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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align with long-term AI and supply chain recovery themes."
In Q3 2025, the International Growth Fund posted a modest return of 0.85% (Investor Class), underperforming the MSCI EAFE Index which returned 4.77%. Headwinds included a weakening US dollar, political uncertainties in France and Japan, and weakness in financials and consumer discretionary holdings. Healthcare stock selection (such as Galderma Group and UCB) and key holdings like Alibaba, CRH, and Shopify contributed positively. The fund exited positions in Novo Nordisk and CSL due to concerns over demand recovery and competition. Looking forward, the fund remains constructive on broad secular trends including AI data center expansion, digital transformation, European rate-sensitive recoveries, and civil aircraft supply chain normalization.
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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: The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Growth Outlook
Market outlook remains above average conviction: The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Risk Appetite
Risk appetite posture is above average conviction: The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Forward Guidance
Forward guidance signal: The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Language Signal
Tone analysis indicates above average conviction language: The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align w...
