From Dot-Com to AI: A Fund’s 25-Year Masterclass in Tech Investing

BOSTON, MA – November 25, 2025 – As the digital world marks another year of blistering change, one investment vehicle is celebrating a quieter, more profound milestone. The Columbia Global Technology Growth Fund (CTCAX) has reached its 25-year anniversary, a testament to endurance in a sector defined by disruption. Launched in November 2000, its inception coincided with the spectacular implosion of the dot-com bubble, a baptism by fire that would come to define its resilient, long-term strategy.

Over the subsequent quarter-century, the fund has navigated the rise of mobile computing, the dominance of social media, the shift to cloud infrastructure, and the dawn of the artificial intelligence revolution. It has not only survived but thrived, amassing over $4.3 billion in assets and delivering a remarkable 10-year annualized return of 22.27%. This performance has consistently placed it in the top quartile of its peers and earned it a coveted four-star overall rating from Morningstar, affirming a strategy built for the long haul.

The Architect of Enduring Growth

At the helm is Rahul Narang, a veteran investor whose career began in 1994, giving him a front-row seat to the modern technology industry's entire lifecycle. Since joining Columbia Threadneedle Investments in 2012, Narang has applied a disciplined investment philosophy that balances the pursuit of high-flying secular growth with an eye for attractive value.

This approach eschews chasing momentary hype. Instead, it focuses on identifying what Narang calls “moat-type businesses”—companies fortified by sustainable competitive advantages and scalable business models. This philosophy is evident in the fund's low turnover rate, which hovers around a mere 7%, a stark contrast to many actively managed tech funds. This reflects a high-conviction, long-term holding strategy rather than rapid-fire trading.

“Over the past 25 years, we’ve seen technology evolve from a niche sector to the engine of global growth,” Narang stated in the anniversary announcement. “Our strategy is designed to identify companies that are not only driving innovation but are also built to last. We focus on quality, scalability, and long-term value creation, which are the principles that have guided our performance across market cycles.”

Underpinning this is a deep-seated analytical rigor, honed by Narang’s past experience managing long/short equity portfolios. This gives the team what some analysts describe as a “short-seller mindset,” enabling them to critically assess potential investments and sidestep the pitfalls that often trap momentum-driven investors in overheated stocks.

A Portfolio Forged in Secular Trends

A look inside the fund’s portfolio reveals a concentrated bet on the foundational pillars of the modern digital economy. As of late 2025, the top ten holdings account for nearly 60% of the portfolio, showcasing a strategy of making significant, high-conviction investments. Unsurprisingly, the list is a who's who of tech titans.

NVIDIA, the undisputed leader in AI acceleration, represents a massive 16.5% of the portfolio. It is followed by fellow semiconductor powerhouse Broadcom, cloud and software giant Microsoft, and consumer electronics icon Apple. The presence of these companies underscores the fund’s focus on secular growth themes, particularly AI and cloud computing, which are projected to drive IT spending for the next decade.

While the press release highlights the fund’s “global diversification,” a closer look reveals a strategic concentration. Over 90% of the fund's assets are invested in North America. This isn't a contradiction so much as a reflection of where the most powerful technology platforms have been built. However, key international players like Taiwan Semiconductor Manufacturing Co. (TSMC) and Dutch semiconductor equipment maker ASML Holding are also present, representing critical, irreplaceable links in the global technology supply chain.

This structure allows the fund to capture the primary value creation happening within the U.S. tech ecosystem while strategically tapping into essential international innovation hubs. The focus remains on dominant companies with wide moats, regardless of their headquarters.

Navigating the Next Wave of Innovation

As the Columbia Global Technology Growth Fund enters its next quarter-century, the landscape is once again being reshaped by a seismic force: artificial intelligence. Global IT spending is projected to surge past $5.7 trillion in 2025, with AI, cloud services, and cybersecurity leading the charge. The fund's heavy allocation to semiconductor and cloud infrastructure companies positions it squarely in the path of this tidal wave of investment.

However, the road ahead is not without its perils. The tech sector remains notoriously volatile. Macroeconomic headwinds, persistent inflation, and geopolitical tensions continue to pose risks. The very concentration that powers returns in a bull market can amplify losses during a downturn. Furthermore, the rapid expansion of AI brings its own challenges, from immense energy and water consumption for data centers to complex ethical questions and a looming regulatory crackdown.

For 25 years, the fund's management has proven its ability to distinguish durable innovation from fleeting fads. Its success was not built on predicting every turn but on a foundational belief in the long-term, compounding power of technology. The core challenge remains the same today as it was in 2000: to identify the companies that will build the future and to hold on through the inevitable cycles of boom and bust that accompany such profound transformation.