Bailard Tech Strategy Gains 9.36% in Q3, Trails Benchmarks as AI Plays Lead and Fiserv Lags

Overview

• Bailard reported a 9.36% net Q3 2025 return versus 13.14% for the S&P North American Technology Index, 11.64% for Morningstar’s U.S. tech category, and 11.19% for the Lipper Science & Technology Index.
• Bailard cited stronger tech fundamentals tied to structural demand trends, evolving regulation, U.S. semiconductor onshoring, and accelerating investment in AI infrastructure.
• Top contributors included AppLovin on exceptional growth in mobile game advertising and programmatic AdTech with ecommerce expansion, and Lam Research on cyclical wafer-equipment demand and U.S. onshoring positioning.
• Nvidia remained a cornerstone holding with leadership in accelerated computing and datacenter networking, and it contributed approximately 216 basis points to Q3 performance.
• Fiserv was a notable detractor due to leadership transition, product launch delays, underperformance in Merchant Solutions, and lowered FY25 revenue and margin guidance, consistent with a steep 52-week stock decline.