated strong performance with 31% YoY revenue and GMV growth, expanding internationally with 42% YoY international GMV growth and 49% growth in Europe. The platform is successfully moving beyond small brands to attract larger enterprises, showing the durability of its growth profile.	GMV International Enterprise Platforms Growth
	Inflation The managers discuss bifurcated consumer impact from inflation, with the 'Common Man CPI' still outpacing headline CPI and wages. Base effects are real, particularly impacting lower-end consumers disproportionately, while high-end consumers benefit from positive wealth effects from stock market highs.	Consumer Wages Wealth Effects Bifurcation Base Effects

QUARTER

THEMES

AI

AI monetization was a key event during the quarter. Corporate earnings confirmed AI-related capital spending is translating into real profit growth. Hyperscalers continue to spend at a rapid pace, with combined total set to top $800 billion in 2026 and approaching $1 trillion in 2027. The fund maintains significant exposure to AI infrastructure buildout through semiconductor and cloud positions.

Infrastructure Hyperscalers Capital Spending Monetization Agentic AI

Semiconductors

The fund added positions in KLA Corporation and Micron Technology during the quarter. Semiconductor chip complexity is driving accelerating demand for more advanced inspection systems. Industry demand currently exceeds supply driven by AI infrastructure buildout, and this is expected to persist for the foreseeable future. The fund views memory as shifting from a commodity component to a mission-critical strategic asset.

Memory DRAM NAND Inspection Supply

Cybersecurity

Palo Alto Networks and CrowdStrike were strong performers after posting solid quarterly results. AI is viewed as a multi-year tailwind for firewall demand and can drive acceleration in bookings growth. Rather than a risk, AI proliferation underscores the importance of a cybersecurity ecosystem. As the use of AI agents proliferates, the risk of breaches and cybersecurity attacks increases, necessitating increased cybersecurity spend.

Firewalls AI Agents Breaches Ecosystem

Earnings

Q2 earnings growth estimates for the S&P 500 rose from 18.8% at the start of the quarter to 23.1% by quarter end, the second consecutive quarter with above 20% year-over-year growth. S&P 500 earnings are estimated to grow nearly 30% in 2Q2026, and S&P 500 earnings revisions are the third strongest in the past 29 years. The earnings estimates for the portfolio of quality companies has increased since the beginning of the year.

Growth Revisions Estimates Quality

Medical Devices

Boston Scientific shares moved lower after quarterly results and CHAMPION AF data results failed to act as a positive catalyst. Intuitive Surgical shares moved lower despite releasing solid quarterly results, challenged by increasing negative investor sentiment in health care medtech stocks. The fund remains constructive on Intuitive Surgical given its 20-year lead on competitors and strong competitive moat.

Robotics Electrophysiology Watchman Da Vinci

Cloud

Amazon, Microsoft, Alphabet and Oracle now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago. Hyperscalers are seeing a return on investment from AI capital spending. The fund maintains exposure to hyperscalers as they continue their infrastructure buildout on a multi-trillion dollar spending path.

Backlog Hyperscalers Infrastructure Revenue

Inflation

Inflation remained one of the quarter's defining themes, with CPI for May indicating a 4.2% annual inflation rate, reinforcing a higher-for-longer interest-rate environment. Newly confirmed Fed Chair Kevin Warsh held overnight rates steady at 3.50%-3.75% at his first FOMC meeting in June, pledging to deliver price stability. Inflationary pressures are easing in part due to lower oil prices and the disinflationary nature of AI.

CPI Fed Rates Disinflationary

Risk Appetite

Market leadership remained most pronounced in AI-related infrastructure beneficiaries, though earnings growth became incredibly broad based as the quarter progressed. YTD performance for the equal-weighted S&P 500 tops that of the market-cap weighted S&P 500 through 2Q2026. S&P 500 market breadth remains extremely narrow, however, particularly within the information technology and energy sectors, with concentration remaining a key sticking point for investors.

Breadth Concentration Leadership Equal-weighted

2026 Q1

AI

AI disruption concerns dominated the quarter with fears of mass white-collar unemployment and software displacement. The managers believe numerous software companies face terminal risk but see opportunities in companies that can monetize AI paradigm shifts.

