NewBridge Asset Management, an investment management company, recently released its Q4 2025 letter for “NewBridge Large Cap Growth Equity Strategy”. A copy of the letter can be downloaded here. Equity markets continued their upward momentum in the fourth quarter, driven by resilient economic growth and solid corporate returns. In the fourth quarter, large-cap growth outperformed, while in the third quarter, small-cap and value equities exceeded the growth strategy. The NewBridge Large Cap Growth Strategy g ...

Core Viewpoint - Janus Henderson Forty T (JACTX) is a promising option for investors seeking a Large Cap Growth fund, holding a Zacks Mutual Fund Rank of 2 (Buy) based on various forecasting factors [1] Fund Objective - JACTX is classified in the Large Cap Growth segment, targeting large-cap companies with market valuations exceeding $10 billion, which are expected to grow faster than their peers [2] Fund History and Management - The fund, managed by Janus Fund based in Boston, MA, was launched in July 2009 and has accumulated approximately $5.01 billion in assets. Nick Schommer has been managing the fund since January 2016 [3] Performance Metrics - The fund has a 5-year annualized total return of 12.48%, ranking in the middle third among its category peers. Its 3-year annualized total return is 25.9%, also placing it in the middle third during that timeframe [4] - The standard deviation of JACTX's returns over the past three years is 15.52%, higher than the category average of 12.23%. Over the past five years, the standard deviation is 18.62%, compared to the category average of 13.99%, indicating higher volatility than its peers [6] Risk Factors - JACTX has a 5-year beta of 1.15, suggesting it is more volatile than the overall market. The fund has produced a negative alpha of -3.6 over five years, indicating challenges in outperforming the benchmark S&P 500 [7] Expense Structure - JACTX is a no-load fund with an expense ratio of 0.76%, which is lower than the category average of 0.95%, making it a cost-effective option for investors [8] - The minimum initial investment for JACTX is $2,500, with no minimum for subsequent investments [9] Conclusion - Overall, Janus Henderson Forty T (JACTX) is characterized by a high Zacks Mutual Fund rank, average downside risk, and lower fees, positioning it as a strong potential choice for investors [11]

Summary of the US Equity Strategy Conference Call Industry Overview - The report focuses on the US equity market, particularly the performance of large-cap, mid-cap, and small-cap stocks as well as growth and value styles within these categories [3][6]. Key Points Performance Insights - Large Cap and Large Cap Growth have shown year-to-date (YTD) outperformance due to fundamental improvements [3][6]. - Small Cap, especially Small Cap Value, is identified as the most inefficiently priced segment, with expected earnings growth that contrasts sharply with the past three years [3][6]. - There has been minimal style performance differentiation within the SMID (Small and Mid Cap) segment this year [3][6]. Capital Expenditure and Buybacks - Large Cap capital expenditures (capex) are on the rise, with a notable shift where incremental cash flow is increasingly directed towards growth capex rather than buybacks [3][6]. - Aggregate buybacks remain robust across the size spectrum, but Small Cap buybacks are not keeping pace with rising stock-based compensation [6]. Valuation Trends - Large Cap valuations are in the top decile compared to historical data, with both Growth and Value styles trading at high multiples relative to their own histories [6]. - In contrast, Small and Mid Cap valuations are less demanding, with Small Cap being considered inexpensive compared to its historical valuations [6]. Earnings Growth Expectations - Consensus forward growth expectations indicate an acceleration for Small and Mid Cap stocks in the upcoming year, which is a significant shift from previous years [6]. - Earnings growth projections for the S&P 500, S&P 400, and S&P 600 show varied trends, with Small Cap expected to see a 6% growth in 2026, while Large Cap is projected at 14% [37][55]. Sector Performance - The report highlights sector-specific earnings growth projections, with notable expectations for Information Technology and Financials, while sectors like Energy and Health Care are projected to face challenges [56][58]. Conclusion - The overall sentiment is that Large Cap stocks are in a "prove it" mode, while Small and Mid Cap stocks are in a "show me" mode, indicating a cautious but optimistic outlook for the broader market as it heads into 2026 [3][6]. Additional Important Insights - The report emphasizes the importance of economic growth as a critical backdrop for performance in 2026 [6]. - The analysis suggests that investors are currently paying a premium for Large Cap earnings, while Mid and Small Caps are seen as having more potential for upside given their current valuations [6].

