| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.4% | -8.3% | -8.3% |
Brown Advisory's Global Leaders Strategy delivered an absolute correction of 8.3% in Q1 2026, primarily driven by the market's AI loser narrative affecting one-third of the portfolio including payments companies Visa and Mastercard, credit bureaus Experian and Equifax, and software companies Microsoft, Autodesk, and Workday. The manager conducted drawdown reviews and added to all affected positions while exiting Intuit due to AI substitution concerns. Despite near-term headwinds, the team maintains high conviction that these companies' business moats and competitive advantages are underestimated and provide protection against disintermediation. Financial market infrastructure companies Deutsche Boerse and B3 benefited from market volatility, while semiconductor leaders TSMC and ASML continued benefiting from AI infrastructure build-out. The strategy initiated a new position in Latin American e-commerce leader MercadoLibre. Looking forward, the manager sees the broadest opportunity set since Covid with expected 12-13% annualized base-case IRRs, believing indiscriminate selling creates opportunities for patient, long-term investors focused on quality companies with sustainable competitive advantages.
Invest in a concentrated portfolio of high-quality companies that can uniquely solve problems for customers and generate attractive economics for shareholders, taking advantage of market inefficiencies created by temporary fear and uncertainty.
The manager expects the average annualized base-case IRR within Global Leaders to be around 12-13% on a five-year view, the highest level seen since Covid. They believe the opportunity set has broadened compared to 12-18 months ago and that indiscriminate selling provides opportunities for long-term investors.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 14 2026 | 2026 Q1 | ADSK, ASML, EFX, EXPN.L, HDB, LSEG.L, MA, MELI, MSFT, TSM, V, WDAY | AI, Concentration, Drawdown, Geopolitical, global, long-term, Quality, technology | - | Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affected positions during drawdown reviews, maintaining conviction in business moats. Semiconductor and financial infrastructure companies outperformed. New position in MercadoLibre initiated. Opportunity set broadest since Covid with 12-13% expected IRRs. |
| Jan 26 2026 | 2025 Q4 | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | - | Brown Advisory Global Leaders delivered 15.2% returns in 2025 but lagged benchmarks due to financials and tech underperformance. The concentrated strategy focuses on quality companies with pricing power and customer solutions. Active portfolio management included strategic moves in AI and credit bureaus. Supply-side competition, especially in AI, poses key risks while broad opportunity set supports 10%+ expected returns. |
| Nov 8 2025 | 2025 Q3 | ALLE, ASML, BBCA.JK, DB1.DE, EVD.DE, GE, GOOG, INTU, LSEG.L, MA, MSFT, SCHW, TSM, UL, V, WDAY, XP | AI, financials, global, growth, Quality, technology, value |
TSLA BBCA IJ WDAY |
Brown Advisory's Global Leaders Strategy underperformed in Q3 2025 due to AI disruption concerns affecting financial infrastructure holdings and missing the AI rally. Despite quarterly headwinds, the strategy maintains strong absolute performance with double-digit YTD returns. New investments in Workday and Bank Central Asia reflect continued focus on quality companies with superior customer outcomes and durable competitive advantages. |
| Aug 27 2025 | 2025 Q2 | AZO, B058TZ, B19NLV, B8FMRX, BKRKY, DB1.DE, GE, GOOGL, HDB, ILMN, INTU, LSEG.L, MA, MRVL, MSFT, ROG, TSM, UL, V, ZTS | aerospace, AI, concentrated, global, Quality, tariffs, technology |
EXPN.L MRVL |
Brown Advisory's concentrated Global Leaders Strategy outperformed in Q2 2025 through strong AI and aerospace positioning, led by Microsoft's recovery and GE Aerospace's resilience. The team navigated Trump tariff risks by initiating Experian during market volatility while exiting healthcare positions facing regulatory headwinds. Ten-year track record of 12.1% annual returns validates their disciplined, quality-focused approach targeting superior business models. |
| May 22 2025 | 2025 Q1 | ABNB, AMZN, BKNG, EVD.DE, GE, GOOGL, LSEG.L, NFLX, PTON, RTO.L, SHW, WKL, ZM | Capital Allocation, compounders, Concentration, global, narratives, Quality | - | Brown Advisory's Global Leaders Strategy has delivered 12.1% annual returns over ten years by investing in market-leading companies with sustainable competitive advantages. The concentrated portfolio focuses on predictable compounders in enterprise software, payments, and financial infrastructure rather than speculative turnarounds. Recent positioning includes data services and aerospace investments with double-digit IRR potential. |
