| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.02% | 4.89% | 4.89% |
Artisan International Fund delivered strong Q1 2026 performance, outperforming benchmarks with a 4.89% return while MSCI EAFE declined 1.24%. The portfolio benefited from concentrated exposure to defense and electrification themes. Defense holdings, particularly Korean companies LIG Nex1 and Hanwha Aerospace, were top contributors as geopolitical tensions drove investor enthusiasm for defense spending. The electrification theme also performed well, with LS Electric and National Grid benefiting from AI-driven power infrastructure demand and grid modernization needs. The manager added new positions including CSG (European defense), Fujikura (AI infrastructure connectivity), and Sun Hung Kai Properties (Hong Kong real estate recovery). Portfolio activity focused on trimming insurance exposure after strong performance and exiting RELX due to AI disruption risks. Geopolitical tensions, particularly Middle East conflicts affecting energy markets, created volatility but reinforced the defense investment thesis. The outlook remains constructive on international markets relative to the US, emphasizing structural investment themes over multiple expansion.
The fund is positioned around long-duration themes including defense spending driven by geopolitical tensions and electrification supported by AI infrastructure demand, with a focus on international markets offering better valuations than the US.
Looking ahead, we continue to believe the portfolio is well positioned around several long-duration themes that are increasingly supported by visible capital spending and changing government priorities. We believe international markets continue to offer an attractive opportunity set relative to the US, particularly in areas where valuations remain more reasonable and earnings growth is supported by structural investment rather than multiple expansion alone.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 18 2026 | 2026 Q1 | 0016.HK, 010120 KS, 012450 KS, 267270.KS, 5803.T, NGG, RELX.L | AI, Asia, defense, Electrification, energy, Geopolitical, international |
NGG SPIE.PA 079550.KS 012450.KS UBS BFF.MI 5803.T 0016.HK |
Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven electricity demand. Added positions in European defense, AI connectivity, and Hong Kong real estate while trimming insurance exposure. Outlook favors international markets with structural investment themes over US multiple expansion. |
| Jan 19 2026 | 2025 Q4 | 005930.KS, 0700.HK, 300750.SZ, AI.PA, DANSKE.CO, ELI.BR, NGG, SSE.L, TSCO.L, TSM, UBS | defense, Electrification, Europe, growth, international, semiconductors, Utilities, value |
012450 KS 079550 KS 010120 KS NG LN SSE LN 005930 KS TSCO LN MNC 300750 CH MELI |
Artisan International delivered 36.31% returns in 2025, outperforming benchmarks through disciplined stock selection in industrials and utilities. Defense holdings like Hanwha Aerospace and grid modernization plays including National Grid drove performance. The manager is rotating from defense into electrification themes while adding consumer staples for balance, seeing compelling opportunities in European structural investment trends. |
| Oct 19 2025 | 2025 Q3 | 015760.KS, 0700.HK, 300750.SZ, 8306.T, 9988.HK, ABI.BR, AI.PA, AMZN, ARGX, BATS.L, BN.PA, BNP.PA, DB1.DE, DTEGY, LLOY.L, LSE.L, NG.L, REL.L, TSCO.L, UBS | Asia, defense, Electrification, Europe, financials, healthcare, international, technology |
UCB BB UBSG SW 012450 KS 3750 HK |
Artisan International delivered 5.03% in Q3, powered by three core themes: defense spending benefiting from NATO commitments, electrification driven by data center and EV growth, and select financials like UBS executing successful restructuring. Strong stock selection across sectors, particularly CATL in EV batteries and Tencent in Chinese tech, drove outperformance while maintaining overweight positioning in these structural growth themes. |
| Jun 30 2025 | 2025 Q2 | 4091.T, 7011.T, AI.PA, AIR.PA, ARGX, BKIIF, DTE.DE, MLSPF, NG.L, RWE.DE, SSE.L, TSMC, UCB.BR | Asia, defense, Electrification, Europe, industrials, infrastructure, international, tariffs |
BAB LN 7011 JP 064350 KS UCB BB MOVE SW ARGX BB AI FP |
