Loomis Sayles Global Growth Fund Holds Firm on Shopify (SHOP) Beyond AI Narrative

Soumya Eswaran

Wed, May 20, 2026 at 9:46 AM EDT 3 min read

Loomis Sayles, an investment management company, released its “Global Growth Fund” investor letter for the first quarter of 2026.  A copy of the letter is available to download here. The fund reported -13.09% in the first quarter, lagging the MSCI ACWI Index Net's -3.20% return. Stock selection in the financials and information technology sectors contributed positively to relative performance. The Firm maintained a long-term investment strategy, concentrating on high-quality businesses with sustainable competitive advantages and profitable growth when available at discounts to intrinsic value. Please review the Fund’s top five holdings to gain insights into their key selections for 2026.

In its first-quarter 2026 investor letter, Loomis Sayles Global Growth Fund highlighted stocks like Shopify Inc. (NASDAQ:SHOP). Shopify Inc. (NASDAQ:SHOP) is a Canada-based e-commerce technology company that provides a cloud-based platform for individuals and companies to create and manage their operations. On May 19, 2026, Shopify Inc. (NASDAQ:SHOP) closed at $101.01 per share. One-month return of Shopify Inc. (NASDAQ:SHOP) was -23.68%, and its shares lost 1.58% over the past 52 weeks. Shopify Inc. (NASDAQ:SHOP) has a market capitalization of $131 billion.

Loomis Sayles Global Growth Fund stated the following regarding Shopify Inc. (NASDAQ:SHOP) in its Q1 2026 investor letter:

"Shopify Inc. (NASDAQ:SHOP) is a leading global provider of mission-critical commerce infrastructure that enables retail companies to start, grow, market, and manage a retail business of any size. Shopify’s cloud-based platform offers merchants an end-to-end solution that was previously only available to significantly larger businesses. From a single global storefront, the company offers merchants a multi-channel solution through which they can display, manage, market, and sell products across all sales channels, including web and mobile storefronts, physical retail locations, social media, marketplaces, and other retail formats. The platform enables merchants to sell anywhere and in any language, facilitating cross border commerce for end customers who can shop using their local currencies, languages, domains, and payment methods. Shopify also provides merchants a single, integrated back end platform through which merchants can manage and source inventory, process orders and payments, fulfill and ship orders, build customer relationships, leverage reporting and analytic tools, and access financing. With a mission to improve commerce and empower merchants to realize their potential by making a complex process simple, the company has effectively created a retail operating system used by millions of merchants in over 175 countries. The company generates approximately 68% of revenues in North America, with Europe, the Middle East and Africa accounting for 21%, and Asia-Pacific contributing 10%….” (Click here to read the full text)