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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into secular tech compounders like Oracle and Alphabet."
In Q3 2025, the Ithaka US Growth Strategy underperformed its Russell 1000 Growth benchmark, returning +1.0% net (+1.2% gross) compared to the benchmark's +10.5%. Underperformance was driven by weak stock selection, particularly in Technology (where gains were narrowly concentrated in the AI supply chain trade) and multiple compression in Health Care. During the quarter, the Federal Reserve cut rates by 25bp against a backdrop of downward labor market revisions. In response to shifting growth dynamics, Ithaka active adjusted its portfolio, initiating positions in Oracle, Amphenol, and Alphabet while exiting Chipotle, ASML, and Salesforce. The fund continues to view the current massive AI infrastructure capex boom constructively, noting that unlike the 1990s tech bubble, current spend is financed by profitable corporate leaders.
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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: Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Growth Outlook
Market outlook remains above average conviction: Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Risk Appetite
Risk appetite posture is above average conviction: Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Forward Guidance
Forward guidance signal: Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Language Signal
Tone analysis indicates above average conviction language: Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
Time Horizon
Investment time horizon reflects a high conviction orientation. Ithaka's growth portfolio lagged its benchmark in Q3 due to poor stock-picking breadth outside of core AI supply chain beneficiaries, leading the team to reallocate capital into se...
