| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.0% | 5.0% | 24.0% |
Asian markets delivered strong performance in Q4 2025, driven by AI enthusiasm that propelled semiconductor holdings SK hynix, Samsung Electronics, and TSMC to significant gains. The most significant development occurred in Chinese financials, where Ping An Insurance and China Merchants Bank rebounded strongly after the Shenzhen government signaled it would not indefinitely support distressed property developers. This pivotal shift suggests financial companies can prioritize their own balance sheets rather than socializing property sector losses, leading to re-rating opportunities. The fund introduced a position in autonomous vehicle company Pony AI, capitalizing on rapidly improving unit economics and technology robustness. While Chinese e-commerce names softened as markets focused on direct AI beneficiaries, the broader opportunity set remains attractive. Portfolio positioning was adjusted by trimming outperforming positions and building stakes in turnaround stories like Philippine franchise giant Jollibee. The fund remains fully invested, finding compelling risk-reward opportunities across the region for medium to longer-term investors despite headline concerns about geopolitical tensions and AI valuations.
Asian markets offer compelling opportunities across AI-driven technology transformation, Chinese financial sector rebalancing away from property support obligations, and autonomous vehicle commercialization with improving unit economics.
The Fund remains fully invested despite geopolitical noise and AI bubble fears. Large swathes of Asian market continue trading at undemanding prices. The region offers compelling risk-reward profile for medium to longer-term investors, with opportunities in Chinese financials clearing event, autonomous transport commercialization, and Southeast Asian consumer franchise turnarounds.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | 000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO | AI, Asia, China, Electric Vehicles, financials, semiconductors, technology |
TSM 000660 KS 005930 KS 2318 HK 3968 HK PONY |
Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted. |
| Oct 16 2025 | 2025 Q3 | 300682 CN, LPL | Artificial Intelligence, Asia, China, semiconductors, technology | ASII IJ | The fund posted double-digit gains led by Asian technology holdings as AI enthusiasm surged across the region. Chinese firms like Alibaba, Tencent, and Kuaishou benefited from advances in AI applications and domestic chip innovation, while ASEAN markets like Thailand and Vietnam also contributed positively. Platinum sees a durable dual-track AI ecosystem emerging in Asia, driven by localized chip design and software innovation. |
| Jul 17 2025 | 2025 Q2 | 039030 KS, 2202 HK, MYOR IJ, TSM | Asia Equities, governance reform, industrials, shareholder returns, valuation re-rating |
MYOR IJ 2202 HK TSM |
The letter highlights improving corporate governance in Asia, particularly South Korea, as a catalyst for valuation re-rating. Regulatory reforms, shareholder-friendly policies, and capital discipline are positioned as unlocking long-suppressed value. Asias industrial depth and technology leadership reinforce the long-term opportunity set. |
| Mar 31 2025 | 2025 Q1 | - | - | - | |
| Dec 31 2024 | 2024 Q4 | 1024 HK, 8464 TT, TCOM, TSM | - | - | |
| Sep 30 2024 | 2024 Q3 | 002747 CH, 1357 HK | - | - | |
| Jun 30 2024 | 2024 Q2 | 000660 KS, ASJ GR, BILI, OEC, P04 GR | - | - | |
| Mar 31 2024 | 2024 Q1 | 300833 CH, MAPA IJ, MEGA TB, NVDA, TSM | - | - | |
| Dec 31 2023 | 2023 Q4 | 000660 KS, INDIGO IN, PDD, TSM | - | - | |
| Sep 30 2023 | 2023 Q3 | CNMA IJ, P04 GR | - | - | |
| Jun 30 2023 | 2023 Q2 | 1614778D IN, 300750 CH, INDIGO IN, MAPA IJ | - | - | |
| Mar 31 2023 | 2023 Q1 | 700 HK, PDD, SPALI TB | - | - |
| 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 |
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 | |
Electric VehiclesRivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. |
Autonomy Manufacturing Technology Partnerships Scale | |
| 2025 Q3 |
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 |
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 | |
| 2025 Q2 |
Governance |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Cameron Robertson | ASII IJ | Astra International Tbk | Consumer Staples | Automotive & Diversified Holdings | Bull | NYSE | automotive, capital allocation, conglomerate, Governance, Indonesia, restructuring, value unlocking | Login |
