Hood River Capital - International Opportunity Fund

Investor Summary

The Hood River International Opportunity Fund is managed by four co-founding portfolio managers: Brian P. Smoluch, David G. Swank, Lance Cannon, and Rohan Kumar. Hood River Capital Management LLC was co-founded in 2013 by these four individuals, who hold degrees from prestigious universities. The management team's collective experience spans over two decades in proprietary fundamental research, with a particular focus on exploiting inefficiencies in small-cap equity markets. Their collaborative approach to portfolio management reflects a shared investment philosophy developed through years of working together in the investment management industry. The fund was incorporated on September 28, 2021 and has achieved exceptional performance recognition, receiving a Morningstar Rating of 5 stars for the three-year period as of January 31, 2026, ranking in the top 1-2 percentile among peer funds.

Fund Strategy

Hood River Capital Management believes the U.S. and international small-cap markets are relatively inefficient and their process is designed to profit from those inefficiencies. The International Opportunity strategy focuses on a long-only portfolio of 80–85 international small-cap stocks, benchmarked to the MSCI ACWI Ex USA Small Cap. The approach leverages over two decades of proprietary fundamental research to exploit inefficiencies in the international small-cap equity market. Key investment criteria include identifying companies with market capitalizations under $5 billion that are growing at 15% or more annually. Hood River corroborates earnings estimates through direct engagement with company management, customers, and suppliers, then compares these estimates against Wall Street expectations to uncover potential information gaps.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
13.95%	6.66%	41.49%

2025	2024
41.5%	20.2%

Executive Summary

The Hood River International Opportunity Fund delivered strong performance in 2025, returning 41.49% and outpacing its benchmark by 12.23%, as international markets significantly outperformed U.S. equities. The fund's success was driven by broad-based stock selection, particularly in information technology, health care, and materials sectors. Key new holdings include Circus SE, a German AI-driven robotics company serving commercial and defense markets, and Chrysos, an Australian mining technology firm with proprietary ore analysis technology. The managers see compelling opportunities emerging as market leadership broadens beyond U.S. mega-cap stocks, with improving policy conditions across international markets. Central bank easing, China's efforts to reduce industrial overcapacity, and India's consumption-focused reforms are creating supportive tailwinds. The current environment favors active, selective investing in less efficient international markets where valuations remain reasonable. Looking ahead to 2026, the fund is positioned to capitalize on differentiated opportunities tied to innovation, domestic consumption, and industrial transformation across China, India, Europe, and Asia-Pacific regions.

Core Thesis

International markets, particularly small-cap opportunities outside the U.S., offer compelling value as market leadership broadens beyond U.S. mega-cap dominance, with improving policy conditions and reasonable valuations creating attractive investment opportunities across China, India, Europe, and Asia-Pacific.

