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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 19, 2026
The Arnott Opportunities Strategy returned 0.04% net for the six months ending June 30, 2026, with 32% net long exposure. Samsung Electronics and SK Hynix drove strong performance across both the AI memory theme (+511 bps) and Korean Corporate Reform (+518 bps), capitalising on abrupt tightening in AI memory supply as models evolved from chatbots to complex task-performing agents. UK homebuilders detracted 549 bps following Middle East conflict, energy price spikes and a 137 bps repricing in UK rate expectations over 20 days. The manager reshaped homebuilder exposure for the next upswing given 0.65x book valuations versus 1.5x midcycle. March losses exposed concentrated commodity and rate exposures that broad index hedges failed to offset, prompting process refinements. Looking forward, the manager sees compelling opportunities across AI infrastructure, Korean reform and a multi-year physical capital cycle driven by underinvestment in mining, construction and energy infrastructure. Hyperscaler capex now exceeds $1 trillion but amber flags emerge around debt funding and Chinese AI competition. Oil remains tight through year-end under intermittent Hormuz disruption.
The Strategy pursues asymmetric opportunities across three distinct but complementary themes: capitalising on the AI infrastructure build-out and memory cycle while monitoring emerging risks from debt-funded capex and Chinese competition; exploiting Korean corporate governance reform and NAV discounts; and positioning for a multi-year physical capital cycle driven by a decade of underinvestment colliding with rising demand from AI, energy security, defense and infrastructure replacement.
Market dispersion remains high, presenting a compelling opportunity set across AI infrastructure, corporate reform and the physical capital cycle. The manager expects greater dispersion between companies in the AI ecosystem as the next phase requires evidence that rising capex produces durable cash flow. Oil markets are expected to remain tight and volatile through the remainder of 2026 under an uneven normalisation regime, though the medium-term outlook could shift to surplus if Gulf production normalises in 2027. The physical capital cycle is expected to benefit from sustained demand driven by AI build-out, energy security, defense spending and infrastructure replacement, with price serving as the principal release valve until new capacity arrives.
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