| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15.4% | 6.5% | 54.4% |
| 2025 | 2024 |
|---|---|
| 54.4% | 3.6% |
Contrarius Global Equity Fund delivered exceptional performance with 54.4% returns in 2025 versus 21.1% for the MSCI World Index, driven by their contrarian approach to AI disruption. The fund categorizes investments into three buckets: AI winners (data centers, semiconductors, blockchain), AI-proof companies (luxury brands, spirits, entertainment content), and AI-threatened businesses to avoid. A key contributor was EchoStar, which transformed from a debt-laden 5G network builder into a valuable SpaceX investor through strategic spectrum sales totaling over $40 billion. These transactions resolved regulatory issues while providing indirect exposure to SpaceX at attractive valuations. The fund maintains concentrated positions in high-conviction names like Tesla and EchoStar, while avoiding companies facing disruption from autonomous vehicles and artificial general intelligence. Portfolio positioning remains significantly different from benchmarks, with overweights in Communication Services, Consumer Discretionary, and Information Technology. Management believes the current technological singularity creates immense opportunities for disciplined value investors who can identify sustainable competitive advantages.
Contrarian value investing approach focused on identifying AI winners, AI-proof companies, and avoiding AI-threatened businesses during a period of technological singularity that will cause dramatic changes beyond typical generational disruptions.
The fund expects continued profound disruption from AI and space technologies, creating significant opportunities for contrarian value investors. Management believes valuation disparity within the market creates meaningful opportunities for stock pickers to outperform major indices, with the portfolio composition remaining extremely different from the MSCI World Index.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 15 2026 | 2025 Q4 | 000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW | AI, contrarian, disruption, global, Satellites, Space, technology, value | SATS | The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened… |
| Oct 16 2025 | 2025 Q3 | BEAM, CRSP, NTLA, TSLA, WBD | Artificial Intelligence, Biotechnology, CRISPR, Gene Editing, Robotics |
CRSP NTLA BEAM |
The fund highlights the transformative impact of artificial intelligence across industries, suggesting that AI adoption is still early and could surpass the internet in economic… |
| Jul 17 2025 | 2025 Q2 | NVDA, TSLA | Artificial Intelligence, Automation, Data centers, productivity, semiconductors | NVDA | The commentary highlights artificial intelligence as a transformative, long-duration investment theme. Management emphasizes infrastructure, software ecosystems, and real-world AI applications as key drivers of value… |
| Mar 31 2025 | 2025 Q1 | AMZN, META, TSLA | - | - | - |
| Dec 31 2024 | 2024 Q4 | SQ | - | - | - |
| Sep 30 2024 | 2024 Q3 | FOXA | - | - | - |
| Jun 30 2024 | 2024 Q2 | TSLA | - | - | - |
| Apr 15 2024 | 2024 Q1 | BIDU, JD | - | - | - |
| Dec 31 2023 | 2023 Q4 | MSFT, XOM, ZM | - | - | - |
| Sep 30 2023 | 2023 Q3 | AMZN, AWS, WMT | - | - | - |
| Jun 30 2023 | 2023 Q2 | PARA, WBD | - | - | - |
| Apr 15 2023 | 2023 Q1 | DASH, DHER GR, GRAB, TKWY NA, UBER | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
BroadbandDetailed analysis of Converge ICT, Philippines fiber-optic broadband company with extensive network coverage. Company positioned to benefit from low broadband penetration and regulatory changes while transitioning from capex-heavy expansion to cash generation phase. |
Broadband Fiber Philippines Telecommunications Infrastructure | |
LuxuryNew investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. |
Watches Swiss Brands Premium Recovery | |
SpaceSpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. |
Satellites Launch Starlink Starship Reusable | |
SpectrumEchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. |
5G Wireless FCC Telecommunications Infrastructure Radio Frequencies | |
| 2025 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
BiotechBiotech companies rallied over 25% in the fourth quarter, driven by a series of high-profile biotech acquisitions by large pharma buyers. The managers generally avoid biotech stocks due to their highly binary nature, though they participate through investments in companies that sell products and services to biotech customers. |
Biotechnology Pharmaceuticals M&A Healthcare Binary Risk | |
| 2025 Q2 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Simon Raubenheimer | BEAM | Beam Therapeutics Inc. | Health Care | Biotechnology | Bull | NASDAQ | Base-editing, Partnerships, platform, Precision-medicine, Safety, Scalability | Login |
| Jul 17, 2025 | Fund Letters | Simon Raubenheimer | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, data centers, Ecosystems, growth, semiconductors | Login |
