| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15.2% | 20.9% | 3.7% |
Contrarius Global Equity Fund returned 20.9% in Q2 2026 versus 12.5% for the MSCI World Index, driven by its contrarian positioning in AI-Winners and AI-Proof companies. The fund actively manages exposure between these categories based on market conditions, shifting toward AI-Winners in April as geopolitical risks dissipated. Sony Group exemplifies the fund's thesis as a rare company straddling both categories. Sony owns irreplaceable human-created IP including one of the world's three major music businesses (Columbia Records, Beyoncé, Adele, Lennon-McCartney rights), a premier film and television library (Columbia Pictures, Spider-Man, Crunchyroll anime streaming), and the PlayStation gaming platform transitioning to high-margin recurring revenue. Simultaneously, Sony manufactures 53% of global image sensors and is partnering with TSMC to develop next-generation sensors for physical AI in autonomous vehicles and robotics. Despite these assets, Sony trades at a mid-teens earnings multiple—a conglomerate discount the fund believes significantly undervalues the business. New CEO Hiroki Totoki is actively transforming the company by divesting non-core assets and redirecting capital to music, gaming IP, and sensors while returning cash to shareholders.
The fund employs a contrarian, valuation-based strategy focused on identifying companies that are either AI-Winners (beneficiaries of AI disruption at attractive valuations) or AI-Proof (companies with enduring products regardless of AI), while avoiding AI-Threatened businesses. Sony Group exemplifies this approach as a rare company sitting in both preferred categories: it owns irreplaceable human-created IP (music catalogues, film libraries, gaming franchises) that becomes more valuable as AI-generated content proliferates, while also manufacturing the dominant image sensors that will enable physical AI in autonomous vehicles and robotics—all trading at a conglomerate discount despite a fortress balance sheet and improving management.
The fund maintains a contrarian, long-term, valuation-based approach and continues to find value across a diverse range of stocks including AI-Winners, AI-Proof companies, and rare businesses like Sony that straddle both categories. The portfolio composition remains materially different from the MSCI World Index. The fund believes the valuation disparity within the market today is significant and creates meaningful opportunities for stock pickers to outperform over the long term.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 16 2026 | 2026 Q2 | 005930 KS, AAPL, NFLX, NTDOY, SONY, TSLA, TSM, UMG.AS, WMG | AI, Content IP, contrarian, gaming, Japan, Media, Music, semiconductors | 6758.T | Contrarius returned 20.9% in Q2 2026 by investing in AI-Winners and AI-Proof companies at attractive valuations. Sony exemplifies this dual thesis: it owns irreplaceable music catalogues, film libraries, and gaming franchises that appreciate as AI content proliferates, while manufacturing 53% of global image sensors positioned to dominate physical AI in autonomous vehicles and robotics. The market prices it as a tired conglomerate despite a fortress balance sheet and improving management. |
| Apr 18 2026 | 2026 Q1 | DEO, GOOGL, SATS, TSLA | AI, Consumer Staples, contrarian, global, long-term, value | DGE.L | Contrarius repositioned toward AI-Proof Consumer Staples and select AI-Winners, accepting Q1 underperformance for long-term value. Diageo exemplifies the strategy: irreplaceable brands trading at 12x earnings versus 20x+ historically. New CEO executing turnaround while structural tailwinds from premiumization and emerging market demographics remain intact. Current challenges viewed as cyclical opportunities for patient capital. |
| 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 | Contrarius delivered 54.4% returns in 2025 by positioning for AI disruption through three investment buckets: AI winners, AI-proof companies, and avoiding AI-threatened businesses. Key contributor EchoStar transformed via strategic spectrum sales, providing valuable SpaceX exposure at discount valuations. Fund maintains concentrated positions in high-conviction technology and consumer names while avoiding disruption-threatened sectors. |
| Oct 16 2025 | 2025 Q3 | APLS, BEAM, CRSP, NTLA, PARA, PFE, TSLA, VRTX, WBD | AI, Biotechnology, contrarian, CRISPR, Gene Editing, Media, Tesla, value |
CRSP NTLA BEAM |
Contrarius delivered 52.3% annual returns through concentrated positions in undervalued AI and biotech opportunities. Tesla remains a top holding for its real-world AI potential in autonomous driving and robotics. The fund sees transformative value in CRISPR gene editing companies offering functional cures, while media holdings await consolidation catalysts. Significant valuation disparities create compelling opportunities for contrarian stock pickers. |
| Jul 17 2025 | 2025 Q2 | AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD | AI, contrarian, Electric Vehicles, semiconductors, technology, value |
NVDA NVDA |
