VGI Partners

Investor Summary

Robert Luciano founded VGI Partners in 2008 and served as Managing Partner and Chief Investment Officer until his resignation in 2025 after over 15 years with the firm. Luciano began his career in funds management after graduating in 1996, initially working as an equity analyst before joining ANZ Funds Management as a full-time Funds Manager in 2001. His investment philosophy was fundamentally shaped by Warren Buffett and Charlie Munger's approach, which he encountered early in his career and credited as the most important lesson influencing his methodology. Following the 2022 merger with Regal Funds Management, investment responsibilities transitioned to Paul Moore, who serves as Chief Investment Officer of Regal Partners and brings extensive global equity experience. The firm underwent significant corporate transformation when VGI Partners merged with Regal Funds Management in 2022, creating a combined entity now known as Regal Partners Limited. This merger brought together four specialist investment managers and created one of Australia's largest independent fund management groups with global reach.

Fund Strategy

VGI Partners' investment philosophy is built on three key tenets: capital preservation, long-term compound growth, and portfolio concentration in a small number of high-quality investments. The strategy emphasizes avoiding permanent loss of capital and targets compound annual returns of 10-15% by concentrating capital in a small number of high-quality undervalued businesses, supplemented by selective short selling and cash holdings typically around 30%. The investment approach focuses on 'buy and hold' long-term investments in what they consider to be great businesses that are not fully valued by the market, while also short selling securities which they assess to be vulnerable to a material decline in price. The portfolio is constructed without index benchmarks, typically holding 10 to 25 core long positions supplemented by diversified short positions within strict exposure limits, with allowance for derivatives and currency hedging. This concentrated approach prioritizes quality over diversification, seeking to compound capital through careful selection of undervalued opportunities while managing downside risk.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

2025
13.2%

Executive Summary

VG1 Global Investments delivered a strong 13.2% return for the September quarter, outperforming global benchmarks through selective positioning across multiple themes. Gold equities led performance with 40-45% gains, driven by mid-cap miners and holdings like Sprott which provides high-margin exposure through funds management. AI-linked semiconductor positions in TSMC, SK Hynix and Samsung benefited from global data-centre capex, though the team has since trimmed exposure as valuations rose. The balanced short book provided modest drag in rising markets, but selective positions like Brinker International contributed positively as viral momentum faded. Portfolio positioning has shifted with reduced mega-cap tech exposure, notably Meta, while maintaining core Amazon holdings. Looking forward, the team sees Europe as a key value source, particularly in industrials and cyclicals. They are actively researching AI-labelled losers including online classifieds and mission-critical software, with specific interest in UK housing where valuations have reached GFC-era lows. Upcoming European company meetings will inform next quarter's positioning.

