Marlborough
Malborough US Focus Fund
Sep 2026 → Oct 2026
Our archive holds 2 letters from this strategy, behind 5 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Marlborough for every strategy.
What it bought and sold
Conversely, we sold our position in Tapestry, a luxury retailer best known for the brands Coach and Kate Spade.
In September, we added a new position in the information technology sector with SanDisk, one of the largest manufacturers of storage devices, with solutions focused entirely on NAND flash memory.
We also sold our position in home improvement retailer Lowe’s because the company’s fundamentals have continued to deteriorate.
We also added a new position in the healthcare sector. This was Eli Lilly, a global pharmaceutical leader specialising in cardiometabolic health, oncology and immunology.
We sold our position in advertising and marketing platform business AppLovin following a deterioration in fundamentals.
We made several changes to the portfolio in August, including adding a new position in the information technology sector. This was NetApp, one of the largest data storage companies in the world, with a focus on offering hybrid, all-flash cloud storage solutions.
Also held
Its investment theses
- MicrosoftOct 2026Microsoft is benefiting from reaccelerating Azure and Copilot growth, strong cash flow management, and AI-enabled software that should support sustainable growth.
- MetaOct 2026Meta is emerging as an early leader in monetising AI through the Meta Muse consumer agent and a broader new product cycle.
- SanDiskOct 2026SanDisk is seen as an AI beneficiary thanks to growing NAND flash demand from inferencing, with more predictable demand and margin improvement potential.
- NetAppSep 2026NetApp is a large data storage company positioned to benefit from enterprise AI adoption and deep hyperscaler integration.
- Eli LillySep 2026Eli Lilly is a global pharma leader with a leading obesity franchise and long-term growth from broader GLP-1 adoption and AI drug development.