| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9% | -13.3% | -13.3% |
The Platinum Global Fund declined 13.3% in Q1 2026, underperforming the MSCI World Index's 6.1% decline. The Iran war dominated market sentiment, driving energy prices higher and creating binary classifications of companies as AI winners or losers. The fund suffered from having no energy exposure during elevated oil prices and holding high-quality software businesses that faced AI disruption concerns. However, the underlying operational performance of portfolio companies remains strong, with share prices of some holdings already rebounding in early April. The market is overemphasizing short-term outcomes while underappreciating the resilience and adaptability of quality businesses. Fund management used this dislocation to selectively increase exposure to undervalued companies, trimming positions that reached fair value and initiating new positions in businesses previously too expensive. The portfolio holds 24 investments with top 10 positions representing 62% and cash at 2%. Management maintains conviction that current share prices imply overly pessimistic outcomes for many holdings.
High-quality businesses are being mispriced due to market oversimplification of complex AI and geopolitical risks, creating compelling opportunities for long-term investors who can distinguish between temporary sentiment-driven moves and permanent business value impairment.
While markets remain focused on short-term outcomes and perceived risks, driven by sentiment and capital flows, focus remains unchanged on investing in high-quality businesses with strong long-term fundamentals, particularly where current share prices imply overly pessimistic outcomes, providing compelling valuation opportunities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 22 2026 | 2026 Q1 | AERCF, AMZN, BKNG, CRH, MSFT, TSM | AI, energy, geopolitics, Hyperscalers, software, technology | - | Fund declined 13.3% as Iran war and AI disruption fears drove indiscriminate selling of quality businesses. Market oversimplified complex risks, creating binary winner-loser classifications while underlying company fundamentals remained strong. Management used volatility to trim overvalued positions and add to undervalued quality businesses, maintaining conviction that current pessimism creates compelling long-term opportunities for patient investors. |
| Jan 21 2026 | 2025 Q4 | AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V | Diversified, global, large cap, payments, technology | - | Platinum Global Fund delivered strong 16% annual returns in 2025 under new manager David Steinthal. The portfolio concentrates in mega-cap technology and payments leaders like Microsoft, Amazon, and Visa across global markets. Heavy technology weighting at 34% and minimal 2% cash position reflects confident deployment in established market-leading companies. |
| Oct 16 2025 | 2025 Q3 | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, FDS, GOOGL, ICE, INTC, IQV, IT, JNJ, LRCX, MU, NVDA, NVS, TSM, UL | AI, China, global, healthcare, semiconductors, technology | IQV UN | Fund delivered 10.3% quarterly return through successful tech stock selection and China allocation. AI investment theme drove semiconductor winners TSMC, ASML, and Broadcom higher while Chinese market rallied 19% with Alibaba up 60%. Technology stocks maintain reasonable valuations despite rising AI investment. Chinese consumer recovery and healthcare sector clarity provide ongoing opportunities despite geopolitical risks requiring careful management. |
| Jul 17 2025 | 2025 Q2 | 000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy |
CCO CN WIZZ LN |
Platinum navigates volatile markets by capitalizing on AI semiconductor demand, Korean governance reforms, and nuclear energy renaissance while managing trade policy risks. Strong performance from technology holdings like Broadcom and SK hynix offset by selective position exits. Defensive positioning through shorts and cash management balances opportunities in quality businesses across Asia, Europe, and technology sectors amid elevated US market risks. |
