Overview
- Core Equity returned 7.22% gross (7.10% net) in Q3 2025 versus the S&P 500’s 8.12%.
- Large Cap Growth returned 9.76% gross (9.61% net) against a 10.51% gain for the Russell 1000 Growth Index.
- The Core Equity portfolio sold Halliburton to fund Baker Hughes, pointing to prolonged U.S. onshore activity and pricing headwinds for Halliburton’s completion and pumping business.
- The team exited Becton, Dickinson after NIH funding cuts hurt results and guidance, and sold Adobe on rising AI-driven competition seen pressuring seats, pricing and Digital Media ARR growth.
- Attribution highlights included strength from Adaptive Biotechnologies on MRD testing momentum and raised guidance, continued conviction in Shopify’s commerce platform, and a drag from Visa on slowing growth concerns.