Platinum International Fund

Investor Summary

David Steinthal is the Chief Investment Officer at L1 Capital International with responsibility for all investment and business decisions. Prior to founding L1 Capital International in 2018, David was Senior Portfolio Manager and Investment Committee Member at Lowy Family Group (LFG) based in both New York and Sydney. He jointly managed a core portfolio of listed high-quality global equities. David also has extensive experience across direct listed and unlisted investments and investment banking (Babcock & Brown and UBS). He received a Bachelor of Laws and a Bachelor of Commerce (Finance Major with Merit) from the University of NSW. Effective 1 October 2025, L1 Capital International became the sub-investment adviser for the Platinum International Fund, representing a major strategic shift in management approach.

Fund Strategy

At L1 Capital International, they believe long-term returns come from owning businesses that combine quality with value. Quality means companies that have strong fundamentals: they operate in attractive industries, are run by capable and aligned management teams, are financially strong and maintain responsible and sustainable practices from an ESG perspective. When it comes to value, they focus on the real economics of a business – its cashflow, earnings, and returns on the money it invests – not just accounting profits. Their approach is based on conservative assumptions, because what matters is not just today's price tag, but how a company performs over time. The Platinum International Fund is a high conviction international equities strategy – typically investing in ~25 high quality companies with favourable cashflow-based valuations in well-structured industries using fundamental, bottom-up analysis with detailed risk assessment.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11%	3%	13%

2025	2024
13.0%	8.0%

Executive Summary

The Platinum International Fund delivered 3.0% returns in Q4 2025 and 13.1% for the full year, outperforming its benchmark. The global economic environment continued developing as expected with slowing growth but no recession, characterized by a K-shaped recovery where affluent consumers prosper while lower socio-economic segments remain pressured. Markets grappled with geopolitical instability from Liberation Day tariff policies and AI potential assessment. Key contributors included aircraft leasing business AerCap, tech giant Alphabet, and semiconductor leader TSMC, while Jacobs Solutions, Microsoft and Uber detracted. The fund maintains a concentrated portfolio of high-conviction investments with 2% cash, focusing on quality businesses with favorable long-term drivers. AI continues reshaping industry dynamics, with every sector being categorized as winners or losers, though the manager views this as overly simplistic. Political uncertainty persists with potential Fed leadership changes and tariff policy implications. The outlook anticipates continued market dispersion demanding disciplined stock selection and valuation discipline while avoiding speculation.

