WS Amati Global Innovation Fund

Investor Summary

Mikhail Zverev joined Amati Global Investors in February 2022 specifically to manage the WS Amati Global Innovation Fund. Between 2007 and 2021, he managed high conviction global funds and ran global equities teams at Standard Life Investments (now Abrdn) and Aviva Investors. Mikhail holds a BSc in Semiconductor Physics from St Petersburg State Technical University and an MSc in Accounting and Finance from the London School of Economics. His finance career began in 1998 at Trigon Capital, focusing on raising capital for Eastern European tech companies, followed by roles at Citigroup as a M&A analyst and First State Investments as a Senior Equity Analyst. Co-manager Graeme Bencke works alongside Mikhail to implement the fund's innovation-focused investment strategy.

Fund Strategy

The fund believes that innovation brings about change, uncertainty and complexity and creates impact across sectors. Investors are often biased against these factors in their investment approach and are not always optimally equipped to identify, assess, and price that impact. Academic research demonstrates that the stock market consistently misvalues innovation and appears to under-react to the information contained in R&D investments. The fund aims to generate alpha by taking advantage of this market inefficiency, pursuing innovation in a holistic way across regions, sectors, and value chains, moving beyond ubiquitous mega-caps and high growth/low profitability stocks to focus on companies that create sustainable value from innovative products, services and business models.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

The WS Amati Global Innovation Fund held up well during Q1 2026 despite market volatility from Middle East conflicts and commodity price surges. The fund's exposure to defense technology provided a helpful tailwind, but the real stars were AI-related investments that had broadened beyond the Magnificent companies. Samsung Electronics led performance after regaining momentum in HBM products with strong demand and pricing, plus a $10 billion buyback. Lumentum benefited from surging demand for optical networking in AI infrastructure, while MKS Instruments gained from increased chip manufacturing investment. The fund added four new positions including Basler and Tecan Group to capture Physical AI trends, Bentley Systems as an undervalued software play, and James Hardie for innovative building materials. Despite geopolitical uncertainties, the manager remains confident in their innovation-focused approach, believing higher costs will drive greater emphasis on productivity solutions that innovation provides.

Forward Outlook

The manager acknowledges it seems foolish to provide an outlook given current Middle East uncertainties and ongoing geopolitical pressures, but remains very confident in the innovation frontiers in which they are invested. Higher commodity prices may increase economy-wide costs but will simply require greater emphasis on productivity, with innovation providing the solutions.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 23 2026	2026 Q1	005930 KS, BAS.DE, BSY, JHX, LITE, MKSI, PI, TECN SW, VU.PA, WGS	AI, Automation, defense, global, innovation, semiconductors, technology	005930.KS LITE MKSI PI VU.PA TECN.SW BSY JHX	Amati's innovation fund outperformed during Q1 2026 volatility by focusing beyond Magnificent Seven AI plays into specialized areas like photonics and memory semiconductors. Samsung, Lumentum, and MKS Instruments led gains from AI infrastructure demand. Added positions in Physical AI beneficiaries and undervalued software. Geopolitical risks persist but innovation themes remain compelling.
Jan 22 2026	2025 Q4	000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC	AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology	CGNX CHG LN PTC LITE 005930 KS 000660 KS LLY FN 4544 JP	Zverev's innovation fund capitalizes on structural technology adoption beyond AI hype. Strong performance from memory semiconductors and photonics validates long-term themes. Added to quality positions during temporary weakness in machine vision, defense tech, and industrial software. New investments target data center optical transitions and Alzheimer's diagnostics leadership. Portfolio positioned for innovation frontiers with compelling fundamentals.
Sep 30 2025	2025 Q3	AVY, CGNX, CHG.L, DRS, DXCM, GLBE, GLOB, HUBB, LITE, PI, PRCT, QGEN, RGEN, SHOP, TLX.AX	AI, Biotechnology, defense, global, growth, innovation, Robotics, technology	-	Innovation-focused fund targeting non-consensus opportunities across technology sectors. Q3 2025 saw headwinds from AI concentration and Life Sciences funding cuts, but strong performance from RFID, photonics, and machine vision companies. Portfolio refreshed with four new positions capitalizing on digitalization, e-commerce, defense, and biomanufacturing trends. Manager maintains conviction that technological advantages will drive growth regardless of macro conditions.
Jun 30 2025	2025 Q2	AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO	AI, Fed policy, Global Markets, Portfolio Management, semiconductors, technology	-	Alpine Capital rotated semiconductor exposure and maintained AI conviction during Q3's market rally. The manager dismisses AI bubble fears, arguing hyperscaler spending creates genuine efficiencies and revenue streams. With Fed cuts supporting markets and concentrated positioning intact, they expect patient capital to compound superior returns despite near-term volatility.
Sep 30 2024	2024 Q3	-	Consumer Sentiment, Fed policy, inflation, sector rotation, technology, Trade Policy	-	U.S. markets posted strong Q2 2025 gains with S&P 500 up 10.2% and NASDAQ surging 16.7%, driven by cooling inflation and AI-fueled tech outperformance. Information Technology soared 23% while Energy fell 8.4%. Tariff-induced volatility was viewed as manageable. Fed held rates steady at 5.25%-5.50% awaiting sustained disinflation progress.
Jun 30 2024	2024 Q2	AAPL, AMZN	Capitalism, Geopolitical, South Africa, tariffs, technology, Trade Policy, United States	-	Alpine Capital views Q1 2025's tariff-driven market volatility as temporary disruption rather than structural decline, maintaining strong conviction in American economic resilience and capitalism's wealth-creation superiority. Despite S&P 500's 4.3% decline, they emphasize US companies' global revenue exposure and profit-focused culture. South African exposure remains deliberately underweighted due to persistent capital outflows and political instability.
Dec 31 2023	2023 Q4	AIR.PA, AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, growth, India, small caps, tariffs, Trade Policy	-	India-focused fund down 6% year-to-date but maintains 13.2% annual returns since 2013. Portfolio concentrated in small-cap Indian companies at 14.8x forward earnings, with 6% exposure to defense indigenization theme. Managers confident in India's domestic growth resilience despite U.S. trade tensions, supported by rate cuts, tax reforms, and diversified trade partnerships.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 23 2026