| Dec 31 2024 | 2024 Q4 | 1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS | AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors |
ILMN ZTS AZO RTO.L |
Brown Advisory's concentrated global equity strategy delivered 14.7% in 2024, underperforming due to avoiding NVIDIA on valuation grounds. The fund increased healthcare exposure while maintaining AI infrastructure investments across four technology layers. Emerging market financials triggered drawdown reviews leading to increased positions. Portfolio fundamentals remain strong with 21.4% blended ROIC versus 8.8% benchmark, targeting continued double-digit returns. |
| Sep 30 2024 | 2024 Q3 | - | Energy Transition, Esg, Infrastructure Spending, Onshoring, small caps, sustainability, value creation | - | Brown Advisory's Sustainable Small-Cap Core Fund celebrates three years with a concentrated approach targeting companies with strong fundamentals and Sustainable Drivers. Despite challenging small-cap conditions including worst relative performance in recent history, the team identifies opportunities in US reshoring, CHIPS Act, and infrastructure spending while maintaining their disciplined, core-oriented investment philosophy. |
| Jun 30 2024 | 2024 Q2 | CRH | Building Materials, Esg, free cash flow, large cap, Quality, Recycling, sustainability, value | CRH | Brown Advisory's Large-Cap Sustainable Value strategy targets the intersection of value and sustainability, seeking companies with strong free cash flow generation, capital discipline, and attractive valuations that leverage sustainability for competitive advantages. The concentrated 35-45 position portfolio avoids exclusionary approaches, instead embracing complexity in traditional value sectors to identify high-quality franchises with sustainable cash flow advantages. |
| Mar 31 2024 | 2024 Q1 | - | Economic Indicators, Employment, Fed, Gdp, inflation, monetary policy, rates | - | Brown Advisory's bond team identifies unprecedented divergence in economic indicators, with GDP potentially overstating growth versus GDI and CPI overstating inflation versus PCE. Employment data also shows conflicting signals. The managers expect these measures to converge toward weaker economic conditions, with meaningful implications for Fed policy and bond markets. |
| Jan 17 2024 | 2023 Q4 | AAPL, AMZN, BBRI.JK, GOOGL, INTU, META, MSFT, NVDA, NVO, TSLA | Concentration, global, long-term, Quality, risk management, value | - | Brown Advisory's Global Leaders Strategy champions concentrated quality investing through a 'rejection-first' approach, arguing that avoiding losers matters more than finding winners. Despite missing opportunities like Nvidia, the managers maintain disciplined valuation standards and focus on market-leading companies with sustainable competitive advantages, recently restructuring their process to emphasize saying 'no' more often. |
| Aug 14 2023 | 2023 Q2 | ADBE, ASML, COLOB.CO, GOOGL, INTU, LSEG.L, MA, MRVL, MSFT, TSM, V, WKL | AI, global, portfolio construction, Quality, risk management, technology | - | Concentrated global strategy investing in 30-40 market leaders with high returns on capital while actively managing factor risks. Recent AI-driven opportunities in Microsoft, Alphabet, and Marvell Technology. Strict valuation discipline with 10% WACC minimum. Healthcare becoming more attractive as prices decline. Technology and financials exposure reflects current opportunity set, not permanent bias. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIThe fund faced significant headwinds from the market's AI loser narrative affecting one-third of the strategy including payments, credit bureaus, and software companies. The manager believes these high-quality companies are mispriced and that incumbents with low customer churn are well-placed to harness AI power to drive new products and revenue. |
Artificial Intelligence Software Data Innovation Disruption |
PaymentsVisa and Mastercard were impacted by AI loser narrative and potential macro softness from geopolitical risks. The manager views AI opportunities as beneficial for payments companies, with Visa remaining critical for agentic commerce and both companies holding critical positions for enabling agentic commerce. |
