Core Insights - Loomis Sayles Global Growth Fund focuses on high-quality companies with competitive advantages and long-term growth potential, aiming for attractive cash flow and sustained value for investors [1] - The Fund reported a return of -3.05% in Q4 2025, underperforming the MSCI ACWI Index Net, which returned 3.29% [1] Company Overview: Alphabet Inc. (NASDAQ:GOOG) - Alphabet Inc. is the parent company of Google, which operates through segments including Google Services, Google Cloud, and Other Bets, significantly contributing to the Fund's performance in Q4 2025 [2] - As of February 12, 2026, Alphabet's stock closed at $309.37 per share, with a market capitalization of $3.742 trillion; the stock experienced a one-month return of -6.35% but gained 65.55% over the last 52 weeks [2] Market Position and Business Model - Google is the global leader in online search and advertising, holding over 80% of the US and global traditional search market, which enhances its customer conversion rates for advertisers [3] - The company's robust ecosystem, comprising consumers, advertisers, and publishers, creates a virtuous cycle that supports sustainable business growth [3] - In the emerging cloud market, Google holds less than 10% market share but possesses the scale, R&D capabilities, and technical talent to compete effectively in the long term [3] - Non-Google businesses contribute less than 1% of Alphabet's revenues, categorized under the Other Bets segment [3]