Platinum Asia Fund

Investor Summary

Cameron Robertson serves as Portfolio Manager for Platinum's Asia strategies, bringing over 15 years of experience since joining the firm in 2010. He holds a CFA designation, BSc Hons from the University of Sydney, and MAppFin from Macquarie University. Robertson initially focused on resources before transitioning to Asian equity strategies, where he has developed expertise in identifying undervalued companies across the region. He is actively involved in investment commentary and research, contributing to quarterly reports and market analysis. Robertson co-manages the Asia strategy and maintains an active presence in investment communications, with over 500 LinkedIn connections reflecting his professional network in the investment community.

Fund Strategy

Platinum Asset Management employs a distinctive investment approach centered on identifying market mispricings caused by cognitive biases, particularly in less conspicuous areas of the market. The firm's philosophy emphasizes paying the right price for quality assets and focuses on delivering absolute long-term returns rather than benchmark-relative performance. Their investment process incorporates both qualitative and quantitative analyses, assessing company competitiveness, management quality, ownership structure, financial health, and valuation. Portfolio construction is driven by bottom-up individual stock selection, informed by intensive research and broad thematic insights, with portfolio managers held accountable for investment decisions. The firm may hold significant cash when undervalued opportunities are scarce and may engage in short selling overvalued securities or indices to manage risk.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.5%	-3.8%	-3.8%

Executive Summary

The Platinum Asia Fund declined 3.8% in Q1 2026, matching the regional index performance. The quarter started strongly before reversing sharply due to Middle East hostilities that disrupted oil shipping through the Strait of Hormuz, causing prices to spike from $70 to nearly $120 per barrel. Technology holdings were standout contributors, with SK hynix, Samsung, and TSMC delivering 20-40% returns on continued AI-driven demand for semiconductors. TSMC guided 50%+ annual AI revenue growth through 2029, driven by agentic AI systems that are extraordinarily compute-hungry. The manager has been trimming semiconductor positions to take profits while retaining meaningful exposure. Chinese internet companies Tencent and Kuaishou declined on AI investment concerns, while Trip.com faced antitrust investigation. Despite energy price headwinds, the manager remains optimistic about medium-term regional prospects, finding businesses with strong competitive positions at attractive valuations across sectors from food to specialty chemicals.

Forward Outlook

Hard not to be reasonably optimistic about medium to longer-term prospects for the region despite Iran conflict uncertainty. Continue to find businesses with strong competitive positions at valuations that don't reflect underlying earnings power, from food basics to specialty chemicals at frontiers of technological progress.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 22 2026	2026 Q1	000338.SZ, 000660 KS, 005930 KS, 0700.HK, 1024 HK, 1910 HK, 300750.SZ, INDIGO.NS, JD, JFC.PS, MWG VN, TCOM, TSM, ZTO	AI, Asia, China, energy, Iran Conflict, semiconductors, technology	-	Asia Fund matched index with -3.8% return as Iran conflict derailed strong start. Technology holdings led by semiconductors delivered exceptional gains on AI demand, with TSMC guiding 50%+ AI revenue growth. Manager trimmed positions to take profits while maintaining exposure to structural demand. Despite energy price volatility, finding compelling opportunities across sectors at attractive valuations.
Jan 21 2026	2025 Q4	000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO	AI, Asia, China, Electric Vehicles, financials, semiconductors, technology	TSM 000660 KS 005930 KS 2318 HK 3968 HK PONY	Asian markets surged on AI enthusiasm, with semiconductors leading gains. Chinese financials rebounded as government signaled end to unlimited property developer support, creating re-rating opportunity. Added autonomous vehicle exposure via Pony AI on improving unit economics. Despite AI bubble fears, attractive opportunities persist across technology transformation, financial sector rebalancing, and consumer franchise turnarounds for patient capital.
Oct 16 2025	2025 Q3	000660.KS, 005930.KS, 034220.KS, 0700.HK, 1024.HK, 1109.HK, 1928.HK, 2318.HK, 271560.KS, 300750.SZ, ASII.JK, BABA, INDIGO.NS, JD, LODHA.NS, MAYO.JK, TCOM, TSM, ZTO	AI, Asia, China, Conglomerates, semiconductors, technology	ASII IJ	Strong 12.5% quarterly performance driven by AI resurgence in Asian tech stocks, particularly Chinese companies successfully navigating chip restrictions through domestic innovation. Portfolio benefited from TSMC, Tencent, Samsung, and Alibaba gains while Thailand's political stability boosted regional holdings. Despite tariff concerns affecting Indian positions, attractive valuations persist across Asia with continued confidence in medium-term returns.
Jul 17 2025	2025 Q2	000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	MYOR IJ 2202 HK TSM	Korea emerges as a compelling opportunity with governance reforms reducing the discount while industrial complexity in defense, semiconductors, and nuclear power positions the country uniquely for US-China competition and AI demand. Strong performance from Korean holdings and AI enablers offset trade policy volatility, with diversified positioning beyond US mega-cap tech providing value opportunities amid elevated market risks.
Mar 31 2025	2025 Q1	000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2318.HK, 2883.HK, BABA, IGLA, JD, TRIP, TSM	AI, Asia, China, semiconductors, tariffs, technology	-	Asia Fund gained 1.5% in Q1 driven by Chinese tech rally on AI breakthroughs like DeepSeek and Korean semiconductor strength. Portfolio positioned defensively toward domestic-focused businesses to minimize tariff impacts from Trump trade policies. Despite trade uncertainty, manager sees compelling opportunities in undervalued Asian markets with domestic recovery potential independent of global trade disruptions.
Dec 31 2024	2024 Q4	000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2057.HK, 2318.HK, 2330.TW, 3968.HK, ALI.PS, JD, MBMA.JK, MEGA.BK, MMYT, MWG.VN, PTBA.JK, TCOM	Asia, China, E-Commerce, semiconductors, Stimulus, technology, Travel	-	Asia Fund posted 21% annual returns despite modest Q4 gains. TSMC dominates AI chip supply while Trip.com capitalizes on travel recovery and international expansion. Chinese holdings await more decisive stimulus as property markets stabilize. Portfolio emphasizes domestic consumer businesses to avoid trade friction while maintaining AI exposure through quality Asian technology leaders.
Sep 30 2024	2024 Q3	000660.KS, 005930.KS, 0700.HK, 1109.HK, 1357.HK, 2269.HK, 2318.HK, 3968.HK, ALI.PS, ASII.JK, BABA, BILI, DDL, JD, MAPI.JK, MEGA.BK, PWON.JK, SPALI.BK, TSM	Asia, China, E-Commerce, emerging markets, Indonesia, Recovery, semiconductors, Stimulus	-	Platinum Asia Fund gained 9.9% in Q3 as Chinese stimulus sparked a sharp rally and Indonesian consumer stocks advanced. Chinese authorities' comprehensive policy package including monetary easing and equity support triggered 25% gains in mainland shares. Fund remains fully invested with attractive valuations across the region despite recent rally, positioned for continued recovery as policy headwinds turn to tailwinds.
Jun 30 2024	2024 Q2	000660.KS, 005930.KS, 021240.KS, 0700.HK, 1109.HK, 1357.HK, 3968.HK, 9961.HK, AAPL, CATL, GOOGL, INGVY, JD, NVDA, PDD, TSM, TSMC, ZTO	Asia, China, India, Property, semiconductors	-	Asia Fund gained 2.5% driven by AI semiconductor rally and selective Chinese positions. Trimmed expensive Indian holdings trading at 60x earnings while adding Indonesian opportunities at 10x multiples. Short-term headwinds from US rates and Chinese property persist, but attractive valuations across the region create compelling long-term investment opportunities.
Mar 31 2024	2024 Q1	000001.SZ, 000338.SZ, 000660.KS, 002008.SZ, 005930.KS, 0700.HK, 1109.HK, 1招.HK, 300750.SZ, HPSP.KS, IGLTA, JD, MAPA.JK, TCOM, TSM, ZTO	AI, Asia, China, Korea, Memory, semiconductors, Taiwan, technology	-	Platinum Asia Fund gained 7.2% in Q1 2024, led by AI semiconductor beneficiaries TSMC, SK Hynix and Samsung. Chinese banks and industrials showed surprising strength while Korean markets benefited from governance reforms. Despite China's mixed economy, the manager sees rich opportunities across Asia and is now fully invested in quality companies with reasonable valuations.
Dec 31 2023	2023 Q4	000660.KS, 005930.KS, 0700.HK, 1109.HK, 2269.HK, AC.TO, INTC, JD, TSM	AI, Asia, China, Elections, Recovery, semiconductors, technology	-	Asian semiconductor recovery drives fund performance as memory pricing stabilizes and AI demand accelerates. Samsung, SK Hynix, and TSMC benefit from smartphone recovery and structural AI tailwinds. Chinese e-commerce PDD surges on international expansion. Despite property sector weakness and election uncertainty, compelling valuations across high-quality regional companies support medium-term outperformance expectations.
Sep 30 2023	2023 Q3	000001.SZ, 000333.SZ, 000700.HK, 005930.KS, 1109.HK, 2330.TW, 2454.HK, IGPA.NS	Asia, China, consumer, E-Commerce, Indonesia, Travel	-	Asia Fund declined 2% as Indonesian consumer investments and Chinese e-commerce gains were offset by battery sector weakness. The fund is building Indonesian consumer exposure through mall operator Pakuwon Jati and cinema chain Cinema XXI while adding to undervalued Chinese e-commerce company JD.com. Despite near-term headwinds, attractive valuations across Asia create compelling opportunities for patient investors.
Jun 30 2023	2023 Q2	000660.KS, 005930.KS, 0700.HK, 1339.HK, 2007.HK, 2454.HK, 9618.HK, CATL, MAPA.JK, TSM	Asia, China, Electric Vehicles, India, Recovery, semiconductors, Travel	-	Asian markets face mixed recovery with India outperforming while China disappoints. Fund maintains optimistic medium-term outlook based on controlled inflation and proactive monetary policies across the region. Key positions include travel recovery plays, semiconductor cycle beneficiaries, and electric vehicle supply chain leaders. High net exposure reflects attractive valuations despite near-term Chinese headwinds and upcoming political transitions.
Mar 31 2023	2023 Q1	000338.SZ, 000660.KS, 005930.KS, 051910.KS, 0700.HK, 2689.HK, 3968.HK, 3988.HK, AVIA.JK, BABA, DADA, HTHT, INDIGO, JD, LODHA, MEITUAN, MWG.VN, PDD, SUPALAI.BK, TRIP, TSM, ZTO	Asia, China, E-Commerce, Reopening, semiconductors, Travel, Vietnam	-	Platinum Asia Fund gained 4.4% in Q1 2023, driven by China's reopening benefiting travel and service companies, plus semiconductor cycle recovery expectations. The fund trimmed stronger Chinese performers and added Vietnamese and Thai opportunities. Despite e-commerce competition concerns and Indian market weakness, Asia offers attractive medium-term prospects with reasonable valuations and structural growth themes.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 22 2026

