Commentary

1Q2026 - Focus Growth Commentary

A volatile quarter driven by AI disruption concerns and geopolitical conflict led to underperformance, particularly across software and digital businesses. The team views the selloff as an opportunity, maintaining conviction in high-quality, mission-critical companies positioned to benefit from long-term AI adoption.
Dan Davidowitz, CFA, Damon Ficklin
1 Min
Share:
  • Returns: -17.16% gross / -17.27% net vs. -9.78% (Russell 1000 Growth) in Q1 2026
  • Top contributors: Starbucks, Tesla (not owned), Microsoft (underweight)
  • Largest detractors: CoStar Group, Intuit, Shopify
  • Summary: AI disruption concerns and geopolitical tensions pressured performance, but the team remains confident in the long-term resilience of high-quality, mission-critical businesses.

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