| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.2% | -2.3% | -2.3% |
The Platinum International Technology Fund returned -2.3% in Q1 2026, outperforming the MSCI IT Index which fell 9.2%. Manager Jimmy Su executed major portfolio repositioning, substantially reducing software exposure from 30% to 11% due to AI disruption concerns. The fund believes AI coding tools and agents will increase competition and weaken customer lock-ins for legacy software vendors. Conversely, the fund increased exposure to physical technology enablers including Japanese factory automation companies Keyence and FANUC, defense manufacturer Dassault Aviation, and fiber optic suppliers. Semiconductor holdings contributed positively with TSMC guiding 50%+ annual AI revenue growth through 2029. The Iran conflict created market volatility but the manager views the post-selloff environment as more favorable, with 80% of holdings in high-quality companies enabling structural growth in AI infrastructure, defense, and industrial automation. These companies now trade at reasonable valuations after the correction.
Technology sector experiencing structural shifts with AI disrupting software while driving massive demand for semiconductors, data center infrastructure, and industrial automation. Portfolio positioned in physical technology enablers rather than vulnerable software businesses.
Manager expects more favorable setup after recent selloff with ~80% of fund invested in high quality companies that are enablers of long-term structural growth including AI capex, defense and industrial automation. These companies now trade at more reasonable valuations, significantly improving expected returns.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 22 2026 | 2026 Q1 | 6861.T, 6954.T, AM3D.PA, MSFT, NVDA, TSM | AI, Automation, defense, geopolitics, semiconductors, software, technology | - | Technology fund pivoted from software to physical AI enablers amid disruption concerns. Reduced software exposure to 11% while adding Japanese automation, defense, and fiber optic companies. Semiconductor holdings performed well with TSMC guiding strong AI growth. Iran conflict caused volatility but created better entry points for quality infrastructure plays. |
| 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 |
Platinum Technology Fund returned 13% in 2025 by rotating from threatened big tech incumbents into AI infrastructure beneficiaries. Manager Jimmy Su sees massive capex cycle ahead, with semiconductor and power companies winning while traditional platforms face AI disruption. Portfolio emphasizes datacenter buildout, defense spending, and power generation while reducing exposure to advertising-dependent consumer internet giants. |
| Oct 16 2025 | 2025 Q3 | 8035.T, ADI, AMAT, AMZN, AVGO, GOOGL, GRAB, ISRG, MA, MCHP, MSFT, NFLX, NVDA, SAP, SNPS, TSM, TXN, V, VEEV, VRT | AI, defense, growth, infrastructure, semiconductors, technology | - | Fund delivered 6% quarterly returns led by AI infrastructure stocks comprising 30% of portfolio. Manager maintains conviction in AI capex cycle while diversifying into quality non-AI businesses and emerging opportunities in defense tech and medtech. Exited Alphabet and Meta due to ChatGPT disruption concerns and rising capital intensity pressures. |
| 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, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS | AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy | KLAC | Platinum delivered strong technology-led performance with AI and Korean holdings driving gains. Nuclear energy revival benefited Cameco while semiconductor companies outperformed on AI demand. Trade tensions created volatility but markets recovered on negotiation progress. The firm maintains selective positioning in quality businesses across technology enablers, Asian growth stories, and European reform beneficiaries while managing downside risks through hedging strategies. |
| Mar 31 2025 | 2025 Q1 | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | - | Technology fund declined 9.6% as AI capex skepticism and tariff concerns weighed on holdings. Built Nvidia position at attractive valuations while trimming Google and Meta. Portfolio positioned across software (minimal tariff impact), semiconductors (moderate uncertainty), and hardware (higher impact). Market fear creates opportunities in quality tech companies with AI growth drivers despite near-term headwinds. |
