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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersecurity and taking profits in wafer fab equipment."
For the third quarter of 2025, the Bailard Technology Strategy posted a return of 9.36% net of fees, trailing the S&P North American Technology Index (13.14%) and other industry benchmarks. Contributors were led by NVIDIA, AppLovin, and Lam Research, while detractors included Fiserv, Intuit, and Spotify. Portfolio adjustments focused on trimming AdTech exposure to fund core cybersecurity and AI development infrastructure, while hardware exposure saw builds in data center networking alongside profit-taking in wafer fab equipment. The letter highlights 'tokens per watt' as the governing metric for AI compute economics and underscores a cautious stance on government-exposed software and creative platforms vulnerable to AI disruption.
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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: Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Growth Outlook
Market outlook remains above average conviction: Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Risk Appetite
Risk appetite posture is above average conviction: Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Forward Guidance
Forward guidance signal: Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Language Signal
Tone analysis indicates above average conviction language: Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
Time Horizon
Investment time horizon reflects a high conviction orientation. Bailard's Q3 2025 update reports a 9.36% net return, underperforming its benchmarks, while pivoting its technology allocation toward energy-efficient AI infrastructure and cybersec...
