Virtus SGA U.S. Large Cap Growth SMA Q3 2025 Commentary

Summary

• The SGA U.S. LCG Portfolio returned -1.3% (Gross) and -2.0% (Net) in Q3 compared to the Russell 1000 Growth Index return of 10.5% and the S&P 500 Index return of 8.1%.
• Nvidia, Alphabet, and Apple were the top contributors in the quarter while Gartner, Chipotle, and Intuit were the largest detractors.
• We initiated new positions in Grainger and Nike while positions in Novo Nordisk and Workday were liquidated.