Analog Century Management LP

Investor Summary

Val Zlatev is the Founding Partner, Chief Investment Officer, and Portfolio Manager of Analog Century Management LP. He holds a Ph.D. in Physics from the University of Pennsylvania and brings extensive experience from previous roles as Senior Analyst at Kingdon Capital Management LLC, Analyst at DFO Management, Associate Principal at McKinsey & Company, and Portfolio Manager at Quentec Asset Management LLC. His academic physics background influences his investment approach by emphasizing simplicity and getting to the core essence of investment problems.

Fund Strategy

Analog Century Management specializes in long and short investments in publicly traded technology, media, and telecom companies on a global basis with particular focus on semiconductors, technology hardware, and communications equipment sectors. The firm employs a multi-faceted investment approach including long-term thematic investing, market-neutral strategies, and cyclical investment analysis to maximize risk-adjusted returns. According to CIO Val Zlatev, hard tech is compelling as the essential enabler of major technology inflections including artificial intelligence and electric vehicles.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Dec 3 2025	2025 Q3	-	Capital discipline, Energy Exposure, free cash flow, real assets, Valuation risk	-	The commentary frames markets as increasingly bifurcated, with speculative, unprofitable technology stocks outperforming while profitable cash-flow businesses lag. Century reinforces its focus on real assets, energy, materials, and free-cash-flow-generating companies as a hedge against fiscal deficits, structurally higher inflation, and valuation risk in the S&P 500. The outlook stresses balance, patience, and opportunistic deployment of capital into overlooked sectors as volatility and political noise create entry points.
Nov 19 2025	2025 Q2	-	Energy Equities, inflation protection, Materials Exposure, Valuation discipline, Value Investing	-	The letter emphasizes disciplined value positioning amid a highly concentrated U.S. equity market dominated by mega-cap technology. Century highlights significant underweights to Technology and Consumer Discretionary, while maintaining large overweights to Energy and Materials, where balance sheets are strong and valuations remain depressed versus history. The manager argues that structurally higher inflation, rising government debt, and underinvestment in commodities favor real assets, cash-generative businesses, and balance-sheet resilience over narrative-driven growth.
Mar 5 2025	2025 Q1	-	-	-

Date

Letter

Tickers

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Quick Takes

Dec 3 2025

2025 Q3

Capital discipline, Energy Exposure, free cash flow, real assets, Valuation risk

The commentary frames markets as increasingly bifurcated, with speculative, unprofitable technology stocks outperforming while profitable cash-flow businesses lag. Century reinforces its focus on real assets, energy, materials, and free-cash-flow-generating companies as a hedge against fiscal deficits, structurally higher inflation, and valuation risk in the S&P 500. The outlook stresses balance, patience, and opportunistic deployment of capital into overlooked sectors as volatility and political noise create entry points.

Nov 19 2025

2025 Q2

Energy Equities, inflation protection, Materials Exposure, Valuation discipline, Value Investing

The letter emphasizes disciplined value positioning amid a highly concentrated U.S. equity market dominated by mega-cap technology. Century highlights significant underweights to Technology and Consumer Discretionary, while maintaining large overweights to Energy and Materials, where balance sheets are strong and valuations remain depressed versus history. The manager argues that structurally higher inflation, rising government debt, and underinvestment in commodities favor real assets, cash-generative businesses, and balance-sheet resilience over narrative-driven growth.

Mar 5 2025

2025 Q1

QUARTER	THEMES	TAGS
2025 Q3	RealAssets
	Valuation AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth.	Premium Divide Discipline Stretched Reasonable
	Value The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.	Undervalued Low Multiples Contrarian Opportunistic
2025 Q2	Energy BHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S.	Regulated Utilities Natural Gas Renewable Energy Grid Infrastructure
	Materials Materials sector experienced sharp turnaround in 2025 with 32.3% returns, driven by unstoppable gold price and precious metals boom. Platinum group metals prices materially higher than incentive prices after years of low investment.	Gold Platinum Silver Precious metals Mining
	Value The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.	Undervalued Low Multiples Contrarian Opportunistic

QUARTER

THEMES

RealAssets

Valuation

AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth.

Premium Divide Discipline Stretched Reasonable

Value

The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.

Undervalued Low Multiples Contrarian Opportunistic

2025 Q2

Energy

BHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S.

Regulated Utilities Natural Gas Renewable Energy Grid Infrastructure

Materials

Materials sector experienced sharp turnaround in 2025 with 32.3% returns, driven by unstoppable gold price and precious metals boom. Platinum group metals prices materially higher than incentive prices after years of low investment.

Gold Platinum Silver Precious metals Mining

Value

Undervalued Low Multiples Contrarian Opportunistic

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
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Val Zlatev

Analog Century Management LP

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

RealAssets

Valuation

Value

Energy

Materials

Value

Investor Pitches

Current Portfolio as of ( 30th September 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Val Zlatev Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Analog Century Management LP