Artificial Intelligence Software Disruption Automation Enterprise

Semiconductors

ASML performed well with strong EUV bookings and improved investor sentiment. Demand remains robust for leading-edge lithography critical to future chip production, with capacity constraints at major customers.

Semiconductors Lithography EUV Chip Production TSMC

Data Centers

Eaton benefits from accelerating datacenter demand with orders up 200% year-over-year. The company has $3 trillion in megaprojects announced since 2021, with 54% being datacenters.

Data Centers Infrastructure Power Equipment Cooling Megaprojects

Healthcare

Boston Scientific faced challenges with disappointing results in key growth franchises. McKesson was added as a new position, viewed as having successfully revamped its portfolio to higher margin businesses with sustainable growth.

Medical Devices Drug Distribution Healthcare IT Electrophysiology Pharmaceuticals

2025 Q3

AI

AI infrastructure spending by hyperscalers continues to drive economic growth, with demand far outstripping supply. The managers believe we are still very early in the AI growth curve, comparing current tech spending (2.0% of GDP) favorably to historical peaks. AI is making companies more efficient and driving secular growth across multiple portfolio holdings.

Hyperscalers Infrastructure GPUs Data Centers Efficiency

Cloud

Cloud service providers are funding AI growth with current cash flow, unlike the dot-com era when companies were free cash flow negative. The managers highlight strong fundamentals across cloud platforms, with Alphabet processing over 980 trillion tokens monthly and significant user growth across AI services.

Service Providers Cash Flow Tokens User Growth Platforms

E-commerce

Shopify demonstrated strong performance with 31% YoY revenue and GMV growth, expanding internationally with 42% YoY international GMV growth and 49% growth in Europe. The platform is successfully moving beyond small brands to attract larger enterprises, showing the durability of its growth profile.

GMV International Enterprise Platforms Growth

Inflation

The managers discuss bifurcated consumer impact from inflation, with the 'Common Man CPI' still outpacing headline CPI and wages. Base effects are real, particularly impacting lower-end consumers disproportionately, while high-end consumers benefit from positive wealth effects from stock market highs.

Consumer Wages Wealth Effects Bifurcation Base Effects

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
May 8, 2026	Fund Letters	TCW Concentrated Large Cap Growth Fund	NOW	ServiceNow, Inc.	Software - Application	Application Software	Bull	New York Stock Exchange	AI, Cloud computing, Digital transformation, Enterprise software, SaaS, subscription model, workflow automation	Login
May 8, 2026	Fund Letters	TCW Concentrated Large Cap Growth Fund	BSX	Boston Scientific Corporation	Medical Devices	Health Care Equipment	Bull	New York Stock Exchange	cardiovascular, Clinical trials, Electrophysiology, Healthcare Equipment, Interventional Medicine, Medical devices, Watchman	Login
May 8, 2026	Fund Letters	TCW Concentrated Large Cap Growth Fund	ASML	ASML Holding N.V.	Semiconductor Equipment & Materials	Semiconductor Equipment	Bull	NASDAQ	Chip Manufacturing, Euv, Foundry, Lithography, Memory, Netherlands, semiconductor equipment, TSMC	Login
May 8, 2026	Fund Letters	TCW Concentrated Large Cap Growth Fund	ETN	Eaton Corporation plc	Specialty Industrial Machinery	Electrical Components & Equipment	Bull	New York Stock Exchange	Cooling Systems, datacenters, electrical equipment, Industrial Equipment, infrastructure, Megaprojects, Power management	Login
May 8, 2026	Fund Letters	TCW Concentrated Large Cap Growth Fund	MCK	McKesson Corporation	Medical Distribution	Health Care Distributors	Bull	New York Stock Exchange	capital allocation, Drug Distribution, Healthcare Distribution, Healthcare IT, network effects, oligopoly, pharmaceuticals	Login
May 8, 2026	Fund Letters	TCW Concentrated Large Cap Growth Fund	PLTR	Palantir Technologies Inc.	Software - Infrastructure	Application Software	Bull	New York Stock Exchange	AI platform, analytics, Data-integration, Defense, Enterprise software, Government, Ontology, workflow automation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

May 8, 2026

Fund Letters

TCW Concentrated Large Cap Growth Fund

NOW

ServiceNow, Inc.

