| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
ACATIS navigated a challenging March 2026 marked by the Iran war, which created massive commodity shortages and market volatility. The firm's prescient positioning in oil and chemical stocks before the conflict, including Petrobras, Vista Energy, and Halliburton, helped offset broader market weakness. Key themes driving performance include the AI infrastructure build-out benefiting Aixtron, fertilizer supply disruptions favoring Yara, and the nuclear renaissance supporting uranium investments through Cameco. The manager maintains a value-oriented approach, finding opportunities with P/E ratios of 10-15 in select sectors while managing geopolitical risks. New additions include Kraft Heinz at attractive valuations and Chinese companies like Xiaomi following significant price corrections. Silver and gold positions reflect concerns about currency debasement and strategic reserve building. Looking ahead, the manager expects the Middle East conflict to resolve by mid-2026, potentially normalizing commodity markets. The strategy emphasizes patient capital deployment during volatile periods, with regular savings plans positioned to benefit from current attractive entry points across quality companies.
ACATIS employs a value investing approach focused on identifying undervalued companies with strong fundamentals, while tactically positioning around geopolitical events and structural themes like AI, nuclear renaissance, and commodity supply disruptions.
The manager expects Trump to have ended the Middle East war by July 4 Independence Day celebrations at the latest. Despite current market weakness, the focus remains on finding attractive value opportunities with P/E ratios of 10-15 available in some sectors. The outlook emphasizes the importance of regular savings plans during volatile periods to benefit from good entry prices long-term.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 18 2026 | 2026 Q1 | 1810 HK, AIXA.DE, BNTX, CCJ, COP, EQNR, HAL, IFX.DE, KHC, KWS.DE, LYB, NEM, PBR, ROST, SHEL, SU.PA, VIST, WPM, YAR.OL | AI, China, commodities, Fertilizers, geopolitics, Iran War, nuclear, oil, Precious Metals, Value Investing | - | ACATIS delivered resilient performance during March 2026's Iran war volatility through strategic oil and commodity positioning. The value-focused approach identified opportunities in AI infrastructure, fertilizer supply disruptions, and nuclear renaissance themes. Despite geopolitical headwinds, the manager sees attractive entry points with P/E ratios of 10-15 available, maintaining conviction in quality companies while expecting conflict resolution by mid-2026. |
| Dec 31 2025 | 2025 Q4 | ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS | AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value |
EPAM EBS AV FAA AV TUNE LN ADBE AMR BARC LN DHR 600183 CH 1177 HK DB1 GR KOG NO PLTR |
ACATIS delivered mixed 2025 results with strong Asia/Germany performance offset by market concentration challenges. The value-focused manager maintains defensive positioning while benefiting from AI-driven semiconductor demand and undervalued European banks. Geopolitical developments including US Venezuela intervention could reshape global dynamics favorably by 2026, supporting continued focus on small-cap value opportunities over benchmark-driven strategies. |
| Sep 30 2025 | 2025 Q3 | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVN, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, energy, global, Reform, semiconductors, technology |
2330 TT KRN GR ICE HOLX SNPS CLS CN ZAL GR HAL HIMS KGH PW PEP UMI BB UPWK |
ACATIS pursues selective global value investing, emphasizing AI infrastructure beneficiaries like semiconductor equipment makers and data center suppliers. The firm sees Argentina's radical reforms under Milei as a high-risk, high-reward opportunity for banking sector growth and natural resource development. Energy positions target increased US production while maintaining exposure to critical transition metals. |
| Jun 30 2025 | 2025 Q2 | 1211.HK, 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology |
ITM LN AVGO ORCL ASML META 1211.HK MSFT |
AI infrastructure boom drives strong Q3 returns led by Oracle's transformational cloud growth and Broadcom's XPU market share gains. Bubble risks rising with many AI stocks up 40-100%, prompting selective trimming of winners while adding quality names like BYD. Focus remains on companies with strong competitive moats in the AI revolution. |
| Mar 31 2025 | 2025 Q1 | - | AI, earnings, Fed policy, rates, semiconductors, small caps, technology |
HNR1 GR ELIS FP SWKS 6920 JP 4755 JP 8113 JP BIDU BN SPGI UBER |