Contrarius delivered strong Q2 performance driven by AI holdings Tesla and Nvidia, which the manager views as transformative beneficiaries of accelerating real-world AI adoption. The fund maintains its contrarian approach, adding to Nvidia during recent weakness while holding diverse value positions across media and luxury sectors, positioning for long-term disruption and outperformance. |
| Mar 31 2025 | 2025 Q1 | AMZN, META, NVDA, TSLA, UHR.SW | AI, contrarian, Global Equity, Luxury, Swiss Watches, Tesla, value | - | Contrarius underperformed in Q1 with their contrarian positioning during trade war uncertainty and AI reassessment. They sold Amazon and Meta after doubling, added Nvidia on weakness, and maintain Tesla as top holding for autonomous driving potential. New position in Swatch Group represents classic contrarian opportunity in cyclically depressed luxury watches trading below pandemic lows despite strong fundamentals. |
| Dec 31 2024 | 2024 Q4 | SQ | contrarian, Fintech, payments, technology, value | SQ | Contrarius delivered strong Q4 outperformance through concentrated contrarian positioning, particularly overweighting Communication Services and Consumer Discretionary while underweighting Technology. The fund's focus on undervalued disruptive companies like Block in the payments space reflects their thesis that significant market valuation disparities create opportunities for long-term oriented stock pickers. |
| Sep 30 2024 | 2024 Q3 | DIS, DKNG, FLUT.L, FOXA, WBD | contrarian, global, Media, sports betting, Streaming, value | FOXA | Contrarius delivered strong Q3 returns of 13.8% through concentrated contrarian positioning in undervalued global equities. Fox Corporation exemplifies their approach - a misunderstood media company with valuable live content, growing streaming platform Tubi, and strategic sports betting investments trading at attractive valuations despite strong cash generation and disciplined capital allocation. |
| Jun 30 2024 | 2024 Q2 | F, NVDA, TM, TSLA, UBER | AI, Autonomous Driving, Electric Vehicles, Energy Storage, Robotics, Tesla, value | - | Contrarius holds Tesla as largest position, betting on autonomous driving breakthrough creating massive value through robotaxis and technology licensing. Tesla's neural network approach has solved self-driving challenges competitors cannot match. Combined with superior EV manufacturing and energy storage business, Tesla offers exceptional return potential as AI transforms transportation industry. |
| Apr 15 2024 | 2024 Q1 | BABA, BIDU, JD | AI, China, Cloud, contrarian, E-Commerce, technology, valuation |
JD BIDU BABA |
Contrarius initiated major positions in Chinese tech leaders JD.com, Baidu, and Alibaba after years of avoidance, capitalizing on extreme valuations despite strong fundamental growth. Regulatory headwinds appear to be easing as the Chinese government recognizes wealth destruction risks. These companies trade at mid-single digit free cash flow multiples while benefiting from secular ecommerce and AI cloud growth. |
| Dec 31 2023 | 2023 Q4 | DOCU, MSFT, TWLO, XOM, ZM | contrarian, energy, global, growth, software, technology, value | AZM IM | Contrarius delivered strong 2023 returns while rotating from energy winners into undervalued software businesses. Their detailed Zoom analysis exemplifies their contrarian approach, identifying a comprehensive communications platform trading at attractive multiples despite strong fundamentals and AI innovation. The fund's fifteen-year track record demonstrates the effectiveness of their valuation-based, long-term investment philosophy in creating meaningful outperformance. |
| Sep 30 2023 | 2023 Q3 | AMZN | AI, Amazon, Cloud, E-Commerce, growth, technology | AMZN | Contrarius returned -1.9% in Q3, outperforming the MSCI World's -3.5%. The fund maintains a contrarian approach with significant overweights in Consumer Discretionary and Communication Services. Amazon represents a key holding, trading below intrinsic value despite strengthened fundamentals in both ecommerce and cloud computing, with AI adoption expected to drive future growth acceleration. |
| Jun 30 2023 | 2023 Q2 | AAPL, INTC, MSFT, NFLX, NVDA, PARA, WBD | AI, contrarian, growth, Media, Streaming, technology, value |
PARA NWBD.L |
Contrarius focuses on undervalued media giants Paramount and Warner Bros. Discovery as they transition to profitable streaming platforms, trading at single-digit free cash flow multiples despite extensive content libraries. The fund also sees AI as transformational like the internet revolution, driving new technology investment cycles. Portfolio remains concentrated in Consumer Discretionary, Communication Services, and Energy with North American and Asian geographic focus. |
| Apr 15 2023 | 2023 Q1 | DASH, DHER.DE, GRAB, TKWY.AS, UBER | E-Commerce, global, growth, technology, value |
DASH GRAB JTKWY UBER DHER.DE |
