Core Insights - Emerald Wealth Partners' Focused Equity Strategy achieved a return of +13.8% (gross) and 13.2% (net) in 2025, with a 2.2% gain in Q4 [1] - The market experienced its third consecutive year of positive returns in 2025, driven by significant capital investments in AI infrastructure [1] - Macroeconomic surveys indicate the best outlook in five years, fueled by expectations of lower US Federal Reserve interest rates and increased investment in AI [1] Company Highlights - Microsoft Corporation (NASDAQ:MSFT) was the largest holding in the Focused Equity Strategy and contributed +1.1% to the overall performance in 2025, with its stock up 15.6% [3] - As of March 12, 2026, Microsoft stock closed at $401.86 per share, with a one-month return of 0.13% and a 52-week gain of 3.42% [2] - Microsoft has a market capitalization of $2.987 trillion, indicating its significant position in the market [2] Investment Sentiment - Truist raised the price target for Microsoft to $675 and reiterated a buy recommendation, reflecting strong confidence in the stock [4] - Microsoft ranks second among the 40 Most Popular Stocks Among Hedge Funds, with 312 hedge fund portfolios holding the stock at the end of Q4, unchanged from the previous quarter [4] - While Microsoft is recognized for its potential, there is a belief that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - Ginkgo Bioworks is focusing on divesting its biosecurity business to redirect capital towards its autonomous labs strategy, which is expected to be a key growth area for the company in 2026 [1][6][7] Financial Performance - In Q4 2025, cell engineering revenue was $26 million, a 26% decline year-over-year, with full-year revenue at $133 million compared to $174 million in 2024 [5][9] - Cash burn improved significantly, falling to $171 million for 2025 from $383 million in 2024, with Q4 cash burn at $47 million, down from $55 million in Q4 2024 [16] - Total Adjusted EBITDA was -$36 million in Q4 2025, an improvement from -$57 million in Q4 2024, and for the full year, it was -$167 million compared to -$293 million in 2024 [15] Strategic Focus - The company plans to transition work from traditional lab setups to a single large autonomous lab in Boston, aiming to enhance efficiency and scalability [2][7] - Ginkgo aims to expand its autonomous lab capacity to 100 racks and integrate advanced AI technologies, such as GPT-5, into its operations [7][18] Future Guidance - For 2026, Ginkgo will not provide revenue guidance but will focus on cash burn, estimating it to be between $125 million and $150 million, reflecting ongoing investments in autonomous labs [17] - The company is prioritizing long-term investments over short-term revenue generation, emphasizing the importance of cash deployment in its strategic initiatives [17] Operational Developments - Ginkgo is actively working on enhancing its autonomous lab capabilities, including a new $47 million contract with the Department of Energy to build a 97-robot, 97-rack autonomous lab [25] - The company has hosted tours of its Nebula autonomous lab, which currently has over 50 racks, with plans to expand to 100 racks by mid-2026 [25]

Market Overview - US equities showed strong momentum in 2025, achieving double-digit gains for the second consecutive year, with a rapid recovery from a bear market dip in April [1] - Market leadership has narrowed, with Mega-cap stocks and AI-driven companies dominating the landscape [1] Mar Vista U.S. Quality Strategy Performance - The Mar Vista U.S. Quality strategy reported a net-of-fees gain of +0.20% in Q4 2025, compared to the Russell 1000® Index's +2.41% and the S&P 500® Index's +2.65% [1] - Favorable stock selection in communication services, consumer discretionary, and financials contributed positively to performance, while information technology, materials, and healthcare detracted from it [1] Economic Outlook - In 2026, markets will need to balance strong fundamentals with increasing economic uncertainties [1] Microsoft Corporation Analysis - Microsoft Corporation (NASDAQ:MSFT) had a one-month return of -1.14% and a 52-week gain of 10.41%, closing at $470.67 per share on January 13, 2026, with a market capitalization of $3.499 trillion [2] - The stock faced pressure in Q4 2025 due to concerns over rising costs for AI data infrastructure, with capital expenditures expected to increase in 2026 [3] - Microsoft is well-positioned to fund its growth through a large base of operating cash flows, despite having meaningful exposure to OpenAI, which remains relatively unproven [3]