Forward Outlook

Base case is that the 2026 investment environment will be broadly consistent with that of 2025 and 2024, albeit hopefully without the added excitement of another Liberation Day type event. Recent macroeconomic trends and the market's focus on AI are expected to persist, while remaining mindful that adverse outcomes typically come from unexpected areas. Patchy, moderate economic growth is expected with continued divergence between more affluent consumers and those with lower incomes.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jan 21 2026	2025 Q4	AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V	AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology	-	Platinum International Fund outperformed with 13.1% annual returns despite geopolitical uncertainty and AI disruption debates. Portfolio remains concentrated in quality businesses like AerCap, Alphabet, and TSMC while avoiding consumer-exposed names. K-shaped economic recovery continues favoring affluent segments. Political wildcards and market dispersion demand disciplined bottom-up selection over speculation, with strong investment pipeline supporting near-full deployment.
Oct 16 2025	2025 Q3	AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL	AI, China, healthcare, Outperformance, semiconductors, stock selection, technology	TSM	Platinum International Fund delivered 9.3% returns through successful technology stock selection and strategic China allocation. AI semiconductor leaders TSMC and ASML drove performance alongside Chinese recovery plays like Alibaba. Healthcare benefited from policy clarity. The fund rode obvious AI themes while maintaining contrarian positioning in undervalued Chinese technology stocks positioned for consumer recovery.
Jul 17 2025	2025 Q2	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade	CCO CN WIZZ LN	Platinum delivers strong quarterly performance driven by AI semiconductor boom, Korean governance reforms, and nuclear energy renaissance. Technology holdings like Broadcom and TSMC outperformed while Cameco surged on uranium demand. Trade policy volatility creates uncertainty but firm maintains diversified positioning beyond US mega-caps, focusing on quality businesses with domestic exposure to navigate geopolitical risks.
Mar 31 2025	2025 Q1	ABBV, AZN, BABA, BYD, FANUY, GOOGL, JD, KYCCF, MRK, MUFG, NESN.SW, NTDOY, NVS, SONY, TCEHY, TM, TSM, UBS	China, defensives, Europe, Overweight, Pharmaceuticals, Quality, tariffs, volatility	-	The Fund capitalized on risk contango conditions by rotating towards quality defensive pharmaceutical stocks while maintaining overweight China and Europe positions. Strong Chinese technology performance and defensive positioning protected capital during March tariff volatility. The portfolio is well-positioned for potential US economic weakness from tariff policies while benefiting from attractive valuations in quality businesses.
Dec 31 2024	2024 Q4	005930.KS, 2318.HK, 700.HK, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, TCOM, TM, TRU, TSM, UPM.HE, ZTO	China, global, Long/Short, technology, underperformance, value	-	Fund underperformed significantly due to underweight US technology exposure but Chinese holdings delivered 20% returns. Added AI-enabled software company NICE and luxury goods maker Richemont at attractive valuations. Manager sees speculative fervour in US markets and maintains discipline, focusing on undervalued opportunities where earnings can grow over three years rather than chasing expensive technology stocks.
Sep 30 2024	2024 Q3	005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS	Asia, China, rates, semiconductors, Stimulus, value	-	The Fund gained 1.5% in Q3 2024, led by Chinese holdings surging on comprehensive government stimulus measures. JD.com rose 60% and Ping An gained 40% as authorities aggressively supported markets and the economy. Interest rate cuts also boosted rate-sensitive stocks like TransUnion. The contrarian positioning in undervalued Chinese quality companies is paying off as policy support drives recovery.
Jun 30 2024	2024 Q2	005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO	AI, China, global, semiconductors, technology, value	-	Fund fell 1.3% as tech dominated markets with AI holdings TSMC and Broadcom up 20%. Chinese positions gained on property support hopes while French stocks declined on election uncertainty. Manager added PUMA at attractive valuation, focusing on quality companies left behind by big tech concentration. Early US economic slowing signs noted but opportunities emerging in overlooked value plays.
Mar 31 2024	2024 Q1	005930.KS, AMZN, ASML, AVGO, BEZ.L, DINO.WA, EADSY, GOOGL, IGLOY, META, MU, NFLX, RYAAY, TCOM, TM, TSM, UBSG, UPM.HE, ZEAL.CO, ZTO	AI, global, semiconductors, technology, Travel, value	-	Platinum International Fund gained 6.5% but lagged markets due to defensive positioning and China disappointment. Strong AI holdings like TSMC and Micron offset travel gains. The fund targets AI beneficiaries with non-AI business protection. With improving global indicators and broadening market gains, managers see better conditions ahead for their diversified value approach.
Dec 31 2023	2023 Q4	6479.T, AIR.PA, CATL, GJET.NS, ICE, IFX.DE, PDD, SSNLF, SUZB3.SA, TM, TU, UBS, UPM.HE, ZTO	China, defensives, Electric Vehicles, semiconductors, technology, value	-	Fund underperformed in 2023 due to cautious positioning as markets rallied despite rate tightening. Portfolio focuses on quality companies marked down by rate fears, including TransUnion and Toyota, while maintaining significant China exposure despite sluggish recovery. Manager believes defensive stance appropriate given delayed monetary policy effects and elevated growth stock valuations.
Sep 30 2023	2023 Q3	000001.SZ, 005930.KS, 051910.KS, 6479.T, 7011.T, ALLFG.L, INDI.NS, MCHP, PDD, SUZB3.SA, UBS, UPM.HE, WIZZ.L, ZTO	AI, China, Corporate Governance, E-Commerce, global, Japan, value	-	The Fund's contrarian strategy targets out-of-favour stocks while avoiding expensive growth names driving recent market gains. Strong performance from pulp producers and Chinese e-commerce offset airline weakness. Japanese corporate governance reforms and attractive Chinese valuations present opportunities despite market concentration in magnificent seven technology stocks creating vulnerability to setbacks.
Jun 30 2023	2023 Q2	005930.KS, 0700.HK, 2318.HK, 2338.HK, 6479.T, 8002.T, AIR.PA, ALLFG.L, BAX, CATL, GOOGL, INDIGO.NS, MCHP, RH, SUZB3.SA, TRU, TSM, UPM1V.HE, ZTO	AI, China, Energy Transition, global, rates, technology, value	-	Fund underperformed due to AI-driven tech rally, weak China, and cautious 71% net exposure. Added EV battery leader CATL, medical equipment provider Baxter, and furniture retailer RH while trimming winners. Maintains view that popular growth stocks remain unattractive despite rally. Focuses on decarbonisation, supply chain diversification, and China recovery opportunities over next five years.
Mar 31 2023	2023 Q1	000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L	Banking Crisis, China, contrarian, global, interest rates, value	-	Platinum International Fund gained 5.4% in Q1 2023, driven by travel recovery and semiconductor cycle commentary despite banking sector turmoil. The fund increased exposure from 63% to 70%, adding financials and TransUnion while maintaining a contrarian approach. With the sharpest US rate rises in decades creating financial accidents, the manager focuses on five-year themes including decarbonisation and supply chain reshoring over short-term market volatility.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jan 21 2026

2025 Q4

AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V

AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology

Platinum International Fund outperformed with 13.1% annual returns despite geopolitical uncertainty and AI disruption debates. Portfolio remains concentrated in quality businesses like AerCap, Alphabet, and TSMC while avoiding consumer-exposed names. K-shaped economic recovery continues favoring affluent segments. Political wildcards and market dispersion demand disciplined bottom-up selection over speculation, with strong investment pipeline supporting near-full deployment.

Oct 16 2025

2025 Q3

AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL

AI, China, healthcare, Outperformance, semiconductors, stock selection, technology

TSM

Platinum International Fund delivered 9.3% returns through successful technology stock selection and strategic China allocation. AI semiconductor leaders TSMC and ASML drove performance alongside Chinese recovery plays like Alibaba. Healthcare benefited from policy clarity. The fund rode obvious AI themes while maintaining contrarian positioning in undervalued Chinese technology stocks positioned for consumer recovery.

Jul 17 2025

2025 Q2

000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS

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

CCO CN
WIZZ LN

Platinum delivers strong quarterly performance driven by AI semiconductor boom, Korean governance reforms, and nuclear energy renaissance. Technology holdings like Broadcom and TSMC outperformed while Cameco surged on uranium demand. Trade policy volatility creates uncertainty but firm maintains diversified positioning beyond US mega-caps, focusing on quality businesses with domestic exposure to navigate geopolitical risks.

Mar 31 2025

2025 Q1

ABBV, AZN, BABA, BYD, FANUY, GOOGL, JD, KYCCF, MRK, MUFG, NESN.SW, NTDOY, NVS, SONY, TCEHY, TM, TSM, UBS

China, defensives, Europe, Overweight, Pharmaceuticals, Quality, tariffs, volatility

The Fund capitalized on risk contango conditions by rotating towards quality defensive pharmaceutical stocks while maintaining overweight China and Europe positions. Strong Chinese technology performance and defensive positioning protected capital during March tariff volatility. The portfolio is well-positioned for potential US economic weakness from tariff policies while benefiting from attractive valuations in quality businesses.