Forward Outlook

The team sees Europe as a key source of value, particularly industrials and cyclical sectors. They are actively researching opportunities in AI-labelled losers such as online classifieds and mission-critical software, with particular interest in UK housing where valuations are now at GFC-era lows.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Oct 30 2025	2025 Q3	000660.KS, 005930.KS, AMZN, EAT, META, TSM	AI, Europe, gold, industrials, semiconductors, technology, value	-	VG1 delivered 13.2% quarterly returns led by gold miners and AI semiconductors. The team trimmed tech exposure as valuations rose and is pivoting toward European value opportunities in industrials and cyclicals. They're researching AI-labelled losers and UK housing at GFC-era valuations for future deployment.
Aug 11 2025	2025 Q2	000660.KS, 7282.T, A5G.L, AMZN, BIRG.L, CABK.MC, ENT.L, FLTR.L, LLOY.L, META, RMV.L, TSM	AI, Asia, Energy Transition, Europe, financials, gaming, semiconductors, technology	ENT LN	VG1 returned +15.3% in Q2 2025, led by AI infrastructure plays SK Hynix and TSMC, European financials, and energy transition themes. Strong stock selection across technology, gaming, and commodities drove outperformance despite initial tariff volatility. Portfolio remains positioned for structural growth themes with active risk management through short book in selective, opportunity-rich environment.
Oct 31 2024	2024 Q3	000660.KS, AMZN, BABA, GLEN.L, LSEG.L, META, TECK, TSM	Cloud, financials, global, Long/Short, materials, semiconductors, technology	-	VG1 fell 1.9% in October on market weakness but semiconductor holdings SK Hynix and TSMC outperformed on continued hyperscaler spending growth. Strong earnings from Meta, LSE, and Amazon offset Chinese equity weakness. Manager reduced short exposure ahead of Trump rally while maintaining conviction in undervalued semiconductor and Chinese positions.
Jul 31 2024	2024 Q2	AMZN, CFR.PA, CME, DB1.DE, DIS, GEHC, GIS, LMT, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, WMT, XM	Concentration, Exchanges, global, healthcare, Quality, spinoffs, technology	CME AMZN GEHC	VGI Partners generated 19.7% returns in H1 2023 through a concentrated portfolio of quality businesses including exchanges, Amazon, and healthcare spinoff GE Healthcare. The manager demonstrated patience as 2022 detractors recovered while trimming winners and covering unsuccessful shorts. Despite stretched market valuations, they continue finding opportunities across sectors with the portfolio showing 25% upside to fair value.
Jan 2 2024	2023 Q4	AMZN, CME, DIS, GEHC, KVUE, META, RHM.DE, SHEL, SPOT, TECK	AI, Concentration, defense, global, Long/Short, Quality, Streaming, technology	-	VGI Partners delivered +19.8% returns in 2023 through concentrated investing in under-appreciated quality businesses. Key winners included Amazon's AI-driven AWS recovery, Spotify's user growth turnaround, and Rheinmetall benefiting from defense spending increases. Despite stretched market valuations, the fund sees 25% upside in current holdings and continues finding attractive opportunities across sectors through their disciplined quality-focused approach.
Aug 8 2023	2023 Q2	7733.T, AMZN, CFR.SW, CME, DB1.DE, DIS, DSMNF, GEHC, ISRG, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, XM	Concentration, Exchanges, global, healthcare, Quality, technology, value	CME AMZN GEHC DB1.DE LSEG.L DSM.AS	VGI Partners delivered 19.7% returns in H1 2023 through concentrated quality holdings including exchanges, healthcare, and technology. Key positions like Amazon and GE Healthcare show margin expansion potential while the team maintains defensive positioning against macro risks. Despite elevated market valuations, selective opportunities remain with 25% estimated upside to portfolio fair value.
Jan 31 2023	2022 Q4	AMZN, CFR SJ, CME, DB1 GR, DIS, IAC, OLYMY, RHMB GR, SAP, XM	-	-
Jan 28 2022	2021 Q4	7733.T, AMZN, CFR SW, CME, IAC, MA, PINS, SAP, XM	Concentration, Digital, growth, long-term, technology	-	VGI Partners posted -2.5% in 2021 as unprofitable tech holdings like Pinterest and Qualtrics were caught in growth stock sell-off. Manager used weakness to add to positions, maintaining concentrated portfolio of quality compounders trading at significant discounts. Richemont luxury business was standout performer. Optimistic on long-term digital opportunities despite near-term volatility from inflation concerns.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Oct 30 2025

2025 Q3

000660.KS, 005930.KS, AMZN, EAT, META, TSM

AI, Europe, gold, industrials, semiconductors, technology, value

VG1 delivered 13.2% quarterly returns led by gold miners and AI semiconductors. The team trimmed tech exposure as valuations rose and is pivoting toward European value opportunities in industrials and cyclicals. They're researching AI-labelled losers and UK housing at GFC-era valuations for future deployment.

Aug 11 2025

2025 Q2

000660.KS, 7282.T, A5G.L, AMZN, BIRG.L, CABK.MC, ENT.L, FLTR.L, LLOY.L, META, RMV.L, TSM

AI, Asia, Energy Transition, Europe, financials, gaming, semiconductors, technology

ENT LN

VG1 returned +15.3% in Q2 2025, led by AI infrastructure plays SK Hynix and TSMC, European financials, and energy transition themes. Strong stock selection across technology, gaming, and commodities drove outperformance despite initial tariff volatility. Portfolio remains positioned for structural growth themes with active risk management through short book in selective, opportunity-rich environment.

