Mar Vista Q1 2026 moves amid volatile equities

Mar Vista Investment Partners’ U.S. Quality Strategy reported a first-quarter 2026 return of -7.24% net of fees, according to its latest investor letter. The result trailed the Russell 1000 Index, which returned -4.18%, and the S&P 500 Index (SPX), which returned -4.33% over the same period.

The firm attributed the weak quarter for U.S. equities to a combination of tariff uncertainty, questions about the sustainability of AI-driven growth, and emerging concerns around private credit. A later escalation of geopolitical challenges and rising oil prices linked to conflict in the Middle East also influenced inflation and interest rate expectations.

Despite the near-term headwinds, Mar Vista stated that it believes the market is transitioning toward high-quality businesses with strong competitive advantages and positioned its U.S. Quality Strategy accordingly.

The investor letter highlighted several companies within the strategy’s top holdings. These span sectors including semiconductors, software, industrial gases, aerospace, healthcare, and financial technology, reflecting a diversified exposure to large-cap U.S. and global businesses.

Analog Devices, Inc. (NASDAQ:ADI), a U.S.-based semiconductor company focused on integrated circuits, software, and subsystems, was among the featured positions. Linde plc (NASDAQ:LIN), described as a global chemical company and leading industrial gases provider, was also cited.

Other highlighted holdings included TransDigm Group Incorporated (NYSE:TDG), a leading aircraft components supplier; Microsoft Corporation (MSFT), a multinational software and services company; Intuit Inc. (INTU), a financial software provider; and Johnson & Johnson (JNJ), a global healthcare company.

As of April 10, 2026, Analog Devices closed at $350.14 per share, with a one‑month return of 12.61%. Its shares had gained 96.05% over the prior 52 weeks, giving the company a market capitalization of $170.94 billion.

Linde’s stock closed at $503.15 per share, reflecting a one‑month return of 1.15%. Over the past 52 weeks, Linde shares rose 12.81%, and the company’s market capitalization stood at $233.16 billion.

TransDigm shares ended April 10 at $1,207.18. The company recorded a one‑month return of -3.26% and a 52‑week decline of 9.72%, with a market capitalization of $68.17 billion.

Microsoft (MSFT) closed at $370.87 per share, with a one‑month return of -7.27% and a 52‑week decline of 4.37%. Its market capitalization was reported at $2.76 trillion.

Intuit (INTU) shares closed at $350.94, down 22.41% over one month and 40.87% over the past 52 weeks, valuing the company at $97.05 billion. Johnson & Johnson (JNJ) closed at $238.46 per share, with a one‑month return of -1.94% but a 52‑week gain of 54.48%, and a market capitalization of $574.36 billion.

The investor letter also discussed Salesforce, Inc. (CRM), noting that the U.S. Quality Strategy sold the position due to AI-related challenges. Salesforce is described as a cloud computing company offering customer relationship management technology that connects companies and customers.

On April 10, 2026, Salesforce shares closed at $164.96, with a one‑month return of -16.83% and a 52‑week decline of 35.20%. The company’s market capitalization at that date was $154.57 billion.

The Salesforce sale was presented alongside the discussion of Mar Vista’s broader emphasis on high-quality businesses with durable competitive advantages, as the firm adjusts holdings in response to evolving market leadership and sector-specific developments.