2026 Q1

005930 KS, BAS.DE, BSY, JHX, LITE, MKSI, PI, TECN SW, VU.PA, WGS

AI, Automation, defense, global, innovation, semiconductors, technology

005930.KS
LITE
MKSI
PI
VU.PA
TECN.SW
BSY
JHX

Amati's innovation fund outperformed during Q1 2026 volatility by focusing beyond Magnificent Seven AI plays into specialized areas like photonics and memory semiconductors. Samsung, Lumentum, and MKS Instruments led gains from AI infrastructure demand. Added positions in Physical AI beneficiaries and undervalued software. Geopolitical risks persist but innovation themes remain compelling.

Jan 22 2026

2025 Q4

000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC

AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology

CGNX
CHG LN
PTC
LITE
005930 KS
000660 KS
LLY
FN
4544 JP

Zverev's innovation fund capitalizes on structural technology adoption beyond AI hype. Strong performance from memory semiconductors and photonics validates long-term themes. Added to quality positions during temporary weakness in machine vision, defense tech, and industrial software. New investments target data center optical transitions and Alzheimer's diagnostics leadership. Portfolio positioned for innovation frontiers with compelling fundamentals.

Sep 30 2025

2025 Q3

AVY, CGNX, CHG.L, DRS, DXCM, GLBE, GLOB, HUBB, LITE, PI, PRCT, QGEN, RGEN, SHOP, TLX.AX

AI, Biotechnology, defense, global, growth, innovation, Robotics, technology

Innovation-focused fund targeting non-consensus opportunities across technology sectors. Q3 2025 saw headwinds from AI concentration and Life Sciences funding cuts, but strong performance from RFID, photonics, and machine vision companies. Portfolio refreshed with four new positions capitalizing on digitalization, e-commerce, defense, and biomanufacturing trends. Manager maintains conviction that technological advantages will drive growth regardless of macro conditions.

Jun 30 2025

2025 Q2

AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO

AI, Fed policy, Global Markets, Portfolio Management, semiconductors, technology

Alpine Capital rotated semiconductor exposure and maintained AI conviction during Q3's market rally. The manager dismisses AI bubble fears, arguing hyperscaler spending creates genuine efficiencies and revenue streams. With Fed cuts supporting markets and concentrated positioning intact, they expect patient capital to compound superior returns despite near-term volatility.

Sep 30 2024

2024 Q3

Consumer Sentiment, Fed policy, inflation, sector rotation, technology, Trade Policy

U.S. markets posted strong Q2 2025 gains with S&P 500 up 10.2% and NASDAQ surging 16.7%, driven by cooling inflation and AI-fueled tech outperformance. Information Technology soared 23% while Energy fell 8.4%. Tariff-induced volatility was viewed as manageable. Fed held rates steady at 5.25%-5.50% awaiting sustained disinflation progress.

Jun 30 2024

2024 Q2

AAPL, AMZN

Capitalism, Geopolitical, South Africa, tariffs, technology, Trade Policy, United States

Alpine Capital views Q1 2025's tariff-driven market volatility as temporary disruption rather than structural decline, maintaining strong conviction in American economic resilience and capitalism's wealth-creation superiority. Despite S&P 500's 4.3% decline, they emphasize US companies' global revenue exposure and profit-focused culture. South African exposure remains deliberately underweighted due to persistent capital outflows and political instability.

Dec 31 2023

2023 Q4

AIR.PA, AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT

defense, growth, India, small caps, tariffs, Trade Policy

India-focused fund down 6% year-to-date but maintains 13.2% annual returns since 2013. Portfolio concentrated in small-cap Indian companies at 14.8x forward earnings, with 6% exposure to defense indigenization theme. Managers confident in India's domestic growth resilience despite U.S. trade tensions, supported by rate cuts, tax reforms, and diversified trade partnerships.