Dec 31 2024

2024 Q4

005930.KS, 2318.HK, 700.HK, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, TCOM, TM, TRU, TSM, UPM.HE, ZTO

China, global, Long/Short, technology, underperformance, value

Fund underperformed significantly due to underweight US technology exposure but Chinese holdings delivered 20% returns. Added AI-enabled software company NICE and luxury goods maker Richemont at attractive valuations. Manager sees speculative fervour in US markets and maintains discipline, focusing on undervalued opportunities where earnings can grow over three years rather than chasing expensive technology stocks.

Sep 30 2024

2024 Q3

005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS

Asia, China, rates, semiconductors, Stimulus, value

The Fund gained 1.5% in Q3 2024, led by Chinese holdings surging on comprehensive government stimulus measures. JD.com rose 60% and Ping An gained 40% as authorities aggressively supported markets and the economy. Interest rate cuts also boosted rate-sensitive stocks like TransUnion. The contrarian positioning in undervalued Chinese quality companies is paying off as policy support drives recovery.

Jun 30 2024

2024 Q2

005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO

AI, China, global, semiconductors, technology, value

Fund fell 1.3% as tech dominated markets with AI holdings TSMC and Broadcom up 20%. Chinese positions gained on property support hopes while French stocks declined on election uncertainty. Manager added PUMA at attractive valuation, focusing on quality companies left behind by big tech concentration. Early US economic slowing signs noted but opportunities emerging in overlooked value plays.

Mar 31 2024

2024 Q1

005930.KS, AMZN, ASML, AVGO, BEZ.L, DINO.WA, EADSY, GOOGL, IGLOY, META, MU, NFLX, RYAAY, TCOM, TM, TSM, UBSG, UPM.HE, ZEAL.CO, ZTO

AI, global, semiconductors, technology, Travel, value

Platinum International Fund gained 6.5% but lagged markets due to defensive positioning and China disappointment. Strong AI holdings like TSMC and Micron offset travel gains. The fund targets AI beneficiaries with non-AI business protection. With improving global indicators and broadening market gains, managers see better conditions ahead for their diversified value approach.

Dec 31 2023

2023 Q4

6479.T, AIR.PA, CATL, GJET.NS, ICE, IFX.DE, PDD, SSNLF, SUZB3.SA, TM, TU, UBS, UPM.HE, ZTO

China, defensives, Electric Vehicles, semiconductors, technology, value

Fund underperformed in 2023 due to cautious positioning as markets rallied despite rate tightening. Portfolio focuses on quality companies marked down by rate fears, including TransUnion and Toyota, while maintaining significant China exposure despite sluggish recovery. Manager believes defensive stance appropriate given delayed monetary policy effects and elevated growth stock valuations.

Sep 30 2023

2023 Q3

000001.SZ, 005930.KS, 051910.KS, 6479.T, 7011.T, ALLFG.L, INDI.NS, MCHP, PDD, SUZB3.SA, UBS, UPM.HE, WIZZ.L, ZTO

AI, China, Corporate Governance, E-Commerce, global, Japan, value

The Fund's contrarian strategy targets out-of-favour stocks while avoiding expensive growth names driving recent market gains. Strong performance from pulp producers and Chinese e-commerce offset airline weakness. Japanese corporate governance reforms and attractive Chinese valuations present opportunities despite market concentration in magnificent seven technology stocks creating vulnerability to setbacks.

Jun 30 2023

2023 Q2

005930.KS, 0700.HK, 2318.HK, 2338.HK, 6479.T, 8002.T, AIR.PA, ALLFG.L, BAX, CATL, GOOGL, INDIGO.NS, MCHP, RH, SUZB3.SA, TRU, TSM, UPM1V.HE, ZTO

AI, China, Energy Transition, global, rates, technology, value

Fund underperformed due to AI-driven tech rally, weak China, and cautious 71% net exposure. Added EV battery leader CATL, medical equipment provider Baxter, and furniture retailer RH while trimming winners. Maintains view that popular growth stocks remain unattractive despite rally. Focuses on decarbonisation, supply chain diversification, and China recovery opportunities over next five years.

Mar 31 2023

2023 Q1

000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L

Banking Crisis, China, contrarian, global, interest rates, value

Platinum International Fund gained 5.4% in Q1 2023, driven by travel recovery and semiconductor cycle commentary despite banking sector turmoil. The fund increased exposure from 63% to 70%, adding financials and TransUnion while maintaining a contrarian approach. With the sharpest US rate rises in decades creating financial accidents, the manager focuses on five-year themes including decarbonisation and supply chain reshoring over short-term market volatility.

