| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 12.8% |
| 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| 21.9% | 32.1% | -20.7% | 22.6% | 32.1% |
The Guinness Global Innovators Fund returned -1.5% in November, underperforming the MSCI World by 0.9 percentage points as AI bubble concerns weighed on technology stocks. Despite strong performance from Medtronic and Alphabet, weakness in Nvidia and Salesforce offset gains. The Fund maintains top quartile performance over longer time horizons. Looking ahead to 2026, the investment environment appears constructive with expansive monetary policy, substantial fiscal stimulus through the OBBA, and continued AI capex growth supporting earnings expectations of 15.9% for the S&P 500. However, elevated valuations across all regions, emerging AI bubble concerns, and persistent US inflation risks create uncertainty. The Fund's quality-focused approach becomes more attractive as quality stocks trade below their 10-year average premium. The strategy continues to emphasize high-quality companies with durable competitive advantages, strong balance sheets, and exposure to secular innovation themes, using equal-weight positioning to manage concentration risk while maintaining conviction in long-term growth drivers.
The Fund invests in high-quality global companies exposed to secular innovation themes, using equal-weight positioning and valuation discipline to capture long-term growth while managing risks from market volatility and bubble concerns.
The outlook for 2026 appears constructive with favorable monetary easing, substantial fiscal stimulus, and continued AI investment supporting earnings growth. However, elevated valuations, AI bubble concerns, and persistent US inflation risks create uncertainty. Quality investing is expected to become more attractive given current relative valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | - | Fund underperformed in November due to AI bubble concerns affecting technology holdings, despite strong individual stock selection. The 2026 outlook appears constructive with monetary easing, fiscal stimulus, and continued AI investment supporting earnings growth, though elevated valuations and inflation risks create uncertainty. Quality factor underperformance presents opportunity given current relative valuations. |
| Oct 30 2025 | 2025 Q3 | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, growth, innovation, semiconductors, technology | - | Guinness Global Innovators returned 7.5% in Q3 2025, slightly underperforming markets despite benefiting from AI-driven tech strength. The fund capitalized on semiconductor equipment demand while exiting struggling healthcare positions. With AI infrastructure spending approaching unprecedented levels and market valuations elevated, the strategy maintains disciplined focus on quality growth companies across diversified innovation themes. |
| Jul 2 2025 | 2025 Q2 | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, global, growth, innovation, Quality, semiconductors, technology, Trade Policy | - | Guinness Global Innovators outperformed in Q2 2025 despite trade policy volatility, benefiting from AI-exposed technology holdings like Amphenol and Nvidia while healthcare faced tariff headwinds. The fund's quality growth approach and equal weighting strategy helped navigate Liberation Day tariff uncertainty. Managers remain confident in secular innovation themes positioning for long-term returns. |
| Apr 1 2025 | 2025 Q1 | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Mining, technology, value |
Gold 005930.KS AC.PS |
Oldfield's fund posted strong 29.1% YTD returns led by Barrick Gold doubling amid $4000 gold prices and central bank reserve shifts. The strategy targets deep value opportunities in holding companies trading at 50% NAV discounts while maintaining selective AI exposure through Samsung and SK Inc at reasonable valuations, avoiding expensive AI bubble stocks. |
| Jan 8 2025 | 2024 Q4 | 0161.HK, 5238.KL | Asia, Concentration, Construction, real estate, small caps, value |
0163.HK 5238.KL |
Stone Sentinel delivered 45.3% YTD returns through concentrated value investing, holding 5 deeply undervalued positions across Asia. Recent additions Able Engineering and Protasco trade at significant discounts to intrinsic value despite strong fundamentals. Manager emphasizes practical wisdom and adaptability while maintaining conviction in carefully selected opportunities with substantial margins of safety. |
| Oct 1 2024 | 2024 Q3 | BRK-A, FINV | China, Concentration, Construction, Fintech, technology, value |