Contrarius focuses on contrarian value opportunities across growth and value stocks, currently emphasizing online mobility and delivery platforms trading at attractive valuations. The fund holds concentrated positions in DoorDash, Grab, Just Eat Takeaway, Uber, and Delivery Hero - companies with dominant market positions and improving profitability that emerged stronger from the pandemic. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe fund views the investment universe through an AI lens, categorizing companies as AI-Winners (beneficiaries at attractive valuations), AI-Proof (companies whose products endure regardless of AI disruption), or AI-Threatened (which they avoid). The fund actively shifts exposure between AI-Winners and AI-Proof based on market conditions. Sony is highlighted as rare in being both AI-Proof (owning scarce human-created IP) and an AI-Winner (image sensors for physical AI in autonomous vehicles and robotics). |
Physical AI Autonomous Vehicles Robotics Content Sensors |
MediaThe fund emphasizes the value of authentic, human-created content libraries as AI-generated content floods the market. Sony's film and television library (Columbia, Spider-Man, Jumanji) and Crunchyroll anime streaming service are highlighted as scarce assets. The bidding war for Warner Bros. Discovery demonstrates that great content libraries command significant premiums when available for sale. |
Content Libraries Streaming Film Studios Anime IP | |
MusicMusic catalogues are described as enviable annuity assets with growing royalty streams. Sony owns two of the world's best music businesses: recorded music (Columbia Records, Beyoncé, Adele, Springsteen) and music publishing (largest globally, with Lennon-McCartney and Michael Jackson rights). The fund believes these assets will become more valuable as AI cannot replicate the emotional attachment to authentic songs. |
Music Publishing Royalties Catalogues Recorded Music | |
GamingPlayStation is transitioning from a hardware-cycle business to a high-margin platform with 132 million monthly active users and 93 million PS5 installed base. Content and services (PlayStation Store, PlayStation Plus) now account for the majority of segment profits. Sony owns valuable franchises including God of War, The Last of Us, and Gran Turismo, with some IP expanding to film and television. |
PlayStation Gaming Platforms Franchises Subscriptions | |
SemiconductorsSony manufactures roughly 53% of global image-sensor revenue, supplying the most demanding customers including Apple and Tesla. The company is transitioning from smartphone components to sensors for physical AI applications in autonomous driving and robotics. A joint venture with TSMC will develop next-generation sensors with on-chip AI processing, moving Sony from selling pixels to selling perception. |
Image Sensors TSMC Autonomous Driving Machine Vision | |
| 2026 Q1 |
AIThe fund has shifted its portfolio to focus on AI-Winners with high confidence (Tesla, EchoStar, Alphabet) while increasing exposure to AI-Proof companies. The manager believes AI may disrupt many large-cap companies across sectors, making defensive stocks that are structurally insulated from AI disruption attractive. |
AI-Winners AI-Proof Disruption Technology Defense |
Consumer StaplesThe fund has significantly increased exposure to Consumer Staples stocks, particularly tobacco, beverage, and food companies, which are trading at extremely attractive valuations. These businesses are viewed as AI-Proof with enduring human behaviors and products rooted in centuries of heritage. |
Tobacco Beverages Food Defensive Heritage | |
ValueThe manager sees compelling long-term value in defensive stocks trading at or below levels from ten years ago. Diageo specifically trades at less than 12x forward earnings versus historical averages above 20x, representing a meaningful discount despite temporary headwinds. |
Valuation Discount Long-term Contrarian Opportunity | |
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana appears to have a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
Energy TransitionTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers and acquired gas-fired power plants for $3.8 billion. |
Nuclear Power Data Centers Carbon-free Energy | |
AIAI boom benefited South Korea's semiconductor industry, with the KOSPI Index surging 76%. Big tech led the market with AI as a central theme, though the manager notes market crowding around the tech/AI theme as a challenge for active managers. |
Semiconductors Big Tech Market Leadership | |
GoldThe debasement trade including gold and silver was a huge winner in 2025, fueled by fiscal policies of the U.S. and Europe that continue to expand the monetary base. Gold hit record highs as part of a sharp performance divide in commodities. |
Monetary Policy Fiscal Policy Record Highs | |
| 2025 Q3 |
AIThe fund believes AI represents a transformative opportunity similar to the internet revolution. They see the market as potentially being in 1997 rather than 1995 of the AI adoption cycle, with real-world AI applications like autonomy and robotics having not yet started. The impact of AI is expected to dwarf that of the internet over time. |
Artificial Intelligence Autonomy Robotics Foundation Models Transformative Technology |
BiotechnologyThe fund has significant exposure to smaller biotech companies, particularly those focused on CRISPR gene editing technology. They view biotech as near cyclical lows with nearly 200 companies trading at negative enterprise values earlier in the year. The combination of new technologies, cost declines, and AI could unleash a wave of new treatments offering functional cures rather than just symptom management. |
