Airlie Small Companies Fund

Investor Summary

Will Granger has been the Portfolio Manager of the Airlie Small Companies Fund since March 2023. He joined Airlie in February 2020 as an Equities Analyst and was promoted to Portfolio Manager in March 2023. Granger holds education from the University of Sydney and brings prior hedge fund experience to his role. Under his management, the Small Companies Fund achieved impressive performance with a 24% return over its first year, significantly outperforming its benchmark according to Australian Financial Review reporting. The fund launched in April 2023 and has grown to over $31 million in assets under management by December 2025.

Fund Strategy

Airlie employs a prudent, common-sense investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. The fund seeks to invest in companies with competent managers whose interests ideally align with those of shareholders, with a preference for founder-led businesses. Airlie seeks to invest where their assessment of the quality and worth of a business exceeds the prevailing market price. The investment process weighs four factors when considering a potential investment: Financial Strength, Business Quality, Quality of Management, and Valuation. The fund employs ESG integration as part of its investment approach and excludes companies involved in tobacco or controversial weapons.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	4.4%	-

Executive Summary

MPD Partners manages MPD SME Capital One, a private equity vehicle focused on SME investments with an innovative governance structure involving shareholders, advisory board, and investment committee. The fund's main portfolio company La Centrale de Prévoyance, a Swiss insurance broker, showed positive cash flow generation during Q3 2025 despite challenges including the resignation of their main broker. The company maintained partnerships with major insurers and focused on onboarding new brokers to preserve FINMA authorization. MSCO continues developing proprietary lead generation software using Big Data Analytics and machine learning algorithms, currently being tested with LCP. The second portfolio company Sell-Plast S.r.l. remains in liquidation with the investment written off. The fund operates with minimal management resources due to limited funding for portfolio company development. MPD Partners aims to build track record through MSCO to eventually launch a larger SME-focused PE fund, leveraging their specialized focus on smaller transactions that larger PE funds cannot pursue due to cost structure constraints.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Sep 30 2025	2025 Q3	ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE	insurance, private equity, SME, software, Switzerland	-	MPD Partners operates an SME-focused private equity vehicle with two portfolio companies. Main holding La Centrale de Prévoyance, a Swiss insurance broker, generated positive cash flow despite broker turnover challenges. The fund is developing proprietary lead generation software using machine learning. Operations remain lean with minimal management resources allocated to portfolio development due to funding constraints.
Jun 30 2025	2025 Q2	BRK-B	AI, Caribbean, diversification, emerging markets, global, technology, value	-	Fortress delivered strong Q3 returns by avoiding expensive U.S. tech and investing globally in quality companies at reasonable valuations. Emerging markets led performance while Caribbean weakness created long-term opportunities. The manager rotated from Asian smaller companies into core global equities, maintaining conviction that future returns will come from reasonably valued areas rather than recent winners.
Mar 31 2025	2025 Q1	AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM	AI, China, Cloud, growth, large cap, semiconductors, technology	AMD SNOW BABA BIDU	WestEnd Capital doubles down on AI infrastructure through established leaders and catch-up trades, adding AMD, Alibaba, and Baidu while maintaining Palantir and Snowflake positions. Technology remains the largest allocation amid concentrated market leadership, with diversification into international growth themes. Despite Q3 underperformance, the firm positions for long-term growth driven by AI adoption and infrastructure investment.
Dec 31 2024	2024 Q4	-	-	-
Sep 30 2024	2024 Q3	AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA	AI, international, Quality, small caps, technology, Valuations, value	-	Regency Wealth advocates for disciplined value investing amid AI-driven market concentration. While mega-cap tech stocks show elevated valuations inconsistent with slowing growth expectations, significant opportunities exist in undervalued segments including small caps, international equities, and equal-weighted S&P 500 companies trading at substantial discounts to the Magnificent 7.
Jun 30 2024	2024 Q2	BAC, JPM	Consumer Sentiment, Economic Data, Fed policy, inflation, Market Volatility, Trade Policy	-	Despite tariff-driven market volatility and negative sentiment surveys, underlying economic data shows resilience with 2.1% PCE inflation, continued earnings growth, and improving bank credit metrics. Markets recovered from initial 12% decline to finish strongly. Firm remains prudently optimistic while expecting fewer Fed rate cuts than previously anticipated due to trade policy uncertainty.
Mar 31 2024	2024 Q1	ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V	AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy	-	Portfolio underperformed despite strong fundamentals as Trump's pro-growth policies create favorable environment. AI drives structural demand in semiconductors and enterprise software, while nuclear power becomes essential for data center expansion. Sold cable exposure due to subscriber headwinds, added memory exposure via Micron. Policy clarity enables focus on execution over uncertainty.
Dec 31 2023	2023 Q4	-	ABS, CMBS, credit, Fed, fixed income, rates, RMBS, Structured Credit	-	Easterly's structured credit fund delivered 1.92% returns in Q3 2025, focusing on RMBS and CMBS while maintaining conservative positioning. Non-Agency RMBS remains strong on housing fundamentals, while CMBS shows office sector stress. ABS faced fraud-related turbulence. With 20% cash reserves and A-rated portfolio, the fund is positioned for opportunities amid Fed easing cycle.
Sep 30 2023	2023 Q3	-	AI, Fed policy, Hedged Equity, Market Concentration, technology, volatility	-	Easterly's hedged equity strategy delivered 4.98% returns with 70% market participation and half the volatility of the S&P 500. Despite Fed rate cuts, narrow AI-driven leadership and stretched valuations at 24x earnings create vulnerability. The fund's systematic approach monetizes volatility while maintaining upside capture and downside protection, making it valuable as core equity allocation.
Jun 30 2023	2023 Q2	-	Behavioral Finance, Due Diligence, Generalist, Investment Philosophy, value	-	Nixon Capital's Q1 letter is purely philosophical, applying Kahneman's behavioral finance principles to investment decision-making. The firm emphasizes disciplined generalist investing, independent thought, and systematic due diligence to avoid cognitive biases. They focus on identifying changing market dynamics, outsider CEOs, and high-quality businesses while maintaining flexibility and acknowledging knowledge limitations.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Sep 30 2025

