| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -7.8% | -7.8% |
The Longriver Partners Fund returned negative 7.8% in Q1 2026, primarily due to an oil shock from the Iran war triggering a March sell-off. Manager Graham Rhodes provides an extensive update on Hong Kong's recovery, highlighting three structural changes: the city becoming more central to China's capital markets as geopolitics limited US access, demographic renewal through mainland talent schemes, and deeper economic integration creating both opportunities and competitive pressures. Hong Kong was the world's top IPO venue in 2025 with $37 billion raised, while HKEX implements reforms to cement its position. The letter extensively analyzes Futu, a key holding representing the new digital, cross-border financial services model. Futu has scaled globally with 55% of accounts outside Hong Kong, growing from 1.5 million to 3.4 million funded accounts since 2022. Trading at 11x forward earnings, the market may underestimate Futu's evolution from cyclical broker to broader, stickier financial platform with wealth management, banking, and crypto expansion opportunities.
Hong Kong is undergoing a structural transformation that creates opportunities for businesses positioned at the intersection of China's capital needs and global market access, particularly digital financial services platforms like Futu that can benefit from both the city's renewed capital markets strength and cross-border expansion.
Hong Kong is recovering but the city emerging is different from before - more central to China's capital markets, with changed demographics from mainland talent, and deeper mainland integration. The challenge is ensuring integration remains additive rather than assimilative while preserving Hong Kong's distinct advantages.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 11 2026 | 2026 Q1 | FUTU | Capital markets, China, Fintech, Futu, Hong Kong, integration, Recovery | FUTU | Hong Kong is structurally transforming through capital markets centrality, mainland talent influx, and economic integration. Futu exemplifies this new model - a digital financial platform scaling globally with 3.4 million funded accounts and expanding beyond brokerage into wealth management and banking. At 11x forward earnings, the market undervalues this evolution from cyclical broker to sticky financial ecosystem. |
| Jan 14 2026 | 2025 Q4 | 0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L | Asia, Concentration, gaming, global, long-term, payments, semiconductors, value | WISE LN | Longriver's concentrated global equity strategy delivered 14.8% in 2025 but underperformed due to opportunity cost from key positions. The fund targets asymmetric returns through long-term compounders like TSMC and Games Workshop while highlighting Wise as the most asymmetric bet - a cross-border payments disruptor with bounded downside and significant long-term upside potential. |
| Oct 9 2025 | 2025 Q3 | 0700.HK, 1523.HK, META, NVDA, ORCL, TSM | AI, Asia, Concentration, global, Networking, semiconductors, technology, value | 1523 HK | Longriver delivered 17.8% YTD returns through concentrated global value investing from Asia. Portfolio includes AI winners like Nvidia and Meta alongside new networking play Plover Bay Technologies. Manager warns of potential AI investment cycle shift from cash to debt funding but maintains conviction in letting compounders run rather than premature trimming. |
| Jul 9 2025 | 2025 Q2 | 0700.HK, 1523.HK, 2359.HK, 9442.T, AAPL, AMD, AMZN, BABA, BIDU, FUTU, GAW.L, GOOGL, INTC, META, MSFT, NVDA, ORCL, TOI.TO, TSM, VTC.L, WISE.L | AI, Big tech, China, Cloud, growth, semiconductors, technology |
META 0700.HK TSM NVDA |
Longriver returned 11.7% in Q2, adding Nvidia as AI moves from hype to habit with exponential usage growth. The fund focuses on monopolistic tech companies with 35% in Meta, Tencent, TSMC and Nvidia. These companies benefit from defensible advantages in distribution, manufacturing, and ecosystem effects as AI reshapes business economics and competitive dynamics. |
| Apr 18 2025 | 2025 Q1 | 0175.HK, 0700.HK, 1211.HK, 9442.T, AMZN, GAW.L, META, TCOM, TM, TOI.TO, TSLA, TSM, VTC.L, WISE.L | BYD, China, Electric Vehicles, Energy Transition, tariffs, Valuations | 1211.HK | Longriver outperformed in Q1 despite negative returns, with manager increasing Chinese equity exposure to 25% of portfolio. Rhodes argues Chinese stocks offer compelling value after years of deleveraging, highlighting BYD as beneficiary of structural auto industry shift to electric vehicles. DeepSeek's AI breakthrough demonstrates China's technological resilience despite US sanctions and tariffs. |