GSJ CLA FINV |
Stone Sentinel Capital's concentrated value strategy delivered 38% YTD returns through five deeply undervalued positions. Holdings include Spanish construction company GSJ trading below net cash, French software firm CLA at 6.5x FCF amid activist turnaround, and Chinese fintech FINV offering 30% FCF yields in consolidated oligopoly market. |
| Jun 30 2024 | 2024 Q2 | - | dividends, fixed income, rates, small caps, Valuations | - | Oujo Wealth Strategies reports strong 2025 performance across all portfolios despite market volatility. The firm is cautiously optimistic, making tactical shifts into fixed income while favoring dividend payers, mid and small caps, and longer-term bonds. With the S&P 500 at 6,700 and earnings growing, they see equities offering a slight premium over safer assets. |
| Apr 2 2024 | 2024 Q1 | AAPL, AMZN, CCJ, CEG, GLNG, GOOGL, MELI, MSFT, RYAAY, SWKS, TDW, TLN | E-Commerce, energy, global, nuclear, Utilities, value |
TLN MELI RYAAY SWKS |
City Different's concentrated global equity strategies surged 13%+ in Q3, driven by nuclear power play Talen Energy and Latin American e-commerce leader Mercado Libre. Energy holdings dragged on weak oil prices and Chinese demand. The team trimmed winners to buy Ryanair while exiting failed Skyworks position, maintaining constructive long-term outlook despite advocating moderate near-term expectations. |
| Jan 9 2024 | 2023 Q4 | AAPL, AMZN, BRK-A | AI, large cap, Market Leadership, Patience, Quality, technology | - | Pittenger & Anderson advocates for timeless investment principles over market timing. Their ICQP framework emphasizes intelligence, consistency, quality, and patience as antidotes to media-driven fear and greed. While AI-driven Big Tech continues leading markets with the S&P up 14.8% year-to-date, record margin debt and narrow leadership present risks. Fed rate cuts provide supportive backdrop. |
| Sep 30 2023 | 2023 Q3 | AAPL, AMZN, BRK-A, GOOGL, JPM, META, MSFT, NVDA, TSLA | AI, Debt, diversification, long-term, rates, tariffs, technology | - | P&A marks 30 years by reaffirming their core thesis: own high-quality companies long-term despite volatility. Q2 saw dramatic tariff-driven selloff and recovery, while AI productivity gains and Fed rate cuts provide potential catalysts. U.S. debt concerns and declining foreign ownership create risks, but international diversification helped with MSCI EAFE up 19.9% year-to-date. |
| Jul 1 2023 | 2023 Q2 | AMZN, RIVN, WMT | Electric Vehicles, Government, policy, tariffs, Trade Policy | RIVN | GDS Investments warns that Trump Administration policies, particularly tariffs, are creating business uncertainty despite stable markets. A Yale CEO survey shows 70% report tariff harm to their businesses. The manager criticizes policy formulation without private sector consultation and government picking winners and losers. Investment focus remains on resilient companies with competitive moats that can adapt to policy uncertainty. |
| Mar 31 2023 | 2023 Q1 | NVO, RIVN, STZ | fundamentals, inflation, Macro, Quality, rates, value | - | GDS Investments maintains that company fundamentals trump macro conditions, using recent market volatility to acquire quality names like Rivian, Constellation Brands, and Novo Nordisk at attractive prices. Despite structural shifts in rates and inflation, strong businesses with moats can navigate any environment, making current turmoil an opportunity rather than obstacle. |
| Jan 9 2023 | 2022 Q4 | - | - | - | |
| Oct 6 2022 | 2022 Q3 | - | - | - | |
| Jul 7 2022 | 2022 Q2 | - | - | - | |
| Apr 6 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI capex cycle continues with hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns about an AI bubble are emerging due to circular deal flows and elevated capital intensity, with some companies putting over 100% of operating cash flow toward capex. |
Artificial Intelligence Capex Hyperscalers Bubble |
SemiconductorsFund benefited from underweight to Nvidia which fell 12.6% and overweight to Applied Materials which gained 8.4%. Rising interest in TPUs highlights industry trend toward workload-optimized hardware, though GPUs remain central due to flexibility and software lock-in. |
Chips GPUs TPUs Hardware | |
QualityQuality as a factor has underperformed year-to-date but historically rallies after such periods. Quality provides downside protection in bear markets and is currently trading below its 10-year average premium, presenting a good entry opportunity. |
Factor Investing Downside Protection Valuations | |
