Columbia Threadneedle Investments, an investment management company, released its “Columbia Global Technology Growth Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Markets continued their upward journey in the third quarter, driven by strong earnings growth, continued enthusiasm around artificial intelligence (AI), and easing trade tensions. The composite returned 12.06% in the quarter, compared to the S&P Global 1200 Information Technology Index’s 12.82% return.  Po ...

市场表现与策略回顾 - 2025年第三季度股市表现强劲，标普500指数上涨8.1%，以科技股为主的纳斯达克综合指数上涨11.2%，均创下历史新高[1] - 投资者乐观情绪由有利的关税结果、7月通过的“One Big Beautiful Bill”法案、预期的降息以及强劲的企业盈利（尤其是科技板块和“七巨头”）所驱动[1] - Russell 1000增长指数同期上涨10.5%，但ClearBridge大型股增长策略的绝对表现虽稳健，却未能跑赢该基准指数[1] - 策略表现不佳的原因在于对市场公认的人工智能赢家配置不足，并且持有数只被投资者视为人工智能输家的股票[1] 埃森哲公司具体信息 - 埃森哲是一家提供管理咨询、技术和外包服务的专业服务公司[2] - 截至2025年10月3日，公司股价报收245.32美元，市值为1525.89亿美元[2] - 其一个月回报率为-3.78%，过去52周股价下跌32.28%[2] 投资组合调整与原因 - ClearBridge策略在第三季度清仓了Workday和埃森哲的头寸，降低了在应用软件提供商领域的风险敞口[3] - 减持决策基于基本面增长减速以及围绕人工智能的风险增加[3] - 出售埃森哲的具体原因是担忧其咨询业务来自人工智能的增长，被整体科技支出环境仍然疲软以及外包业务需求不振所抵消[3] 财务数据与市场观点 - 埃森哲2025财年第四季度营收为176亿美元，以美元计算增长7%，以当地货币计算增长4.5%[4] - 第二季度末，有65只对冲基金持有埃森哲，较前一季度的69只有所减少[4] - 有观点认为埃森哲的超卖状态可能为股息投资者提供一个聪明的入场点[4]

Diedre Windsor, founder and CEO of Windsor Group LLC, has led her company to a fifth consecutive year on the Inc. 5000 list of America’s fastest-growing private companies. Windsor Group is an award-winning professional services company based in Bethesda, Maryland. Windsor provides best-in-class solutions to both public and private sector clients, identifying areas of weakness and helping resolve challenging issues to ensure optimal success and growth. Windsor supports its clients in the areas of program a ...