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Q2 2025 U.S. Large Cap Growth Update

August 2025 | Market Outlook

Terms and Conditions

READ THESE TERMS AND CONDITIONS (“TERMS”) CAREFULLY BEFORE ACCESSING THE WEBSITE LOCATED AT www.winslowcapital.com (“WEBSITE”). YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS AND CONDITIONS AND THAT YOU AGREE TO BE BOUND BY THEM. THIS WEBSITE IS INTENDED FOR INVESTMENT PROFESSIONALS AND INSTITUTIONS ONLY. IF YOU DO NOT AGREE TO ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT, YOU ARE NOT AN AUTHORIZED USER AND YOU SHOULD NOT USE THIS WEBSITE.

WINSLOW CAPITAL MANAGEMENT, LLC RESERVES THE RIGHT TO CHANGE, MODIFY, ADD OR REMOVE PORTIONS OF THESE TERMS AT ANY TIME FOR ANY REASON. WE SUGGEST THAT YOU REVIEW THESE TERMS PERIODICALLY FOR CHANGES. SUCH CHANGES SHALL BE EFFECTIVE IMMEDIATELY UPON POSTING. YOU ACKNOWLEDGE THAT BY ACCESSING OUR WEBSITE AFTER WE HAVE POSTED CHANGES TO THESE TERMS, YOU ARE AGREEING TO THESE TERMS AS MODIFIED.

Disclaimer

Nothing contained on this Website constitutes tax, accounting, regulatory, legal, insurance or investment advice. Neither the information, nor any opinion, contained on this Website constitutes a solicitation or offer by Winslow Capital Management, LLC or its affiliates (“Winslow Capital”) to buy or sell any securities, futures, options or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Decisions based on information contained on this Website are the sole responsibility of the visitor. In exchange for using this Website, the visitor agrees to indemnify and hold Winslow Capital, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys’ fees) arising from your use of this Website, from your violation of these Terms or from any decisions that the visitor makes based on such information.

The investments and strategies discussed in the Website may not be suitable for all investors and are not obligations of Winslow Capital or its affiliates or guaranteed by Winslow Capital or its affiliates. Winslow Capital makes no representations that the contents are appropriate for use in all locations, or that the transactions, securities, products, instruments, or services discussed on this site are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. By making available information on the Website, Winslow Capital does not represent that any investment vehicle is available or suitable for any particular user. All persons and entities accessing the website do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

All investments involve risk and may lose value. The value of your investment can go down depending upon market conditions. Currency exchange rates may cause the value of an investment to go up or down. Past performance does not guarantee future results.

This Website is for information purposes only and is not intended to be relied upon as a forecast, research or investment advice. The information on this Website does not constitute a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Although this material is based upon information that Winslow Capital considers reliable and endeavors to keep current, Winslow Capital does not assure that this material is accurate, current or complete, and it should not be relied upon as such. Any opinions expressed on this Website may change as subsequent conditions vary.

The information and services provided on this Website are provided “AS IS” and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Winslow Capital disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Winslow Capital does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this Website and does not warrant that the functions contained in this Website will be uninterrupted or error-free, that defects will be corrected, or that the Website will be free of viruses or other harmful components. Winslow Capital expressly disclaims all liability for errors and omissions in the materials on this Website and for the use or interpretation by others of information contained on the Website.

Investments in a Winslow Capital product or client account are not bank deposits and are not insured or guaranteed by Winslow Capital or the Federal Deposit Insurance Corporation, any other government agency or any bank.

Trademarks, Copyrights and other Intellectual Property

The content contained on this Website is owned or licensed by Winslow Capital or its affiliates and its third-party information providers and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property rights. Such content is solely for your personal, non-commercial use. Accordingly, you may not copy, distribute, modify, post, frame or deep link this Website, including any text, graphics, video, audio, software code, user interface design or logos. You may download material displayed on this Website for your personal use provided you also retain all copyright and other proprietary notices contained on the materials. You may not distribute, modify, transmit, reuse, repost, or use the content of this Website for public or commercial purposes, including all text, images, audio, and video, without Winslow Capital’s written permission. Modification or use of the materials for any other purpose violates Winslow Capital’s intellectual property rights.

All trademarks, service marks, trade names, and logos displayed on this Website are proprietary to Winslow Capital and/or their respective owners. Nothing contained on this Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this Website without the written permission of Winslow Capital or such other third party that may own the trademark displayed on this Website. Your use of the trademarks displayed on this Website, except as provided herein, is strictly prohibited.