InflationInflation outlook becoming increasingly divergent across regions. US core inflation expected to remain at 2.6% in 2026 above Fed target due to tariffs and fiscal policy, while Euro area inflation expected to fall to 1.8%. |
Price Pressures Regional Divergence Monetary Policy | |
RatesFavorable monetary backdrop with policy rates moving decisively off 2023 peaks. Markets anticipating additional Fed rate cuts despite two cuts already delivered, with Powell noting inflation appears close to 2% target strengthening case for gradual reductions. |
Federal Reserve Monetary Policy Rate Cuts | |
| 2025 Q3 |
AIAI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. |
Data Centers Cloud Semiconductors Infrastructure |
CloudMajor cloud providers are intensifying investment programs with multiyear partnerships and significant capacity buildouts. Oracle entering partnership with OpenAI entailing significant new capacity buildouts. Companies achieving margin expansion and efficiency gains as AI automates workflows and reduces costs through cloud infrastructure. |
Infrastructure Data Centers AI Automation | |
SemiconductorsSemiconductor equipment manufacturers like Lam Research delivered robust returns with record gross margins driven by favorable product mix and strong demand from China. Management spoke to increasing complexity and intensity in etch and deposition processes for AI chips, with companies showcasing new products ahead of peers in innovation. |
Equipment AI Memory Foundries | |
ChinaChinese equities staged notable rally outperforming most major global markets as policy momentum, easing US-China trade tensions, and renewed AI optimism provided tailwinds. Beijing coordinated stimulus with rate cuts and targeted credit easing. Gains were broad-based, led by AI and semiconductor companies benefiting from renewed investor confidence. |
Policy Trade AI Stimulus | |
| 2025 Q2 |
AIThe fund benefits from exposure to artificial intelligence through holdings like Nvidia and Amphenol. Nvidia delivered strongest quarterly earnings despite US licensing restrictions on China shipments, with strong global demand for its latest AI platform. Amphenol saw record sales growth driven by AI-related data center demand. |
Artificial Intelligence Data Centers GPUs Semiconductors Computing |
Trade PolicyUS trade policies dominated the quarter with sweeping tariffs announced on Liberation Day imposing 10% baseline tariffs escalating to 145% on Chinese goods. This created significant market volatility and uncertainty, though markets rebounded when tariffs were paused for 90 days. The TACO theory emerged suggesting Trump Always Chickens Out when markets react negatively. |
Tariffs China Trade War Policy Uncertainty Protectionism | |
SemiconductorsSemiconductor holdings performed strongly in Q2 after lagging in Q1. The fund holds multiple semiconductor names including Nvidia, Taiwan Semiconductor, KLA-Tencor, Infineon, and LAM Research. The sector benefited from renewed risk-on sentiment and strong AI-driven demand despite trade policy headwinds. |
Chip Designers Semi Equipment Memory Foundries Technology Hardware | |
Data CentersData center demand drove strong performance for holdings like Amphenol which saw record sales growth of 48% driven by IT datacom market demand. Nvidia also benefited from hyperscaler adoption of its server systems for AI workloads. The theme represents exposure to secular growth in cloud infrastructure and AI computing. |
Cloud Infrastructure Servers Networking IT Infrastructure Hyperscalers | |
| 2025 Q1 |
GoldGold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, indicating a significant shift in reserve allocation preferences. |
Gold Central Banks Reserves Treasuries Unease |
AIRecent capital investment commitments in AI by OpenAI and others have benefited Samsung significantly. The manager maintains cautious exposure through Samsung and SK Inc, which provide AI exposure at valuations far removed from bubble territory despite broader AI stock market excesses. |
AI OpenAI Samsung Valuations Bubble | |
ValueThe portfolio focuses on conventional companies with listed holdings trading at substantial discounts to net asset value. Examples include holding companies like Ayala Corp trading at 50% discount versus typical 20-30% discounts, representing double discount opportunities. |
Discount NAV Holdings Conventional Opportunity | |
| 2024 Q4 |
ValueManager screens 80,000 global stocks to pick 5-6 concentrated positions, focusing on stocks trading below intrinsic value. Able Engineering trades below cash at 6x earnings despite double-digit growth. Protasco trades at 2.4x PE with core segments worth more than entire market cap. |
