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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Biondo Investment Advisors 2025 Q2 Investor Letter | Buyside Digest

Back to Fund Profile (Biondo Investment Advisors)

Primary Source Intelligence • Q2 2025 Letter Analysis

Biondo Investment Advisors Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Biondo Investment Advisors. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"Edgewood's concentrated large cap growth portfolio underperformed in Q3 despite strong AI infrastructure exposure. The firm used market volatility to add to high-conviction positions including FICO, Eli Lilly, and semiconductor leaders."

Executive Summary

Edgewood Management's large cap growth strategy delivered -1.2% net returns in Q3 2025, underperforming the S&P 500's 8.1% gain. The portfolio maintains concentrated exposure to AI infrastructure buildout representing 28% of holdings, with NVIDIA and ASML as top positions at 7.8% each. Key detractors included The Trade Desk which was sold, Netflix, Intuit, Intuitive Surgical, and ServiceNow, primarily due to elevated expectations and AI disruption concerns in software. The firm added to positions including FICO, Eli Lilly, ASML, Synopsys, Intuitive Surgical, and Boston Scientific, taking advantage of stock dislocations. Management sees encouraging signs that AI adoption is broadening beyond infrastructure to proprietary data and application layers. The investment team demonstrated conviction by making additional personal capital investments in September 2025. Portfolio companies are diversified across three growth buckets with estimated long-term EPS growth rates of 10-15%, 16-20%, and 21%+, trading at reasonable valuations relative to growth prospects.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

75%

CautiousHigh

High Conviction (75%)

High conviction evidenced by concentrated 22-stock portfolio, significant personal capital investments by the entire senior investment team in September, and active adding to positions during volatility. Clear articulation of investment thesis and willingness to increase exposure during dislocations.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager expresses cautious optimism about AI broadening beyond infrastructure and identifies encouraging signs of adoption in proprietary data and application layers. However, the tone is measured rather than strongly bullish about overall market conditions.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The firm actively added to positions during market volatility, demonstrating moderate risk appetite. They increased exposure to names like FICO, Eli Lilly, and semiconductor positions, showing willingness to deploy capital into dislocated names.

Capital Deployment

50%

De-riskingDeploying

Net Neutral (50%)

Moderate deployment activity with adds to multiple positions including FICO (+2.5%), Eli Lilly (+1.0%), Synopsys (+1.7%), and others, while also trimming some positions. Net activity suggests selective deployment rather than aggressive or defensive positioning.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

Management expresses conviction in current holdings and took advantage of dislocations to add to positions. The investment team's personal capital additions in September signals confidence, though the guidance is measured rather than aggressively bullish.

Language Signal

20%

BearishBullish

Bearish (20%)

Language includes positive terms like 'conviction', 'encouraging signs', and 'took advantage' of opportunities, but is balanced with acknowledgment of market challenges and underperformance. Overall tone is cautiously constructive.

Perceived Risk

40%

Low RiskElevated

Moderate Risk (40%)

Manager acknowledges AI disruption concerns in software sector and tariff uncertainty affecting semiconductor names, but views many concerns as overblown. Risk perception is moderate with focus on company-specific rather than systemic risks.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Manager sees good opportunities in current dislocations, actively adding to positions and describing the ability to 'take advantage of stock dislocations.' The AI theme broadening beyond infrastructure suggests expanding opportunity set.

Time Horizon

80%

Short-TermLong-Term

Decade+ (80%)

Focus on long-term secular trends like AI adoption, emphasis on durable competitive advantages, and willingness to add during short-term volatility indicates patient, multi-year investment horizon. Portfolio construction around 5-year growth estimates supports long-term orientation.