Navigating the Tech Tides: A Look Back at Columbia Global Technology Growth Fund's Q3 2025 Journey

Well, another quarter has certainly flown by, and here we are, reflecting on Q3 2025 for the Columbia Global Technology Growth Fund. And honestly, what a quarter it was! The technology sector, as you know, is rarely a dull place, and these past three months truly underscored that, presenting a fascinating blend of continued innovation and a fair share of market introspection.

Looking back at the broader market environment, Q3 2025 felt a bit like a tug-of-war. On one side, we saw certain megatrends, especially in artificial intelligence and advanced computing, continue to capture imaginations—and capital—driving some incredible performance in specific corners of the market. You know, those household names that just seem to keep pushing the boundaries. But on the flip side, there was a persistent undercurrent of macroeconomic caution. Concerns about inflation, the future trajectory of interest rates, and even a few geopolitical murmurs definitely kept investors on their toes, making for a rather selective appetite for risk, particularly in the mid-cap and smaller growth tech space.

Against this backdrop, the Fund delivered a respectable [hypothetical percentage, e.g., +6.8%] for the quarter. While perhaps not an explosive quarter across the board, we felt it was a solid showing, especially when considering the somewhat choppy waters we were navigating. We continued to focus on our core philosophy: identifying companies that are not just growing, but growing sustainably, with durable competitive advantages and strong leadership. It’s not just about chasing the fastest horse; it’s about picking the one that can win the marathon, too.

Diving a little deeper, several of our strategic holdings really shined, contributing positively to performance. Our long-standing conviction in firms pioneering next-generation AI infrastructure, for instance, certainly paid dividends, as these companies continued to report robust demand. We also saw strong contributions from select enterprise software providers that are deeply embedded in the digital transformation journeys of their clients. Their recurring revenue models and mission-critical solutions provided a nice anchor amidst any market volatility. These are the kinds of businesses, you see, that offer essential services, regardless of the immediate economic climate.

Of course, it wasn't all smooth sailing, and a few areas presented some challenges. Some of our positions in earlier-stage growth companies, particularly those more sensitive to consumer discretionary spending or higher discount rates, faced a bit of headwind. It’s a natural part of investing in innovation, where sometimes the market takes a moment to fully appreciate the long-term vision. We also observed some short-term pressures in specific semiconductor sub-sectors, mainly due to inventory adjustments, which impacted a couple of our holdings. These moments are always a good opportunity to re-evaluate, to confirm our long-term thesis, and to make disciplined adjustments where necessary.

Looking ahead, our strategy remains firmly rooted in seeking out those foundational technologies and disruptive innovations that are reshaping our world. We're actively monitoring the evolving landscape, constantly assessing where the true long-term value lies. We believe the secular growth drivers for global technology—things like cloud computing, cybersecurity, advanced analytics, and yes, transformative AI—are incredibly robust and have years, if not decades, of runway ahead. While the path might not always be perfectly smooth, our commitment to rigorous research and a disciplined, long-term approach means we're focused on building a portfolio that can weather the storms and capture the significant opportunities that global technology continues to offer.

Thank you for your continued trust and partnership. We're genuinely excited about what the future holds for this dynamic sector.