| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | -2% |
TAMIM Global Mobility targets the $7-10 trillion autonomous and electric vehicle revolution through a long/short strategy. The fund was down 4.28% in June versus the benchmark's 5.19% decline, outperforming during a period of extreme market concentration where mega-cap indices diverged from equal-weight and small-cap performance. The manager utilized recent volatility to scale positions in bottoming supply chain areas including electrification, automation, and re-industrialization themes, specifically targeting lithium producers, copper miners, and analog semiconductor companies. Key holdings include Tesla as a vertically integrated leader in EVs and robotics, Albemarle as the world's largest lithium producer positioned for the commodity's bottoming cycle, and Analog Devices as a critical enabler of connectivity and electrification. The strategy anticipates that interest rate cuts will catalyze rotation from mega-cap concentration into smaller/mid-cap names that have been range-bound. With secular trends toward electrification and reshoring intact as geopolitical necessities, the fund is positioned for the next upcycle as liquidity returns and market breadth improves.
The fund capitalizes on the $7-10 trillion autonomous and electric vehicle revolution by investing long in companies that benefit from electrification, automation, and connectivity while shorting those that will be displaced, focusing on bottoming supply chain areas positioned for the next upcycle.
The manager expects heavily concentrated mega-cap indices are in the process of peaking in a multi-month event, with money beginning to rotate into bottoming areas like auto/industrial/consumer supply chains. They anticipate a more sustained rally particularly in these areas as liquidity returns and interest rates begin to decline.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jun 30 2024 | 2024 Q2 | ADI, ALB, TSLA | Automation, Electric Vehicles, Lithium, Long/Short, Mobility, semiconductors, small cap |
TSLA ALB ADI |
TAMIM Global Mobility capitalizes on the $7-10 trillion EV revolution through long/short positioning. The fund scaled positions in bottoming supply chains including Tesla, Albemarle lithium, and Analog Devices semiconductors during recent volatility. With mega-cap concentration peaking and rate cuts approaching, the strategy is positioned for rotation into smaller/mid-cap mobility enablers as secular electrification trends accelerate. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2024 Q2 |
Electric VehiclesThe fund focuses on the ongoing $7-10 trillion autonomous and electric vehicle revolution, investing in companies that benefit while shorting those that will suffer. Tesla and BYD are viewed as the only cost-competitive players in this new world order, with legacy OEMs expected to head toward zero similar to early 20th century internal combustion engine displacement. |
Tesla BYD Batteries Charging Autonomy |
LithiumAfter correcting over 80% this cycle, lithium prices are beginning to bottom out, coinciding with the broader mobility supply chain bottoming. Albemarle, as the world's largest lithium producer, is positioned for the turn with strategic agreements spanning 2026-2030 and a $1.3 billion South Carolina processing facility. |
Albemarle Battery Metals Mining Processing Supply Chain | |
SemiconductorsAnalog semiconductors are critical enablers of connectivity, electrification, and automation. The analog group has been consolidating as auto and industrial supply chains went through inventory downcycles, with the inventory cycle beginning to bottom out around Q2 2024, historically a positive time to accumulate. |
Analog Devices Automotive Industrial Connectivity Power | |
AutomationTesla heavily utilizes advanced manufacturing techniques employing sophisticated robots across end-to-end processes, with commitment extending to autonomous driving technology. The company is expanding into humanoid robotics with its Optimus project, positioning itself at the intersection of electrification, automation, and robotics. |
Robotics Manufacturing Autonomous Driving AI Vision |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2024 | Fund Letters | TAMIM Fund Global Mobility Unit Class | TSLA | Tesla Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | AI, Automation, autonomous driving, Battery Manufacturing, clean energy, Data Collection, Electric Vehicles, robotics, Software, vertical integration | Login |
| Jun 30, 2024 | Fund Letters | TAMIM Fund Global Mobility Unit Class | ALB | Albemarle Corporation | Materials | Specialty Chemicals | Bull | NYSE | battery materials, Commodity Cycle, Cyclical Value, Electric Vehicle Supply Chain, Lithium, long-term contracts, materials, Mining, Processing Facility | Login |
| Jun 30, 2024 | Fund Letters | TAMIM Fund Global Mobility Unit Class | ADI | Analog Devices Inc | Information Technology | Semiconductors | Bull | NASDAQ | Analog Semiconductors, Automation, Battery Management, Connectivity, Electrification, EV Charging Infrastructure, Industrial, Inventory Cycle, Power Semiconductors | Login |