Core Viewpoint - DXC Technology will release its third quarter fiscal 2026 financial results on January 29, 2026, after market close [1] Group 1: Financial Results Announcement - The financial results will be followed by a conference call and webcast hosted by senior management at 5:00 p.m. ET on the same day [2] - Domestic callers can dial 888-330-2455, while international callers should use +1-240-789-2717, with a passcode of 4164760 for all participants [2] Group 2: Conference Call Details - A replay of the conference call will be available until 11:59 PM ET on February 5, 2026, at 800-770-2030, using the same passcode [3] - A transcript of the conference call will be posted on DXC Technology's Investor Relations website [3] Group 3: Company Overview - DXC Technology is a leading enterprise technology and innovation partner, providing software, services, and solutions to global enterprises and public sector organizations [4] - The company specializes in Managed Infrastructure Services, Application Modernization, and Industry-Specific Software Solutions, aiming to modernize, secure, and operate complex technology estates [4]

Core Insights - Harbor Capital Appreciation Fund reported a return of 5.11% in Q3 2025, underperforming compared to the Russell 1000® Growth Index at 10.51% and the S&P 500 Index at 8.12% [1] - The fund primarily invests in U.S. companies with a market capitalization of at least $1 billion, focusing on equity securities [1] Fund Performance - U.S. equities showed strong performance in Q3 2025, driven by AI momentum and robust corporate earnings, with support from the Federal Reserve's interest rate cut [1] - The fund's top five holdings were highlighted as key investment picks for 2025 [1] Microsoft Corporation (NASDAQ:MSFT) - Microsoft Corporation's stock gained 11.08% over the last 52 weeks, closing at $488.02 per share with a market capitalization of $3.628 trillion on December 24, 2025 [2] - Concerns regarding Microsoft's relationship with OpenAI, particularly after the Oracle/OpenAI deal announcement, led to underperformance of its shares [3] - The fund's underweight position in Microsoft relative to the index positively contributed to its relative returns [3] - Microsoft reported revenue of $77.7 billion in Q1 FY 2026, reflecting an 18% increase, or 17% when adjusted for constant currency [3] - The fund suggests that certain AI stocks may offer greater upside potential and less downside risk compared to Microsoft [3]

Core Insights - Victory Capital Holdings, Inc. (VCTR) reported assets under management (AUM) of $313 billion for October 2025, reflecting an increase of nearly 1% from September 2025 [1][8] - The performance of U.S. large-cap and global equity assets grew, while mid-cap and small-cap segments experienced declines [8] - The company’s integrated multi-boutique business model and effective distribution platform are expected to enhance performance in the near term [3] AUM Breakdown - U.S. mid-cap equity AUM decreased by 3.7% to $30.7 billion [1] - U.S. small-cap equity AUM declined by 3.9% to $12.2 billion [1] - Global/non-U.S. equity AUM increased by 2.6% to $29.7 billion [1] - U.S. large-cap equity AUM rose by 2.1% to $61.9 billion [1] - Solutions AUM increased by 2% to $88.7 billion [2] - Fixed-income AUM totaled $80.5 billion, showing a marginal increase [2] - Money market/short-term assets rose by 2.3% to $3.7 billion [2] Market Performance - Over the past six months, VCTR shares have lost 3.7%, compared to the industry's decline of 2.1% [4] - Victory Capital currently holds a Zacks Rank 3 (Hold) [5] Comparison with Peers - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.69 trillion as of October 31, 2025, which increased by 1.7% from the prior month [6][9]

Core Insights - Wedgewood Partners' third-quarter 2025 investor letter indicates that AI stocks continue to dominate Wall Street's interest, with the Wedgewood Composite achieving a net return of 5.9%, underperforming compared to the S&P's 8.1% and the Russell 1000 Growth Index's 10.5% [1] Company Summary: Microsoft Corporation (NASDAQ:MSFT) - Microsoft Corporation reported a one-month return of 1.47% and a 52-week gain of 21.92%, with its stock closing at $517.66 on October 21, 2025, and a market capitalization of $3.848 trillion [2] - The company has invested heavily in capital expenditures, adding over 2 gigawatts of data center capacity in the past year, resulting in gross property, plant, and equipment, and capitalized leases reaching nearly $370 billion, an increase of $260 billion since fiscal 2020 [3] - Gross cash flow has risen from $60 billion in 2020 to over $140 billion in 2025, indicating a consistent return on capital in the high 20s, which is considered an attractive return given the scale of investment [3] Market Position - Microsoft ranks second among the 30 Most Popular Stocks Among Hedge Funds, with 294 hedge fund portfolios holding its stock at the end of Q2 2025, up from 284 in the previous quarter [4] - In Q4 of fiscal year 2025, Microsoft reported revenue of $76.4 billion, marking an 18% increase, or 17% when adjusted for constant currency [4]

