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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by stock selection in Microsoft and Veeva Systems alongside avoidance of Tesla, while initiating positions in Palantir, Amphenol, and Seagate."
Nomura Large Cap Growth Fund (Institutional Class) delivered a net total return of 6.89% in the third quarter of 2026, advancing 5.29% net year-to-date and meaningfully outperforming the benchmark Russell 1000 Growth Index return of 0.92%. Performance was driven by positive stock selection across information technology, healthcare, and consumer discretionary sectors, supported by an intentional underweight in momentum and market beta. The fund maintains an active equity posture with high exposure to dominant, cash-generative technology and healthcare enterprises, with its top ten holdings representing 65.77% of net assets, while completely avoiding capital-intensive or structurally disadvantaged mega-caps. Macroeconomic conditions throughout the quarter were characterized by persistent geopolitical tensions, elevated crude oil prices, and hawkish monetary policy from the Federal Reserve, which raised the federal funds rate by 25 basis points in September. Management observes that the artificial intelligence landscape is progressing from an initial physical infrastructure construction phase into an application-oriented monetization cycle. Amid higher-for-longer benchmark interest rates and lingering inflation pressures, market participants demonstrated elevated discernment, rewarding profitable growth franchises while penalizing companies bearing heavy capital expenditure burdens with unproven returns. Portfolio activity reflected disciplined rebalancing and risk management surrounding index reconstitutions, marked by new additions in mission-critical platforms including Palantir Technologies, Amphenol, and Seagate Technology. The fund completely exited its position in Ferrari due to decelerating growth and elevated valuation multiples. Top positive contributors included Microsoft, bolstered by Azure cloud acceleration and generative AI assistant monetization, alongside Veeva Systems, while relative detractors included an active underweight in Meta Platforms and transitory pullback in GE Aerospace following debt-funded supplier acquisition announcements.
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