Deep Value Concentration Screening Undervaluation Cash |
ConstructionAble Engineering is engaged in building construction and repair, maintenance, addition, and alteration projects for Hong Kong public works. The company has six-decade operating history with government-issued licenses for large public housing projects and strong growth supported by government spending. |
Public Works Infrastructure Government Contracts Hong Kong Housing | |
Commercial Real EstateAble Engineering owns an office building carried at roughly the same value as the company's market cap. The building was developed at cyclical peak and impaired due to 17% vacancy rates in Hong Kong office market, with Kowloon East reporting 24% vacancy. |
Office Buildings Vacancy Rates Hong Kong Impairment Cyclical | |
| 2024 Q3 |
ValueManager emphasizes deep value investing approach with concentrated portfolio of 5 stocks trading at significant discounts to intrinsic value. GSJ trades at €400m with €350m net cash, implying core business valued at €50m despite generating €32m net earnings. CLA priced at 6.5x FCF for software publishing segment with recurring revenues. FINV offers 30% FCF yields when including cash position. |
Deep Value Intrinsic Value FCF Yields Net Cash Discount |
ChinaRecent addition of FINV, a large nonbank lender in China connecting small-ticket borrowers to lenders. The fintech company operates in an oligopoly dominating 80-90% of originations after 95% of industry participants exited due to strict regulations since 2016. FINV appears most technologically competent among survivors with superior risk models and real-time updates. |
FinTech Nonbank Lending Oligopoly Technology Risk Models | |
| 2024 Q2 |
DividendsDividend payers have performed well and paid their dividends, which the firm views positively. They identify dividend-paying stocks as attractive due to their yields, fair valuations, and strong holdings for retiree income. |
Income Yields Retirees |
RatesThe Federal Reserve has been under scrutiny to lower rates significantly but has only made one minor cut this year. The firm discusses how equity markets love low rates as they boost valuations, while businesses benefit from cheaper borrowing costs. |
Fed Monetary Policy Valuations Borrowing | |
| 2024 Q1 |
NuclearNuclear power is experiencing renewed demand as AI and data centers require reliable, clean energy. Talen Energy's Susquehanna facility benefits from power price surges and partnerships like Microsoft-Constellation restarting Three Mile Island reactor. |
Nuclear Power Data Centers AI Clean Energy |
E-commerceMercado Libre continues as the leading e-commerce and fintech platform across Latin America, with strong performance in Brazil and Mexico markets driving portfolio returns. |
E-commerce FinTech Latin America Brazil Mexico | |
EnergyEnergy sector underperformed as second-worst S&P 500 sector this year. Oil prices declined due to reduced Chinese demand and lack of OPEC+ supply disruptions, impacting energy-related holdings. |
Oil Energy China OPEC Commodities | |
UraniumUranium investments like Cameco faced headwinds during the quarter, though the manager remains constructive on uranium outlook for the future. |
Uranium Nuclear Fuel Cameco Energy Transition | |
| 2023 Q4 |
AIThe Big Tech/AI trade continues to drive market performance. Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies like Apple and Amazon. Market leadership remains very narrow around AI-focused companies. |
Technology Large Cap Market Leadership Big Tech |
| 2023 Q3 |
AIAI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The letter notes that top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. |
Productivity Efficiency Margins Technology |
Trade PolicyUniversal tariffs announced by President Trump triggered significant market volatility, causing the S&P 500 to decline 21% before recovering on news of a 90-day pause. The letter notes that tariffs haven't produced the inflation many worried about, with Amazon's CEO reporting they're not seeing prices go up. |
Tariffs Volatility Inflation Trade | |
RatesInterest rate policy is highlighted as important to stock prices. Markets currently anticipate two interest rate cuts this year. The letter discusses concerns about U.S. government debt refinancing at nearly twice the average interest rate of three years ago, with over $9 trillion needing refinancing in the next 12 months. |
Fed Cuts Debt Refinancing | |
| 2023 Q2 |