| Jul 17, 2025 | Fund Letters | Cameron Robertson | MYOR IJ | PT Mayora Indah Tbk | Consumer Staples | Packaged Foods & Meats | Bull | New York Stock Exchange | brands, Compounders, consumer, Consumption, Emerging markets, Snacks | Login |
| Jul 17, 2025 | Fund Letters | Cameron Robertson | 2202 HK | China Vanke Co., Ltd. | Real Estate | Real Estate Development | Bull | New York Stock Exchange | China, contrarian, Cyclicals, policy support, Real Estate, restructuring | Login |
| Jul 17, 2025 | Fund Letters | Cameron Robertson | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, semiconductors, Taiwan, technology leadership | Login |
| Jan 21, 2026 | Fund Letters | Cameron Robertson | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, scale, semiconductors | Login |
| Jan 21, 2026 | Fund Letters | Cameron Robertson | 000660 KS | SK hynix Inc. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, HBM, Memory, Pricing, semiconductors | Login |
| Jan 21, 2026 | Fund Letters | Cameron Robertson | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, Memory, recovery, scale, semiconductors | Login |
| Jan 21, 2026 | Fund Letters | Cameron Robertson | 2318 HK | Ping An Insurance (Group) Company of China, Ltd. | Financials | Insurance | Bull | New York Stock Exchange | balance sheet, China, Insurance, Regulation, rerating | Login |
| Jan 21, 2026 | Fund Letters | Cameron Robertson | 3968 HK | China Merchants Bank Co., Ltd. | Financials | Banks | Bull | New York Stock Exchange | banking, China, Deposits, rerating, valuation | Login |
| Jan 21, 2026 | Fund Letters | Cameron Robertson | PONY | Pony AI Inc. | Information Technology | Autonomous Vehicles | Bull | NASDAQ | AI, Autonomous, mobility, robotics, Unit economics | Login |
| TICKER | COMMENTARY |
|---|---|
| 000338.SZ | Weichai Power, a Chinese manufacturer of heavy-duty diesel engines and trucks. Weichai is an inadvertent beneficiary of the AI arms race |
| 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) |
| 0700.HK | Shinya also visited Shenzhen, where Star Magnolia Capital organized an educational visit for our families to Tencent's headquarters, alongside meetings with several promising early-stage companies. |
| 1024.HK | our Chinese e-commerce and internet stalwarts – Kuaishou saw their share prices soften as the market focused on more direct AI beneficiaries |
| 1109.HK | property holdings such as China Resources Land traded down more than 10% over the quarter |
| 3968.HK | China Merchants Bank (+13%) delivered strong performance |
| 601318.SS | Ping An Insurance (+22%) delivered strong performance |
| BABA | Alibaba was a detractor during the quarter after the company reported mixed fiscal Q2 results. While cloud revenue growth accelerated and margins remained stable, the core commerce business struggled with slowing growth and significant profit pressure, particularly in the quick commerce segment where heavy investment and intense competition led to a sharp decline in profitability. |
| JD | The difference in fortunes between the Chinese and Hong Kong stock markets and JD.com's share price has been stark. Whereas the overall markets have been very strong, JD.com's share price declined during 2025. This is not on account of the fortunes of JD's core business: retail revenues and profitability have been growing strongly. The market concern reflected in the share price sprouts from JD's decision to invest heavily in a new food delivery venture in China. Here it will be competing against very large, very well capitalised incumbents like Meituan and Alibaba. The market is rightly concerned that this will prove to be costly and has punished JD's share price accordingly – at least in relative terms. |
| JFC.PS | During the quarter, we continued building our position in Philippine franchise giant Jollibee. The organisation pivoted away from empire-building and re-focused on what they do best: selling chicken. They're aggressively expanding the core Jollibee brand into the United States, where early signs are promising |
| PONY | During the quarter, we introduced a small position in Chinese autonomous vehicle company, Pony AI. The company grew its autonomous robotaxi fleet from approximately 250 vehicles at the end of 2024 to 1,159 by the end of 2025, with plans to triple this to over 3,000 vehicles in 2026 |
| TCOM | Trip.com was mentioned as a larger position that contributed little despite positive operating progress, representing opportunity cost. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
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