Forward Outlook

Looking ahead to 2026, we see compelling opportunities emerging outside the U.S., where valuations are more reasonable, policy conditions are improving, and market leadership is broadening. Across regions such as China, India, Europe, and parts of Asia, we are finding differentiated opportunities tied to tailwinds like innovation, domestic consumption, and industrial transformation.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jan 12 2026	2025 Q4	C79.AX, CCS.DE, META	AI, China, Europe, India, international, Outperformance, small cap	CA1 GR C79 AU	Hood River's International Opportunity Fund returned 41.49% in 2025, outperforming by 12.23% as international markets led U.S. equities. New AI robotics and mining technology holdings reflect the broadening opportunity set beyond U.S. mega-caps. Improving policy conditions in China and India, combined with central bank easing globally, create compelling prospects for selective international small-cap investing in 2026.
Oct 20 2025	2025 Q3	AII.TO, AVI.MI	AI, Asia, Critical Minerals, defense, Europe, international, semiconductors, small cap	AII CN	Hood River International Opportunity Fund delivered 19.08% Q3 returns by exploiting inefficiencies in international small-caps. The strategy targets AI infrastructure, European defense spending, and critical minerals outside China. With over 4,000 underresearched names and historically superior risk-adjusted returns versus large-cap alternatives, the fund is positioned for continued outperformance amid favorable valuations and monetary policy tailwinds.
Jun 30 2025	2025 Q2	IREN, NVDA	AI, defense, emerging markets, international, nuclear, small caps, technology	-	Hood River's international small-cap fund delivered 26.90% returns in Q2 by maintaining fundamental focus during tariff volatility. Strategic shifts included reducing AI exposure while adding European defense plays and emerging market positions. Strong stock selection across sectors drove 967 basis points of alpha, with technology and industrials leading performance despite ongoing geopolitical uncertainties.
Mar 31 2025	2025 Q1	-	AI, Europe, geopolitics, international, small cap, Trade Policy, uranium	-	Hood River's international small-cap strategy underperformed in Q1 as policy uncertainty disrupted fundamental-driven stock selection. AI infrastructure exposure faced Deepseek-related volatility despite management confidence in 20% capex growth. Europe outperformed significantly on fiscal expansion optimism. Managers maintain disciplined earnings momentum focus, viewing current turbulence as potentially preceding favorable conditions.
Dec 31 2024	2024 Q4	JUST.L, NBIS	AI, Asia, emerging markets, Europe, insurance, international, small cap, value	JUST.L NBIS	Hood River's International Opportunity Fund significantly outperformed in Q4 2024, driven by strong stock selection across consumer discretionary, industrials, and financials. The fund maintains concentrated exposure to undervalued international small-caps, including UK insurance specialist Just Group and AI infrastructure play Nebius. Despite macro headwinds, attractive valuations in international markets versus expensive U.S. equities present compelling opportunities for 2025.
Sep 30 2024	2024 Q3	DKNG, GENI.L	Bottom-up, China, Europe, international, Japan, small cap, stock selection, technology	GENI	Hood River's international small-cap fund demonstrates strong stock selection with +602 basis points of year-to-date outperformance despite Q3 headwinds. Their bottom-up approach identifies opportunities like Genius Sports in the growing sports betting data market. Geographic focus spans Europe and Asia-Pacific, with tactical adjustments around Japanese carry trade volatility while maintaining conviction in long-term international market inefficiencies.
Jun 30 2024	2024 Q2	-	Asia, emerging markets, Europe, international, IPOs, semiconductors, small caps, value	AII CN	Hood River's international small-cap fund significantly outperformed in Q2 through superior stock selection, capitalizing on unwarranted discounts versus US peers. European economic recovery, Japanese governance reforms, and Asian semiconductor cycle revival provide multiple regional catalysts. Strong IPO participation and deep small-cap expertise position the fund well to exploit ongoing international market inefficiencies.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jan 12 2026

2025 Q4

C79.AX, CCS.DE, META

AI, China, Europe, India, international, Outperformance, small cap

CA1 GR
C79 AU

Hood River's International Opportunity Fund returned 41.49% in 2025, outperforming by 12.23% as international markets led U.S. equities. New AI robotics and mining technology holdings reflect the broadening opportunity set beyond U.S. mega-caps. Improving policy conditions in China and India, combined with central bank easing globally, create compelling prospects for selective international small-cap investing in 2026.

Oct 20 2025

2025 Q3

AII.TO, AVI.MI

AI, Asia, Critical Minerals, defense, Europe, international, semiconductors, small cap

AII CN

Hood River International Opportunity Fund delivered 19.08% Q3 returns by exploiting inefficiencies in international small-caps. The strategy targets AI infrastructure, European defense spending, and critical minerals outside China. With over 4,000 underresearched names and historically superior risk-adjusted returns versus large-cap alternatives, the fund is positioned for continued outperformance amid favorable valuations and monetary policy tailwinds.

Jun 30 2025

2025 Q2

IREN, NVDA

AI, defense, emerging markets, international, nuclear, small caps, technology

Hood River's international small-cap fund delivered 26.90% returns in Q2 by maintaining fundamental focus during tariff volatility. Strategic shifts included reducing AI exposure while adding European defense plays and emerging market positions. Strong stock selection across sectors drove 967 basis points of alpha, with technology and industrials leading performance despite ongoing geopolitical uncertainties.

