BRASADA CAPITAL MANAGEMENT, LP — 13F Portfolio

Brasada Capital Management, LP is a Dallas, Texas-based investment management firm founded by John Googins, who serves as the firm's Chief Investment Officer. The firm operates as a long-biased, growth-oriented investment manager with a pronounced focus on technology, software, and digital economy companies. Brasada Capital files quarterly 13F disclosures with the Securities and Exchange Commission under CIK #0001643833, with filings extending back to approximately 2015, establishing nearly a decade of observable U.S.-listed equity positioning data that spans multiple complete market cycles and regime transitions. The firm's name — Brasada, derived from the dense brush country of South Texas — evokes the rugged, independent spirit of the Texas landscape and suggests a firm identity rooted in resilience, persistence, and the ability to navigate challenging terrain. This ethos is reflected in the firm's investment approach, which requires conviction and patience in navigating the volatile but potentially highly rewarding territory of technology and growth equity investing. Under the partnership of CIO John Googins and President Trey Czar, Brasada Capital operates with the focused organizational structure typical of alternative investment managers where a small, experienced leadership team drives investment decision-making with agility and conviction. Dallas has emerged as an increasingly significant hub for alternative asset management, with a growing cluster of hedge funds and investment firms establishing operations outside of the traditional New York and Connecticut corridors. This geographic positioning offers Brasada Capital access to a deep Texas-based investor community — including family offices, endowments, and high-net-worth individuals — while maintaining the connectivity to national capital markets and technology industry networks necessary for a growth-oriented technology investment strategy. The firm's nearly decade-long filing history provides an exceptionally valuable analytical dataset, capturing the full arc of the post-2015 technology investment cycle — including the pre-COVID growth expansion, the pandemic-driven digital acceleration, the speculative exuberance of 2021, the punishing rate-driven correction of 2022, and the AI-catalyzed technology recovery of 2023-2024.

Brasada Capital Management employs a growth-oriented, long-biased investment strategy with heavy concentration in technology, software, and digital economy sectors. CIO John Googins' investment philosophy is centered on identifying companies positioned to benefit from powerful secular trends in digital transformation — including cloud computing, software-as-a-service (SaaS) platforms, digital advertising, e-commerce, and the broader shift of economic activity to technology-enabled business models. This thematic orientation reflects a deep conviction that the long-term trajectory of the global economy favors technology-driven enterprises, and that the most compelling risk-adjusted opportunities are found among companies leading or enabling this structural transformation. The 13F Portfolio Composition across Brasada Capital's extensive filing history reveals a portfolio heavily weighted toward technology and internet companies, with positions spanning enterprise software, cloud infrastructure, digital payments, online marketplaces, social media platforms, and other technology-adjacent businesses. This concentration is deliberate and philosophically consistent — the firm seeks to build deep domain expertise in technology sub-sectors where it believes its research edge is strongest, rather than diluting its analytical resources across a broad set of industries where it may have less differentiated insight. Within the technology universe, Brasada's portfolio construction appears to blend positions in established, large-cap technology leaders with exposure to emerging mid-cap and growth-stage technology companies that may be in earlier phases of their secular growth trajectories. This layered approach balances the relative stability and liquidity of mega-cap technology positions with the potentially higher growth rates and alpha generation opportunities available in less widely followed mid-cap technology names. The combination creates a portfolio profile that maintains correlation to the broader technology sector while introducing stock-specific alpha sources that can differentiate the portfolio's compounding behavior from passive technology benchmarks. The Sector Allocation History across quarterly filings reveals the evolution of Brasada's technology thesis over nearly a decade, tracking how the firm has navigated successive waves of technology innovation — from the mobile internet era, through cloud computing maturation, the rise of digital payments, and most recently the emergence of artificial intelligence as a transformative platform. This longitudinal thematic record is exceptionally informative, as it reveals whether the firm has demonstrated the ability to identify and position for new technology sub-themes ahead of consensus, or whether its technology exposure has been more static and benchmark-like in composition. Portfolio turnover is moderate to high, reflecting the dynamic nature of technology sector investing where competitive landscapes shift rapidly, growth trajectories can inflect suddenly, and valuation dislocations create both opportunities and risks that require active management. Brasada's turnover profile suggests a process that actively manages position sizes and portfolio composition in response to evolving fundamental developments, earnings data, and changing risk-reward assessments — rather than a passive hold-forever approach that may leave capital allocated to deteriorating investment theses.