| Jan 8 2025 | 2024 Q4 | 005930.KS, AMZN, C, COST, GAW.L, GOOGL, IBKR, INTC, JPM, MA, META, MS, NFLX, NU, PDD, STAN.L, TCOM, TSM, V, WISE.L | AI, gaming, global, long-term, payments, semiconductors, technology | WISE.L | Longriver delivered strong 26% annual returns through concentrated positions in quality companies like Amazon, Meta, and new addition Wise. The fund focuses on long-term value creation via businesses that can reinvest at high returns. With valuations getting full and market conditions echoing late 2021 euphoria, the manager emphasizes husbanding gains while seeking fresh opportunities. |
| Oct 22 2024 | 2024 Q3 | 9435.T, AMZN, BRK-B, CSU.TO, META, PDD, TSM | Asia, Capital Allocation, Japan, long-term, value, volatility | - | Longriver returned 6.6% in volatile Q3, using Japan panic to buy Hikari Tsushin at three times earnings. Hikari is Japan's Berkshire Hathaway with disciplined capital allocation, recurring revenue businesses, and JPY 1.1 trillion investment portfolio. Manager sees excellent exposure to corporate Japan transformation while maintaining focus on long-term value creation through quality compounders. |
| Jul 12 2024 | 2024 Q2 | 0700.HK, 1810.HK, AAPL, AMD, AMZN, BABA, COST, FUTU, GAW.L, GOOGL, INTC, JD, META, MSFT, NVDA, PDD, TSLA, TSM, VTY.L | AI, Big tech, China, E-Commerce, global, semiconductors, technology |
TSM PDD |
Longriver returned 1.3% in Q2 as TSMC benefited from AI-driven semiconductor recovery. Big Tech is deploying $195bn into AI infrastructure by 2025, but profitability remains uncertain with massive revenue requirements. Manager added to undervalued Pinduoduo despite geopolitical risks. Core holdings TSMC, Amazon and Meta trusted to navigate AI transition effectively despite current uncertainty and elevated valuations. |
| Apr 19 2024 | 2024 Q1 | 2020.HK, 600519.SS, AHT.L, AMZN, BFF.MI, EVO.ST, GAW.L, GOOGL, META, NVR, PDD, TSM, VTY.L | AI, Asia, Capital Allocation, global, growth, Homebuilders, technology, value | VTY.L | Longriver delivered 13.9% in Q1 with broad-based performance despite China headwinds. The concentrated global portfolio targets profitable growth companies with high capital returns. Extensive focus on Vistry's asset-light homebuilding model and transformative AI implications. Manager reflects on Hong Kong wealth erosion versus US markets, validating his global diversification approach for capturing worldwide opportunities. |
| Jan 15 2025 | 2023 Q4 | 0700.HK, 600519.SS, 9988.HK, AHT.L, AMD, AMZN, BRK-B, EVO.ST, GAW.L, HD, HDB, KNSL, META, NFLX, NTES, PDD, SHOP, SQ, TSM, VTY.L, X | China, efficiency, global, Homebuilders, real estate, technology, value |
AMZN AHT.L VTY.L |
Longriver delivered 10.8% in 2023 versus 22.2% for the benchmark, hurt by being too cautious early. The manager is betting on corporate efficiency trends like Meta's transformation and trauma-driven opportunities in homebuilding. Despite China's bear market, he owns quality Chinese names with overseas exposure. Now fully invested and excited about the concentrated 14-holding portfolio. |
| Oct 9 2023 | 2023 Q3 | AHT.L, AMZN, BRK-B, EVO.ST, FUTU, GAW.L, GOOGL, HDB, NTES, TSM | Asia, gaming, global, Long/Short, semiconductors, technology, value | - | Longriver Partners declined 10.7% in Q3 as rising rates pressured markets and portfolio positioning hurt performance. The manager made strategic shifts including buying Berkshire Hathaway for diversification and switching from Tencent to Netease for superior gaming content creation. Despite near-term headwinds in semiconductors and banking holdings, the portfolio trades at attractive valuations relative to long-term prospects. |
| Jul 5 2023 | 2023 Q2 | 0700.HK, AMD, AMZN, BFF.MI, BRK-A, EVVTY, GAW.L, HDB, TOI.TO, TSM, TTI | Asia, Concentration, global, growth, Process, Quality, technology, value |
TTI AIR FP|ICLR|LIN|MRVL|NOW|TSM AMD |
Longriver delivered 3.1% in Q2 amid divergent regional performance. US Big Tech rallied on AI investment while China's reopening stalled with concerning economic weakness. The manager deployed capital into core holdings BFF Bank, Techtronic, and TSMC based on strong business performance and attractive valuations. Disciplined process focuses on quality companies with durable competitive advantages. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Capital MarketsHong Kong has become more central to China's capital markets as geopolitics limited Chinese companies' access to US markets. The city was the world's top IPO fundraising venue in 2025 with $37 billion raised. HKEX is implementing reforms to cement its position and attract more innovative companies. |