Core Insights - The State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) is a large-cap growth ETF with over $43.33 billion in assets, making it one of the largest in its category [1] - Large cap companies, defined as those with market capitalizations above $10 billion, are considered more stable and less volatile compared to mid and small cap companies [2] - Growth stocks, while having higher sales and earnings growth rates, come with higher valuations and risks compared to value stocks [3] Costs - SPYG has an annual operating expense of 0.04%, making it one of the least expensive ETFs in the market [4] - The ETF offers a 12-month trailing dividend yield of 0.55% [4] Sector Exposure and Top Holdings - The ETF has a significant allocation of approximately 43% to the Information Technology sector, followed by Telecom and Consumer Discretionary [5] - Nvidia Corp (NVDA) constitutes about 14.9% of total assets, with the top 10 holdings making up around 55.13% of total assets [6] Performance and Risk - SPYG aims to match the performance of the S&P 500 Growth Index and has gained about 17.17% year-to-date and approximately 19.54% over the past year [7] - The ETF has a beta of 1.11 and a standard deviation of 18.63% over the trailing three-year period, indicating a medium risk profile [8] Alternatives - SPYG holds a Zacks ETF Rank of 1 (Strong Buy), indicating strong potential for investors seeking large cap growth exposure [10] - Other alternatives include the Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ), with VUG having $193.69 billion in assets and QQQ at $386.22 billion [11] Bottom-Line - Passively managed ETFs like SPYG are gaining popularity due to their low cost, transparency, and tax efficiency, making them suitable for long-term investors [12]

Core Viewpoint - The iShares Nasdaq Top 30 Stocks ETF (QTOP) is a passively managed fund launched on October 24, 2024, aimed at providing broad exposure to the Large Cap Growth segment of the US equity market, sponsored by Blackrock, with assets exceeding $201.55 million [1] Group 1: Large Cap Growth Characteristics - Large cap companies typically have a market capitalization above $10 billion, offering more predictable cash flows and lower volatility compared to mid and small cap companies [2] - Growth stocks are characterized by higher than average sales and earnings growth rates, but they also carry higher valuations and risks compared to value stocks [3] Group 2: Cost Structure - The annual operating expenses for QTOP are 0.2%, positioning it as one of the cheaper options in the ETF market, with a 12-month trailing dividend yield of 0.38% [4] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising about 54.8% of the portfolio, with Telecom and Consumer Discretionary as the next largest sectors [5] - Nvidia Corp (NVDA) represents approximately 12.29% of total assets, with the top 10 holdings accounting for about 67.77% of total assets under management [6] Group 4: Performance Metrics - QTOP aims to match the performance of the NASDAQ-100 TOP 30 INDEX, which includes the 30 largest companies by market capitalization within the Nasdaq 100 Index, and has achieved a return of about 20.97% so far [7] - The ETF has traded between $21.09 and $31.70 over the past 52 weeks, indicating a more concentrated exposure with about 35 holdings [7] Group 5: Alternatives and Market Position - QTOP holds a Zacks ETF Rank of 2 (Buy), indicating strong expected performance based on various factors, making it a suitable option for investors interested in the Large Cap Growth segment [8] - Other comparable ETFs include the Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ), with VUG having $197.34 billion in assets and an expense ratio of 0.04%, while QQQ has $391.85 billion in assets with a 0.2% expense ratio [9] Group 6: Industry Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them attractive vehicles for long-term investment [10]