QUARTER	THEMES	TAGS
2026 Q1	AI AI investment has widened beyond the Magnificent companies to more obscure areas like photonics, memory semiconductors, and specialist equipment. Physical AI and robotic equipment are becoming more complex and require advanced vision systems. AI is accelerating drug development processes requiring more lab automation.	Artificial Intelligence Machine Learning Physical AI Robotics Automation
	Semiconductors Samsung Electronics regained momentum with HBM products supported by insatiable demand and sharply increasing prices. MKS Instruments benefits from broader capital investment into chip manufacturing and increasing complexity of AI-related chips driving higher demand.	Memory HBM Chip Manufacturing Fabrication Equipment
	Defense Exposure to defense technology was a helpful tailwind during the quarter amid the sudden ramp up in hostility in the Middle East and ongoing geopolitical tensions.	Defense Technology Geopolitical Risk Military Equipment
	Data Centers Lumentum benefits from dramatic increase in demand for optical networking equipment across AI infrastructure as speed and data requirements have surpassed copper capabilities, introducing optical communications deeper into data centers.	Optical Networking Infrastructure Photonics Connectivity
	Automation Tecan Group benefits as AI accelerates drug development requiring labs to keep pace with more effective automation. Basler positioned to benefit from Physical AI as robotic equipment becomes more complex and needs advanced vision systems.	Lab Automation Machine Vision Industrial Automation Robotics
2025 Q4	Healthcare IT CareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs.	RCM EHR Healthcare Consolidation Switching Costs
	Cement ICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors.	Energy Efficiency Transport Kazakhstan Cost Advantage Infrastructure
	Construction CTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog.	Singapore Government Cash Flow Backlog Public Projects
2025 Q3	AI Staggering levels of capital investment into generative AI infrastructure continued throughout Q3 2025, propelling AI chips and equipment suppliers to ever higher valuations. The concentration of performance from this magnificent cohort rose beyond historic peak levels. The scale of the ultimate prize is still believed to be justification enough despite elusive returns.	Generative AI Infrastructure Chips Equipment Valuations
	Biotechnology Life Sciences sector suffered from Federal funding cuts to research and development under Republican changes at academic institutions. The delay in NIH funding has cost cutting-edge scientific research, though the outlook appears to be improving. FDA saw significant staffing cuts and leadership changes causing drug approval delays.	NIH FDA Drug Approvals Research Funding
	Defense Spending Tragic conflicts in Ukraine and Gaza led to a surge in defence spending across Europe. The fund added Chemring, a UK defence technology business with core energetics, countermeasures, and advanced electronic warfare technology, positioned to benefit from huge rise in defence spending across Europe and beyond.	Ukraine Gaza Electronic Warfare Countermeasures Europe
	Onshoring The much-vaunted drive for US industrial reshoring under the Trump administration should provide a tailwind over time. This is receiving particular focus in the pharmaceutical and biotech space, with companies like Repligen positioned to benefit from newer production techniques being applied.	Industrial Pharmaceutical Biotech Production Manufacturing
	Robotics Procept Biorobotics represents surgical robotics innovation, while Cognex's machine vision equipment uses AI developments to learn on the job in hours or minutes. As broader capital investment returns and newer factories and robots are built, these companies stand to benefit from productivity improvements.	Surgical Machine Vision Factories Productivity Automation
	E-commerce Global-E Online provides pioneering solutions for e-commerce merchants to seamlessly access international markets. As the primary solution partner for retail platforms including Shopify, Global-e has consistently expanded its product offering and geographic coverage for global brands.	International Markets Shopify Retail Platforms Geographic Coverage Merchants
2025 Q2	AI Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The manager views AI as having potential to double economic growth by empowering individuals and enterprises to achieve far more.	Data Centers Cloud Semiconductors Automation Productivity
	Semiconductors The manager executed a rotation from Micron to the iShares Semiconductor ETF and added Lam Research, viewing the semiconductor sector as benefiting from AI spending trends. While acknowledging some circular spending concerns within the broader semiconductor industry, these bubble worries are viewed as distant and not a pressing crisis.	Semi Equipment Memory Foundries AI Data Centers
2024 Q3	Inflation Both Consumer Price Index and Producer Price Index showed meaningful signs of cooling, with CPI declining 0.1% in June 2024 marking the first monthly drop since May 2020. Core CPI rose just 0.1% in June, the smallest increase since August 2021, reinforcing expectations for Federal Reserve patience on interest rates.	CPI PPI Disinflation Fed Policy Price Growth
	Trade Policy Newly imposed tariffs on select imports, particularly in tech and renewable energy sectors, reshaped investor expectations and introduced pockets of volatility. Markets largely interpreted these trade policy shifts as manageable and potentially stimulative to domestic production in the medium term.	Tariffs Import Levies Domestic Production Trade Tensions Policy Shifts
	AI Information Technology sector soared over 23% in Q2 2025, benefiting from AI tailwinds alongside moderating inflation. The tech-laden sectors including Information Technology and Communication Services outperformed dramatically from quarter-to-quarter.	Technology AI Tailwinds Sector Performance Tech Outperformance Communication Services
2024 Q2	Trade Policy Tariff implementation has created market disruption and operational paralysis across sectors. The Trump administration's tariff policies have introduced volatility through rapid introduction, partial retraction, and reinstatement, challenging market stability despite justifiable objectives to address trade imbalances.	Tariffs Supply Chain Manufacturing Retail DOGE
	United States The US remains the preeminent hub of global economic activity with the largest, most profitable corporations. American companies derive substantial international revenue and operate within a system singularly dedicated to profit generation, supported by the most extensive financial markets and top global talent.	Capitalism S&P 500 Technology Wall Street Shareholder Value
	South Africa South Africa continues experiencing persistent capital outflows driven by political instability and economic stagnation. The ZAR remains under pressure despite high real interest rates, with equity markets offering limited appeal despite discounted valuations due to lack of catalysts.	ZAR Capital Outflows SARB GNU Bonds
2023 Q4	India India is the world's fastest-growing major economy, on track to overtake Germany as the world's third-biggest by 2028. India's resilience in the face of increased U.S. tariffs underscores the durability of its domestic consumer-driven economic growth. India's buoyant economy is set to receive a further boost from freer trade with non-U.S. partners, deepening domestic capital markets, stimulative tax reforms, and looser monetary policy.	India Growth Domestic Economy Resilience
	Trade Policy The U.S. imposed 25% tariffs on Indian goods in late July 2025, followed by an additional 25% tariff in August, bringing total duties to 50% on categories including apparel, chemicals, and jewelry. However, India's goods exports to the U.S. account for just ~2.2% of the Indian economy, making the impact quite manageable. Mounting U.S. trade barriers have accelerated India's pursuit of free trade deals with other countries.	Tariffs Trade Exports Barriers Agreements
	Defense The fund has increased exposure to defense/aerospace businesses, which now account for roughly 6% of capital. This includes advanced manufacturers and defense electronics suppliers benefiting from the ongoing indigenization of India's defense/aerospace procurement. Companies like Airbus and Rolls-Royce are awarding significant contracts to Indian firms.	Defense Aerospace Indigenization Procurement Electronics
	Small Caps Companies with market caps below $500 million account for 56% of Gymkhana's invested capital, up roughly 10 percentage points from last year. The portfolio's average market capitalization is just under $1 billion, versus nearly $2 billion last fall. This shift reflects exiting larger-cap positions and adding to less widely-known, more attractively mispriced smaller-caps.	Small Caps Market Cap Mispriced Concentration Value

