Sustainable Growth Advisors (SGA), an investment management company, released its third quarterly investor letter for its “U.S. Large Cap Growth Strategy.” There may be a copy of the letter Downloaded here. The portfolio returned -1.3% (gross) and -1.4% (net) in the third quarter, compared with a 10.5% return for the Russell 1000 Growth Index and an 8.1% return for the S&P 500 Index. SGA’s investment objective is to invest in high-quality growth businesses that are expected to grow earnings in the mid-teens, with stable revenue and cash flow. However, in Q3, market leadership was negative for SGA’s investment style as low-quality stocks and cyclical industries outperformed. Also, please check the fund’s top five holdings to know its best picks in 2025.
In its third quarter 2025 investor letter, SGAUS Large Cap Growth Strategy highlighted stocks like Novo Nordisk A/S (NYSE: NVO ). Novo Nordisk A/S (NYSE: NVO ) engages in the research and development, manufacture and distribution of pharmaceutical products. Novo Nordisk A/S (NYSE:NVO) had a one-month return of 6.02%, and its shares have lost 41.86% of their value over the past 52 weeks. On December 31, 2025, Novo Nordisk A/S (NYSE: NVO ) stock closed at 50.88 per share, with a market capitalization of $226.084 billion.
SGAUS’ large-cap growth strategy stated the following regarding Novo Nordisk A/S (NYSE: NVO ) in its third quarter 2025 investor letter.
“In July, we liquidated our position Novo Nordisk A/S (NYSE: NVO ) and initiated a position in Nike. We sold Novo Nordisk out of the portfolio due to two concerns that make us question the company’s ability to deliver long-term growth.