Digital Payments Financial Technology Commerce Transaction Processing | |
DataCredit bureaus Experian and Equifax possess vast quantities of non-publicly accessible datasets with proprietary data moats formed through direct agreements with thousands of institutions. Their value derives from data quality and regulatory barriers, making them well-positioned against AI substitution risks. |
Credit Data Information Services Data Analytics Regulatory Moats | |
SemiconductorsTSMC and ASML benefited from AI infrastructure build-out with strong order backlogs and positive adoption indicators. TSMC benefits from leadership in leading node manufacturing allowing market share gains from strong AI infrastructure demand, while ASML maintains monopoly position in EUV lithography. |
Chip Manufacturing Technology Hardware AI Infrastructure | |
Capital MarketsFinancial market infrastructure companies like Deutsche Boerse and B3 benefited from market volatility with increased trading volumes and hedging activity. These companies have very little AI disintermediation risk and instead benefit from market volatility, contributing positively to portfolio returns. |
Financial Infrastructure Trading Market Volatility Exchanges | |
| 2025 Q4 |
Small CapsThe fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio. |
Small Cap Micro Cap Concentration |
QualityManager has pivoted the portfolio more towards quality names, which was first called out in Q1-2025 letter. This represents an evolution in investment approach toward higher-quality businesses. |
Quality Evolution Investment Philosophy | |
| 2025 Q3 |
AIThe manager discusses AI's impact on their portfolio, noting underperformance from not owning AI winners like NVIDIA, Oracle, and Broadcom. They analyze AI risks to London Stock Exchange Group's data assets and explore opportunities in AI-enabled SaaS companies like Workday that can harness AI to improve customer outcomes. |
Artificial Intelligence Software Data Disruption Innovation |
Financial Market InfrastructureSignificant focus on financial market infrastructure companies, particularly London Stock Exchange Group and Deutsche Boerse, which combined represent about 10% of portfolio NAV. The manager discusses LSEG's data monetization challenges and engagement with management on innovation metrics. |
Exchanges Market Data Trading Infrastructure Workflows | |
SaaSDetailed analysis of Software-as-a-Service business models, particularly around AI disruption risks and opportunities. The manager initiated Workday and discusses how incumbent SaaS vendors can use AI to enhance their system of record advantages while adapting revenue models from seat-based to usage-based. |
Software Cloud Subscription Enterprise Productivity | |
SemiconductorsThe manager maintains exposure to semiconductor leaders ASML and TSMC while exiting Marvell Technology due to program concentration risks with hyperscalers. Discussion focuses on leading-edge manufacturing capabilities and AI infrastructure demand. |
Chips Manufacturing Technology AI Infrastructure Equipment | |
| 2025 Q2 |
AIThe strategy has investments driving the development of generative AI within technical infrastructure, cloud service providers and end-user applications. Microsoft's strategic investments in AI are expected to create significant value through lower cost of compute, AI monetization, and strong non-AI business cash flow growth. |
Artificial Intelligence Cloud Infrastructure Data Centers Microsoft Generative AI |
SemiconductorsActive management of exposure to technical infrastructure across TSMC, Marvell Technology and ASML. Taiwan Semiconductor Manufacturing benefits from leadership in leading node manufacturing, taking market share from strong AI infrastructure demand. Marvell offers cost-effective alternatives to Nvidia through semi-custom ASIC solutions. |
TSMC ASML Marvell Foundries ASICs | |
Trade PolicyTariff announcements by the Trump administration represent a shifting regulatory environment posing serious risk to future cash flows. The strategy uses an 'update, recalibrate and compare' approach when sudden shifts like tariff introduction change the playing field for investments. |
Tariffs Trump Administration Regulatory Risk Trade War Policy Risk | |
AerospaceStrong performance from aerospace investments including GE Aerospace and Safran. GE Aerospace showed pricing power despite largest direct tariff exposure in the portfolio, with optimism about aerospace trade deal discussions at Paris Air Show. Safran benefited from strong air travel demand and higher CFM56 platform utilization. |
