The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Virtus Zevenbergen Innovative Growth Stock Fund seeks long-term capital appreciation by investing in high-growth companies with durable competitive moats. During the first quarter of 2026, the fund faced severe headwinds as inflation worries, geopolitical risks, and high interest rates drove a rotating shift away from high-growth equities and software providers into value and defensive sectors. This rotation resulted in a -14.67% return, underperforming the Russell 3000 Growth Index's decline of -9.54%. Despite these short-term pressures, positive performances from AI infrastructure holdings like Vertiv and Quanta Services offset deeper losses in holdings like Shopify and Axon Enterprise. The fund remains constructive, asserting that its holdings maintain strong fundamental growth, expanding margins, and critical competitive advantages. Positioning remains oriented around major structural shifts including the electrification of the grid, physical artificial intelligence, space and defense spending, and advanced personalized diagnostics.
High-growth, innovative companies possessing durable competitive moats and proprietary data are poised to compound value over the long term despite temporary market rotations and near-term macroeconomic uncertainty.
The manager remains highly encouraged by long-cycle structural opportunities such as grid electrification, physical AI, personalized medicine, and defense spending, and believes portfolio companies are positioned to leverage proprietary data moats for the next demand wave.
As of Mar 31, 2026
Nancy Ann Zevenbergen founded Zevenbergen Capital Investments in 1987 and serves as President and Chief Investment Officer, managing the fund since inception. She established the firm's philosophy of searching for companies that are shaping the future through technological and business model innovation. The investment team includes Joseph Evans Dennison and Anthony Ray Zackery, both CFAs and principals who joined as portfolio managers in 2015, bringing expertise in identifying founder-led companies early in their development cycles.
ZCI's investment philosophy centers on the belief that revenue, earnings, and cash flow growth are the ultimate determinants of shareholder outcomes. The firm focuses on today's founders and innovators architecting the future through a research-intensive approach that looks for firms with strong fundamentals, led by exceptional people, that are prompting disruptive business landscape changes, often through technological advances. The firm prefers to invest in founder-led or founder-involved companies early in their life cycle when doubt and skepticism - but also opportunity - are strongest, maintaining a high-conviction, low-turnover portfolio focused on long-term value realization with a 10-year ownership view.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
A score of 0.75 is assigned because the portfolio exhibits high concentration, with the top ten holdings accounting for more than half of total assets, and the manager displays high verbal commitment to holding through volatility.
Growth Outlook
The manager is scored 0.75 as they remain constructive on long-cycle growth secular trends like electrification, AI infrastructure, and physical AI, while clearly acknowledging ongoing headwinds like inflation fears, rate holds, and geopolitical tensions.
Risk Appetite
The score of 0.75 reflects the fund's continued commitment to high-beta, innovative growth sectors like AI, autonomy, and space, refusing to rotate into defensive value names despite recent market drawdowns.
Capital Deployment
A score of 0.50 is assigned as the commentary does not mention any substantial cash level changes, portfolio liquidations, or major new buying campaigns, indicating a steady holding stance.
Forward Guidance
The score is set to 0.50 because the commentary primarily emphasizes maintaining current long-term positions rather than announcing any immediate tactical adjustments, asset allocation shifts, or aggressive capital deployment plans.
Language Signal
The score of 0.75 is based on the predominance of positive terms like 'growth', 'opportunity', 'trusted partner', and 'well-positioned', which outweigh bearish descriptions of short-term market turbulence and inflation-driven rotations.
Perceived Risk
Perceived risk is scored at 0.65 due to explicit discussions about the threat of Middle East conflicts on energy prices, persistent inflation concerns delaying Federal Reserve actions, and valuation debates regarding AI-displacement risks.
Opportunity Density
A score of 0.70 is given as the manager identifies strong long-cycle opportunity sets specifically in grid electrification, physical AI, space/defense, and diagnostics, rather than a broad-based, cheap equity market.
Time Horizon
The score is 0.85 because the manager explicitly advocates for a patient view, prioritizing 'long-term value creation' over 'near-term certainty' and emphasizing structural cycles that take years to compound.
Top Conviction Themes
Key Catalysts
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