Oct 31 2024

2024 Q3

000660.KS, AMZN, BABA, GLEN.L, LSEG.L, META, TECK, TSM

Cloud, financials, global, Long/Short, materials, semiconductors, technology

VG1 fell 1.9% in October on market weakness but semiconductor holdings SK Hynix and TSMC outperformed on continued hyperscaler spending growth. Strong earnings from Meta, LSE, and Amazon offset Chinese equity weakness. Manager reduced short exposure ahead of Trump rally while maintaining conviction in undervalued semiconductor and Chinese positions.

Jul 31 2024

2024 Q2

AMZN, CFR.PA, CME, DB1.DE, DIS, GEHC, GIS, LMT, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, WMT, XM

Concentration, Exchanges, global, healthcare, Quality, spinoffs, technology

CME
AMZN
GEHC

VGI Partners generated 19.7% returns in H1 2023 through a concentrated portfolio of quality businesses including exchanges, Amazon, and healthcare spinoff GE Healthcare. The manager demonstrated patience as 2022 detractors recovered while trimming winners and covering unsuccessful shorts. Despite stretched market valuations, they continue finding opportunities across sectors with the portfolio showing 25% upside to fair value.

Jan 2 2024

2023 Q4

AMZN, CME, DIS, GEHC, KVUE, META, RHM.DE, SHEL, SPOT, TECK

AI, Concentration, defense, global, Long/Short, Quality, Streaming, technology

VGI Partners delivered +19.8% returns in 2023 through concentrated investing in under-appreciated quality businesses. Key winners included Amazon's AI-driven AWS recovery, Spotify's user growth turnaround, and Rheinmetall benefiting from defense spending increases. Despite stretched market valuations, the fund sees 25% upside in current holdings and continues finding attractive opportunities across sectors through their disciplined quality-focused approach.

Aug 8 2023

2023 Q2

7733.T, AMZN, CFR.SW, CME, DB1.DE, DIS, DSMNF, GEHC, ISRG, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, XM

Concentration, Exchanges, global, healthcare, Quality, technology, value

CME
AMZN
GEHC
DB1.DE
LSEG.L
DSM.AS

VGI Partners delivered 19.7% returns in H1 2023 through concentrated quality holdings including exchanges, healthcare, and technology. Key positions like Amazon and GE Healthcare show margin expansion potential while the team maintains defensive positioning against macro risks. Despite elevated market valuations, selective opportunities remain with 25% estimated upside to portfolio fair value.

Jan 31 2023

2022 Q4

AMZN, CFR SJ, CME, DB1 GR, DIS, IAC, OLYMY, RHMB GR, SAP, XM

Jan 28 2022

2021 Q4

7733.T, AMZN, CFR SW, CME, IAC, MA, PINS, SAP, XM

Concentration, Digital, growth, long-term, technology

VGI Partners posted -2.5% in 2021 as unprofitable tech holdings like Pinterest and Qualtrics were caught in growth stock sell-off. Manager used weakness to add to positions, maintaining concentrated portfolio of quality compounders trading at significant discounts. Richemont luxury business was standout performer. Optimistic on long-term digital opportunities despite near-term volatility from inflation concerns.