Artisan International delivered 16.72% in Q2 2025, outperforming on strong industrial positioning. Defense spending surge from NATO's 5% GDP commitment and global electrification demand drove outperformance. Portfolio shifted toward infrastructure and defense themes while reducing healthcare exposure. Despite ongoing tariff negotiations and geopolitical tensions, the fund maintains conviction in secular growth themes at attractive valuations. |
| Mar 31 2025 | 2025 Q1 | 012450.KS, 0700.HK, 079550.KS, 1299.HK, 3690.HK, 7011.T, 7182.T, AI.PA, ARGX, BABA, DTEGY, S63.SI, SAF.PA, TME, UCB.BR, VNA.DE | China, defense, Europe, financials, tariffs, technology | - | Artisan International outperformed benchmarks in Q1 2025 through defensive positioning and China exposure. Increased defense spending investments while avoiding tariff-exposed sectors. Added Chinese tech leaders Alibaba and Tencent as government shifted to fiscal support. Maintained European financial overweights. Strong stock selection overcame currency headwinds despite broad tariff uncertainty creating market volatility. |
| Dec 31 2024 | 2024 Q4 | 2579.T, 4091.T, AER, AI.PA, AMZN, AON, ARGX, AZN, BA.L, BUD, FLTR, LIN, MRO.L, NG.L, NVO, RHM.DE, SHOP, UCB.BR, UCG.MI | Biotechnology, Cloud, defense, Energy Transition, healthcare, Industrial Gases, international, value | - | Artisan International delivered strong 2024 returns through effective stock selection in healthcare, technology, and industrials. Key contributors included UCB's drug approval success, Amazon's cloud margin expansion, and resilient industrial gas companies. The manager took profits on winners while adding sports betting and energy transition exposure. Despite acknowledging 2025 volatility risks from trade tensions and valuations, the portfolio remains positioned in high-quality secular growth themes. |
| Sep 30 2024 | 2024 Q3 | 4091.T, 4541.T, 7182.T, 8308.T, 8316.T, AC.PA, AER, AI.PA, AMZN, ARGX, AZN, ENGI.PA, HEIA.AS, LIN, MRO.L, NG.L, RI.PA, UCB.BR, WIZZ.L | Banking, Energy Transition, Europe, healthcare, industrials, international, Japan | - | Artisan International Fund lagged benchmarks in Q3 due to currency headwinds and late-quarter weakness in large holdings. Healthcare led performance with biotech approvals driving UCB and Argenx higher. The fund added energy transition exposure through National Grid and Engie while capitalizing on rising Japanese rates through banking positions. Managers remain optimistic about growth opportunities as rates decline. |
| Jun 30 2024 | 2024 Q2 | AAPL, AMZN, GOOGL, LLY, MA, META, MPWR, MSFT, NOW, NVDA | growth, large cap, technology, US | - | Franklin Growth Opportunities Fund targets capital appreciation through concentrated positions in high-growth companies. The portfolio is heavily weighted toward large-cap technology leaders like NVIDIA, Amazon, and Meta. Strong recent performance of 32.74% over one year reflects the fund's focus on companies with accelerating growth and above-average profitability potential. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI remained an important market driver, particularly across semiconductors, hardware and data center-related infrastructure. Model usage reports from large AI companies reinforced astronomical energy consumption projections, supporting companies exposed to AI data center power infrastructure. The manager added Fujikura, positioned to benefit from rising demand for high-speed connectivity in AI infrastructure. |
Data Centers Semiconductors Infrastructure Energy Hardware |
Defense SpendingDefense remains a key area of conviction, as elevated geopolitical tensions continue to drive greater urgency around procurement, localization and military readiness across Europe, Asia and the Middle East. Korean defense holdings LIG Nex1 and Hanwha Aerospace were among the strongest contributors, reflecting continued investor enthusiasm toward South Korean defense companies. |
Geopolitical Military Korea Aerospace Procurement | |
Energy TransitionElectrification remains one of the most compelling opportunities in the portfolio, supported by rising electricity demand, grid modernization and the growing power needs tied to AI infrastructure. Several holdings in the electrification theme contributed positively as investors continued to reward companies exposed to grid expansion, transmission investment and rising electricity demand. |