IPO HKEX Stock Connect Listings Reforms |
Hong KongHong Kong is recovering from years of challenges through three key changes: becoming more central to China's capital markets, filling demographic gaps with mainland talent, and deeper economic integration with the mainland. The recovery is uneven, benefiting capital-related businesses while squeezing local incumbents. |
Recovery Demographics Integration Mainland Talent | |
FinTechFutu represents the new digital, competitive, cross-border financial services model in Hong Kong. The company has scaled beyond Hong Kong with 55% of funded accounts now outside the city, expanding into wealth management, banking, and crypto while maintaining strong execution and capital allocation. |
Digital Banking Wealth Management Cross-border Mobile Trading Platform | |
| 2025 Q4 |
AIArtificial intelligence enthusiasm supported large-cap growth companies and drove technology-led earnings growth. Much of today's technology-led earnings growth is supported by long-term capital investment in AI, energy, and infrastructure reflecting demographic pressures and labor scarcity. |
Artificial Intelligence Technology Investment Growth Infrastructure |
EarningsStrong corporate earnings drove market gains, particularly within technology and communication services. Current valuation levels suggest returns will depend more on earnings durability and cash-flow generation than on further multiple expansion. |
Corporate Earnings Technology Communication Services Cash Flow Valuations | |
DollarA weaker U.S. dollar, down 9.4% in 2025, provided a notable tailwind for foreign assets and helped international equities meaningfully outperform U.S. markets for the first time in several years. |
US Dollar Currency International Foreign Assets | |
RatesThe Federal Reserve cut rates by 25 basis points in December, bringing the policy rate to 3.5%-3.75%. The Fed cut rates three times in 2025 and currently expects one more cut in 2026, while markets are pricing in roughly two additional cuts. |
Federal Reserve Interest Rates Monetary Policy Rate Cuts | |
| 2025 Q3 |
AIManager discusses an inflection point in the AI investment cycle, noting supply bottlenecks in packaging, cooling and energy may be healthy by preventing over-building. Highlights shift from cash-funded to debt-funded AI capex as Oracle disclosed $455 billion in future orders, potentially creating risk of a nasty bust if peers follow suit. |
Hyperscalers Capex GPUs Data Centers Cloud |
SemiconductorsPortfolio includes major semiconductor investments in Nvidia and TSMC. Manager notes much of benchmark performance has been concentrated in semiconductors alongside Big Tech, with high valuations raising stakes as fundamentals inflect. |
Nvidia TSMC Foundries Memory Packaging | |
NetworkingDetailed analysis of Plover Bay Technologies, which makes networking equipment for unbreakable connections using SpeedFusion technology that combines multiple links into resilient pipes. Company serves mobile, remote, and edge computing applications where connectivity must work without drama. |
Routers Connectivity Edge Computing Satellite Mobile | |
AsiaManager invests from Hong Kong with nine of fourteen businesses based in Asia. Emphasizes Asian champions are winning more often on global stage and investing from Asia provides edge through supply chain visibility and early access to regional champions before they venture abroad. |
Hong Kong China Supply Chain Champions Regional | |
| 2025 Q2 |
AIAI is moving from hype to habit with real usage growth, as evidenced by Microsoft processing over 100 trillion tokens quarterly. OpenAI leads in product and distribution with ChatGPT becoming a household verb, while Meta uses AI to enhance ad platform performance. The shift from training-heavy to inference-focused infrastructure spending is reshaping capex priorities across the industry. |
ChatGPT OpenAI Inference Training Usage |
SemiconductorsTSMC remains the lynchpin of AI compute with its Foundry 2.0 strategy and new N2 process technology offering better power efficiency. Nvidia maintains dominance through CUDA software ecosystem and system-wide integration, though AMD is gaining ground in inference workloads. Custom silicon faces challenges due to rapidly evolving AI workloads requiring flexible, programmable solutions. |