Trade PolicyThe letter extensively discusses the Trump Administration's tariff scheme, with 70% of CEOs surveyed saying tariffs have harmed their businesses. The manager views tariffs as creating policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring. |
Tariffs Trade Policy Costs Supply Chain |
Industrial PolicyThe manager criticizes the administration's approach of dictating to the private sector and picking winners and losers using the regulatory state. This blurs the lines between capitalism and socialism and creates uncertainty for business planning and investment decisions. |
Regulation Government Winners Losers Capitalism | |
Electric VehiclesThe letter mentions research suggesting EV penetration will rise meaningfully over the next cycle. Rivian is highlighted as a relatively recent portfolio addition that is well positioned to capitalize on the electric transition in the auto industry. |
EV Transition Penetration Auto Electric | |
| 2023 Q1 |
ValueThe manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market turmoil has created compelling entry points for high-quality companies trading at significant discounts. |
Value Fundamentals Discounts Entry Points Quality |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | Fund Letters | Guinness Global Innovators | 005930.KS | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI infrastructure, memory chips, semiconductors, South Korea, technology hardware, Value AI Exposure | Login |
| Oct 31, 2025 | Fund Letters | Guinness Global Innovators | Gold | Barrick Gold Corporation | Materials | Gold | Bull | NYSE | Central Bank Demand, Commodities, gold mining, Low-cost producer, materials, profit margins | Login |
| Oct 31, 2025 | Fund Letters | Guinness Global Innovators | AC.PS | Ayala Corporation | Financials | Multi-Sector Holdings | Bull | Philippine Stock Exchange | banking, conglomerate, Emerging markets, NAV discount, Philippines, Real Estate, telecommunications, Value | Login |
| Oct 9, 2025 | Fund Letters | Guinness Global Innovators | 5238.KL | Protasco | Industrials | Construction & Engineering | Bull | Bursa Malaysia | asset monetization, capital allocation, conglomerate, Government Concessions, land bank, Malaysia, Road Maintenance, turnaround, Value | Login |
| Oct 9, 2025 | Fund Letters | Guinness Global Innovators | 0163.HK | Able Engineering Holdings | Industrials | Construction & Engineering | Bull | Hong Kong Stock Exchange | construction, dividend yield, government contracts, Hong Kong, infrastructure, Public Works, Real Estate, RMAA, Value | Login |
| Jul 7, 2025 | Fund Letters | Guinness Global Innovators | GSJ | Grupo Empresarial San José | Industrials | Construction & Engineering | Bull | Madrid Stock Exchange | Asset Play, construction, Free Cash Flow, net cash, Real Estate, Spain, Value | Login |
| Jul 7, 2025 | Fund Letters | Guinness Global Innovators | CLA | Claranova | Information Technology | Software | Bull | Euronext Paris | activist, france, Free Cash Flow, recurring revenue, SaaS, Software, technology, turnaround | Login |
| Jul 7, 2025 | Fund Letters | Guinness Global Innovators | FINV | Finvolution | Financials | Consumer Finance | Bull | NYSE | China, consumer finance, Fintech, Free Cash Flow, international expansion, oligopoly, risk management, technology | Login |
| Sep 30, 2024 | Fund Letters | Guinness Global Innovators | TLN | Talen Energy | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | AI infrastructure, Amazon Web Services, clean energy, data centers, electricity generation, Independent Power Producer, Microsoft, Nuclear Power, utilities | Login |
| Sep 30, 2024 | Fund Letters | Guinness Global Innovators | SWKS | Skyworks Solutions | Information Technology | Semiconductors & Semiconductor Equipment | Bear | NASDAQ | 5G Technology, Apple Dependency, customer concentration risk, Internet of Things, Mobile Communications, Radio Frequency Chips, semiconductors | Login |
| Sep 30, 2024 | Fund Letters | Guinness Global Innovators | RYAAY | Ryanair Holdings plc | Industrials | Airlines | Bull | NASDAQ | Airlines, Dublin, Europe, Low-Cost Airline, Returns on Capital, Travel Recovery, Value Investment | Login |
| Sep 30, 2024 | Fund Letters | Guinness Global Innovators | MELI | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, digital payments, e-commerce, Fintech, Internet Retail, Latin America, marketplace, Mexico | Login |
| Oct 11, 2025 | Fund Letters | Guinness Global Innovators | RIVN | Rivian Automotive Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | automotive, Bull, Electric Vehicles, EV, Portfolio Addition, Transition | Login |
| TICKER | COMMENTARY |
