| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.0% | 0.0% | 13.0% |
| 2025 | 2024 |
|---|---|
| 13.0% | 30.0% |
The Platinum International Technology Fund returned 13% in 2025, driven by semiconductor names like TSMC and Lam Research as AI compute demand accelerated. Manager Jimmy Su continues repositioning away from big tech incumbents threatened by AI disruption toward beneficiaries of the AI infrastructure buildout. The fund initiated positions in power generation companies Siemens Energy and GE Vernova, benefiting from data center power shortages, and cooling solutions provider Modine Manufacturing. Around one-third of the portfolio targets AI datacenter beneficiaries, while defense holdings like Rheinmetall capitalize on geopolitical tensions driving military spending. Su exited Alphabet and Meta due to margin pressure from AI investments, while trimming other big tech positions. Key risks include AI agents potentially commoditizing existing platforms and lower returns on AI workloads. The manager expects big tech capex growth to exceed consensus estimates, with TSMC capacity expansion supporting the thesis. Looking ahead, Su plans to explore Chinese tech companies and high-quality content businesses as AI-generated content proliferates.
AI disruption is creating a massive capex cycle that benefits semiconductor and infrastructure companies while threatening traditional big tech business models, requiring active portfolio reallocation from incumbents to new opportunities.
The manager plans to spend more time in 2026 on Chinese tech companies that are global leaders or gaining share against Western incumbents. They also plan to revisit content businesses as high quality content may become increasingly valuable as the world drowns in mediocre AI-generated content.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology |
J UBER TSM VEEV 2330 TT |
AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. |
| Oct 16 2025 | 2025 Q3 | GOOG, ISRG, META | Artificial Intelligence, Big tech, Cloud Computing, disruption, infrastructure | - | The funds AI infrastructure holdings such as Nvidia, TSMC, and Broadcom drove performance, while it reduced exposure to overvalued mega-cap techs. Platinum warns of structural disruption to Alphabet and Meta from ChatGPT and highlights agentic commerce as the next advertising frontier. The manager remains invested in AI and diversified secular growth areas like medtech, fintech, and defense tech. |
| Jul 17 2025 | 2025 Q2 | AAPL, KLAC | Artificial Intelligence, infrastructure, semiconductors, software, valuation | KLAC | The letter centers on artificial intelligence as a transformative investment theme reshaping compute demand, software economics, and semiconductor supply chains. Management stresses valuation discipline and differentiation between true growth and hype. AI infrastructure beneficiaries are favored as early-cycle winners. |
| Mar 31 2025 | 2025 Q1 | ANET, NVDA | - | - | |
| Dec 31 2024 | 2024 Q4 | ADBE, MA, ORCL, PTC, UBER | - | - | |
| Sep 30 2024 | 2024 Q3 | NICE IT | - | - | |
| Jun 30 2024 | 2024 Q2 | 7974 JP, AMD, IFX GR, TXN | - | - | |
| Mar 31 2024 | 2024 Q1 | ADSK, AMZN, GOOG, SAP GR | - | - | |
| Dec 31 2023 | 2023 Q4 | NVDA | - | - | |
| Sep 30 2023 | 2023 Q3 | 6861 JP, ADBE | - | - | |
| Jun 30 2023 | 2023 Q2 | 7974 JP, EBAY, WDC | - | - | |
| Mar 31 2023 | 2023 Q1 | 6539 JP, 6963 JP, BKNG, GOOG, META, MSFT, NFLX, NXPI, SOI FP | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Data CentersSupply constraints curtailing infrastructure buildout rate, but compute capacity is being used immediately upon coming online. This differs from dot-com bubble when dark fiber was installed ahead of need. Labor, power and land shortages creating bottlenecks. |
Supply Constraints Utilization Bottlenecks Infrastructure | |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines | |
Energy TransitionThe portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. |
Electrification Clean Energy Power Generation Fuel Cells Grid Infrastructure | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Disruption |
||
ValuationAI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. |
Premium Divide Discipline Stretched Reasonable | |
| 2025 Q2 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Ted Alexander | UBER | Uber Technologies, Inc. | Consumer Discretionary | Ride Sharing & Delivery | Bull | New York Stock Exchange | Autonomy, Networks, Optionality, Platforms, Ridesharing | Login |
| Jan 21, 2026 | Fund Letters | Ted Alexander | 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 | Andrew Clifford | VEEV | Veeva Systems Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | CRM, guidance, lifesciences, Software, valuation | Login |
| Jan 21, 2026 | Fund Letters | Andrew Clifford | 2330 TT | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, Capacity, Foundry, Pricing, semiconductors | Login |
| Jul 17, 2025 | Fund Letters | Andrew Clifford | KLAC | KLA Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Capital Spending, Cycle, Equipment, process control, semiconductors, technology | Login |
| Jan 21, 2026 | Fund Letters | Ted Alexander | J | Jacobs Solutions Inc. | Industrials | Engineering & Construction | Bull | New York Stock Exchange | AI, efficiency, engineering, infrastructure, services | Login |
| TICKER | COMMENTARY |
|---|---|
| AMD | AMD was mentioned as an example of businesses that already make money, have shown they can do so through cycles and are priced so that we do not need everything to go right. |
| 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. |
| ANET | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| CPNG | Shares of Coupang, Inc., Korea's largest e-commerce platform, declined 26.7% in the fourth quarter (though up 7.3% in 2025). The weakness was initially driven by elevated upfront investments in its new market, Taiwan, where aggressive customer acquisition, supplier onboarding and product procurement, and logistics infrastructure buildout weighed on near-term profitability. |
| ENR.DE | Siemens Energy AG was one of the top five winners for the quarter. |
| GEV | The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation, which led Jennison to add GE Vernova to the Fund's Industrials sector. Their natural gas turbine, wind, and electrification businesses, along with a rapidly growing and profitable services backlog, should support strong growth for the next several years. |
| ISRG | ISRG shares appreciated in the fourth quarter after the company delivered strong Q3 results highlighting continued procedure growth and accelerating system placements. Procedure volumes rose in the mid-teens globally, with notable strength in general surgery and urology, while recurring instrument and accessory revenue grew faster than expectations. Management also reported that the early rollout of its next-generation robotic platform was tracking ahead of schedule, with utilization metrics trending positively across beta sites. |
| LRCX | we believe it is well positioned to become an approved vendor for Lam Research (a supplier of wafer-fabrication equipment) as well |
| 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. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| RHM.DE | The top three contributors to this underperformance came from Rheinmetall (German Defense). The top three contributors to this outperformance came from Rheinmetall (German Defense) |
| SAP | We trimmed SAP SE. |
| SHOP | Shopify Inc. is a cloud-based software provider for multi-channel commerce. Shares rose 8.3% in the fourth quarter, finishing 2025 up 51.1% on strong financial results that outperformed Street expectations. The company is demonstrating rapid growth at scale with gross merchandise value (GMV) and revenues each growing over 30% year-on-year. |
| 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. |
| VEEV | Veeva Systems Inc. provides industry cloud solutions to the global life sciences industry. The company delivered solid fiscal third-quarter results and issued guidance above the Street. Veeva management reiterated confidence in achieving its 2030 financial targets, maintaining that the current focus on competitive dynamics with Salesforce.com in the customer relationship management (CRM) market (20% of Veeva's total revenues) does not undermine its long-term trajectory. Despite these positives, the stock sold off by -25% on competitive concerns in the CRM market as Veeva projected lower Vault CRM customer versus its initial expectations. |
| VRT | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
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