Markets hit new highs in Q3 driven by Fed rate cuts and AI investment boom, with small caps outperforming on rate cut optimism. The soft landing narrative dominates despite tight credit spreads and expensive AI valuations creating downside risks. Q4 outlook remains constructive but data-dependent, with earnings season and economic indicators key to sustaining momentum. |
| Dec 31 2024 | 2024 Q4 | - | Fed policy, inflation, Market Commentary, tariffs, Trade Policy, volatility |
PLTR GOOG VRTX ADP |
Trade policy volatility dominated 2025's first half, with Q1 tariff escalation driving 15% market declines before Q2 de-escalation sparked recovery. The S&P 500 ended up 6.1% despite dramatic swings. Markets appear resilient, pricing in modest tariff impacts. With ongoing policy uncertainty, the focus should remain on long-term diversified positioning rather than headline reactions. |
| Sep 30 2024 | 2024 Q3 | 1193 HK, 6268 JP, BNTX, HALO, NVO, PLTR, REGN, SMCI, SMFT LN, SWKS | Artificial Intelligence, Data centers, Nuclear Energy, Power Infrastructure, semiconductors |
BNTX 1193 HK NVO SWKS 6268 JP SMCI HALO |
|
| Jun 30 2024 | 2024 Q2 | - | Estate Planning, financial planning, Market Highs, Wealth management |
PLTR SWKS BNTX FMG AU 2020 HK GNK GR CRSP CRBU |
Financial Synergies advocates for human-centered wealth management combining technical expertise with emotional intelligence. Historical data shows investing at market all-time highs produces solid returns, while estate planning remains critically underutilized. The firm emphasizes understanding client motivations beyond numbers, recognizing that effective financial planning requires both strategic thinking and deep personal insight to align wealth with individual goals and dreams. |
| Mar 31 2024 | 2024 Q1 | AMD, META, MSFT, NVDA, NYT, ORCL | AI, Data centers, infrastructure, Investment, Meta, returns, technology, valuation |
LONN SW FRE GR PLTR META |
Gorelik examines massive AI infrastructure investments, arguing that while skepticism is consensus, investing companies are better informed than critics. Using Meta's $70 billion data center spending as example, he shows returns depend on execution capability. Success requires companies to rely on their own abilities rather than external factors, with AI potentially following historical technology adoption patterns. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilThe Iran war has created massive commodity shortages with oil no longer being exported from the region. This has led to significant price increases that are pressuring the global economy. ACATIS had strategically positioned in oil companies like Petrobras, Vista Energy, and Halliburton before the conflict, benefiting from the price surge. |
Energy Geopolitics Commodities Supply Chain Inflation |
FertilizersThe blockade of the Straits of Hormuz has prevented fertilizer exports, creating excellent conditions for European fertilizer producer Yara. The company's profits are expected to temporarily double in 2026, reducing the already attractive P/E ratio to 6. |
Agriculture Supply Chain Commodities Europe Pricing Power | |
SemiconductorsThe semiconductor sector experienced weakness in March, affecting companies like Infineon and TSMC. However, Aixtron performed strongly as a main supplier to AI data centers, benefiting from institutional demand after being added to the STOXX 600 despite a subdued operational outlook for 2026. |
Technology AI Data Centers Cyclical Infrastructure | |
AIAI continues to drive investment themes, with Aixtron benefiting as a supplier to AI data centers. The tech industry is investing billions in nuclear energy to ensure power supplies for AI data centers, supporting uranium investments through companies like Cameco. |
Technology Data Centers Energy Infrastructure Growth | |
NuclearNuclear energy is experiencing a renaissance with 80 power plants under construction and 120 in planning. The tech industry's AI data center power needs are driving nuclear investments. Cameco represents this trend well, having taken over Westinghouse and providing both uranium production and power plant equipment. |
Energy Uranium Infrastructure Technology Clean Energy | |
SilverSilver is entering its eighth year of supply deficits with strong demand from technical devices, solar systems, and high-quality batteries. Trading in the range of 200-300 USD per troy ounce is considered realistic medium to long term. Both Trump and Putin are building massive strategic reserves. |
Precious Metals Supply Deficit Industrial Demand Strategic Reserves Solar | |
ChinaChinese markets showed relative resilience during the Iran war due to less dependence on Middle East energy imports. New investments include BeOne Medicines in biotech, Li Ning in sporting goods, and Xiaomi as a tech ecosystem company offering affordable, high-quality products including the sporty SU7 sedan. |
