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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, aiming to capture the next wave of productivity-led AI returns."
In Q4 2025, the Bailard Technology Strategy posted a return of -2.21% net of fees, underperforming the S&P North American Technology Index (3.39%). While semiconductor holdings (Micron, Lam Research, KLA) contributed strongly to performance, software valuations faced pressure from AI agent disruption fears, and active positions in hardware, cloud storage, and select media names detracted. To capture second-order benefits of the AI build-out, the fund executed a measured repositioning in December, moving capital from semiconductors and infrastructure into software and services. Looking toward 2026, the fund is cautious but optimistic, prioritizing companies with scale and data sovereignty as AI investments shift toward autonomous agent-enabled software.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Growth Outlook
Market outlook remains above average conviction: The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Risk Appetite
Risk appetite posture is moderate conviction: The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Forward Guidance
Forward guidance signal: The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Language Signal
Tone analysis indicates above average conviction language: The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Bailard Technology Strategy underperformed benchmarks in Q4 2025 but actively rotated capital out of leading semiconductor positions into discounted software and IT services, a...