2025 Q3

ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE

insurance, private equity, SME, software, Switzerland

MPD Partners operates an SME-focused private equity vehicle with two portfolio companies. Main holding La Centrale de Prévoyance, a Swiss insurance broker, generated positive cash flow despite broker turnover challenges. The fund is developing proprietary lead generation software using machine learning. Operations remain lean with minimal management resources allocated to portfolio development due to funding constraints.

Jun 30 2025

2025 Q2

BRK-B

AI, Caribbean, diversification, emerging markets, global, technology, value

Fortress delivered strong Q3 returns by avoiding expensive U.S. tech and investing globally in quality companies at reasonable valuations. Emerging markets led performance while Caribbean weakness created long-term opportunities. The manager rotated from Asian smaller companies into core global equities, maintaining conviction that future returns will come from reasonably valued areas rather than recent winners.

Mar 31 2025

2025 Q1

AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM

AI, China, Cloud, growth, large cap, semiconductors, technology

AMD
SNOW
BABA
BIDU

WestEnd Capital doubles down on AI infrastructure through established leaders and catch-up trades, adding AMD, Alibaba, and Baidu while maintaining Palantir and Snowflake positions. Technology remains the largest allocation amid concentrated market leadership, with diversification into international growth themes. Despite Q3 underperformance, the firm positions for long-term growth driven by AI adoption and infrastructure investment.

Dec 31 2024

2024 Q4

Sep 30 2024

2024 Q3

AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA

AI, international, Quality, small caps, technology, Valuations, value

Regency Wealth advocates for disciplined value investing amid AI-driven market concentration. While mega-cap tech stocks show elevated valuations inconsistent with slowing growth expectations, significant opportunities exist in undervalued segments including small caps, international equities, and equal-weighted S&P 500 companies trading at substantial discounts to the Magnificent 7.

Jun 30 2024

2024 Q2

BAC, JPM

Consumer Sentiment, Economic Data, Fed policy, inflation, Market Volatility, Trade Policy

Despite tariff-driven market volatility and negative sentiment surveys, underlying economic data shows resilience with 2.1% PCE inflation, continued earnings growth, and improving bank credit metrics. Markets recovered from initial 12% decline to finish strongly. Firm remains prudently optimistic while expecting fewer Fed rate cuts than previously anticipated due to trade policy uncertainty.