GE Aerospace Safran Commercial Aviation Defense Aftermarket | |
| 2025 Q1 |
QualityThe strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. These companies have secure franchises with multiple barriers to entry protecting their customer relationships. |
Moats Barriers Leadership Sustainable Franchise |
Enterprise SoftwareThe letter discusses enterprise software as one of the common narratives within Global Leaders over the years that has produced significant absolute returns. This includes vertical market software companies with steady, predictable, incremental progress over time. |
SaaS Vertical Software Enterprise Technology | |
PaymentsPayments is identified as one of the recurring business models within Global Leaders that has generated significant absolute returns. These companies benefit from steady, predictable growth patterns with clear paths to success. |
Payments FinTech Processing Financial Infrastructure | |
Capital MarketsFinancial market infrastructure is highlighted as a common narrative that has produced significant returns. London Stock Exchange Group is specifically mentioned as an investment on an improvement journey after acquiring Refinitiv data business. |
Infrastructure Data Trading Exchanges Financial | |
| 2024 Q4 |
AIThe fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues. |
Artificial Intelligence Productivity Enterprise Automation Software |
SemiconductorsThe fund is invested in three companies within the technical infrastructure layer of AI, including Marvell Technology making custom AI accelerator semiconductors for AWS and Azure, Taiwan Semiconductor Manufacturing Company, and ASML. These investments should see significant ramp in 2025 as cloud providers scale AI infrastructure. |
AI Accelerators Foundries Equipment Cloud Infrastructure Custom Chips | |
HealthcareHealthcare exposure increased to highest level in eight years after finding attractively valued opportunities. New investments include Illumina for gene sequencing and Zoetis for animal health, both providing superior customer outcomes. The fund values healthcare's non-deferrable revenues for downside protection while focusing on companies with leading science. |
Gene Sequencing Animal Health Biotechnology Personalized Medicine Diagnostics | |
| 2024 Q3 |
Energy TransitionThe fund identifies small-cap companies uniquely positioned to benefit from the energy transition, focusing on those providing innovative solutions to energy challenges rather than excluding traditional energy companies based on operational legacies. |
Energy Transition Renewable Innovation Solutions Transformation |
OnshoringThe managers have identified several pockets of the small-cap asset class positioned to benefit from US reshoring trends, particularly in conjunction with the CHIPS Act and infrastructure improvements. |
Reshoring CHIPS Act Infrastructure Manufacturing Domestic | |
Infrastructure SpendingThe fund sees opportunities in small-cap companies positioned to benefit from infrastructure improvements and related government spending initiatives. |
Infrastructure Government Spending Improvements Investment Development | |
| 2024 Q2 |
ValueThe strategy targets companies that generate consistently high levels of free cash flow, exhibit capital discipline through prudent capital structures, and trade at attractive valuations. The manager emphasizes financial flexibility and protecting capital on the downside as key drivers to compounding capital over the long term. |
Free Cash Flow Valuation Capital Discipline Financial Flexibility Margin of Safety |
SustainabilityThe strategy seeks companies leveraging sustainability to drive Sustainable Cash Flow Advantage through their People, Process, and/or Product to enhance free cash flow outcomes while managing material sustainable risks. The manager views sustainability as continuous improvement that can drive differentiated performance versus peers. |
ESG Sustainable Cash Flow Continuous Improvement Material Risks Circularity | |
Building MaterialsCRH plc represents a core position as one of the largest building materials companies in North America with unrivaled size and scale. The company has repositioned its portfolio to less cyclical, faster growing markets while driving EBITDA margins higher and reducing balance sheet leverage to historic lows. |
Construction Materials EBITDA Margins Recycling Infrastructure Market Share | |
| 2024 Q1 |
