**Mutual Fund Commentary – Q3 2025**
*November 9, 2025 | 1:11 PM ET*
**Symbols:** GOOG, GOOGL, TSM, NVDA, CMG, INTU, IT
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In the third quarter of 2025, Nvidia continued to be a strong contributor to the portfolio’s performance. This growth was driven by sustained surging demand for accelerated computing and AI infrastructure, highlighting Nvidia’s pivotal role in these booming sectors.
On the other hand, Chipotle proved to be a detractor during the quarter. Its comparable sales growth fell just 1% short of consensus expectations, declining 4% against a challenging 11% growth in the comparable period from the previous year.
Intuit also weighed on performance this quarter. Despite reporting strong fiscal-year results for the period ending July, the company’s cautious guidance for fiscal year 2026 led to investor disappointment.
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### Largest Contributors
**Alphabet (GOOG / GOOGL)**
Alphabet contributed positively during the quarter. A key highlight came in September when Alphabet secured a favorable outcome in a major antitrust case, removing significant uncertainty and supporting confidence in the company’s future prospects.
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*The above commentary is excerpted from the Virtus SGA Global Growth Q3 2025 Commentary.*
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