Harry Qelm Baabsman

Investor Summary

Founded by experienced investment professionals Damir Babanazarov and Arman Batayev, Harry Qelm Baabsman Ltd operates as Kazakhstan's investment management firm under the Astana International Financial Centre regulatory framework. CEO Damir Babanazarov brings extensive experience from previous roles as Head of Asset Management at BTA Securities with over $230 million AUM and achieving the best results in Kazakhstan between 2017-2020 for equity portfolios at Centras Securities. Co-founder Arman Batayev serves as CEO of the primary fund, The Steppe Eagle. The company underwent recapitalization in 2025, strengthening its financial position with new shareholders Arkadiy Riskin and Daulet Chunkunov. The management team emphasizes environmental and ethical investing principles while targeting long-term professional investors with substantial net worth requirements.

Fund Strategy

Harry Qelm Baabsman employs a long-only capital appreciation strategy based on Value Investing combined with Growth Investing using stocks of developed and emerging markets, ETFs, commodities, and FX. The fund adheres to environmental and ethical principles, prioritizing stocks of companies that develop, implement, or use clean energy sources (solar and wind), reduce CO2 emissions, improve air quality, and reduce/reuse/recycle waste. The investment approach focuses on companies in solar energy, wind energy, environmentally conscious companies with low indebtedness, microchips, search engines and cloud computing, and precious metals. The fund targets public markets of the United States, Europe, Canada, and Australia in companies that are financially successful and environmentally conscious with programs to decrease wildlife and humanity suffering.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	4.64%

Executive Summary

The Steppe Eagle returned +4.64% in H1 2026 versus +7.09% for MSCI World, bringing since-inception returns to +37.99%. The fund's performance was shaped by opposing forces: SaaS companies including Salesforce, Adobe, Shopify, and Accenture were detractors as markets questioned their ability to handle the LLM challenge, losing combined $10,200. Clean energy companies including Nextpower, SMA Solar, Enphase, and SolarEdge lifted the portfolio with gains above $15,000 as solar and wind benefited from anticipated data center energy demand. A significant cash influx in June from new unitholders muted overall impact but provided opportunity to add positions tactically at lower prices. The manager added stakes in Accenture, Salesforce, Lululemon, Uber, ServiceNow, Adobe, Zoom, DocuSign, and Lyft, most yielding considerable returns by publication. The fund actively avoids the 33%+ concentration of Magnificent Seven in the S&P 500, expecting unpleasantries from mega-cap tech concentration. The manager maintains conviction in value and growth-at-reasonable-price companies, targeting competitive double-digit returns over multi-year horizons while waiting patiently for discounts in clean energy sectors.

Core Thesis

The Steppe Eagle pursues long-term value creation by investing in environmentally friendly and shariah-compliant businesses across developed economies, focusing on mature companies with proven track records, sustainable competitive advantages, and strong financial health, particularly in clean energy, software, and conscious consumer sectors, while avoiding excessive concentration in mega-cap tech despite market enthusiasm.

Forward Outlook

The manager expects to achieve competitive double-digit returns over a multi-year horizon by searching for value or growth-at-reasonable-price companies. The dynamics of The Steppe Eagle will heavily rely on SaaS companies, Uber, and Lyft in upcoming months and quarters. The fund will try to find attractive smaller bets and clean energy companies. The manager maintains a patient, long-term approach, stating that even three years is just a first step and emphasizing that time in the market means more than timing the market.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Aug 17 2026	2026 Q2	ACN, ADBE, CRM, DOCU, ENPH, FLNC, GOOGL, LULU, LYFT, META, MSFT, NOW, NVDA, SEDG, SHLS, SHOP, THO, UBER, ZM	AI, clean energy, E-Commerce, SaaS, semiconductors, Solar, value, Wind	-	The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies.
Jul 28 2025	2025 Q2	ADBE, BIRD, BWA, CRM, FLNC, GOOGL, HFG.DE, LIGHT.AS, LYFT, MGA, NVDA, NXT, PUM.DE, S92.DE, SEDG, SHOP.TO, THO, VWSB.CO, ZAL.DE, ZM	AI, clean energy, Cloud, E-Commerce, Solar, technology, value, Wind	CRM ZM ZAL GR NXT VWSB GR PUM GR ADBE	The Steppe Eagle targets long-term returns through sustainable, shariah-compliant businesses in clean energy, technology, and conscious consumer sectors. After underperforming in H1 2025, the fund recovered to +9.74% YTD driven by solar equipment and precious metals gains. Positioned for clean energy cycle recovery in 2025-2027 with patient capital approach spanning 3-10+ year horizons.
Feb 19 2025	2024 Q4	AAPL, ADBE, AMZN, BIRD, CRM, CSIQ, GOOGL, HFG.DE, LIGHT.AS, META, MSFT, NVDA, NXT, PUM.DE, SEDG, SHOP, TPIC, TSLA, ZAL.DE, ZM	clean energy, Europe, long-term, technology, undervalued, value	-	Steppe Eagle lost 8.46% in 2024 due to extreme clean energy weakness, particularly SolarEdge's 89% decline. Manager maintains conviction in value approach and clean energy transition thesis, viewing current sector weakness as cyclical. Avoided tech concentration except reasonably-priced Alphabet. High cash position (35%) and focus on undervalued sustainable businesses positions fund for recovery when market extremes correct.
Jul 19 2024	2024 Q2	ADBE, AMZN, ASC.L, CRM, CSIQ, ENPH, GOOGL, HFG.DE, NVDA, PUM.DE, SEDG, SIGNF, TPIC, ZAL.DE, ZM	clean energy, Cloud, Cyclical, Europe, growth, long-term, value	SEDG HFG.DE TPIC	Value-focused fund down 16.53% in H1 2024 due to AI mania and clean energy oversupply. Portfolio concentrated in quality cloud, e-commerce, and renewable companies trading at deep discounts. Manager sees current market concentration exceeding dot-com bubble levels and expects recovery in 2025 as cycles normalize and value investing pays off.
Dec 31 2023	2023 Q4	ADBE, CRM, CSIQ, ENPH, GOOGL, HFG.DE, LIGHT.AS, LYFT, SEDG, SHOP.TO, TPIC, VWSB.DE, ZAL.DE, ZM	clean energy, Esg, Europe, long-term, technology, value	ZAL.DE HFG.DE LIGHT.AS TPIC CRM AZM IM SEDG	Steppe Eagle returned 6.81% in 2023, underperforming benchmarks by avoiding Magnificent 7 concentration. The fund focuses on patient value investing in clean energy and technology at reasonable valuations. Strong gains from Shopify, Adobe, and uranium offset solar sector weakness. Portfolio is fully deployed in undervalued sustainable businesses positioned for 3-5 year recovery cycles.
Dec 31 2022	2022 Q4	BIRD, GOOG, HFG GR, TPIC, ZAL GR	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Aug 17 2026

