Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 93.2% | 60.1% | 25.5% | 11.7% | 128.0% | 137.5% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 93.2% | 60.1% | 25.5% | 11.7% | 128.0% | 137.5% |
AGT Partners delivered exceptional 2025 performance with Class A returning 93.2%, driven primarily by long-term holdings contributing 90% of returns. The fund benefited from strong earnings growth across investee companies, corporate reforms, reduced trade tariff volatility, and easing monetary policy. Key contributors included TSMC with 36% revenue growth from AI demand, Tencent's improved execution and monetization, and Marco Polo Marine's 217% return from its transformation into an offshore wind vessel provider. New addition DBS Bank demonstrated structural competitive advantages through technology and fee-based business growth. The fund maintains disciplined leverage around 160% and focuses on businesses with strong competitive moats while seeking promising bargains undergoing business engine transitions. Despite strong performance, the manager emphasizes caution given elevated market valuations, ongoing US-China tensions, and geopolitical uncertainties. The strategy increasingly targets Southeast Asian companies with structural domestic demand and second-order AI beneficiaries where valuations remain attractive. Portfolio concentration in top 15 holdings at 61% reflects conviction in high-quality, asymmetric opportunities.
AGT Partners focuses on owning great businesses with strong competitive advantages at reasonable prices and promising bargains undergoing business engine transitions, particularly in Asia, while maintaining disciplined capital allocation and tight risk management in an elevated valuation environment.
The manager expects continued market uncertainties with elevated valuations and geopolitical tensions, emphasizing the need for careful stock selection and tight risk management. Focus will remain on business engine transitions, corporate reforms, and value-unlocking initiatives, with increased exposure to Southeast Asian companies benefiting from structural domestic demand.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 2 2026 | 2025 Q4 | 0700.HK, 0883.HK, 5MP.SI, AAPL, APO, D05.SI, KKR, OV8.SI, TSM | Alternative Assets, Asia, Banking, gaming, Offshore Wind, semiconductors, small caps, value |
TSM APO KKR 5LY SI |
TSMC continues exceptional performance with 36% revenue growth driven by AI demand, improving margins, and strong execution across their Trinity of Strengths. Management guided for… |
| Oct 28 2025 | 2025 Q3 | 6088 HK, 6601 HK, 700 HK, APO, KKR | Alternative Assets, Compounding, High ROIC, Tactical Trading, volatility |
APO KKR 6601 HK 6088 HK |
The letter underscores durable earnings compounding in core holdings such as large-cap technology and alternative asset managers, while actively harvesting volatility through tactical trading. Exposure… |
| Aug 1 2025 | 2025 Q2 | - | Balance Sheet Repair, earnings growth, Energy Cycle, Gearing, turnaround | - | The letter emphasizes selective accumulation of high-quality compounders alongside opportunistic investments in cyclical energy and industrial names undergoing balance sheet repair and operational recovery. The… |
| Apr 28 2025 | 2025 Q1 | - | Defensive Stocks, Deleveraging, tariffs, trade war, volatility | - | The letter focuses on escalating U.S.China tariff tensions and the resulting spike in market volatility, highlighting meaningful short-term drawdowns and elevated uncertainty around global trade.… |
| Apr 2 2025 | 2024 Q4 | - | Concentration, insider buying, ROE Expansion, turnaround, Valuation discipline | - | The letter reviews outsized gains driven by concentrated high-conviction investments, particularly a successful industrial turnaround in offshore energy fabrication that delivered significant ROE expansion and… |
| Oct 24 2024 | 2024 Q3 | 883 HK | China Stimulus, Competitive Advantage, cyclicals, energy, turnaround | - | The letter highlights selective long-term investments in energy services and upstream producers benefiting from margin recovery, stronger balance sheets, and disciplined management execution. It also… |
| Jul 24 2024 | 2024 Q2 | 1821 HK | Capital Allocation, Margin Of Safety, Privatization, Return On Equity, Share Buybacks | - | Long-term performance is driven by disciplined Capital Allocation and adherence to Margin Of Safety principles. Tactical opportunities around Privatization and Share Buybacks can accelerate value… |
| May 8 2024 | 2024 Q1 | 883 HK, TSM | Artificial Intelligence, Dividend Yield, Oil Prices, Semiconductor Foundry, State Owned Enterprises | TSM | Artificial Intelligence and Semiconductor Foundry leadership underpin long-term growth for advanced chipmakers, while Oil Prices and Dividend Yield dynamics shape returns in Energy. Reforms in… |