|---|---|
| AMAT | The Fund's overweight exposure to Information Technology was more than offset by tailwinds from stock selection, mainly due to the Fund's underweight to Nvidia (which fell -12.6% in USD) and overweight to Applied Materials (+8.4%). |
| CRM | Salesforce (-11.5%) was among the weaker stocks over the month. |
| DHR | The Fund saw strong outperformance in the market recovery period as the headwinds from the previous period reversed. This was supported by strong stock selection including Netflix, Siemens Healthineers, and Danaher. |
| GOOGL | Alphabet (+13.9%, USD) was the Fund's second-best performer of the month. The stock's performance was driven by better-than-expected Q3 earnings results and AI momentum. A report from The Information suggested that Meta is in talks to purchase Alphabet's custom Tensor Processing Unit (TPU) chips, potentially signalling a shift in market share away from Nvidia's dominant GPUs. While Alphabet originally developed TPUs for internal AI workloads, the company may have uncovered a lucrative new revenue stream by offering AI chips to external buyers. The growing traction in Alphabet's AI hardware helped drive the stock's performance. Executives at Google Cloud estimate that TPU adoption could eventually account for up to 10% of Nvidia's annual data centre revenue. |
| MDT | Medtronic (+16.3%, USD) was the portfolio's best-performing company during the month. The leading medical device company released strong Q2 earnings, beating on the top and bottom lines as well as raising full-year organic growth expectations to 5.5% (up from 5% previously). The clear stand-out in their portfolio at present is the ongoing strong performance of Cardiac Ablation Solutions (CAS), a business which grew 71% year-on-year on the strength of the pulsed field ablation (PFA) portfolio and added around 180 basis points of organic growth to top line. The CAS outlook remains healthy given ongoing rapid adoption, positive regulatory approvals and strong physician demand for safer, faster atrial fibrillation procedures. |
| META | The Fund's positive stock selection in the first period included Meta. A report from The Information suggested that Meta is in talks to purchase Alphabet's custom Tensor Processing Unit (TPU) chips, potentially signalling a shift in market share away from Nvidia's dominant GPUs. Mark Zuckerberg, the CEO of Meta, recently forecasted their 'capex dollar growth will be notably larger in 2026'. |
| NFLX | The Fund saw strong outperformance in the market recovery period as the headwinds from the previous period reversed. This was supported by strong stock selection including Netflix, Siemens Healthineers, and Danaher. |
| NVDA | Despite the better-than-expected results from Nvidia, investor concerns around high valuations in the AI ecosystem remained top of mind, leading to Information Technology being the worst-performing sector in the month. The Fund's underweight to Nvidia (which fell -12.6% in USD) and overweight to Applied Materials (+8.4%) contributed positively to performance. Nvidia (-12.6%, USD), the leading designer of AI chips, was the Fund's weakest-performing stock in November, despite once again exceeding expectations and raising its outlook thanks to continued momentum for its Blackwell product. The stock's weakness appears to have been driven by negative news flow, most notably a report from The Information suggesting that Meta is in talks to purchase Alphabet's custom Tensor Processing Unit (TPU) chips, potentially signalling a shift in market share away from Nvidia's dominant GPUs. Nevertheless, Nvidia's GPUs are expected to remain central to training and heterogeneous AI workloads due to their superior adaptability and software lock-in. Executives at Google Cloud estimate that TPU adoption could eventually account for up to 10% of Nvidia's annual data centre revenue. |
| ORCL | Notably, Oracle now puts more than 100% of operating cash flow towards its capex. 'Hyperscalers': Amazon, Google, Meta, Microsoft and Oracle saw analysts upgrading their capex expectations by 78% for 2026 and 95% for 2027. |
| SHL.DE | The Fund saw strong outperformance in the market recovery period as the headwinds from the previous period reversed. This was supported by strong stock selection including Netflix, Siemens Healthineers, and Danaher. |
| 2020.HK | The Fund also benefited from positive stock selection in Consumer Discretionary thanks to Anta Sports (+4.6%). |
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|---|---|---|---|---|---|
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