Asia Technology Consumer Healthcare Resilience | |
| 2025 Q4 |
OilOil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin. |
Crude Oil Brent WTI Shale OPEC |
Natural GasNatural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices. |
Henry Hub LNG Permian Shale Gas | |
SilverSilver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This marks the fifth such episode in 50 years, with previous instances in 1973, 1979, 2011, and 2020 all marking important turning points. The magnitude of silver's 220% rally since April matches the 1979 episode that signaled the end of the great gold bull market. |
Silver Gold Ratio Precious Metals | |
Platinum Group MetalsPGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. The bearish narrative built on rapid EV adoption is unraveling as both the U.S. and Europe roll back policies designed to accelerate ICE vehicle phase-outs. The Trump administration repealed California's Advanced Clean Cars II regulation and eliminated the $7,500 EV tax credit. |
Platinum Palladium Auto Catalysts ICE Vehicles | |
CopperCopper rose 17% in Q4 and 41% for the year, but modeling suggests the market has moved back into surplus. Exchange inventories have risen to approximately 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. Current inventories represent roughly 17 days of global demand, placing them in the top 20% of observations over 30 years. |
Copper Base Metals Inventories | |
CommoditiesThe commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in over a century. The current cycle appears only one-third complete compared to historical precedent, suggesting three- to five-fold gains may be required to reach normal valuation levels. |
Commodity Cycle Capital Cycle Valuation | |
UraniumUranium demand is surging while meeting a fragile supply base, though prices were largely unchanged in Q4. The uranium section discusses the fundamental dynamics driving this market, though specific details are not provided in the available text. |
Uranium Nuclear Supply | |
| 2025 Q3 |
AIAI infrastructure continues to drive strong performance in semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI reducing labor requirements, which the manager views positively. |
Semiconductors Data Centers Automation Cloud |
SemiconductorsWafer equipment manufacturers performed exceptionally well in September with strong demand for chip manufacturing equipment. TSMC's capacities for advanced chips were nearly exhausted, justifying price increases for next-generation processes. The semiconductor cycle appears to be in a strong phase driven by AI infrastructure needs. |
Equipment Manufacturing Foundries Memory | |
Energy TransitionArgentina's rich lithium and copper resources position it well for the energy transformation. KGHM Polska Miedz is strategically important as Europe's only notable copper and silver producer in an era of deglobalization. The structural deficit in silver production continues. |
Lithium Copper Silver Critical Minerals | |
ArgentinaArgentina under President Milei represents a radical reform opportunity with potential for explosive growth in banking through remonetarization. The country has significant natural resources including lithium, copper, oil and gas deposits, but faces high political risk with interim elections being critical for reform continuation. |
Reform Banking Resources Politics | |
OilHalliburton will benefit from planned increases in US oil and gas production under the Trump administration's goal of energy self-sufficiency. Argentina's Vaca Muerta oil and gas fields represent significant investment opportunities regardless of election outcomes as every government needs export revenue. |
Production Services Shale Infrastructure | |
| 2025 Q2 |
AIThe AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns including full task delegation. However, risks are rising with more signs of an AI bubble forming. |
Infrastructure LLMs Automation Bubble Investment |
CloudOracle's cloud infrastructure growth guidance was upgraded dramatically, with Oracle Cloud potentially becoming equal to or larger than Google Cloud Platform by FY29-30. Microsoft's Azure accelerated growth to 39% driven by AI demand and businesses rushing to digitalize and adopt AI-powered services. |
Infrastructure Azure Oracle Growth Migration | |
SemiconductorsASML's High NA EUV technology is key for future growth and well positioned for the next generation of chip production. Broadcom is gaining share with XPU customers and is better positioned than Nvidia to benefit from the next wave of AI rollouts due to its breadth of offering and deep integration. |
EUV Lithography XPU Manufacturing Equipment | |