QUARTER	THEMES	TAGS
2025 Q3	Gold Gold equities surged 40-45% during the quarter, led by mid-cap miners and long-term holdings such as Sprott, which provides exposure to gold through a high-margin funds management business.	Gold Miners Precious Metals Mining
	AI Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise and are researching AI-labelled losers such as online classifieds and mission-critical software.	Data Centers Semiconductors AI Infrastructure
	Semiconductors AI-linked semiconductor positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.	Memory Foundries Semi Equipment
2025 Q2	AI Portfolio benefited from large-scale ongoing investment into artificial intelligence infrastructure and hardware, particularly through semiconductor positions in SK Hynix and TSMC. AI represents a key structural growth trend the team continues to focus on.	Infrastructure Hardware Semiconductors Investment Growth
	Semiconductors Asian semiconductor leaders SK Hynix and TSMC delivered significant gains as major beneficiaries of AI infrastructure investment. The semiconductor sector was a consistent driver of positive performance throughout the quarter.	SK Hynix TSMC Asian Infrastructure Performance
	Energy Transition Portfolio exposure to structural themes in copper and uranium added meaningfully to performance, reflecting positive sentiment around long-term supply constraints and decarbonisation-related demand. This remains a key structural growth trend.	Copper Uranium Decarbonisation Supply Demand
	Gaming Online gaming companies such as Entain and Flutter added alpha over the quarter, supported by strong user engagement trends and favourable regulatory dynamics. Entain upgraded 2025 guidance for its US business with significant upside potential from iGaming state legalisations.	Online Entain Flutter Regulatory iGaming
2024 Q3	Semiconductors SK Hynix and TSMC continue to benefit from large and growing spend on cloud computing and hardware by hyperscalers. Third quarter earnings confirmed spending on semiconductors continues unabated and is set for further growth in 2025. Both companies are viewed as undervalued versus their earnings growth potential.	Memory Foundries Cloud AI Hyperscalers
	Cloud Hyperscalers continue large and growing spend on cloud computing and hardware infrastructure. This spending trend is driving semiconductor demand and is expected to accelerate further in 2025 as companies invest in AI and data center capabilities.	Data Centers Infrastructure Hyperscalers AI Computing
2024 Q2	Capital Markets VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. These exchanges benefit from increased volatility, growing Treasury markets, and transformation into data analytics businesses with recurring revenue streams.	Exchanges Trading Derivatives Market Data Financial Infrastructure
	E-commerce Amazon remains a core holding with upside seen in both AWS and retail businesses. The manager expects margin expansion in retail after capacity rationalization and sees AWS well-positioned for AI growth through infrastructure products and proprietary chips.	Amazon AWS Retail Cloud AI Infrastructure
	Medical Devices GE Healthcare is a new core position following its spinoff from GE. The manager sees significant margin expansion opportunity as an independent company, with the imaging business benefiting from digital transformation and recurring revenue from service contracts.	Imaging Healthcare Equipment Spinoff Margin Expansion Digital Health
2023 Q4	AI Amazon's investments in artificial intelligence including chip company Annapurna and Anthropic provide material foothold in AI technology stack. AWS exposure to AI infrastructure requirements and continued LLM investment will contribute strongly to growth. Meta's AI investments in cloud infrastructure and recommendation engines have been important in improving engagement and growing user base.	Artificial Intelligence Machine Learning Cloud Infrastructure Large Language Models Recommendation Engines
	Cloud Amazon Web Services remains attractive opportunity set enhanced by AI investments. Customer optimizations saw AWS growth rates decline in 2023 but stabilizing with AI contributing to future growth. AWS exposure to AI infrastructure requirements positions it well for continued expansion.	Cloud Computing AWS Infrastructure Data Centers Enterprise Software
	Defense Spending Rheinmetall benefits from increased German and NATO defense budgets following global conflicts and regional tensions. NATO expenditures grew 23% to 2022 after stagnation. Germany committed €100bn special fund representing ~100% increase in investment budget where Rheinmetall is key supplier.	Defense NATO Military Government Spending Geopolitical
	Streaming Spotify proved business model concerns wrong with largest annual user increase while fighting new competitors like TikTok. Music streaming industry becoming more rational with all players raising subscription prices. Management addressed bloated cost structure cutting 17% of headcount putting company on path to generate over $1bn operating profit by 2025.	Music Streaming Subscription Digital Media Content Audio
	E-commerce Amazon continues creating exceptional customer experiences leveraging scale economics across business lines with long runway for continued high return investment. Company optimizing cost base after Covid-19 capacity investment while growing into additional capacity deployed. North American retail margins improved from loss-making to 5% profit margin.	Online Retail Digital Commerce Logistics Customer Experience Scale Economics
	Social Media Meta demonstrated turnaround with accelerating revenue and earnings growth in digital advertising. Company responded to TikTok competition by improving content recommendations and monetizing Reels short-form videos. Finally started monetising Messenger and WhatsApp through click-to-message advertising particularly in emerging markets.	Digital Advertising Social Networks User Engagement Mobile Apps Content Monetization
2023 Q2	Capital Markets VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. They view these as critical market infrastructure with strong competitive moats and benefiting from increased interest rates through net interest income.	Exchanges Market Data Clearing Infrastructure Interest Rates
	E-commerce Amazon remains a core holding with the manager seeing upside in both AWS and retail businesses. They believe Amazon's retail margin expansion opportunity is underappreciated after capacity rationalization.	Amazon AWS Retail Cloud Margins
	Medical Devices GE Healthcare is highlighted as a new core position with significant margin expansion opportunity as an independent company. The manager sees the imaging market as attractive with three-player dynamics and recurring revenue streams.	Imaging Healthcare Spin-off Margins Recurring Revenue
	AI The manager expresses skepticism about AI hype, quoting Charlie Munger's preference for old-fashioned intelligence. However, they acknowledge AWS's strong positioning in AI infrastructure and large language models.	Artificial Intelligence Hype AWS Infrastructure
2021 Q4	E-commerce Manager sees significant opportunities in digital businesses, particularly those trading below fair value. Amazon remains a core holding despite flat 2021 performance, with manager confident in long-term secular growth in e-commerce and cloud penetration. Portfolio includes other digital platforms like Pinterest that benefit from high purchase intent.	Digital Online Platforms Secular Growth
	Luxury Richemont was the largest positive contributor in 2021 with 75% returns. The super luxury jewellery segment continues executing well with revenues above pre-COVID levels and operating margins reaching record 38%. Management is considering strategic options for the online division to unlock further value.	Super Luxury Jewellery Pricing Power
	Payments Mastercard remains a core holding despite flat 2021 performance amid multiple de-rating. Manager believes fintech partnerships accelerate electronic payment adoption rather than disintermediate. The company benefits from secular trends and provides inflation hedge through ad valorem fee structure.	Electronic Payments Fintech Secular Trends
	Enterprise Software Qualtrics leads experience management software category, turbocharged by pandemic as corporations seek to better understand customers and employees. The business shows strong unit economics with 80% gross margins and expanding customer usage driving 30%+ revenue growth expectations.	SaaS Experience Management Customer Analytics
	Social Media Pinterest faced challenges in 2021 as user growth stalled post-COVID lockdowns, causing significant stock underperformance. However, manager believes the platform's unique visual search capabilities and high purchase intent differentiate it from other social networks, with significant e-commerce opportunity ahead.	Visual Search Purchase Intent User Engagement
	Inflation Manager acknowledges inflation as key determinant for valuing future cash flows but doesn't presume to predict whether current spike is transitory or persistent. Portfolio positioned with businesses having pricing power or ad valorem models to shield from inflationary pressures.	Pricing Power Discount Rates Cost Pressures

