Tributary Capital Management’s Multi Cap Core strategy added AMD in Q2 2026. Its investor letter said AMD is positioning its GPUs as a viable second option to Nvidia; customer sampling is underway, with a continued ramp planned for the second half of 2026 and into 2027.
The letter said demand for AI computing, including inference and agentic AI, was creating a structural inflection in CPU-market growth and that AMD was positioned to benefit in CPUs.
The strategy’s equity allocation gained 12.5% in Q2, below the S&P 1500’s 15.3% and Russell 3000’s 15.4%. Its technology holdings rose 23.0%, versus 32.3% for the S&P 1500 technology sector; the letter said IT was the main driver of the strategy’s 2.8% relative underperformance.
