Wedgewood Partners Q1 performance reveals market rotation dynamics. The Wedgewood Composite Net declined 6.3% in the first quarter, underperforming the S&P 500's 4.3% loss but outpacing the Russell 1000 Growth Index's 9.8% decline. Taiwan Semiconductor Manufacturing drove gains with 25% revenue growth and guidance for 30% acceleration in 2026 amid surging AI demand. Microsoft weighed on returns despite robust 15% revenue growth as investors focused on elevated capital expenditures. The fund manager notes significant portfolio rotation away from mega-cap technology toward anticipated mega IPOs including SpaceX, OpenAI, and Anthropic. Geopolitical risks loom as tensions in the Strait of Hormuz present substantial downside risks to global markets, with historical oil shocks consistently impacting economic stability and financial performance.
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