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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Lagging its benchmark due to near-term software capex anxieties, but remains strongly positioned in key secular semiconductor and infrastructure leaders driving enterprise-grade AI deployment."
In Q4 2025, the Columbia Global Technology Growth Fund (Institutional Class) returned 1.97%, underperforming the S&P Global 1200 Information Technology Index, which returned 3.21%. Security selection was the primary driver of relative performance, particularly amidst a broader market pivot toward large-cap value and broader market breadth. High-performing holdings included Alphabet, Taiwan Semiconductor, Micron, and Lam Research, which benefited from robust AI-driven semiconductor and capital equipment demand. Conversely, software and platform holdings such as Oracle, Netflix, Meta, and ServiceNow detracted due to mounting capex sustainability concerns and large-scale acquisition risks. Looking to 2026, the fund maintains a constructive outlook on the long-term potential of AI, robotics, and quantum computing, while closely monitoring geopolitical, regulatory, and capital expenditure risks.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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