2026 Q2

ACN, ADBE, CRM, DOCU, ENPH, FLNC, GOOGL, LULU, LYFT, META, MSFT, NOW, NVDA, SEDG, SHLS, SHOP, THO, UBER, ZM

AI, clean energy, E-Commerce, SaaS, semiconductors, Solar, value, Wind

The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies.

Jul 28 2025

2025 Q2

ADBE, BIRD, BWA, CRM, FLNC, GOOGL, HFG.DE, LIGHT.AS, LYFT, MGA, NVDA, NXT, PUM.DE, S92.DE, SEDG, SHOP.TO, THO, VWSB.CO, ZAL.DE, ZM

AI, clean energy, Cloud, E-Commerce, Solar, technology, value, Wind

CRM
ZM
ZAL GR
NXT
VWSB GR
PUM GR
ADBE

The Steppe Eagle targets long-term returns through sustainable, shariah-compliant businesses in clean energy, technology, and conscious consumer sectors. After underperforming in H1 2025, the fund recovered to +9.74% YTD driven by solar equipment and precious metals gains. Positioned for clean energy cycle recovery in 2025-2027 with patient capital approach spanning 3-10+ year horizons.

Feb 19 2025

2024 Q4

AAPL, ADBE, AMZN, BIRD, CRM, CSIQ, GOOGL, HFG.DE, LIGHT.AS, META, MSFT, NVDA, NXT, PUM.DE, SEDG, SHOP, TPIC, TSLA, ZAL.DE, ZM

clean energy, Europe, long-term, technology, undervalued, value

Steppe Eagle lost 8.46% in 2024 due to extreme clean energy weakness, particularly SolarEdge's 89% decline. Manager maintains conviction in value approach and clean energy transition thesis, viewing current sector weakness as cyclical. Avoided tech concentration except reasonably-priced Alphabet. High cash position (35%) and focus on undervalued sustainable businesses positions fund for recovery when market extremes correct.

Jul 19 2024

2024 Q2

ADBE, AMZN, ASC.L, CRM, CSIQ, ENPH, GOOGL, HFG.DE, NVDA, PUM.DE, SEDG, SIGNF, TPIC, ZAL.DE, ZM

clean energy, Cloud, Cyclical, Europe, growth, long-term, value

SEDG
HFG.DE
TPIC

Value-focused fund down 16.53% in H1 2024 due to AI mania and clean energy oversupply. Portfolio concentrated in quality cloud, e-commerce, and renewable companies trading at deep discounts. Manager sees current market concentration exceeding dot-com bubble levels and expects recovery in 2025 as cycles normalize and value investing pays off.

Dec 31 2023

2023 Q4

ADBE, CRM, CSIQ, ENPH, GOOGL, HFG.DE, LIGHT.AS, LYFT, SEDG, SHOP.TO, TPIC, VWSB.DE, ZAL.DE, ZM

clean energy, Esg, Europe, long-term, technology, value

ZAL.DE
HFG.DE
LIGHT.AS
TPIC
CRM
AZM IM
SEDG

Steppe Eagle returned 6.81% in 2023, underperforming benchmarks by avoiding Magnificent 7 concentration. The fund focuses on patient value investing in clean energy and technology at reasonable valuations. Strong gains from Shopify, Adobe, and uranium offset solar sector weakness. Portfolio is fully deployed in undervalued sustainable businesses positioned for 3-5 year recovery cycles.