Grid Upgrade Transmission Power Equipment Electricity Infrastructure | |
GeopoliticalGeopolitical risk became the dominant market influence by quarter-end. Escalating conflict in the Middle East and the effective closure of the Strait of Hormuz drove energy prices sharply higher, weighing on markets globally. While individual conflicts may be episodic, they reflect a broader rise in global tensions, supporting sustained growth in defense spending. |
Middle East Energy Conflict Risk Tensions | |
| 2025 Q4 |
Behavioral FinanceManager extensively discusses behavioral biases in investing, comparing rational 'Morning Investor' mode to impulsive 'Nighttime Investor' decisions. Emphasizes the importance of overcoming psychological biases like avoiding action that could cause regret, and building habits to make better investment decisions. |
Behavioral Biases Psychology Decision Making |
ValueMature (Value) businesses led performance in Q4 and were the strongest contributors for the full year, reflecting durable execution in companies generating healthy free cash flow and returning capital. The strategy maintains exposure to value-oriented businesses as part of its diversified approach. |
Free Cash Flow Capital Return Mature Businesses | |
GrowthEmerging (Growth) businesses reversed some substantial gains in Q4 but delivered a strong year overall, generating significant alpha relative to the benchmark. Despite Q4 weakness, the growth basket contributed meaningfully to annual performance. |
Alpha Generation Emerging Businesses | |
| 2025 Q3 |
Defense SpendingGovernment spending on defense will continue to grow systematically over the next decade as NATO countries have committed to spend 5% of their GDP over that time frame. Companies that offer high-quality defense systems and related components at attractive prices will inevitably grow their business. Several holdings within this theme are seeing their order books building over several years. |
Defense Aerospace Government IT Defense Components Defense Services |
Energy TransitionForecasts show a likely doubling of electricity generation globally over the next 20 years. Increased spending means more of everything that expands the electricity grid, particularly generation and transmission capacity—specifically more turbines, high-voltage cables and transformers, and more high-capacity subsea cables. Regulators have been enabling this spending by easing their traditional rules that typically limit spending by utility companies. |
Grid Upgrade Energy Storage Renewable Components Power Equipment Transmission | |
Data CentersBy some estimates, datacenter investments will amount to more than $3 trillion over the next few years. The reasons for increased spending are more datacenters, EVs and AI capacity, plus more cooling systems in response to climate change. This increased spending drives demand for electricity grid expansion and related infrastructure. |
Cloud Infrastructure Power Equipment Cooling Infrastructure Spending | |
Electric VehiclesCATL has ranked first in global EV battery volumes for eight years through 2024, and it is also ranked first in global energy storage systems. The company has enjoyed a growing market share with the global top 10 EV automakers, including Tesla, VW, GM, BMW, Hyundai, Geely and Mercedes. Power battery shipments were up 35% YoY, beating expectations. |
EV Batteries Battery Manufacturers Energy Storage Battery Supply Chain | |
| 2025 Q2 |
Defense SpendingNATO countries agreed to raise defense spending to 5% of GDP over the next 10 years, driving strong performance in aerospace and defense holdings. Companies like Babcock International, LIG Nex1, Hanwha Aerospace, and Airbus delivered exceptional returns on strong earnings and order books from increased global defense spending. |
NATO Military Aerospace Contracts Orders |
Infrastructure SpendingInfrastructure theme accounts for a quarter of the portfolio, with holdings in machinery companies like Mitsubishi Heavy Industries and Hyundai Rotem benefiting from new orders from Poland, South Korea and Taiwan. The team sees secular demand for infrastructure globally driving consistent long-term growth. |
Machinery Construction Orders Secular Growth | |