CRISPR Gene Editing Functional Cures Clinical Trials Personalized Medicine | |
MediaThe fund maintains large positions in Warner Bros. Discovery and Paramount, viewing them as trading well below intrinsic value despite recent outperformance. They believe there is substantially more value in both companies and expect meaningful catalysts from consolidation in the US media sector in the short to medium term. |
Consolidation Intrinsic Value Content Streaming Traditional Media | |
Electric VehiclesTesla remains one of the fund's largest holdings despite outperformance. The fund believes the market is only beginning to recognize Tesla's enormous opportunity in real-world AI applications including autonomous driving and humanoid robots. They continue to view Tesla as extremely undervalued and expect it to remain a top holding. |
Autonomous Driving Humanoid Robots Real-world AI Tesla Transportation Revolution | |
| 2025 Q2 |
AIAI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands. |
Artificial Intelligence Infrastructure Autonomous Robotics Computing |
SemiconductorsNvidia dominates AI training infrastructure with an estimated 90% market share, driven by industry-leading interconnect solutions providing superior bandwidth and low latency. The company's ecosystem comprising cutting-edge hardware, software libraries, interconnect solutions and large developer base underpins its market leadership. Memory bandwidth and networking throughput have become the primary constraints of training efficiency rather than computational efficiency. |
GPUs Training Infrastructure Interconnect CUDA | |
Electric VehiclesTesla is viewed as one of the largest beneficiaries of AI with leading positions in generalized autonomous driving and humanoid robots. The fund believes Tesla's FSD technology is and will continue to be superior, though some companies may opt for alternative solutions like Nvidia's Drive platform. Automotive and robotics currently contribute only 1.3% of Nvidia's total revenues but represent significant growth opportunities. |
Autonomous Driving FSD Robotics Tesla Transportation | |
| 2025 Q1 |
AIThe market is reassessing the trajectory and expected levels of AI-related investment and the resultant impact on many large market capitalization technology stocks. The fund continues to believe that AI will be transformative and views Tesla as likely to be one of the largest beneficiaries, with its leading positions in generalized autonomous driving and humanoid robots. The fund has taken advantage of the recent meaningful pullback to add Nvidia which they expect to be a long-term beneficiary of real world AI. |
Autonomous Driving Neural Networks GPUs Data Centers Robotics |
Electric VehiclesTesla remains one of the fund's largest holdings despite volatility. The fund believes Tesla's generalized approach to autonomous driving is very different to that of other vehicle OEMs or companies such as Waymo. Much of the significant value they see in Tesla lies in its autonomous driving technology which they believe makes its expected total rate of return exceptional. |
Autonomous Driving FSD Model Y EV Sales | |
LuxuryThe fund has invested in The Swatch Group, which owns 16 standout brands across the spectrum of affordability from basic to luxury including Omega, Blancpain, Breguet, and Harry Winston. While luxury goods can be cyclical, they believe many of the brands owned by Swatch Group are likely to stand the test of time. The Swiss Watch Industry has experienced weakness particularly in China, creating opportunities for contrarian investors. |
Swiss Watches Luxury Brands China Weakness Vertical Integration | |
| 2024 Q4 |
PaymentsThe payments landscape has undergone significant transformation driven by technological advancements, changing consumer behaviors including contactless payments, and regulatory developments. Digital payments have surged as ecommerce adoption continues to grow. The payments space is ripe for disruption as existing Western payment systems have remained essentially unchanged for decades and are complex and costly for merchants and consumers. |
FinTech Digital Payments Merchant Acquiring BNPL E-commerce |
FinTechNew players are entering the payments market with a technology-led approach, unencumbered by legacy systems and processes. Block represents a compelling investment opportunity as a leader in financial technology, well-positioned to capitalize on the evolving payments landscape with its dual ecosystems of Square for businesses and Cash App for individuals. The company is driving innovation in commerce and personal finance. |
Payments Digital Banking Financial Services Technology Innovation | |
| 2024 Q3 |
MediaTraditional media companies are transitioning from cable bundles to streaming/cable hybrid models. Fox has positioned itself strategically by focusing on live sports and news content, which are immune to streaming disruption. The company sold entertainment assets to Disney and retained valuable live content rights including NFL, MLB, and college sports. |
Streaming Live Sports Cable Broadcasting Content |