Electric VehiclesBYD's vertically integrated supply chain and expertise in electronics and batteries gives it a unique edge with an estimated 15-25% cost advantage over legacy OEMs. The company offers high-quality, competitively priced vehicles while sustaining gross margins comparable to best-in-class manufacturers like Toyota. |
Integration Batteries Cost Manufacturing China | |
| 2025 Q1 |
AITechnology-related investment grew 14% year-over-year in Q2, the fastest pace since the late 1990s, driven by AI industry buildout including high-performance computer chips, cloud architecture, and data centers. Management teams across the AI supply chain report strong demand with spending plans measuring in the hundreds of billions and order backlogs spanning years. AI enthusiasm has fueled outsized gains in technology and semiconductor stocks, though some question whether spending is outpacing potential revenue growth. |
Data Centers Semiconductors Cloud Technology |
RatesThe Federal Reserve cut interest rates by 0.25% in September after a 9-month pause, framing it as a risk management cut to keep economic expansion on track. The central bank updated its policy forecast to include two more rate cuts before year-end with potential for more in 2026. The rate cut marked a shift toward policy support and fueled optimism for a soft landing scenario. |
Liquidity Inflation Growth | |
Small CapsSmall-cap stocks rallied sharply in anticipation of the Fed's rate cut, with the Russell 2000 surpassing its previous high from 2021 and returning nearly 12% in Q3. Small caps posted their biggest quarter of outperformance over the S&P 500 since Q1 2021 as investors bet that rate cuts would benefit smaller companies. |
Value Growth Rates | |
| 2024 Q4 |
Trade PolicyTrade policy uncertainty dominated the first half of 2025, with escalation in Q1 followed by de-escalation in Q2. The administration implemented targeted tariffs on China, Canada, and Mexico, then announced sweeping global tariffs before pivoting toward trade agreements. This volatility created distinct market environments across quarters. |
Tariffs China Trade Policy Uncertainty |
InflationInflation expectations rose sharply despite actual inflation remaining subdued. Consumer expectations diverged from trailing CPI data, with tariff uncertainty driving the gap. Early inflation readings have been encouraging, but economists debate whether companies will pass through tariff costs or absorb them to remain competitive. |
CPI Expectations Tariffs Prices Consumer | |
RatesThe Federal Reserve held rates steady due to trade policy uncertainty, facing a difficult tradeoff between potential tariff-driven inflation and economic growth concerns. Markets expect gradual rate cuts beginning in September, with approximately 1.25% of cuts anticipated over the next 18 months. |
Fed Cuts Policy Uncertainty Gradual | |
VolatilityMarket volatility was driven by rapid policy shifts, creating two distinct environments in Q1 versus Q2. The S&P 500 fell over 15% before recovering to post 6.1% returns for the first half. Valuations contracted from 22x to 18x P/E before recovering back to 22x as sentiment shifted. |
Sentiment Valuations Swings Recovery P/E | |
| 2024 Q1 |
AIMassive investments in AI infrastructure could unlock trillions in economic output or prove wasteful. While skepticism is consensus, companies investing hundreds of billions appear better informed than skeptics. The market has added over $7 trillion to tech valuations based on AI productivity expectations. |
Data Centers Infrastructure Productivity Investment Valuation |
Data CentersCompanies like Meta are dramatically increasing capital expenditures on data centers, with Meta going from $20-30 billion to over $70 billion annually. Returns depend on whether improved targeting can generate sufficient revenue growth to justify the massive infrastructure investments. |
Capital Expenditure Infrastructure Revenue Growth Returns Investment |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | FAA AV | Fabasoft AG | Information Technology | Application Software | Bull | New York Stock Exchange | Data Residency, Document management, operating leverage, public sector, Security, sovereign cloud | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | TUNE LN | Focusrite plc | Consumer Discretionary | Consumer Electronics | Bull | New York Stock Exchange | Audio Interfaces, Brand, deleveraging, Inventory, Margins, valuation | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | Artificial Intelligence, Free Cash Flow, Mean Reversion, Pricing, Subscriptions, valuation | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | AMR | Alpha Metallurgical Resources, Inc. | Materials | Coal & Consumable Fuels | Bull | New York Stock Exchange | buybacks, cost structure, Cyclicality, Free Cash Flow, metallurgical coal, Steel | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | BARC LN | Barclays PLC | Financials | Diversified Banks | Bull | New York Stock Exchange | Book Value, buybacks, capital return, cost reductions, discount, Interest Margin | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | DHR | Danaher Corporation | Health Care | Life Sciences Tools & Services | Bear | New York Stock Exchange | diagnostics, Equipment Sales, growth, life sciences, Multiple compression, valuation | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | 600183 CH | Shengyi Technology Co., Ltd. | Information Technology | Electronic Components | Bear | Shanghai Stock Exchange | China, Cyclicality, Multiple, Printed Circuit Boards, profit-taking, valuation | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | 1177 HK | Sino Biopharmaceutical Limited | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | China, multiple expansion, Overvaluation, pharmaceuticals, Policy, profit-taking | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | DB1 GR | Deutsche Börse AG | Financials | Financial Exchanges & Data | Bear | Xetra | cash flow, Exchanges, margin of safety, market data, Multiple, valuation | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | KOG NO | Kongsberg Gruppen ASA | Industrials | Aerospace & Defense | Bear | Oslo Borse | Corporate action, Defense, Multiple, spin-off, uncertainty, valuation | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | PLTR | Palantir Technologies Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | Artificial Intelligence, Concentration, Data Analytics, Government Dependency, political risk, valuation | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | EPAM | EPAM Systems, Inc. | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | buybacks, cash flow, Digital transformation, services, Software Development, Utilization | Login |
| Dec 31, 2025 | Fund Letters | Dr. Hendrik Leber | EBS AV | Erste Group Bank AG | Financials | Diversified Banks | Bull | New York Stock Exchange | Banks, cash flow, Cee, earnings growth, Multiples, undervaluation | Login |
| Oct 21, 2025 | Fund Letters | ACATIS Investment | META | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Targeting, advertising technology, Artificial Intelligence, capital expenditure, cash flow generation, data centers, digital advertising, revenue per user, social media, user engagement | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | ICE | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bear | New York Stock Exchange | Artificial Intelligence, Data, Exchanges, Market Infrastructure, Pricing | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | HOLX | Hologic, Inc. | Health Care | Health Care Equipment | Bear | NASDAQ | Demand slowdown, Geopolitics, Guidance cut, portfolio rebalancing, tariffs | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | SNPS | Synopsys, Inc. | Information Technology | Application Software | Bear | NASDAQ | arbitrage, Deal Spread, Event-driven, exit, merger | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | CLS CN | Celestica Inc. | Information Technology | Electronic Equipment & Instruments | Bull | New York Stock Exchange | AI, cloud, Customer loyalty, Defense, Electronics Manufacturing, infrastructure | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | ZAL GR | Zalando SE | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | Xetra | acquisition, e-commerce, margin expansion, platform, synergies | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | HAL | Halliburton Company | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Deregulation, Drilling, Energy Policy, oilfield services, production growth | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | HIMS | Hims & Hers Health, Inc. | Health Care | Health Care Technology | Bull | New York Stock Exchange | international expansion, profitability, recurring revenue, Subscription, telemedicine | Login |
| Sep 30, 2025 | Fund Letters | ACATIS Investment | ORCL | Oracle Corporation | Information Technology | Software | Bull | NYSE | AI infrastructure, Bull, Cloud computing, Database, hyperscaler, OpenAI, Software | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | KGH PW | KGHM Polska Miedz S.A. | Materials | Metals & Mining | Bull | New York Stock Exchange | Copper, Deglobalization, Silver, strategic materials, Structural Deficit | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | PEP | PepsiCo, Inc. | Consumer Staples | Beverages | Bull | NASDAQ | activist, dividends, efficiency, Margins, Refranchising | Login |
| Sep 30, 2025 | Fund Letters | ACATIS Investment | ASML | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Bull, Euv, High NA, Lithography, Netherlands, semiconductors, Technology moat | Login |
