Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.6% | - | 0.3% |
| 2025 |
|---|
| 0.3% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.6% | - | 0.3% |
| 2025 |
|---|
| 0.3% |
ACATIS Investment delivered mixed 2025 performance with strong regional results in Asia (+13.7%), China (+13.5%) and Germany (+17.7%) while other segments performed modestly. The firm maintains its core value investing approach, focusing on small and medium-sized companies rather than benchmark-driven strategies. Key holdings benefited from AI-driven demand, particularly in semiconductors like Lam Research and Salesforce, while European banks were acquired at attractive valuations with strong fundamentals. The manager took an increasingly defensive stance throughout 2025 due to extreme market concentration making outperformance difficult without breaching regulatory limits. Geopolitically, they view US intervention in Venezuela as potentially reshaping global dynamics by weakening Russia, Iran and China through oil market control. The portfolio emphasizes stock selection quality over index weighting, continuing to identify undervalued opportunities while managing concentration risks. Looking forward, they expect better global conditions by end-2026 if geopolitical strategies succeed, while maintaining focus on fundamental value creation through careful security selection.
Focus on undervalued small and medium-sized companies using classical value investing principles while navigating extreme market concentration and geopolitical shifts that could reshape global power dynamics.
The manager expects the world to be in a better place by end of 2026 if geopolitical strategy succeeds in pushing back adversaries. They anticipate continued opportunities in undervalued companies while maintaining defensive positioning due to market concentration risks.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 |
The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. |
| Sep 30 2025 | 2025 Q3 | 2330 TT, 6920 JP, AMRZ, ANSS, CLS CN, CRM, DWNI GR, HAL, HIMS, HOLX, ICE, ISRG, KGH PW, KRN GR, KVUE, KYGA IR, LRCX, PEP, SNPS, UMI BB, UNH, UPWK, VNA GR, ZAL GR | energy security, fiscal deficits, Global Fragmentation, Industrial Policy, Trade Policy |
2330 TT KRN GR ICE HOLX SNPS CLS CN ZAL GR HAL HIMS KGH PW PEP UMI BB UPWK |
The report discusses mounting geopolitical fragmentation and policy uncertainty, emphasizing how trade tensions, fiscal imbalances and shifting global alliances are reshaping capital flows and regional growth prospects. Management highlights structural challenges in Europe alongside opportunities tied to industrial policy, energy security and technological sovereignty. In this environment, ACATIS positions portfolios toward globally competitive companies with resilient business models and exposure to long-term structural trends rather than cyclical macro swings. |
| Jun 30 2025 | 2025 Q2 | 1177 HK, BKNG, BNTX, ITM LN, LRCX, PLTR | Artificial Intelligence, Data centers, Energy Infrastructure, Pricing Power, semiconductors | ITM LN | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. |
| Mar 31 2025 | 2025 Q1 | 2413 JP, 3458 JP, 4088 JP, 4755 JP, 6920 JP, 8113 JP, ADI, BIDU, BN, BNTX, ELIS FP, HNR1 GR, INTU, LEMN SW, MC FP, META, NDA GR, NVO, SPGI, SWKS, SY1 GR, UBER | Artificial Intelligence, Data centers, Energy Infrastructure, Pricing Power, semiconductors |
HNR1 GR ELIS FP SWKS 6920 JP 4755 JP 8113 JP BIDU BN SPGI UBER |
The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. |
| Dec 31 2024 | 2024 Q4 | ADP, GOOG, NVO, PLTR, UBER, VRTX, VU FP | Artificial Intelligence, Data centers, Nuclear Energy, Power Infrastructure, semiconductors |
PLTR GOOG VRTX ADP |
The report highlights the accelerating global investment cycle in artificial intelligence infrastructure, emphasizing semiconductors, data centers and energy supply as critical bottlenecks in scaling AI capabilities. Management argues that exponential growth in computing power requirements and model training costs is reshaping capital allocation toward chip manufacturing equipment, grid expansion and power generation, including nuclear solutions. In this environment, ACATIS positions portfolios to benefit from structural AI-driven capex while remaining selective on valuations amid heightened market concentration. |
| 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 |
The report underscores the exponential growth in artificial intelligence infrastructure, from semiconductor equipment and performance electronics to data centers and power supply, with European industrial champions playing critical enabling roles. Rising computing intensity, multi-billion-euro model training costs and surging electricity demand are driving investment in semiconductors, grid infrastructure and even nuclear energy solutions to power AI workloads. ACATIS positions portfolios toward companies benefiting from AI-driven capital expenditure cycles, particularly in semiconductors, industrial technology and energy infrastructure. |
| Jun 30 2024 | 2024 Q2 | 0268 HK, 2020 HK, 2330 TT, AMKR, APE AU, BLUE, BNTX, CRBU, CRSP, FMG AU, GNK GR, NBIX, PLTR, SWKS, ZEAL DC | Artificial Intelligence, EU Debt Crisis, fiscal policy, Rate Cuts, Sovereign Bonds |
PLTR SWKS BNTX FMG AU 2020 HK GNK GR CRSP CRBU |
The July 2024 investment report highlights mounting structural pressures in Europe, including rising sovereign debt risks in France, demographic headwinds, and increased defense spending as the peace dividend fades. With France's debt-to-GDP above 110% and deficits exceeding EU thresholds, concerns about another EU debt crisis are resurfacing, potentially impacting bond spreads and refinancing conditions. Against this backdrop of geopolitical fragmentation and fiscal strain, ACATIS positions portfolios toward resilient global equities, AI beneficiaries, and selectively attractive fixed income opportunities benefiting from potential rate cuts. |
| Mar 31 2024 | 2024 Q1 | CTSH, ECV GR, FRE GR, IFX GR, LONN SW, NVDA, PLTR, RMD, WAGA FP | Behavioral Finance, geopolitics, Market Concentration, Market Volatility, small caps |
LONN SW FRE GR PLTR |
The report emphasizes heightened market volatility driven by geopolitical tensions, shifting monetary policy expectations, and concentrated equity market leadership. Behavioral dynamics such as momentum, fear of missing out, and short-term performance pressures are contributing to pricing distortions across sectors and regions. The firm views volatility as both a risk and an opportunity, particularly where smaller companies and overlooked industries are mispriced relative to fundamentals. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
