SGA U.S. Large Cap Growth Strategy’s Q4 2025 Investor Letter

Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “U.S. Large Cap Growth Strategy.” In Q4 2025, the Portfolio returned 0.3% (Gross) and 0.2% (Net) compared to 1.1% return for the Russell 1000 Growth Index and 2.7% gain for the S&P 500 Index. Rising volatility, coupled with broadening market leadership, improved the portfolio’s relative performance in the second half of the quarter. In 2025, the Portfolio faced its most challenging years since the firm’s inception in 2003. After a challenging year, the firm is encouraged by the robust growth potential in its portfolio and its historically attractive relative valuation. Progressing further, the portfolio is well-positioned to gain from a shift away from high momentum dynamics in U.S. markets and a broadening of market leadership. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.

A copy of SGA U.S. Large Cap Growth Strategy’s Q4 2025 investor letter can be downloaded here.