| Mar 31 2025 | 2025 Q1 | GOOGL, JD, NESN.SW, TSM, UBS | China, defensives, Europe, Pharmaceuticals, Quality, risk, tariffs | - | Fund outperformed during Q1 market volatility through overweight Europe and China positions. New manager Ted Alexander is capitalizing on 'risk contango' by rotating into quality pharmaceutical stocks like AbbVie and Novartis, which offer better risk-adjusted returns than crowded technology names. Portfolio positioned defensively for ongoing US tariff uncertainty while maintaining geographic diversification. |
| Dec 31 2024 | 2024 Q4 | 005930.KS, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, SLB, STJ.L, TCEHY, TCOM, TRU, TSM, UPM-KY.HE, VLO, ZTO | AI, China, global, Luxury, technology, underperformance | - | Fund underperformed significantly due to underweight US technology positioning, returning 5.2% versus 29% benchmark. Chinese holdings delivered 20% returns but couldn't offset US allocation headwind. Added NICE (AI-enabled contact centre software) and Richemont (luxury recovery play). Manager sees US market speculation and maintains disciplined approach seeking modest valuations with three-year profit growth potential. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO | China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value | - | The fund benefited from Chinese stimulus driving a sharp rally in holdings like JD.com and Tencent, plus gains in interest-rate sensitive stocks as the Fed cut rates. Added Korean bank Shinhan Financial and logistics company DSV while trimming Japanese exporters. Well-positioned for Chinese recovery but cautious on US labor market weakness potentially impacting broader markets. |
| Jun 30 2024 | 2024 Q2 | 005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, global, semiconductors, technology, value | - | Fund fell 1.8% as tech dominance returned with AI beneficiaries TSMC and Broadcom surging 20%+. Chinese property stabilization disappointed but remains key catalyst. Added undervalued PUMA while exiting Meta. Portfolio positioned in quality companies left behind by narrow tech rally, offering superior risk-reward versus Magnificent Seven concentration. |
| Mar 31 2024 | 2024 Q1 | 005930.KS, AIR.PA, AVGO, GOOGL, INTC, META, MU, TCOM, TRU, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, global, semiconductors, technology, Travel | - | Fund returned 5.7% in Q1 driven by AI infrastructure plays TSMC and Micron, plus travel recovery stocks. Manager takes balanced AI approach, investing in quality companies with strong non-AI foundations. Global economic indicators improving with broadening market participation beyond tech leaders, positioning the diversified portfolio well for continued gains. |
| Dec 31 2023 | 2023 Q4 | 005930.KS, 1928.HK, 6862.T, BALL, BAX, CATL, HEIA.AS, IFX.DE, IGPA.NS, JD.L, MU, PDD, RBI.VI, TCOM, TRU, UBS, UPM.HE, WIZZ.L, ZTO | Beverages, Cautious, E-Commerce, global, Opportunities, semiconductors | - | The fund returned 3% quarterly and 14% annually, driven by semiconductor recovery and Chinese e-commerce strength. Manager increased beverage exposure via Heineken while maintaining cautious positioning. Despite initial concerns about tight financial conditions, economies proved resilient. Current market optimism about rate cuts adds risk, but opportunities remain in undervalued businesses with specific catalysts for profit growth. |
| Sep 30 2023 | 2023 Q3 | 005930.KS, 051910.KS, 0700.HK, 1789.HK, 6479.T, AIR.PA, CCJ, CS, IFX.DE, IGLTA.NS, MCHP, PDD, SLB, SUZB3.SA, TCOM, TSM, UBS, UPM.HE, VAL, WIZZ.L, ZTO | Banking, China, energy, global, special situations, value | - | Fund declined 1% in Q3 but up 11% year-to-date, driven by energy sector recovery and UBS special situation following Credit Suisse acquisition. China reversed property policies dramatically. Global markets near 2021 highs despite higher rates while China down 50%. Valuation gaps widening between loved and unloved stocks, fund positioned contrarian to market. |
| Jun 30 2023 | 2023 Q2 | 005930.KS, 0700.HK, 1348.T, 1810.HK, 2057.HK, 2338.HK, 5901.T, 6479.T, AGL.AX, ALLFG.L, BAX, INDIGO.NS, MCHP, META, RH, UPM.HE | China, energy, Japan, Recovery, technology, Travel | - | The fund returned 2.0% by focusing on companies positioned for earnings growth despite economic headwinds. Strong performers included InterGlobe Aviation and AGL Energy, while Chinese holdings detracted. New positions target post-recession recovery stories like Baxter International and Japanese reform beneficiaries. The manager maintains cautious positioning while seeking mispriced opportunities as interest rate cycles near completion. |