| Sep 30, 2025 | Fund Letters | ACATIS Investment | MSFT | Microsoft Corporation | Information Technology | Software | Bull | NASDAQ | AI, Azure, Bull, Cloud computing, Digital transformation, Enterprise software, SaaS | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | UMI BB | Umicore SA/NV | Materials | Specialty Chemicals | Bull | Shanghai Stock Exchange | Asset Sale, Commodities, critical metals, Recycling, turnaround | Login |
| Sep 30, 2025 | Fund Letters | ACATIS Investment | 1211.HK | BYD Company Limited | Consumer Discretionary | Automobiles | Bull | HKEX | automotive, battery technology, Bull, China, Cost advantage, Electric Vehicles, vertical integration | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | UPWK | Upwork Inc. | Industrials | Human Resource & Employment Services | Bull | NASDAQ | Enterprise adoption, Freelancers, platform, profitability, valuation | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | 2330 TT | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, Capacity constraints, Foundry, Leading Edge, Pricing power | Login |
| Sep 30, 2025 | Fund Letters | ACATIS Investment | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Bull, data centers, Enterprise software, Networking, semiconductors, Xpu | Login |
| Sep 30, 2025 | Fund Letters | Dr. Hendrik Leber | KRN GR | Krones AG | Industrials | Industrial Machinery | Bull | Xetra | CapEx cycle, industrial machinery, market leader, order book, services | Login |
| Sep 30, 2025 | Fund Letters | ACATIS Investment | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Bull, digital advertising, Facebook, Instagram, social media, user engagement | Login |
| Jun 30, 2025 | Fund Letters | Dr. Hendrik Leber | ITM LN | ITM Power Plc | Electrical Equipment | Heavy Electrical Equipment | Bull | New York Stock Exchange | clean energy, Electrolyzers, energy transition, Green Hydrogen, Hydrogen, order growth | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | ELIS FP | Elis SA | Commercial Services & Supplies | Diversified Support Services | Bull | Euronext Stock Exchange | defensive business model, Free Cash Flow, margin expansion, operating leverage, recurring revenue, Regional Exposure | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | SWKS | Skyworks Solutions, Inc. | Information Technology | Semiconductors | Bear | NASDAQ | Customer concentration, diversification, market share, semiconductors, Smartphone Demand, Trade Conflicts | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | 6920 JP | Lasertec Corporation | Information Technology | Semiconductor Equipment | Bull | New York Stock Exchange | CapEx cycle, Leading-Edge Nodes, Photomask Inspection, semiconductor equipment, Technology moat | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | 4755 JP | Rakuten Group, Inc. | Consumer Discretionary | Internet Retail | Bull | New York Stock Exchange | e-commerce, Fintech, operating leverage, profitability inflection, Telecom, turnaround | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | 8113 JP | Unicharm Corporation | Consumer Staples | Household Products | Bull | New York Stock Exchange | Defensive growth, Demographics, Emerging markets, Hygiene, market share, Pricing power | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | BIDU | Baidu, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, cash generation, China Tech, patents, search market share, valuation discount | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | BN | Brookfield Corporation | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | alternative assets, AUM growth, Distributions, Fundraising, Private markets, valuation gap | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | SPGI | S&P Global Inc. | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | barriers to entry, capital efficiency, credit ratings, Free Cash Flow, margin expansion, oligopoly | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | UBER | Uber Technologies, Inc. | Industrials | Passenger Ground Transportation | Bull | New York Stock Exchange | Mobility Platform, network effects, operating leverage, profitability inflection, Regulatory risk, Take rate | Login |
| Mar 31, 2025 | Fund Letters | Dr. Hendrik Leber | HNR1 GR | Hannover Rück SE | Insurance | Reinsurance | Bull | Xetra | Catastrophe Risk, combined ratio, cyber insurance, Dividend Growth, Reinsurance, underwriting discipline | Login |
| Dec 31, 2024 | Fund Letters | Dr. Hendrik Leber | PLTR | Palantir Technologies Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | Artificial Intelligence, defense contracts, Government Spending, Military, Revenue Growth, valuation | Login |
| Dec 31, 2024 | Fund Letters | Dr. Hendrik Leber | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, cloud, Competitive Advantage, innovation, Quantum Computing, R&D | Login |