Dec 31 2022

2022 Q4

BIRD, GOOG, HFG GR, TPIC, ZAL GR

QUARTER	THEMES	TAGS
2026 Q2	AI Neural networks continue to create market uncertainty about whether they will remake the software landscape. The manager notes the concentration of Magnificent Seven tech companies in the S&P 500 has reached 33%+ fueled by AI-related hysteria and this-time-is-different thinking. The fund actively avoids this concentration risk despite market enthusiasm.	LLMs Software Magnificent Seven Nvidia Concentration
	SaaS Software-as-a-Service companies experienced volatility as the market questioned their ability to handle the LLM challenge. The fund's largest positions including Salesforce, Adobe, Shopify, and Accenture were detractors in H1 2026, losing combined $10,200. Despite near-term weakness, the manager maintains conviction in these businesses and added positions tactically at lower prices.	Salesforce Adobe Shopify Cloud Enterprise Software
	Solar Solar companies were highly volatile, reaching peak prices in May due to anticipated high energy demand for data centers. TAN ETF finished +14.7% for the half. Clean energy companies including Nextpower, SMA Solar, Enphase, and SolarEdge lifted the portfolio with combined gains above $15,000. The manager views these sectors as strategic but is waiting for more discounts to refill reserves.	Solar inverters Data centers Energy demand Nextpower SolarEdge
	Wind Wind energy showed strong performance with FAN ETF ending up +21.3% in the first half. Vestas Wind Systems is described as the poster child of wind energy and the largest active company globally. The company achieved record sales in 2025, improved adjusted FCF above 1.5 billion, and has 27GW of projects in pipeline with 37 billion EUR of service contracts.	Vestas Wind turbines Renewable energy Service contracts
	Semiconductors Hardware component shortages were offset by fears of an AI bubble, leading to high volatility within the semiconductor sector. Hardware companies eventually rose in May and June. The manager expresses concern about the concentration of mega-cap tech companies and expects unpleasantries connected to these businesses in the near or distant future.	Memory chips Hardware Component shortage Nvidia
	Data Centers Political struggle with the US about data centers and electrical energy supply created an extremely high risk/high reward environment for the energy sector. Anticipated high energy demand for data centers drove solar and wind companies to peak prices in May. The theme is discussed in context of infrastructure needs and power supply constraints.	Energy demand Infrastructure Power supply Solar Wind
	Value The manager monitors the Growth-to-Value stocks ratio since early 2024 and notes that exciting new technologies still need backing of tangible hardware and electricity. The Value spectrum of the stock universe promises more exciting long-term ideas. The fund has a bunch of value ideas and keeps adding more when prices appear cheap, searching for value or growth-at-reasonable-price companies.	Growth vs Value Valuation Infrastructure Hardware
	E-commerce Shopify is described as one of the best positions of the Steppe Eagle, built from scratch with low debt and high-growth profile. The company encompasses merchant necessities including marketplace, logistics, tax solutions, and POS, remaining a 20-25% grower. Zalando is held as a European e-commerce clothing retailer with stiff grip over the EU market, though the manager notes fast-fashion is less green than previously thought.	Shopify Zalando Marketplace Merchant infrastructure
2025 Q2	Solar Solar equipment companies like Nextracker grew 59% since December, while SMA Solar and SolarEdge combined grew 50%. The fund sees solar as a primary energy source with rapidly increasing presence, moving from below 0.5% to 5-7% of total energy consumption and above 10% of electricity generation worldwide.	Solar Trackers Solar Inverters Renewable Energy Clean Energy Energy Transition
	Wind Vestas Wind Systems represents the largest and oldest wind energy company serving all major global markets except China. The company has 27GW of projects in pipeline and 37 billion EUR of service contracts, with improved financial health and record sales in 2024.	Wind Energy Renewable Energy Clean Energy Wind Components Energy Transition
	Cloud Cloud-based platforms like Salesforce pioneered CRM systems with double-digit growth and rapidly improving profitability. Alphabet vigorously grows in Cloud Computing with double-digit growth, representing a key growth driver for tech titans.	Cloud Computing CRM SaaS Enterprise Software Digital Transformation
	E-commerce European e-commerce leader Zalando maintains a stiff grip over the EU market with 10.3 billion EUR in sales. The company shows potential for stable double-digit growth despite thin profit margins and fast-fashion sustainability concerns.	Online Retail Digital Commerce European Markets Retail Technology Consumer Digital
	AI Nvidia's financial performance in AI could be unmatched in stock market history, though the manager warns of vulnerability in pricing despite 50-70% annual sales growth. Alphabet is positioned as the top company for Autonomous Driving and an undisputed leader in AI development.	Artificial Intelligence Machine Learning Autonomous Driving GPU Computing Tech Innovation
2024 Q4	Energy Transition The fund maintains deep exposure (up to 30% of portfolio) to wind, solar, and battery companies despite extreme sector decline in 2024. Manager views this as cyclical weakness similar to post-Fukushima crisis 2011-2013, with mathematical evidence showing global power generation shifting toward renewables at 3-5x the rate of fossil fuel installations.	Solar Wind Battery Clean Energy Renewable
	Value Manager emphasizes seeking undervalued strong businesses trading at significant discounts to intrinsic value. Started building positions in old-school value companies like BorgWarner, Magna International, and Thor Industries. Expects value stocks to outperform growth stocks as current growth dominance becomes unsustainable.	Undervalued Intrinsic Value Value Stocks Discount
	Cloud Significant positions in cloud-based technology companies including Salesforce (CRM platform pioneer), Zoom (workplace collaboration), and Shopify (e-commerce platform). These companies demonstrated strong returns and sustainable business models with low debt levels and high free cash flow margins.	SaaS CRM Collaboration E-commerce Software
	E-commerce Holdings in European e-commerce leaders Zalando SE (10.3 billion EUR clothing retailer) and HelloFresh SE (7.7 billion EUR meal kit delivery). Both companies showed recovery potential trading at depressed valuations despite maintaining market leadership positions in their respective segments.	Online Retail Marketplaces Digital Commerce
2024 Q2	Energy Transition The fund is heavily invested in clean energy companies, particularly solar energy firms like SolarEdge and Canadian Solar. The manager expects a recovery in the clean energy sector by 2025 after the current oversupply cycle. Solar energy installations continue to grow globally, with 2022 seeing 1185 Gigawatts installed.	Solar Clean Energy Renewable Components Energy Storage Wind
	Value The fund follows a value investing approach, seeking companies trading at significant discounts to intrinsic value. The manager emphasizes buying quality businesses when Mr. Market offers them at attractive prices, following Warren Buffett's philosophy of being greedy when others are fearful.	Value Quality Intrinsic Value Discount Long-term
	E-commerce The portfolio includes significant exposure to e-commerce and digital marketplace companies including HelloFresh, Zalando, and ASOS. The manager views these as leaders in their respective markets with strong growth potential despite current headwinds.	E-commerce Marketplaces Digital Commerce Subscription Online Retail
	Cloud The fund holds major cloud and software companies including Salesforce, Adobe, and Zoom. These represent the largest positions in the portfolio, reflecting the manager's conviction in the long-term growth of cloud-based business solutions.	Cloud SaaS Enterprise Software CRM Collaboration
2023 Q4	Solar The fund invested in solar energy leaders SolarEdge, Canadian Solar, and Enphase after the sector crashed in late 2023 due to declining demand. These companies maintain leadership positions and financial health despite industry cyclical challenges.	SolarEdge Enphase Canadian Solar Power optimizers Solar inverters
	Wind TPI Composites builds composite wind blades for major wind energy producers including Vestas, General Electric, and Nordex. Despite stock volatility, the company maintains strong business relationships with wind energy titans.	TPI Composites Wind blades Vestas General Electric Nordex
	E-commerce Zalando SE is a 10 billion EUR European e-commerce clothing retailer with strong market position in the EU. The company is considered undervalued despite thin profit margins and fast-fashion sustainability concerns.	Zalando European retail Clothing Online retail EU market
	Cloud Salesforce pioneered cloud-based CRM systems and maintains leadership under CEO Benioff. The company grows at double-digit pace with healthy balance sheet and deserves significant portfolio allocation for long-term holding.	Salesforce CRM Cloud computing Customer management Enterprise software
	Uranium Physical uranium investment provided unexpected strong returns of 85.79% in 2023. The position benefited the portfolio significantly despite its relatively small size in the overall allocation.	Physical uranium Commodity Nuclear fuel Energy transition Uranium trust

QUARTER

THEMES

AI

Neural networks continue to create market uncertainty about whether they will remake the software landscape. The manager notes the concentration of Magnificent Seven tech companies in the S&P 500 has reached 33%+ fueled by AI-related hysteria and this-time-is-different thinking. The fund actively avoids this concentration risk despite market enthusiasm.