Software - Application

Application Software

Bull

New York Stock Exchange

AI, Cloud computing, Digital transformation, Enterprise software, SaaS, subscription model, workflow automation

May 8, 2026

Fund Letters

TCW Concentrated Large Cap Growth Fund

BSX

Boston Scientific Corporation

Medical Devices

Health Care Equipment

Bull

New York Stock Exchange

cardiovascular, Clinical trials, Electrophysiology, Healthcare Equipment, Interventional Medicine, Medical devices, Watchman

May 8, 2026

Fund Letters

TCW Concentrated Large Cap Growth Fund

ASML

ASML Holding N.V.

Semiconductor Equipment & Materials

Semiconductor Equipment

Bull

NASDAQ

Chip Manufacturing, Euv, Foundry, Lithography, Memory, Netherlands, semiconductor equipment, TSMC

May 8, 2026

Fund Letters

TCW Concentrated Large Cap Growth Fund

ETN

Eaton Corporation plc

Specialty Industrial Machinery

Electrical Components & Equipment

Bull

New York Stock Exchange

Cooling Systems, datacenters, electrical equipment, Industrial Equipment, infrastructure, Megaprojects, Power management

May 8, 2026

Fund Letters

TCW Concentrated Large Cap Growth Fund

MCK

McKesson Corporation

Medical Distribution

Health Care Distributors

Bull

New York Stock Exchange

capital allocation, Drug Distribution, Healthcare Distribution, Healthcare IT, network effects, oligopoly, pharmaceuticals

May 8, 2026

Fund Letters

TCW Concentrated Large Cap Growth Fund

PLTR

Palantir Technologies Inc.

Software - Infrastructure

Application Software

Bull

New York Stock Exchange

AI platform, analytics, Data-integration, Defense, Enterprise software, Government, Ontology, workflow automation

