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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, and cybersecurity over vulnerable legacy application software."
The Bailard Technology Strategy achieved a total return of 22.98% net of fees for the second quarter of 2025. Although this performance was slightly below its primary category benchmark, the S&P North American Technology Index, which returned 23.38%, it comfortably outperformed other peer benchmarks, including the Morningstar U.S. Open End Technology Category (22.66%) and the Lipper Science and Technology Fund Index (22.48%). Year-to-date, the strategy continues to lead all three indices. Performance during the quarter was driven by robust gains in software positions—especially within infrastructure, cybersecurity, and personal finance software—along with core holdings in media, entertainment, and semiconductors. Conversely, the portfolio experienced negative impacts from its underexposure to cyclical industrials and hardware technology. The investment managers remain highly convicted in the long-tail demand for high-performance compute (HPC) power and are actively shifting software allocations away from vulnerable legacy applications toward infrastructure platforms and cybersecurity. Bailard continues to construct its portfolio using a barbell approach, balancing established 'Core Technology' leaders with high-growth 'Emerging Innovators.'
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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 Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Growth Outlook
Market outlook remains high conviction: The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Risk Appetite
Risk appetite posture is above average conviction: The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Forward Guidance
Forward guidance signal: The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Language Signal
Tone analysis indicates high conviction language: The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
Time Horizon
Investment time horizon reflects a above average conviction orientation. The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, an...