| Dec 31, 2024 | Fund Letters | Dr. Hendrik Leber | VRTX | Vertex Pharmaceuticals Incorporated | Health Care | Biotechnology | Bear | NASDAQ | biotechnology, clinical trial, drug development, pipeline, Placebo Effect, Risk | Login |
| Dec 31, 2024 | Fund Letters | Dr. Hendrik Leber | ADP | Automatic Data Processing, Inc. | Industrials | Human Resource & Employment Services | Bull | NASDAQ | balance sheet strength, Dividend Growth, Hr Technology, Payroll, recurring revenue, Retention Rate | Login |
| Sep 30, 2024 | Fund Letters | Dr. Hendrik Leber | 6268 JP | Nabtesco Corporation | Industrials | Industrial Machinery | Bear | New York Stock Exchange | divestment, Earnings Weakness, Margins, Motion Control, profitability, robotics | Login |
| Sep 30, 2024 | Fund Letters | Dr. Hendrik Leber | SMCI | Super Micro Computer, Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | AI servers, data centers, Governance Risk, profit-taking, Related-party, valuation | Login |
| Sep 30, 2024 | Fund Letters | Dr. Hendrik Leber | HALO | Halozyme Therapeutics, Inc. | Health Care | Biotechnology | Bull | NASDAQ | asset-light, biotechnology, drug delivery, Partnerships, royalties, Subcutaneous Injection | Login |
| Sep 30, 2024 | Fund Letters | Dr. Hendrik Leber | BNTX | BioNTech SE | Health Care | Biotechnology | Bull | NASDAQ | Car-T, clinical data, Immunotherapy, mRNA, Oncology, pipeline | Login |
| Sep 30, 2024 | Fund Letters | Dr. Hendrik Leber | 1193 HK | China Resources Gas Group Limited | Utilities | Gas Utilities | Bull | New York Stock Exchange | Connections, Cost Reduction, dividends, Free Cash Flow, Gas Distribution, utilities | Login |
| Sep 30, 2024 | Fund Letters | Dr. Hendrik Leber | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | clinical trial, Drug-Pricing, GLP-1, Obesity, pipeline, Regulation | Login |
| Sep 30, 2024 | Fund Letters | Dr. Hendrik Leber | SWKS | Skyworks Solutions, Inc. | Information Technology | Semiconductors | Bear | NASDAQ | Apple, Customer concentration, Cyclicality, Revenue visibility, semiconductor demand, Smartphones | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | CRBU | Caribou Biosciences, Inc. | Health Care | Pharmaceuticals | Bull | NASDAQ | Allogeneic, Cancer, Car-T, Gene, Immune, Therapies | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | PLTR | Palantir Technologies Inc. | Information Technology | Software | Bull | New York Stock Exchange | Aerospace, analytics, Artificial Intelligence, Defense, Partnerships, platform | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | SWKS | Skyworks Solutions, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Customer base, diversification, guidance, Radio-Frequency, recovery, Smartphones | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | BNTX | BioNTech SE | Health Care | Pharmaceuticals | Bear | NASDAQ | cash, Clinical, Liquidity, Oncology, pipeline, valuation | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | FMG AU | Fortescue Ltd. | Materials | Metals & Mining | Bear | New York Stock Exchange | commodity, Decarbonization, Demand, dividends, guidance, Iron ore | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | 2020 HK | ANTA Sports Products Ltd. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bear | New York Stock Exchange | Apparel, China, Demand, growth, Online, uncertainty | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | GNK GR | Grenke AG | Financials | Consumer Finance | Bull | Xetra | Book Value, Financing, Leasing, Mid-Size, profitability, recovery | Login |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | CRSP | CRISPR Therapeutics AG | Health Care | Pharmaceuticals | Bull | NASDAQ | Commercialization, Editing, Genome, Hematology, Partnership, Profit | Login |
| Mar 31, 2024 | Fund Letters | Dr. Hendrik Leber | LONN SW | Lonza Group AG | Health Care | Life Sciences Tools & Services | Bull | Swiss Exchange | acquisition, biologics, capacity expansion, CDMO, Integration, Management Change | Login |
| Mar 31, 2024 | Fund Letters | Dr. Hendrik Leber | FRE GR | Fresenius SE & Co. KGaA | Health Care | Health Care Providers & Services | Bull | Xetra | Growth Forecast, Healthcare services, Management Change, Margin Improvement, restructuring, turnaround | Login |
| Mar 31, 2024 | Fund Letters | Dr. Hendrik Leber | PLTR | Palantir Technologies Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | Artificial Intelligence, government contracts, platform, profitability, Revenue Growth, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| AIXA.DE | As one of the main suppliers to AI data centers, Aixtron has already benefited from this trend for months. Now, the stock has been added to the STOXX 600, which further increased institutional demand. Despite a rather subdued operational outlook for the transition year 2026, the company nevertheless impresses with multiple positive analyst upgrades. |