| Dec 31 2024 | 2024 Q4 | 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CSU.TO, GOOGL, MA, META, MSFT, NFLX, ORCL, PTC, SAP, TSM, TXN, UBER, V, VEEV | AI, Automation, growth, SaaS, semiconductors, software, technology | - | Strong quarterly performance driven by AI infrastructure plays like Broadcom and quality tech names. Portfolio repositioned with exits from Oracle and Adobe, additions in Mastercard and Uber. Semiconductor equipment names present opportunities amid extended downturn. Manager maintains quality focus despite bubble-like market conditions, emphasizing entrenched software businesses and demand aggregation models over speculation. |
| Sep 30 2024 | 2024 Q3 | 8035.T, AAPL, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, META, MSFT, NFLX, NICE, ORCL, SAP, SNPS, TSM, VEEV | AI, Long/Short, semiconductors, software, technology | - | Technology fund declined 3.2% as semiconductor equipment stocks fell on oversupply concerns and cooling AI enthusiasm. Used weakness to add quality software and equipment names at attractive valuations while trimming expensive positions. Maintains disciplined focus on best-in-class companies, employing selective shorting for downside protection. Monitoring AI monetization challenges while seeking opportunities in market volatility. |
| Jun 30 2024 | 2024 Q2 | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | - | Technology fund gained 3.1% in Q2 driven by AI winners TSMC and Broadcom. Manager maintains focus on five superior business models including supply oligopolies and platform aggregators. Added Apple and Texas Instruments while software sector presents opportunities after underperforming. Disciplined approach avoids chasing returns at all-time high valuations, targeting quality companies with sustainable competitive moats. |
| Mar 31 2024 | 2024 Q1 | ADBE, ADSK, AMAT, AMD, AMZN, ASML, AVGO, GOOGL, LRCX, MBLY, META, MSFT, MU, NFLX, ORCL, QCOM, SAP, TSM, UMG.AS, V | AI, Cloud, semiconductors, software, technology, value | - | Technology fund delivered strong 15.2% quarterly returns driven by AI-related holdings and major tech platforms. Manager employs value-oriented approach, seeking reasonably-valued companies that benefit from AI spending but have strong non-AI businesses as downside protection. Added cloud migration and construction digitization plays while maintaining cautious stance on AI capex cycle sustainability. |
| Dec 31 2023 | 2023 Q4 | 0700.HK, 6861.T, 7974.T, ADBE, ADYEY, AMD, AMZN, ASML, AVGO, BABA, CSCO, GOOGL, INTC, NFLX, NVDA, QCOM, TSM, UMG.AS, V | AI, Quality, semiconductors, Streaming, technology | - | Technology fund returned 6.8% in Q4 despite avoiding Nvidia's AI rally. Strong performance from streaming leaders Netflix and Amazon validates scale thesis. Semiconductor recovery underway with ASML leading gains. Fund maintains quality focus while shorting structurally weak companies, believing current market enthusiasm for poor business models will prove temporary. |
| Sep 30 2023 | 2023 Q3 | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | - | Technology fund outperformed benchmark despite semiconductor weakness, driven by strong performance in Universal Music and Black Knight. Added Keyence for automation exposure and highlighted Adobe's successful AI monetization. Team remains patient amid 2021-like market conditions, focusing on quality businesses at right prices rather than chasing overvalued AI and clean tech names. |
| Jun 30 2023 | 2023 Q2 | 000660.KS, 005930.KS, 006400.KS, 0700.HK, 7974.T, BABA, CIEN, CSU.TO, ERIC, GOOGL, IFX.DE, JD, MCHP, META, MU, NFLX, ORCL, TSM | AI, Cloud, growth, semiconductors, software, technology | - | Technology fund gained 4.2% as AI theme drove strong performance in Meta, Alphabet, and Oracle, while semiconductor cycle improvements benefited Korean memory makers. Chinese holdings detracted amid weak consumer confidence. Fund maintains selective positioning across AI beneficiaries and semiconductor recovery plays while managing elevated valuations through cash and shorts. |
| Mar 31 2023 | 2023 Q1 | 000660.KS, 005930.KS, 006400.KS, BKNG, CIEN, GOOGL, IFNNY, JD, MCHP, META, MSFT, MU, NFLX, NVDA, NXPI, SOITF, STMPA.PA, TSM | AI, Electric Vehicles, growth, semiconductors, technology | - | Technology fund delivered strong 13.2% quarterly return driven by semiconductor recovery and AI enthusiasm. Meta Platforms led gains on improved narrative while semiconductor holdings benefited from cycle bottom expectations. Fund added Google, Netflix, and NXP positions while increasing Soitec exposure for electric vehicle silicon carbide potential. Maintains 83% invested positioning for structural change opportunities. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager substantially reduced software holdings due to concerns about AI disruption. AI coding tools and agents are expected to increase competition among software vendors and weaken customer lock-ins. However, AI is driving massive demand for semiconductors and data center infrastructure. |
