The Seligman Tech Spectrum (Master) Fund headed by Paul Wick surged 19.66 percent in April, its best month ever in what was also the S&P 500’s best month since November 2020, according to an investor. The tech-oriented hedge fund is now up 27.04 percent for the year.
Seligman’s results far surpassed the overall market’s strong performance. The S&P 500 added 10.4 percent in April and is up 5.6 percent for the year, and the tech-heavy Nasdaq Composite jumped 15.3 percent last month and is up 8.1 percent for the year.
Four of the fund’s biggest winners last month were among the largest contributors to its 2025 gains.
The only exception was Marvell Technology, making Seligman one of the few hedge funds to cash in on the chip maker’s surge this year. Shares of Marvell were up about 67 percent in April alone and more than 94 percent over the first four months of the year. The chip maker and data center operator is being rewarded for being a big AI play.
Of Seligman’s previous winners, shares of Bloom Energy were the top performer for the month, more than doubling in price in April. On March 31, Bloom reported blowout revenues and earnings results for the first quarter.
Last month, Bloom announced an expanded partnership with Oracle to support the buildout of the tech company’s AI and cloud computing infrastructure. Under a master services agreement, Oracle plans to procure up to 2.8 gigawatts of Bloom’s fuel cell systems, according to a press release.
In April, Google parent Alphabet jumped about 34 percent; Lam Research, a supplier of wafer-fabrication equipment and related services to the semiconductor industry, rose more than 15 percent; and computer networking company Arista Networks surged approximately 41 percent.
In its fourth-quarter client letter, obtained by Institutional Investor, Seligman noted that key infrastructure suppliers like Arista, Coherent, and Western Digital had seen their stocks continue to climb last year, stressing that the market has concluded that Microsoft, Meta Platforms, and other behemoth companies will continue to spend but will stop share repurchases and incur huge depreciation increases and impaired return on invested capital .
“The potential day of reckoning for their suppliers, however, has been put out of mind for the time being,” Wick wrote in the letter. “I do fear that if any of the big spenders ‘blink’ on their spending plans, it will set off a dangerous chain reaction of capital spend reductions from the peer group and a dramatic sell-off of the AI winner’s bucket. For that reason, we have been judiciously cutting back position sizes of most of our AI winners and will consider further cutbacks on strength.”