| Dec 31 2023 | 2023 Q4 | TSM | China Bear Market, Concentrated Portfolio, Long Short Strategy, Margin Of Safety, Value Investing | TSM | The letter emphasizes disciplined concentrated value investing, with 68 core long-term holdings representing 7080% of assets and purchased at approximately 11x earnings with ~12% ROE.… |
| Dec 31 2022 | 2022 Q4 | - | Capital Cycles, Interest Rate Tightening, Return On Tangible Equity, Short Selling, Valuation discipline | - | The letter explains that aggressive global rate hikes, China lockdowns, and geopolitical conflict drove multiple compression and sharp equity declines in 2022, particularly in speculative… |
| Dec 31 2021 | 2021 Q4 | - | Capital Allocation, Intrinsic Value Growth, Irrational Exuberance, Trading Strategy, Value Discipline | - | The letter describes an exceptional year of returns driven by both a focused long-only portfolio of high-quality businesses and an opportunistic trading strategy capitalizing on… |
| 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 |
Alternative Asset ManagersMA Financial is viewed as an alternative asset manager experiencing strong momentum across its platform, particularly in Asset Management which drives long-term shareholder value. The company has invested ahead of the curve to build scalable operating platforms, with operating leverage becoming evident as revenues scale over a largely fixed cost base. |
Asset Management Operating Leverage Scalable Platforms Fee-earning Assets Financial Services | |
BanksDBS Bank was added as a new core holding, recognized for converting scale and technology into structural competitive advantages. The bank achieved 18% ROE through growing fee-based businesses like wealth management, reduced cyclicality, and strong capital allocation with progressive dividends and share repurchases. |
Wealth Management Digital Banking Singapore Fee Income Capital Allocation | |
GamingNintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. |
Nintendo Console Software Hardware Entertainment | |
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 | |
Offshore WindMarco Polo Marine transformed from a cyclical shipyard business to a specialized offshore wind vessel provider, securing multi-year service agreements and building sophisticated vessels for the growing Asian offshore wind market. The company partnered with European designers and global players like Vestas and Siemens Gamesa. |
Energy Transition Marine Services Shipbuilding Wind Components Asia | |
Palm OilProfitable trades in two Indonesian crude palm oil producers were driven by Indonesia's biodiesel blending mandate increase from B30 to B40, tightening export availability while supply response remained constrained by aging plantation profiles and replanting limitations. |
Biofuels Indonesia Agriculture Government Policy Supply Constraints | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
Alternatives |
|
Compounding |
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VolatilityManager emphasizes volatility as a structural feature of markets, noting that rare events occur far more frequently than expected. April's volatility event validated their convexity approach, with systematic monetization during stress periods. December saw compressed volatility with VIX hitting year lows, creating buying opportunities despite short-term costs. |
VIX Implied Volatility Realized Volatility Convexity Options | |
| 2025 Q2 |
EnergyBHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S. |
Regulated Utilities Natural Gas Renewable Energy Grid Infrastructure |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
Turnaround |
||
| 2025 Q1 |
Protectionism |
|
Risk ManagementPrimary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. |
Defensive Blow-up Discipline Concentration Cash | |
Tariffs |
||
| 2024 Q4 |
ConcentrationFive companies now represent roughly 30% of the S&P 500's market cap. The top 10 exceed 40%—the highest concentration in 50 years. Nearly $340 billion flowed into U.S. deals, yet it was packed into the fewest deals of the decade, with nearly half the capital concentrated in a few dozen deals over $500 million. |
Market Capital Risk Deals Venture |
Turnaround |
||
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic | |
| 2024 Q3 |
China Stimulus |
|
EnergyBHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S. |
Regulated Utilities Natural Gas Renewable Energy Grid Infrastructure | |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
| 2024 Q2 |
CapitalAllocation |
|
SpecialSituations |
||
| 2024 Q1 |
EnergyBHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S. |
Regulated Utilities Natural Gas Renewable Energy Grid Infrastructure |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2023 Q4 |
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 |