QUARTER

THEMES

AI

AI investment has widened beyond the Magnificent companies to more obscure areas like photonics, memory semiconductors, and specialist equipment. Physical AI and robotic equipment are becoming more complex and require advanced vision systems. AI is accelerating drug development processes requiring more lab automation.

Artificial Intelligence Machine Learning Physical AI Robotics Automation

Semiconductors

Samsung Electronics regained momentum with HBM products supported by insatiable demand and sharply increasing prices. MKS Instruments benefits from broader capital investment into chip manufacturing and increasing complexity of AI-related chips driving higher demand.

Memory HBM Chip Manufacturing Fabrication Equipment

Defense

Exposure to defense technology was a helpful tailwind during the quarter amid the sudden ramp up in hostility in the Middle East and ongoing geopolitical tensions.

Defense Technology Geopolitical Risk Military Equipment

Data Centers

Lumentum benefits from dramatic increase in demand for optical networking equipment across AI infrastructure as speed and data requirements have surpassed copper capabilities, introducing optical communications deeper into data centers.

Optical Networking Infrastructure Photonics Connectivity

Automation

Tecan Group benefits as AI accelerates drug development requiring labs to keep pace with more effective automation. Basler positioned to benefit from Physical AI as robotic equipment becomes more complex and needs advanced vision systems.

Lab Automation Machine Vision Industrial Automation Robotics

2025 Q4

Healthcare IT

CareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs.

RCM EHR Healthcare Consolidation Switching Costs

Cement

ICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors.

Energy Efficiency Transport Kazakhstan Cost Advantage Infrastructure

Construction

CTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog.

Singapore Government Cash Flow Backlog Public Projects

2025 Q3

AI

Staggering levels of capital investment into generative AI infrastructure continued throughout Q3 2025, propelling AI chips and equipment suppliers to ever higher valuations. The concentration of performance from this magnificent cohort rose beyond historic peak levels. The scale of the ultimate prize is still believed to be justification enough despite elusive returns.

Generative AI Infrastructure Chips Equipment Valuations

Biotechnology

Life Sciences sector suffered from Federal funding cuts to research and development under Republican changes at academic institutions. The delay in NIH funding has cost cutting-edge scientific research, though the outlook appears to be improving. FDA saw significant staffing cuts and leadership changes causing drug approval delays.

NIH FDA Drug Approvals Research Funding

Defense Spending

Tragic conflicts in Ukraine and Gaza led to a surge in defence spending across Europe. The fund added Chemring, a UK defence technology business with core energetics, countermeasures, and advanced electronic warfare technology, positioned to benefit from huge rise in defence spending across Europe and beyond.

Ukraine Gaza Electronic Warfare Countermeasures Europe

Onshoring

The much-vaunted drive for US industrial reshoring under the Trump administration should provide a tailwind over time. This is receiving particular focus in the pharmaceutical and biotech space, with companies like Repligen positioned to benefit from newer production techniques being applied.

Industrial Pharmaceutical Biotech Production Manufacturing

Robotics

Procept Biorobotics represents surgical robotics innovation, while Cognex's machine vision equipment uses AI developments to learn on the job in hours or minutes. As broader capital investment returns and newer factories and robots are built, these companies stand to benefit from productivity improvements.

Surgical Machine Vision Factories Productivity Automation

E-commerce

Global-E Online provides pioneering solutions for e-commerce merchants to seamlessly access international markets. As the primary solution partner for retail platforms including Shopify, Global-e has consistently expanded its product offering and geographic coverage for global brands.

International Markets Shopify Retail Platforms Geographic Coverage Merchants

2025 Q2

AI

Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The manager views AI as having potential to double economic growth by empowering individuals and enterprises to achieve far more.