StreamingFox's Tubi platform represents a successful advertising-video-on-demand strategy with over 240,000 titles and resilient user growth post-pandemic. The platform offers attractive cost per thousand impressions for advertisers and benefits from the shift toward connected TV advertising with superior targeting capabilities. |
AVOD Connected TV Advertising User Growth Content Library | |
Sports BettingFox's strategic investments in online sports betting through partnerships with Flutter Entertainment and FanDuel option have appreciated over 13 times the original investment. The company holds valuable positions in the rapidly growing US sports betting market alongside strong content rights for major sports. |
Online Betting FanDuel Flutter Gaming Sports Rights | |
| 2024 Q2 |
Electric VehiclesTesla is positioned as the leader in EV transition with superior manufacturing capabilities, vertical integration, and competitive advantages over traditional automakers. The fund sees Tesla benefiting from the inevitable shift from ICE to electric vehicles, with traditional OEMs facing cannibalization of profitable ICE sales with loss-making EV revenue. Tesla has grown market share from 0% to 2.3% with significant runway for continued growth. |
Tesla Manufacturing Vertical Integration Market Share Competition |
AITesla's autonomous driving breakthrough using neural networks represents a paradigm shift in AI-powered robotics. The fund believes Tesla's camera-plus-neural network approach has solved autonomous driving, creating massive value through robotaxis and potential licensing to other OEMs. This AI capability extends to humanoid robots (Optimus) with enormous market potential. |
Neural Networks Autonomous Driving Robotaxis Computer Vision Machine Learning | |
Energy StorageTesla's energy storage business has become a primary contributor with differentiated software that automates dispatch to maximize economic value. The business is scaling to 40GWh production capacity with increasing gross margins, representing an extremely valuable standalone business beyond vehicles. |
Utility Scale Software Production Capacity Margins Grid Storage | |
RoboticsTesla is developing Optimus humanoid robots leveraging AI expertise and manufacturing capabilities. The market opportunity is massive given that 40% of US workforce performs physically demanding jobs, with robots potentially costing less than current cars at scale. Tesla's unique position combining robotics leadership with AI focus on real-world vision provides competitive advantages. |
Humanoid Robots Manufacturing Labor Replacement Real-world AI Automation | |
| 2024 Q1 |
ChinaManager initiated positions in three Chinese stocks (JD.com, Baidu, Alibaba) after years of avoidance, citing dramatically improved risk-reward profile due to extremely attractive valuations and reduced regulatory risks. Chinese government appears increasingly aware of wealth destruction risks and is taking steps toward normalized supervision of technology companies. |
Regulatory Valuation Technology Government Risk |
E-commerceChina's ecommerce penetration at 27.6% still has meaningful growth potential despite exceeding US and global averages. Both JD.com and Alibaba maintain strong market positions with defensible logistics networks and continue benefiting from long-term secular growth trends in online retail penetration. |
Penetration Growth Logistics Market Share Secular | |
CloudCloud computing remains in early stages of adoption with low penetration relative to on-premise IT spend. AI developments are accelerating cloud adoption, and Chinese companies like Baidu and Alibaba are positioned as leaders in AI Cloud with comprehensive AI stacks and large language models. |
AI Adoption Infrastructure Growth Technology | |
AIArtificial intelligence represents transformative potential with Chinese companies well-positioned despite low valuations. Baidu leads with PaddlePaddle framework serving 10 million developers, while Alibaba developed Tongyi Qianwen language model. Both companies are monetizing AI developments across various industry applications. |
Machine Learning Language Models Monetization Development Applications | |
| 2023 Q4 |
ValueThe fund follows a contrarian, valuation-based investment philosophy, finding compelling opportunities in high margin, long-term growth companies trading below intrinsic value. The manager emphasizes they are not typical value managers but invest in both value and growth stocks when attractively priced. |
Contrarian Valuation Intrinsic Value Long-term Growth |
Energy TransitionThe fund significantly reduced energy exposure from 42% a year ago to 6% currently, having benefited from energy being the largest contributor to outperformance over the last three years. The manager is now finding opportunities outside of energy as valuations have normalized. |
Energy Overweight Outperformance Exposure Transition | |
CloudZoom represents a compelling cloud-based software opportunity with strong enterprise customer retention, expanding unified communications platform, and innovative AI integration. The company has evolved beyond video meetings to offer comprehensive business communication solutions. |
