Strong Performance Lifted Apple (APPL) in Q3

Group 1 - SGA's U.S. Large Cap Growth Strategy reported a portfolio return of -1.3% (Gross) and -1.4% (Net) in Q3, underperforming the Russell 1000 Growth Index which returned 10.5% and the S&P 500 Index which returned 8.1% [1] - The investment objective of SGA is to focus on high-quality growth businesses expected to achieve consistent mid-teens earnings growth, along with stable revenue and cash flow [1] - In Q3, lower-quality stocks and cyclical industries outperformed, negatively impacting SGA's investment style [1] Group 2 - Apple Inc. (NASDAQ:AAPL) was highlighted as a key stock in SGA's third-quarter investor letter, with a one-month return of -3.15% and a 52-week gain of 11.49% [2] - As of December 31, 2025, Apple Inc. closed at $271.86 per share, with a market capitalization of $4.035 trillion [2] - Apple contributed positively to portfolio returns in Q3, benefiting from strong performance across all geographies, including a rebound in China [3] Group 3 - Apple managed to navigate tariff impacts effectively, with continued demand for its products supported by subsidies in China [3] - Despite challenges in talent acquisition and AI development, Apple's results remained robust, with management guiding for mid to high single-digit top-line growth in the upcoming quarter [3] - Strong buyback activity and stable valuation further supported Apple's stock performance, even as investor attention shifted towards AI [3]