Commentary

1Q2026 - Global Growth Commentary

Global equities declined amid AI disruption fears and geopolitical tensions, with the portfolio lagging its benchmark. The strategy continues to shift toward semiconductors and platform businesses while selectively adding to high-conviction software names expected to benefit from AI tailwinds.
Damon Ficklin, Stephen Atkins, CFA
1 Min
Share:
  • Returns: -15.50% gross / -15.69% net vs. -3.20% (MSCI ACWI) in Q1 2026
  • Top contributors: TSMC, Tesla (not owned), Apple (not owned)
  • Largest detractors: Adyen, Boston Scientific, CoStar Group
  • Summary: Market volatility driven by AI disruption fears led to underperformance, while the portfolio continues shifting toward semiconductors and select high-conviction growth businesses.

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