Mar 31 2025

2025 Q1

AI, Europe, geopolitics, international, small cap, Trade Policy, uranium

Hood River's international small-cap strategy underperformed in Q1 as policy uncertainty disrupted fundamental-driven stock selection. AI infrastructure exposure faced Deepseek-related volatility despite management confidence in 20% capex growth. Europe outperformed significantly on fiscal expansion optimism. Managers maintain disciplined earnings momentum focus, viewing current turbulence as potentially preceding favorable conditions.

Dec 31 2024

2024 Q4

JUST.L, NBIS

AI, Asia, emerging markets, Europe, insurance, international, small cap, value

JUST.L
NBIS

Hood River's International Opportunity Fund significantly outperformed in Q4 2024, driven by strong stock selection across consumer discretionary, industrials, and financials. The fund maintains concentrated exposure to undervalued international small-caps, including UK insurance specialist Just Group and AI infrastructure play Nebius. Despite macro headwinds, attractive valuations in international markets versus expensive U.S. equities present compelling opportunities for 2025.

Sep 30 2024

2024 Q3

DKNG, GENI.L

Bottom-up, China, Europe, international, Japan, small cap, stock selection, technology

GENI

Hood River's international small-cap fund demonstrates strong stock selection with +602 basis points of year-to-date outperformance despite Q3 headwinds. Their bottom-up approach identifies opportunities like Genius Sports in the growing sports betting data market. Geographic focus spans Europe and Asia-Pacific, with tactical adjustments around Japanese carry trade volatility while maintaining conviction in long-term international market inefficiencies.

Jun 30 2024

2024 Q2

Asia, emerging markets, Europe, international, IPOs, semiconductors, small caps, value

AII CN

Hood River's international small-cap fund significantly outperformed in Q2 through superior stock selection, capitalizing on unwarranted discounts versus US peers. European economic recovery, Japanese governance reforms, and Asian semiconductor cycle revival provide multiple regional catalysts. Strong IPO participation and deep small-cap expertise position the fund well to exploit ongoing international market inefficiencies.