TSMC Nvidia AMD CUDA Foundry | |
CloudAI has reshuffled cloud computing leadership with Microsoft becoming the default host for AI-native workloads through its OpenAI partnership. AWS missed the AI moment despite being the largest cloud by revenue, while Google moved faster with Gemini and TPUs. New players like Oracle and CoreWeave gained ground by focusing on AI infrastructure from the start. |
Azure AWS Google Cloud Oracle CoreWeave | |
Data CentersCapex continues climbing with a shift from training-heavy bursts to continuous inference infrastructure investment. Power has become a major bottleneck with clusters requiring hundreds of megawatts, forcing hyperscalers to sign multi-gigawatt power deals and explore nuclear options. The infrastructure is bifurcating between frontier training clusters and distributed inference systems. |
Capex Power Infrastructure Inference Training | |
| 2025 Q1 |
ChinaManager argues now is a great time to buy Chinese equities, drawing parallels to US in 2010-2011 post-housing crisis. China has undergone deleveraging after real estate bubble burst in 2021, with valuations not reflecting business transformations. DeepSeek's AI breakthrough rekindled confidence and demonstrated China's technological capabilities despite US sanctions. |
China Deleveraging Valuations DeepSeek AI |
Electric VehiclesEVs have overcome every reason not to buy them including range, safety, price, and charging infrastructure. In China, NEVs comprised majority of passenger cars sold in second half of last year, indicating market has passed tipping point. BYD leads as category leader with scale advantages and willingness to pass value to consumers. |
Electric Vehicles NEV BYD Charging Market Share | |
Energy TransitionAuto industry is in earliest innings of shift from mechanical to electrical architectures governed by software. Cars are now consumer electronics with companies like BYD poised to dominate. This represents a structural shift creating opportunities for winners while incumbents face shrinking market share and higher costs. |
Energy Transition Electrification Software Structural Shift | |
Trade PolicyPresident Trump unveiled sweeping tariffs on America's trading partners, creating geopolitical tensions. However, manager notes the plane of competition with China has shifted from price to quality, with China now supplying vital industrial goods and high-quality consumer products at competitive prices. |
Tariffs Trade Policy Geopolitics Supply Chains | |
| 2024 Q4 |
PaymentsWise is building alternative infrastructure to make cross-border money transfers cheaper and faster by eliminating correspondent banking intermediaries. The company has grown to move ~GBP 130 billion annually and is positioned to become the B2B infrastructure for global cross-border transfers, similar to how Visa and Mastercard operate in credit cards. |
Cross-border Infrastructure Fintech B2B Network effects |
AIAmazon appears vindicated in its AI strategy to embrace all models and all chips, delivering record operating profits. Meta's AI investments are producing tangible benefits for users, advertisers and developers while creating optionality for future computing platforms built around wearables. |
Machine learning Computing platforms Wearables Strategy Investment | |
SemiconductorsTSMC maintains its leading position in semiconductor manufacturing as competitors like Intel and Samsung face challenges. Pat Gelsinger's dismissal from Intel and Samsung's repeated stumbles make it harder to envision how TSMC could lose its place at the leading edge. |
Manufacturing Leading edge Competition Technology Foundries | |
GamingGames Workshop delivered record sales and concluded its licensing agreement with Amazon, getting its house in order in time for the launch of hit video game Space Marine II. The company benefited from strong execution around a major product launch. |
Video games Licensing Entertainment Product launch Sales | |
| 2024 Q3 |
JapanManager invested in Hikari Tsushin during August panic, describing it as the Berkshire Hathaway of Japan with strong capital allocation discipline. Sees opportunity in transformation of corporate Japan through companies with improved disclosure and governance. |
Capital Allocation Value Disclosure Governance Transformation |
