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 invest in 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, adversely affecting SGA's investment style [1] Group 2 - Novo Nordisk A/S (NYSE:NVO) was highlighted in SGA's third-quarter investor letter, with a one-month return of 6.02% and a 52-week loss of 41.86% [2] - As of December 31, 2025, Novo Nordisk A/S stock closed at $50.88 per share, with a market capitalization of $226.084 billion [2] - SGA liquidated its position in Novo Nordisk A/S in July and initiated a position in Nike due to concerns regarding Novo Nordisk's long-term growth potential [3]