2026 Q1

000338.SZ, 000660 KS, 005930 KS, 0700.HK, 1024 HK, 1910 HK, 300750.SZ, INDIGO.NS, JD, JFC.PS, MWG VN, TCOM, TSM, ZTO

AI, Asia, China, energy, Iran Conflict, semiconductors, technology

Asia Fund matched index with -3.8% return as Iran conflict derailed strong start. Technology holdings led by semiconductors delivered exceptional gains on AI demand, with TSMC guiding 50%+ AI revenue growth. Manager trimmed positions to take profits while maintaining exposure to structural demand. Despite energy price volatility, finding compelling opportunities across sectors at attractive valuations.

Jan 21 2026

2025 Q4

000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO

AI, Asia, China, Electric Vehicles, financials, semiconductors, technology

TSM
000660 KS
005930 KS
2318 HK
3968 HK
PONY

Asian markets surged on AI enthusiasm, with semiconductors leading gains. Chinese financials rebounded as government signaled end to unlimited property developer support, creating re-rating opportunity. Added autonomous vehicle exposure via Pony AI on improving unit economics. Despite AI bubble fears, attractive opportunities persist across technology transformation, financial sector rebalancing, and consumer franchise turnarounds for patient capital.

Oct 16 2025

2025 Q3

000660.KS, 005930.KS, 034220.KS, 0700.HK, 1024.HK, 1109.HK, 1928.HK, 2318.HK, 271560.KS, 300750.SZ, ASII.JK, BABA, INDIGO.NS, JD, LODHA.NS, MAYO.JK, TCOM, TSM, ZTO

AI, Asia, China, Conglomerates, semiconductors, technology

ASII IJ

Strong 12.5% quarterly performance driven by AI resurgence in Asian tech stocks, particularly Chinese companies successfully navigating chip restrictions through domestic innovation. Portfolio benefited from TSMC, Tencent, Samsung, and Alibaba gains while Thailand's political stability boosted regional holdings. Despite tariff concerns affecting Indian positions, attractive valuations persist across Asia with continued confidence in medium-term returns.

Jul 17 2025

2025 Q2

000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V

AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy

MYOR IJ
2202 HK
TSM

Korea emerges as a compelling opportunity with governance reforms reducing the discount while industrial complexity in defense, semiconductors, and nuclear power positions the country uniquely for US-China competition and AI demand. Strong performance from Korean holdings and AI enablers offset trade policy volatility, with diversified positioning beyond US mega-cap tech providing value opportunities amid elevated market risks.

Mar 31 2025

2025 Q1

000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2318.HK, 2883.HK, BABA, IGLA, JD, TRIP, TSM

AI, Asia, China, semiconductors, tariffs, technology

Asia Fund gained 1.5% in Q1 driven by Chinese tech rally on AI breakthroughs like DeepSeek and Korean semiconductor strength. Portfolio positioned defensively toward domestic-focused businesses to minimize tariff impacts from Trump trade policies. Despite trade uncertainty, manager sees compelling opportunities in undervalued Asian markets with domestic recovery potential independent of global trade disruptions.

Dec 31 2024

2024 Q4

000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2057.HK, 2318.HK, 2330.TW, 3968.HK, ALI.PS, JD, MBMA.JK, MEGA.BK, MMYT, MWG.VN, PTBA.JK, TCOM

Asia, China, E-Commerce, semiconductors, Stimulus, technology, Travel

Asia Fund posted 21% annual returns despite modest Q4 gains. TSMC dominates AI chip supply while Trip.com capitalizes on travel recovery and international expansion. Chinese holdings await more decisive stimulus as property markets stabilize. Portfolio emphasizes domestic consumer businesses to avoid trade friction while maintaining AI exposure through quality Asian technology leaders.

