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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Magellan Global Opportunities Fund returned 4.3% in Q2 2026 but underperformed its benchmark by 8.2% as global markets rallied 12.5% driven by bubble-like conditions in semiconductors and AI-related stocks. The Philadelphia Semiconductor Index surged 88%, its largest quarterly gain on record, with memory names like Micron up 242% driven by momentum rather than fundamentals. The manager views this as a dangerous speculative bubble and deliberately avoided late-cycle exposure to protect against permanent capital loss. Top contributors included TSMC, which raised revenue growth guidance on AI chip demand, UnitedHealth, which improved margins through operational discipline, and Adidas, which demonstrated strong brand momentum. Key detractors were Intuit, affected by AI disruption concerns in software, Netflix, which faced near-term engagement headwinds, and ICE, impacted by multiple sector-specific concerns. The manager is using market narrowness to add selectively to quality franchises outside favored themes now available at valuations implying attractive expected returns since the post-Covid period. With resilient activity but persistent inflation keeping central banks hawkish, the focus remains on businesses with durable competitive advantages and strong long-term compounding potential trading at sensible prices.
The fund invests in outstanding companies at attractive prices while exercising deep understanding of the macroeconomic environment to manage investment risk, focusing on companies with sustainable competitive advantages that translate into returns on capital in excess of their cost of capital for sustained periods.
The manager views the current period as dangerous for markets, with AI exuberance having morphed from rational to irrational speculation. While manias can persist longer than valuation suggests, history is consistent on the outcome for those who buy into crowded, richly priced leadership late in its run. The manager will not attempt to call timing but remains disciplined, preferring to forgo the final stretch rather than expose capital to permanent loss. The opportunity lies in quality franchises outside favored themes now available at valuations implying attractive expected returns. Mindful of resilient activity and elevated inflation, the manager is adding selectively to businesses where they anticipate strong long-term compounding, focusing on companies whose worth is undiminished even as market attention is directed elsewhere.
As of Jul 15, 2026
The fund is managed by Portfolio Manager Alan Pullen, who serves as interim co-head of global equities at Magellan Investment Partners, and Deputy Portfolio Manager Ryan Joyce, CFA. Both managers are based in Sydney and bring extensive experience in global equity management with a focus on quality-first investing principles.
The Fund aims to invest in companies with sustainable competitive advantages that translate into returns on capital exceeding their cost of capital for sustained periods. The investment team endeavors to acquire these companies at discounts to their assessed intrinsic value. The investment process generates an unconstrained, concentrated portfolio of high-quality companies through intensive bottom-up stock analysis, broad macroeconomic insight, and rigorous portfolio construction and risk discipline. Portfolio construction maintains 20 to 40 investments to ensure diversification while minimizing correlated risks.
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