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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Zevenbergen Technology Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund experienced underperformance due to a sharp rotation away from high-growth tech, but remains committed to secular themes. The managers view recent volatility as an attractive entry point to acquire structurally advantaged businesses at discounted valuations."
The Virtus Zevenbergen Technology Fund seeks long-term capital appreciation by investing in high-growth companies positioned to benefit from secular technological shifts. During the first quarter of 2026, the fund returned -10.77%, slightly underperforming its benchmark. This performance was driven by a sharp market rotation away from high-growth equities and into value and defensive sectors, triggered by geopolitical tensions, rising inflation fears, and valuation debates surrounding the monetization of artificial intelligence. Despite these headwinds, the fund benefited from strong performances in AI infrastructure-linked holdings like Micron Technology and Vertiv Holdings, which experienced robust demand. Conversely, positions in Shopify and Microsoft detracted from returns amid shifting consumer sentiment and near-term margin trade-offs. The portfolio managers maintain high conviction in their core holdings, viewing the market drawdown as an attractive opportunity to invest in top-tier growth franchises at reduced valuations while their underlying compound growth characteristics and competitive moats remain fundamentally intact.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
A score of 0.70 reflects high conviction in core holdings. The fund has high-weight positions in key names (Alphabet, NVIDIA, Apple, Microsoft) and expresses strong long-term confidence. However, they manage a larger list of holdings without specifying direct portfolio sizing changes in this specific commentary.
Growth Outlook
A score of 0.70 was assigned because the managers are constructive on the tech sector. They highlight that tech is 'on sale' at reduced valuations while underlying earnings growth estimates remain structurally robust.
Risk Appetite
A score of 0.75 is given because the fund remains committed to its high-growth, technology-heavy positioning, avoiding a shift to defensive or value alternatives in response to macro headwinds.
Capital Deployment
A score of 0.50 was assigned because there is no explicit discussion or metrics regarding active changes to cash levels, net capital deployment, or portfolio liquidations during the quarter.
Forward Guidance
A score of 0.50 was assigned as the letter focuses primarily on long-term philosophy and holding through volatility rather than outlining specific, near-term capital reallocation plans.
Language Signal
A score of 0.65 is given because the managers utilize a balanced but ultimately optimistic tone, framing recent market drawdowns as opportunities to purchase high-quality growth businesses 'on sale' with intact structural competitive moats.
Perceived Risk
A score of 0.65 indicates a meaningful awareness of external risks. The letter explicitly notes inflation concerns, geopolitical tensions in the Middle East, and debates surrounding the near-term monetization of AI.
Opportunity Density
A score of 0.75 is appropriate as the managers view the market drawdown as presenting attractive entry points to acquire durable growth platforms at reduced valuations.
Time Horizon
A score of 0.90 reflects a multi-decade patience level. The managers refer to their four-decade history of navigating market drawdowns and focus strictly on multi-year secular compounding themes.