Software Disruption Semiconductors Data Centers Competition |
SemiconductorsStrong performance from semiconductor holdings including TSMC, which guided 50%+ annual AI-related revenue growth through 2029. Supply constraints continue as demand vastly exceeds supply. Portfolio includes exposure to memory, foundries, and equipment suppliers. |
TSMC Memory Foundries Equipment Supply | |
DefenseInitiated position in Dassault Aviation, manufacturer of Rafale fighter jets. Defense entering decade-long capex cycle driven by volatile geopolitics. European manufacturers could benefit from countries seeking alternatives to US and Russian platforms. |
Dassault Fighter Jets Geopolitics Capex European | |
Factory AutomationInvested in Japanese automation companies Keyence and FANUC. Expects strong demand growth driven by capacity expansion in US, Europe and Japan. AI-enabled robotics could expand addressable markets beyond traditional auto industry. |
Keyence FANUC Robotics Japan Manufacturing | |
Data CentersInvested in fiber optic companies including Fujikura, Anritsu and FOCI. Optical interconnects used in AI datacenters expected to see meaningful demand increase driven by ongoing buildout and adoption of co-packaged optics. |
Fiber Optics Interconnects Buildout Co-packaged Infrastructure | |
| 2025 Q4 |
HousingStructurally underbuilt housing with rising need as millennials form households. Higher mortgage rates reduce existing home supply as homeowners are locked into low-rate mortgages, benefiting new homebuilders and their suppliers. BLDR is positioned to benefit from this structural shortage with normalized free-cash-flow yield of 9-14%. |
Homebuilders Building Materials Mortgage Rates Supply Shortage |
Metallurgical CoalSignificant underinvestment in metallurgical coal needed for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. Warrior Met Coal is completing a capital investment cycle and should generate substantial free cash flow once Blue Creek development concludes. |
Steel Coal Asia Capital Investment | |
EnergySignificant underinvestment in natural gas, oil and thermal coal which are necessary for the world's economies to function and grow. While renewables will play an increasing role, the change will occur over decades. PrairieSky Royalty provides exposure with 5-8% yield and potential inflation protection. |
Oil Natural Gas Royalties Energy Transition | |
Regional BanksFlagstar has exceptional management ahead of the game in turning their business around, trading at 67% of conservatively marked balance sheet versus similar banks at 140-160% of tangible book value. The turnaround is progressing well with first profitable quarter reported. |
Banking Turnaround Valuation Management | |
AIWhile AI will have an impact, we are still very early in its lifecycle. Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. The manager is short AI wanna-be's and neo-clouds, expecting weak business fundamentals to become apparent. |
Artificial Intelligence Speculation Valuations Business Models | |
Private CreditThe space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms, including lending into the AI/data-center space to businesses with questionable futures. The manager is short a basket of these businesses. |
Credit Lending Valuations Risk | |
| 2025 Q3 |
AIAI infrastructure stocks make up around 30% of the portfolio and drove majority of returns with companies like Broadcom, Nvidia, TSMC up around 20%. The fund stands to benefit from ongoing massive investment in the AI build-out. OpenAI's user growth from 200m to 700m weekly users poses existential threat to incumbent tech companies like Alphabet and Meta. |
Infrastructure ChatGPT OpenAI Models Capex |
SemiconductorsAI infrastructure semiconductor holdings including Broadcom, Nvidia, TSMC, Amphenol and TE Connectivity each delivered strong returns of 20-30%. However, the fund exited analog semi companies Texas Instruments, Analog Devices and Microchip due to tepid recovery cycle and structural issues with auto and industrial customers losing share to Chinese competitors. |