Sep 30 2024

2024 Q3

000660.KS, 005930.KS, 0700.HK, 1109.HK, 1357.HK, 2269.HK, 2318.HK, 3968.HK, ALI.PS, ASII.JK, BABA, BILI, DDL, JD, MAPI.JK, MEGA.BK, PWON.JK, SPALI.BK, TSM

Asia, China, E-Commerce, emerging markets, Indonesia, Recovery, semiconductors, Stimulus

Platinum Asia Fund gained 9.9% in Q3 as Chinese stimulus sparked a sharp rally and Indonesian consumer stocks advanced. Chinese authorities' comprehensive policy package including monetary easing and equity support triggered 25% gains in mainland shares. Fund remains fully invested with attractive valuations across the region despite recent rally, positioned for continued recovery as policy headwinds turn to tailwinds.

Jun 30 2024

2024 Q2

000660.KS, 005930.KS, 021240.KS, 0700.HK, 1109.HK, 1357.HK, 3968.HK, 9961.HK, AAPL, CATL, GOOGL, INGVY, JD, NVDA, PDD, TSM, TSMC, ZTO

Asia, China, India, Property, semiconductors

Asia Fund gained 2.5% driven by AI semiconductor rally and selective Chinese positions. Trimmed expensive Indian holdings trading at 60x earnings while adding Indonesian opportunities at 10x multiples. Short-term headwinds from US rates and Chinese property persist, but attractive valuations across the region create compelling long-term investment opportunities.

Mar 31 2024

2024 Q1

000001.SZ, 000338.SZ, 000660.KS, 002008.SZ, 005930.KS, 0700.HK, 1109.HK, 1招.HK, 300750.SZ, HPSP.KS, IGLTA, JD, MAPA.JK, TCOM, TSM, ZTO

AI, Asia, China, Korea, Memory, semiconductors, Taiwan, technology

Platinum Asia Fund gained 7.2% in Q1 2024, led by AI semiconductor beneficiaries TSMC, SK Hynix and Samsung. Chinese banks and industrials showed surprising strength while Korean markets benefited from governance reforms. Despite China's mixed economy, the manager sees rich opportunities across Asia and is now fully invested in quality companies with reasonable valuations.

Dec 31 2023

2023 Q4

000660.KS, 005930.KS, 0700.HK, 1109.HK, 2269.HK, AC.TO, INTC, JD, TSM

AI, Asia, China, Elections, Recovery, semiconductors, technology

Asian semiconductor recovery drives fund performance as memory pricing stabilizes and AI demand accelerates. Samsung, SK Hynix, and TSMC benefit from smartphone recovery and structural AI tailwinds. Chinese e-commerce PDD surges on international expansion. Despite property sector weakness and election uncertainty, compelling valuations across high-quality regional companies support medium-term outperformance expectations.

Sep 30 2023

2023 Q3

000001.SZ, 000333.SZ, 000700.HK, 005930.KS, 1109.HK, 2330.TW, 2454.HK, IGPA.NS

Asia, China, consumer, E-Commerce, Indonesia, Travel

Asia Fund declined 2% as Indonesian consumer investments and Chinese e-commerce gains were offset by battery sector weakness. The fund is building Indonesian consumer exposure through mall operator Pakuwon Jati and cinema chain Cinema XXI while adding to undervalued Chinese e-commerce company JD.com. Despite near-term headwinds, attractive valuations across Asia create compelling opportunities for patient investors.

Jun 30 2023

2023 Q2

000660.KS, 005930.KS, 0700.HK, 1339.HK, 2007.HK, 2454.HK, 9618.HK, CATL, MAPA.JK, TSM

Asia, China, Electric Vehicles, India, Recovery, semiconductors, Travel

Asian markets face mixed recovery with India outperforming while China disappoints. Fund maintains optimistic medium-term outlook based on controlled inflation and proactive monetary policies across the region. Key positions include travel recovery plays, semiconductor cycle beneficiaries, and electric vehicle supply chain leaders. High net exposure reflects attractive valuations despite near-term Chinese headwinds and upcoming political transitions.

Mar 31 2023

2023 Q1

000338.SZ, 000660.KS, 005930.KS, 051910.KS, 0700.HK, 2689.HK, 3968.HK, 3988.HK, AVIA.JK, BABA, DADA, HTHT, INDIGO, JD, LODHA, MEITUAN, MWG.VN, PDD, SUPALAI.BK, TRIP, TSM, ZTO

Asia, China, E-Commerce, Reopening, semiconductors, Travel, Vietnam

Platinum Asia Fund gained 4.4% in Q1 2023, driven by China's reopening benefiting travel and service companies, plus semiconductor cycle recovery expectations. The fund trimmed stronger Chinese performers and added Vietnamese and Thai opportunities. Despite e-commerce competition concerns and Indian market weakness, Asia offers attractive medium-term prospects with reasonable valuations and structural growth themes.