QUARTER	THEMES	TAGS
2025 Q4	Small Caps Small-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 2.2% in Q4. The manager expects a constructive outlook for small-cap equities entering 2026, particularly within value-oriented segments, driven by Federal Reserve monetary easing and improving earnings momentum. Consensus expectations point to meaningful acceleration in small-cap earnings in 2026 with growth projected in the low-to-mid teens.	Russell 2000 Earnings Valuations Volatility
	Value The manager emphasizes that within small caps, value-oriented stocks remain attractively positioned as growth stocks continue to trade at a meaningful premium to value. Historically, periods of accelerating profits have favored value leadership, particularly within smaller-cap universes. The current portfolio trades at 12.2x forward earnings versus 15.0x for the Russell 2000 Value.	Valuation Premium Earnings Leadership
	Rates The Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Following a 25 basis point cut in September, the Fed cut rates twice in Q4 to the current range of 3.50% to 3.75%. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery.	Federal Reserve Monetary Policy Credit Borrowing
	Earnings Earnings are central to the manager's optimism with consensus expectations pointing to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical and value-oriented sectors. Earnings growth is no longer narrowly concentrated in mega-cap AI-related companies but is beginning to broaden across the market.	Growth Acceleration Operating Leverage Broadening
	Utilities Strong stock selection and favorable allocation made Utilities the largest contributor to relative performance for the quarter. Portland General Electric led gains, supported by regulatory clarity, steady rate base growth, and defensive characteristics that were rewarded as market volatility increased late in the quarter.	Portland General Electric Regulatory Defensive
	Energy Strong stock selection and favorable allocation within Energy made the sector the second-largest contributor to relative performance. Helmerich & Payne led gains, benefiting from improving drilling activity, disciplined capital allocation, and strong operational execution. Cottera Energy also added meaningfully, supported by stable production levels and favorable commodity pricing dynamics.	Drilling Capital Allocation Production
2025 Q3	AI Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected.	Artificial Intelligence Technology Investment Semiconductors Chips
	Semiconductors Semiconductor names including TSMC, Broadcom, Micron and LAM were key contributors to performance. TSMC is the world's largest semiconductor foundry manufacturing chips for companies like Apple, NVIDIA and AMD. ASML designs and manufactures photolithography machines crucial for mass producing chips found in modern electronic devices.	TSMC ASML Foundries Chip Manufacturing Equipment
	China China was the second big winner with the MSCI China Index up 19% over the quarter. Chinese technology stocks are still cheap relative to history. The Chinese consumer has continued to spend cautiously and the Chinese recovery is only in its early stages, but any uplift in Chinese consumer confidence could help continue the rally.	Chinese Markets Consumer Recovery Technology Valuation E-commerce
2025 Q2	AI AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS.	Semiconductors Data Centers Nuclear Capex Agents
	South Korea Korea emerges as investment opportunity with governance reforms, defense manufacturing strength, and semiconductor dominance. The Value-Up Program and new president's policies aim to reduce the Korea discount and boost market performance.	Governance Defense Semiconductors Chaebols Reform
	Nuclear Nuclear energy gains momentum as AI drives higher power demand and climate concerns persist. Uranium miners like Cameco benefit from tight supply and renewed enthusiasm for nuclear as low-carbon baseload power.	Uranium Power Energy Climate Supply
	Defense Defense spending increases globally due to geopolitical tensions. Korean companies like Hyundai Rotem and Hanwha Defence benefit from Western demand for defense equipment and Korea's alignment with US and Europe.	Spending Geopolitical Equipment Manufacturing Export
	Semiconductors Semiconductor cycle shows signs of recovery with AI driving demand for advanced chips. Memory makers SK hynix and Samsung benefit from High Bandwidth Memory demand, while equipment makers face China export restrictions.	Memory Equipment Cycle Manufacturing Supply
	Trade Policy US tariff announcements create market volatility and business uncertainty. China responds with counter-tariffs and export controls. Trade negotiations continue with temporary pauses providing market relief.	Tariffs China Negotiations Uncertainty Volatility
2025 Q1	China The Fund maintained an overweight position in Chinese stocks throughout the quarter, benefiting from strong performance in February and early March. Good returns from Chinese holdings led to some profit-taking while retaining strong overweight positioning based on continued economic recovery.	Recovery Technology Overweight Outperformance Economic
	Pharmaceuticals The Fund rotated towards pharmaceutical manufacturers as defensive positions with high potential profits due to depressed share prices. Holdings include AbbVie, AstraZeneca, Merck, and Novartis, viewed as offering better risk-adjusted returns than speculative technology businesses.	Defensive Undervalued Healthcare Risk-adjusted Rotation
	Risk Contango A market condition where safer, high-quality businesses offer higher expected future returns than risky, speculative businesses due to valuation disparities. This led to portfolio rotation towards more defensive names in medicines, food and household goods.	Valuation Quality Defensive Opportunity Rotation
	Trade Policy Uncertainty about US tariffs created market volatility and influenced positioning. The portfolio was positioned to protect against US shocks with overweight exposure to Europe and China, monitoring contagion effects from tariff announcements.	Tariffs Uncertainty Volatility Positioning Protection
2024 Q4	AI Fund holds AI-themed investments primarily in hardware and semiconductor manufacturers that power AI models. Recently added NICE, which provides cloud-based contact centre software with new AI modules that create tangible savings for customers by diverting workloads and assisting in training.	Semiconductors Cloud Software Automation Hardware
	China Chinese holdings delivered solid 20% returns for the year despite giving back half their September gains in Q4. Chinese property market is responding to government policy measures with property sales up 4.6% in November and 20% year-over-year in largest cities.	Property Stimulus Consumer E-commerce Recovery
	Luxury Added Richemont during the quarter, a high-quality luxury goods company suppressed by industry-wide downturn. The luxury jewellery market has persistent trend towards branded products, growing from 15% branded in 2007 to 30% today, with Cartier and Van Cleef accounting for 40% of industry sales.	Jewelry Brands Recovery Pricing Power Market Share
	Travel Good performance from travel holdings including India's Interglobe and China's Trip.com. Trip.com up around 100% for the year as China's largest online travel agency with strong domestic operations running well ahead of pre-COVID levels and successful international expansion.	Recovery Online Domestic International Growth
2024 Q3	China Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement.	Stimulus Property Recovery Policy