LLMs Software Magnificent Seven Nvidia Concentration

SaaS

Software-as-a-Service companies experienced volatility as the market questioned their ability to handle the LLM challenge. The fund's largest positions including Salesforce, Adobe, Shopify, and Accenture were detractors in H1 2026, losing combined $10,200. Despite near-term weakness, the manager maintains conviction in these businesses and added positions tactically at lower prices.

Salesforce Adobe Shopify Cloud Enterprise Software

Solar

Solar companies were highly volatile, reaching peak prices in May due to anticipated high energy demand for data centers. TAN ETF finished +14.7% for the half. Clean energy companies including Nextpower, SMA Solar, Enphase, and SolarEdge lifted the portfolio with combined gains above $15,000. The manager views these sectors as strategic but is waiting for more discounts to refill reserves.

Solar inverters Data centers Energy demand Nextpower SolarEdge

Wind

Wind energy showed strong performance with FAN ETF ending up +21.3% in the first half. Vestas Wind Systems is described as the poster child of wind energy and the largest active company globally. The company achieved record sales in 2025, improved adjusted FCF above 1.5 billion, and has 27GW of projects in pipeline with 37 billion EUR of service contracts.

Vestas Wind turbines Renewable energy Service contracts

Semiconductors

Hardware component shortages were offset by fears of an AI bubble, leading to high volatility within the semiconductor sector. Hardware companies eventually rose in May and June. The manager expresses concern about the concentration of mega-cap tech companies and expects unpleasantries connected to these businesses in the near or distant future.

Memory chips Hardware Component shortage Nvidia

Data Centers

Political struggle with the US about data centers and electrical energy supply created an extremely high risk/high reward environment for the energy sector. Anticipated high energy demand for data centers drove solar and wind companies to peak prices in May. The theme is discussed in context of infrastructure needs and power supply constraints.

Energy demand Infrastructure Power supply Solar Wind

Value

The manager monitors the Growth-to-Value stocks ratio since early 2024 and notes that exciting new technologies still need backing of tangible hardware and electricity. The Value spectrum of the stock universe promises more exciting long-term ideas. The fund has a bunch of value ideas and keeps adding more when prices appear cheap, searching for value or growth-at-reasonable-price companies.

Growth vs Value Valuation Infrastructure Hardware

E-commerce

Shopify is described as one of the best positions of the Steppe Eagle, built from scratch with low debt and high-growth profile. The company encompasses merchant necessities including marketplace, logistics, tax solutions, and POS, remaining a 20-25% grower. Zalando is held as a European e-commerce clothing retailer with stiff grip over the EU market, though the manager notes fast-fashion is less green than previously thought.

Shopify Zalando Marketplace Merchant infrastructure

2025 Q2

Solar

Solar equipment companies like Nextracker grew 59% since December, while SMA Solar and SolarEdge combined grew 50%. The fund sees solar as a primary energy source with rapidly increasing presence, moving from below 0.5% to 5-7% of total energy consumption and above 10% of electricity generation worldwide.

Solar Trackers Solar Inverters Renewable Energy Clean Energy Energy Transition

Wind

Vestas Wind Systems represents the largest and oldest wind energy company serving all major global markets except China. The company has 27GW of projects in pipeline and 37 billion EUR of service contracts, with improved financial health and record sales in 2024.

Wind Energy Renewable Energy Clean Energy Wind Components Energy Transition

Cloud

Cloud-based platforms like Salesforce pioneered CRM systems with double-digit growth and rapidly improving profitability. Alphabet vigorously grows in Cloud Computing with double-digit growth, representing a key growth driver for tech titans.

Cloud Computing CRM SaaS Enterprise Software Digital Transformation

E-commerce

European e-commerce leader Zalando maintains a stiff grip over the EU market with 10.3 billion EUR in sales. The company shows potential for stable double-digit growth despite thin profit margins and fast-fashion sustainability concerns.

Online Retail Digital Commerce European Markets Retail Technology Consumer Digital

AI

Nvidia's financial performance in AI could be unmatched in stock market history, though the manager warns of vulnerability in pricing despite 50-70% annual sales growth. Alphabet is positioned as the top company for Autonomous Driving and an undisputed leader in AI development.

Artificial Intelligence Machine Learning Autonomous Driving GPU Computing Tech Innovation

2024 Q4

Energy Transition

The fund maintains deep exposure (up to 30% of portfolio) to wind, solar, and battery companies despite extreme sector decline in 2024. Manager views this as cyclical weakness similar to post-Fukushima crisis 2011-2013, with mathematical evidence showing global power generation shifting toward renewables at 3-5x the rate of fossil fuel installations.

Solar Wind Battery Clean Energy Renewable

Value

Manager emphasizes seeking undervalued strong businesses trading at significant discounts to intrinsic value. Started building positions in old-school value companies like BorgWarner, Magna International, and Thor Industries. Expects value stocks to outperform growth stocks as current growth dominance becomes unsustainable.

Undervalued Intrinsic Value Value Stocks Discount

Cloud

Significant positions in cloud-based technology companies including Salesforce (CRM platform pioneer), Zoom (workplace collaboration), and Shopify (e-commerce platform). These companies demonstrated strong returns and sustainable business models with low debt levels and high free cash flow margins.

SaaS CRM Collaboration E-commerce Software

E-commerce

Holdings in European e-commerce leaders Zalando SE (10.3 billion EUR clothing retailer) and HelloFresh SE (7.7 billion EUR meal kit delivery). Both companies showed recovery potential trading at depressed valuations despite maintaining market leadership positions in their respective segments.

Online Retail Marketplaces Digital Commerce

2024 Q2

Energy Transition

The fund is heavily invested in clean energy companies, particularly solar energy firms like SolarEdge and Canadian Solar. The manager expects a recovery in the clean energy sector by 2025 after the current oversupply cycle. Solar energy installations continue to grow globally, with 2022 seeing 1185 Gigawatts installed.