Mar 31 2024

2024 Q1

ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V

AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy

Portfolio underperformed despite strong fundamentals as Trump's pro-growth policies create favorable environment. AI drives structural demand in semiconductors and enterprise software, while nuclear power becomes essential for data center expansion. Sold cable exposure due to subscriber headwinds, added memory exposure via Micron. Policy clarity enables focus on execution over uncertainty.

Dec 31 2023

2023 Q4

ABS, CMBS, credit, Fed, fixed income, rates, RMBS, Structured Credit

Easterly's structured credit fund delivered 1.92% returns in Q3 2025, focusing on RMBS and CMBS while maintaining conservative positioning. Non-Agency RMBS remains strong on housing fundamentals, while CMBS shows office sector stress. ABS faced fraud-related turbulence. With 20% cash reserves and A-rated portfolio, the fund is positioned for opportunities amid Fed easing cycle.

Sep 30 2023

2023 Q3

AI, Fed policy, Hedged Equity, Market Concentration, technology, volatility

Easterly's hedged equity strategy delivered 4.98% returns with 70% market participation and half the volatility of the S&P 500. Despite Fed rate cuts, narrow AI-driven leadership and stretched valuations at 24x earnings create vulnerability. The fund's systematic approach monetizes volatility while maintaining upside capture and downside protection, making it valuable as core equity allocation.

Jun 30 2023

2023 Q2

Behavioral Finance, Due Diligence, Generalist, Investment Philosophy, value

Nixon Capital's Q1 letter is purely philosophical, applying Kahneman's behavioral finance principles to investment decision-making. The firm emphasizes disciplined generalist investing, independent thought, and systematic due diligence to avoid cognitive biases. They focus on identifying changing market dynamics, outsider CEOs, and high-quality businesses while maintaining flexibility and acknowledging knowledge limitations.

