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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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LVS Advisory - Growth 2023 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (LVS Advisory - Growth)

Primary Source Intelligence • Q1 2023 Letter Analysis

LVS Advisory - Growth Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, LVS Advisory - Growth. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD-1.2%

YTD+5.5%

Positioning StanceConstructive

Market CapLarge Cap

GeographyUS

Digest Analysis

Quick Take

"Edgewood's large cap growth strategy underperformed in Q3 but the firm added to high-conviction positions during market dislocations."

Executive Summary

Edgewood Management's large cap growth strategy returned -1.2% net in Q3 2025, underperforming the S&P 500's 8.1% return. The portfolio maintains 28% exposure to AI infrastructure buildout through positions in NVIDIA, ASML, Broadcom, and others. Key contributors included ASML (+21.1%), NVIDIA (+18.1%), and Shopify (+28.8%), while detractors included The Trade Desk (-39.0%, subsequently sold), Netflix (-10.5%), and Intuit (-13.2%). The firm took advantage of stock dislocations to add to high-conviction names including Eli Lilly, FICO, ASML, Synopsys, Intuitive Surgical, and Boston Scientific. Edgewood sees encouraging signs that AI is broadening beyond infrastructure to proprietary data and application layers. The investment team demonstrated conviction by personally adding capital to the strategy in September. The portfolio targets companies with strong competitive moats, consistent growth, and the ability to benefit from secular trends including AI adoption, maintaining disciplined risk controls with position limits and sector exposure caps.

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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

78%

CautiousHigh

High Conviction (78%)

High conviction evidenced by concentrated 22-stock portfolio with largest weightings representing strongest convictions. The firm added to multiple positions during selloffs and all senior investment team members personally invested additional capital in September. Named positions with specific sizing and clear thesis explanations demonstrate strong conviction.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The letter shows mild positive sentiment toward markets with constructive language about AI opportunities and secular trends, but acknowledges elevated expectations and some market volatility. The firm sees encouraging signs in AI adoption broadening beyond infrastructure.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

Portfolio maintains significant exposure to growth themes with 28% in AI infrastructure, and the firm actively added to positions during quarter. However, they also sold one position and maintain disciplined risk controls, showing selective rather than aggressive risk-taking.

Capital Deployment

25%

De-riskingDeploying

De-risking (25%)

Moderate deployment activity with additions to six existing positions (ASML +0.5%, BSX +1.0%, LLY +1.0%, FICO +2.5%, ISRG +1.0%, SNPS +1.7%) while trimming several others and selling one position entirely. Net activity suggests selective deployment rather than aggressive cash deployment.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The firm expresses conviction in current holdings and sees positive catalysts ahead, particularly in AI adoption broadening. However, guidance is measured and focused on long-term positioning rather than aggressive near-term deployment.

Language Signal

20%

BearishBullish

Bearish (20%)

Language is balanced with both opportunity-focused terms (encouraging signs, conviction, well-positioned) and risk acknowledgment (disruption fears, uncertainty, elevated expectations). Slightly more constructive than cautious overall.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Moderate risk acknowledgment with specific concerns about AI disruption fears, export restrictions, tariff uncertainty, and elevated market expectations. Risks are named and discussed but not characterized as systemic threats, suggesting measured caution.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Good opportunity density evidenced by ability to add to six different positions during the quarter when stocks experienced dislocations. The firm sees encouraging signs in AI broadening and identifies specific catalysts, suggesting a reasonably rich opportunity set.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Multi-year investment horizon evidenced by focus on secular trends like AI adoption, emphasis on durable competitive advantages, and willingness to add to positions during temporary selloffs. The firm discusses multi-year EPS growth expectations and long-term market positioning.