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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their most attractive relative valuations since 2017."
In Q4 2025, the SGA International Growth portfolio returned 1.0% (Net) and 1.2% (Gross), lagging its benchmarks (MSCI ACWI ex USA Net TR returned 5.1%) due to a sharp market rotation favoring lower-quality, cyclical, and momentum-driven assets. Despite these style headwinds, SGA highlighted that the relative valuation of the portfolio compared to the benchmark is at its most attractive level since 2017. During the quarter, the fund established new positions in Southeast Asian internet platforms Sea Limited and Grab Holdings, and fully liquidated its position in Atlassian due to AI-driven uncertainties in developer seat demand. SGA remains highly confident in its long-term investment philosophy, expecting quality growth businesses to become more sought after as market volatility increases and macro growth decelerates.
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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: SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Growth Outlook
Market outlook remains above average conviction: SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Risk Appetite
Risk appetite posture is moderate conviction: SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Forward Guidance
Forward guidance signal: SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Language Signal
Tone analysis indicates above average conviction language: SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
Time Horizon
Investment time horizon reflects a high conviction orientation. SGA's quality growth portfolio underperformed in a cyclically dominated Q4 2025, but the manager has utilized this period of underperformance to add to secular growers at their mos...