Solar Clean Energy Renewable Components Energy Storage Wind

Value

The fund follows a value investing approach, seeking companies trading at significant discounts to intrinsic value. The manager emphasizes buying quality businesses when Mr. Market offers them at attractive prices, following Warren Buffett's philosophy of being greedy when others are fearful.

Value Quality Intrinsic Value Discount Long-term

E-commerce

The portfolio includes significant exposure to e-commerce and digital marketplace companies including HelloFresh, Zalando, and ASOS. The manager views these as leaders in their respective markets with strong growth potential despite current headwinds.

E-commerce Marketplaces Digital Commerce Subscription Online Retail

Cloud

The fund holds major cloud and software companies including Salesforce, Adobe, and Zoom. These represent the largest positions in the portfolio, reflecting the manager's conviction in the long-term growth of cloud-based business solutions.

Cloud SaaS Enterprise Software CRM Collaboration

2023 Q4

Solar

The fund invested in solar energy leaders SolarEdge, Canadian Solar, and Enphase after the sector crashed in late 2023 due to declining demand. These companies maintain leadership positions and financial health despite industry cyclical challenges.

SolarEdge Enphase Canadian Solar Power optimizers Solar inverters

Wind

TPI Composites builds composite wind blades for major wind energy producers including Vestas, General Electric, and Nordex. Despite stock volatility, the company maintains strong business relationships with wind energy titans.

TPI Composites Wind blades Vestas General Electric Nordex

E-commerce

Zalando SE is a 10 billion EUR European e-commerce clothing retailer with strong market position in the EU. The company is considered undervalued despite thin profit margins and fast-fashion sustainability concerns.

Zalando European retail Clothing Online retail EU market

Cloud

Salesforce pioneered cloud-based CRM systems and maintains leadership under CEO Benioff. The company grows at double-digit pace with healthy balance sheet and deserves significant portfolio allocation for long-term holding.

Salesforce CRM Cloud computing Customer management Enterprise software

Uranium

Physical uranium investment provided unexpected strong returns of 85.79% in 2023. The position benefited the portfolio significantly despite its relatively small size in the overall allocation.

Physical uranium Commodity Nuclear fuel Energy transition Uranium trust

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 28, 2025	Fund Letters	Mr. Damir Babanazarov	CRM	Salesforce, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	cloud, core holding, CRM, margin expansion, profitability	Login
Jul 28, 2025	Fund Letters	Mr. Damir Babanazarov	ZM	Zoom Video Communications, Inc.	Information Technology	Application Software	Bull	NASDAQ	Freecashflow, Green, profitability, SaaS, Unifiedcommunications, valuation	Login
Jul 28, 2025	Fund Letters	Mr. Damir Babanazarov	ZAL GR	Zalando SE	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	Xetra	ecommerce, Europe, Evsales, fashion, Margins, recovery	Login
Jul 28, 2025	Fund Letters	Mr. Damir Babanazarov	NXT	Nextracker Inc.	Industrials	Electrical Components & Equipment	Bull	NASDAQ	growth, renewable energy, Solar, spin-off, Tracking Systems	Login
Jul 28, 2025	Fund Letters	Mr. Damir Babanazarov	VWSB GR	Vestas Wind Systems A/S	Industrials	Heavy Electrical Equipment	Bull	Xetra	cashflow, Margins, pipeline, renewables, services, Wind	Login
Jul 28, 2025	Fund Letters	Mr. Damir Babanazarov	PUM GR	Puma SE	Consumer Discretionary	Apparel, Accessories & Luxury Goods	Bull	Xetra	Apparel, Brand, Footwear, management, Sustainability, turnaround	Login
Jul 28, 2025	Fund Letters	Mr. Damir Babanazarov	ADBE	Adobe Inc.	Information Technology	Application Software	Bull	NASDAQ	Creativity, Margins, Moat, Software, stability	Login
Jun 28, 2024	Fund Letters	Harry Qelm Baabsman	SEDG	SolarEdge Technologies	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	clean energy, Cyclical, EV/Sales, growth, Inverters, Power Optimizers, Solar Energy, Value	Login
Jun 28, 2024	Fund Letters	Harry Qelm Baabsman	HFG.DE	HelloFresh SE	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	XETRA	Consumer Discretionary, e-commerce, Europe, EV/Sales, market leader, Meal Kit Delivery, Subscription, Value	Login
Jun 28, 2024	Fund Letters	Harry Qelm Baabsman	TPIC	TPI Composites	Industrials	Electrical Equipment	Bull	NASDAQ	clean energy, Composite Manufacturing, Cyclical, Industrial, turnaround, Value, Wind Energy	Login
Dec 31, 2023	Fund Letters	Harry Qelm Baabsman	ZAL.DE	Zalando SE	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	XETRA	double-digit growth, e-commerce, European markets, Fashion retail, market leader, Value	Login
Dec 31, 2023	Fund Letters	Harry Qelm Baabsman	HFG.DE	HelloFresh SE	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	XETRA	double-digit growth, founder-led, Geographic Diversification, Meal Kit Delivery, Sustainable Food, Value	Login
Dec 31, 2023	Fund Letters	Harry Qelm Baabsman	LIGHT.AS	Signify NV	Industrials	Electrical Equipment	Bull	Euronext Amsterdam	dividend income, energy efficiency, LED Lighting, market leader, Sustainable Technology, Value	Login
Dec 31, 2023	Fund Letters	Harry Qelm Baabsman	TPIC	TPI Composites Inc	Industrials	Heavy Electrical Equipment	Bull	NASDAQ	clean energy, Composite Materials, Cyclical, high-risk high-reward, turnaround, Wind Energy	Login
Dec 31, 2023	Fund Letters	Harry Qelm Baabsman	CRM	Salesforce Inc	Information Technology	Application Software	Bull	NYSE	Cloud software, CRM, double-digit growth, Enterprise software, Long-term Hold, Technology leader	Login
Dec 31, 2023	Fund Letters	Harry Qelm Baabsman	AZM IM	Zoom Video Communications Inc	Information Technology	Application Software	Bull	NASDAQ	Contrarian Value, Environmental Benefits, low debt, Post-Pandemic Recovery, Sustainable Technology, Video Communications	Login
Dec 31, 2023	Fund Letters	Harry Qelm Baabsman	SEDG	SolarEdge Technologies Inc	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	clean technology, Cyclical, energy storage, Fast Growth, Power Optimization, Solar Energy	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 28, 2025

Fund Letters

Mr. Damir Babanazarov

CRM

Salesforce, Inc.

