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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Expanding corporate profits and moderating valuation multiples indicate solid foundations for secular growth equities as artificial intelligence applications broaden beyond foundational infrastructure into commercial software, robotics, and aerospace."
The Virtus Zevenbergen Innovative Growth Stock Fund posted a net return of 1.13% for Class I shares in the third quarter of 2026, outpacing the Russell 3000 Growth Index's 0.45% net return. On a year-to-date basis, the fund gained 6.55% net of fees compared to 6.36% for the benchmark. Performance during the period was spearheaded by healthcare diagnostics and commerce software, which mitigated performance drag stemming from space technology, autonomous vehicles, and data center connectivity infrastructure. Macroeconomic headwinds included renewed Middle East geopolitical tensions pushing crude oil past $100 per barrel, sustained elevated inflation, and an unexpected Federal Reserve rate hike in September that drove long-term Treasury yields to multi-decade highs. While broad market leadership narrowed and rate-sensitive small-cap equities suffered sharp pullbacks, corporate earnings displayed resilience across growth sectors. The investment team noted that corporate earnings growth outpaced share price gains, lowering the forward price-to-earnings multiple of large-cap benchmarks beneath five-year historical averages. Portfolio activity and contribution were led by Natera and Shopify, supported by solid demand in oncology monitoring and resilient commerce volumes. Detractors included Rocket Lab, which digested broader post-IPO sector sentiment and fiscal budget uncertainty despite record backlog, and Credo Technology Group, which faced hardware multiple compression despite 115% top-line growth. Top fund allocations remain anchored in secular leaders including NVIDIA, Tesla, Advanced Micro Devices, and Shopify.
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