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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Fund outperformed during volatile quarter as market leadership shifted away from AI and big tech toward quality businesses. Policy uncertainty and tariff threats created challenging environment favoring the fund's quality-focused approach."
Macquarie Large Cap Growth Fund posted negative absolute returns but outperformed its benchmark during a volatile Q1 2025 marked by AI disruption, policy uncertainty, and shifting market leadership. The DeepSeek event and government policy concerns, particularly around tariffs, created a challenging environment that hit big tech and AI stocks hardest while causing broader market leadership rotation. The fund's quality-focused approach proved beneficial as performance gravitated toward higher-quality businesses with strong fundamentals. Key contributors included positions in Intercontinental Exchange and Visa, while avoiding Tesla added value. The manager exited Electronic Arts due to declining quality characteristics and added IDEXX Laboratories, taking advantage of weakness in the animal health diagnostics leader. Looking forward, the team expects continued volatility driven by uncertainty around economic growth and business confidence. However, they believe these conditions favor their investment style, as stable high-quality growth businesses tend to command premiums during uncertain periods. The manager sees this as the early innings of realizing advantages from their disciplined quality approach.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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