| Mar 31 2023 | 2023 Q1 | 005930.KS, 0700.HK, 2057.HK, 2338.HK, 6588.HK, 6954.T, AIR.PA, ALLFG.L, BKNG, BMW.DE, EBS.VI, EQNR, IFX.DE, INF.L, ISP.MI, MCHP, MU, NXPI, SLB, STJ.L, TCOM, TRU, UPM.HE, WIZZ.L | Banking, China, Europe, Recovery, semiconductors, Travel | - | Fund returned 9.7% driven by travel recovery, semiconductor cycle bottoming, and Chinese reopening. Used European strength to rotate into discounted financial services companies. While banking stress creates macro risks, markets may have already priced in recession. Current environment favors their contrarian approach of buying when problems are anticipated rather than realized. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIMarkets are overestimating near-term AI disruption risk for high-quality software businesses while underappreciating their ability to adapt and benefit from AI. Software coding alone has never been the primary barrier to entry for leading software businesses, and incumbents can benefit from AI too. |
Software Disruption Technology Adaptation |
EnergyThe Iran war was a major influence on market performance during the quarter, with elevated oil prices affecting markets. Fund had no exposure to energy during a period of elevated oil prices, contributing to underperformance. |
Oil Geopolitics Iran Prices | |
CloudHyperscalers are investing hundreds of billions of dollars to build AI infrastructure. The market is overly focused on short-term uncertainty and underappreciating the long-term structural opportunity. Base case is that leading hyperscalers will generate attractive returns on invested capital over the medium to long term. |
Infrastructure Investment Returns | |
| 2025 Q4 |
AIAI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from AI competition. |
Artificial Intelligence Software Disruption White Collar Competition |
SoftwareSoftware sector experiencing significant declines as market reassesses AI impacts. Manager identifies three vectors of negative impact: fewer seats due to efficiency gains, lower pricing power from AI-first competitors, and reduced new customer bookings. However, believes some software won't be easily replaced by AI. |
SaaS Enterprise Software Pricing Power Competition Valuation | |
GLP1Manager sold Novo Nordisk position after brief ownership due to competitive disadvantage versus Eli Lilly. While NVO was first to market with oral GLP-1, LLY has superior product and advantage likely to persist despite NVO's potential aggressive pricing approach. |
Pharmaceuticals Diabetes Competition Pricing | |
Home ImprovementFloor & Decor represents attractive long-term opportunity following Home Depot disruption model in flooring subcategory. Company has higher inventory selection and lower prices than competitors, taking market share for years. Current margins depressed by post-COVID hangover and higher interest rates affecting home sales. |
Retail Flooring Market Share Margins Cyclical | |
| 2025 Q3 |
AIInvestment plans for artificial intelligence expansion grew consistently over the quarter, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and while investment plans keep rising, so do reported and expected profits from the sector. The focus will be on earnings season with company management updating on profits earned and expected. |
Semiconductors Cloud Data Centers Chips Technology |
SemiconductorsSemiconductor names including TSMC, Broadcom, Micron, and LAM performed well during the quarter. TSMC is the world's largest semiconductor foundry manufacturing computer chips for companies like Apple, NVIDIA and AMD. ASML designs and manufactures photolithography machines, the crucial tools used to mass produce chips found in nearly all modern electronic devices. |
Foundries Equipment Memory Manufacturing Technology | |
ChinaChina was the second big winner with the overall Chinese market up 19% over the quarter. Chinese technology stocks are still cheap relative to history. The Chinese consumer has continued to spend cautiously and the Chinese recovery is only in its early stages. Any uplift in Chinese consumer confidence and Chinese government support for local stocks could help continue the rally. |
Recovery Consumer Technology E-commerce Valuation | |
| 2025 Q2 |
AIAI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco. |
