"MGC takes a concentrated approach to mega-cap technology, with Apple, NVIDIA, and Microsoft representing nearly a quarter of the fund's assets. This strategy delivered 19% returns over the past year as these companies captured the lion's share of AI infrastructure spending. The fund's thesis is straightforward: the companies that already dominate their markets have the resources and competitive moats to maintain that dominance."
"MGC's 2026 performance hinges on whether AI infrastructure spending continues at its current pace. Goldman Sachs projects over $500 billion in data center spending throughout 2026, which directly benefits the fund's largest holdings. The companies driving this wave either build the AI chips powering the revolution or operate the massive cloud infrastructure running on them. NVIDIA's recent quarterly earnings beat-its eighth consecutive-demonstrates this momentum isn't slowing down yet."
MGC focuses on a concentrated mega-cap technology portfolio with Apple, NVIDIA, and Microsoft comprising nearly a quarter of assets. The fund returned 19% over the past year as those companies captured the majority of AI infrastructure spending. The 2026 outcome depends on continued AI data-center spending, with Goldman Sachs projecting over $500 billion in 2026. NVIDIA's recent eighth consecutive quarterly earnings beat signals ongoing momentum. The fund's thesis relies on dominant firms' resources and competitive moats to sustain leadership. Heavy concentration increases vulnerability to volatility, regulatory pressure, competition, or product setbacks, emphasizing the importance of assessing risk tolerance and diversification.
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