QUARTER	THEMES	TAGS
2026 Q1	AI Agentic AI systems are extraordinarily compute-hungry, running continuously and making multiple calls to AI models, multiplying demand for processing power. This drives unprecedented capital spending by cloud companies, potentially reaching $650-700 billion in 2026. Portfolio holdings like SK hynix, Samsung, and TSMC continue to see strong order books despite supply constraints.	Agentic AI Compute Infrastructure Semiconductors Data Centers
	Semiconductor Cycle Asia's semiconductor industry continues to grow briskly with major AI businesses investing vast sums in latest AI iterations. TSMC guided expectation of 50%+ annual AI-related revenue growth through 2029. The manager has been trimming semiconductor holdings, taking profits as prices rise and risk/return equation changes.	Memory Foundry AI Chips Supply Chain
	Oil Iran conflict severely curtailed shipping through Strait of Hormuz, causing oil prices to spike from $70 to nearly $120 per barrel. For Asia as the world's largest oil-importing region, higher energy costs flow through to consumer wallets, government budgets, and input costs across the economy.	Energy Prices Strait of Hormuz Supply Disruption
	China Chinese internet companies Tencent and Kuaishou declined as they aggressively invest in AI offerings, causing market concerns about cash generation. Trip.com faced antitrust investigation but manager sees compelling backdrop with Chinese outbound travel expected to reach 165-175 million trips in 2026.	Internet Antitrust Travel Recovery AI Investment
2025 Q4	AI AI continued as a major theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment.	Artificial Intelligence Technology Capital Spending Revenue
	Trade Policy Trade relations between the U.S. and China remained a key market focus. Early in Q4, tensions flared with tariff escalations and export controls, with China expanding export controls on rare earth minerals and the U.S. threatening 100% tariffs in retaliation. Ultimately, Presidents Trump and Xi reached a one-year trade truce at the Asia-Pacific Economic Cooperation summit.	Tariffs China Export Controls Trade Relations
	Crypto The fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. The company benefits from regulatory clarity through the GENIUS Act and anticipated CLARITY Act, boosting institutional adoption. Coinbase's business model is shifting towards more predictable revenue streams.	Cryptocurrency Regulatory Clarity Trading Volume Institutional Adoption
2025 Q3	AI The portfolio benefited from a renewed wave of AI enthusiasm, with the narrative moving beyond picks and shovels to understanding AI applications across the ecosystem. Chinese firms continue to innovate despite chip restrictions, developing domestic AI accelerators and efficient software solutions like DeepSeek's UE8M0 data format. This demonstrates China's strategy to remain competitive in AI, leading to significant re-rating of Chinese AI ecosystem players.	Artificial Intelligence Machine Learning Text-to-video AI Accelerators Software Innovation
	China China represents 46% of portfolio allocation. Chinese technology companies are successfully navigating US chip restrictions through dual hardware-software advances. Domestic chip design units like Alibaba's T-Head are producing competitive AI accelerators, while software innovations enable efficient performance from homegrown hardware. This has led to strong performance in Chinese holdings including Alibaba, Kuaishou, and CATL.	Technology Innovation Chip Design Domestic Manufacturing AI Ecosystem Geopolitical Resilience
	Semiconductors Semiconductor holdings including TSMC, Samsung Electronics, and SK hynix drove strong performance during the quarter. The portfolio benefits from both the AI-driven demand cycle and China's development of domestic chip capabilities. LG Display was added as a new position based on cyclical recovery prospects and the company's focus shift to OLED technology.	Memory Foundries Display Technology OLED Cyclical Recovery
2025 Q2	Korea Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports.	Chaebols Governance Defense Semiconductors Nuclear
	AI AI is driving massive demand for semiconductors, data centers, and energy infrastructure. Companies like Samsung, SK hynix, Broadcom, and Nvidia are key beneficiaries. AI agents could reshape computing platforms and potentially disrupt existing tech giants like Apple.	Semiconductors Data Centers Energy Agents Platforms
	Nuclear Nuclear energy is experiencing renewed enthusiasm as a low-carbon baseload power source and due to new demand from data centers and AI. Uranium markets are tight due to supply constraints and geopolitical factors affecting the fuel cycle.	Uranium Baseload SMR Fuel Cycle
	Defense Global defense spending is rising due to geopolitical tensions. Korean companies like Hyundai Rotem and Hanwha Defence are benefiting from Western demand for defense equipment and vehicles, with Korea becoming a trusted supplier to NATO allies.	Spending Geopolitical NATO Equipment
	Semiconductors The semiconductor cycle appears to be bottoming after a multi-year downturn, particularly in analog chips. Memory demand is strong driven by AI applications, with Korean companies SK hynix and Samsung leading in High Bandwidth Memory production.	Memory Analog Cycle HBM Manufacturing
	Trade Policy US tariff policies created initial market volatility but were subsequently paused, providing temporary relief. China has responded with retaliatory measures while diversifying export destinations. Trade uncertainty continues to affect business investment decisions.	Tariffs China Retaliation Uncertainty Investment
2025 Q1	AI Chinese AI advancement sparked strong performance in technology holdings. DeepSeek's emergence reminded investors that China is capable of competing on AI, challenging US AI supremacy narratives and boosting Chinese tech stocks including Tencent, Alibaba, and Kuaishou.	DeepSeek Technology China Competition
	Trade Policy Tariff threats from the Trump administration created uncertainty across Asian markets. The fund positioned toward domestically oriented businesses to minimize direct US tariff impacts, though broader economic effects remain unavoidable.	Tariffs Trump Export Domestic
	China Chinese markets showed mixed performance with technology stocks rallying on AI enthusiasm while property sector showed gradual stabilization. Financial holdings performed well reflecting reduced systemic risks and improved sentiment around the property market.	Property Stabilization Technology Recovery
	Semiconductors Korean memory makers like SK hynix and Samsung showed resilience despite broader semiconductor weakness. Improved outlook for memory demand and potential benefits from US export controls on Chinese competition supported performance.	Memory Korea Export Controls Demand
2024 Q4	AI TSMC is an essential partner to Nvidia and most large businesses at the forefront of the AI revolution. The dominance of TSMC's position in this industry has been reinforced by recent turmoil at their closest competitors, Intel and Samsung. Global demand for AI and semiconductors that power AI products appears insatiable.	Semiconductors Nvidia TSMC Manufacturing Technology
	Travel Trip.com delivered strong performance as China's dominant travel booking platform. Their domestic operations are running well ahead of pre-COVID levels while international expansion efforts are bearing fruit across South Korea, Singapore, Thailand, Taiwan, Malaysia and European markets.	Online Travel Domestic Recovery International Expansion Booking Platform Tourism
	E-commerce Chinese e-commerce companies like JD.com faced share price softening as investors await more follow-through on government stimulus pledges. The sector remains important to the portfolio despite near-term headwinds from economic uncertainty.	China JD.com Logistics Consumer Stimulus
	China Chinese holdings delivered solid 20% performance over the year despite Q4 softening. Property market is responding to government policy measures with sales stabilizing. Government stimulus efforts have been measured rather than the bazooka approach some hoped for, with mixed economic trends persisting.	Stimulus Property Government Policy Economic Stabilization Deflation
2024 Q3	China Chinese authorities announced comprehensive stimulus measures in late September including monetary policy easing, property market support, and explicit equity market encouragement. This triggered a sharp rally with mainland A-shares rising 25% in five days from September 23rd. The manager views this as potentially marking a turning point after years of economic weakness.	Stimulus Property Recovery Monetary Policy Equity Support
	Indonesia Indonesia is transitioning to President Prabowo's government with expectations of continued growth-focused policies. Lower US rates may allow Bank of Indonesia to support domestic consumers. The portfolio includes consumer-facing companies positioned to benefit from healthier consumer environment and attractive valuations.	Consumer Growth Transition Monetary Policy Valuations
	Semiconductors Korean memory semiconductor holdings SK Hynix and Samsung Electronics declined due to concerns about supply-demand balance deterioration and inventory glut. Samsung faces additional challenges in foundry business, though the manager believes Samsung's scale provides cost leadership advantages.	Memory Supply Chain Inventory Competition Foundry
	E-commerce Chinese e-commerce companies like JD.com, Alibaba, and Bilibili performed strongly during the quarter, benefiting from the stimulus announcements. These companies showed widespread gains as sentiment improved toward Chinese equities.	Digital Consumer Growth Technology Recovery
2024 Q2	Semiconductors Strong performance from semiconductor holdings TSMC and SK hynix driven by AI enthusiasm. TSMC up 25% and SK hynix up 28% during the quarter as markets focused on AI-exposed companies.	AI Memory Foundries Taiwan Korea
	China Chinese markets staged a mini-rally on property support policies but dropped back on lack of follow-through. Large holdings like Tencent and property companies performed well, while smaller positions faced challenges.	Property Policy E-commerce Gaming Recovery
	Travel Indian travel company Interglobe delivered strong performance up 19% reflecting buoyant mood following elections. Travel demand recovery continues to be a positive theme across the region.	Airlines India Recovery Domestic
	Property Property patterns across China, India and Indonesia show different stages of cycles. Selling Indian developer Macrotech at 60x earnings while buying Indonesian property at less than 10x earnings reflects valuation disparities.	Cycles Valuation Demographics Indonesia India
2024 Q1	AI AI-related demand continued driving the tech supply chain, particularly in Taiwan. TSMC benefited from its dominant position manufacturing chips for Nvidia. Korean semiconductor companies like SK Hynix and Samsung are seeing capacity tightening as high bandwidth memory production requires significantly more manufacturing capacity than standard DRAM.	Semiconductors TSMC Memory Nvidia Capacity
	Semiconductors The semiconductor industry is experiencing tightening supply as AI applications drive demand for advanced chips and high bandwidth memory. Manufacturing capacity is being diverted to produce HBM which requires 2-3x the capacity of regular DRAM, creating supply constraints across the industry.	Memory TSMC Samsung SK Hynix Manufacturing
	Travel Indian airline InterGlobe Aviation continued strong performance, rising around 20% during the quarter. The travel sector showed resilience with companies benefiting from continued recovery in air travel demand.	Airlines India Aviation Recovery
2023 Q4	Semiconductor Cycle After a tough period, prospects for the semiconductor sector appear bright as recovering demand for smartphone and PC chips coincides with soaring demand for high-end chips needed by AI-focused technologies. Memory chip makers Samsung and SK Hynix benefit from production cuts and stabilizing pricing, while TSMC profits from both cyclical recovery and structural AI tailwinds.	Memory AI Smartphones Recovery Pricing
	AI Strong generative AI investment by cloud service providers drives demand for High-Bandwidth Memory and GPUs. SK Hynix expects 100-200% HBM growth in 2024 with 60-80% compound annual growth over five years. TSMC sees AI-related GPU revenue growing 50% compound annually over the next five years from current 6% of revenue.	GPUs HBM Cloud Growth Revenue
	E-commerce Chinese e-commerce company PDD appreciated 45% due to strong domestic profitability and growing enthusiasm around TEMU, its international offering. From a standing start, Temu generated roughly 19bn RMB of revenue last quarter and is likely to do well over 130bn RMB of revenue in 2024.	China International Growth Revenue Platforms
2023 Q3	E-commerce Chinese e-commerce companies like PDD Holdings and JD.com are key holdings. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. JD.com faces near-term headwinds but has a long history of market share gains through superior customer experience.	Chinese Online Retail Digital Growth
	Indonesia The fund is increasing exposure to Indonesian consumer companies including retail mall operator Pakuwon Jati and cinema chain Cinema XXI. Indonesia's growing economy, improving infrastructure, and rising consumer wealth create attractive investment opportunities.	Consumer Retail Infrastructure Growth Emerging
	Travel Holdings in InterGlobe Aviation reflect exposure to the travel recovery theme. Domestic travel in China is strong with air passenger numbers above pre-COVID levels and higher airfares supporting the sector.	Airlines Recovery Domestic Tourism Aviation
2023 Q2	Electric Vehicles CATL emerged as the global leader in EV batteries with 37% global market share and 48% share in China. The company has strong technology roadmap across battery chemistries for low-, medium-, and high-range EVs. Chinese EV sales increased 82% to 6.2 million vehicles, though concerns exist about slowing growth as government subsidies are reduced.	EV Batteries Battery Supply Chain Energy Transition China CATL
	China China's post-COVID recovery has been disappointing with subdued consumption and cooling property sales since April. The government is deploying counter-cyclical monetary tools including rate cuts and liquidity injections. SOE reform has gathered momentum with focus on improving returns, innovation, and strategic positioning in critical technologies.	China Economic Recovery Property SOE Reform Stimulus
	Semiconductors Memory chip sector faced slump in PC and mobile demand with customer de-stocking. Samsung and SK Hynix announced production cuts to stabilize DRAM pricing. Growing optimism around cloud customers' potential inventory build for generative-AI applications improved sentiment. TSMC gained on bottoming semiconductor cycle and AI-related foundry demand.	Memory AI Semiconductor Cycle DRAM Foundries
	India India showed strong performance with InterGlobe Aviation benefiting from constrained capacity and robust travel demand, achieving record market share above 60%. Property market remains resilient with persistent demand despite mortgage rate increases. The country is advancing as export-oriented manufacturer with electronic exports tripling to $25 billion.	India Air Travel Property Manufacturing Electronics
	Travel Travel sector recovery continued with InterGlobe Aviation seeing record-high domestic market share and announcing 500-aircraft order with Airbus. High passenger yields, easing fuel prices, and high load factors supported profitability. Recovery in service sectors like travel was noticeable across the region.	Airlines Travel Tourism Recovery Capacity
2023 Q1	China China was a strong contributor to performance with reopening driving gains across travel and service-exposed areas. The economic recovery is occurring at a measured pace with domestic travel picking up dramatically and retail sales returning to growth.	Reopening Travel Recovery Property Regulation
	Semiconductor Cycle Semiconductor holdings were strong contributors as market participants positioned for industry conditions to improve later this year. Companies like Samsung Electronics, Taiwan Semiconductor Manufacturing and SK Hynix benefited from expectations of a cycle bottom.	Memory Foundries Cycle Recovery Inventory
	E-commerce Chinese e-commerce companies faced mixed performance with concerns about competitive intensity from platforms like Douyin. JD.com declined on competition fears while the fund received Meituan shares from Tencent's portfolio optimization.	Competition Platforms Douyin Delivery Marketplace
	Travel Travel-related holdings benefited from China's reopening with Trip.com and H World Group seeing appreciation. Domestic travel has picked up dramatically with Macau visitations increasing 122% in the first two months compared to the prior year.	Hotels Domestic Recovery Macau Bookings
	Vietnam The fund increased exposure to Vietnamese companies including electronics retailer Mobile World Investment and property developer Supalai. Vietnam benefits from foreign investment diversification and growing middle class consumption.	Electronics Property Middle Class Investment Growth