Artificial Intelligence Semiconductors Data Centers Valuation Nuclear Energy |
KoreaKorea is highlighted as an emerging investment opportunity following governance reforms and political stability after President Lee Jae-myung's election victory. The country benefits from defense spending, semiconductor dominance, and cultural exports while addressing the Korea discount through Value-Up reforms. |
Corporate Governance Defense Semiconductors Cultural Exports Political Stability | |
NuclearNuclear energy is experiencing renewed enthusiasm as a low-carbon baseload power source driven by AI and data center demand. Cameco, a Canadian uranium miner, was a significant contributor with nearly 70% quarterly gains as the uranium market benefits from supply constraints and new reactor investments. |
Uranium Energy Security Data Centers Clean Energy Supply Constraints | |
Trade PolicyUS tariff policies created initial market volatility with Liberation Day announcements causing sharp sell-offs, but markets recovered as negotiations progressed. China's response with matching tariffs and export controls on critical minerals demonstrates the ongoing trade tensions affecting global markets. |
Tariffs US-China Relations Trade War Critical Minerals Geopolitics | |
SemiconductorsSemiconductor companies performed strongly with SK hynix up nearly 50% and Samsung gaining 12%. The sector benefits from AI-driven demand, particularly in High Bandwidth Memory chips. Korean companies dominate semiconductor production while facing Chinese competition. |
Memory Chips AI Demand Korean Dominance Manufacturing Competition | |
DefenseDefense spending is increasing globally with Korea emerging as a trusted supplier to the West. Companies like Hyundai Rotem secured major contracts while defense-oriented stocks such as DMG Mori and Toho Titanium were key performers during the quarter. |
Defense Spending Korean Defense Military Equipment Geopolitical Alignment Defense Contracts | |
| 2025 Q1 |
PharmaceuticalsThe fund has rotated towards pharmaceutical manufacturers due to a 'risk contango' opportunity where safer, high-quality businesses offer better potential returns than speculative technology stocks. Holdings include AbbVie, AstraZeneca, Merck, and Novartis, which are viewed as defensives that can protect capital in downturns while offering high profit potential due to depressed share prices. |
Defensives Healthcare Value Quality |
Trade PolicyUS tariff uncertainty has created market volatility, with the fund positioned defensively for potential tariff impacts. The portfolio is overweight Europe and China, which outperformed during tariff concerns. Trump's tariff regime announcement sent markets down 10% and created uncertainty about longer-term trade policy impacts on global economies. |
Tariffs Trade Volatility Policy | |
Risk AppetiteMarkets experienced a 'risk contango' where crowding into risky technology businesses over recent years has squeezed potential future rewards, making quality stocks more attractive than speculative businesses. This has led to portfolio rotation towards more defensive names in pharmaceuticals and consumer staples. |
Risk Quality Defensives Rotation | |
| 2024 Q4 |
AIFund holds AI-themed investments primarily in hardware/semiconductor manufacturers who will power AI models. NICE provides cloud-based contact centre software with AI modules that create tangible savings for customers. Broadcom's custom AI chip division serves players like Google and Meta with revenue expected to rise to $40-50bn by 2027. |
Semiconductors Cloud Software Hardware |
LuxuryRichemont represents a high-quality company suppressed by industry-wide downturn. The luxury industry is in recession as Covid boom turned to bust. Appeal sits in jewellery houses Cartier and Van Cleef with persistent trend towards branded jewellery and less crowded market than other luxury categories. |
Brands Jewelry Consumer Recovery | |
ChinaChinese holdings delivered solid 20% performance over the year. Property market now responding to government policy measures with sales stopping decline and up 4.6% in November. Investors await more follow through on government pledges to support the economy with decisive fiscal stimulus. |
Stimulus Property Recovery Policy | |
| 2024 Q3 |
ChinaThe most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd. |
Stimulus Property Recovery Policy Valuation |