InflationThe document extensively analyzes inflation measures, particularly the divergence between CPI and PCE. Core PCE is currently 1.1% lower than core CPI, moving closer to the Federal Reserve's inflation target, which may create communication challenges for Fed officials as CPI is more widely followed by the public. |
CPI PCE Core Target Divergence |
RatesThe letter discusses how what was believed to be a peak in rates that would lead to significant rate cuts in 2024 has now been called into question. Larry Summers recently suggested a 15% chance that the next FOMC move will be a rate hike rather than a cut. |
Fed FOMC Cuts Hikes Policy | |
| 2023 Q4 |
QualityThe strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. The managers emphasize investing in businesses that demonstrably help their customers succeed, citing examples like Intuit's QuickBooks platform and Bank Rakyat's micro lending business. |
RoIC Leadership Customer Moats Sustainable |
Risk ManagementThe letter extensively discusses the importance of avoiding losers over finding winners, using Darwinian investing principles. The managers emphasize that in a concentrated portfolio, it is the losers that kill performance, and they operate with a rejection-first mentality to minimize Type 1 errors of inclusion. |
Rejection Concentration Downside Survival Error | |
| 2023 Q2 |
AIThe managers analyze AI impact across four categories from end-user applications to technical infrastructure. They believe highest probability opportunities are in technical infrastructure and semiconductor companies with dominant market positions, followed by cloud data-center companies. Competition expected to intensify in AI models and applications. |
Artificial Intelligence Machine Learning Cloud Computing Semiconductors Infrastructure |
RiskExtensive discussion of factor risk management to ensure stock-specific risk drives outcomes rather than unintended exposures to sectors, countries, or styles. The managers use quantitative tools and weekly capital allocation meetings to monitor and control factor risks while maintaining concentrated portfolio approach. |
Factor Risk Portfolio Construction Risk Management Diversification Attribution |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 8, 2025 | Fund Letters | Mick Dillon, Bertie Thomson | TSLA | Tesla, Inc. | Consumer Discretionary | Electric vehicles & energy platform | Bull | NASDAQ | Autonomy, Electric Vehicles, energy storage, growth, operating leverage, robotics, valuation, vertical integration | Login |
| Nov 8, 2025 | Fund Letters | Mick Dillon, Bertie Thomson | BBCA IJ | PT Bank Central Asia Tbk | Other | Indonesian retail & commercial banking | Bull | NYSE | credit quality, digital banking, dividends, Emerging markets, loan growth, low-cost deposits, retail banking, ROE | Login |
| Nov 8, 2025 | Fund Letters | Mick Dillon, Bertie Thomson | WDAY | Workday, Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Cloud software, financial management, Free Cash Flow, Human capital management, operating leverage, recurring revenue, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Brown Advisors Global Leaders Strategy | EXPN.L | Experian plc | Industrials | Research & Consulting Services | Bull | London Stock Exchange | B2B Services, barriers to entry, Consumer Data, Credit Bureau, Data Analytics, financial services, oligopoly, ROIC | Login |
| Jun 30, 2025 | Fund Letters | Brown Advisors Global Leaders Strategy | MRVL | Marvell Technology Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI data center, Asic, cloud infrastructure, hyperscalers, NVIDIA Alternative, Program Wins, semiconductors, technology | Login |
| Jan 1, 2025 | Fund Letters | Brown Advisors Global Leaders Strategy | AZO | AutoZone | Consumer Discretionary | Specialty Retail | Bull | NYSE | automotive parts, capital allocation, DIFM, DIY, Geographic Expansion, inventory management, network effects, Share Buybacks, Specialty retail, Used Car Market | Login |
| Jan 1, 2025 | Fund Letters | Brown Advisors Global Leaders Strategy | ILMN | Illumina | Health Care Equipment & Services | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, Consumables, diagnostics, Gene Sequencing, Genomics, Healthcare Technology, Laboratory Equipment, life sciences, Medical devices, personalized medicine | Login |
| Jan 1, 2025 | Fund Letters | Brown Advisors Global Leaders Strategy | RTO.L | Rentokil | Commercial & Professional Services | Commercial Services & Supplies | Bull | LSE | acquisition integration, Commercial Services, consolidation, market leadership, Network Optimization, Non-Deferrable Services, pest control, Route Density, Scale economies, Structural Growth | Login |