QUARTER

THEMES

AI

Agentic AI systems are extraordinarily compute-hungry, running continuously and making multiple calls to AI models, multiplying demand for processing power. This drives unprecedented capital spending by cloud companies, potentially reaching $650-700 billion in 2026. Portfolio holdings like SK hynix, Samsung, and TSMC continue to see strong order books despite supply constraints.

Agentic AI Compute Infrastructure Semiconductors Data Centers

Semiconductor Cycle

Asia's semiconductor industry continues to grow briskly with major AI businesses investing vast sums in latest AI iterations. TSMC guided expectation of 50%+ annual AI-related revenue growth through 2029. The manager has been trimming semiconductor holdings, taking profits as prices rise and risk/return equation changes.

Memory Foundry AI Chips Supply Chain

Oil

Iran conflict severely curtailed shipping through Strait of Hormuz, causing oil prices to spike from $70 to nearly $120 per barrel. For Asia as the world's largest oil-importing region, higher energy costs flow through to consumer wallets, government budgets, and input costs across the economy.

Energy Prices Strait of Hormuz Supply Disruption

China

Chinese internet companies Tencent and Kuaishou declined as they aggressively invest in AI offerings, causing market concerns about cash generation. Trip.com faced antitrust investigation but manager sees compelling backdrop with Chinese outbound travel expected to reach 165-175 million trips in 2026.

Internet Antitrust Travel Recovery AI Investment

2025 Q4

AI

AI continued as a major theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment.

Artificial Intelligence Technology Capital Spending Revenue

Trade Policy

Trade relations between the U.S. and China remained a key market focus. Early in Q4, tensions flared with tariff escalations and export controls, with China expanding export controls on rare earth minerals and the U.S. threatening 100% tariffs in retaliation. Ultimately, Presidents Trump and Xi reached a one-year trade truce at the Asia-Pacific Economic Cooperation summit.

Tariffs China Export Controls Trade Relations

Crypto

The fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. The company benefits from regulatory clarity through the GENIUS Act and anticipated CLARITY Act, boosting institutional adoption. Coinbase's business model is shifting towards more predictable revenue streams.

Cryptocurrency Regulatory Clarity Trading Volume Institutional Adoption

2025 Q3

AI

The portfolio benefited from a renewed wave of AI enthusiasm, with the narrative moving beyond picks and shovels to understanding AI applications across the ecosystem. Chinese firms continue to innovate despite chip restrictions, developing domestic AI accelerators and efficient software solutions like DeepSeek's UE8M0 data format. This demonstrates China's strategy to remain competitive in AI, leading to significant re-rating of Chinese AI ecosystem players.

Artificial Intelligence Machine Learning Text-to-video AI Accelerators Software Innovation

China

China represents 46% of portfolio allocation. Chinese technology companies are successfully navigating US chip restrictions through dual hardware-software advances. Domestic chip design units like Alibaba's T-Head are producing competitive AI accelerators, while software innovations enable efficient performance from homegrown hardware. This has led to strong performance in Chinese holdings including Alibaba, Kuaishou, and CATL.

Technology Innovation Chip Design Domestic Manufacturing AI Ecosystem Geopolitical Resilience

Semiconductors

Semiconductor holdings including TSMC, Samsung Electronics, and SK hynix drove strong performance during the quarter. The portfolio benefits from both the AI-driven demand cycle and China's development of domestic chip capabilities. LG Display was added as a new position based on cyclical recovery prospects and the company's focus shift to OLED technology.