	Rates Interest rate sensitive stocks performed well during the quarter as the US Federal Reserve cut rates by 50 basis points in September. Companies like TransUnion, St James Place, and Intercontinental Exchange benefited from the shift toward easier monetary policy after a period of rate rises.	Fed Cuts Normalization Monetary
	Logistics Danish freight forwarder DSV rose 25% during the quarter on solid operating results and confirmation of their deal to buy German rival DB Schenker. The acquisition will make DSV the largest global forwarder with approximately 7% market share as supply chains become more complex.	Freight Consolidation Supply Chain M&A
	Semiconductors Semiconductor holdings were mixed with gains in Broadcom offset by pullbacks in names like Microchip and Samsung. Samsung was the single largest detractor as there is perception the company has fallen behind peers in memory technology, though the manager believes Samsung's scale offers cost leadership.	Memory AI Competition Technology
2024 Q2	AI AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation.	Semiconductors Smartphones DRAM Technology Innovation
	China Chinese property market stabilization efforts showed mixed results. New Politburo language emphasized clearing unsold housing inventory through social housing plans, but the 300 billion RMB allocation was insufficient. The manager believes property market stabilization could be highly beneficial for Chinese holdings when it comes.	Property Stimulus Policy Real Estate Recovery
	Semiconductors Semiconductor holdings benefited from AI demand with TSMC raising prices for leading-edge nodes and Nvidia publicly agreeing TSMC's prices didn't reflect value provided. The manager rotated from SK hynix to Samsung Electronics due to widening valuation differences.	Memory Foundries Pricing Valuation Technology
	Value The manager focuses on companies left behind by the market's big tech concentration. Portfolio holdings like PUMA, TSMC, UBS had modest valuation multiples with clear reasons for mispricing and strong cases for returns ahead of the market. This contrarian approach targets quality at attractive prices.	Contrarian Mispricing Quality Opportunity Returns
2024 Q1	AI The fund holds companies that benefit from AI spending including TSMC, Micron, and Broadcom. Their strategy focuses on reasonably-valued businesses that perform well if AI continues to grow but have strong non-AI businesses as downside protection. Overall AI exposure is roughly 14% of the portfolio.	Semiconductors Memory Networking Data Centers Cloud
	Travel Travel holdings continued to perform well with Trip.com rising 25%, Airbus up 20%, and InterGlobe Aviation up 20%. The fund sees recovery in travel demand as a key driver of returns.	Airlines Online Travel Aviation Tourism
	Semiconductors Strong performance from semiconductor holdings including TSMC up 30% and Micron up 38%. The fund benefits from the AI-driven demand for advanced chips and high bandwidth memory, with TSMC's dominant foundry position being particularly valuable.	Foundries Memory Chip Manufacturing AI Chips
2023 Q4	Electric Vehicles Chinese EV producers have gained competitive advantage by focusing on lower-cost EVs. BYD and CATL are seen as drivers of continuous improvement across the supply chain. While politics may restrict Chinese companies' ability to export to US and European markets, their home market continues to grow strongly.	BYD CATL Battery China Cost
	China Chinese economy remains sluggish with residential property issues weighing on consumer and business confidence. However, individual Chinese businesses present opportunities with attractive valuations. The focus should be on individual Chinese businesses rather than the broader economy or market.	Property Consumer Valuation Recovery Sentiment
	Semiconductors After a difficult 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 pricing is starting to stabilize and increase off a low base.	Memory AI Recovery Pricing Demand
	AI Growing enthusiasm surrounding generative AI-related applications is driving demand for high-end chips. The race to supply HBM to integrate with graphics processing units for generative AI applications is intensifying, with supply struggling to keep up with demand.	Generative HBM GPU Cloud Demand
2023 Q3	E-commerce Chinese e-commerce companies like PDD Holdings and ZTO Express are showing strong growth despite economic headwinds. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. ZTO Express is the leading delivery service in China, growing from 6 billion to 30 billion parcels annually over five years.	China Delivery Growth Market Share
	AI Artificial intelligence excitement has driven disproportionate market returns to a small number of large companies, the magnificent seven. This AI rally has pushed growth stocks to high valuations again, creating opportunities to short overvalued companies whose valuations will be pressured by higher interest rates.	Growth Stocks Valuations Technology Bubble
	Buybacks Japanese corporate governance reforms are resulting in companies placing greater focus on shareholder interests. Toyo Seikan announced 100 billion yen in stock buybacks over five years, representing 30% of the company at that time, along with improved profitability focus.	Japan Corporate Governance Capital Allocation Shareholder Returns
2023 Q2	AI The extraordinary bounce in technology sector driven by artificial intelligence developments, particularly ChatGPT and NVIDIA's revenue guidance. While AI has extraordinary potential, current investor enthusiasm and valuations of favoured names lead to wariness about obvious plays like NVIDIA.	ChatGPT NVIDIA Technology Semiconductors Valuations
	China China's economic recovery has been subdued with weak property market and tepid consumption recovery. However, China leads in electric vehicles, solar panels, wind turbines, and battery technology. Political risk around Taiwan remains a concern for investors.	Recovery Property Electric Vehicles Taiwan Geopolitics
	Energy Transition China has established leading positions in electric vehicles, battery technology, solar panels and wind turbines. The country is the largest market for these industries, reflecting investment pace in decarbonising the global economy.	Electric Vehicles Solar Wind Batteries Decarbonisation
	Rates One of the sharpest interest rate tightening cycles in 40-50 years with typical 18-24 month delay for economic impact. While rates may peak at current levels, significant rate cuts are not expected due to government spending offsetting Fed tightening efforts.	Federal Reserve Tightening Economic Impact Government Spending
2023 Q1	Travel Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter.	Airlines Online Travel Recovery
	Semiconductor Cycle Semiconductor stocks benefited from commentary that the current downturn in the cycle may be coming to an end. Microchip, Infineon Technologies, and Micron were strong contributors.	Semiconductors Cyclical Recovery
	Energy Transition Companies that will benefit from the decarbonisation of the global economy represent a key investment theme. This includes electric cars, wind turbines, solar panels, and related semiconductor components.	Decarbonisation Electric Vehicles Solar Wind
	Onshoring The diversification of supply chains and reshoring of production creates opportunities in automation equipment and developing markets like Thailand and Vietnam that benefit from production relocation.	Supply Chain Manufacturing Automation
	China China is experiencing economic recovery following the end of COVID lockdowns, with property sector stabilization and regulatory reform completion. The country remains deeply unloved but offers significant opportunities.	Reopening Recovery Regulatory