QUARTER

THEMES

Gold

Gold equities surged 40-45% during the quarter, led by mid-cap miners and long-term holdings such as Sprott, which provides exposure to gold through a high-margin funds management business.

Gold Miners Precious Metals Mining

AI

Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise and are researching AI-labelled losers such as online classifieds and mission-critical software.

Data Centers Semiconductors AI Infrastructure

Semiconductors

AI-linked semiconductor positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.

Memory Foundries Semi Equipment

2025 Q2

AI

Portfolio benefited from large-scale ongoing investment into artificial intelligence infrastructure and hardware, particularly through semiconductor positions in SK Hynix and TSMC. AI represents a key structural growth trend the team continues to focus on.

Infrastructure Hardware Semiconductors Investment Growth

Semiconductors

Asian semiconductor leaders SK Hynix and TSMC delivered significant gains as major beneficiaries of AI infrastructure investment. The semiconductor sector was a consistent driver of positive performance throughout the quarter.

SK Hynix TSMC Asian Infrastructure Performance

Energy Transition

Portfolio exposure to structural themes in copper and uranium added meaningfully to performance, reflecting positive sentiment around long-term supply constraints and decarbonisation-related demand. This remains a key structural growth trend.

Copper Uranium Decarbonisation Supply Demand

Gaming

Online gaming companies such as Entain and Flutter added alpha over the quarter, supported by strong user engagement trends and favourable regulatory dynamics. Entain upgraded 2025 guidance for its US business with significant upside potential from iGaming state legalisations.

Online Entain Flutter Regulatory iGaming

2024 Q3

Semiconductors

SK Hynix and TSMC continue to benefit from large and growing spend on cloud computing and hardware by hyperscalers. Third quarter earnings confirmed spending on semiconductors continues unabated and is set for further growth in 2025. Both companies are viewed as undervalued versus their earnings growth potential.

