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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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NewBridge Large Cap Growth Equity 2024 Q2 Investor Letter | Buyside Digest

Back to Fund Profile (NewBridge Large Cap Growth Equity)

Primary Source Intelligence • Q2 2024 Letter Analysis

NewBridge Large Cap Growth Equity Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, NewBridge Large Cap Growth Equity. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+5.98%

YTD+22.4%

Annualized+6.22%

Positioning StanceConstructive

Market CapLarge Cap

GeographyUS

Digest Analysis

Quick Take

"NewBridge Large Cap Growth underperformed in Q2 despite positive returns, with NVIDIA driving performance as the largest holding. The fund maintains conviction in AI secular trends while rotating out of challenged positions like Lululemon and UnitedHealth."

Executive Summary

NewBridge Large Cap Growth Equity posted a positive 5.98% net return in Q2 2024 but underperformed the Russell 1000 Growth Index's 8.33% return. The portfolio benefited from strong performance in Technology and Communication Services sectors, with NVIDIA Corporation as the top contributor and largest holding. The fund maintains conviction in AI-related secular growth trends, viewing the AI trade as still in early innings with considerable growth ahead. Portfolio actions included selling Lululemon, MSCI, and UnitedHealth Group while adding Celsius Holdings, Trane Technologies, and Vertiv Holdings to capitalize on secular opportunities. The manager acknowledges risks including Fed policy uncertainty, inflation pressures, and geopolitical tensions but remains optimistic given resilient employment, supportive corporate profits, and continued business digitization. The strategy maintains its high-growth, high-quality mandate focused on companies with market leadership and sustainable growth characteristics. Active share stands at 60% with 30 total holdings concentrated in technology and growth sectors.

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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

70%

CautiousHigh

Moderate (70%)

The manager expresses high conviction in their company-specific growth drivers and secular themes (AI, energy efficiency), maintaining positions despite short-term underperformance and earnings volatility.

Growth Outlook

50%

BearishBullish

Neutral (50%)

The commentary maintains a moderately bullish view on equity markets, citing resilient employment, corporate profit support, and early-stage AI growth opportunities.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The strategy remains significantly overweight in Emerging Growth companies (49% vs 28% index) and high-growth technology/industrial leaders, though balanced with quality discipline.

Capital Deployment

50%

De-riskingDeploying

Net Neutral (50%)

Active capital reallocation took place during the quarter, exiting three positions and fully deploying proceeds into three new higher-conviction holdings.

Forward Guidance

50%

CautiousExpansionary

Neutral (50%)

Management expects solid earnings growth and margin expansion across core portfolio holdings despite near-term Federal Reserve policy uncertainty.

Language Signal

60%

BearishBullish

Balanced (60%)

The tone is confident and reassuring, explaining detractor performance with detailed fundamental rationale while emphasizing long-term growth opportunities.

Perceived Risk

35%

Low RiskElevated

Moderate Risk (35%)

The manager highlights numerous macroeconomic and geopolitical risks, including sticky inflation, Fed policy uncertainty, narrow market breadth, and elevated valuations.

Opportunity Density

40%

ScarceAbundant

Selective (40%)

The manager identified and initiated three new long-term growth positions (Celsius, Trane Technologies, Vertiv Holdings) while replacing lagging holdings.

Time Horizon

80%

Short-TermLong-Term

Decade+ (80%)

The strategy explicitly operates with a long-term, bottom-up perspective focused on multi-year secular growth trends like AI infrastructure and energy transition.