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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Bailard Technology Strategy underperformed in Q1 2026 due to software sector pressure and concentrated positioning, but maintains conviction in AI compute infrastructure opportunities."
The Bailard Technology Strategy delivered -11.32% net returns in Q1 2026, underperforming benchmarks due to underweight exposure to Technology Hardware & Equipment and concentrated positions in Meta Platforms and streaming platforms. The fund maintains a high-conviction approach with 41 holdings concentrated in semiconductors (37.3%) and software (24.4%). Top contributors included semiconductor equipment companies KLA Corp and Lam Research, benefiting from sustained demand for wafer fabrication equipment, while Microsoft, AppLovin, and Meta were primary detractors amid software sector pressure from AI disruption fears. The fund sees massive opportunities in AI compute hardware, expecting frontier labs and hyperscalers to maintain elevated infrastructure spending through 2027. They anticipate a significant shift in data center architecture driving optical networking demand between 2027-2030. The strategy balances established leaders with emerging innovators, selectively redeploying semiconductor profits into software while maintaining meaningful AI hardware exposure and preparing for AI-native company opportunities as they become public.
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