QUARTER	THEMES	TAGS
2025 Q3	Insurance The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers following the resignation of their main broker.	Insurance Brokers Healthcare Switzerland
	Software MSCO is developing proprietary lead generation software using Big Data Analytics and machine learning algorithms to enhance marketing and sales outcomes for portfolio companies. The software is being tested with LCP and will serve as a foundation for implementation across other invested companies.	SaaS Data & Analytics AI
2025 Q2	AI Artificial intelligence remained the dominant theme supporting global stocks this quarter, with renewed frenzy in technology shares from the AI buildout bringing excitement and higher valuations. AI fueled momentum in shares of companies linked to artificial intelligence, though valuations have not yet been a concern for investors.	Technology Valuations Momentum Growth
	Emerging markets Emerging markets stocks posted the strongest returns this quarter. Constructive trade talks, good valuations and the government's shift to supporting private enterprise lifted Chinese stocks, adding to returns in an already strong year. The Fund's core allocation to emerging equities via the Fortress Emerging Markets Fund returned 15%.	China Valuations Trade Government Policy
	Value The manager favors investing in shares of high-quality, profitable companies at reasonable valuations, believing valuations matter as the launching point for future returns. Years of weakness in Caribbean markets have set the stage for good long-term returns among profitable companies that now trade at very attractive valuations.	Valuations Quality Caribbean Long-term
2025 Q1	AI WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span the hardware and software sides of AI growth with focus on data center processors, enterprise AI tools, and autonomous mobility platforms.	Data Centers Cloud Semiconductors Enterprise Software Autonomous Vehicles
	Semiconductors The portfolio includes strategic semiconductor exposure through AMD's data center processors and historical positions in Taiwan Semiconductor, ASML, and Broadcom. AMD is highlighted as approaching a strategic inflection point with its Instinct MI450 processors designed for large-scale AI workloads and partnerships with OpenAI and Oracle representing potential tens of billions in long-term revenue.	Data Centers AI Foundries Semi Equipment GPUs
	Cloud Cloud infrastructure remains a core theme through Snowflake's enterprise data platform and Alibaba's expanding cloud division. Snowflake is positioned as a leader in converting AI technology to revenue-generating tools for enterprises, while Alibaba's cloud division reported 26% year-over-year revenue gains driven by triple-digit increases in AI-related business.	Enterprise Software Data & Analytics AI SaaS Infrastructure
	China WestEnd has opened positions in Chinese technology leaders Alibaba and Baidu as strategic infrastructure providers for Asia's digital transformation. Alibaba announced a $50 billion initiative in AI development while Baidu's Apollo Go platform operates fully driverless taxis with breakthrough economics below $30,000 per unit cost.	Technology AI E-commerce Autonomous Vehicles Cloud
2024 Q3	AI AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment.	Technology Earnings Valuations Growth Productivity
	Value The firm's investment strategy remains grounded in identifying quality companies trading at a discount to their intrinsic value. They highlight significant valuation disparities, with equal-weighted S&P 500 companies trading at a 43% discount to the Magnificent 7, small caps at a 25% discount to the S&P 500, and overseas companies at a 34% discount.	Discount Quality Intrinsic Fundamental Analysis
	Small Caps Small cap companies are trading at a 25% discount to the S&P 500 Index, offering compelling risk/reward characteristics. The rate-cutting environment is seen as a tailwind to smaller companies, presenting opportunities to own quality companies at attractive valuations in the small cap universe.	Discount Valuations Rates Quality Opportunities
2024 Q2	Trade Policy President Trump announced reciprocal tariffs with a 90-day pause for most countries while raising tariffs on Chinese imports. The tariff announcement sent shockwaves to global capital markets with the S&P 500 dropping over 12% in four trading days. Markets feared a full-blown global trade war and its negative consequences on corporate earnings and economic growth.	Tariffs Trade War China Reciprocal Global
	Inflation Consumer inflation expectations in surveys hover north of 7% with sharp drops in economic growth expectations. However, the PCE Index printed 2.1% year-over-year, one of the lowest readings in years and in line with the Fed's 2% target. Survey responses tend to be significantly higher than actual realized inflation, creating a disconnect between perception and reality.	PCE Expectations Survey Fed Target Consumer
	Rates The Fed is expected to remain on hold longer than expected due to unclear economic outlook. Fed Chair Powell has reiterated they will remain data dependent and assess trade policy implications. The base case scenario shifted from 2-3 rate cuts in 2025 to just one cut this year, with potential for a second cut at year-end.	Fed Powell Data Dependent Rate Cuts Policy
2024 Q1	AI AI is driving massive productivity gains and creating new business models for enterprise software companies. The debate centers on whether AI will increase adoption at higher prices or allow companies to bypass traditional software vendors. ServiceNow and Salesforce are adapting pricing models to capture AI value through consumption-based structures.	Enterprise Software Productivity Pricing Models Data Centers Innovation
	Semiconductors Memory chips are experiencing structural demand from AI data centers, with high bandwidth memory market growing from $8B in 2023 to expected $30B+ in 2026. ASML maintains monopoly in EUV lithography essential for advanced chip production, though faces near-term uncertainty from trade restrictions.	Memory HBM Lithography Data Centers Cyclicality
	Nuclear Nuclear power is positioned as critical solution for AI data center power demands, with BWX Technologies benefiting from massive growth in long-term backlog. The Trump administration's all-of-the-above energy approach supports nuclear expansion including small module reactors.	Power Generation Energy Infrastructure Backlog Small Reactors Data Centers
	Trade Policy Trump administration has rewritten international trade terms through tariffs that have been absorbed in supply chains without materially impacting consumer prices. Massive investment commitments in US manufacturing have been secured alongside competitive corporate tax rates.	Tariffs Manufacturing Supply Chain Tax Policy Investment
	Broadband Cable companies face persistent broadband subscriber declines that have overwhelmed strong earnings and cash flow growth. Charter was sold due to weak subscriber trends and heavy debt, while Comcast receives temporary reprieve pending proof of bundled mobile/broadband strategy success.	Subscribers Cable ARPU Bundling Free Cash Flow
2023 Q4	Mortgage Non-Agency RMBS remains one of the strongest areas within structured credit, benefiting from healthy housing market, limited new supply, and attractive yields. New issuance reached $161 billion through Q3 2025, matching all of 2024. Credit performance remains stable with low loss severities at 26%.	RMBS Housing Credit Yields Issuance
	Commercial Real Estate CMBS market shows contrasts with office properties struggling while other sectors recover. Office loan delinquencies stand at 14% with refinancing success rate only 40%. However, private CMBS issuance reached $116 billion year-to-date, up 41% from 2024.	CMBS Office Refinancing Delinquencies Issuance
	Credit Stress ABS market experienced turbulence from Tricolor Holdings bankruptcy involving large-scale fraud where 40% of auto loans were pledged multiple times. Subprime auto credit shows weakness with net losses rising to 9.33% and delinquencies reaching near record highs at 6.43%.	ABS Fraud Subprime Auto Delinquencies
	Rates Federal Reserve delivered first rate cut of 2025 in September, trimming rates by 0.25% as a risk-management move. Treasury yields declined with 10-year ending at 4.15%. Manager expects yield curve to flatten near-term with longer-term Treasury yields likely to decline.	Fed Rate Cut Treasury Curve Yields
2023 Q3	AI Artificial intelligence continues to drive productivity gains and support corporate earnings, with AI-driven names powering the market rally alongside mega-cap technology stocks. The AI theme remains a key driver of market leadership and performance concentration.	Productivity Technology Mega Cap Leadership
	Volatility Elevated volatility persisted alongside strong index performance, with the CBOE Volatility Index curve remaining steep. The fund's systematic approach allowed monetization of volatility opportunities while maintaining protection against potential declines.	CBOE Monetization Protection Systematic