Information Technology

Application Software

Bull

New York Stock Exchange

cloud, core holding, CRM, margin expansion, profitability

Jul 28, 2025

Fund Letters

Mr. Damir Babanazarov

Zoom Video Communications, Inc.

Information Technology

Application Software

Bull

NASDAQ

Freecashflow, Green, profitability, SaaS, Unifiedcommunications, valuation

Jul 28, 2025

Fund Letters

Mr. Damir Babanazarov

ZAL GR

Zalando SE

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

Xetra

ecommerce, Europe, Evsales, fashion, Margins, recovery

Jul 28, 2025

Fund Letters

Mr. Damir Babanazarov

NXT

Nextracker Inc.

Industrials

Electrical Components & Equipment

Bull

NASDAQ

growth, renewable energy, Solar, spin-off, Tracking Systems

Jul 28, 2025

Fund Letters

Mr. Damir Babanazarov

VWSB GR

Vestas Wind Systems A/S

Industrials

Heavy Electrical Equipment

Bull

Xetra

cashflow, Margins, pipeline, renewables, services, Wind

Jul 28, 2025

Fund Letters

Mr. Damir Babanazarov

PUM GR

Puma SE

Consumer Discretionary

Apparel, Accessories & Luxury Goods

Bull

Xetra

Apparel, Brand, Footwear, management, Sustainability, turnaround

Jul 28, 2025

Fund Letters

Mr. Damir Babanazarov

ADBE

Adobe Inc.

Information Technology

Application Software

Bull

NASDAQ

Creativity, Margins, Moat, Software, stability

Jun 28, 2024

Fund Letters

Harry Qelm Baabsman

SEDG

SolarEdge Technologies

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

clean energy, Cyclical, EV/Sales, growth, Inverters, Power Optimizers, Solar Energy, Value

Jun 28, 2024

Fund Letters

Harry Qelm Baabsman

HFG.DE

HelloFresh SE

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

XETRA

Consumer Discretionary, e-commerce, Europe, EV/Sales, market leader, Meal Kit Delivery, Subscription, Value

Jun 28, 2024

Fund Letters

Harry Qelm Baabsman

TPIC

TPI Composites

Industrials

Electrical Equipment

Bull

NASDAQ

clean energy, Composite Manufacturing, Cyclical, Industrial, turnaround, Value, Wind Energy

Dec 31, 2023

Fund Letters

Harry Qelm Baabsman

ZAL.DE

Zalando SE

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

XETRA

double-digit growth, e-commerce, European markets, Fashion retail, market leader, Value

Dec 31, 2023

Fund Letters

Harry Qelm Baabsman

HFG.DE

HelloFresh SE

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

XETRA

double-digit growth, founder-led, Geographic Diversification, Meal Kit Delivery, Sustainable Food, Value

Dec 31, 2023

Fund Letters

Harry Qelm Baabsman

LIGHT.AS

Signify NV

Industrials

Electrical Equipment

Bull

Euronext Amsterdam

dividend income, energy efficiency, LED Lighting, market leader, Sustainable Technology, Value

Dec 31, 2023

Fund Letters

Harry Qelm Baabsman

TPIC

TPI Composites Inc

Industrials

Heavy Electrical Equipment

Bull

NASDAQ

clean energy, Composite Materials, Cyclical, high-risk high-reward, turnaround, Wind Energy

Dec 31, 2023

Fund Letters

Harry Qelm Baabsman

CRM

Salesforce Inc

Information Technology

Application Software

Bull

NYSE

Cloud software, CRM, double-digit growth, Enterprise software, Long-term Hold, Technology leader

Dec 31, 2023

Fund Letters

Harry Qelm Baabsman

AZM IM

Zoom Video Communications Inc

Information Technology

Application Software

Bull

NASDAQ

Contrarian Value, Environmental Benefits, low debt, Post-Pandemic Recovery, Sustainable Technology, Video Communications

Dec 31, 2023

Fund Letters

Harry Qelm Baabsman

SEDG

SolarEdge Technologies Inc

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

clean technology, Cyclical, energy storage, Fast Growth, Power Optimization, Solar Energy