Data Centers Cloud Semiconductors Automation Productivity

Semiconductors

The manager executed a rotation from Micron to the iShares Semiconductor ETF and added Lam Research, viewing the semiconductor sector as benefiting from AI spending trends. While acknowledging some circular spending concerns within the broader semiconductor industry, these bubble worries are viewed as distant and not a pressing crisis.

Semi Equipment Memory Foundries AI Data Centers

2024 Q3

Inflation

Both Consumer Price Index and Producer Price Index showed meaningful signs of cooling, with CPI declining 0.1% in June 2024 marking the first monthly drop since May 2020. Core CPI rose just 0.1% in June, the smallest increase since August 2021, reinforcing expectations for Federal Reserve patience on interest rates.

CPI PPI Disinflation Fed Policy Price Growth

Trade Policy

Newly imposed tariffs on select imports, particularly in tech and renewable energy sectors, reshaped investor expectations and introduced pockets of volatility. Markets largely interpreted these trade policy shifts as manageable and potentially stimulative to domestic production in the medium term.

Tariffs Import Levies Domestic Production Trade Tensions Policy Shifts

AI

Information Technology sector soared over 23% in Q2 2025, benefiting from AI tailwinds alongside moderating inflation. The tech-laden sectors including Information Technology and Communication Services outperformed dramatically from quarter-to-quarter.

Technology AI Tailwinds Sector Performance Tech Outperformance Communication Services

2024 Q2

Trade Policy

Tariff implementation has created market disruption and operational paralysis across sectors. The Trump administration's tariff policies have introduced volatility through rapid introduction, partial retraction, and reinstatement, challenging market stability despite justifiable objectives to address trade imbalances.

Tariffs Supply Chain Manufacturing Retail DOGE

United States

The US remains the preeminent hub of global economic activity with the largest, most profitable corporations. American companies derive substantial international revenue and operate within a system singularly dedicated to profit generation, supported by the most extensive financial markets and top global talent.

Capitalism S&P 500 Technology Wall Street Shareholder Value

South Africa

South Africa continues experiencing persistent capital outflows driven by political instability and economic stagnation. The ZAR remains under pressure despite high real interest rates, with equity markets offering limited appeal despite discounted valuations due to lack of catalysts.

ZAR Capital Outflows SARB GNU Bonds

2023 Q4

India

India is the world's fastest-growing major economy, on track to overtake Germany as the world's third-biggest by 2028. India's resilience in the face of increased U.S. tariffs underscores the durability of its domestic consumer-driven economic growth. India's buoyant economy is set to receive a further boost from freer trade with non-U.S. partners, deepening domestic capital markets, stimulative tax reforms, and looser monetary policy.

India Growth Domestic Economy Resilience

Trade Policy

The U.S. imposed 25% tariffs on Indian goods in late July 2025, followed by an additional 25% tariff in August, bringing total duties to 50% on categories including apparel, chemicals, and jewelry. However, India's goods exports to the U.S. account for just ~2.2% of the Indian economy, making the impact quite manageable. Mounting U.S. trade barriers have accelerated India's pursuit of free trade deals with other countries.

Tariffs Trade Exports Barriers Agreements

Defense

The fund has increased exposure to defense/aerospace businesses, which now account for roughly 6% of capital. This includes advanced manufacturers and defense electronics suppliers benefiting from the ongoing indigenization of India's defense/aerospace procurement. Companies like Airbus and Rolls-Royce are awarding significant contracts to Indian firms.

Defense Aerospace Indigenization Procurement Electronics

Small Caps

Companies with market caps below $500 million account for 56% of Gymkhana's invested capital, up roughly 10 percentage points from last year. The portfolio's average market capitalization is just under $1 billion, versus nearly $2 billion last fall. This shift reflects exiting larger-cap positions and adding to less widely-known, more attractively mispriced smaller-caps.

