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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global tariff policies."
In Q2 2025, the International Growth Fund posted a gain of 12.14% (Investor Class), outperforming the MSCI EAFE Index return of 11.78%. The fund was supported by strong industrials performance (specifically Siemens Energy and Mitsubishi Heavy Industries) and beneficial energy positioning. Financials holdings like London Stock Exchange and Sumitomo Mitsui weighed on relative performance. Key active changes included initiating positions in Spotify Technology and National Grid, and fully exiting UBS Group and Partners Group Holding due to regulatory and growth concerns. Active positioning focuses on European valuation opportunities, AI application migration, analog semiconductor demand, and recovering aerospace supply chains.
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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 outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Growth Outlook
Market outlook remains above average conviction: The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Risk Appetite
Risk appetite posture is above average conviction: The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Forward Guidance
Forward guidance signal: The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Language Signal
Tone analysis indicates above average conviction language: The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global ta...