TICKER	COMMENTARY
BSX	Shares of Boston Scientific Corporation (BSX; 1.25%) moved lower after quarterly results and the CHAMPION AF data results. While results modestly beat expectations, two key franchises (U.S. Electrophysiology and Watchman) missed consensus and management lowered 2026 organic sales growth guidance to 10-11%. The durability and growth trajectory for WATCHMAN is a focus for investors, and although CHAMPION-AF data released at the end of March hit all endpoints, they failed to act as a positive catalyst for BSX shares. Though we recognize the timing and magnitude of WATCHMAN contribution may not be resolved in the near-term, we believe current valuation may have overly discounted the company's long-term earnings growth profile. Shares remain under review.
ISRG	Shares of Intuitive Surgical, Inc. (ISRG; 1.93%) moved lower despite releasing solid quarterly results. Revenue and Da Vinci procedure growth topped consensus estimates, but China and Japan system placements continue to disappoint, however. ISRG repurchased 2.3M shares of its common stock (for $1.1B) in 1Q26 and management raised 2026 guidance. Shares have been challenged YTD due to increasing negative investor sentiment in health care medtech stocks, as well as the fact that ISRG is a high-growth, high multiple security. We note that we are still relatively early in the launch of Da Vinci 5, which we believe will drive further penetration (both into new hospitals and into new procedure categories) and further establish ISRG's lead in robotic-assisted surgery. ISRG has a 20-year lead on competitors, a strong competitive moat, and we remain constructive on shares.
PANW	Shares of Palo Alto Networks, Inc. (PANW; 3.41%) moved higher during the period after the company reported strong quarterly results that included accelerating organic growth driven by AI, CyberArk integration running ahead of plan, and 4Q/FY26 guidance raise above consensus expectations. We believe AI may be a multi-year tailwind, particularly in terms of firewall demand, that can drive an acceleration in bookings growth for PANW.
CRWD	Shares of CrowdStrike Holdings, Inc. (CRWD; 3.28%) also positively contributed to relative performance after posting solid quarterly results which included NNARR (Net New Annual Recurring Revenue) of $256M (+32% YoY), non-GAAP operating margin of 24% (+6% YoY), and FCF of $469M (+67% YoY). Management also raised forward guidance driven by strong module adoption, solid retention rates and a record 2Q pipeline. Both CRWD and PANW sold off earlier in the year as some investors feared cybersecurity LLMs would disrupt incumbent cybersecurity players. In April Anthropic released its Mythos model, and Anthropic granted early access to Mythos to several large cybersecurity companies and other institutions allowing them to use the LLM to detect vulnerabilities before a broader release. CRWD CEO George Kurtz referred to this as an 'inflection moment', and rather than a risk for the company, it underscored the importance of a cybersecurity ecosystem. As the use of AI agents proliferates, the risk of breaches and cybersecurity attacks increases, necessitating increased cybersecurity spend. We remain constructive on shares of both PANW and CRWD.
KLAC	KLA Corporation develops and manufactures advanced process control solutions for semiconductor chip manufacturing. KLA provides defect inspection, review and metrology tools used throughout the semiconductor chip fabrication process. The company's products help semiconductor chip manufacturers accelerate their development and product ramp cycles, achieve higher yields, improve semiconductor chip quality, and increase overall profitability in the manufacturing process. Semiconductor chip complexity is driving accelerating demand for more advanced inspection systems, and we believe KLA is poised to benefit. We are attracted to the company's competitive position, industry-leading margins pricing power, and strong record of returning cash to shareholders via dividends and share buybacks. We believe the current share price does not adequately reflect the longer-term cash flow generation potential of the business.
MU	Micron Technology is one of the world's leading manufacturers of memory technologies specializing in DRAM, NAND flash and NOR flash memory products. We believe the company is a clear beneficiary of the AI infrastructure buildout as the rapid expansion of AI workloads has shifted memory from a historically commodity component to a mission-critical strategic asset. The global semiconductor market is highly oligopolistic, with Micron (sole U.S. manufacturer), Samsung Electronics and SK Hynix holding over 90% market share. Driven by the AI infrastructure buildout, industry demand currently exceeds supply, and we believe this will persist for the foreseeable future. Longer-term customer supply agreements provide earnings visibility across Micron's highest-value products and reduce spot-market exposure. We are attracted to Micron's competitive position in a secularly growing market, and we believe the current price understates the long-term cash flow and earnings power of the business.
NVDA	According to Strategas, two companies (Micron (MU; 2.13%)) and (NVIDIA (NVDA; 16.22%)) are expected to be the largest contributors to S&P 500 net income growth for 2Q, combining for over 40% of total growth, and the top 20 companies are estimated to account for 95%. As NVDA CEO Jensen Huang says, 'In this new world of AI, compute equals revenues. Compute is profit.'
AMZN	Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.
MSFT	Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.
GOOG	Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.
ORCL	Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.

TICKER

COMMENTARY

BSX

Shares of Boston Scientific Corporation (BSX; 1.25%) moved lower after quarterly results and the CHAMPION AF data results. While results modestly beat expectations, two key franchises (U.S. Electrophysiology and Watchman) missed consensus and management lowered 2026 organic sales growth guidance to 10-11%. The durability and growth trajectory for WATCHMAN is a focus for investors, and although CHAMPION-AF data released at the end of March hit all endpoints, they failed to act as a positive catalyst for BSX shares. Though we recognize the timing and magnitude of WATCHMAN contribution may not be resolved in the near-term, we believe current valuation may have overly discounted the company's long-term earnings growth profile. Shares remain under review.

ISRG

Shares of Intuitive Surgical, Inc. (ISRG; 1.93%) moved lower despite releasing solid quarterly results. Revenue and Da Vinci procedure growth topped consensus estimates, but China and Japan system placements continue to disappoint, however. ISRG repurchased 2.3M shares of its common stock (for $1.1B) in 1Q26 and management raised 2026 guidance. Shares have been challenged YTD due to increasing negative investor sentiment in health care medtech stocks, as well as the fact that ISRG is a high-growth, high multiple security. We note that we are still relatively early in the launch of Da Vinci 5, which we believe will drive further penetration (both into new hospitals and into new procedure categories) and further establish ISRG's lead in robotic-assisted surgery. ISRG has a 20-year lead on competitors, a strong competitive moat, and we remain constructive on shares.