| Jan 15, 2026 | Fund Letters | Simon Raubenheimer | SATS | EchoStar Corporation | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | deleveraging, Optionality, Satellites, Specialsituations, Spectrum, Sumoftheparts | Login |
| Oct 16, 2025 | Fund Letters | Simon Raubenheimer | CRSP | CRISPR Therapeutics AG | Health Care | Biotechnology | Bull | NASDAQ | Commercialization, Gene Editing, One-and-done, Optionality, pipeline, profitability | Login |
| Oct 16, 2025 | Fund Letters | Simon Raubenheimer | NTLA | Intellia Therapeutics Inc. | Health Care | Biotechnology | Bull | NASDAQ | Approvals, Attr, Differentiation, In-vivo, Margins, Scalability | Login |
| TICKER | COMMENTARY |
|---|---|
| 000660.KS | SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand for its next-generation platforms at meaningfully higher price points and margins than prior generations. |
| BIDU | Baidu up 47% |
| COIN | Coinbase (a new position) experienced extended volatility as crypto currency prices softened into December. We continued to build exposure to our financial deregulation and disintermediation of financial services theme through the purchase of Coinbase, to gain exposure to the regulated infrastructure of cryptocurrencies - particularly stablecoins - following the passage of the GENIUS Act by Congress. |
| DELL | Companies currently expected to benefit from AI disruption (or at least the current phase of disruption) include data center-related companies (Oracle, Dell Technologies) |
| DEO | Examples include Tidewater, Valaris, Constellation Brands, Diageo and Trex. We have discussed TDW and VAL previously, as well as STZ and DEO here. |
| FOXA | Fox Corporation was sold in December as its share price now more fully reflected its core operational strength and the value of ancillary assets. Over our investment period the share price doubled as the market reassessed Fox's competitive positioning and earnings quality. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| KER.PA | Shares like Kering (Gucci, Saint Laurent, Bottega Veneta) |
| LULU | This downward pressure was partially mitigated by the 28% increase in Lululemon's stock from our purchase price of $162 per share. |
| MDLZ | Mondelez International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The brand portfolio houses iconic names like Cadbury, Milka, Toblerone, Oreo and Ritz. Mondelez possesses a unique global footprint that over-indexes to snacking occasions. Snacking is an advantaged category that benefits from robust pricing power, low private label competition and rising per capita consumption. We believe these attributes will help Mondelez sustain industry-leading growth. A rapid rise in commodity costs has temporarily depressed margins, masking the company's true earnings power. We believe Mondelez's strong pricing power and commodity relief will help improve margins. The short-term fears surrounding commodity inflation allowed us to purchase shares at a discounted valuation relative to history, peers and the broader market. |
| MU | Core gains were led by investments in the Technology sector including Micron |
| NVDA | Capital spending from Google, Microsoft, Amazon, Meta, OpenAI, and more have led to Nvidia becoming the Rrst 5 trillion market cap company. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| PARA | Paramount's high-profile hostile takeover bid to acquire Warner Brothers Discovery in December 2025 only fuels the comparisons between the current cycle and the late 1990s dot-com bubble. |
| RI.PA | Pernod Ricard declined due to concerns about slowing global spirits demand. While these headwinds persist, we remain confident in Pernod's strong brand portfolio and pricing power, which should support long-term prospects. |
| SATS | December saw the GA-Courtenay Special Situations fund (USD I) appreciate by +6.3%, resulting in a return for 2025 of +6.5%. The positive result was primarily driven by price appreciation in Echostar and Filtronic, the fund's largest two positions, and both publically listed proxies for SpaceX. |
| TSLA | Under the previous system, companies that produced only electric vehicles—most notably Tesla—generated large quantities of credits that could then be sold to manufacturers falling short of their EV production targets, allowing them to avoid regulatory penalties. |
| TSM | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| UHR.SW | We made one new purchase in the quarter Swatch. Swatch offers a rare investment opportunity backed by both tangible and intangible assets, with a valuation that assumes very little goes right. Swatch's balance sheet includes net cash of approximately CHF 1.5bn and Swiss real estate with an estimated market value of around CHF 4bn. At today's market capitalisation, this implies a valuation of roughly 1x sales for Omega, one of the world's most recognisable luxury watch brands, while the remainder of the group's portfolio, including Longines, Tissot, Blancpain, Harry Winston, Swatch, and its extensive component manufacturing operations, effectively being valued at zero. |
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