Memory Foundries Display Technology OLED Cyclical Recovery

2025 Q2

Korea

Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports.

Chaebols Governance Defense Semiconductors Nuclear

AI

AI is driving massive demand for semiconductors, data centers, and energy infrastructure. Companies like Samsung, SK hynix, Broadcom, and Nvidia are key beneficiaries. AI agents could reshape computing platforms and potentially disrupt existing tech giants like Apple.

Semiconductors Data Centers Energy Agents Platforms

Nuclear

Nuclear energy is experiencing renewed enthusiasm as a low-carbon baseload power source and due to new demand from data centers and AI. Uranium markets are tight due to supply constraints and geopolitical factors affecting the fuel cycle.

Uranium Baseload SMR Fuel Cycle

Defense

Global defense spending is rising due to geopolitical tensions. Korean companies like Hyundai Rotem and Hanwha Defence are benefiting from Western demand for defense equipment and vehicles, with Korea becoming a trusted supplier to NATO allies.

Spending Geopolitical NATO Equipment

Semiconductors

The semiconductor cycle appears to be bottoming after a multi-year downturn, particularly in analog chips. Memory demand is strong driven by AI applications, with Korean companies SK hynix and Samsung leading in High Bandwidth Memory production.

Memory Analog Cycle HBM Manufacturing

Trade Policy

US tariff policies created initial market volatility but were subsequently paused, providing temporary relief. China has responded with retaliatory measures while diversifying export destinations. Trade uncertainty continues to affect business investment decisions.

Tariffs China Retaliation Uncertainty Investment

2025 Q1

AI

Chinese AI advancement sparked strong performance in technology holdings. DeepSeek's emergence reminded investors that China is capable of competing on AI, challenging US AI supremacy narratives and boosting Chinese tech stocks including Tencent, Alibaba, and Kuaishou.

DeepSeek Technology China Competition

Trade Policy

Tariff threats from the Trump administration created uncertainty across Asian markets. The fund positioned toward domestically oriented businesses to minimize direct US tariff impacts, though broader economic effects remain unavoidable.

Tariffs Trump Export Domestic

China

Chinese markets showed mixed performance with technology stocks rallying on AI enthusiasm while property sector showed gradual stabilization. Financial holdings performed well reflecting reduced systemic risks and improved sentiment around the property market.

Property Stabilization Technology Recovery

Semiconductors

Korean memory makers like SK hynix and Samsung showed resilience despite broader semiconductor weakness. Improved outlook for memory demand and potential benefits from US export controls on Chinese competition supported performance.

Memory Korea Export Controls Demand

2024 Q4

AI

TSMC is an essential partner to Nvidia and most large businesses at the forefront of the AI revolution. The dominance of TSMC's position in this industry has been reinforced by recent turmoil at their closest competitors, Intel and Samsung. Global demand for AI and semiconductors that power AI products appears insatiable.

Semiconductors Nvidia TSMC Manufacturing Technology

Travel

Trip.com delivered strong performance as China's dominant travel booking platform. Their domestic operations are running well ahead of pre-COVID levels while international expansion efforts are bearing fruit across South Korea, Singapore, Thailand, Taiwan, Malaysia and European markets.

Online Travel Domestic Recovery International Expansion Booking Platform Tourism

E-commerce

Chinese e-commerce companies like JD.com faced share price softening as investors await more follow-through on government stimulus pledges. The sector remains important to the portfolio despite near-term headwinds from economic uncertainty.

China JD.com Logistics Consumer Stimulus

China

Chinese holdings delivered solid 20% performance over the year despite Q4 softening. Property market is responding to government policy measures with sales stabilizing. Government stimulus efforts have been measured rather than the bazooka approach some hoped for, with mixed economic trends persisting.

Stimulus Property Government Policy Economic Stabilization Deflation

2024 Q3

China

Chinese authorities announced comprehensive stimulus measures in late September including monetary policy easing, property market support, and explicit equity market encouragement. This triggered a sharp rally with mainland A-shares rising 25% in five days from September 23rd. The manager views this as potentially marking a turning point after years of economic weakness.

Stimulus Property Recovery Monetary Policy Equity Support

Indonesia

Indonesia is transitioning to President Prabowo's government with expectations of continued growth-focused policies. Lower US rates may allow Bank of Indonesia to support domestic consumers. The portfolio includes consumer-facing companies positioned to benefit from healthier consumer environment and attractive valuations.

Consumer Growth Transition Monetary Policy Valuations

Semiconductors

Korean memory semiconductor holdings SK Hynix and Samsung Electronics declined due to concerns about supply-demand balance deterioration and inventory glut. Samsung faces additional challenges in foundry business, though the manager believes Samsung's scale provides cost leadership advantages.

Memory Supply Chain Inventory Competition Foundry

E-commerce

Chinese e-commerce companies like JD.com, Alibaba, and Bilibili performed strongly during the quarter, benefiting from the stimulus announcements. These companies showed widespread gains as sentiment improved toward Chinese equities.

Digital Consumer Growth Technology Recovery

2024 Q2

Semiconductors

Strong performance from semiconductor holdings TSMC and SK hynix driven by AI enthusiasm. TSMC up 25% and SK hynix up 28% during the quarter as markets focused on AI-exposed companies.

AI Memory Foundries Taiwan Korea

China

Chinese markets staged a mini-rally on property support policies but dropped back on lack of follow-through. Large holdings like Tencent and property companies performed well, while smaller positions faced challenges.

Property Policy E-commerce Gaming Recovery

Travel

Indian travel company Interglobe delivered strong performance up 19% reflecting buoyant mood following elections. Travel demand recovery continues to be a positive theme across the region.

Airlines India Recovery Domestic

Property

Property patterns across China, India and Indonesia show different stages of cycles. Selling Indian developer Macrotech at 60x earnings while buying Indonesian property at less than 10x earnings reflects valuation disparities.

Cycles Valuation Demographics Indonesia India

2024 Q1

AI

AI-related demand continued driving the tech supply chain, particularly in Taiwan. TSMC benefited from its dominant position manufacturing chips for Nvidia. Korean semiconductor companies like SK Hynix and Samsung are seeing capacity tightening as high bandwidth memory production requires significantly more manufacturing capacity than standard DRAM.

Semiconductors TSMC Memory Nvidia Capacity

Semiconductors

The semiconductor industry is experiencing tightening supply as AI applications drive demand for advanced chips and high bandwidth memory. Manufacturing capacity is being diverted to produce HBM which requires 2-3x the capacity of regular DRAM, creating supply constraints across the industry.

Memory TSMC Samsung SK Hynix Manufacturing

Travel

Indian airline InterGlobe Aviation continued strong performance, rising around 20% during the quarter. The travel sector showed resilience with companies benefiting from continued recovery in air travel demand.

Airlines India Aviation Recovery

2023 Q4

Semiconductor Cycle

After a tough period, prospects for the semiconductor sector appear bright as recovering demand for smartphone and PC chips coincides with soaring demand for high-end chips needed by AI-focused technologies. Memory chip makers Samsung and SK Hynix benefit from production cuts and stabilizing pricing, while TSMC profits from both cyclical recovery and structural AI tailwinds.

Memory AI Smartphones Recovery Pricing

AI

Strong generative AI investment by cloud service providers drives demand for High-Bandwidth Memory and GPUs. SK Hynix expects 100-200% HBM growth in 2024 with 60-80% compound annual growth over five years. TSMC sees AI-related GPU revenue growing 50% compound annually over the next five years from current 6% of revenue.

