Overview

• Institutional Class shares returned 19.52% in the quarter versus 23.18% for the MSCI World Information Technology Index-Net.
• Lam Research was a positive contributor on AI-driven demand for high‑bandwidth memory and advanced packaging, with R&D like Cryo 3.0 and Aether dry resist highlighted as competitive strengths.
• An overweight in Marvell aided results as the company lifted its custom AI chip total addressable market estimate to $55 billion by 2028 from $43 billion and shares rebounded from Q1 tariff uncertainty.
• An off‑benchmark stake in Bloom Energy supported performance based on a thesis that its fuel cells can ease datacenter power constraints, with momentum helped by the budget reconciliation bill extending hydrogen tax credits and tightening access for solar and wind.
• Not owning Palantir hurt relative returns after new U.S. government awards including the Defense Department and ICE, while avoiding Adobe modestly helped as its shares were flat and analysts questioned generative‑AI impacts on pricing power.