Energy TransitionElectrification theme has grown from zero weight a year ago as demand for electricity surges globally led by data centers and manufacturing. Holdings include RWE in Germany, SSE in Scotland, and LS Electric in South Korea, all positioned to benefit from expanding energy infrastructure and grid upgrades. |
Electrification Grid Utilities Power Infrastructure | |
SemiconductorsAdded back Taiwan Semiconductor Manufacturing Co on better growth prospects and valuation. LS Electric announced a large contract with Vertiv where its equipment will be used in data centers with NVIDIA semiconductor chips, highlighting the semiconductor cycle's impact on industrial equipment demand. |
TSMC Chips Foundries Valuation Growth | |
| 2025 Q1 |
Defense SpendingIncreased positions in defense companies like Hanwha Aerospace and LIG Nex1 to benefit from rising global tensions and shifting geopolitical alliances. European countries passed legislation and removed impediments to higher defense spending following President Trump's call for NATO members to raise defense spending to 5% of GDP. |
Defense Geopolitical NATO Military Aerospace |
ChinaExpanded emerging markets exposure with focus on China, adding positions in Alibaba, Tencent, and Meituan. Chinese government shifted focus from regulatory crackdowns to fiscal support, representing renewed commitment to economic growth with minimal exposure to US trade tariffs. |
China E-commerce Fiscal Support Growth Tariffs | |
Trade PolicyMaintained significant underweight in information technology sector and avoided tariff-exposed industries like automobiles and metals. Exited positions in CPKC due to anticipated 25% tariff on imports from Canada and Mexico, and sold Galderma given tariff headwinds in its largest US market. |
Tariffs Trade Policy Exposure Positioning | |
AITencent integrated DeepSeek's open-source generative AI models into many products to enhance user engagement, with developers using AI models to create state-of-the-art 3D video games. Waning enthusiasm for generative AI combined with tariff concerns caused investor pullback from the technology sector. |
AI Gaming Technology Integration Models | |
| 2024 Q4 |
BiotechnologyHealthcare holdings delivered robust performance with UCB's Bimzelx approval for chronic inflammatory skin conditions adding $1.8 billion in peak sales potential. Argenx advanced VYVGART to phase 3 trials for myositis treatment, potentially adding $2 billion to peak sales. The VYVGART franchise grew 20% with total peak sales projected to exceed $10 billion. |
Immunology Rare Diseases Drug Approvals Peak Sales Clinical Trials |
Energy TransitionIncreased position in National Grid, a British utility generating and transmitting natural gas and electricity in the UK and northeastern US. The company reported 15% increase in annual operating profit and 8% rise in earnings per share, making significant strides in improving grid efficiencies and integrating renewables. |
Grid Upgrade Renewables Utilities Infrastructure Electricity | |
Industrial GasesMaterials sector positioning in industrial gas companies including Linde, Air Liquide and Nippon Sanso supported portfolio performance despite headwinds. These high-quality companies demonstrated resilient pricing power and strong operating margins. Sold Linde after reaching target price but increased Nippon Sanso position. |
Pricing Power Operating Margins Defensive Earnings Cash Flow | |
CloudAmazon Web Services achieved sequential revenue growth while expanding margins by 2.5 percentage points during the quarter. AWS introduced Trainium3, its most advanced in-house AI chip offering double the speed and 40% greater efficiency than its predecessor, potentially reducing cloud computing costs and unlocking new revenue opportunities. |
AI Data Centers Margin Expansion Revenue Growth | |
DefenseExited defense positions including Rheinmetall and BAE Systems due to political uncertainty and potential spending cuts. Rheinmetall had benefited from increased German defense spending initiatives but faced volatility from coalition collapse. BAE Systems faced potential impact from defense spending cuts given high UK and US revenue exposure. |
Defense Spending Geopolitical Risk Government Contracts | |