Infrastructure Analog Recovery China Competition | |
DefenseThe Fund is currently building a position in three defense tech companies totalling approximately 4% of the portfolio. The manager will provide more detail once the desired position is built. |
Technology Position Building | |
| 2025 Q2 |
AIAI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies. |
Semiconductors Data Centers Valuation Nuclear Technology |
KoreaKorea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments. The country benefits from defense spending, semiconductor dominance, and cultural exports. Korean stocks outperformed following presidential election clarity. |
Governance Defense Semiconductors Reform Election | |
NuclearViews on nuclear energy are shifting as AI drives higher demand for low-emission energy. Cameco was a significant winner from this trend. Nuclear is seen as both a low-carbon baseload power source and necessary for data center demand. |
Energy Uranium Data Centers Low Carbon Baseload | |
SemiconductorsSemiconductor holdings like TSMC, Broadcom, SK hynix, and Samsung performed well. Korea dominates High Bandwidth Memory chips for AI applications. The fund monitors supply dynamics and new chip technologies as key performance drivers. |
Memory Supply Chain Manufacturing Technology Cycle | |
Trade PolicyUS tariff announcements created initial market volatility but markets recovered as negotiations progressed. China matched US tariffs and imposed export controls. The uncertainty affects business investment decisions and global supply chains. |
Tariffs China Negotiations Supply Chains Investment | |
DefenseKorea is a major defense manufacturer aligned with the US and Europe. Companies like Hyundai Rotem and Hanwha Defence benefit from growing Western defense budgets. Defense-oriented stocks like DMG Mori and Toho Titanium were key performers. |
Manufacturing Spending Geopolitical Equipment Contracts | |
| 2025 Q1 |
AIThe Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. |
Nvidia OpenAI DeepSeek GPUs Capex |
SemiconductorsThe Fund holds semiconductor positions including Nvidia, Broadcom, and TSMC, representing about 30% of the portfolio. While these stocks are exempt from tariffs, geopolitical uncertainty may impact demand for high semiconductor-content products like cars, mobile phones, servers and PCs. The manager is trimming some semi capex exposures and rotating into Electronic Design Automation software for better downside protection. |
TSMC Broadcom Memory Foundries Semi Equipment | |
Trade PolicyUS tariff announcements created significant market volatility and uncertainty. The Fund categorizes holdings into three groups based on tariff impact: minimal direct impact (software companies), small direct impact with uncertainty (semiconductors), and high direct impact (real-world businesses like Arista and Siemens). The manager believes their companies may be better insulated due to dominant positions and pricing power. |
Tariffs Geopolitical Supply Chain Pricing Power | |
CloudThe Fund holds cloud infrastructure and software companies including Microsoft, Amazon, and SAP. These companies represent about 40% of the Fund and are viewed as having minimal direct tariff impact. The manager sees cloud and software companies as having more durable spending patterns compared to capital expenditures. |
Microsoft Amazon SaaS Infrastructure Software | |
| 2024 Q4 |
AIAI investment opportunities continue to drive portfolio positioning, particularly in hardware and semiconductor manufacturers that power AI models. The fund recently added NICE, which provides AI modules for contact center software, demonstrating the expansion of AI applications beyond core infrastructure. |
Artificial Intelligence Machine Learning Semiconductors Infrastructure Software |
SaaSSoftware as a Service transformation continues to generate investment opportunities as companies transition from on-premise to cloud-based solutions. The fund focuses on entrenched software businesses with strong moats and industry standard software with network effects. |
Cloud Enterprise Software Digital Transformation Subscription Migration | |
Semiconductor CycleSemi capex equipment names remain out of favor as the downturn in the semiconductor cycle lasts longer than expected. The fund sees opportunities in companies like ASML, Tokyo Electron, and Applied Materials as valuations reflect the extended downturn. |
Semiconductors Capital Equipment Cyclical Manufacturing Technology | |