QUARTER

THEMES

Small Caps

Small-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 2.2% in Q4. The manager expects a constructive outlook for small-cap equities entering 2026, particularly within value-oriented segments, driven by Federal Reserve monetary easing and improving earnings momentum. Consensus expectations point to meaningful acceleration in small-cap earnings in 2026 with growth projected in the low-to-mid teens.

Russell 2000 Earnings Valuations Volatility

Value

The manager emphasizes that within small caps, value-oriented stocks remain attractively positioned as growth stocks continue to trade at a meaningful premium to value. Historically, periods of accelerating profits have favored value leadership, particularly within smaller-cap universes. The current portfolio trades at 12.2x forward earnings versus 15.0x for the Russell 2000 Value.

Valuation Premium Earnings Leadership

Rates

The Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Following a 25 basis point cut in September, the Fed cut rates twice in Q4 to the current range of 3.50% to 3.75%. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery.

Federal Reserve Monetary Policy Credit Borrowing

Earnings

Earnings are central to the manager's optimism with consensus expectations pointing to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical and value-oriented sectors. Earnings growth is no longer narrowly concentrated in mega-cap AI-related companies but is beginning to broaden across the market.

Growth Acceleration Operating Leverage Broadening

Utilities

Strong stock selection and favorable allocation made Utilities the largest contributor to relative performance for the quarter. Portland General Electric led gains, supported by regulatory clarity, steady rate base growth, and defensive characteristics that were rewarded as market volatility increased late in the quarter.

Portland General Electric Regulatory Defensive

Energy

Strong stock selection and favorable allocation within Energy made the sector the second-largest contributor to relative performance. Helmerich & Payne led gains, benefiting from improving drilling activity, disciplined capital allocation, and strong operational execution. Cottera Energy also added meaningfully, supported by stable production levels and favorable commodity pricing dynamics.

Drilling Capital Allocation Production

2025 Q3

AI

Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected.

Artificial Intelligence Technology Investment Semiconductors Chips

Semiconductors

Semiconductor names including TSMC, Broadcom, Micron and LAM were key contributors to performance. TSMC is the world's largest semiconductor foundry manufacturing chips for companies like Apple, NVIDIA and AMD. ASML designs and manufactures photolithography machines crucial for mass producing chips found in modern electronic devices.

TSMC ASML Foundries Chip Manufacturing Equipment

China

China was the second big winner with the MSCI China Index up 19% over the quarter. Chinese technology stocks are still cheap relative to history. The Chinese consumer has continued to spend cautiously and the Chinese recovery is only in its early stages, but any uplift in Chinese consumer confidence could help continue the rally.

Chinese Markets Consumer Recovery Technology Valuation E-commerce

2025 Q2

AI

AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS.

Semiconductors Data Centers Nuclear Capex Agents

South Korea

Korea emerges as investment opportunity with governance reforms, defense manufacturing strength, and semiconductor dominance. The Value-Up Program and new president's policies aim to reduce the Korea discount and boost market performance.

Governance Defense Semiconductors Chaebols Reform

Nuclear

Nuclear energy gains momentum as AI drives higher power demand and climate concerns persist. Uranium miners like Cameco benefit from tight supply and renewed enthusiasm for nuclear as low-carbon baseload power.

Uranium Power Energy Climate Supply

Defense

Defense spending increases globally due to geopolitical tensions. Korean companies like Hyundai Rotem and Hanwha Defence benefit from Western demand for defense equipment and Korea's alignment with US and Europe.

Spending Geopolitical Equipment Manufacturing Export

Semiconductors

Semiconductor cycle shows signs of recovery with AI driving demand for advanced chips. Memory makers SK hynix and Samsung benefit from High Bandwidth Memory demand, while equipment makers face China export restrictions.

Memory Equipment Cycle Manufacturing Supply

Trade Policy

US tariff announcements create market volatility and business uncertainty. China responds with counter-tariffs and export controls. Trade negotiations continue with temporary pauses providing market relief.

Tariffs China Negotiations Uncertainty Volatility

2025 Q1

China

The Fund maintained an overweight position in Chinese stocks throughout the quarter, benefiting from strong performance in February and early March. Good returns from Chinese holdings led to some profit-taking while retaining strong overweight positioning based on continued economic recovery.

Recovery Technology Overweight Outperformance Economic

Pharmaceuticals

The Fund rotated towards pharmaceutical manufacturers as defensive positions with high potential profits due to depressed share prices. Holdings include AbbVie, AstraZeneca, Merck, and Novartis, viewed as offering better risk-adjusted returns than speculative technology businesses.

Defensive Undervalued Healthcare Risk-adjusted Rotation

Risk Contango

A market condition where safer, high-quality businesses offer higher expected future returns than risky, speculative businesses due to valuation disparities. This led to portfolio rotation towards more defensive names in medicines, food and household goods.

Valuation Quality Defensive Opportunity Rotation

Trade Policy

Uncertainty about US tariffs created market volatility and influenced positioning. The portfolio was positioned to protect against US shocks with overweight exposure to Europe and China, monitoring contagion effects from tariff announcements.

Tariffs Uncertainty Volatility Positioning Protection

2024 Q4

AI

Fund holds AI-themed investments primarily in hardware and semiconductor manufacturers that power AI models. Recently added NICE, which provides cloud-based contact centre software with new AI modules that create tangible savings for customers by diverting workloads and assisting in training.

Semiconductors Cloud Software Automation Hardware

China

Chinese holdings delivered solid 20% returns for the year despite giving back half their September gains in Q4. Chinese property market is responding to government policy measures with property sales up 4.6% in November and 20% year-over-year in largest cities.

Property Stimulus Consumer E-commerce Recovery

Luxury

Added Richemont during the quarter, a high-quality luxury goods company suppressed by industry-wide downturn. The luxury jewellery market has persistent trend towards branded products, growing from 15% branded in 2007 to 30% today, with Cartier and Van Cleef accounting for 40% of industry sales.

Jewelry Brands Recovery Pricing Power Market Share

Travel

Good performance from travel holdings including India's Interglobe and China's Trip.com. Trip.com up around 100% for the year as China's largest online travel agency with strong domestic operations running well ahead of pre-COVID levels and successful international expansion.

