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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"While 2025 was a painful year of cyclical-driven underperformance, SGA sees an exceptional 'coiled spring' setup heading into 2026, with their high-quality compounders trading at historic relative valuation discounts as AI CapEx tailwinds begin to hit physical limits."
In Q4 2025, SGA Global Growth disappointed, returning -0.1% (Gross) and -0.3% (Net) compared to 3.3% for the MSCI ACWI. 2025 proved to be the portfolio's most challenging year since its 2011 inception due to extreme market divergence favoring cyclical and momentum-driven assets over quality compounders. SGA argues that the portfolio's relative valuation discount is now at an all-time low. Structurally, SGA predicts a looming slowdown in hyperscaler AI CapEx due to power and labor bottlenecks, which will end the cyclical momentum boom. During the quarter, SGA initiated positions in Broadcom, Netflix, and Sea Limited while liquidating ServiceNow and Infosys.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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Growth Outlook
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