Core Insights - The Vanguard S&P 500 Growth ETF (VOOG) is a passively managed ETF launched on September 9, 2010, with over $20.05 billion in assets, making it one of the largest ETFs in the Large Cap Growth segment of the US equity market [1] Group 1: Large Cap Growth Overview - Large cap companies typically have a market capitalization above $10 billion, offering a stable investment option with less risk and more reliable cash flows compared to mid and small cap companies [2] - Growth stocks are characterized by higher than average sales and earnings growth rates, but they also come with higher valuations and associated risks [3] Group 2: Costs and Performance - The ETF has an annual operating expense ratio of 0.07%, making it one of the least expensive options in its category, with a 12-month trailing dividend yield of 0.49% [4] - VOOG aims to match the performance of the S&P 500 Growth Index and has gained approximately 17.4% year-to-date and about 30.01% over the past year, with a trading range between $299.15 and $428.71 in the last 52 weeks [7] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising about 42.1% of the portfolio, followed by Telecom and Consumer Discretionary [5] - Nvidia Corp (NVDA) represents approximately 14.89% of total assets, with Microsoft Corp (MSFT) and Meta Platforms Inc (META) also among the top holdings; the top 10 holdings account for about 41.77% of total assets [6] Group 4: Risk and Alternatives - VOOG has a beta of 1.11 and a standard deviation of 20.13% over the trailing three-year period, categorizing it as a medium risk investment with 217 holdings to diversify company-specific risk [8] - The ETF holds a Zacks ETF Rank of 1 (Strong Buy), indicating strong potential based on expected returns, expense ratio, and momentum; alternatives include Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ) [9][10] Group 5: Market Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [11]

Core Viewpoint - The Vanguard Mega Cap Growth ETF (MGK) is a significant player in the Large Cap Growth segment of the US equity market, with over $28.92 billion in assets, making it one of the largest ETFs in this category [1] Group 1: ETF Overview - MGK is a passively managed ETF launched on December 17, 2007, sponsored by Vanguard [1] - The ETF aims to provide broad exposure to large cap growth companies, which typically have market capitalizations above $10 billion [2] Group 2: Growth Stock Characteristics - Growth stocks, which MGK primarily invests in, exhibit faster growth rates, higher valuations, and above-average sales and earnings growth compared to the broader market [3] - While growth stocks can outperform value stocks in strong bull markets, value stocks historically deliver better returns across various market conditions [3] Group 3: Cost Structure - MGK has an annual operating expense ratio of 0.07%, positioning it as one of the least expensive ETFs in its category [4] - The ETF offers a 12-month trailing dividend yield of 0.41% [4] Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising approximately 56.5% of the portfolio, followed by Consumer Discretionary and Telecom [5] - Nvidia Corp (NVDA) is the largest holding, accounting for about 14.47% of total assets, with Microsoft Corp (MSFT) and Apple Inc (AAPL) also among the top holdings [6] Group 5: Performance Metrics - MGK seeks to match the performance of the CRSP U.S. Mega Cap Growth Index, which measures the performance of mega-cap growth stocks [7] - The ETF has gained approximately 12.02% year-to-date and 23.77% over the past year, with a trading range between $273.67 and $389.51 in the last 52 weeks [7] Group 6: Risk Assessment - MGK has a beta of 1.19 and a standard deviation of 21.85% over the trailing three-year period, indicating a medium risk profile [8] - The ETF holds about 71 different stocks, effectively diversifying company-specific risk [8] Group 7: Alternatives - Other ETFs in the same space include the Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ), with VUG having $184.82 billion in assets and QQQ at $365.36 billion [11] - VUG has an expense ratio of 0.04%, while QQQ charges 0.2% [11] Group 8: Market Trends - There is a growing trend among retail and institutional investors towards passively managed ETFs due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [12]