RatesAnother key portfolio theme – a recovery in interest-rate sensitive stocks – also played out during the quarter with good returns from US data bureau TransUnion, UK financial adviser/fund manager St James Place and US mortgage disruptor Intercontinental Exchange. The US Federal Reserve has cut rates, but just as interest rates act with a time lag on the way up, they act with lag on the way down. |
Fed Cuts Sensitive Recovery Lag | |
LogisticsFreight forwarders are effectively brokers of logistical capacity, however as supply chains have become more complex, more corporates are outsourcing their logistics function to companies like Danish freight forwarder DSV. DSV has been an incredible success over the past 20 years, skilfully buying competitors, improving the acquired operations and thus increasing its scale advantage when negotiating with shippers. |
Forwarders Supply Chain Outsourcing Scale M&A | |
| 2024 Q2 |
AIAI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks. |
Semiconductors Smartphones DRAM Chips Technology |
ChinaChinese property market attempts to stabilize disappointed after initial positive signs in April. New Politburo language emphasized clearing unsold housing inventory and a social housing plan, but the sums dedicated were not large enough to draw a line under the sector. |
Property Real Estate Policy Housing Stimulus | |
SemiconductorsTechnology stocks reasserted dominance with the global technology index rising 9% in AUD. TSMC announced price increases for leading-edge nodes with Nvidia publicly agreeing that TSMC's prices did not reflect the value they provide. The fund rotated from SK hynix to Samsung Electronics given widening valuation differences. |
TSMC Memory Foundries Pricing Valuation | |
| 2024 Q1 |
AIFund holds companies benefiting from AI investment including TSMC, Micron, Meta, and Alphabet. Manager takes measured approach, investing in reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as foundation. Overall AI exposure is roughly 14% of portfolio. |
Semiconductors Cloud Data Centers Networking Memory |
TravelTravel holdings continued strong performance with Trip.com rising 25%, Airbus up 20%, and InterGlobe Aviation up 20%. These positions benefit from recovery in travel demand and aviation industry dynamics. |
Airlines Online Travel Aviation Tourism | |
| 2023 Q4 |
Semiconductor CycleAfter a difficult couple of years, semiconductor company shares are turning up on recovering demand for core chips for PCs and mobile phones but also on the increased demand for the high-end chips required for AI-focused technologies. Broad strength across semiconductor names including Micron, Infineon and Samsung Electronics. |
Memory AI Recovery Demand |
E-commercePDD's Chinese business continues to grow strongly with revenue growing 94% in the last quarter, while its international expansion strategy via its Temu brand is succeeding. From a standing start last year, Temu generated roughly 19bn RMB of revenue last quarter. |
China International Growth Platforms | |
BeveragesIncreased exposure to global beverage sector by taking positions in beer giant Heineken. The controlling Heineken family has charged the new CEO with addressing profitability differences versus peers through reducing brand count, directing more ad spend towards focus brands, and consolidating brewery operations. |
Beer Profitability Operational Emerging Markets | |
| 2023 Q3 |
EnergyEnergy holdings were the strongest contributors with oil field services companies Schlumberger and Valaris up nearly 20% and nuclear/uranium stocks like Cameco up 29%. Both sectors are emerging from deep recessions with nuclear arguably emerging from a 40-year hibernation in the West. |
Oil Services Nuclear Uranium Energy Recovery |
BankingBuilt substantial position in UBS following its acquisition of Credit Suisse for just cents on the dollar. The sixteen-fold difference between price paid and assets received creates significant upside potential with material cost savings expected from merging two similar businesses. |
Banking M&A Special Situations Switzerland | |
ChinaChinese property policy underwent complete U-turn with down payments cut from 70% to 30% for second homes and mortgage rates reduced. This dramatic change mirrors the zero-COVID reversal and shows government pragmatism in supporting the economy. |