Core Insights - Victory Capital Holdings, Inc. (VCTR) reported assets under management (AUM) of $310.6 billion for September 2025, reflecting a 2.3% increase from August 31, 2025 [1][8] - The growth in AUM was primarily driven by an 8.6% increase in global/non-U.S. equity AUM and a 4.1% increase in Solutions assets [2][8] - VCTR's integrated multi-boutique business model and effective distribution platform are expected to enhance its performance in the near term [3][8] Asset Class Performance - U.S. mid-cap equity AUM decreased marginally to $31.9 billion [1] - U.S. small-cap equity AUM declined 1.6% to $12.7 billion [1] - U.S. large-cap equity AUM increased 1.9% to $63.1 billion [1] - Fixed-income AUM totaled $80.4 billion, showing a marginal increase [2] - Alternative investments asset balance decreased slightly to $3 billion [2] - Money market/short-term assets declined nearly 1% to $3.6 billion [2] Market Position and Performance - Over the past six months, VCTR shares gained 22.5%, outperforming the industry's growth of 17.9% [4] - Victory Capital currently holds a Zacks Rank 1 (Strong Buy) [5] Comparison with Other Asset Managers - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.66 trillion as of September 30, 2025, increasing nearly 1% from the prior month [6][9] - Invesco Ltd. (IVZ) reported AUM of $2,124.8 billion as of September 30, 2025, reflecting a 2.9% increase from the previous month [9][10]

Group 1: Market Overview - The market experienced volatility at the start of Q2 2025 due to heightened uncertainty from global tariffs, but later rebounded with a more lenient trade policy [1] - The composite returned 25.11% gross of fees and 24.85% net of fees in Q2 2025, outperforming the S&P Global 1200 Information Technology Index's return of 23.66% [1] Group 2: Microsoft Corporation Performance - Microsoft Corporation (NASDAQ:MSFT) reported a one-month return of 2.47% and a 52-week gain of 19.87%, with a stock price of $514.45 and a market capitalization of $3.824 trillion as of September 22, 2025 [2] - Microsoft’s quarterly results surprised to the upside, with shares surging over 30% during the period, driven by AI improvements and a strong partnership with OpenAI [3] - In Q4 FY 2025, Microsoft reported revenue of $76.4 billion, representing an 18% increase, or 17% when adjusted for constant currency [4] Group 3: Investment Sentiment - Microsoft is the second most popular stock among hedge funds, with 294 hedge fund portfolios holding the stock at the end of Q2 2025, up from 284 in the previous quarter [4] - Despite the positive outlook for Microsoft, there are suggestions that certain AI stocks may offer greater upside potential and carry less downside risk [4]

Group 1 - Victory Capital Holdings, Inc. (VCTR) reported assets under management (AUM) of $303.7 billion for August 2025, reflecting a 1.3% increase from July 31, 2025 [1][8] - The U.S. mid-cap equity AUM increased to $32.1 billion, while U.S. small-cap equity AUM rose 2.8% to $12.9 billion, and global/non-U.S. equity AUM increased 3.5% to $26.6 billion [1][8] - The U.S. large-cap equity AUM decreased marginally to $61.9 billion [1] Group 2 - Victory Capital recorded $83.5 billion in Solutions, up 3.2% from July 2025, with alternative investments increasing nearly 1% to $3 billion [2][8] - Fixed-income AUM totaled $79.9 billion, representing a marginal increase from July 2025, while money market/short-term assets declined to $3.6 billion [2] Group 3 - The integrated multi-boutique business model of VCTR is well-positioned in a fast-expanding market, which is expected to enhance its performance in the near term [3] Group 4 - Over the past six months, VCTR shares have gained 19.9%, outperforming the industry's growth of 13.9% [4] Group 5 - Victory Capital currently carries a Zacks Rank 3 (Hold) [5] Group 6 - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.64 trillion as of August 31, 2025, which increased 1.7% from the prior month [6][9]