QUARTER	THEMES	TAGS
2025 Q4	AI AI continues to be a potentially powerful long-term growth driver, presenting opportunities across multiple non-U.S. markets beyond well-known semiconductor leaders. The fund added Circus SE, a German AI-driven robotics company automating food preparation and logistics.	Robotics Automation Technology
	Mining Services The fund added Chrysos, an Australian mining technology company with proprietary PhotonAssay technology that allows miners to test ore samples faster, safer, and more consistently than traditional methods. The company is expanding its installed base with large mining operators.	Technology Gold Copper
	China Government efforts to reduce excessive price competition and industrial overcapacity are still early but may gradually improve earnings quality and capital discipline in certain sectors. The managers are identifying select opportunities and have been deliberate in adding exposure.	Policy Reform Overcapacity
	India The fund is selectively building exposure as consumption-focused policy measures start to show results. As they move into 2026, the benefits of these reforms are expected to become more evident in corporate earnings, strengthening the longer-term outlook.	Consumption Reform Policy
2025 Q3	AI Optimism around artificial intelligence, along with the heavy investment required to build out its infrastructure, added to relative returns this quarter. The team continues to see significant opportunity in the companies that provide the backbone for technological progress.	Infrastructure Technology Investment
	Small Caps Well-valued small- and mid-cap companies were among the biggest beneficiaries in the quarter. The structural advantage within the small cap space pertains to active management with more than 4,000 names in the index and sparse sell-side coverage creating abundant inefficiencies.	Active Management Inefficiencies Outperformance
	Semiconductors China and other Asian tech-heavy markets, including Taiwan and Korea, were key drivers supported by policy measures and strong demand for semiconductors and AI infrastructure.	Asia Taiwan Korea Demand
	Defense Avio S.p.A. has gained momentum from renewed government defense spending across Europe and recently secured a contract with the European Space Agency to design a mini-Starship vehicle.	Europe Government Spending Space
	Critical Minerals Almonty Industries is building a robust portfolio of tungsten and molybdenum assets and is positioning itself as a key tungsten producer outside China and a strategically important player in North America.	Tungsten Molybdenum Strategic Supply Chain
2025 Q2	AI The portfolio had developed a pronounced tilt toward AI and infrastructure needed to support its rapid expansion. Due to market instability and growing concerns about the pace of future AI-related investment, exposure was prudently reduced. However, technology holdings overall were increased, with particular excitement about semiconductor materials innovations being integrated into supply chains of major players like NVIDIA and data centers.	Semiconductors Data Centers Infrastructure Technology NVIDIA
	Defense Spending New positions were introduced tied to rising European defense budgets. Many countries in the portfolio are well-positioned to support European defense initiatives through the supply of essential materials and resources.	Europe Defense Materials Resources Budget
	Nuclear Exposure to nuclear energy was modestly reduced despite continued belief in long-term adoption as a key component of global decarbonization strategies. Capital flows into uranium-related equities have tapered off following a strong run-up, with much of the enthusiasm already priced in. A core position is maintained to benefit from longer-term tailwinds.	Uranium Energy Decarbonization Nuclear Power
	Crypto A standout investment has been IRIS Energy, an Australian-based company and one of the world's top bitcoin miners. With a development pipeline exceeding 3 gigawatts of power, IRIS is scaling rapidly within the AI and high-performance computing segments, already beginning to attract attention from hyperscalers with insatiable energy demand.	Bitcoin Mining Power Computing Energy
2025 Q1	AI AI and supporting infrastructure represents a significant portion of technology and industrial exposure. Despite quarterly turbulence from Deepseek concerns and spending uncertainty, management conversations confirm positive trajectory with infrastructure expansion accelerating. Actual capital expenditures expected closer to 20% versus market expectations of 8%.	Infrastructure Capex Deepseek Hyperscale Training
	Trade Policy U.S. administration implemented sweeping executive orders addressing global trade, immigration, and geopolitics, creating heightened uncertainty and volatility. Canada repositioned to neutral weight due to negative tariff-related headlines and trade relationship questions with the U.S.	Tariffs Executive Orders Immigration Geopolitics Uncertainty
	Uranium Primary exposure in Canada remains focused on uranium, a resource abundant in the region and positioned as a key long-term solution to global power demand amid the broader energy transition.	Canada Power Demand Energy Resources Long-term
2024 Q4	AI Artificial intelligence remains a key focus in the portfolio, with success driven by investments in critical infrastructure supporting AI growth and adoption, such as data centers, natural gas, gas turbines, and grid infrastructure. The fund invested in Nebius, a direct AI datacenter play based in the Netherlands that provides global AI producers with essential resources including an AI-centric cloud platform, large-scale GPU clusters, cloud services, and developer tools.	Data Centers Cloud GPUs Infrastructure
2024 Q3	AI AI-related investments had a mixed quarter after huge gains earlier in the year. Stocks tied to AI, especially in hardware and semiconductors, saw cooling compared to broader international markets in Q3 despite growing demand for AI infrastructure driven by advances in generative AI models requiring massive computing power.	Semiconductors Hardware Infrastructure Computing Generative
	Sports Betting Genius Sports represents a key opportunity as a global player in sports data and technology working with leagues and betting operators. They specialize in real-time sports data crucial for sportsbooks and have exclusive partnerships with top leagues like NFL, NBA, and English Premier League, positioning them at the epicenter of rapid structural growth.	Data Technology Real-time Partnerships Growth
2024 Q2	Small Caps The fund focuses on international small-cap markets which are trading at notable discounts to US counterparts. The normalization of interest rates has created a favorable environment for international small-cap equities. The small cap IPO market outside the US has remained robust with the fund participating in five IPOs year-to-date.	Small Caps Value IPOs Rates
	Semiconductor Cycle Other emerging markets in Asia such as Korea and Taiwan continue to benefit from a revival in the electronics cycle and an AI-driven boost in semiconductors. This represents a key growth driver for the region.	Semiconductor Cycle AI Asia Electronics

QUARTER

THEMES

AI

AI continues to be a potentially powerful long-term growth driver, presenting opportunities across multiple non-U.S. markets beyond well-known semiconductor leaders. The fund added Circus SE, a German AI-driven robotics company automating food preparation and logistics.

