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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Elevated Treasury yields and energy volatility have compressed mid-cap multiples, creating selective opportunities in structural AI infrastructure and market-share gainers that can outgrow end markets while cyclical exposure is prudently trimmed."
During the third quarter of 2026, mid-cap equities faced significant pressure as the Russell Midcap Growth Index declined 5.84%, trailing value peers. The fund closed the period managing $4.51 billion in total net assets across 97 holdings. The investment team responded to macro volatility and rising discount rates by prudently trimming exposure to cyclical sectors, maintaining a selective posture focused on companies with idiosyncratic drivers capable of outgrowing their underlying end markets. The macroeconomic environment was shaped by benchmark 10-year US Treasury yields surging past 5% following hawkish Federal Reserve rate hikes and geopolitical friction in the Middle East elevating energy prices. While near-term market sentiment showed signs of AI fatigue and data center infrastructure drew heightened political scrutiny ahead of midterm elections, secular drivers across enterprise technology remained robust. Elsewhere, the healthcare sector contended with regulatory drug pricing policy and Medicaid disenrollment headwinds, balanced by solid biotechnology and medical device transaction volume. Portfolio performance was supported by strong contributions from top holdings, including Natera, Cloudflare, Snowflake, and Twilio, each benefiting from accelerating enterprise software and diagnostic demand. Conversely, Dycom Industries, RB Global, Viking, Carpenter Technology, and Axon Enterprise detracted from performance due to project timing deferrals, weather-related waterway disruptions, and valuation multiple compression despite resilient operational backlogs.
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