Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 11 2026 | 2026 Q1 | - | - | - | |
| Jan 15 2026 | 2025 Q4 | - | AI, Asia, China, global, gold, inflation, rates, Trade Policy | - | AI-related investments have become a big profit driver for megacap tech companies and have continued to surprise analysts with strong earnings trends. Global investment in artificial intelligence continues to be a powerful growth driver. Tariff headwinds are set to peak in 4Q25 with most tariffs having been paused and only starting to have economic effect at the end of 3Q25. US tariff collections have spiked to an annualized run rate of over US $300 billion which could effectively add up to 2.0 percent of GDP fiscal drag on the consumer. The US Fed is likely to wait most of the year to see how inflation risks play out. We continue to expect no more than 1-2 cuts by the end of the year. Several major economies have already implemented interest rate cuts, and the US is expected to follow suit. Gold remains our one clear pick as a beneficiary of the growth uncertainty and geopolitical conflicts. Gold is acting as a safe haven from economic and inflation risks and is an increasingly important reserve currency in a world where the USD is considered less safe. China's economic rebalancing appears to be moving forward. Market liquidity, anti-involution and a measured consumer policy are likely to drive a sustained market performance in 4Q. Fiscal support and ongoing reforms in China is supportive of a stronger currency. |
| Jul 1 2025 | 2025 Q2 | - | - | - | |
| Apr 1 2025 | 2025 Q1 | - | - | - | |
| Jan 1 2025 | 2024 Q4 | - | - | - | |
| Jul 5 2024 | 2024 Q3 | - | - | - | |
| Apr 2 2024 | 2024 Q2 | - | - | - | |
| Jan 5 2024 | 2024 Q1 | - | - | - | |
| Jul 5 2023 | 2023 Q3 | - | - | - | |
| Apr 4 2023 | 2023 Q2 | - | - | - | |
| Apr 1 2023 | 2023 Q1 | - | - | - | |
| Oct 14 2022 | 2022 Q4 | - | - | - | |
| Jul 15 2022 | 2022 Q2 | - | - | - | |
| Feb 17 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
ChinaChina's economic rebalancing appears to be moving forward. Market liquidity, anti-involution and a measured consumer policy are likely to drive a sustained market performance in 4Q. Fiscal support and ongoing reforms in China is supportive of a stronger currency. |
Growth Policy Currency | |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
RatesFederal Reserve resumed rate-cutting cycle with first cut since December 2024, signaling resumption of easing. Expected three cuts of 25bps between now and first quarter 2026 as Fed responds to signs of weakness in US labor market. |
Fed Monetary Policy Labor Market Easing Liquidity | |
Trade PolicyRecent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. |
Tariffs International Growth Cooperation Impact |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||