AutomationFactory automation and robotics present opportunities, particularly with AI-capable robots expanding the total addressable market beyond traditional manufacturing applications. The emergence of more functional automated solutions creates broader deployment possibilities. |
Robotics Manufacturing Industrial Efficiency Technology | |
| 2024 Q3 |
AIMarket weakness in AI-related stocks due to emerging doubts about the size of the AI opportunity and concerns about excessive capex investment. Consumer AI apps struggling to find viable business models with OpenAI expected to lose $5bn this year. |
Artificial Intelligence Capex Monetization Enterprise Adoption |
Semiconductor CycleSemiconductor capex stocks were major detractors due to concerns about memory market oversupply, Intel cutting capex, and cooling AI enthusiasm. ASML down 20%, Applied Materials down 15%, and Lam Research down 23%. |
Memory Oversupply Equipment Capex | |
CloudFund holds positions in cloud infrastructure companies and software businesses. Market drawdowns provided opportunities to buy design automation software names at attractive valuations. |
Infrastructure Software SaaS Enterprise | |
| 2024 Q2 |
AIAI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. |
Semiconductors Chips Hardware Infrastructure Computing |
SemiconductorsStrong performance from semiconductor holdings including TSMC, Broadcom, and AMAT. Manager added Texas Instruments as the world's largest analog semiconductor company, believing competitive concerns from Chinese players are overdone. Exited Infineon due to concerns about Chinese competition in power semiconductors and EV overcapacity risks. |
Memory Analog Foundries Equipment Manufacturing | |
SoftwareSoftware sector has underperformed semiconductors this year and now trades cheap relative to history on PE basis. Manager spending more time in software as top line growth is slowing due to labor cuts and tighter IT budgets. Views this slowdown as cyclical and temporary, providing attractive entry points into high quality companies. |
SaaS Enterprise Cloud Applications Platforms | |
| 2024 Q1 |
AIFund holds companies benefiting from AI investment including TSMC, ASML, Applied Materials, AMD, and Lam Research. Manager focuses on reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as downside protection. Portfolio exposure to AI beneficiaries is roughly 14%. |
Semiconductors Capex Infrastructure Computing Data Centers |
CloudSAP investment represents cloud migration opportunity where the company can capture more of the IT value chain while cutting consumer costs. The transition to Software-as-a-Service allows vendors to capture more of customers' IT budgets. |
SaaS Migration Enterprise Software Infrastructure | |
SemiconductorsStrong performance from semiconductor holdings including TSMC (+29%), ASML (+30%), Applied Materials (+27%), AMD (+22%), and Lam Research (+24%). These companies benefit from AI capex cycle and represent key enablers of technological advancement. |
Foundries Equipment Memory Design Manufacturing | |
| 2023 Q4 |
AIThe fund examined Nvidia's exceptional 250% returns driven by generative AI demand but decided against investing due to concerns about unsustainable private market funding and overly optimistic investor expectations for future GPU demand. The manager believes current AI spending is driven by private capital rather than genuine consumer and enterprise adoption. |
Nvidia GPUs Generative AI Cloud Service Providers Capex |
StreamingThe fund believes streaming is fundamentally about scale, with the biggest platforms being most profitable due to their ability to pay for content and reduce churn. Netflix and Amazon are expected to benefit from rising ARPU, reduced competition, content licensing opportunities, and advertising revenue growth. |
Netflix Amazon Content ARPU Advertising | |
Semiconductor CycleThe fund sees a recovery in semiconductor demand driven by smartphone and PC replacement cycles, with ASML benefiting from excess inventory being worked through. The manager trimmed some semiconductor positions while adding others like Broadcom, Qualcomm, AMD, and Intel. |
ASML Broadcom Qualcomm AMD Intel | |
| 2023 Q3 |
AIThe fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. |
Generative AI Adobe Firefly Creative Software Productivity |
SemiconductorsThe fund holds several companies in the semiconductor supply chain but has reduced exposure as stocks have run ahead of a cycle turn due to buoyant sentiment around generative artificial intelligence. Key holdings include SK Hynix, Samsung Electronics, Taiwan Semiconductor, Micron, and Infineon. |