GeopoliticsTrump Administration is remaking world order with radically reset trade relations, strained alliances replaced by unilateralism, and commercial interests prioritized over strategic interests. This creates heightened uncertainty where unpredictability is seen as virtue. |
Trade Policy Unilateralism Uncertainty Alliances Diplomacy |
| 2025 Q2 |
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 |
| 2025 Q1 |
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 |
| 2024 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 |
| 2024 Q3 |
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 |
| 2024 Q2 |
GeopoliticsTrump Administration is remaking world order with radically reset trade relations, strained alliances replaced by unilateralism, and commercial interests prioritized over strategic interests. This creates heightened uncertainty where unpredictability is seen as virtue. |
Trade Policy Unilateralism Uncertainty Alliances Diplomacy |
| 2024 Q1 |
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 |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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, 2025 | Fund Letters | Dr. Hendrik Leber | PEP | PepsiCo, Inc. | Consumer Staples | Beverages | Bull | NASDAQ | activist, dividends, efficiency, Margins, Refranchising | 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 |
| 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, 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 |
| 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, 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 |
| 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 |
| 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, 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 |
| 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 |
| 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, 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 |
| 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 |
| 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 |
| 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, 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | BNTX | BioNTech SE | Health Care | Pharmaceuticals | Bear | NASDAQ | cash, Clinical, Liquidity, Oncology, pipeline, valuation | 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Jun 30, 2024 | Fund Letters | Dr. Hendrik Leber | CRSP | CRISPR Therapeutics AG | Health Care | Pharmaceuticals | Bull | NASDAQ | Commercialization, Editing, Genome, Hematology, Partnership, Profit | 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| ADBE | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| BARC.L | Our bank holdings have been outstanding performers throughout the year, and even at their current valuations, we believe they continue to look attractive. |
| BKNG | You may remember that we owned Booking during the pandemic. It is the world's leading online travel agency and a business we have admired for a long time. The company benefits from powerful network effects—more hotels attract more travelers, and vice versa—creating a moat that is incredibly difficult for competitors to cross. It is highly profitable, capital-light, and generates significant free cash flow. We were happy to re-enter this high-quality compounder at a valuation that offers a compelling margin of safety. |
| BNTX | BioNTech SE -14 |
| BRK-A | Miles mentioned that he had been a long-term shareholder of Berkshire Hathaway and had never sold his shares. Over roughly twenty-five years, his investment compounded at about 10.9% annually. The first dollar he invested became approximately thirteen dollars. Since around 1990, Berkshire has only marginally outperformed the S&P 500. By Buffett's own historical standards, this period could be described as mediocre. And yet, admiration for Buffett has not faded—if anything, it has intensified. |
| CLS | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
| CRM | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| DHR | After lagging through the first three quarters of 2025, Danaher's stock rebounded during Q4 as bioprocessing, life science, and diagnostics demand continued to recover from a cyclical trough. On the 3Q25 call, management established conservative 2026 growth expectations. Revenue is expected to continue to lag long-term trends at 3-6% but improve throughout the year. |
| EBS.VI | Erste Group Bank, a leading retail and commercial bank in Central and Eastern Europe, was the top contributor during the quarter. The company reported strong operating performance, driven by healthy loan growth across core markets, resilient net interest income, and solid fee income, with contributions from securities, asset management and payments. During the quarter, Erste cleared key milestones related to its previously announced acquisition of a 49% stake in Santander Bank Polska. |
| EL.PA | We see opportunity for EssilorLuxottica, an Italian-French maker of sunglasses and corrective lenses, and expect its digital glasses partnership with Meta Platforms to be bigger than the market is discounting. |
| EPAM | I continue to believe that DAVA is undervalued relative to peers who face similar AI threats as DAVA, such as EPAM. |
| GLE.PA | Shares of the France-based investment bank rose as the company reported strong quarterly results, with a boosted profit outlook due to a continued rebound in retail banking. The bank has benefited from initiatives to improve profitability and its performance versus European peers. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| 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. |
| LRCX | we believe it is well positioned to become an approved vendor for Lam Research (a supplier of wafer-fabrication equipment) as well |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| PGR | Cadence, Linde, United Rentals, and Progressive rounded out the top-five detractors in the quarter. |
| TSMC | Companies that manufacture chips – especially TSMC – seem well positioned. |
| ZTS | ZTS: $6B authorized August 2024; $1.5B used as of September 2025 |
| 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 | |||