Robotics Automation Technology

Mining Services

The fund added Chrysos, an Australian mining technology company with proprietary PhotonAssay technology that allows miners to test ore samples faster, safer, and more consistently than traditional methods. The company is expanding its installed base with large mining operators.

Technology Gold Copper

China

Government efforts to reduce excessive price competition and industrial overcapacity are still early but may gradually improve earnings quality and capital discipline in certain sectors. The managers are identifying select opportunities and have been deliberate in adding exposure.

Policy Reform Overcapacity

India

The fund is selectively building exposure as consumption-focused policy measures start to show results. As they move into 2026, the benefits of these reforms are expected to become more evident in corporate earnings, strengthening the longer-term outlook.

Consumption Reform Policy

2025 Q3

AI

Optimism around artificial intelligence, along with the heavy investment required to build out its infrastructure, added to relative returns this quarter. The team continues to see significant opportunity in the companies that provide the backbone for technological progress.

Infrastructure Technology Investment

Small Caps

Well-valued small- and mid-cap companies were among the biggest beneficiaries in the quarter. The structural advantage within the small cap space pertains to active management with more than 4,000 names in the index and sparse sell-side coverage creating abundant inefficiencies.

Active Management Inefficiencies Outperformance

Semiconductors

China and other Asian tech-heavy markets, including Taiwan and Korea, were key drivers supported by policy measures and strong demand for semiconductors and AI infrastructure.

Asia Taiwan Korea Demand

Defense

Avio S.p.A. has gained momentum from renewed government defense spending across Europe and recently secured a contract with the European Space Agency to design a mini-Starship vehicle.

Europe Government Spending Space

Critical Minerals

Almonty Industries is building a robust portfolio of tungsten and molybdenum assets and is positioning itself as a key tungsten producer outside China and a strategically important player in North America.

Tungsten Molybdenum Strategic Supply Chain

2025 Q2

AI

The portfolio had developed a pronounced tilt toward AI and infrastructure needed to support its rapid expansion. Due to market instability and growing concerns about the pace of future AI-related investment, exposure was prudently reduced. However, technology holdings overall were increased, with particular excitement about semiconductor materials innovations being integrated into supply chains of major players like NVIDIA and data centers.

Semiconductors Data Centers Infrastructure Technology NVIDIA

Defense Spending

New positions were introduced tied to rising European defense budgets. Many countries in the portfolio are well-positioned to support European defense initiatives through the supply of essential materials and resources.

Europe Defense Materials Resources Budget

Nuclear

Exposure to nuclear energy was modestly reduced despite continued belief in long-term adoption as a key component of global decarbonization strategies. Capital flows into uranium-related equities have tapered off following a strong run-up, with much of the enthusiasm already priced in. A core position is maintained to benefit from longer-term tailwinds.

Uranium Energy Decarbonization Nuclear Power

Crypto

A standout investment has been IRIS Energy, an Australian-based company and one of the world's top bitcoin miners. With a development pipeline exceeding 3 gigawatts of power, IRIS is scaling rapidly within the AI and high-performance computing segments, already beginning to attract attention from hyperscalers with insatiable energy demand.

Bitcoin Mining Power Computing Energy

2025 Q1

AI

AI and supporting infrastructure represents a significant portion of technology and industrial exposure. Despite quarterly turbulence from Deepseek concerns and spending uncertainty, management conversations confirm positive trajectory with infrastructure expansion accelerating. Actual capital expenditures expected closer to 20% versus market expectations of 8%.