Capital AllocationFocus on companies that can reinvest capital at high rates of return over long periods. Hikari Tsushin exemplifies this with 15% IRR target on customer acquisition costs and disciplined investment approach modeled after Berkshire Hathaway. |
IRR Reinvestment Returns Discipline Compounding | |
VolatilityQuarter saw extreme market volatility with Japan panic in August and China boom in September. Manager views volatility as opportunity to exploit market mood swings and absorb volatility on behalf of investors. |
Market Swings Opportunity Panic Boom Exploitation | |
| 2024 Q2 |
AIThe GenAI investment cycle has sparked massive capital deployment by Big Tech companies, with Amazon, Meta, Alphabet and Microsoft increasing compute investment from $119bn in 2023 to an estimated $195bn in 2025. However, there remains significant uncertainty about where value will accrue in the AI stack and whether the massive investments will generate profitable returns. |
GenAI Compute Investment cycle Big Tech Value creation |
Semiconductor CycleTSMC has benefited significantly from the cyclical recovery in demand and fab utilization driven by GenAI investments. The company's unique position as the leading independent foundry has allowed it to consider raising prices as demand surges, though supply constraints are easing and the semiconductor market is notorious for quickly falling into overcapacity. |
TSMC Foundry Fab utilization Pricing power Overcapacity | |
E-commercePinduoduo represents a unique e-commerce model that aggregates consumer demand into limited SKUs and sends orders directly to manufacturers to secure lowest prices. The company has successfully expanded from China to international markets through Temu, despite facing political headwinds and quality concerns. |
C2M Consumer demand Manufacturing Temu Market share | |
ChinaChinese companies like Pinduoduo benefit from the country's overcapacity problem, which allows for extremely competitive pricing. However, this overcapacity is increasingly becoming a geopolitical issue as China exports excess capacity globally, creating tensions with international markets. |
Overcapacity Manufacturing Geopolitics Export Competition | |
| 2024 Q1 |
AIManager discusses AI as heralding profound change through deep learning's ability to find relationships across infinite parameters. AI dramatically lowers the cost of interpreting information and creating new content, opening doors to automating vast ranges of white-collar knowledge work requiring business reorganization. |
Artificial Intelligence Deep Learning Automation White Collar Productivity |
HomebuildersExtensive discussion of Vistry's Partnership Model where they pre-sell large volumes of affordable homes to housing authorities in exchange for bulk discounts. This frees up balance sheet and allows high returns on capital, with plans to return GBP 1 billion surplus capital over three years. |
Partnership Model Affordable Housing Capital Returns Asset Light Balance Sheet | |
GrowthManager emphasizes profitable growth as providing both safety and value, with high returns on capital being the most reliable indicator of future performance. Prefers companies that can both grow and return capital simultaneously when bought at cheap prices. |
Profitable Growth Returns On Capital Capital Allocation Competitive Advantage Predictability | |
| 2023 Q4 |
Efficiency2023 was remarkable for how decisively corporate leaders confronted bloat, with Meta's Year of Efficiency as the poster child. Zuckerberg reduced headcount by almost a quarter and operating expenses by fifteen percent, leading to exploding margins. Amazon under Jassy is also focusing on efficiency by reducing headcount, shutting down middling projects, and creating new business models like Amazon 3PL. |
Corporate restructuring Cost cutting Margin expansion Operational efficiency Headcount reduction |
HomebuildersThe US housing sector remains traumatized from the 2008 crisis, leading to massive underbuilding relative to demand. Single Unit Housing Starts peaked in 2005 at 2.1 million but were 660,000 fewer in 2023 despite 40 million more people. This creates an acute housing shortage and affordability crisis, with homebuilder equities delivering phenomenal results since 2009. |
Housing shortage Underbuilding Affordability crisis Capital cycle Trauma investing | |