Sports BettingEstablished position in Flutter Entertainment, the world's largest online sports betting operator owning leading brands such as FanDuel, Sportsbet and PokerStars. Attracted to expanding US margins driven by superior product development and risk management capabilities, plus recently announced $5 billion share repurchase program over three to four years. |
Online Gaming US Market Margin Expansion Buybacks | |
| 2024 Q3 |
Energy TransitionThe fund purchased National Grid and Engie, both companies leading the energy transition. National Grid announced a £60 billion investment over five years to upgrade, expand, digitize and decarbonize the electric grid. Engie designs, builds and operates low-carbon power plants and uses AI to deliver power to customers more efficiently. |
Renewable Energy Grid Modernization Decarbonization Clean Energy Power Infrastructure |
BiotechnologyHealthcare was the fund's best performing sector this year. UCB's Bimzelx received FDA approval for psoriatic arthritis, becoming the leading treatment for psoriasis in a $13.4 billion market expected to grow to $35 billion by 2032. Argenx reported 16% quarterly revenue growth with its VYVGART franchise projected to reach $8 billion in peak sales. |
Drug Development FDA Approvals Autoimmune Diseases Specialty Pharma Innovation | |
Industrial GasesAir Liquide and Nippon Sanso both outperformed, with Air Liquide surpassing consensus earnings estimates and expanding operating margins despite lower sales volumes. Both companies demonstrated pricing power and solid cash flow generation while addressing industry-wide volume softness through cost reduction and price increases. |
Pricing Power Operating Leverage Industrial Manufacturing Cost Management Cash Flow | |
JapanThe fund added Japan Post Bank, expecting net interest income to more than double from ¥716 billion to ¥1,596 billion due to rising interest rates. Sumitomo Mitsui Financial Group reported 25% year-over-year increase in net interest income and 49% increase in before-tax income, benefiting from the Bank of Japan's tighter monetary policy. |
Interest Rates Banking Monetary Policy Net Interest Income Financial Services | |
AerospaceThe sector faced supply chain constraints and uncertainty. Melrose Industries reported strong operating profits but declined due to industry-wide supply chain constraints and uncertainty regarding cash flow potential of long-term maintenance contracts. The fund trimmed AerCap Holdings as it approached target price and exited Airbus after the company lowered delivery targets. |
Supply Chain Aircraft Manufacturing Aviation Leasing Maintenance Contracts Defense |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 18, 2026 | Fund Letters | Artisan International Fund | SPIE.PA | SPIE | Engineering & Construction | Construction & Engineering | Bull | Euronext Stock Exchange | Construction & Engineering, data centers, Distribution, Electrification, Europe, Industrial automation, Transmission, Value | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | 079550.KS | LIG Nex1 | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace & Defense, Anti-Drone, defense electronics, Export Growth, geopolitical, Missiles, Radar Systems, South Korea | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | 012450.KS | Hanwha Aerospace Co Ltd | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace & Defense, Defense spending, international markets, Land-Based Systems, Order Backlog, South Korea, strategic acquisitions | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | UBS | UBS Group AG | Banks - Diversified | Investment Banking & Brokerage | Neutral | Swiss Exchange | Capital Reforms, cost savings, investment banking, Regulatory risk, restructuring, Swiss Banking, wealth management | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | BFF.MI | BFF Bank | Credit Services | Consumer Finance | Bear | Borsa Istanbul | consumer finance, Credit risk, Factoring, Italian Banking, Management Change, Public Entities, Specialty finance | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | - | CSG | Other | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace & Defense, Ammunition, Defense spending, European defense, IPO, opportunity, Supply Chains, Tank Ammunition | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | 5803.T | Fujikura Ltd | Conglomerates | Electronic Equipment, Instruments & Components | Bull | New York Stock Exchange | AI infrastructure, Connectivity, data centers, Electronic Equipment, Fiber-Optic Cables, Japan, Pricing power, Supply Constrained | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | 0016.HK | Sun Hung Kai Properties Ltd | Real Estate - Development | Real Estate Management & Development | Bull | New York Stock Exchange | diversified portfolio, Hong Kong, mainland China, market recovery, property development, Real Estate, Transportation Infrastructure | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | - | LS Electric Co Ltd | Other | Electrical Equipment | Bull | New York Stock Exchange | AI infrastructure, data centers, electrical equipment, Electrification, growth, Power Equipment, South Korea, Transformers | Login |
| Apr 18, 2026 | Fund Letters | Artisan International Fund | NGG | National Grid PLC | Utilities - Regulated Electric | Electric Utilities | Bull | New York Stock Exchange | Defensive growth, Electric Utilities, Grid modernization, infrastructure, regulated utility, Transmission, UK, US | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | TSCO LN | Tesco PLC | Consumer Staples | Food Retail | Bull | New York Stock Exchange | buybacks, Consumerstaples, Defensiveness, grocery, Pricingpower | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | MNC | Monadelphous Group Ltd | Industrials | Industrial Services | Bull | New York Stock Exchange | Automation, Contracts, Defense, infrastructure, Security | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | 300750 CH | Contemporary Amperex Technology Co., Limited | Industrials | Electrical Equipment | Bull | Shenzhen Stock Exchange | Batteries, Electrification, Energystorage, EVs, scale | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | MELI | MercadoLibre, Inc. | Consumer Discretionary | Internet Retail | Bear | NASDAQ | ecommerce, exit, Fintech, Margins, valuation | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | 012450 KS | Hanwha Aerospace Co., Ltd. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | backlog, cashflow, Defense, Exports, Geopolitics | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | 079550 KS | LIG Nex1 Co., Ltd. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Defense, earnings, Exports, Geopolitics, Missiles | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | 010120 KS | LS Electric Co., Ltd. | Industrials | Electrical Equipment | Bull | New York Stock Exchange | Contracts, Electrification, Grid, infrastructure, Power | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | NG LN | National Grid plc | Utilities | Multi-Utilities | Bull | New York Stock Exchange | cashflow, Electrification, Grid, Regulation, utilities | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | SSE LN | SSE plc | Utilities | Electric Utilities | Bull | New York Stock Exchange | CapEx, Grid, Regulation, renewables, utilities | Login |
| Jan 19, 2026 | Fund Letters | Mark L. Yockey | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, HBM, Memory, semiconductors, technology | Login |
| Oct 19, 2025 | Fund Letters | Mark L. Yockey | UBSG SW | UBS Group AG | Financials | Banks—Diversified | Bull | Swiss Exchange | buybacks, Capital-rules, Cost control, Inflows, multiple expansion, profitability, wealth management | Login |
| Oct 19, 2025 | Fund Letters | Mark L. Yockey | UCB BB | UCB SA | Financials | Pharmaceuticals | Bull | Shanghai Stock Exchange | Catalysts, dermatology, guidance, Neurology, operating leverage, Peak-sales, pipeline | Login |
| Oct 19, 2025 | Fund Letters | Mark L. Yockey | 012450 KS | Hanwha Aerospace Co., Ltd. | Industrials | Aerospace & Defense | Bull | NYSE | backlog, CapEx, Defense, Exports, Margins, NATO, Scalability | Login |
| Oct 19, 2025 | Fund Letters | Mark L. Yockey | 3750 HK | Contemporary Amperex Technology Co., Limited (CATL) | Industrials | Electrical Components & Equipment | Bull | NYSE | energy storage, Ev batteries, market share, Oems, profitability, scale, Shipments | Login |
| Jun 30, 2025 | Fund Letters | Mark L. Yockey | BAB LN | Babcock International Group PLC | Other | Aerospace & Defense | Bull | NYSE | buybacks, Defense, dividends, Europe, growth, infrastructure, Margins, NATO | Login |
