Overview
- The fund declined 1.4% in 2025 versus a 22.9% gain for the MSCI ACWI during a year led by a narrow set of AI-linked winners.
- Largest contributors were Philip Morris, Dollar Tree, and IQVIA, which Broyhill describes as durable businesses with mispriced catalysts.
- Philip Morris outperformed for a second year as Zyn’s rapid growth and broader adoption of reduced‑risk products supported a rerating thesis.
- Dollar Tree gained as tariff fears proved overblown and post–Family Dollar simplification improved execution, while IQVIA rallied as concerns over biotech funding and clinical activity eased.
- Major detractors Avantor, Fiserv, and Six Flags shared leverage and execution issues; Broyhill sold Six Flags after weak results and a CEO departure and exited Fiserv after leadership changes led it to deem the company unanalyzable.