Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.0% | 6.7% | 41.5% |
| 2025 | 2024 |
|---|---|
| 41.5% | 20.2% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.0% | 6.7% | 41.5% |
| 2025 | 2024 |
|---|---|
| 41.5% | 20.2% |
The Hood River International Opportunity Fund delivered strong performance in 2025, returning 41.49% and outpacing its benchmark by 12.23%, as international markets significantly outperformed U.S. equities. The fund's success was driven by broad-based stock selection, particularly in information technology, health care, and materials sectors. Key new holdings include Circus SE, a German AI-driven robotics company serving commercial and defense markets, and Chrysos, an Australian mining technology firm with proprietary ore analysis technology. The managers see compelling opportunities emerging as market leadership broadens beyond U.S. mega-cap stocks, with improving policy conditions across international markets. Central bank easing, China's efforts to reduce industrial overcapacity, and India's consumption-focused reforms are creating supportive tailwinds. The current environment favors active, selective investing in less efficient international markets where valuations remain reasonable. Looking ahead to 2026, the fund is positioned to capitalize on differentiated opportunities tied to innovation, domestic consumption, and industrial transformation across China, India, Europe, and Asia-Pacific regions.
International markets, particularly small-cap opportunities outside the U.S., offer compelling value as market leadership broadens beyond U.S. mega-cap dominance, with improving policy conditions and reasonable valuations creating attractive investment opportunities across China, India, Europe, and Asia-Pacific.
Looking ahead to 2026, we see compelling opportunities emerging outside the U.S., where valuations are more reasonable, policy conditions are improving, and market leadership is broadening. Across regions such as China, India, Europe, and parts of Asia, we are finding differentiated opportunities tied to tailwinds like innovation, domestic consumption, and industrial transformation.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 12 2026 | 2025 Q4 | C79.AX, CCS.DE, META | AI, China, Europe, India, international, Outperformance, small cap |
CA1 GR C79 AU |
Artificial intelligence continues to be a potentially powerful long-term growth driver, presenting opportunities across multiple non-U.S. markets. These opportunities extend beyond well-known semiconductor leaders in… |
| Oct 20 2025 | 2025 Q3 | ALM, AVIO IM | aerospace, Artificial Intelligence, Critical Minerals, semiconductors, small caps | AII CN | The fund outperformed benchmarks as small- and mid-cap international equities benefited from renewed optimism in AI and cyclical recovery. Managers highlight gains in tech hardware,… |
| Jun 30 2025 | 2025 Q2 | - | 0 | - | The letter highlights market dislocations driven by tariff fears and sentiment shifts that temporarily disconnect prices from fundamentals. Management emphasizes bottom-up stock selection in international… |
| Mar 31 2025 | 2025 Q1 | - | - | - | - |
| Dec 31 2024 | 2024 Q4 | JUST LN | - | - | - |
| Sep 30 2024 | 2024 Q3 | - | - | - | - |
| Jun 30 2024 | 2024 Q2 | - | - | AII CN | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
ChinaChina's economic rebalancing appears to be moving forward. Market liquidity, anti-involution and a measured consumer policy are likely to drive a sustained market performance in 4Q. Fiscal support and ongoing reforms in China is supportive of a stronger currency. |
Growth Policy Currency | |
IndiaIndia combines sustained economic growth, rising formalization, deepening capital markets, and a growing pool of well-run, founder-led businesses with long reinvestment runways. The economy has grown from about $1 trillion to around $4 trillion over roughly 17 years, with credible estimates suggesting it could roughly quadruple over the next 15-20 years. India has moved from the periphery to the center of global equity markets as the fourth-largest listed market in the world. |
Formalization Capital Markets Growth Emerging Markets | |
| 2025 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
IndustrialsThe fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. |
Infrastructure Automation Transportation Electrical Equipment Waste Management | |
| 2025 Q2 |
Dislocation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 20, 2025 | Fund Letters | Brian Smoluch | AII CN | Almonty Industries Inc. | Financials | Metals & Mining | Bull | TSX | cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration | Login |
| Oct 20, 2025 | Fund Letters | Brian Smoluch | AII CN | Almonty Industries Inc. | Financials | Metals & Mining | Bull | TSX | cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration | Login |
| Jan 12, 2026 | Fund Letters | Brian Smoluch | CA1 GR | Circus SE | Industrials | Industrial Machinery | Bull | Xetra | AI, Automation, Defense, robotics, Scalability | Login |
| Jan 12, 2026 | Fund Letters | Brian Smoluch | C79 AU | Chrysos Corporation Limited | Information Technology | Electronic Equipment & Instruments | Bull | New York Stock Exchange | Adoption, Instrumentation, Margins, Miningtechnology, Recurringrevenue | Login |
| TICKER | COMMENTARY |
|---|---|
| C79.AX | Another new addition is Chrysos, an Australian mining technology company focused on improving the analysis of gold, silver, copper, and other critical metals. Its proprietary PhotonAssay technology allows miners to test ore samples faster, safer, and more consistently than traditional methods. Chrysos is steadily expanding its installed base with large mining operators and global laboratory partners, embedding its systems directly into customer workflows. In our view, investors are undervaluing both the durability of its business model and the earnings potential from broader industry adoption. |
| CCS.DE | We recently added a compelling new holding to the fund in Circus SE, a German-based company developing AI-driven robotics that automate food preparation and logistics across both commercial and defense markets. The company has gained early traction through partnerships such as its collaboration with Meta Germany and agreements with military branches to deliver its technology directly to troops, highlighting the real-world value of its platform. While current market expectations take a conservative view of future profitability, we believe Circus SE's long-term earnings potential is meaningfully undervalued as adoption broadens and the business scales. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
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