Recovery Online Domestic International Growth

2024 Q3

China

Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement.

Stimulus Property Recovery Policy

Rates

Interest rate sensitive stocks performed well during the quarter as the US Federal Reserve cut rates by 50 basis points in September. Companies like TransUnion, St James Place, and Intercontinental Exchange benefited from the shift toward easier monetary policy after a period of rate rises.

Fed Cuts Normalization Monetary

Logistics

Danish freight forwarder DSV rose 25% during the quarter on solid operating results and confirmation of their deal to buy German rival DB Schenker. The acquisition will make DSV the largest global forwarder with approximately 7% market share as supply chains become more complex.

Freight Consolidation Supply Chain M&A

Semiconductors

Semiconductor holdings were mixed with gains in Broadcom offset by pullbacks in names like Microchip and Samsung. Samsung was the single largest detractor as there is perception the company has fallen behind peers in memory technology, though the manager believes Samsung's scale offers cost leadership.

Memory AI Competition Technology

2024 Q2

AI

AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation.

Semiconductors Smartphones DRAM Technology Innovation

China

Chinese property market stabilization efforts showed mixed results. New Politburo language emphasized clearing unsold housing inventory through social housing plans, but the 300 billion RMB allocation was insufficient. The manager believes property market stabilization could be highly beneficial for Chinese holdings when it comes.

Property Stimulus Policy Real Estate Recovery

Semiconductors

Semiconductor holdings benefited from AI demand with TSMC raising prices for leading-edge nodes and Nvidia publicly agreeing TSMC's prices didn't reflect value provided. The manager rotated from SK hynix to Samsung Electronics due to widening valuation differences.

Memory Foundries Pricing Valuation Technology

Value

The manager focuses on companies left behind by the market's big tech concentration. Portfolio holdings like PUMA, TSMC, UBS had modest valuation multiples with clear reasons for mispricing and strong cases for returns ahead of the market. This contrarian approach targets quality at attractive prices.

Contrarian Mispricing Quality Opportunity Returns

2024 Q1

AI

The fund holds companies that benefit from AI spending including TSMC, Micron, and Broadcom. Their strategy focuses on reasonably-valued businesses that perform well if AI continues to grow but have strong non-AI businesses as downside protection. Overall AI exposure is roughly 14% of the portfolio.

Semiconductors Memory Networking Data Centers Cloud

Travel

Travel holdings continued to perform well with Trip.com rising 25%, Airbus up 20%, and InterGlobe Aviation up 20%. The fund sees recovery in travel demand as a key driver of returns.

Airlines Online Travel Aviation Tourism

Semiconductors

Strong performance from semiconductor holdings including TSMC up 30% and Micron up 38%. The fund benefits from the AI-driven demand for advanced chips and high bandwidth memory, with TSMC's dominant foundry position being particularly valuable.

Foundries Memory Chip Manufacturing AI Chips

2023 Q4

Electric Vehicles

Chinese EV producers have gained competitive advantage by focusing on lower-cost EVs. BYD and CATL are seen as drivers of continuous improvement across the supply chain. While politics may restrict Chinese companies' ability to export to US and European markets, their home market continues to grow strongly.

BYD CATL Battery China Cost

China

Chinese economy remains sluggish with residential property issues weighing on consumer and business confidence. However, individual Chinese businesses present opportunities with attractive valuations. The focus should be on individual Chinese businesses rather than the broader economy or market.

Property Consumer Valuation Recovery Sentiment

Semiconductors

After a difficult 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 pricing is starting to stabilize and increase off a low base.

Memory AI Recovery Pricing Demand

AI

Growing enthusiasm surrounding generative AI-related applications is driving demand for high-end chips. The race to supply HBM to integrate with graphics processing units for generative AI applications is intensifying, with supply struggling to keep up with demand.

Generative HBM GPU Cloud Demand

2023 Q3

E-commerce

Chinese e-commerce companies like PDD Holdings and ZTO Express are showing strong growth despite economic headwinds. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. ZTO Express is the leading delivery service in China, growing from 6 billion to 30 billion parcels annually over five years.

China Delivery Growth Market Share

AI

Artificial intelligence excitement has driven disproportionate market returns to a small number of large companies, the magnificent seven. This AI rally has pushed growth stocks to high valuations again, creating opportunities to short overvalued companies whose valuations will be pressured by higher interest rates.

Growth Stocks Valuations Technology Bubble

Buybacks

Japanese corporate governance reforms are resulting in companies placing greater focus on shareholder interests. Toyo Seikan announced 100 billion yen in stock buybacks over five years, representing 30% of the company at that time, along with improved profitability focus.

Japan Corporate Governance Capital Allocation Shareholder Returns

2023 Q2

AI

The extraordinary bounce in technology sector driven by artificial intelligence developments, particularly ChatGPT and NVIDIA's revenue guidance. While AI has extraordinary potential, current investor enthusiasm and valuations of favoured names lead to wariness about obvious plays like NVIDIA.

ChatGPT NVIDIA Technology Semiconductors Valuations

China

China's economic recovery has been subdued with weak property market and tepid consumption recovery. However, China leads in electric vehicles, solar panels, wind turbines, and battery technology. Political risk around Taiwan remains a concern for investors.

Recovery Property Electric Vehicles Taiwan Geopolitics

Energy Transition

China has established leading positions in electric vehicles, battery technology, solar panels and wind turbines. The country is the largest market for these industries, reflecting investment pace in decarbonising the global economy.

Electric Vehicles Solar Wind Batteries Decarbonisation

Rates

One of the sharpest interest rate tightening cycles in 40-50 years with typical 18-24 month delay for economic impact. While rates may peak at current levels, significant rate cuts are not expected due to government spending offsetting Fed tightening efforts.

Federal Reserve Tightening Economic Impact Government Spending

2023 Q1

Travel

Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter.