The use of the images displayed on this Website by you, or anyone else authorized by you, is prohibited. Any unauthorized use of the images may violate copyright laws, trademark laws, and the laws of privacy and publicity, and communications, as well as other regulations and statutes. If you download any information from this Website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

Links to Other Websites

Winslow Capital may establish links between this Website and one or more websites operated by third parties. Winslow Capital has no control over any such other websites, the contents therein or the products/services offered. The existence of any such links shall not constitute an endorsement of, or representation or warranty by Winslow Capital regarding such websites, the contents of the websites, the products or services of the websites or the operators of the websites. Your access to and use of such linked websites is governed by the terms of use and privacy policies of those sites, and shall be at your own risk. Winslow Capital disclaims responsibility for the privacy policies and customer information practices of third-party internet websites hyperlinked from our Website.

Privacy Policy

Please review our Privacy Policy, which is a part of this Agreement and hereby incorporated by reference, to learn about our information collection practices and the measures we take to preserve the privacy and security of your information.

Jurisdiction and Governing Law

The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Winslow Capital or its affiliates to any registration requirement within such jurisdiction or country. Each investment product and service referred to on this Website is intended to be made available to only U.S. residents. This Website will not be considered a solicitation for or offering of any investment product or service to any person in any jurisdiction where such solicitation or offering would be illegal.

The laws of the State of Minnesota govern these Terms without regard to conflict of law provisions. If you take legal action relating to these Terms, you agree to file such action only in Minnesota, or the United States District Court for the District of Minnesota, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any action with Winslow Capital, its affiliates or with any funds referenced in this site.

Limitation of Liability

WINSLOW CAPITAL AND ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, DIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF THIS WEBSITE), EVEN IF WINSLOW CAPITAL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES, INCLUDING, WITHOUT LIMITATION, FROM THE USE OR ATTEMPTED USE OF THIS WEBSITE OR ANOTHER LINKED WEBSITE.

IF YOU LIVE IN A STATE THAT DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, OR IF YOU ACCESS THE WEBSITE SOLELY THROUGH AN ARRANGEMENT WITH YOUR EMPLOYER OR PLAN SPONSOR, SOME OR ALL OF THESE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.

Timeliness of Content

All content on this Website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

Prohibited Uses

Except as otherwise stated in these Terms or as expressly authorized by Winslow Capital in writing, you may not:

  • Use this Website in any manner that could damage or overburden any Winslow Capital server, or any network connected to any Winslow Capital server, as all servers have limited capacity and are used by many people;
  • Use this Website in any manner that would interfere with another party’s use of the Website;
  • Include the term “Winslow Capital,” or any Winslow Capital trademark or executive’s name, or any variation of the foregoing, as a meta-tag, hidden textual element;
  • Use any robot, spider, intelligent agent, other automatic device, or manual process to search, monitor or copy this Website or the reports, data, information, content, software, products services, or other materials on, generated by or obtained from this Website, whether through links or otherwise (collectively, “Materials”), without Winslow Capital’s permission, provided that generally available third-party web browsers may be used without such permission; or
  • Use this Website or the Materials in any manner that could create impression of affiliation, sponsorship or endorsement by Winslow Capital.

Unauthorized Use of Content

You agree to defend, indemnify and hold harmless Winslow Capital, its affiliates and each of their respective officers, directors, members, partners, managers and employees against any losses, damages, claims, liabilities and costs (including reasonable attorneys’ fees) to the extent resulting from or arising out of any unauthorized or otherwise inappropriate use of any of the content of this Website attributable to you or which occurs through the use of your ID.

Confidentiality and Password Security

Certain parts of the Website may be protected by passwords or require a login. You are responsible for maintaining the confidentiality of any user names, passwords, security questions, and answers. All information available through the privileged area of the site is confidential and proprietary to Winslow Capital. This includes all investment information and results, offering materials, financial statements, and other information provided through this part of the Website.

You will use your best efforts to keep all this information strictly confidential. You will not disclose any of this information to any person or use it for any purpose other than those strictly permitted by us, in writing.

System Outages and Incomplete Transmissions

Internet software or transmission problems may produce inaccurate or incomplete copies of information and materials that may be downloaded and displayed on a user’s computer. Winslow Capital is not liable for any damages, changes, or omissions that occur during transmission of information and materials.

Termination

Winslow Capital may terminate your access to the Website for any reason, without prior notice.

Waiver

No waiver by Winslow Capital of any right under or term or provision of these Terms will be deemed a waiver of any other right, term, or provision of these Terms at the time of such waiver or a waiver of that or any other right, term, or provision of these Terms at any other time.

Integration and Severability

If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms and will not affect the validity and enforceability of the remaining provisions.

The preceding Terms of use represent the entire agreement between Winslow Capital and the user relating to the subject matter herein.

Winslow Capital Management, LLC is a registered investment adviser and an affiliate of Nuveen, LLC.

Dated: December 2023

Important Information

You are about to enter a website for professional/institutional investors and the information contained herein is not suitable for retail investors. Private/retail investors should not proceed any further.

By clicking “Institutional/Professional Investors” you expressly acknowledge and confirm that you are accessing this site for the purposes of acquiring information as an institutional/professional investor and accept the Terms of Use.

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