Memory Foundries Cloud AI Hyperscalers

Cloud

Hyperscalers continue large and growing spend on cloud computing and hardware infrastructure. This spending trend is driving semiconductor demand and is expected to accelerate further in 2025 as companies invest in AI and data center capabilities.

Data Centers Infrastructure Hyperscalers AI Computing

2024 Q2

Capital Markets

VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. These exchanges benefit from increased volatility, growing Treasury markets, and transformation into data analytics businesses with recurring revenue streams.

Exchanges Trading Derivatives Market Data Financial Infrastructure

E-commerce

Amazon remains a core holding with upside seen in both AWS and retail businesses. The manager expects margin expansion in retail after capacity rationalization and sees AWS well-positioned for AI growth through infrastructure products and proprietary chips.

Amazon AWS Retail Cloud AI Infrastructure

Medical Devices

GE Healthcare is a new core position following its spinoff from GE. The manager sees significant margin expansion opportunity as an independent company, with the imaging business benefiting from digital transformation and recurring revenue from service contracts.

Imaging Healthcare Equipment Spinoff Margin Expansion Digital Health

2023 Q4

AI

Amazon's investments in artificial intelligence including chip company Annapurna and Anthropic provide material foothold in AI technology stack. AWS exposure to AI infrastructure requirements and continued LLM investment will contribute strongly to growth. Meta's AI investments in cloud infrastructure and recommendation engines have been important in improving engagement and growing user base.

Artificial Intelligence Machine Learning Cloud Infrastructure Large Language Models Recommendation Engines

Cloud

Amazon Web Services remains attractive opportunity set enhanced by AI investments. Customer optimizations saw AWS growth rates decline in 2023 but stabilizing with AI contributing to future growth. AWS exposure to AI infrastructure requirements positions it well for continued expansion.

Cloud Computing AWS Infrastructure Data Centers Enterprise Software

Defense Spending

Rheinmetall benefits from increased German and NATO defense budgets following global conflicts and regional tensions. NATO expenditures grew 23% to 2022 after stagnation. Germany committed €100bn special fund representing ~100% increase in investment budget where Rheinmetall is key supplier.

Defense NATO Military Government Spending Geopolitical

Streaming

Spotify proved business model concerns wrong with largest annual user increase while fighting new competitors like TikTok. Music streaming industry becoming more rational with all players raising subscription prices. Management addressed bloated cost structure cutting 17% of headcount putting company on path to generate over $1bn operating profit by 2025.

Music Streaming Subscription Digital Media Content Audio

E-commerce

Amazon continues creating exceptional customer experiences leveraging scale economics across business lines with long runway for continued high return investment. Company optimizing cost base after Covid-19 capacity investment while growing into additional capacity deployed. North American retail margins improved from loss-making to 5% profit margin.

Online Retail Digital Commerce Logistics Customer Experience Scale Economics

Social Media

Meta demonstrated turnaround with accelerating revenue and earnings growth in digital advertising. Company responded to TikTok competition by improving content recommendations and monetizing Reels short-form videos. Finally started monetising Messenger and WhatsApp through click-to-message advertising particularly in emerging markets.

Digital Advertising Social Networks User Engagement Mobile Apps Content Monetization

2023 Q2

Capital Markets

VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. They view these as critical market infrastructure with strong competitive moats and benefiting from increased interest rates through net interest income.

Exchanges Market Data Clearing Infrastructure Interest Rates

E-commerce

Amazon remains a core holding with the manager seeing upside in both AWS and retail businesses. They believe Amazon's retail margin expansion opportunity is underappreciated after capacity rationalization.

Amazon AWS Retail Cloud Margins

Medical Devices

GE Healthcare is highlighted as a new core position with significant margin expansion opportunity as an independent company. The manager sees the imaging market as attractive with three-player dynamics and recurring revenue streams.

Imaging Healthcare Spin-off Margins Recurring Revenue

AI

The manager expresses skepticism about AI hype, quoting Charlie Munger's preference for old-fashioned intelligence. However, they acknowledge AWS's strong positioning in AI infrastructure and large language models.