Software Enterprise Communications Platform SaaS | |
AIZoom is leveraging generative AI and large language models through its AI Companion, bundled at no additional cost unlike competitors. The company has ambitious plans to integrate AI across platform offerings to provide richer insights and improve productivity. |
Generative AI AI Companion Productivity Integration Innovation | |
| 2023 Q3 |
E-commerceAmazon commands a leading share of US ecommerce with mid to high 30% market share. The company has established structural advantages in scale, speed, and selection, effectively doubling its US fulfillment footprint between 2020-2022. Third-party sellers now account for 60% of Amazon's unit sales, enabling unparalleled selection while facilitating growth of a lucrative advertising business. |
Amazon Marketplace Fulfillment Third-party Advertising |
CloudAWS has leading market share among cloud service providers with the most customers and comprehensive product suite. Despite macroeconomic concerns causing deceleration, growth continues in low double-digit percentage terms indicating ongoing net customer acquisitions. Cloud computing penetration relative to on-premise IT spend remains low, suggesting early stages of adoption. |
AWS Infrastructure Enterprise Migration Services | |
AIThe advent of foundation models is driving demand for vast quantities of data and specialized computing infrastructure. AWS is positioning to benefit at three levels: compute layer for training models, foundation models as a service through Amazon Bedrock, and an AI application marketplace. The widespread adoption of AI foundation models is expected to accelerate cloud services adoption and delay long-term pricing pressure. |
Foundation Models Compute Bedrock Infrastructure Training | |
| 2023 Q2 |
StreamingBoth Paramount and Warner Bros. Discovery are transitioning from legacy linear TV to Direct-To-Consumer streaming platforms. The streaming industry is reaching an inflection point for profitability after years of losses, with opportunities for ARPU increases through price hikes, ad-supported tiers, and password sharing restrictions. |
Streaming DTC ARPU Advertising Content |
AIThe fund discusses artificial intelligence as a transformational technology similar to the internet revolution. ChatGPT's rapid adoption and advances in foundation models are likely to drive a new technology capital expenditure cycle and transform businesses across industries. |
AI ChatGPT Foundation Models Technology Transformation | |
MediaTraditional media companies like Paramount and Warner Bros. Discovery possess extensive content libraries and decades of content production expertise. They are leveraging these assets to compete in streaming while their legacy TV businesses continue generating substantial cash flows. |
Media Content Libraries Linear TV Production | |
| 2023 Q1 |
E-commerceThe fund holds several online mobility and delivery companies including DoorDash, Grab Holdings, Just Eat Takeaway.com, Uber Technologies and Delivery Hero. These companies compete in large and growing markets with smartphone-based platforms that have become part of everyday life. The pandemic created opportunities to gain new customers, and these companies now have substantially larger customer bases with improving competitive environments and emerging profit pools. |
Online delivery Food delivery Mobility platforms Customer acquisition Profit margins |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2023 | Fund Letters | Contrarius Global Equity Fund | DASH | DoorDash | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Convenience Delivery, food delivery, Free Cash Flow, Geographic Expansion, grocery delivery, market leader, strong balance sheet, Value | Login |
| Mar 31, 2023 | Fund Letters | Contrarius Global Equity Fund | GRAB | Grab Holdings | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | adjusted EBITDA, digital payments, E-wallet, Fintech, food delivery, market dominance, Mobility Platform, Southeast Asia, Unbanked Population | Login |
| Mar 31, 2023 | Fund Letters | Contrarius Global Equity Fund | JTKWY | Just Eat Takeaway.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | Amsterdam | adjusted EBITDA, cash flow generation, Commission Rates, food delivery, iFood Divestiture, market leader, Minimum Order Values, northern Europe, Profitability Improvement, Value | Login |
| Mar 31, 2023 | Fund Letters | Contrarius Global Equity Fund | UBER | Uber Technologies | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | cost-cutting, Delivery Platform, Free Cash Flow, Global Mobility Platform, Grab Stake, margin expansion, market leadership, strong balance sheet | Login |
| Mar 31, 2023 | Fund Letters | Contrarius Global Equity Fund | DHER.DE | Delivery Hero | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | XETRA | debt refinancing, earnings growth, Emerging markets, global presence, margin expansion, market leadership, Profitable Markets, Strong Cash Position | Login |
