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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Constructive on secular AI infrastructure and broadening software monetization, trimming select semiconductor exposure while maintaining large off-benchmark positions in power infrastructure and resilient digital platforms."
Columbia Seligman Global Technology Fund Institutional Class Shares delivered a net return of -0.61% for the third quarter of 2026, trailing its benchmark, the MSCI World Information Technology Index Net, which generated a 6.23% return over the same period. Relative underperformance was primarily driven by stock selection and allocation weights across semiconductors and semiconductor equipment, alongside an underweight posture in mega-cap software. Off-benchmark allocations in financials and consumer discretionary, coupled with stock selection in communications equipment, IT services, and electronic equipment, served as positive relative contributors. Macroeconomic conditions remained mixed during the quarter as equity markets confronted renewed headwinds from stubborn energy prices, persistent inflation, and a 25 basis point rate hike by the U.S. Federal Reserve in September. Simultaneously, investors took profits in early artificial intelligence winners, catalyzing a rotational shift toward subsectors previously viewed as lagging, such as software, fintech, and IT services. The manager maintains a constructive outlook on the tech ecosystem, highlighting broadening enterprise adoption and expanding infrastructure requirements. Portfolio activity was marked by disciplined adjustments across cyclical hardware, including trimming semiconductor exposure following first-half gains while maintaining overweight positions in Lam Research, Marvell Technology, and Synaptics. The fund maintained major off-benchmark positions in Bloom Energy (9.51% net assets), Airbnb, and Wix.com, while holding an underweight stance in Microsoft (3.38% net assets) relative to the benchmark.
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