| KWS.DE | Continuity in the Management Board was a signal to the market in March 2026. In addition, the company introduced a new organic pea and underlined its commitment to using genetic engineering tools to reduce development periods. |
| ROST | The share price jumped on strong quarterly numbers. A large share buy-back program and an increased dividend, combined with news of 110 new stores, strengthened the share price. |
| BNTX | News about the planned exit of company founders Ugur Sahin and Özlem Türeci by the end of 2026 put a dent in investor confidence, as it creates concerns about a possible leadership vacuum. |
| IFX.DE | March was a generally weak month for the semiconductor market, which also affected Infineon's performance. |
| KHC | The valuation has reached a level that will force adjustments to the brand portfolio. The P/E ratio is at around 11, and the dividend yield at 7%. When one includes the share buy-backs, more than 8% is returned to shareholders every year. Product innovations such as sugar-free ketchup provide glimpses of hope. |
| YAR.OL | The Straits of Hormuz are blocked and neither gas nor fertilizer can pass. This is excellent news for European fertilizer producer Yara - the company's profits are expected to temporarily double in 2026. This means that the already attractive P/E ratio is reduced to 6. |
| 1810.HK | This tech group is the Chinese combination of Apple and Porsche. Xiaomi has been successful in offering an ecosystem of affordable and high-quality products with a sophisticated design. This is evident not just with regard to smartphones and other electronic devices, but also in vehicles such as the sporty sedan SU7. Since the hype in 2025, the share price has been cut almost in half, which represents a good entry point. |
| SU.PA | Schneider Electric is the technological backbone of the energy transformation and the boom in AI, and the company also delivers impressive numbers: record sales of EUR 40.2 billion, an operating margin of 18.7% (2025), and the 16th dividend increase in a row. With triple-digit growth in the data center business and expected profit growth of up to 15% for 2026, this stock offers a rare combination of quality and growth. |
| PBR | We had added the oil companies Petrobras (Brazil) and Vista Energy (Argentina) to the portfolio before the US attack on Iran, because we were confident about South America. |
| VIST | Argentina's Vista Energy benefited from the rise in oil prices on the one hand and Argentina's liberalisation on the other. We had added the oil companies Petrobras (Brazil) and Vista Energy (Argentina) to the portfolio before the US attack on Iran, because we were confident about South America. |
| HAL | We also added oil services provider Halliburton, whose share price rose by up to 60 percent after we purchased the stock. That was a stroke of luck that somewhat alleviated the performance in a miserable market month. |
| LYB | We also added Lyondell-Basell, a manufacturer of plastics (polyolefins), whose share price rose by up to 60 percent after we purchased the stock. |
| CCJ | We continue to be very interested in uranium, which we cover with Sprott Uranium Trust and Cameco, the market leader in the West. Since taking over Westinghouse, this Canadian company not only produces uranium but also provides equipment to power plants. Cameco represents the renaissance of nuclear energy – 80 power plants under construction, 120 in planning. |
| COP | We have had blue chip stocks from the oil sector (e.g. ConocoPhillips, Equinor and Shell) in our portfolio for some time because of the high dividend yields. We reduced some of these positions in March, as there was a higher risk of a setback. |
| EQNR | We have had blue chip stocks from the oil sector (e.g. ConocoPhillips, Equinor and Shell) in our portfolio for some time because of the high dividend yields. We reduced some of these positions in March, as there was a higher risk of a setback. |
| SHEL | We have had blue chip stocks from the oil sector (e.g. ConocoPhillips, Equinor and Shell) in our portfolio for some time because of the high dividend yields. We reduced some of these positions in March, as there was a higher risk of a setback. |
| WPM | We have also been invested in Wheaton Precious Metals for many years. In a way, it is like a sort of bank that finances silver mines and receives a portion of the production in return, which is then sold in the market. |
| NEM | There is a reason why market leader Newmont has been one of our core positions for many years. With gold, it is less about industrial demand and more about trust. Central banks worldwide are building up their inventories instead of investing in their own currency. |
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