| Jul 16, 2026 | Fund Letters | Contrarius Global Equity Fund | 6758.T | Sony Group Corporation | Consumer Electronics | Consumer Electronics | Bull | Japan Exchange Group (Tokyo Stock Exchange) | AI-Proof, AI-Winner, Anime, autonomous vehicles, conglomerate, consumer electronics, content library, Corporate Restructuring, entertainment, Equity, Film Studio, Gaming Platform, Image-sensors, Intellectual Property, Japan, Music Publishing, Physical AI, PlayStation, robotics, semiconductors, Streaming, turnaround, Value | Login |
| Apr 18, 2026 | Fund Letters | Contrarius Global Equity Fund | DGE.L | Diageo plc | Beverages - Wineries & Distilleries | Distillers & Vintners | Bull | New York Stock Exchange | AI-Proof, brand portfolio, consumer staples, Cyclical Recovery, debt reduction, Emerging markets, premium spirits, premiumization, turnaround, Value | 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 |
| 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 |
| Jun 30, 2025 | Fund Letters | Contrarius Global Equity Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, autonomous vehicles, Cloud computing, CUDA Ecosystem, data centers, Digital Twins, GPUs, growth, machine learning, robotics, semiconductors, Software Services | Login |
| Dec 31, 2024 | Fund Letters | Contrarius Global Equity Fund | SQ | Block Inc | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | AI, Bitcoin, buy now pay later, Data Analytics, digital payments, disruption, Ecosystem, Fintech, founder-led, machine learning, Mobile Banking, network effects, Peer-to-Peer Payments, Small Business Lending | Login |
| Sep 30, 2024 | Fund Letters | Contrarius Global Equity Fund | FOXA | Fox Corporation | Communication Services | Broadcasting | Bull | NASDAQ | AVOD, broadcasting, Free Cash Flow, Live Content, media, Real Estate, Share Buybacks, Sports betting, Sports-rights, Streaming, tax benefits, Value | Login |
| Mar 31, 2024 | Fund Letters | Contrarius Global Equity Fund | JD | JD.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | China, Defensible Moat, e-commerce, electronics, Logistics, premium, retail, supply chain, technology | Login |
| Mar 31, 2024 | Fund Letters | Contrarius Global Equity Fund | BIDU | Baidu | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, autonomous driving, China, Cloud computing, machine learning, robotaxi, search engine, technology platform | Login |
| Mar 31, 2024 | Fund Letters | Contrarius Global Equity Fund | BABA | Alibaba | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, Diversified, e-commerce, Fintech, marketplace, technology platform | Login |
| Dec 31, 2023 | Fund Letters | Contrarius Global Equity Fund | AZM IM | Zoom Video Communications | Communication Services | Application Software | Bull | NASDAQ | AI integration, cloud migration, Contact center, contrarian, Enterprise software, growth, Post-Pandemic Recovery, SaaS, Unified Communications, Video Conferencing | Login |
| Sep 30, 2023 | Fund Letters | Contrarius Global Equity Fund | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising platform, AI-as-a-Service, Artificial Intelligence, AWS, Cloud computing, e-commerce, Equity, foundation models, Logistics, Prime, Third-party marketplace | Login |
| Jun 30, 2023 | Fund Letters | Contrarius Global Equity Fund | PARA | Paramount Global | Communication Services | Movies & Entertainment | Bull | NASDAQ | broadcasting, Content, direct-to-consumer, entertainment, FAST, media, Streaming, Television, turnaround, Value | Login |
| Jun 30, 2023 | Fund Letters | Contrarius Global Equity Fund | NWBD.L | Warner Bros. Discovery | Communication Services | Movies & Entertainment | Bull | NASDAQ | Content, Cost synergies, entertainment, Franchises, Gaming, media, merger, Streaming, turnaround, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| SONY | Buried within Sony Group is a film and television library of real pedigree which we can today buy at no premium. Sony Pictures owns Columbia and a vast film catalogue that includes the Spider-Man film franchise and Jumanji, an extensive television library, and an underappreciated jewel—Crunchyroll, the world's leading streaming service built purely for anime fans, with more than 21 million subscribers, a library of over 50,000 episodes, and first-window access to almost every major Japanese studio. Last year Demon Slayer: Kimetsu no Yaiba Infinity Castle became the highest-grossing anime film ever made, grossing around $740 million at the global box office, and ranked among the biggest films of any kind for the year. In recorded music it is the oldest name in the business, tracing its roots to Columbia Records in 1887, and is one of three global majors alongside Universal Music and Warner Music Group (a prior holding of the Fund); and in music publishing—the rights to the songs themselves—it is the largest operator in the world. The names tell the story. Sony's recording business is home to Beyoncé, Adele, Bruce Springsteen, Billy Joel and Bob Dylan. Through its publishing arm it has interests in millions of compositions, including songs from Lennon-McCartney and Michael Jackson. Sony continues to purchase more rights—its 2024 purchase of the Queen catalogue includes both recorded and publishing royalties (excluding ownership of the North American recorded masters). And a new partnership with the Singaporean sovereign-wealth fund GIC means Sony stands ready to keep