Artificial Intelligence Hype AWS Infrastructure

2021 Q4

E-commerce

Manager sees significant opportunities in digital businesses, particularly those trading below fair value. Amazon remains a core holding despite flat 2021 performance, with manager confident in long-term secular growth in e-commerce and cloud penetration. Portfolio includes other digital platforms like Pinterest that benefit from high purchase intent.

Digital Online Platforms Secular Growth

Luxury

Richemont was the largest positive contributor in 2021 with 75% returns. The super luxury jewellery segment continues executing well with revenues above pre-COVID levels and operating margins reaching record 38%. Management is considering strategic options for the online division to unlock further value.

Super Luxury Jewellery Pricing Power

Payments

Mastercard remains a core holding despite flat 2021 performance amid multiple de-rating. Manager believes fintech partnerships accelerate electronic payment adoption rather than disintermediate. The company benefits from secular trends and provides inflation hedge through ad valorem fee structure.

Electronic Payments Fintech Secular Trends

Enterprise Software

Qualtrics leads experience management software category, turbocharged by pandemic as corporations seek to better understand customers and employees. The business shows strong unit economics with 80% gross margins and expanding customer usage driving 30%+ revenue growth expectations.

SaaS Experience Management Customer Analytics

Social Media

Pinterest faced challenges in 2021 as user growth stalled post-COVID lockdowns, causing significant stock underperformance. However, manager believes the platform's unique visual search capabilities and high purchase intent differentiate it from other social networks, with significant e-commerce opportunity ahead.

Visual Search Purchase Intent User Engagement

Inflation

Manager acknowledges inflation as key determinant for valuing future cash flows but doesn't presume to predict whether current spike is transitory or persistent. Portfolio positioned with businesses having pricing power or ad valorem models to shield from inflationary pressures.

Pricing Power Discount Rates Cost Pressures

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Aug 11, 2025	Fund Letters	Robert M. P. Luciano	ENT LN	Entain plc	Consumer Discretionary	Casinos & Gaming	Bull	New York Stock Exchange	iGaming, profitability inflection, Sports betting, State Taxes, US Regulation	Login
Aug 8, 2023	Fund Letters	VGI Partners	AMZN	Amazon	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Artificial Intelligence, AWS, Cloud computing, e-commerce, infrastructure, large language models, margin expansion, retail	Login
Aug 8, 2023	Fund Letters	VGI Partners	CME	CME Group Inc.	Financials	Financial Exchanges & Data	Bull	NASDAQ	Derivatives, Exchange, Financial infrastructure, interest rate, Market Infrastructure, Monopoly, net interest income, Treasury Market	Login
Aug 8, 2023	Fund Letters	VGI Partners	GEHC	GE Healthcare	Health Care	Health Care Equipment	Bull	NASDAQ	digital healthcare, Healthcare Technology, Imaging Equipment, margin expansion, Medical devices, medical technology, recurring revenue, spin-off	Login
Aug 8, 2023	Fund Letters	VGI Partners	CME	CME Group Inc.	Financials	Financial Exchanges & Data	Bull	NASDAQ	Derivatives, Exchange, financial services, futures trading, Interest Rate Products, Market Infrastructure, Monopoly	Login
Aug 8, 2023	Fund Letters	VGI Partners	AMZN	Amazon	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Artificial Intelligence, AWS, Cloud computing, e-commerce, infrastructure, large language models, margin expansion	Login
Aug 8, 2023	Fund Letters	VGI Partners	GEHC	GE Healthcare	Health Care	Health Care Equipment	Bull	NASDAQ	digital healthcare, Imaging Equipment, margin expansion, medical technology, oligopoly, recurring revenue, spin-off	Login
Aug 8, 2023	Fund Letters	VGI Partners	DB1.DE	Deutsche Börse AG	Financials	Financial Exchanges & Data	Bull	XETRA	Asset Management Software, European Capital Markets, Exchange, financial technology, Fintech Transformation, net interest income, recurring revenue	Login
Aug 8, 2023	Fund Letters	VGI Partners	LSEG.L	London Stock Exchange Group	Financials	Financial Exchanges & Data	Bull	London Stock Exchange	business transformation, cross-selling, Data Analytics, financial data, recurring revenue, Refinitiv Integration, UK market	Login
Aug 8, 2023	Fund Letters	VGI Partners	DSM.AS	DSM-Firmenich	Materials	Specialty Chemicals	Bull	Euronext Amsterdam	business transformation, Concentrated Industry, Flavors & Fragrances, high-ROIC, margin expansion, specialty chemicals, Value-add Solutions	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Aug 11, 2025