Small Caps Market Cap Mispriced Concentration Value

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	TECN.SW	Tecan Group AG	Medical Instruments & Supplies	Life Sciences Tools & Services	Bull	Swiss Exchange	AI Acceleration, biotechnology, Drug Discovery, Laboratory Equipment, Life Sciences Automation, Pharmaceutical Research, Switzerland	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	BSY	Bentley Systems Inc	Software - Application	Software	Bull	NASDAQ	Construction Technology, Data Moats, Engineering Design, infrastructure software, regulatory barriers, SaaS, User Training	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	JHX	James Hardie Industries plc	Building Materials	Construction Materials	Bull	New York Stock Exchange	Building materials, Construction Innovation, fiber cement, Housing supply, market share gains, regulatory compliance, Technical Wood	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	005930.KS	Samsung Electronics	Consumer Electronics	Semiconductors & Semiconductor Equipment	Bull	New York Stock Exchange	AI infrastructure, HBM, memory chips, semiconductors, Share Buyback, South Korea, technology hardware	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	LITE	Lumentum Holdings Inc	Communication Equipment	Communications Equipment	Bull	NASDAQ	AI infrastructure, Communications Equipment, data centers, Laser Technology, NVIDIA investment, optical networking, Photonics	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	MKSI	MKS Instruments Inc	Scientific & Technical Instruments	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI chips, capital investment, Chip Manufacturing, Fabrication, Malaysia Expansion, process control, semiconductor equipment	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	-	GeneDx Holdings Corp	Other	Life Sciences Tools & Services	Bull	NASDAQ	conservative guidance, Genetic Diagnostics, Genomics, Healthcare services, life sciences, Precision-medicine, Thin Trading	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	PI	Impinj Inc	Semiconductors	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Exponential Growth, inventory management, market dominance, Radio-Frequency, retail technology, RFID, Volatile Stock	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	VU.PA	VusionGroup SA	Software - Application	Technology Hardware, Storage & Peripherals	Bull	Euronext Stock Exchange	Digitalization, Electronic shelf labels, france, market dominance, productivity solutions, retail technology, Walmart Contract	Login
Apr 23, 2026	Fund Letters	WS Amati Global Innovation Fund	-	Basler AG	Other	Electronic Equipment, Instruments & Components	Bull	-	Camera Technology, Computer Vision, Germany, Industrial automation, Machine vision, Physical AI, robotics	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	CGNX	Cognex Corporation	Information Technology	Electronic Equipment & Instruments	Bull	NASDAQ	AI, Automation, Industrialcapex, Machinevision, robotics	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	CHG LN	Chemring Group plc	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Counter measures, Defense, Electronic Warfare, Geopolitics, Security	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	PTC	PTC Inc.	Information Technology	Application Software	Bull	NASDAQ	AI, engineering, Industrialsoftware, Plm, recurring revenue	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	LITE	Lumentum Holdings Inc.	Information Technology	Optical Components	Bull	NASDAQ	AI, Bandwidth, datacenters, Optical networks, Photonics	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	005930 KS	Samsung Electronics Co., Ltd.	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI, datacenters, HBM, Memory, semiconductors	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	000660 KS	SK Hynix Inc.	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI, data centers, DRAM, Memory, semiconductors	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	LLY	Eli Lilly and Company	Health Care	Pharmaceuticals	Bull	New York Stock Exchange	Diabetes, Glp1, innovation, Obesity, pharmaceuticals	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	FN	Fabrinet	Information Technology	Electronic Components	Bull	New York Stock Exchange	AI, datacenters, manufacturing, Optics, Photonics	Login
Jan 22, 2026	Fund Letters	Graeme Bencke	4544 JP	H.U. Group Holdings, Inc.	Health Care	Diagnostics	Bull	New York Stock Exchange	Alzheimer’s, Biomarkers, diagnostics, healthcare, innovation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

TECN.SW

Tecan Group AG

Medical Instruments & Supplies

Life Sciences Tools & Services

Bull

Swiss Exchange

AI Acceleration, biotechnology, Drug Discovery, Laboratory Equipment, Life Sciences Automation, Pharmaceutical Research, Switzerland

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

BSY

Bentley Systems Inc

Software - Application

Software

Bull

NASDAQ

Construction Technology, Data Moats, Engineering Design, infrastructure software, regulatory barriers, SaaS, User Training

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

JHX

James Hardie Industries plc

Building Materials

Construction Materials

Bull

New York Stock Exchange

Building materials, Construction Innovation, fiber cement, Housing supply, market share gains, regulatory compliance, Technical Wood

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

005930.KS

Samsung Electronics

Consumer Electronics

Semiconductors & Semiconductor Equipment

Bull

New York Stock Exchange

AI infrastructure, HBM, memory chips, semiconductors, Share Buyback, South Korea, technology hardware

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

LITE

Lumentum Holdings Inc

Communication Equipment

Communications Equipment

Bull

NASDAQ

AI infrastructure, Communications Equipment, data centers, Laser Technology, NVIDIA investment, optical networking, Photonics

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

MKSI

MKS Instruments Inc

Scientific & Technical Instruments

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI chips, capital investment, Chip Manufacturing, Fabrication, Malaysia Expansion, process control, semiconductor equipment

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

GeneDx Holdings Corp

Other

Life Sciences Tools & Services

Bull

NASDAQ

conservative guidance, Genetic Diagnostics, Genomics, Healthcare services, life sciences, Precision-medicine, Thin Trading

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

Impinj Inc

Semiconductors

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Exponential Growth, inventory management, market dominance, Radio-Frequency, retail technology, RFID, Volatile Stock

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

VU.PA

VusionGroup SA

Software - Application

Technology Hardware, Storage & Peripherals

Bull

Euronext Stock Exchange

Digitalization, Electronic shelf labels, france, market dominance, productivity solutions, retail technology, Walmart Contract

Apr 23, 2026

Fund Letters

WS Amati Global Innovation Fund

Basler AG

Other

Electronic Equipment, Instruments & Components

Bull

Camera Technology, Computer Vision, Germany, Industrial automation, Machine vision, Physical AI, robotics

Jan 22, 2026

Fund Letters

Graeme Bencke

CGNX

Cognex Corporation

Information Technology

Electronic Equipment & Instruments

Bull

NASDAQ

AI, Automation, Industrialcapex, Machinevision, robotics

Jan 22, 2026

Fund Letters

Graeme Bencke

CHG LN

Chemring Group plc

Industrials

Aerospace & Defense

Bull

New York Stock Exchange

Counter measures, Defense, Electronic Warfare, Geopolitics, Security

Jan 22, 2026

Fund Letters

Graeme Bencke

PTC

PTC Inc.