Memory Foundries Power Semis Semi Equipment Cycle | |
AutomationThe fund initiated a position in Keyence, expecting strong demand for automated inspection equipment and machine vision solutions driven by EV value chain investment, semiconductor manufacturing, reshoring of manufacturing, and structural adoption of robotics. |
Machine Vision Inspection Equipment Robotics Manufacturing EV | |
| 2023 Q2 |
AIAI took center stage during the quarter with ChatGPT reaching 100 million users faster than any consumer application to date. Technology companies like Microsoft, Google, Meta, and Oracle are incorporating AI into their platforms, creating significant investment opportunities despite some market excesses. |
ChatGPT Machine Learning Cloud Infrastructure Enterprise Software Digital Advertising |
Semiconductor CycleMemory semiconductor oversupply conditions are improving with Samsung Electronics limiting production expansion. Korean memory makers SK Hynix and Samsung Electronics benefited from expectations of supply normalization and potential AI-driven demand recovery. |
Memory DRAM Supply Chain Production Cuts Foundries | |
CloudOracle emerged as a key infrastructure provider for AI workloads through its high-performance GPU cluster technology. Cloud infrastructure demand is being driven by companies building and running complex AI models, with Oracle serving even NVIDIA as a customer. |
Infrastructure GPU Data Centers Enterprise Software Computing | |
| 2023 Q1 |
AIArtificial intelligence was the hot theme during the quarter after Microsoft drew attention to ChatGPT capabilities. Microsoft and Nvidia were up 20% and 90% respectively. The Fund added to Google amid concerns that search business will be disrupted by ChatGPT, though the manager believes large language models won't be as disruptive to core Search business as the market thinks. |
ChatGPT Large Language Models Search Conversational AI Bard |
Semiconductor CycleSemiconductors were standout performers during the quarter, up 28%, as commentary from management teams suggested the first half of 2023 is likely to mark the bottom of the downturn and conditions could progressively improve throughout the rest of the year. The Fund has relatively high exposure to semiconductors with key contributors including Microchip Technology, Taiwan Semiconductor Manufacturing, and Micron Technology. |
Downturn Recovery Memory Auto Semiconductors Industrial Semiconductors | |
Electric VehiclesThe Fund initiated a new position in NXP Semiconductors, believing semiconductor content per car will increase significantly as cars get smarter through digitisation and increased penetration of advanced driver-assistance systems, wireless connectivity and safety features. NXP is positioned as one of the leading auto semiconductor suppliers. |
ADAS Auto Semiconductors Digitisation Connectivity Safety Features | |
Energy TransitionThe Fund increased its position in Soitec, which has potential application of its manufacturing process to silicon carbide wafers used to make power chips for inverters and onboard chargers in electric vehicles. If SmartCut SiC proves successful, Soitec will be able to make up to 10 SiC wafers from one high-quality wafer, addressing supply shortfall. |
Silicon Carbide Power Chips Inverters SmartCut Supply Chain |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| TSM | TSMC guided their expectation of 50%+ per annum AI related revenue growth through to 2029. Our exposure to semi supply chain companies Aixtron, Lam Research, ASML, KLA and TSMC contributed ~4% to returns. |
| NVDA | Broadcom and Nvidia also cost ~2% due to concerns that capacity constraints at TSMC could limit earning revision upside in the coming quarters. |
| MSFT | Our exposure to software stocks Microsoft, SAP, Veeva and Shopify cost us ~3% in returns. We reduced our exposure to Microsoft (-2%). |
| 6861.T | We invested ~5% of the fund into Keyence and FANUC. We expect demand for factory automation equipment will grow strongly over the next five years driven by capacity expansion in the US, Europe and Japan. |
| 6954.T | We invested ~5% of the fund into Keyence and FANUC. We expect demand for factory automation equipment will grow strongly over the next five years driven by capacity expansion in the US, Europe and Japan. |
| AM3D.PA | We bought a ~2.5% position in Dassault Aviation, the manufacturer of Rafale fighter jets. |
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