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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"NCG's Large Cap Growth strategy underperformed in Q1 2025 due to technology sector weakness amid policy uncertainty following Trump's inauguration."
Next Century Growth Investors delivered negative returns across all strategies in Q1 2025, with their Large Cap Growth strategy declining 12.18% net of fees versus the Russell 1000 Growth Index decline of 9.96%. The underperformance was primarily driven by technology sector holdings, particularly detractors NVIDIA, Apple, and Tesla, while financials provided the only sector outperformance led by contributors Howmet Aerospace, Progressive, and Visa. The firm faced headwinds from policy uncertainty following President Trump's inauguration, including concerns around DOGE spending cuts, immigration policy, and tariff implementation, which shifted investor sentiment toward expectations of slowing growth and rising recession probabilities. Despite these challenges, NCG maintains their core investment philosophy of investing in the fastest growing and highest quality companies through direct research and strong sell discipline. The team added six new positions including five technology names while trimming underperformers. Looking forward, they see potential catalysts including Fed rate cuts, infrastructure spending acceleration, and attractive valuations reflecting overly pessimistic expectations.
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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
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Language Signal
Perceived Risk
Opportunity Density
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