Property Policy Government Policy Economic Stimulus | |
| 2023 Q2 |
TravelInterGlobe Aviation benefited from competition elimination post-COVID, driving price discipline in Indian airfare markets. The investment case is playing out with very large increases in profitability as the market recovers. |
Airlines Recovery Pricing India |
Energy TransitionAGL Energy positioned to lead Australia's energy transition away from coal, controlling 40% of east coast electricity generation. New management team is attuned to realities of the transition and well-positioned for the shift. |
Utilities Coal Electricity Australia | |
AIMeta Platforms viewed as beneficiary as generative AI likely helps create rich advertising content on behalf of brands quickly and at low cost. The company has successfully solved challenges from TikTok competition and advertising effectiveness issues. |
Artificial Intelligence Advertising Technology | |
| 2023 Q1 |
TravelEuropean ultra-low-cost airline Wizz Air was the largest contributor with 56% gains as air travel demand and pricing continued rising post-COVID. Gains also seen in Booking Holdings, Trip.com and Airbus as the travel sector recovery continued. |
Airlines Hotels Recovery Pricing Demand |
Semiconductor CycleRecent results indicate the current downturn may be coming to an end, with demand in auto and industrial semiconductors remaining strong driven by electrification and driver-assistance systems. Infineon, Micron, Microchip and NXP all rose significantly. |
Downturn Recovery Auto Industrial Equipment | |
ChinaChinese stocks had been seen as untouchable due to geopolitical concerns, but as confidence in economic recovery builds following end of zero-COVID policy, fear is subsiding and investors are returning. Tencent and Weichai Power saw strong gains. |
Reopening Recovery Geopolitical Confidence Policy |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Ted Alexander | IQV UN | IQVIA Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | AI, analytics, healthcare, life sciences, recovery, research, valuation | Login |
| Jul 17, 2025 | Fund Letters | Ted Alexander | CCO CN | Cameco Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Commodities, Decarbonisation, Energy security, inflation hedge, Nuclear, uranium | Login |
| Jul 17, 2025 | Fund Letters | Ted Alexander | WIZZ LN | Wizz Air Holdings Plc | Industrials | Airlines | Bear | New York Stock Exchange | Airlines, Competition, Cost Inflation, Cyclicals, Execution, Overcapacity | Login |
| TICKER | COMMENTARY |
|---|---|
| AERCF | We trimmed investments in AerCap at prices around the top end of our assessed fair value range, with the business benefitting from positive sentiment intra-quarter. The position in AerCap was trimmed due to strong outperformance and to manage the overall position size. We continue to have a very positive view on the business and its outlook, and it remains the largest holding in the Portfolio. |
| AMZN | The Fund has exposure to the three leading hyperscalers through Amazon.com (Amazon Web Services). Hyperscalers are investing hundreds of billions of dollars to build the infrastructure required to support AI (and cloud computing). Our base case is that the leading hyperscalers will generate attractive returns on invested capital over the medium to long term. |
| BKNG | Four companies (Booking Holdings, CRH, Intuit and Microsoft) each detracted more than 1% from performance. While Booking Holdings is not classified as a software business, it has faced similar concerns, particularly around the potential for large language models to disrupt search and booking processes. |
| CRH | Four companies (Booking Holdings, CRH, Intuit and Microsoft) each detracted more than 1% from performance. |
| MSFT | The Fund has exposure to the three leading hyperscalers through Microsoft (Azure). Four companies (Booking Holdings, CRH, Intuit and Microsoft) each detracted more than 1% from performance. The Fund's core software holdings – Intuit, Microsoft and Salesforce – have not been immune to recent share price pressure. Microsoft today is nothing like the Microsoft of the early 2010s, with Office now a cloud-based software subscription business. |
| TSM | TSMC was the only meaningful positive contributor, although below the 0.5% threshold. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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