| Jan 1, 2025 | Fund Letters | Brown Advisors Global Leaders Strategy | ZTS | Zoetis | Pharmaceuticals, Biotechnology & Life Sciences | Pharmaceuticals | Bull | NYSE | Animal Health, biotechnology, Companion Animals, drug development, Livestock, pharmaceuticals, Pure-Play, R&D, vaccines, Veterinary Medicine | Login |
| Jun 1, 2024 | Fund Letters | Brown Advisors Global Leaders Strategy | CRH | CRH plc | Materials | Construction Materials | Bull | NYSE | Building materials, capital allocation, EBITDA Margin Expansion, Free Cash Flow, North America, Recycling, Sustainability, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| V | Visa has experienced weakness due to a number of AI bear case concerns (such as white-collar unemployment), as well as potential macro softness driven by geopolitical risks. We view AI opportunities as beneficial, with Visa remaining critical for agentic commerce. |
| MA | The largest drag was from investments most impacted by the AI loser narrative, making up just over one-third of the strategy. We believe these are high-quality companies that are currently mispriced by the market. For the strategy, these include our investments in payments companies Visa and Mastercard. |
| MSFT | For Microsoft, we believe that market expectations for very strong product cycles partially explain the negative reaction to what we consider strong performance for Azure and Copilot. Microsoft demonstrates genuine growth and cash flow from GenAI, but, importantly, continues to deliver strong performance across all business segments, driven by Azure and Windows. |
| EXPN.L | Despite strong fundamentals, Experian, as a credit company and data business, is currently being penalized as an AI loser. Due to the uniqueness and scale of its data, barriers to entry for credit bureaus are extremely high; replicating this data is virtually impossible in terms of scale, depth, and quality, in our view, positioning Experian well against AI challengers. |
| EFX | Equifax and Experian possess vast quantities of non-publicly accessible data sets and their often-proprietary data moats are formed through direct agreements with for example over 12,000 institutions in the case of Experian. |
| WDAY | Workday's share price was materially impacted by the market's AI loser narrative. The company's data model operates as a single source of truth and creates significant value for its customers, as reflected in retention rates of over 95%. We believe there is a tremendous opportunity for some incumbent SaaS vendors, such as Workday, to harness AI to deliver improved solutions for customers based on their core system of record. |
| ADSK | Another investment, Autodesk, operates as a vertically integrated software leader for the architecture, engineering, and construction industries. These are all high cost-of-failure sectors, where its solutions are deeply integrated into customers' workflows, creating high switching costs and significant barriers to entry. |
| LSEG.L | We have shared our view on LSEG's data moat on many occasions during 2025. Our view on the attractiveness of LSEG as an investment is now shared with an activist investor, Elliott, who announced in February that it had built a stake in LSEG. |
| TSM | Taiwan Semiconductor Manufacturing benefits from its leadership in leading node manufacturing which allows it to take market share and benefit from the strong demand environment for high-performance computing and AI infrastructure. |
| ASML | ASML continued to benefit from the build-out of AI infrastructure, maintaining a strong order backlog and positive indications regarding the adoption of High-NA tools required for the production of leading-edge nodes (2 nm and below), where ASML holds a monopoly position in Extreme Ultraviolet (EUV) lithography machines. |
| MELI | We initiated a new position in Mercado Libre in February. Mercado Libre is the dominant e-commerce and fintech platform in Latin America, positioned to capture long-duration growth from still-low online retail penetration and underdeveloped credit markets. |
| HDB | The market seems to focus on the slower-than-expected reduction in post-merger loan-to-deposit ratios (LDRs) at HDFC Bank and the recent abrupt resignation of part-time Chairman Atanu Chakraborty. We expect LDRs to improve, with deposit growth outpacing loan growth, given HDFC's structural deposit growth and funding advantage versus peers. |
| 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 | |||