Information Technology

Application Software

Bull

NASDAQ

AI, engineering, Industrialsoftware, Plm, recurring revenue

Jan 22, 2026

Fund Letters

Graeme Bencke

LITE

Lumentum Holdings Inc.

Information Technology

Optical Components

Bull

NASDAQ

AI, Bandwidth, datacenters, Optical networks, Photonics

Jan 22, 2026

Fund Letters

Graeme Bencke

005930 KS

Samsung Electronics Co., Ltd.

Information Technology

Semiconductors

Bull

New York Stock Exchange

AI, datacenters, HBM, Memory, semiconductors

Jan 22, 2026

Fund Letters

Graeme Bencke

000660 KS

SK Hynix Inc.

Information Technology

Semiconductors

Bull

New York Stock Exchange

AI, data centers, DRAM, Memory, semiconductors

Jan 22, 2026

Fund Letters

Graeme Bencke

LLY

Eli Lilly and Company

Health Care

Pharmaceuticals

Bull

New York Stock Exchange

Diabetes, Glp1, innovation, Obesity, pharmaceuticals

Jan 22, 2026

Fund Letters

Graeme Bencke

Fabrinet

Information Technology

Electronic Components

Bull

New York Stock Exchange

AI, datacenters, manufacturing, Optics, Photonics

Jan 22, 2026

Fund Letters

Graeme Bencke

4544 JP

H.U. Group Holdings, Inc.

Health Care

Diagnostics

Bull

New York Stock Exchange

Alzheimer’s, Biomarkers, diagnostics, healthcare, innovation

TICKER	COMMENTARY
005930.KS	Samsung Electronics, the South Korean semiconductor and consumer goods business, stands clearly ahead of the pack. After some early disappointments with its specialist HBM (High Bandwidth Memory) products, the company quickly regained its mojo with its more recent products, with earnings supported by a combination of insatiable demand and sharply increasing prices. The decision to cancel around $10 billion worth of its own stock, reducing the share count, was also a notable boost to investor sentiment.
LITE	The strong contribution from Lumentum, the US listed specialist laser and photonics equipment manufacturer, came largely through the dramatic increase in demand for optical networking equipment across AI infrastructure. The speed and data requirements have in many cases surpassed the capabilities of copper, introducing optical communications deeper into the data centre to the benefit of companies such as Lumentum. The company was also the recipient of a large investment by NVIDIA, helping investors' confidence in the longevity of this technological development.
MKSI	Closely following in contribution terms was US listed MKS Instruments, which holds a critical role in the semiconductor fabrication and packaging ecosystem. The shares rallied after reporting a strong full-year result and raising guidance for the first quarter of the new year. The company is benefiting from the broader increase in capital investment into chip manufacturing as well as the increasing complexity of AI-related chips driving higher demand for some of MKS's products. The company is responding by expanding its own production facilities in Malaysia to meet this increased demand.
WGS	GeneDX, for example, the U.S.-listed genetic diagnostics service provider suffered a sharp fall despite a strong quarterly performance, after providing conservative guidance for the coming year. Investors used to the company's consistent beat and raise cadence took fright and reduced positions, which had an outsized effect on this relatively thinly traded equity.
PI	Another highly sensitive and currently underestimated company is Impinj, the US-listed radio frequency identification (RFID) chip manufacturer. While their addressable market continues to grow almost exponentially over time and they continue to dominate their niche, investors reacted negatively to a short-term increase in inventories. The shares have proved to be highly volatile but the recent dip represents an excellent entry point for longer-term investors, in our view.
VU.PA	Likewise for French listed VusionGroup, the IT company supplying electronic shelf labels along with other productivity-improving solutions for retailers. The shares performed very strongly last year after the company won the largest US retailer, Wal-Mart, as their customer but have since largely given up this benefit as investors fret about the outlook once that contract is completed. The productivity benefits associated with digitalisation for physical retailers make it an almost technologically inevitable development, and VusionGroup firmly dominate their segment of this industry, as reflected in more recent contract wins. For all three of the detractors listed we remain positive and have added to our positions.
BAS.DE	German listed Basler and Swiss listed Tecan Group, while quite different businesses, both stand to benefit as AI impact real world applications. The so called Physical AI, robotic equipment is becoming more complex and capable and increasingly needs to understand and interact with its environment. This requires advanced senses, with a particular emphasis on vision. Basler is a European leader in the design and manufacture of advanced machine vision cameras and as such is well positioned to benefit from this development.
TECN.SW	Tecan, by contrast, it is a specialist manufacturer of life sciences automation equipment. AI is rapidly accelerating the process of identifying potential compounds and active ingredients for new drug development. While it can demonstrate these benefits in silico (in computer models), companies are still required to test and analyse these molecules in vitro, in the lab. In order to keep pace with the dynamics of this industry, labs require more effective automation, leading to increased demand for Tecan's products over time.
BSY	The third addition was U.S.-listed Bentley Systems, the leading provider of design and engineering software for infrastructure design and construction. In our view, Bentley was unfairly sold off in the so-called Saas-pocalypse period where traditional software companies saw their valuations severely dented as concerns mounted regarding their ability to compete long term in an increasingly AI-driven world. In our view Bentley benefits from much more substantial barriers to entry from data, regulation and user training than are currently reflected in the share price.
JHX	James Hardie Industries, the now US-listed building materials company, was the fourth addition to the Fund. This represents exposure to a new innovation frontier where we have been actively looking for potential candidates for some time. Residential construction, in particular, faces a number of significant challenges which are being addressed by new innovative developments. High construction costs, combined with increasingly strict regulatory requirements, regarding insulation and ventilation in particular, have contributed to the material under supply of new housing in the U.S. Clearly other issues, such as higher interest rates and speed of permitting, have also played a role but we see a number of innovative companies attempting to offset the challenges. James Hardie's sophisticated cladding and technical wood offerings are rapidly gaining share in a process which we believe is underappreciated by the market.

