Core Viewpoint - TCW Concentrated Large Cap Growth Fund's third-quarter 2025 performance was impacted by the overall equity market rally, with the fund returning +4.11% compared to +10.51% for the Russell 1000 Growth Index, amid optimism around AI investments and positive corporate earnings [1] Company Performance - ServiceNow, Inc. (NYSE:NOW) reported a one-month return of -4.95% and a 52-week decline of 30.99%, closing at $152.59 per share with a market capitalization of $158.448 billion as of December 24, 2025 [2] - The company experienced strong year-over-year growth in current Remaining Performance Obligations (cRPO) at +21.5%, exceeding consensus expectations of +19.4%, and subscription revenue grew by 20.5% year-over-year in constant currency, reaching $3.299 billion in the third quarter [3][4] Competitive Position and Outlook - Despite challenges, ServiceNow's competitive position as a leading workflow platform is emphasized, with the potential to integrate AI solutions across various enterprise systems [3] - The company added six new government clients during the quarter and closed 21 deals involving AI-embedded products, indicating strong demand and a solid market position [3] - Investor concerns regarding ServiceNow's exposure to the U.S. Federal government are noted, but the company has adopted a conservative approach in its guidance for the next quarter [3]

Core Insights - RiverPark Large Growth Fund reported strong performance in Q3 2025, with the S&P 500 Total Return Index rising 8.12% and the Russell 1000 Growth Index returning 10.51% [1] - The fund's return for the quarter was 4.73%, with market leadership concentrated among a few mega-cap tech and consumer companies driven by strong AI innovation [1] - Sector performance was led by Information Technology, Consumer Discretionary, and Communication Services, while Energy and Utilities lagged [1] Company Insights: ServiceNow, Inc. (NYSE:NOW) - ServiceNow, Inc. experienced a one-month return of -11.23% and a 52-week loss of 18.23%, closing at $835.79 per share with a market capitalization of $173.971 billion on November 17, 2025 [2] - The company faced challenges as investors shifted towards higher beta AI hardware and semiconductor stocks, leading to relative underperformance despite solid results and guidance [3] - ServiceNow's Q3 subscription revenues reached $3.299 billion, reflecting a 20.5% year-over-year growth in constant currency [4]

Market Overview - The US equity market experienced a rally in the third quarter of 2025, with the S&P 500 Index increasing by 8.12% [1] - Bonds also performed well, with the Bloomberg U.S. Aggregate Bond Index rising by 2.03% during the same period [1] Performance Analysis - The composite return for Aristotle Atlantic's Core Equity Strategy was 7.22% gross of fees and 7.10% net of fees, which underperformed the S&P 500 Index's 8.12% gain [1] - The underperformance was attributed to security selection within the strategy [1] Company Focus: ServiceNow, Inc. - ServiceNow, Inc. (NYSE:NOW) is highlighted as a key stock, offering intelligent workflow automation solutions [2] - The stock experienced a one-month return of -5.97% and a 52-week decline of 15.99%, closing at $849.69 per share with a market capitalization of $176.295 billion on November 13, 2025 [2] Strategic Decisions - The company sold its holdings in ServiceNow, Inc. and reduced its subsector overweight in Software due to perceived macroeconomic risks and shifts in software spending towards AI and LLM-leveraged solutions [3] - Despite acknowledging ServiceNow's potential, the company believes that certain AI stocks present greater upside potential with less downside risk [3] Financial Performance - ServiceNow's third-quarter subscription revenues reached $3.299 billion, reflecting a year-over-year growth of 20.5% in constant currency [3]

Core Insights - Columbia Threadneedle Investments reported a 12.06% return for its Columbia Global Technology Growth Fund in Q3 2025, slightly below the S&P Global 1200 Information Technology Index's return of 12.82% [1] - The fund's performance was positively influenced by stock selection, particularly in the context of strong earnings growth and enthusiasm for artificial intelligence [1] Company Performance - ServiceNow, Inc. (NYSE:NOW) experienced a one-month return of 0.71% and a 52-week decline of 3.70%, closing at $919.28 per share with a market capitalization of $191.349 billion on October 31, 2025 [2] - The company reported third-quarter subscription revenues of $3.299 billion, reflecting a 20.5% year-over-year growth in constant currency [4] Strategic Positioning - ServiceNow's recent underperformance was attributed to cautious guidance that raised concerns about delayed renewal deals from large clients [3] - Despite challenges, ServiceNow's AI innovations are gaining traction, positioning the company as a next-gen workflow and AI orchestration platform [3]