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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionality names like SailPoint to dodge narrow AI predictions."
In Q3 2025, the NZS Growth Equity strategy delivered a net return of +3.93% (underperforming the Morningstar Index's +7.60% return). Year-to-date, the strategy remains ahead of the index, yielding +19.60% net versus +18.26%. Alphabet, Lam Research, and ASML were key absolute contributors, whereas Constellation Software (impacted by the CEO stepping down) and Fiserv detracted. The fund underwent elevated name turnover, initiating new optionality positions in Synopsys, Monolithic Power, ServiceNow, monday.com, and SailPoint. Crucially, the fund exited its long-held position in NVIDIA and several other semi/hardware names to pivot toward software. A deep dive is presented on SailPoint, which represents a massive secular opportunity in identity governance driven by the exponential growth of AI-driven, non-human machine identities.
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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: NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Growth Outlook
Market outlook remains above average conviction: NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Risk Appetite
Risk appetite posture is above average conviction: NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Forward Guidance
Forward guidance signal: NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Language Signal
Tone analysis indicates above average conviction language: NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
Time Horizon
Investment time horizon reflects a high conviction orientation. NZS Growth Equity finished Q3 2025 up +3.93% net, trailing the index but staying ahead YTD. The fund actively rotated away from AI hardware (exiting NVIDIA) into software optionali...