TICKER

COMMENTARY

005930.KS

Samsung Electronics, the South Korean semiconductor and consumer goods business, stands clearly ahead of the pack. After some early disappointments with its specialist HBM (High Bandwidth Memory) products, the company quickly regained its mojo with its more recent products, with earnings supported by a combination of insatiable demand and sharply increasing prices. The decision to cancel around $10 billion worth of its own stock, reducing the share count, was also a notable boost to investor sentiment.

LITE

The strong contribution from Lumentum, the US listed specialist laser and photonics equipment manufacturer, came largely through the dramatic increase in demand for optical networking equipment across AI infrastructure. The speed and data requirements have in many cases surpassed the capabilities of copper, introducing optical communications deeper into the data centre to the benefit of companies such as Lumentum. The company was also the recipient of a large investment by NVIDIA, helping investors' confidence in the longevity of this technological development.

MKSI

Closely following in contribution terms was US listed MKS Instruments, which holds a critical role in the semiconductor fabrication and packaging ecosystem. The shares rallied after reporting a strong full-year result and raising guidance for the first quarter of the new year. The company is benefiting from the broader increase in capital investment into chip manufacturing as well as the increasing complexity of AI-related chips driving higher demand for some of MKS's products. The company is responding by expanding its own production facilities in Malaysia to meet this increased demand.

WGS

GeneDX, for example, the U.S.-listed genetic diagnostics service provider suffered a sharp fall despite a strong quarterly performance, after providing conservative guidance for the coming year. Investors used to the company's consistent beat and raise cadence took fright and reduced positions, which had an outsized effect on this relatively thinly traded equity.

Another highly sensitive and currently underestimated company is Impinj, the US-listed radio frequency identification (RFID) chip manufacturer. While their addressable market continues to grow almost exponentially over time and they continue to dominate their niche, investors reacted negatively to a short-term increase in inventories. The shares have proved to be highly volatile but the recent dip represents an excellent entry point for longer-term investors, in our view.

VU.PA

Likewise for French listed VusionGroup, the IT company supplying electronic shelf labels along with other productivity-improving solutions for retailers. The shares performed very strongly last year after the company won the largest US retailer, Wal-Mart, as their customer but have since largely given up this benefit as investors fret about the outlook once that contract is completed. The productivity benefits associated with digitalisation for physical retailers make it an almost technologically inevitable development, and VusionGroup firmly dominate their segment of this industry, as reflected in more recent contract wins. For all three of the detractors listed we remain positive and have added to our positions.

BAS.DE

German listed Basler and Swiss listed Tecan Group, while quite different businesses, both stand to benefit as AI impact real world applications. The so called Physical AI, robotic equipment is becoming more complex and capable and increasingly needs to understand and interact with its environment. This requires advanced senses, with a particular emphasis on vision. Basler is a European leader in the design and manufacture of advanced machine vision cameras and as such is well positioned to benefit from this development.

TECN.SW

Tecan, by contrast, it is a specialist manufacturer of life sciences automation equipment. AI is rapidly accelerating the process of identifying potential compounds and active ingredients for new drug development. While it can demonstrate these benefits in silico (in computer models), companies are still required to test and analyse these molecules in vitro, in the lab. In order to keep pace with the dynamics of this industry, labs require more effective automation, leading to increased demand for Tecan's products over time.

BSY

The third addition was U.S.-listed Bentley Systems, the leading provider of design and engineering software for infrastructure design and construction. In our view, Bentley was unfairly sold off in the so-called Saas-pocalypse period where traditional software companies saw their valuations severely dented as concerns mounted regarding their ability to compete long term in an increasingly AI-driven world. In our view Bentley benefits from much more substantial barriers to entry from data, regulation and user training than are currently reflected in the share price.

JHX

James Hardie Industries, the now US-listed building materials company, was the fourth addition to the Fund. This represents exposure to a new innovation frontier where we have been actively looking for potential candidates for some time. Residential construction, in particular, faces a number of significant challenges which are being addressed by new innovative developments. High construction costs, combined with increasingly strict regulatory requirements, regarding insulation and ventilation in particular, have contributed to the material under supply of new housing in the U.S. Clearly other issues, such as higher interest rates and speed of permitting, have also played a role but we see a number of innovative companies attempting to offset the challenges. James Hardie's sophisticated cladding and technical wood offerings are rapidly gaining share in a process which we believe is underappreciated by the market.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Defense

Data Centers

Automation

Healthcare IT

Cement

Construction

AI

Biotechnology

Defense Spending

Onshoring

Robotics

E-commerce

AI

Semiconductors

Inflation

Trade Policy

AI

Trade Policy

United States

South Africa

India

Trade Policy

Defense

Small Caps

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Graeme Bencke Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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WS Amati Global Innovation Fund