Infrastructure Capex Deepseek Hyperscale Training

Trade Policy

U.S. administration implemented sweeping executive orders addressing global trade, immigration, and geopolitics, creating heightened uncertainty and volatility. Canada repositioned to neutral weight due to negative tariff-related headlines and trade relationship questions with the U.S.

Tariffs Executive Orders Immigration Geopolitics Uncertainty

Uranium

Primary exposure in Canada remains focused on uranium, a resource abundant in the region and positioned as a key long-term solution to global power demand amid the broader energy transition.

Canada Power Demand Energy Resources Long-term

2024 Q4

AI

Artificial intelligence remains a key focus in the portfolio, with success driven by investments in critical infrastructure supporting AI growth and adoption, such as data centers, natural gas, gas turbines, and grid infrastructure. The fund invested in Nebius, a direct AI datacenter play based in the Netherlands that provides global AI producers with essential resources including an AI-centric cloud platform, large-scale GPU clusters, cloud services, and developer tools.

Data Centers Cloud GPUs Infrastructure

2024 Q3

AI

AI-related investments had a mixed quarter after huge gains earlier in the year. Stocks tied to AI, especially in hardware and semiconductors, saw cooling compared to broader international markets in Q3 despite growing demand for AI infrastructure driven by advances in generative AI models requiring massive computing power.

Semiconductors Hardware Infrastructure Computing Generative

Sports Betting

Genius Sports represents a key opportunity as a global player in sports data and technology working with leagues and betting operators. They specialize in real-time sports data crucial for sportsbooks and have exclusive partnerships with top leagues like NFL, NBA, and English Premier League, positioning them at the epicenter of rapid structural growth.

Data Technology Real-time Partnerships Growth

2024 Q2

Small Caps

The fund focuses on international small-cap markets which are trading at notable discounts to US counterparts. The normalization of interest rates has created a favorable environment for international small-cap equities. The small cap IPO market outside the US has remained robust with the fund participating in five IPOs year-to-date.

Small Caps Value IPOs Rates

Semiconductor Cycle

Other emerging markets in Asia such as Korea and Taiwan continue to benefit from a revival in the electronics cycle and an AI-driven boost in semiconductors. This represents a key growth driver for the region.

Semiconductor Cycle AI Asia Electronics

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 12, 2026	Fund Letters	Brian Smoluch	C79 AU	Chrysos Corporation Limited	Information Technology	Electronic Equipment & Instruments	Bull	New York Stock Exchange	Adoption, Instrumentation, Margins, Miningtechnology, Recurringrevenue	Login
Jan 12, 2026	Fund Letters	Brian Smoluch	CA1 GR	Circus SE	Industrials	Industrial Machinery	Bull	Xetra	AI, Automation, Defense, robotics, Scalability	Login
Oct 20, 2025	Fund Letters	Brian Smoluch	AII CN	Almonty Industries Inc.	Financials	Metals & Mining	Bull	TSX	cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration	Login
Oct 20, 2025	Fund Letters	Brian Smoluch	AII CN	Almonty Industries Inc.	Financials	Metals & Mining	Bull	TSX	cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration	Login
Dec 31, 2024	Fund Letters	Hood River Capital - International Opportunity Fund	JUST.L	Just Group PLC	Financials	Life & Health Insurance	Bull	London Stock Exchange	Asset Base Expansion, financials, life insurance, Mid-tier Market, retirement income, Revenue Growth, UK	Login
Dec 31, 2024	Fund Letters	Hood River Capital - International Opportunity Fund	NBIS	Nebius	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ	AI infrastructure, Artificial Intelligence, autonomous driving, cloud platform, data centers, GPU Clusters, Netherlands, NVIDIA investment	Login
Sep 30, 2024	Fund Letters	Hood River Capital - International Opportunity Fund	GENI	Genius Sports Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Exclusive Partnerships, Global, growth, Media Platforms, Real-time Analytics, SaaS, Sports betting, Sports Data, Structural Growth, technology	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 12, 2026

Fund Letters

Brian Smoluch

C79 AU

Chrysos Corporation Limited

Information Technology

Electronic Equipment & Instruments

Bull

New York Stock Exchange

Adoption, Instrumentation, Margins, Miningtechnology, Recurringrevenue

Jan 12, 2026

Fund Letters

Brian Smoluch

CA1 GR

Circus SE

Industrials

Industrial Machinery

Bull

Xetra

AI, Automation, Defense, robotics, Scalability

Oct 20, 2025

Fund Letters

Brian Smoluch

AII CN

Almonty Industries Inc.

