NVIDIA Corp.’s (NVDA) Relative Underweight in Portfolio Impacted Macquarie Core Equity Fund’s Performance

Core Insights - Macquarie Asset Management's "Macquarie Core Equity Fund" reported a strong performance in Q2 2025, with the Institutional Class returning 11.94%, outperforming the S&P 500 Index which rose by 10.94% [1] - The equity market's strength was attributed to reduced concerns over potential tariffs from President Trump, as the administration paused tariff implementation [1] - Sector selection contributed to 80% of the fund's relative performance, while individual security selection accounted for the remainder [1] Company Performance - NVIDIA Corporation (NASDAQ:NVDA) was highlighted as a strong performer in the quarter, driven by renewed optimism in AI and reduced concerns over capital expenditures from key customers [3] - NVIDIA's stock experienced a one-month return of -0.98% but gained 51.93% over the last 52 weeks, closing at $176.24 per share with a market capitalization of $4.291 trillion on September 18, 2025 [2] - The fund's position in NVIDIA was over 4.5%, but an underweight relative to the benchmark (6.3%) negatively impacted relative returns [3] Hedge Fund Interest - NVIDIA Corporation ranked 5th among the 30 Most Popular Stocks Among Hedge Funds, with 235 hedge fund portfolios holding its shares at the end of Q2 2025, an increase from 212 in the previous quarter [4] - In Q2 2026, NVIDIA reported revenues of $46.7 billion, exceeding expectations, indicating strong market performance [4]