| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0.1% | 14.1% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 14.1% | -1.5% | 15.9% | -19.3% | 7.2% | 24.6% |
Mayar's global equity fund returned 14.1% net in 2025 versus 21.1% for MSCI World, marking the fifth year of underperformance. The manager attributes this divergence to unprecedented index concentration in US tech giants and maintains conviction in their value-oriented approach. The portfolio shows distinct differentiation from indices, with 52% European exposure versus 18% in MSCI World and minimal technology weighting. Key risks include circular financing in AI boom reminiscent of late 90s vendor financing, with companies like Oracle and Nvidia effectively funding customer purchases. Strategy Inc. exemplifies speculative excess, falling 60% as Bitcoin premium evaporated. The fund maintains defensive positioning with 8.16% cash, outperforming during market pullbacks while underperforming in risk-on periods. New positions include Booking Holdings, AsOne Corporation, and Taylor Wimpey, representing high-quality businesses at attractive valuations. The manager emphasizes patience and discipline, expecting fundamentals to eventually reassert themselves despite current speculation driving markets.
Invest globally in great businesses with durable economic moats at reasonable prices, maintaining disciplined defense when facing expensive, speculative markets while waiting for inevitable corrections to create compelling opportunities.
The manager expresses optimism about the years ahead for Mayar, investors, and opportunities that disciplined patience will eventually yield, despite current market challenges.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 18 2026 | 2025 Q4 | 005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO | defense, fundamentals, global, Quality, Speculation, value |
BKNG TW LN NKE |
The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals… |
| Oct 14 2025 | 2025 Q3 | SOLV | Artificial Intelligence, contrarian, healthcare, Spin-Offs, value | SOLV US | Mayar warns of speculative excess in AI and compares it to the 1990s telecom bubble, emphasizing patience and rational investing. The fund prefers durable businesses… |
| Jul 15 2025 | 2025 Q2 | - | antifragility, Balance Sheets, Discipline, durability, Resilience | NESN SW | The letter frames antifragility as a core investment philosophy, emphasizing portfolios designed to endure and benefit from volatility rather than predict outcomes. Management prioritizes durable… |
| Mar 31 2025 | 2025 Q1 | 005930 KS, AHT LN, ALO FP, BFAM, BLND LN, CAP FP, FOUR LN, GOOG, HLCL LN, JNJ, KVUE, LH, NKE, NVO, PYPL, SAP FP, SOLV, SOM LN, UPS, V, VTY LN | - | - | - |
| Jan 18 2025 | 2024 Q4 | AHT LN, CSCO, MSTR, NVDA, OR FP | - | - | - |
| Oct 14 2024 | 2024 Q3 | V | - | - | - |
| Jul 29 2024 | 2024 Q2 | ALO FP, KER FP, NESM GR, VWS DC | - | - | - |
| Apr 15 2024 | 2024 Q1 | 005930 KS, 0K85 LN, 3M, BFAM, BLND LN, CAP FP, GOOG, HLCL LN, HOME SM, HWDN LN, JNJ, KVUE, PYPL, RITN GR, SAP, UL, UPS, VTY LN, VWS DC, WIX | - | - | - |
| Jan 16 2024 | 2023 Q4 | 7974 JP, 9627 JP, AHT LN, BN FP, DBX, EA | - | - | - |
| Oct 13 2023 | 2023 Q3 | CAP FP, KVUE, SAP | - | - | - |
| Jul 18 2023 | 2023 Q2 | AMZN, UPS | - | - | - |
| Apr 22 2023 | 2023 Q1 | 9627 JP, BFAM, BNR GR, CFR SJ, DAN SW, DBX, EA, HLCL LN, HOME SM, HWDN LN, JNJ, PYPL, RITN GR, UN SW, WIX LN | - | - | - |
| Oct 13 2022 | 2022 Q3 | GOOG | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
Contrarian Investing |
|
Value Discipline |
||
| 2025 Q2 |
Antifragility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 14, 2025 | Fund Letters | Abdulaziz A.Alnaim | SOLV US | Solventum Corporation | Health Care | Medical Supplies | Bull | NYSE | Activism, cashflow, Cost efficiency, deleveraging, healthcare, innovation, M&A, restructuring, spin-off | Login |
| Jul 15, 2025 | Fund Letters | Abdulaziz A.Alnaim | NESN SW | Nestlé SA | Consumer Staples | Packaged Foods & Meats | Bull | Swiss Exchange | brands, Coffee, compounding, Petcare, Pricing | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | BKNG | Booking Holdings Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Capital-light, Free Cash Flow, marketplace, network effects, Online Travel | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | TW LN | Taylor Wimpey plc | Consumer Discretionary | Homebuilding | Bull | New York Stock Exchange | Cyclicality, dividends, homebuilding, land bank, UK housing | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | NKE | Nike, Inc. | Consumer Discretionary | Footwear & Apparel | Bull | New York Stock Exchange | Brand Power, Consumer Recovery, Inventory Reset, Pricing, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| 7476.T | This is a quintessential boring Mayar stock. AsOne is a leading Japanese distributor of research instruments and hospital supplies. Think of it as the Amazon for scientists in Japan, but with a catalog-based model that It has a dominant market share, high returns on invested capital, and a long runway for growth as it expands its product range and e-commerce capabilities. It is exactly the kind of one-foot bar we love to step over. |