buying. Sony's third business is PlayStation which is quietly turning from a hardware-cycle business into a platform with recurring, high-margin economics. Monthly active users reached a record 132 million, the PS5 installed base has passed 93 million, and content (PlayStation Store) and services (PlayStation Plus subscriptions)—the recurring, high-margin engine—already accounts for the majority of the segment's profits. In addition to hosting third party game franchises (such as the upcoming Grand Theft Auto VI) Sony's studios own very valuable franchises including God of War, The Last of Us, Horizon, Gran Turismo and Ghost of Tsushima. Some of this IP is also making its way onto television and film screens. Despite this collection of enviable assets, Sony's market cap is $120bn and it trades on a mid-teens earnings multiple. We believe that Sony is currently trading below the value of its core content assets—with the market completely ignoring what may be its most valuable business. Sony makes roughly 53% of every dollar of global image-sensor revenue. An image sensor is the small silicon chip that turns light into a picture—the part inside every phone, camera and car that does the actual seeing. The evidence of the quality of this business is the customer list: the most demanding, most vertically-integrated companies on earth buy from Sony rather than build their own. In May, Sony and TSMC signed a preliminary (non-binding) agreement to form a JV, with Sony as majority and controlling shareholder, to develop and manufacture next-generation image sensors at Sony's newly built fab in Kumamoto. The partnership gives Sony access to TSMC's leading-edge logic, letting it stack an advanced logic layer (the brains) onto its world-class pixel layer (the eyes), so the sensor runs AI on-chip rather than in central compute—considered essential for physical AI in automotive and robotics. This moves Sony from selling pixels to selling perception: higher value and stickier. The company, under new CEO Hiroki Totoki, a 38-year Sony veteran with a finance background, is steadily transforming itself. His early actions have been positive: the financial-services arm spun off, the commoditised television business folded into a joint venture with TCL, the loss-making AFEELA electric-car venture abandoned, the underperforming studios cleaned up. The capital freed is being redirected to music catalogues, gaming IP and sensors. And cash is being returned to shareholders. Sony trades on a mid-teens earnings multiple—a conglomerate rating for what is becoming a focused owner of irreplaceable IP, alongside the world's pre-eminent image-sensor business, all underpinned by a fortress balance sheet. Most of its current value sits in AI-Proof assets—scarce, human-created IP. In addition, we believe we are getting a potential AI-Winner—a sensor business that is likely to be a major beneficiary of physical AI. |
| NFLX | Before the separation, Netflix struck an agreement to buy the studio and streaming assets. |
| AAPL | Apple has never made its own sensor. |
| TSLA | Tesla runs Sony made sensors in its self-driving cars. |
| 005930.KS | Even Samsung, which manufactures its own sensors, still fits Sony's silicon in its flagship phones. This year Samsung prised open Sony's old monopoly on the iPhone sensor—an inroad which in our view is likely owed as much to Samsung's Texas fab and the threat of chip tariffs as to merit. |
| TSM | In May, Sony and TSMC signed a preliminary (non-binding) agreement to form a JV, with Sony as majority and controlling shareholder, to develop and manufacture next-generation image sensors at Sony's newly built fab in Kumamoto. The partnership gives Sony access to TSMC's leading-edge logic, letting it stack an advanced logic layer (the brains) onto its world-class pixel layer (the eyes), so the sensor runs AI on-chip rather than in central compute—considered essential for physical AI in automotive and robotics. |
| NTDOY | The Fund also owns Nintendo, which faces the same memory-cost pressure but likewise sits on extremely valuable IP. |
| WMG | In recorded music it is the oldest name in the business, tracing its roots to Columbia Records in 1887, and is one of three global majors alongside Universal Music and Warner Music Group (a prior holding of the Fund). Listed pure-play music companies such as Universal Music Group and Warner Music Group currently trade at P/FCF multiples of 21x and 19x respectively. |
| UMG.AS | In recorded music it is the oldest name in the business, tracing its roots to Columbia Records in 1887, and is one of three global majors alongside Universal Music and Warner Music Group (a prior holding of the Fund). We believe these assets will become more valuable over time. A large language model can generate a million new songs by lunchtime; what it cannot generate is Bohemian Rhapsody, or the emotional attachment that sends a stadium singing the same chorus thirty years on. And it appears that the market agrees with us. Listed pure-play music companies such as Universal Music Group and Warner Music Group currently trade at P/FCF multiples of 21x and 19x respectively. |
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