The fund, which manages over A$2 billion in assets, purchased A$200 million ($143 million) worth of tech stocks during the sell-off.
To fund this purchase, GCQ sold some of its top-performing holdings, including shares of European luxury goods companies. As per its CIO Doug Tynan, the fund has looked at buying shares of Microsoft, Intuit Inc. and SAP SE.
Software stocks like Salesforce, Adobe and its peers have seen a sharp sell-off in February after the tools released by AI firm Anthropic, raised concerns about the viability of the business models of these software companies.
These beaten down names have seen a small rebound this week, with a software stocks-linked ETFs on the S&P 500 rising 2% overnight. Despite this, the ETF remains firmly in the bear market territory, with a 30% fall from the top.
“One of the strangest days in markets I’ve ever seen was Monday this week when a hypothetical science fiction scenario from someone I’ve never heard of not only dropped the market, it caused the White House to comment,” CIO Tynan said in an interview to Bloomberg, referring to Citrini’s post. “That was the bottom — that’s my call.”
GCQ as a fund in itself is dealing with underperformance of its own. One of its largest holdings, Swedish property portal Hemnet Group AB, is down over 70% from its 2025 peak. Even after this, the fund is on course for the highest monthly inflow on record after a A$50 million inflow last month.
Tynan went on to term the software sell-off as “one of the most illogical market sell-offs I have ever seen.”
(With Inputs From Agencies)
