Ithaka’s portfolio lagged the Russell 1000 Growth Index during the third quarter, trailing the index by 940 bps as the fund generated positive relative returns in only Financials (XLF), out of the five major growth sectors where it maintained active exposure.
The fund highlighted that Technology (XLK) was the biggest detractor, as only 6 of its 17 period-end holdings outperformed the benchmark.
“Consumer Discretionary was the second-largest source of underperformance, with weakness spread across the portfolio,” noted Ithaka in its quarterly fund letter.
During the third quarter, the fund initiated new positions in Oracle (NYSE:ORCL), Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Amphenol (APH).
On the other hand, the fund exited Chipotle (CMG), ASML (NASDAQ:ASML), and Salesforce (NYSE:CRM).
Source: Q3 Fund Letter