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- Markets continued to demonstrate strength in the second quarter and are up robustly year to date. The environment remains dynamic, but we’d highlight three factors that we think have supported markets: a pause in rate hikes, an anticipated recession that has not materialized, and the hype around artificial intelligence (AI).
- The Global Growth Composite Portfolio (the “Portfolio”) outpaced the MSCI ACWI Index in the second quarter and year to date.
- The Portfolio’s largest relative and absolute contributors in the second quarter were Adobe, Amazon, and Microsoft. The largest relative detractors were NVIDIA (not owned), Thermo Fisher Scientific, and Apple (not owned), and the largest absolute detractors were Thermo Fisher Scientific, Autodesk, and CSL.
- During the quarter, we added a new position in Workday, quickly building it up to a full-sized position, and we added a small new position in Globant. We trimmed our holdings in Microsoft and Autodesk to help fund these additions.
- We are still mindful that rising rates could lead to slower economic growth or even a recession, but also remain confident that our Portfolio is well positioned to deliver strong earnings per share growth this year and beyond.
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