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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains in 2026."
Ithaka US Growth Strategy underperformed the Russell 1000 Growth Index in Q4 2025, returning -6.1% (Net) vs. 1.1% for the benchmark, heavily impacted by negative stock selection in Technology and Consumer Discretionary. Despite these headwinds, corporate fundamentals remained strong, with 93% of the portfolio's full-period holdings beating top-line estimates. In response to shifting dynamics, Ithaka initiated three new positions (Howmet, Broadcom, Credo) and exited four (Blackstone, e.l.f. Beauty, Marvell, The Trade Desk). Looking ahead, Ithaka remains constructive and focuses on businesses driving real-world productivity, particularly as the AI cycle shifts from infrastructure buildout to tangible, compounding utility in 2026.
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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: Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Growth Outlook
Market outlook remains above average conviction: Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Risk Appetite
Risk appetite posture is above average conviction: Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Forward Guidance
Forward guidance signal: Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Language Signal
Tone analysis indicates above average conviction language: Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite a challenging Q4 underperformance driven by stock selection, Ithaka remains focused on high-conviction compounders, projecting a shift to real-world AI productivity gains i...