ETF Market Overview - ETF net flows are over $789 billion year to date [1] - Investors are slightly buying the dip on the Triple Q's following Nvidia earnings [2] ETF Inflows - Vanguard Information Technology Index Fund (VGIT) saw the top inflows this week [2] - iShares Russell 2000 ETF (IWM), representing small caps, experienced significant inflows [2] - Investment grade corporate bond ETF (LQD) also saw substantial inflows [2] Active Management & JGRO ETF - JP Morgan suggests active management with the JGRO ETF, emphasizing bottoms-up research and individual stock valuation [3] - JGRO ETF focuses on large-cap growth, considered a suitable strategy in an environment driven by a few key stocks [3] - JGRO ETF is up double digits year to date, performing closely to the S&P 500 [4]

Core Insights - The First Trust Growth Strength ETF (FTGS) is designed to provide broad exposure to the Large Cap Growth segment of the US equity market and has amassed over $1.23 billion in assets since its launch on October 25, 2022 [1] Group 1: Large Cap Growth Overview - Large cap companies typically have a market capitalization above $10 billion, offering a stable investment option with less risk and more reliable cash flows compared to mid and small cap companies [2] - Growth stocks are characterized by higher sales and earnings growth rates, but they also come with higher valuations and risks compared to other equity types [3] Group 2: Costs and Performance - The FTGS ETF has an annual operating expense ratio of 0.6%, which is considered relatively high, and a 12-month trailing dividend yield of 0.33% [4] - The ETF has gained approximately 12.13% year-to-date and 14.89% over the past year, with a trading range between $26.62 and $35.51 in the last 52 weeks [7] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising about 30.6% of the portfolio, followed by Industrials and Financials [5] - Vertiv Holdings Co (VRT) represents about 2.91% of total assets, with the top 10 holdings accounting for approximately 24.93% of total assets under management [6] Group 4: Risk and Alternatives - FTGS has a beta of 1.13 and a standard deviation of 17.78% over the trailing three-year period, indicating effective diversification of company-specific risk with about 51 holdings [8] - Alternatives to FTGS include the Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ), which have significantly larger asset bases and lower expense ratios [10]

Core Viewpoint - The Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF (GGUS) is a newly launched passively managed ETF aimed at providing broad exposure to the Large Cap Growth segment of the US equity market, with assets exceeding $295.45 million [1]. Group 1: Large Cap Growth Characteristics - Large cap companies typically have market capitalizations above $10 billion, characterized by stability and predictable cash flows, resulting in lower volatility compared to mid and small cap companies [2]. - Growth stocks are associated with higher sales and earnings growth rates, expected to outperform the market, but they come with higher valuations and risks [3]. Group 2: Cost Structure - GGUS has an annual operating expense ratio of 0.12%, making it one of the least expensive ETFs in its category, with a 12-month trailing dividend yield of 0.51% [4]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising approximately 46.8% of the portfolio, followed by Consumer Discretionary and Telecom [5]. - Nvidia Corp (NVDA) is the largest holding at about 11.61% of total assets, with Microsoft Corp (MSFT) and Apple Inc (AAPL) also among the top holdings; the top 10 holdings represent around 50% of total assets [6]. Group 4: Performance Metrics - GGUS aims to match the performance of the Russell 1000 Growth 40 Act Daily Capped Index, with a year-to-date return of approximately 10.95% and a one-year return of about 22.37% as of August 25, 2025 [7]. - The ETF has a beta of 1.16 and a standard deviation of 19.91% over the trailing three-year period, indicating effective diversification with around 380 holdings [8]. Group 5: Alternatives and Market Position - GGUS holds a Zacks ETF Rank of 2 (Buy), indicating strong potential based on expected returns, expense ratio, and momentum, making it a favorable option for investors in the Large Cap Growth segment [10]. - Other comparable ETFs include the Vanguard Growth ETF (VUG) and Invesco QQQ (QQQ), with VUG having $184.39 billion in assets and an expense ratio of 0.04%, while QQQ has $369.27 billion in assets with a 0.2% expense ratio [11]. Group 6: Investment Appeal - Passively managed ETFs like GGUS are increasingly popular among retail and institutional investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [12].