Financials

Metals & Mining

Bull

TSX

cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration

Oct 20, 2025

Fund Letters

Brian Smoluch

AII CN

Almonty Industries Inc.

Financials

Metals & Mining

Bull

TSX

cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration

Dec 31, 2024

Fund Letters

Hood River Capital - International Opportunity Fund

JUST.L

Just Group PLC

Financials

Life & Health Insurance

Bull

London Stock Exchange

Asset Base Expansion, financials, life insurance, Mid-tier Market, retirement income, Revenue Growth, UK

Dec 31, 2024

Fund Letters

Hood River Capital - International Opportunity Fund

NBIS

Nebius

Information Technology

Data Processing & Outsourced Services

Bull

NASDAQ

AI infrastructure, Artificial Intelligence, autonomous driving, cloud platform, data centers, GPU Clusters, Netherlands, NVIDIA investment

Sep 30, 2024

Fund Letters

Hood River Capital - International Opportunity Fund

GENI

Genius Sports Limited

Communication Services

Interactive Media & Services

Bull

NYSE

Exclusive Partnerships, Global, growth, Media Platforms, Real-time Analytics, SaaS, Sports betting, Sports Data, Structural Growth, technology

TICKER	COMMENTARY
C79.AX	Another new addition is Chrysos, an Australian mining technology company focused on improving the analysis of gold, silver, copper, and other critical metals. Its proprietary PhotonAssay technology allows miners to test ore samples faster, safer, and more consistently than traditional methods. Chrysos is steadily expanding its installed base with large mining operators and global laboratory partners, embedding its systems directly into customer workflows. In our view, investors are undervaluing both the durability of its business model and the earnings potential from broader industry adoption.
CCS.DE	We recently added a compelling new holding to the fund in Circus SE, a German-based company developing AI-driven robotics that automate food preparation and logistics across both commercial and defense markets. The company has gained early traction through partnerships such as its collaboration with Meta Germany and agreements with military branches to deliver its technology directly to troops, highlighting the real-world value of its platform. While current market expectations take a conservative view of future profitability, we believe Circus SE's long-term earnings potential is meaningfully undervalued as adoption broadens and the business scales.

TICKER

COMMENTARY

C79.AX

Another new addition is Chrysos, an Australian mining technology company focused on improving the analysis of gold, silver, copper, and other critical metals. Its proprietary PhotonAssay technology allows miners to test ore samples faster, safer, and more consistently than traditional methods. Chrysos is steadily expanding its installed base with large mining operators and global laboratory partners, embedding its systems directly into customer workflows. In our view, investors are undervaluing both the durability of its business model and the earnings potential from broader industry adoption.

CCS.DE

We recently added a compelling new holding to the fund in Circus SE, a German-based company developing AI-driven robotics that automate food preparation and logistics across both commercial and defense markets. The company has gained early traction through partnerships such as its collaboration with Meta Germany and agreements with military branches to deliver its technology directly to troops, highlighting the real-world value of its platform. While current market expectations take a conservative view of future profitability, we believe Circus SE's long-term earnings potential is meaningfully undervalued as adoption broadens and the business scales.

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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

AI

Mining Services

China

India

AI

Small Caps

Semiconductors

Defense

Critical Minerals

AI

Defense Spending

Nuclear

Crypto

AI

Trade Policy

Uranium

AI

AI

Sports Betting

Small Caps

Semiconductor Cycle

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brian Smoluch Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Hood River Capital – International Opportunity Fund