ChinaChina is experiencing a proper bear market with deflation taking its toll after three difficult years. The central government's 2021 decision to deflate the real estate bubble is evident in countless unfinished developments and ghost towns. However, signs of progress exist with 38 of China's largest 100 real estate developers undergoing restructuring since 2021, and Beijing making incremental steps to stabilize the economy. |
Deflation Real estate bubble Bear market Restructuring Economic stabilization | |
| 2023 Q3 |
GamingThe gaming industry pendulum has swung from distribution control to content creation excellence. Netease demonstrates superior creative capabilities and IP development compared to Tencent, with successful releases like Eggy Party and Justice Online Mobile featuring AI-powered dialogue. |
Content Creation IP Development Mobile Gaming AI Integration Creative Risk |
SemiconductorsThe semiconductor logic market undergoes tectonic change with Intel losing x86 market share to AMD, x86 losing to ARM/RISC-V architectures, and CPUs losing share to GPUs/ASICs for machine learning applications. TSMC remains the constant beneficiary serving all customers regardless of design. |
Foundries AI Processors Architecture Shift Market Share Technology Transition | |
AIArtificial intelligence drives unprecedented demand for specialized processors, though AI revenues represent only 6% of TSMC's business despite market hype. The shift toward machine learning applications favors GPUs and ASICs over traditional CPUs. |
Machine Learning GPUs Processors Demand Surge Technology Adoption | |
| 2023 Q2 |
AIUS Big Tech's ability to cut costs quickly and lean into a new investment cycle driven by AI has led to a rally in their stocks, lifting US equity indices out of their bear market. AI fever took hold during the quarter, prompting the manager to trim AMD position though he was early. |
Artificial Intelligence Big Tech Investment Cycle Semiconductors Rally |
ChinaChina's re-opening has passed more with a whimper than a bang. The economy appears to have stalled with concerning sentiment deterioration. While many interesting companies trade at ever-cheaper valuations, the manager is cautious about allocating too much capital there given the prolonged period of slow growth expected. |
Re-opening Economic Stagnation Valuations Sentiment Slow Growth | |
SemiconductorsThe manager invested new subscriptions into TSMC, whose business performance continues to impress with deeper appreciation of their moats and management. AMD was trimmed as AI fever took hold, though the manager was early on this move. |
TSMC AMD Business Performance Moats AI Fever |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 11, 2026 | Fund Letters | Longriver Investment Partners | FUTU | Futu Holdings Limited | Capital Markets | Investment Banking & Brokerage | Bull | NASDAQ | Asia-Pacific, Cross-border Trading, Customer Acquisition, Cyclical, Digital Brokerage, Financial Platform, Fintech, Hong Kong, Mobile Trading, technology, wealth management | Login |
| Jan 14, 2026 | Fund Letters | Graham Rhodes | WISE LN | Wise plc | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Compliance, compounding, Crossborder, Fintech, Payments, Platforms | Login |
| Oct 9, 2025 | Fund Letters | Graham Rhodes | 1523 HK | Plover Bay Technologies Ltd. | Information Technology | Communications Equipment | Bull | NYSE | Connectivity, growth, Hong Kong, Networking, ROE, SaaS, Satellite, Starlink | Login |
| Jul 9, 2025 | Fund Letters | Longriver Investment Partners | META | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Optimization, advertising technology, Artificial Intelligence, Consumer Internet, digital marketing, machine learning, platform, social media | Login |
| Jul 9, 2025 | Fund Letters | Longriver Investment Partners | TSM | Taiwan Semiconductor Manufacturing Co Ltd | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | Advanced Packaging, AI chips, CoWoS, Foundry, Gate-All-Around, Process Technology, Semiconductor manufacturing, Taiwan | Login |
| Jul 9, 2025 | Fund Letters | Longriver Investment Partners | 0700.HK | Tencent Holdings Ltd | Communication Services | Interactive Media & Services | Bull | HKEX | Artificial Intelligence, Chinese Technology, digital payments, Enterprise Services, Gaming, Mini Programs, social media, WeChat | Login |
| Jul 9, 2025 | Fund Letters | Longriver Investment Partners | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI training, Artificial Intelligence, CUDA, data center, Graphics Processing Units, high-performance computing, machine learning, semiconductors | Login |