PANW

Shares of Palo Alto Networks, Inc. (PANW; 3.41%) moved higher during the period after the company reported strong quarterly results that included accelerating organic growth driven by AI, CyberArk integration running ahead of plan, and 4Q/FY26 guidance raise above consensus expectations. We believe AI may be a multi-year tailwind, particularly in terms of firewall demand, that can drive an acceleration in bookings growth for PANW.

CRWD

Shares of CrowdStrike Holdings, Inc. (CRWD; 3.28%) also positively contributed to relative performance after posting solid quarterly results which included NNARR (Net New Annual Recurring Revenue) of $256M (+32% YoY), non-GAAP operating margin of 24% (+6% YoY), and FCF of $469M (+67% YoY). Management also raised forward guidance driven by strong module adoption, solid retention rates and a record 2Q pipeline. Both CRWD and PANW sold off earlier in the year as some investors feared cybersecurity LLMs would disrupt incumbent cybersecurity players. In April Anthropic released its Mythos model, and Anthropic granted early access to Mythos to several large cybersecurity companies and other institutions allowing them to use the LLM to detect vulnerabilities before a broader release. CRWD CEO George Kurtz referred to this as an 'inflection moment', and rather than a risk for the company, it underscored the importance of a cybersecurity ecosystem. As the use of AI agents proliferates, the risk of breaches and cybersecurity attacks increases, necessitating increased cybersecurity spend. We remain constructive on shares of both PANW and CRWD.

KLAC

KLA Corporation develops and manufactures advanced process control solutions for semiconductor chip manufacturing. KLA provides defect inspection, review and metrology tools used throughout the semiconductor chip fabrication process. The company's products help semiconductor chip manufacturers accelerate their development and product ramp cycles, achieve higher yields, improve semiconductor chip quality, and increase overall profitability in the manufacturing process. Semiconductor chip complexity is driving accelerating demand for more advanced inspection systems, and we believe KLA is poised to benefit. We are attracted to the company's competitive position, industry-leading margins pricing power, and strong record of returning cash to shareholders via dividends and share buybacks. We believe the current share price does not adequately reflect the longer-term cash flow generation potential of the business.

Micron Technology is one of the world's leading manufacturers of memory technologies specializing in DRAM, NAND flash and NOR flash memory products. We believe the company is a clear beneficiary of the AI infrastructure buildout as the rapid expansion of AI workloads has shifted memory from a historically commodity component to a mission-critical strategic asset. The global semiconductor market is highly oligopolistic, with Micron (sole U.S. manufacturer), Samsung Electronics and SK Hynix holding over 90% market share. Driven by the AI infrastructure buildout, industry demand currently exceeds supply, and we believe this will persist for the foreseeable future. Longer-term customer supply agreements provide earnings visibility across Micron's highest-value products and reduce spot-market exposure. We are attracted to Micron's competitive position in a secularly growing market, and we believe the current price understates the long-term cash flow and earnings power of the business.

NVDA

According to Strategas, two companies (Micron (MU; 2.13%)) and (NVIDIA (NVDA; 16.22%)) are expected to be the largest contributors to S&P 500 net income growth for 2Q, combining for over 40% of total growth, and the top 20 companies are estimated to account for 95%. As NVDA CEO Jensen Huang says, 'In this new world of AI, compute equals revenues. Compute is profit.'

AMZN

Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.

MSFT

Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.

GOOG

Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.

ORCL

Amazon (AMZN; 2.06%), Microsoft (MSFT; 5.39%), Alphabet (GOOG; 8.93%) and Oracle (ORCL; 0.93%) now have a combined $2 trillion revenue backlog, up from $550 billion only two years ago.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Cybersecurity

Earnings

Medical Devices

Cloud

Inflation

Risk Appetite

AI

Semiconductors

Data Centers

Healthcare

AI

Cloud

E-commerce

Inflation

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brandon D. Bond Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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TCW Concentrated Large Cap Growth Fund