TICKER	COMMENTARY
ACN	The company provides strategy and consulting in the area of IT-products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It is a world-renown IT-consulting company, financially healthy, big, that has managed to continue its growth. The development of LLMs threatens its business, at least a part of the market believes so. We hold it for dividends, continuation of growth and historically favorable valuation. We are holding a 2.5+% position with an average buying point of 137.
CRM	The company pioneered cloud-based CRM systems (Customer relationship management). Its bright leadership by Marc Benioff and famous corporate culture enabled it to cultivate a team of talented professionals who develop several important platforms that help businesses globally to work with clients, make analytics and decisions, and develop new connections. That is a big company with sales of over $40 billion; Salesforce's business is growing at a double-digit pace, which has shown a few features of maturing, slowing its fast-growth phase, but with rapidly improving profitability (operating margin jumped from 2% to 20+% in just four years) and a healthy balance sheet. Our average purchase price is $169 between 2023 and 2026. Everybody seems to like CRM's visionary role and wide range of integrated and interlinked solutions. The company's stocks deserve a hefty 6% to 8.5% portion of the investment portfolio and a prolonged holding period, over 7 years or more. In 2026 market decided to distrust SaaS-companies to handle LLMs-challenge. However, CRM kept posting 8-10% growth rate, paid dividends, we remain patient.
LULU	We added the following businesses: Accenture plc (ACN) +1.7% of total assets, Salesforce (CRM) +1.9%, Lululemon (LULU) +1.5%, Uber (UBER) +1.5%, ServiceNow (NOW) +1.5%, Adobe Inc (ADBE) +1.5%, Zoom Communications (ZM) +1.2%, DocuSign (DOCU) +1%, and some smaller stakes.
UBER	Uber is a massive transportation business with annual sales over $53 billion dollar, that keeps surprising with solid double-digit growth. It commands a robust global presence (50% North America, 25% EMEA, 10% APAC, and the rest of the world 7%) in three categories: rides, delivery, and freight. It is an innovative and well-led company (Dara Khosrowshahi). The company has been profitable since 2023, with FCF margin reaching 15% (we'll see about its sustainability). With a 15 to 25% growth rate, 7.5 to 13% FCF margin, and 15-30% dilution over 10 years, we arrive at $55 to $100+ per share, depending on the current reputation of the business. A reasonable range looks more like $65-90. Debt to assets subsided down to 19% from 30% previously. Our average purchase price is $70.7 between 2024 and 2026. Uber is big & strong, connected to tangible operations worldwide; it's worth 5% as some sort of staple.
NOW	We added the following businesses: Accenture plc (ACN) +1.7% of total assets, Salesforce (CRM) +1.9%, Lululemon (LULU) +1.5%, Uber (UBER) +1.5%, ServiceNow (NOW) +1.5%, Adobe Inc (ADBE) +1.5%, Zoom Communications (ZM) +1.2%, DocuSign (DOCU) +1%, and some smaller stakes.
ADBE	The company offers universally renowned graphic design products, such as Adobe Photoshop, as well as digital contract signing tools and marketing products, aiming to leverage them all through LLMs. It has a tight grip on digital content through editing, signing, and marketing applications. This business has long been characterized as a solid, reliable, 10%-growing business with one of the best profit margins in the industry, above 25%. It deserves its place in the portfolio with a decent growth profile and stability. The main concern for the market is that LLMs, Figma (FIG), and Canva will sooner or later rip Adobe from its growth and premium. This is literally the most profitable among big tech companies, with $24 billion in revenue and a stable 36+% operating margin, which Mr. Market is offering at unheard-of since the 2010s multiples of PE and P/FCF. We are holding a 2.5+% position with an average buying point of 237.
ZM	We consider Zoom as a business with a great product and a talented team that learns from mistakes and develops more and better future products. It came from a Zoom call to Zoom workplace; it is so much more now than just a video-conference software company. Today it is a sustainable, profitable business with a bright idea, which was an exceptional pearl even before COVID-19. The debt level is low, the revenue stream continues to come above $4.9 billion a year, the business has a 30+% free cash flow margin and its product canceled millions of unnecessary business travel, which is very green. Zoom has some difficulties growing again at a double-digit pace, but when it fell to below $60, it was an opportunity to step heavily in. Now, the company is trading more reasonably between $80+ and 100. It is a nice long-term business to hold. We entered the position in 2023 and 2026 at an average price of $75.3 in 2023, 2024, and 2026.
DOCU	We added the following businesses: Accenture plc (ACN) +1.7% of total assets, Salesforce (CRM) +1.9%, Lululemon (LULU) +1.5%, Uber (UBER) +1.5%, ServiceNow (NOW) +1.5%, Adobe Inc (ADBE) +1.5%, Zoom Communications (ZM) +1.2%, DocuSign (DOCU) +1%, and some smaller stakes.
LYFT	In July we added more Lyft Inc (LYFT) +1%. At the time of publishing this report, most of the above-mentioned companies yielded considerable returns.
GOOGL	The one from the Tech Titans that the Steppe Eagle has under his wing. This behemoth commands a Sales figure of over $400 billion and a market capitalization of over $3.5 trillion. In recent years, the company has kept its grasp over the Internet Search, YouTube, and AI. It also vigorously grows in the area of Cloud Computing (double-digit growth), and this is the top company for Autonomous Driving, an undisputed leader with the most driven distance. It still doesn't look expensive and is worth every invested dollar. We entered the position in 2022 and 2023 at an average price of $106.
SHOP	One of the best positions of the Steppe Eagle. The company offers marketplace, merchant infrastructure, collaboration, and more. Built from scratch by Toby Lutke, guided by Harvey Filkenstein. Shopify offers care for small businessmen. It has low debt, a high-growth-profile, and a lot of cash on the BS. Shopify tries to encompass all the necessities of merchants and businesses: marketplace, logistics, tax solutions, customer relations, point of sale (POS), transactions, and integrations. It remains a 20-25% grower. They didn't dilute shareholders for the last 3 years. The balance sheet is healthy. The only concern is 4% interest income to total revenue and low fixed assets compared to 12+ billion total assets. Every year it gets more profitable & prominent, however, the valuation sometimes gets stretched then noticeable reverse usually follows. We entered the position in 2023 and 2026 at an average price of $61.9.
ENPH	Clean energy companies lifted the portfolio: Nextpower (NXT), SMA Solar (S92_GR), Enphase (ENPH), and SolarEdge (SEDG). Combined results was above $15,000.
SEDG	This fast-grower is unfortunately prone to cycles. Producer of power optimizers and string inverters for solar energy generation. We have followed the company since 2017 because it used to manage to increase revenue by 25-35% every year, operating profit too, using a considerably small amount of debt. The company works in both great solar energy markets (the United States and the European Union). SolarEdge and Enphase (ENPH) are leaders in this business. Yet, crisis 2024 made evident issues with the company, such as unnecessary product diversification and weak control over profit margin, so the cycle forced the business to change its CEO and CFO. The business showed signs of recovery, and the stock price changed from $13 to $33-39 in 2025. However, our average position is still $117.5.
SHLS	These sectors are strategic, but we shall wait for more discounts to refill our reserves of clean energy companies. Presently, Shoals (SHLS) and Fluence Energy (FLNC) are starting to look more promising.
FLNC	These sectors are strategic, but we shall wait for more discounts to refill our reserves of clean energy companies. Presently, Shoals (SHLS) and Fluence Energy (FLNC) are starting to look more promising.
THO	Thor Industries Inc is listed in the portfolio composition at 1.66% of total assets.

TICKER

COMMENTARY

ACN

The company provides strategy and consulting in the area of IT-products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It is a world-renown IT-consulting company, financially healthy, big, that has managed to continue its growth. The development of LLMs threatens its business, at least a part of the market believes so. We hold it for dividends, continuation of growth and historically favorable valuation. We are holding a 2.5+% position with an average buying point of 137.

