Spyglass Investment Strategy Overview
10
Portfolio Overview
Portfolio Details
Strategy Inception Date
Number of Holdings
Strategy AUM
Active Share
Portfolio Turnover (3-year)
$ 1.3 billion
October 1, 2015
25
Top 5 Holdings(3)
AppLovin Corporation
Nutanix, Inc.
Spotify Technology S.A.
94.7%
Pure Storage, Inc.
47.5%
Affirm Holdings, Inc.
Russell
Russell
Spyglass
Characteristics (1)
Midcap 2500 S&P
Capital (3) Growth Growth 500
Weighted Market Cap (Billions)
15.9
24.6
5.8
630.7
Median Market Cap (Billions)
9.1
10.9
1.4
30.0
Number of Holdings
25
335
1,278
503
2023-25 Annualized Growth Rate
29%
11%
17%
12%
15
10
5
Portfolio Companies Grouped by Market Cap(3)
<$6B
$6-12B
$12-18B
$18B+
As of September 30, 2023
Weighting
Portfolio Sector Weightings(2)
Retail-Restaurants 2.74%
Resorts/Theme Parks 2.86%
Diagnostic Kits 2.91%
Medical Labs&Testing Srv 2.99%
Commercial Services 2.94%
Retail-Misc/Diversified 3.29%
Invest Mgmnt/Advis Serv 3.72%
Aerospace/Defense 4.02%
Internet Security 4.10%
Web Hosting/Design 4.21%
Medical-Drugs 4.46%
Rental Auto / Equipment 4.87%
Computers-Memory Devices 5.00%
5.8%
5.3%
5.2%
5.0%
4.9%
Cash 0.99%
Computer Software 13.20%
Internet Content-Entmnt 9.91%
Commercial Serv-Finance 8.39%
Applications Software 7.23%
E-Commerce / Services 6.31%
Entertainment Software 5.83%
(1) The 2023-2025 Annualized Growth Rate is a Spyglass research estimate for the portfolio, and based on the Bloomberg Estimated Long-Term Growth (LTG) Earnings per Share (EPS), which is the estimated
Compounded Annual Growth Rate (CAGR) of the operating EPS over a company's next full business cycle, for the Russell Midcap Growth Index, Russell 2500 Growth Index, and S&P 500 Index. Market Cap
and number of holdings sourced from FTSE Russell for the Russell Midcap Growth Index and Russell 2500 Growth Index, and S&P for the S&P 500 Index.
(2) Portfolio sector weightings are determined by the Legacy Bloomberg Industry Classification System (BICS) Level III (Industry Subgroup).
(3) Holdings, Characteristics and Market Cap information are based on a Spyglass representative portfolio. From time to time the number of holdings may deviate from 25 portfolio holdings due to trading
activity.
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