Overview

• The fund reported an 11.24% return for the quarter versus a 17.84% gain for its benchmark, the Russell 1000 Growth Index.
• Microsoft was a leading contributor after stronger-than-expected results and faster Azure expansion across AI and non‑AI cloud services.
• UnitedHealth was a major detractor as higher member utilization and risk-coding mismatches pressured margins, which the manager expects to normalize over time.
• The portfolio exited LVMH late in the quarter, citing ongoing post‑pandemic normalization and a lack of a clear near‑term growth catalyst, with moves also timed around Russell index reconstitution.
• The quarter featured policy and geopolitical volatility but ended with broad equity strength, with AI, cloud, and semiconductor trends supporting performance in select technology holdings.