QUARTER

THEMES

Insurance

The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers following the resignation of their main broker.

Insurance Brokers Healthcare Switzerland

Software

MSCO is developing proprietary lead generation software using Big Data Analytics and machine learning algorithms to enhance marketing and sales outcomes for portfolio companies. The software is being tested with LCP and will serve as a foundation for implementation across other invested companies.

SaaS Data & Analytics AI

2025 Q2

AI

Artificial intelligence remained the dominant theme supporting global stocks this quarter, with renewed frenzy in technology shares from the AI buildout bringing excitement and higher valuations. AI fueled momentum in shares of companies linked to artificial intelligence, though valuations have not yet been a concern for investors.

Technology Valuations Momentum Growth

Emerging markets

Emerging markets stocks posted the strongest returns this quarter. Constructive trade talks, good valuations and the government's shift to supporting private enterprise lifted Chinese stocks, adding to returns in an already strong year. The Fund's core allocation to emerging equities via the Fortress Emerging Markets Fund returned 15%.

China Valuations Trade Government Policy

Value

The manager favors investing in shares of high-quality, profitable companies at reasonable valuations, believing valuations matter as the launching point for future returns. Years of weakness in Caribbean markets have set the stage for good long-term returns among profitable companies that now trade at very attractive valuations.

Valuations Quality Caribbean Long-term

2025 Q1

AI

WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span the hardware and software sides of AI growth with focus on data center processors, enterprise AI tools, and autonomous mobility platforms.

Data Centers Cloud Semiconductors Enterprise Software Autonomous Vehicles

Semiconductors

The portfolio includes strategic semiconductor exposure through AMD's data center processors and historical positions in Taiwan Semiconductor, ASML, and Broadcom. AMD is highlighted as approaching a strategic inflection point with its Instinct MI450 processors designed for large-scale AI workloads and partnerships with OpenAI and Oracle representing potential tens of billions in long-term revenue.

Data Centers AI Foundries Semi Equipment GPUs

Cloud

Cloud infrastructure remains a core theme through Snowflake's enterprise data platform and Alibaba's expanding cloud division. Snowflake is positioned as a leader in converting AI technology to revenue-generating tools for enterprises, while Alibaba's cloud division reported 26% year-over-year revenue gains driven by triple-digit increases in AI-related business.