Fund Letters

Robert M. P. Luciano

ENT LN

Entain plc

Consumer Discretionary

Casinos & Gaming

Bull

New York Stock Exchange

iGaming, profitability inflection, Sports betting, State Taxes, US Regulation

Aug 8, 2023

Fund Letters

VGI Partners

AMZN

Amazon

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Artificial Intelligence, AWS, Cloud computing, e-commerce, infrastructure, large language models, margin expansion, retail

Aug 8, 2023

Fund Letters

VGI Partners

CME

CME Group Inc.

Financials

Financial Exchanges & Data

Bull

NASDAQ

Derivatives, Exchange, Financial infrastructure, interest rate, Market Infrastructure, Monopoly, net interest income, Treasury Market

Aug 8, 2023

Fund Letters

VGI Partners

GEHC

GE Healthcare

Health Care

Health Care Equipment

Bull

NASDAQ

digital healthcare, Healthcare Technology, Imaging Equipment, margin expansion, Medical devices, medical technology, recurring revenue, spin-off

Aug 8, 2023

Fund Letters

VGI Partners

CME

CME Group Inc.

Financials

Financial Exchanges & Data

Bull

NASDAQ

Derivatives, Exchange, financial services, futures trading, Interest Rate Products, Market Infrastructure, Monopoly

Aug 8, 2023

Fund Letters

VGI Partners

AMZN

Amazon

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Artificial Intelligence, AWS, Cloud computing, e-commerce, infrastructure, large language models, margin expansion

Aug 8, 2023

Fund Letters

VGI Partners

GEHC

GE Healthcare

Health Care

Health Care Equipment

Bull

NASDAQ

digital healthcare, Imaging Equipment, margin expansion, medical technology, oligopoly, recurring revenue, spin-off

Aug 8, 2023

Fund Letters

VGI Partners

DB1.DE

Deutsche Börse AG

Financials

Financial Exchanges & Data

Bull

XETRA

Asset Management Software, European Capital Markets, Exchange, financial technology, Fintech Transformation, net interest income, recurring revenue

Aug 8, 2023

Fund Letters

VGI Partners

LSEG.L

London Stock Exchange Group

Financials

Financial Exchanges & Data

Bull

London Stock Exchange

business transformation, cross-selling, Data Analytics, financial data, recurring revenue, Refinitiv Integration, UK market

Aug 8, 2023

Fund Letters

VGI Partners

DSM.AS

DSM-Firmenich

Materials

Specialty Chemicals

Bull

Euronext Amsterdam

business transformation, Concentrated Industry, Flavors & Fragrances, high-ROIC, margin expansion, specialty chemicals, Value-add Solutions

TICKER	COMMENTARY
TSM	Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.
000660.KS	Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.
005930.KS	Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.
EAT	Shorts were a small drag in a rising market, but selective positions — such as Brinker International (Chili's) — contributed positively as viral momentum faded.
META	The team has reduced exposure to mega-cap tech (notably Meta) and continues to hold a core position in Amazon.
AMZN	The team has reduced exposure to mega-cap tech (notably Meta) and continues to hold a core position in Amazon.

TICKER

COMMENTARY

TSM

Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.

000660.KS

Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.

005930.KS

Positions in TSMC, SK Hynix and Samsung delivered strong returns, benefiting from global data-centre capex. The team has since trimmed exposure as valuations rise.

EAT

Shorts were a small drag in a rising market, but selective positions — such as Brinker International (Chili's) — contributed positively as viral momentum faded.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th September 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Gold

AI

Semiconductors

AI

Semiconductors

Energy Transition

Gaming

Semiconductors

Cloud

Capital Markets

E-commerce

Medical Devices

AI

Cloud

Defense Spending

Streaming

E-commerce

Social Media

Capital Markets

E-commerce

Medical Devices

AI

E-commerce

Luxury

Payments

Enterprise Software

Social Media

Inflation

Investor Pitches

Current Portfolio as of ( 30th September 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Robert M. P. Luciano Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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VGI Partners