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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses."
SGA's Global Growth Portfolio returned 7.2% net in Q2 2026 versus 14.9% for MSCI ACWI, underperforming due to extreme momentum leadership favoring AI infrastructure beneficiaries. The MSCI ACWI Momentum Index rose 46% marking historic high after three years of leadership, a nearly three standard deviation event wider than 1999 or 2007. Despite underperformance, portfolio companies delivered median revenue growth of 12% and EPS growth of 14% with 60%+ beating consensus expectations. Manager's direct AI holdings including TSMC, Arm, Nvidia, Alphabet, Amazon, and Broadcom contributed over 100% of portfolio returns while rest of portfolio detracted as quality growth went unrewarded. Portfolio now trades at steepest discount to MSCI ACWI since 2011 inception with Enterprise Yield of approximately 3%, positioning for 16% revenue growth and 20% earnings growth over next three years from predictable businesses. Manager initiated six new positions including Linde, Equinix, Schneider Electric, and Arista Networks while exiting Universal Music Group, Alcon, and Intuit. With memory cycle showing speculation signs, IPO calendar testing appetite, and AI implementation taking longer than expected, manager believes conditions building for rotation toward quality compounders offering compelling risk-adjusted return potential.
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