ConcentrationFive companies now represent roughly 30% of the S&P 500's market cap. The top 10 exceed 40%—the highest concentration in 50 years. Nearly $340 billion flowed into U.S. deals, yet it was packed into the fewest deals of the decade, with nearly half the capital concentrated in a few dozen deals over $500 million. |
Market Capital Risk Deals Venture | |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic | |
| 2022 Q4 |
Cyclicality |
|
Quality Discipline |
||
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 | |
| 2021 Q4 |
Irrational Exuberance |
|
Trading Opportunism |
||
Value Discipline |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 2, 2026 | Fund Letters | Gregory See | APO | Apollo Global Management Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, AUM, Credit, Fees, private equity, valuation | Login |
| Feb 2, 2026 | Fund Letters | Gregory See | KKR | KKR & Co. Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, AUM, compounding, Fees, Private Credit, valuation | Login |
| Feb 2, 2026 | Fund Letters | Gregory See | 5LY SI | Marco Polo Marine Ltd | Industrials | Marine Transportation | Bull | New York Stock Exchange | Cyclicals, Governance, offshorewind, rerating, shipyard, transformation | Login |
| Oct 28, 2025 | Fund Letters | Gregory See | APO | Apollo Global Management, Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, AUM, Distribution, Fees, Private Credit, Retirement | Login |
| Oct 28, 2025 | Fund Letters | Gregory See | KKR | KKR & Co. Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, AUM, Fundraising, Private Credit, private equity, scale | Login |
| Oct 28, 2025 | Fund Letters | Gregory See | 6601 HK | Cheerwin Group Ltd | Consumer Staples | Household Products | Bull | New York Stock Exchange | dividends, ecommerce, household, Margins, Netcash, Pets | Login |
| Oct 28, 2025 | Fund Letters | Gregory See | 6088 HK | FIT Hon Teng Ltd | Information Technology | Electronic Components | Bull | New York Stock Exchange | AI, Interconnects, Optics, rerating, tariffs, valuation | Login |
| May 8, 2024 | Fund Letters | Gregory See | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Cyclical, Foundry, hyperscalers, infrastructure, leadership, Moat, semiconductors | Login |
| Dec 31, 2023 | Fund Letters | Gregory See | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Cyclical, Foundry, Geopolitics, Moat, ROIC, scale, semiconductors | Login |
| Feb 2, 2026 | Fund Letters | Gregory See | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, Margins, ROE, semiconductors | Login |
| TICKER | COMMENTARY |
|---|---|
| 0700.HK | Shinya also visited Shenzhen, where Star Magnolia Capital organized an educational visit for our families to Tencent's headquarters, alongside meetings with several promising early-stage companies. |
| 5MP.SI | Marco Polo Marine (+217% in 2025, ~15% contribution to overall portfolio gains). What began as a cyclical recovery opportunity began to resemble a structural compounding setup due to improving industry dynamics and, importantly, MPM's strategic repositioning. The offshore and marine ecosystem has undergone meaningful capacity rationalisation since the mid-to-late 2010s, with weaker players exiting and survivors becoming more disciplined. |
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| APO | The decision to add to Apollo was driven by a pronounced valuation disconnect as the stock experienced a peak-to-trough drawdown of approximately 30% from its 2025 highs. Apollo retains a core position in the portfolio with our conviction in its key credit franchise. |
| D05.SI | We have followed the company for many years, but aside from occasional trades, we had not felt compelled to build a meaningful position in a business—even one that is an industry leader—whose business is traditionally mainly asset-based lending and whose earnings are still meaningfully influenced by interest-rate cycles. Over the previous two years, we have been increasingly impressed by the extent to which DBS has converted scale and technology into a structural economic moat. |
| KKR | Over the prior two years, KKR was one of the Fund's strongest contributors. From the end of 2022 through the end of 2024, the shares more than tripled, rising roughly 80% in 2023 and another 80% in 2024, as the market began to recognize the earnings power of its asset-management and insurance platforms. This year, the stock told a different story: in 2025 it was down about 13% and was roughly 23% below its January peak. Strip away the stock-price swings, and the business itself has continued to grow. Fee-related earnings, insurance earnings, and long-dated capital have all moved higher, even as market sentiment toward rates, credit, and capital flows into alternatives has become more cautious. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||