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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Loomis Sayles Global Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength."
The Loomis Sayles Global Growth Fund returned 6.43% in Q2 2026, underperforming the MSCI ACWI Index's 14.93% return by 850 basis points. The fund's concentrated portfolio of high-quality growth companies continues to benefit from secular drivers including AI adoption, cloud computing expansion, and e-commerce penetration. Top contributors Arm Holdings, Alphabet, and Amazon demonstrated strong fundamentals driven by AI-related demand, with Arm launching its first data center chip, Alphabet's cloud business accelerating to 63% growth, and AWS reaching a $150 billion revenue run rate. Detractors Netflix and Trip.com reported solid fundamentals but faced near-term guidance concerns, while Tencent's results were mixed relative to expectations. The manager added to seven positions during price weakness and trimmed four holdings based on reward-to-risk, while fully exiting Alibaba, PayPal, and Qualcomm. The portfolio trades at approximately 51% discount to the manager's estimate of intrinsic value, suggesting significant upside potential. The fund maintains its disciplined, long-term approach with 8.7% annualized turnover since inception, focusing on companies with sustainable competitive advantages trading at meaningful discounts to intrinsic value.
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