| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.1% | 3.2% | 25.6% |
| 2025 | 2024 |
|---|---|
| 25.6% | 8.4% |
The Optimum International Fund returned 3.26% net in 4Q2025, underperforming the MSCI ACWI ex USA Index which returned 5.05%. The fund employs two sub-advisors: Acadian Asset Management and Baillie Gifford, each managing portions of the portfolio. European markets finished the quarter at record levels, supported by stronger-than-expected earnings, easing inflation, and greater policy clarity heading into 2026. The STOXX Europe 600 Index rose nearly 5% for the quarter. Asian markets also performed well overall, with South Korea standing out as the KOSPI surged nearly 20% on AI-driven demand benefiting companies like Samsung Electronics and SK Hynix. The Acadian sleeve outperformed through strong stock selection in financials and materials, while the Baillie Gifford sleeve underperformed due to poor stock selection in IT software and consumer discretionary. Both regions entered 2026 with solid momentum but face risks from geopolitical tensions, monetary policy uncertainty, and economic divergence across countries.
The fund focuses on international equity opportunities across Europe and Asia-Pacific, with sub-advisors managing different sleeves to capture regional market dynamics and sector-specific opportunities.
European markets entered 2026 with strong momentum, improved earnings visibility, and attractive valuations, balanced by risks tied to geopolitics and monetary policy. Asia entered 2026 with solid momentum in select markets, balanced by economic uncertainty and policy divergence across the region.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 30 2026 | 2025 Q4 | 000660.KS, 005930.KS | AI, Asia, banks, Europe, international, semiconductors, technology | - | South Korea's market surged nearly 20% on strong demand tied to artificial intelligence, benefiting companies such as Samsung Electronics and SK Hynix. The AI theme drove significant outperformance in Korean technology companies during the quarter. Semiconductor companies, particularly in South Korea, experienced strong performance driven by AI demand. Samsung Electronics and SK Hynix were specifically mentioned as beneficiaries of this trend. |
| Nov 5 2025 | 2025 Q3 | - | AI, Asia, Europe, International Equities, semiconductors | - | The fund underperformed global peers as Europe faced tariff and currency challenges, while Asia surged on AI and semiconductor strength. Exposure to Asian technology and communication services helped performance, but weak European and financial holdings weighed on results. Managers continue to see value in global diversification across cyclical and tech-driven markets. |
| Jul 22 2025 | 2025 Q2 | - | Currency, diversification, earnings, International Equities, valuation | - | The letter emphasizes international equities benefiting from easing monetary policy, improving earnings, and attractive valuations relative to the U.S. Management highlights Europe and Asia as beneficiaries of currency strength and policy support. Stock selection and regional diversification are central to return generation. |
| Mar 31 2025 | 2025 Q1 | - | - | - | |
| Dec 31 2024 | 2024 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
Technology |
|
| 2025 Q2 |
InternationalHigh-quality international businesses trade at fractions of US multiples, with the manager positioning clients to take advantage of this divergence. Despite US equity market dominating investor mindshare, the rest of the world returned 32.6% in dollar terms in 2025 versus SPY's 17.7%. |
Discount Opportunity Outperformance Quality Positioning |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 000660.KS | SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand for its next-generation platforms at meaningfully higher price points and margins than prior generations. |
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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