GPUs HBM Cloud Growth Revenue

E-commerce

Chinese e-commerce company PDD appreciated 45% due to strong domestic profitability and growing enthusiasm around TEMU, its international offering. From a standing start, Temu generated roughly 19bn RMB of revenue last quarter and is likely to do well over 130bn RMB of revenue in 2024.

China International Growth Revenue Platforms

2023 Q3

E-commerce

Chinese e-commerce companies like PDD Holdings and JD.com are key holdings. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. JD.com faces near-term headwinds but has a long history of market share gains through superior customer experience.

Chinese Online Retail Digital Growth

Indonesia

The fund is increasing exposure to Indonesian consumer companies including retail mall operator Pakuwon Jati and cinema chain Cinema XXI. Indonesia's growing economy, improving infrastructure, and rising consumer wealth create attractive investment opportunities.

Consumer Retail Infrastructure Growth Emerging

Travel

Holdings in InterGlobe Aviation reflect exposure to the travel recovery theme. Domestic travel in China is strong with air passenger numbers above pre-COVID levels and higher airfares supporting the sector.

Airlines Recovery Domestic Tourism Aviation

2023 Q2

Electric Vehicles

CATL emerged as the global leader in EV batteries with 37% global market share and 48% share in China. The company has strong technology roadmap across battery chemistries for low-, medium-, and high-range EVs. Chinese EV sales increased 82% to 6.2 million vehicles, though concerns exist about slowing growth as government subsidies are reduced.

EV Batteries Battery Supply Chain Energy Transition China CATL

China

China's post-COVID recovery has been disappointing with subdued consumption and cooling property sales since April. The government is deploying counter-cyclical monetary tools including rate cuts and liquidity injections. SOE reform has gathered momentum with focus on improving returns, innovation, and strategic positioning in critical technologies.

China Economic Recovery Property SOE Reform Stimulus

Semiconductors

Memory chip sector faced slump in PC and mobile demand with customer de-stocking. Samsung and SK Hynix announced production cuts to stabilize DRAM pricing. Growing optimism around cloud customers' potential inventory build for generative-AI applications improved sentiment. TSMC gained on bottoming semiconductor cycle and AI-related foundry demand.

Memory AI Semiconductor Cycle DRAM Foundries

India

India showed strong performance with InterGlobe Aviation benefiting from constrained capacity and robust travel demand, achieving record market share above 60%. Property market remains resilient with persistent demand despite mortgage rate increases. The country is advancing as export-oriented manufacturer with electronic exports tripling to $25 billion.

India Air Travel Property Manufacturing Electronics

Travel

Travel sector recovery continued with InterGlobe Aviation seeing record-high domestic market share and announcing 500-aircraft order with Airbus. High passenger yields, easing fuel prices, and high load factors supported profitability. Recovery in service sectors like travel was noticeable across the region.

Airlines Travel Tourism Recovery Capacity

2023 Q1

China

China was a strong contributor to performance with reopening driving gains across travel and service-exposed areas. The economic recovery is occurring at a measured pace with domestic travel picking up dramatically and retail sales returning to growth.

Reopening Travel Recovery Property Regulation

Semiconductor Cycle

Semiconductor holdings were strong contributors as market participants positioned for industry conditions to improve later this year. Companies like Samsung Electronics, Taiwan Semiconductor Manufacturing and SK Hynix benefited from expectations of a cycle bottom.

Memory Foundries Cycle Recovery Inventory

E-commerce

Chinese e-commerce companies faced mixed performance with concerns about competitive intensity from platforms like Douyin. JD.com declined on competition fears while the fund received Meituan shares from Tencent's portfolio optimization.

Competition Platforms Douyin Delivery Marketplace

Travel

Travel-related holdings benefited from China's reopening with Trip.com and H World Group seeing appreciation. Domestic travel has picked up dramatically with Macau visitations increasing 122% in the first two months compared to the prior year.

Hotels Domestic Recovery Macau Bookings

Vietnam

The fund increased exposure to Vietnamese companies including electronics retailer Mobile World Investment and property developer Supalai. Vietnam benefits from foreign investment diversification and growing middle class consumption.

Electronics Property Middle Class Investment Growth

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	Cameron Robertson	TSM	Taiwan Semiconductor Manufacturing Company Limited	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI, CapEx, Foundry, scale, semiconductors	Login
Jan 21, 2026	Fund Letters	Cameron Robertson	000660 KS	SK hynix Inc.	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI, HBM, Memory, Pricing, semiconductors	Login
Jan 21, 2026	Fund Letters	Cameron Robertson	005930 KS	Samsung Electronics Co., Ltd.	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI, Memory, recovery, scale, semiconductors	Login
Jan 21, 2026	Fund Letters	Cameron Robertson	2318 HK	Ping An Insurance (Group) Company of China, Ltd.	Financials	Insurance	Bull	New York Stock Exchange	balance sheet, China, Insurance, Regulation, rerating	Login
Jan 21, 2026	Fund Letters	Cameron Robertson	3968 HK	China Merchants Bank Co., Ltd.	Financials	Banks	Bull	New York Stock Exchange	banking, China, Deposits, rerating, valuation	Login
Jan 21, 2026	Fund Letters	Cameron Robertson	PONY	Pony AI Inc.	Information Technology	Autonomous Vehicles	Bull	NASDAQ	AI, Autonomous, mobility, robotics, Unit economics	Login
Oct 16, 2025	Fund Letters	Cameron Robertson	ASII IJ	Astra International Tbk	Consumer Staples	Automotive & Diversified Holdings	Bull	NYSE	automotive, capital allocation, conglomerate, Governance, Indonesia, restructuring, value unlocking	Login
Jul 17, 2025	Fund Letters	Cameron Robertson	MYOR IJ	PT Mayora Indah Tbk	Consumer Staples	Packaged Foods & Meats	Bull	New York Stock Exchange	brands, Compounders, consumer, Consumption, Emerging markets, Snacks	Login
Jul 17, 2025	Fund Letters	Cameron Robertson	2202 HK	China Vanke Co., Ltd.	Real Estate	Real Estate Development	Bull	New York Stock Exchange	China, contrarian, Cyclicals, policy support, Real Estate, restructuring	Login
Jul 17, 2025	Fund Letters	Cameron Robertson	TSM	Taiwan Semiconductor Manufacturing Company Limited	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI, CapEx, Foundry, semiconductors, Taiwan, technology leadership	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 21, 2026

Fund Letters

Cameron Robertson

TSM

Taiwan Semiconductor Manufacturing Company Limited

Information Technology

Semiconductors

Bull

New York Stock Exchange

AI, CapEx, Foundry, scale, semiconductors

Jan 21, 2026

Fund Letters

Cameron Robertson

000660 KS

SK hynix Inc.

Information Technology

Semiconductors

Bull

New York Stock Exchange

AI, HBM, Memory, Pricing, semiconductors

Jan 21, 2026

Fund Letters

Cameron Robertson

005930 KS

Samsung Electronics Co., Ltd.

Information Technology

Semiconductors

Bull

New York Stock Exchange

AI, Memory, recovery, scale, semiconductors

Jan 21, 2026

Fund Letters

Cameron Robertson

2318 HK

Ping An Insurance (Group) Company of China, Ltd.

Financials

Insurance

Bull

New York Stock Exchange

balance sheet, China, Insurance, Regulation, rerating

Jan 21, 2026

Fund Letters

Cameron Robertson

3968 HK

China Merchants Bank Co., Ltd.