CRM

The company pioneered cloud-based CRM systems (Customer relationship management). Its bright leadership by Marc Benioff and famous corporate culture enabled it to cultivate a team of talented professionals who develop several important platforms that help businesses globally to work with clients, make analytics and decisions, and develop new connections. That is a big company with sales of over $40 billion; Salesforce's business is growing at a double-digit pace, which has shown a few features of maturing, slowing its fast-growth phase, but with rapidly improving profitability (operating margin jumped from 2% to 20+% in just four years) and a healthy balance sheet. Our average purchase price is $169 between 2023 and 2026. Everybody seems to like CRM's visionary role and wide range of integrated and interlinked solutions. The company's stocks deserve a hefty 6% to 8.5% portion of the investment portfolio and a prolonged holding period, over 7 years or more. In 2026 market decided to distrust SaaS-companies to handle LLMs-challenge. However, CRM kept posting 8-10% growth rate, paid dividends, we remain patient.

LULU

We added the following businesses: Accenture plc (ACN) +1.7% of total assets, Salesforce (CRM) +1.9%, Lululemon (LULU) +1.5%, Uber (UBER) +1.5%, ServiceNow (NOW) +1.5%, Adobe Inc (ADBE) +1.5%, Zoom Communications (ZM) +1.2%, DocuSign (DOCU) +1%, and some smaller stakes.

UBER

Uber is a massive transportation business with annual sales over $53 billion dollar, that keeps surprising with solid double-digit growth. It commands a robust global presence (50% North America, 25% EMEA, 10% APAC, and the rest of the world 7%) in three categories: rides, delivery, and freight. It is an innovative and well-led company (Dara Khosrowshahi). The company has been profitable since 2023, with FCF margin reaching 15% (we'll see about its sustainability). With a 15 to 25% growth rate, 7.5 to 13% FCF margin, and 15-30% dilution over 10 years, we arrive at $55 to $100+ per share, depending on the current reputation of the business. A reasonable range looks more like $65-90. Debt to assets subsided down to 19% from 30% previously. Our average purchase price is $70.7 between 2024 and 2026. Uber is big & strong, connected to tangible operations worldwide; it's worth 5% as some sort of staple.

NOW

ADBE

The company offers universally renowned graphic design products, such as Adobe Photoshop, as well as digital contract signing tools and marketing products, aiming to leverage them all through LLMs. It has a tight grip on digital content through editing, signing, and marketing applications. This business has long been characterized as a solid, reliable, 10%-growing business with one of the best profit margins in the industry, above 25%. It deserves its place in the portfolio with a decent growth profile and stability. The main concern for the market is that LLMs, Figma (FIG), and Canva will sooner or later rip Adobe from its growth and premium. This is literally the most profitable among big tech companies, with $24 billion in revenue and a stable 36+% operating margin, which Mr. Market is offering at unheard-of since the 2010s multiples of PE and P/FCF. We are holding a 2.5+% position with an average buying point of 237.

We consider Zoom as a business with a great product and a talented team that learns from mistakes and develops more and better future products. It came from a Zoom call to Zoom workplace; it is so much more now than just a video-conference software company. Today it is a sustainable, profitable business with a bright idea, which was an exceptional pearl even before COVID-19. The debt level is low, the revenue stream continues to come above $4.9 billion a year, the business has a 30+% free cash flow margin and its product canceled millions of unnecessary business travel, which is very green. Zoom has some difficulties growing again at a double-digit pace, but when it fell to below $60, it was an opportunity to step heavily in. Now, the company is trading more reasonably between $80+ and 100. It is a nice long-term business to hold. We entered the position in 2023 and 2026 at an average price of $75.3 in 2023, 2024, and 2026.

DOCU

LYFT

In July we added more Lyft Inc (LYFT) +1%. At the time of publishing this report, most of the above-mentioned companies yielded considerable returns.

GOOGL

The one from the Tech Titans that the Steppe Eagle has under his wing. This behemoth commands a Sales figure of over $400 billion and a market capitalization of over $3.5 trillion. In recent years, the company has kept its grasp over the Internet Search, YouTube, and AI. It also vigorously grows in the area of Cloud Computing (double-digit growth), and this is the top company for Autonomous Driving, an undisputed leader with the most driven distance. It still doesn't look expensive and is worth every invested dollar. We entered the position in 2022 and 2023 at an average price of $106.

SHOP

One of the best positions of the Steppe Eagle. The company offers marketplace, merchant infrastructure, collaboration, and more. Built from scratch by Toby Lutke, guided by Harvey Filkenstein. Shopify offers care for small businessmen. It has low debt, a high-growth-profile, and a lot of cash on the BS. Shopify tries to encompass all the necessities of merchants and businesses: marketplace, logistics, tax solutions, customer relations, point of sale (POS), transactions, and integrations. It remains a 20-25% grower. They didn't dilute shareholders for the last 3 years. The balance sheet is healthy. The only concern is 4% interest income to total revenue and low fixed assets compared to 12+ billion total assets. Every year it gets more profitable & prominent, however, the valuation sometimes gets stretched then noticeable reverse usually follows. We entered the position in 2023 and 2026 at an average price of $61.9.

ENPH

Clean energy companies lifted the portfolio: Nextpower (NXT), SMA Solar (S92_GR), Enphase (ENPH), and SolarEdge (SEDG). Combined results was above $15,000.

SEDG

This fast-grower is unfortunately prone to cycles. Producer of power optimizers and string inverters for solar energy generation. We have followed the company since 2017 because it used to manage to increase revenue by 25-35% every year, operating profit too, using a considerably small amount of debt. The company works in both great solar energy markets (the United States and the European Union). SolarEdge and Enphase (ENPH) are leaders in this business. Yet, crisis 2024 made evident issues with the company, such as unnecessary product diversification and weak control over profit margin, so the cycle forced the business to change its CEO and CFO. The business showed signs of recovery, and the stock price changed from $13 to $33-39 in 2025. However, our average position is still $117.5.

SHLS

These sectors are strategic, but we shall wait for more discounts to refill our reserves of clean energy companies. Presently, Shoals (SHLS) and Fluence Energy (FLNC) are starting to look more promising.

FLNC

THO

Thor Industries Inc is listed in the portfolio composition at 1.66% of total assets.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

SaaS

Solar

Wind

Semiconductors

Data Centers

Value

E-commerce

Solar

Wind

Cloud

E-commerce

AI

Energy Transition

Value

Cloud

E-commerce

Energy Transition

Value

E-commerce

Cloud

Solar

Wind

E-commerce

Cloud

Uranium

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Damir Babanazarov (CEO), Arman Batayev (Co-founder) Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Harry Qelm Baabsman