Airlines Online Travel Recovery

Semiconductor Cycle

Semiconductor stocks benefited from commentary that the current downturn in the cycle may be coming to an end. Microchip, Infineon Technologies, and Micron were strong contributors.

Semiconductors Cyclical Recovery

Energy Transition

Companies that will benefit from the decarbonisation of the global economy represent a key investment theme. This includes electric cars, wind turbines, solar panels, and related semiconductor components.

Decarbonisation Electric Vehicles Solar Wind

Onshoring

The diversification of supply chains and reshoring of production creates opportunities in automation equipment and developing markets like Thailand and Vietnam that benefit from production relocation.

Supply Chain Manufacturing Automation

China

China is experiencing economic recovery following the end of COVID lockdowns, with property sector stabilization and regulatory reform completion. The country remains deeply unloved but offers significant opportunities.

Reopening Recovery Regulatory

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 16, 2025	Fund Letters	Ted Alexander	TSM	Taiwan Semiconductor Manufacturing Co. Ltd.	Information Technology	Semiconductors	Bull	Warsaw Stock Exchange	AI, Chips, Foundry, Pricing power, semiconductors, Taiwan	Login
Jul 17, 2025	Fund Letters	Ted Alexander	CCO CN	Cameco Corporation	Energy	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Baseload, Commodities, Decarbonisation, energy, Nuclear, uranium	Login
Jul 17, 2025	Fund Letters	Ted Alexander	WIZZ LN	Wizz Air Holdings Plc	Industrials	Airlines	Bear	New York Stock Exchange	Airlines, Capacity, Competition, Cyclicals, Risk, Travel	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 16, 2025

Fund Letters

Ted Alexander

TSM

Taiwan Semiconductor Manufacturing Co. Ltd.

Information Technology

Semiconductors

Bull

Warsaw Stock Exchange

AI, Chips, Foundry, Pricing power, semiconductors, Taiwan

Jul 17, 2025

Fund Letters

Ted Alexander

CCO CN

Cameco Corporation

Energy

Oil, Gas & Consumable Fuels

Bull

New York Stock Exchange

Baseload, Commodities, Decarbonisation, energy, Nuclear, uranium

Jul 17, 2025

Fund Letters

Ted Alexander

WIZZ LN

Wizz Air Holdings Plc

Industrials

Airlines

Bear

New York Stock Exchange

Airlines, Capacity, Competition, Cyclicals, Risk, Travel

TICKER	COMMENTARY
AER	Airline leasing business AerCap contributed 1.4% to the Fund's returns
AMZN	One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network.
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.
DHR	After lagging through the first three quarters of 2025, Danaher's stock rebounded during Q4 as bioprocessing, life science, and diagnostics demand continued to recover from a cyclical trough. On the 3Q25 call, management established conservative 2026 growth expectations. Revenue is expected to continue to lag long-term trends at 3-6% but improve throughout the year.
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.
ICE	Intercontinental Exchange (ICE) is a long-term holding and remains a top 10 position in the Fund. ICE's share price has been under pressure, largely due to AI-related concerns. The share price has already recovered 15% from recent lows.
INTU	ServiceNow (NOW) and Intuit (INTU) exemplify this dynamic, advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. Intuit is deploying intelligent agents and conversational tools like 'Ask Anything' to simplify complex financial tasks across QuickBooks and TurboTax.
J	Jacobs Solutions is a global leader in engineering services. Whilst the company continues to perform in line with our expectations, during the quarter a competitor held an investor event and suggested AI would disrupt the engineering services industry. We think Jacobs Solutions will be a net beneficiary of the AI revolution. Management is actively investing in AI to deliver efficiencies and the company also benefits from providing engineering services to meet the massive growth in AI-centric infrastructure. We view recent share price weakness in Jacobs as unjustified, so we moderately increased our position.
MA	The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility
MSFT	MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand.
TSM	TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level.
UBER	UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion.
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

COMMENTARY

AER

Airline leasing business AerCap contributed 1.4% to the Fund's returns

AMZN

One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network.

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.

DHR

After lagging through the first three quarters of 2025, Danaher's stock rebounded during Q4 as bioprocessing, life science, and diagnostics demand continued to recover from a cyclical trough. On the 3Q25 call, management established conservative 2026 growth expectations. Revenue is expected to continue to lag long-term trends at 3-6% but improve throughout the year.

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.

ICE

Intercontinental Exchange (ICE) is a long-term holding and remains a top 10 position in the Fund. ICE's share price has been under pressure, largely due to AI-related concerns. The share price has already recovered 15% from recent lows.

INTU

ServiceNow (NOW) and Intuit (INTU) exemplify this dynamic, advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. Intuit is deploying intelligent agents and conversational tools like 'Ask Anything' to simplify complex financial tasks across QuickBooks and TurboTax.

Jacobs Solutions is a global leader in engineering services. Whilst the company continues to perform in line with our expectations, during the quarter a competitor held an investor event and suggested AI would disrupt the engineering services industry. We think Jacobs Solutions will be a net beneficiary of the AI revolution. Management is actively investing in AI to deliver efficiencies and the company also benefits from providing engineering services to meet the massive growth in AI-centric infrastructure. We view recent share price weakness in Jacobs as unjustified, so we moderately increased our position.

The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility

MSFT

MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand.

TSM

TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level.

UBER

UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion.

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 %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

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

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Small Caps

Value

Rates

Earnings

Utilities

Energy

AI

Semiconductors

China

AI

South Korea

Nuclear

Defense

Semiconductors

Trade Policy

China

Pharmaceuticals

Risk Contango

Trade Policy

AI

China

Luxury

Travel

China

Rates

Logistics

Semiconductors

AI

China

Semiconductors

Value

AI

Travel

Semiconductors

Electric Vehicles

China

Semiconductors

AI

E-commerce

AI

Buybacks

AI

China

Energy Transition

Rates

Travel

Semiconductor Cycle

Energy Transition

Onshoring

China

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Ted Alexander Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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