| 7974.T | Shares of Nintendo dropped, weighed down by investor concerns that rising costs for its manufacturing parts, including memory chips, could negatively impact its profit. |
| BKNG | You may remember that we owned Booking during the pandemic. It is the world's leading online travel agency and a business we have admired for a long time. The company benefits from powerful network effects—more hotels attract more travelers, and vice versa—creating a moat that is incredibly difficult for competitors to cross. It is highly profitable, capital-light, and generates significant free cash flow. We were happy to re-enter this high-quality compounder at a valuation that offers a compelling margin of safety. |
| CAP.PA | Mondrian's disciplined, bottom-up valuation framework allows for selective exposure to AI-related opportunities while we maintain a focus on companies trading at compelling valuations, with limited balance sheet risk, such as Capgemini and Samsung outside the US and Microsoft and Alphabet within the US. |
| CFR.SW | Over the past twelve months, the top five positive contributors to the Fund's +2.0% return include Richemont |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| JNJ | During the quarter, we switched out of a long-held position in Johnson & Johnson into a new holding in Merck. |
| KVUE | Kimberly-Clark's $49 billion acquisition of Kenvue. |
| NESN.SW | We see now as an opportune time to own a company that possesses world-leading brands in consumer categories we believe have a favourable growth outlook in the long run. Nestlé's comprehensive pricing architecture through umbrella brands Nescafé and Nespresso means the portfolio should be well-positioned to capture spending shifts up and down the price ladder. In pet foods, Nestlé also possesses category leaders in its Purina line. We see both coffee and pet care as attractive categories that are more experiential and less commoditised relative to other staples. Over recent quarters, Nestlé was able to deliver positive volume growth in coffee despite pushing through high-single-digit percentage price increases. Scale matters as Nestlé is the world's largest provider of packaged coffee and among the top pet food producers globally. |
| NKE | Notable positive contributions from the Fund's short book in December include National Vision Holdings, Nike, and Starbucks. |
| OR.PA | In 2024, it seemed to us that other investors were unduly focused on a slowdown in consumer spending in China, an important market for L'Oréal yet contributing only 17% of its sales. L'Oréal is a broad, balanced business such that in any given year, faster-growing parts of the world will typically offset the weaker ones. We saw this in 2025, where strength in markets such as Europe, the Middle East and South America offset sluggish markets in China and the US, allowing L'Oréal to deliver a year of solid earnings growth. |
| PYPL | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| SOLV | Medical products and health care IT services company Solventum was spun off from 3M in April 2024. We believe the company will likely show improved growth and margins as a standalone company, as the business has previously been challenged by years of underinvestment and market share losses. Solventum's new management team is focused on improving revenue growth, and we expect to see more fully optimized research and development and improved sales mix from new products moving forward. |
| TW.L | One of the largest residential developers in the UK, Taylor Wimpey operates in a market with a chronic structural shortage of housing. While the sector can be cyclical, the company has a very strong balance sheet and a high-quality land bank. We believe the market's pessimism regarding the UK housing market has created an opportunity to own a top-tier operator at a very attractive valuation, paying us a healthy dividend while we wait for the cycle to turn. |
| UL | Unilever is a global consumer goods company that develops and markets everyday food and personal care brands for billions of consumers worldwide. Anchored by iconic brands such as Dove, Knorr, Hellmann's and Vaseline, Unilever's refreshed management team is driving improved execution and strategic discipline to deliver more consistent growth, with a focus on higher-margin categories. Specifically, we appreciate their undertaking of various self-help initiatives, including cost-savings programs and brand divestments, which we believe will help unlock sustained value in the future. Despite Unilever's strong outlook, it trades at a discount to its peer group as prior undermanagement has resulted in 1% volume growth for the past decade. This provided us the opportunity to invest in a strong company with leading brands and an improved management team that is poised to increase per-share value. |
| UPS | 3Q earnings beat, and 4Q guidance topped expectations. UPS also benefitted from the market's shift to cyclicals. |
| V | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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