Brasada Capital Management stands as a technology-focused, growth-oriented investment manager based in Dallas, Texas, with nearly a decade of 13F filing history that provides an exceptionally rich dataset for analyzing technology sector conviction, thematic rotation, and compounding behavior across multiple market cycles. Under the leadership of founder and CIO John Googins and President Trey Czar, the firm has built a concentrated practice centered on the secular growth thesis of digital transformation and technology-driven economic evolution. Key characteristics observable from the public record include a heavily technology-concentrated sector allocation spanning software, internet, cloud, and digital economy names; a blend of large-cap technology leaders and mid-cap growth positions that combines sector beta with stock-specific alpha sources; moderate to high portfolio turnover reflecting the dynamic, research-intensive nature of technology investing; and a long-biased alternative investment structure that may incorporate hedging and risk management tools not visible in 13F disclosures. The Annualized Return (CAGR) implied by historical replication of the disclosed holdings across the firm's nearly decade-long filing history offers a comprehensive compounding metric that captures the full cycle of technology sector exuberance, correction, and recovery. For a concentrated technology strategy, this metric is particularly informative when compared against both the S&P 500 and technology-specific benchmarks such as the Nasdaq-100, revealing whether Brasada's active technology selection has generated meaningful alpha above passive technology exposure. The Sharpe Ratio derived from the disclosed positions provides a standardized efficiency metric, though for a concentrated technology strategy, the Sortino Ratio may offer a more appropriate assessment by isolating downside risk from the upside volatility that naturally characterizes successful growth positions. The relationship between these two metrics across the full filing period — spanning both the growth-favorable 2019-2021 environment and the hostile 2022 correction — reveals the strategy's true risk-adjusted quality when evaluated across complete market cycles. A diagnostic question for further investigation: As the artificial intelligence investment cycle has potentially reshuffled the technology sector's internal hierarchy — elevating semiconductor and infrastructure companies while creating uncertainty about the competitive positioning of legacy software and internet platforms — has Brasada Capital's portfolio composition demonstrated a decisive rotation toward AI-linked beneficiaries, or does the firm's technology thesis maintain conviction in the fundamental growth trajectories of cloud, SaaS, and digital platform businesses that may be temporarily overshadowed by AI enthusiasm, and what would each positioning choice imply about the portfolio's return characteristics should AI spending growth decelerate or broaden beyond the current concentrated set of mega-cap beneficiaries?

The risk profile of Brasada Capital Management's disclosed portfolio is characterized by the elevated volatility and concentrated sector exposure inherent to a technology-focused growth strategy. Technology equities, particularly those in the high-growth, premium-valuation segment of the market, exhibit sensitivity to changes in interest rates, discount rate expectations, and investor risk appetite. The 2022 correction provided a definitive stress test for this type of strategy, as the Federal Reserve's aggressive rate-hiking campaign drove severe multiple compression across the growth technology complex, with many high-quality software and internet companies experiencing drawdowns of 40-60% from their 2021 peaks. The Max Drawdown Depth across Brasada's nearly decade-long filing history provides essential diagnostic data for evaluating the portfolio's downside exposure under different types of market stress. The 2018 Q4 selloff, the March 2020 COVID-19 crash, and the prolonged 2022 rate-driven correction each presented distinct risk dynamics — rapid exogenous shock versus sustained fundamental repricing — and the firm's portfolio behavior during each episode reveals critical information about its risk management approach, its willingness to hold through adversity versus tactical de-risking, and the effectiveness of its quality screen in separating fundamentally resilient businesses from more fragile holdings. The Volatility Profile of the portfolio is expected to be substantially elevated relative to broad equity benchmarks such as the S&P 500, reflecting the compounding effects of technology sector concentration, growth factor exposure, and the inclusion of mid-cap positions that tend to exhibit higher individual stock volatility. Within the technology sector, Brasada's exposure to software and internet names may introduce additional duration risk — SaaS and platform businesses with long-dated cash flow profiles are particularly sensitive to changes in the discount rate used to value those future earnings streams. As a long-biased alternative investment manager, Brasada may employ hedging strategies, options overlays, or other risk management tools that do not appear in 13F disclosures. The 13F filing captures only the U.S.-listed long equity positions, potentially overstating the portfolio's raw directional risk if hedging activity materially offsets long-side exposure during periods of elevated uncertainty. Conversely, if the firm employs leverage to amplify its long positions, the actual risk exposure may exceed what the 13F holdings alone suggest. This caveat is essential for any risk assessment based solely on 13F data for hedge fund and alternative investment managers. The portfolio's concentrated technology exposure creates significant correlation risk during broad sector selloffs. While Brasada may hold positions across multiple technology sub-sectors — software, internet, payments, cloud — these sub-sectors tend to exhibit elevated cross-correlation during risk-off environments, as investors reduce technology exposure broadly rather than distinguishing between individual sub-sector fundamentals. This correlation clustering can create drawdown experiences that exceed what the nominal number of positions might suggest.