Enterprise Software Data & Analytics AI SaaS Infrastructure

China

WestEnd has opened positions in Chinese technology leaders Alibaba and Baidu as strategic infrastructure providers for Asia's digital transformation. Alibaba announced a $50 billion initiative in AI development while Baidu's Apollo Go platform operates fully driverless taxis with breakthrough economics below $30,000 per unit cost.

Technology AI E-commerce Autonomous Vehicles Cloud

2024 Q3

AI

AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment.

Technology Earnings Valuations Growth Productivity

Value

The firm's investment strategy remains grounded in identifying quality companies trading at a discount to their intrinsic value. They highlight significant valuation disparities, with equal-weighted S&P 500 companies trading at a 43% discount to the Magnificent 7, small caps at a 25% discount to the S&P 500, and overseas companies at a 34% discount.

Discount Quality Intrinsic Fundamental Analysis

Small Caps

Small cap companies are trading at a 25% discount to the S&P 500 Index, offering compelling risk/reward characteristics. The rate-cutting environment is seen as a tailwind to smaller companies, presenting opportunities to own quality companies at attractive valuations in the small cap universe.

Discount Valuations Rates Quality Opportunities

2024 Q2

Trade Policy

President Trump announced reciprocal tariffs with a 90-day pause for most countries while raising tariffs on Chinese imports. The tariff announcement sent shockwaves to global capital markets with the S&P 500 dropping over 12% in four trading days. Markets feared a full-blown global trade war and its negative consequences on corporate earnings and economic growth.

Tariffs Trade War China Reciprocal Global

Inflation

Consumer inflation expectations in surveys hover north of 7% with sharp drops in economic growth expectations. However, the PCE Index printed 2.1% year-over-year, one of the lowest readings in years and in line with the Fed's 2% target. Survey responses tend to be significantly higher than actual realized inflation, creating a disconnect between perception and reality.

PCE Expectations Survey Fed Target Consumer

Rates

The Fed is expected to remain on hold longer than expected due to unclear economic outlook. Fed Chair Powell has reiterated they will remain data dependent and assess trade policy implications. The base case scenario shifted from 2-3 rate cuts in 2025 to just one cut this year, with potential for a second cut at year-end.

Fed Powell Data Dependent Rate Cuts Policy

2024 Q1

AI

AI is driving massive productivity gains and creating new business models for enterprise software companies. The debate centers on whether AI will increase adoption at higher prices or allow companies to bypass traditional software vendors. ServiceNow and Salesforce are adapting pricing models to capture AI value through consumption-based structures.

Enterprise Software Productivity Pricing Models Data Centers Innovation

Semiconductors

Memory chips are experiencing structural demand from AI data centers, with high bandwidth memory market growing from $8B in 2023 to expected $30B+ in 2026. ASML maintains monopoly in EUV lithography essential for advanced chip production, though faces near-term uncertainty from trade restrictions.

Memory HBM Lithography Data Centers Cyclicality

Nuclear

Nuclear power is positioned as critical solution for AI data center power demands, with BWX Technologies benefiting from massive growth in long-term backlog. The Trump administration's all-of-the-above energy approach supports nuclear expansion including small module reactors.

Power Generation Energy Infrastructure Backlog Small Reactors Data Centers

Trade Policy

Trump administration has rewritten international trade terms through tariffs that have been absorbed in supply chains without materially impacting consumer prices. Massive investment commitments in US manufacturing have been secured alongside competitive corporate tax rates.

Tariffs Manufacturing Supply Chain Tax Policy Investment

Broadband

Cable companies face persistent broadband subscriber declines that have overwhelmed strong earnings and cash flow growth. Charter was sold due to weak subscriber trends and heavy debt, while Comcast receives temporary reprieve pending proof of bundled mobile/broadband strategy success.

Subscribers Cable ARPU Bundling Free Cash Flow

2023 Q4

Mortgage

Non-Agency RMBS remains one of the strongest areas within structured credit, benefiting from healthy housing market, limited new supply, and attractive yields. New issuance reached $161 billion through Q3 2025, matching all of 2024. Credit performance remains stable with low loss severities at 26%.

RMBS Housing Credit Yields Issuance

Commercial Real Estate

CMBS market shows contrasts with office properties struggling while other sectors recover. Office loan delinquencies stand at 14% with refinancing success rate only 40%. However, private CMBS issuance reached $116 billion year-to-date, up 41% from 2024.