| TICKER | COMMENTARY |
|---|---|
| TSLA | Tesla is a pioneering electric vehicle, clean energy, and automation company that has revolutionised the automotive industry through its innovative approach to manufacturing and holistic vision of the electrification, automation, and robotics spheres. The company designs, develops, manufactures, and sells high-performance electric vehicles, solar panels, energy storage systems, and robotics. In the electrification supply chain, Tesla has vertically integrated many aspects of production, including battery cell manufacturing, to reduce costs and ensure supply (a similar approach as Apple in smartphones). For automation and robotics, Tesla heavily utilises advanced manufacturing techniques in its factories, employing sophisticated robots for tasks across the end-to-end process. The company's commitment to automation extends beyond manufacturing to its vehicles, with Tesla a leader in developing autonomous driving technology (with a vision-first approach). Tesla now has over 5 millions vehicles on the road. These vehicles are essentially robots on wheels, gathering data. And, when they are ready, they can basically flip a switch and overnight these cars can become partial or full self driving. Additionally, Tesla is expanding into humanoid robotics with its Optimus project, further solidifying its position in the robotics supply chain. Through these initiatives, Tesla has positioned itself as a central player in the intersection of electrification, automation, and robotics, driving innovation across multiple industries. Only BYD in East and Tesla in the West have cost structures that we believe will be competitive in this new world order. As we've laid out historically, we continue to think majority of the other OEMs in the space will likely head toward zero -- similar to what happened with internal combustion engine OEMs in the early 20th century. The legacy auto OEMs will also end up being displaced over time as well -- as electric technology is simply superior to internal combustion and continues to improve. Further, both Tesla and BYD continue to separate themselves from the pack by now beginning to really lean into the software/AI side of their respective businesses -- which will ultimately power their autonomous driving experiences and the surrounding ecosystem. |
| ALB | Albemarle Corporation is a global leader in providing essential elements for mobility, energy, and connectivity. As the world's largest lithium producer, Albemarle plays a crucial role in the electric vehicle (EV) supply chain by supplying battery-grade lithium hydroxide, a key component in EV batteries. The company has established strategic agreements with major automakers to deliver lithium hydroxide for millions of future EVs through long-term supply contracts spanning from 2026 to 2030. Albemarle is committed to expanding its US domestic presence by opening new lithium mines and constructing a $1.3 billion processing facility in South Carolina capable of supporting the manufacturing of 2.4 million EVs annually and processing lithium from recycled batteries. After correcting over 65% last cycle and over 80% this cycle, the price of lithium is beginning to bottom out -- which coincides with a bottoming out of the broader mobility supply chain. Unsurprisingly, Albemarle's stock price is highly sensitive to the price of lithium and has experienced similar sized corrections each cycle. While the price hasn't yet begun to move meaningfully higher yet, the downside is more defined and it has historically been beneficial to begin to position before the full turn. |
| ADI | Analog Devices (ADI) is a leading semiconductor company that provides innovative solutions for the electric vehicle (EV) and charging infrastructure market. They offer a wide range of products, including energy measurement ICs, battery management systems, power semiconductors for on-board EV chargers, and wireless battery management systems. ADI's solutions enable longer EV range, improved battery lifetime, increased efficiency of electric powertrains, and faster charging times. Additionally, ADI is at the forefront of developing technologies for the automation supply chain, offering products like isolated gate drivers and power supply controllers for energy storage systems that support fast EV charging infrastructure. Analog semiconductors in general are critical enablers of everything from connectivity, to electrification, to automation -- and Analog Devices is a leader in the space. The stock (and the analog group in general) has been consolidating for an extended period as the auto and industrial supply chains have been going through a significant inventory downcycle. The inventory cycle is beginning to bottom out (~Q2 2024), which historically tends to be a positive time to accumulate for the next upcycle. |
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