| Apr 18, 2025 | Fund Letters | Longriver Investment Partners | 1211.HK | BYD Company Limited | Consumer Discretionary | Automobile Manufacturers | Bull | Hong Kong Stock Exchange | Advanced Manufacturing, automotive, battery technology, China, Electric Vehicles, Equity, manufacturing, New Energy Vehicles, vertical integration | Login |
| Jan 8, 2025 | Fund Letters | Longriver Investment Partners | WISE.L | Wise plc | Information Technology | Data Processing & Outsourced Services | Bull | London Stock Exchange | B2B Infrastructure, Cross Border Payments, Customer-first Model, Digital Disruption, Fintech, Multi-currency, network effects, payment processing, Regulatory Moats, Scale Economies Shared | Login |
| Jul 12, 2024 | Fund Letters | Longriver Investment Partners | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | Advanced Manufacturing, Cyclical Recovery, Foundry, GenAI, semiconductors, Taiwan, technology | Login |
| Jul 12, 2024 | Fund Letters | Longriver Investment Partners | PDD | PDD Holdings Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | asset-light, C2M Model, China, e-commerce, geopolitical risk, market share gains, Temu, Value retail | Login |
| Apr 19, 2024 | Fund Letters | Longriver Investment Partners | VTY.L | Vistry Group | Consumer Discretionary | Homebuilding | Bull | London Stock Exchange | affordable housing, asset-light, capital return, Equity, homebuilding, manufacturing, partnership model, turnaround, UK, Value | Login |
| Jul 5, 2023 | Fund Letters | Longriver Investment Partners | - | BFF Bank | Financials | Specialized Finance | Bull | Borsa Italiana | Factoring, healthcare, Italian Bank, public sector, Receivables, Specialized Finance, Value | Login |
| Jul 5, 2023 | Fund Letters | Longriver Investment Partners | TTI | Techtronic Industries | Industrials | Household Appliances | Bull | Hong Kong Stock Exchange | Consumer Appliances, Hong Kong, Industrial Equipment, manufacturing, Moats, Power Tools, Value | Login |
| Jul 5, 2023 | Fund Letters | Longriver Investment Partners | AIR FP|ICLR|LIN|MRVL|NOW|TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors | Bull | Taiwan Stock Exchange | Advanced Manufacturing, foundry services, market leader, semiconductors, Taiwan, technology, Value | Login |
| Jul 5, 2023 | Fund Letters | Longriver Investment Partners | - | Games Workshop | Consumer Discretionary | Leisure Products | Bull | London Stock Exchange | British Company, franchise, Hobby Products, Intellectual Property, Miniatures, Tabletop Gaming, Warhammer | Login |
| Jul 5, 2023 | Fund Letters | Longriver Investment Partners | AMD | Advanced Micro Devices | Information Technology | Semiconductors | Bull | NASDAQ | AI, CPU, Fabless Semiconductor, Gpu, high-performance computing, Intel Competitor, Nvidia Challenger | Login |
| Jan 15, 2024 | Fund Letters | Longriver Investment Partners | AMZN | Amazon | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | e-commerce, Fulfillment, Logistics, operational efficiency, retail, technology, Third-party Services, turnaround | Login |
| Jan 15, 2024 | Fund Letters | Longriver Investment Partners | VTY.L | Vistry | Consumer Discretionary | Homebuilding | Bull | London Stock Exchange | capital efficiency, homebuilding, partnership model, secular tailwinds, Share Buybacks, UK Housing Crisis, Value | Login |
| Jan 15, 2024 | Fund Letters | Longriver Investment Partners | AHT.L | Ashtead | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Capital Cycle, Equipment Rental, high-ROIC, Industrial, secular tailwinds, Share Buybacks, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| FUTU | Futu is both a beneficiary of Hong Kong's renewed strength in capital markets and a product of the city's new shape: more digital, more competitive and more cross-border than the old local economy. Comparing 4Q22 to 4Q25, funded accounts increased from 1.5 million to 3.4 million, daily average client assets from HKD 418 billion to HKD 1,240 billion, total quarterly trading volume from HKD 1,090 billion to HKD 3,980 billion, and the margin financing book from HKD 27 billion to HKD 68 billion. More than half of funded accounts are now outside Hong Kong. Back at ~11x forward earnings, Futu's stock reflects scepticism about cyclically high earnings. The market still sees a cyclical broker. It may be underestimating a business becoming broader, stickier and more valuable per customer. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