CMBS Office Refinancing Delinquencies Issuance

Credit Stress

ABS market experienced turbulence from Tricolor Holdings bankruptcy involving large-scale fraud where 40% of auto loans were pledged multiple times. Subprime auto credit shows weakness with net losses rising to 9.33% and delinquencies reaching near record highs at 6.43%.

ABS Fraud Subprime Auto Delinquencies

Rates

Federal Reserve delivered first rate cut of 2025 in September, trimming rates by 0.25% as a risk-management move. Treasury yields declined with 10-year ending at 4.15%. Manager expects yield curve to flatten near-term with longer-term Treasury yields likely to decline.

Fed Rate Cut Treasury Curve Yields

2023 Q3

AI

Artificial intelligence continues to drive productivity gains and support corporate earnings, with AI-driven names powering the market rally alongside mega-cap technology stocks. The AI theme remains a key driver of market leadership and performance concentration.

Productivity Technology Mega Cap Leadership

Volatility

Elevated volatility persisted alongside strong index performance, with the CBOE Volatility Index curve remaining steep. The fund's systematic approach allowed monetization of volatility opportunities while maintaining protection against potential declines.

CBOE Monetization Protection Systematic

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 22, 2025	Fund Letters	Airlie Small Companies Fund	BIDU	Baidu, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI innovation, autonomous vehicles, Chinese Technology, cloud services, Enterprise software, Language Models, robotaxis, Southeast Asia Expansion	Login
Oct 22, 2025	Fund Letters	Airlie Small Companies Fund	BABA	Alibaba Group Holding Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	AI infrastructure, Asia, Chinese Technology, Cloud computing, Digital transformation, e-commerce, high-performance computing, semiconductors	Login
Oct 22, 2025	Fund Letters	Airlie Small Companies Fund	SNOW	Snowflake Inc.	Information Technology	Software	Bull	NYSE	Cloud Data Platform, Data Analytics, Enterprise AI, Enterprise software, machine learning, Multi Cloud, SaaS, unstructured data	Login
Oct 22, 2025	Fund Letters	Airlie Small Companies Fund	AMD	Advanced Micro Devices	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, Cloud computing, competitive positioning, CPU, data center, Gpu, market share gains, Partnerships, semiconductors	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 22, 2025

Fund Letters

Airlie Small Companies Fund

BIDU

Baidu, Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI innovation, autonomous vehicles, Chinese Technology, cloud services, Enterprise software, Language Models, robotaxis, Southeast Asia Expansion

Oct 22, 2025

Fund Letters

Airlie Small Companies Fund

BABA

Alibaba Group Holding Limited

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

AI infrastructure, Asia, Chinese Technology, Cloud computing, Digital transformation, e-commerce, high-performance computing, semiconductors

Oct 22, 2025

Fund Letters

Airlie Small Companies Fund

SNOW

Snowflake Inc.

Information Technology

Software

Bull

NYSE

Cloud Data Platform, Data Analytics, Enterprise AI, Enterprise software, machine learning, Multi Cloud, SaaS, unstructured data

Oct 22, 2025

Fund Letters

Airlie Small Companies Fund

AMD

Advanced Micro Devices

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, Cloud computing, competitive positioning, CPU, data center, Gpu, market share gains, Partnerships, semiconductors

TICKER	COMMENTARY
KER.PA	The latter recently saw Kering, a key asset of Groupe Artémis, passing over control to April, the French leader in Insurance brokerage.

TICKER

COMMENTARY

KER.PA

The latter recently saw Kering, a key asset of Groupe Artémis, passing over control to April, the French leader in Insurance brokerage.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th September 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Insurance

Software

AI

Emerging markets

Value

AI

Semiconductors

Cloud

China

AI

Value

Small Caps

Trade Policy

Inflation

Rates

AI

Semiconductors

Nuclear

Trade Policy

Broadband

Mortgage

Commercial Real Estate

Credit Stress

Rates

AI

Volatility

Investor Pitches

Current Portfolio as of ( 30th September 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Will Granger Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Airlie Small Companies Fund