| Jun 30, 2025 | Fund Letters | Mark L. Yockey | 7011 JP | Mitsubishi Heavy Industries, Ltd. | Industrials | Industrial Conglomerates | Bull | Taiwan Stock Exchange | backlog, Defense, Electrification, machinery, Orders, Turbines | Login |
| Jun 30, 2025 | Fund Letters | Mark L. Yockey | 064350 KS | Hyundai Rotem Company | Industrials | Construction Machinery & Heavy Trucks | Bull | Korea Exchange | Defense, Exports, infrastructure, Margins, Orders, Rail | Login |
| Jun 30, 2025 | Fund Letters | Mark L. Yockey | UCB BB | UCB SA | Financials | Biotechnology | Bull | Shanghai Stock Exchange | growth, Immunology, Keywords: biologics, Margins, Neurology, pipeline | Login |
| Jun 30, 2025 | Fund Letters | Mark L. Yockey | MOVE SW | Medacta Group SA | Health Care | Health Care Equipment | Bull | Swiss Exchange | growth, Implants, Margins, Medtech, Orthopedics, Procedures | Login |
| Jun 30, 2025 | Fund Letters | Mark L. Yockey | ARGX BB | argenx SE | Health Care | Biotechnology | Bear | Shanghai Stock Exchange | Autoimmune, biologics, Competition, Demand, Expenses | Login |
| Jun 30, 2025 | Fund Letters | Mark L. Yockey | AI FP | Air Liquide SA | Information Technology | Chemicals | Bull | Euronext Stock Exchange | electronics, Energytransition, Hydrogen, Industrialgases, Margins | Login |
| TICKER | COMMENTARY |
|---|---|
| 010120.KS | LS Electric was among the strongest performers. The company reported healthy earnings for 2025, with new orders growing 30% year over year and EPS close behind at 28% year over year. Investor sentiment strengthened further based on the company's growing exposure to North American AI data center power infrastructure and constrained global transformer supply. |
| NGG | National Grid also contributed positively during the quarter. In March, the company extended and upgraded its five-year financial framework through 2031; it raised its capital investment target to at least £70 billion, asset growth to around 10% and compounded underlying EPS growth to 8% to 10% from its FY26 baseline. |
| 267270.KS | Investors focused on LIG Nex1's air defense exposure. Management highlighted a growing overseas backlog, ongoing manufacturing expansion and continued strong export demand for its medium-range surface-to-air missile (M-SAM) systems that can intercept ballistic missiles. The company's shorter lead times relative to many European and US industry peers have also become an important advantage in the current environment. |
| 012450.KS | Investor sentiment toward Hanwha Aerospace improved as management highlighted a robust 2026 outlook supported by deliveries to Poland, Egypt and Australia, alongside a growing opportunity set in Saudi Arabia and other European markets. The company ended 2025 with an order backlog of 37.2 trillion won (approximately $25 billion) for land-based systems. |
| UBS | UBS was one of the main detractors during the quarter. Although the company reported broadly solid Q4 results, the shares traded lower as investors remained focused on uncertainty surrounding potential Swiss capital reforms that could require the bank to hold meaningfully higher levels of capital. Weaker-than-expected net new asset trends in the US wealth management business added to the pressure. |
| 5803.T | We added Fujikura, a Japanese manufacturer of fiber-optic cables, connectors and wiring solutions used in telecom networks and data centers. We believe the company is well positioned to benefit from rising demand for high-speed connectivity in AI infrastructure, particularly as data centers become more complex and require more sophisticated optical cabling. |
| 0016.HK | In real estate, we bought into Sun Hung Kai Properties, a Hong Kong realty company that operates and manages hotels, properties, car parking and transportation infrastructure. The company holds a large market share of Hong Kong private real estate, a sector that has been revived by more favorable mortgage rates and a return of mainland China buyers. |
| RELX.L | We also exited RELX, a global information and analytics company serving customers across risk, legal, scientific and exhibitions markets. However, Anthropic's announcement that Claude Cowork, its agentic assistant, includes plug-ins for business functions such as legal, finance and sales poses too large a risk of disintermediation to information service companies. |
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