Overview

• Institutional Class shares returned 19.52% in Q2, lagging the MSCI World Information Technology Index-Net at 23.18%, according to the fund’s investor letter.
• The fund named Lam Research as a positive contributor driven by AI-related demand for high-bandwidth memory and advanced packaging, stronger NAND trends, and ongoing R&D including Cryo 3.0 and the Aether dry resist system.
• Lam Research reported June-quarter revenue of $5.17 billion, up 10% sequentially, with shares closing at $128.32 on Sept. 24 after a 23.28% one-month gain and a 51.41% 52-week rise.
• The fund said not owning Palantir detracted from relative results as the stock advanced on U.S. government deals that included the Defense Department and ICE; hedge fund holdings stood at 78 for Palantir and 85 for Lam at Q2 quarter-end.
• The letter also noted that not holding Adobe aided relative performance during a flat quarter for the stock, while separate disclosures showed Adobe posted record fiscal Q3 revenue of $5.99 billion, up 10% year over year.