Financials

Banks

Bull

New York Stock Exchange

banking, China, Deposits, rerating, valuation

Jan 21, 2026

Fund Letters

Cameron Robertson

PONY

Pony AI Inc.

Information Technology

Autonomous Vehicles

Bull

NASDAQ

AI, Autonomous, mobility, robotics, Unit economics

Oct 16, 2025

Fund Letters

Cameron Robertson

ASII IJ

Astra International Tbk

Consumer Staples

Automotive & Diversified Holdings

Bull

NYSE

automotive, capital allocation, conglomerate, Governance, Indonesia, restructuring, value unlocking

Jul 17, 2025

Fund Letters

Cameron Robertson

MYOR IJ

PT Mayora Indah Tbk

Consumer Staples

Packaged Foods & Meats

Bull

New York Stock Exchange

brands, Compounders, consumer, Consumption, Emerging markets, Snacks

Jul 17, 2025

Fund Letters

Cameron Robertson

2202 HK

China Vanke Co., Ltd.

Real Estate

Real Estate Development

Bull

New York Stock Exchange

China, contrarian, Cyclicals, policy support, Real Estate, restructuring

Jul 17, 2025

Fund Letters

Cameron Robertson

TSM

Taiwan Semiconductor Manufacturing Company Limited

Information Technology

Semiconductors

Bull

New York Stock Exchange

AI, CapEx, Foundry, semiconductors, Taiwan, technology leadership

TICKER	COMMENTARY
TSM	Taiwan's TSMC was up over 10% as AI-related demand for advanced memory and semiconductors showed no signs of slowing. TSMC guided their expectation of 50%+ per annum AI related revenue growth through to 2029.
000660.KS	Korea's SK hynix delivered quarterly returns ranging between 20% and 40% as AI-related demand for advanced memory and semiconductors showed no signs of slowing. We have materially trimmed our semiconductor positions as share prices have risen, banking significant profits.
005930.KS	Samsung Electronics delivered quarterly returns ranging between 20% and 40% as AI-related demand for advanced memory and semiconductors showed no signs of slowing. We have materially trimmed our semiconductor positions as share prices have risen, banking significant profits.
0700.HK	Chinese internet companies Tencent (-19%) fell as both companies are aggressively investing in their AI offerings, causing the market to fret about when they might get their hands on the cash these businesses make.
1024.HK	Kuaishou (-29%) fell as both companies are aggressively investing in their AI offerings, causing the market to fret about when they might get their hands on the cash these businesses make.
TCOM	Chinese online travel company Trip.com was a notable detractor after a formal antitrust investigation was launched in January, alleging abuse of its dominant market position. The stock fell sharply. With Trip.com and affiliates responsible for ~70% of bookings (by value) in China's online travel agency market, a long history of strong operational execution and Chinese outbound travel expected to reach 165–175 million cross-border trips in 2026, the backdrop remains compelling.
000338.SZ	Weichai Power – our Chinese diesel engine maker that is an unlikely beneficiary of the data centre build-out – also contributed positively, up 40%.
1910.HK	Our holding in Korean confectionery company Orion Corp was another positive. Orion continues to execute strongly across its core markets – South Korea, China and Vietnam. The stock is attractively valued given its consistent growth and leading positions in categories where brand loyalty runs deep.
INDIGO.NS	Our holding in Indian low-cost airline, Indigo, fell as jet fuel prices skyrocketed and routes through the Middle East were disrupted.
300750.SZ	CATL (China), the world's largest battery maker is the kind of business that benefits structurally from geopolitical crises. Every oil shock reminds the world about the downside of dependence. Battery technology sits at the heart of that transition and CATL's scale and cost advantages are formidable.
JFC.PS	Jollibee, the Philippine fast-food champion we discussed last quarter and on the Platinum Roadshow continues to make impressive progress. Frustrated by their undervalued share price, the company is looking to IPO parts of their international operations to highlight and capitalise on the value inherent in their business portfolio. The stock has continued to soften, offering us the chance to add to our position.
MWG.VN	Mobile World Group (Vietnam) is undergoing an interesting corporate transformation, spinning off its DMX electronics subsidiary and building out its promising grocery business. Despite these developments, the share price has declined during the quarter, allowing us to accumulate further.

TICKER

COMMENTARY

TSM

Taiwan's TSMC was up over 10% as AI-related demand for advanced memory and semiconductors showed no signs of slowing. TSMC guided their expectation of 50%+ per annum AI related revenue growth through to 2029.

000660.KS

Korea's SK hynix delivered quarterly returns ranging between 20% and 40% as AI-related demand for advanced memory and semiconductors showed no signs of slowing. We have materially trimmed our semiconductor positions as share prices have risen, banking significant profits.

005930.KS

Samsung Electronics delivered quarterly returns ranging between 20% and 40% as AI-related demand for advanced memory and semiconductors showed no signs of slowing. We have materially trimmed our semiconductor positions as share prices have risen, banking significant profits.

0700.HK

Chinese internet companies Tencent (-19%) fell as both companies are aggressively investing in their AI offerings, causing the market to fret about when they might get their hands on the cash these businesses make.

1024.HK

Kuaishou (-29%) fell as both companies are aggressively investing in their AI offerings, causing the market to fret about when they might get their hands on the cash these businesses make.

TCOM

Chinese online travel company Trip.com was a notable detractor after a formal antitrust investigation was launched in January, alleging abuse of its dominant market position. The stock fell sharply. With Trip.com and affiliates responsible for ~70% of bookings (by value) in China's online travel agency market, a long history of strong operational execution and Chinese outbound travel expected to reach 165–175 million cross-border trips in 2026, the backdrop remains compelling.

000338.SZ

Weichai Power – our Chinese diesel engine maker that is an unlikely beneficiary of the data centre build-out – also contributed positively, up 40%.

1910.HK

Our holding in Korean confectionery company Orion Corp was another positive. Orion continues to execute strongly across its core markets – South Korea, China and Vietnam. The stock is attractively valued given its consistent growth and leading positions in categories where brand loyalty runs deep.

INDIGO.NS

Our holding in Indian low-cost airline, Indigo, fell as jet fuel prices skyrocketed and routes through the Middle East were disrupted.

300750.SZ

CATL (China), the world's largest battery maker is the kind of business that benefits structurally from geopolitical crises. Every oil shock reminds the world about the downside of dependence. Battery technology sits at the heart of that transition and CATL's scale and cost advantages are formidable.

JFC.PS

Jollibee, the Philippine fast-food champion we discussed last quarter and on the Platinum Roadshow continues to make impressive progress. Frustrated by their undervalued share price, the company is looking to IPO parts of their international operations to highlight and capitalise on the value inherent in their business portfolio. The stock has continued to soften, offering us the chance to add to our position.

MWG.VN

Mobile World Group (Vietnam) is undergoing an interesting corporate transformation, spinning off its DMX electronics subsidiary and building out its promising grocery business. Despite these developments, the share price has declined during the quarter, allowing us to accumulate further.

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Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
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Shares Sold

% Change

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No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

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No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductor Cycle

Oil

China

AI

Trade Policy

Crypto

AI

China

Semiconductors

Korea

AI

Nuclear

Defense

Semiconductors

Trade Policy

AI

Trade Policy

China

Semiconductors

AI

Travel

E-commerce

China

China

Indonesia

Semiconductors

E-commerce

Semiconductors

China

Travel

Property

AI

Semiconductors

Travel

Semiconductor Cycle

AI

E-commerce

E-commerce

Indonesia

Travel

Electric Vehicles

China

Semiconductors

India

Travel

China

Semiconductor Cycle

E-commerce

Travel

Vietnam

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Cameron Robertson Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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