RGA Investment Advisors

Investor Summary

Founded in 2009 by Jason Gilbert and re-launched in 2012 with partner Elliot Turner, RGA Investment Advisors LLC is led by two Managing Partners with complementary expertise. Jason Gilbert, CPA/PFS, CFF, CGMA, serves as Managing Partner and President, bringing experience managing high net worth individuals since 2006 along with backgrounds in private equity, investment banking, and tax consulting. Elliot Turner, CFA, serves as Managing Partner and Chief Investment Officer, holding a Juris Doctor degree with expertise in equity trading and financial media. The firm has grown from $12 million in assets in 2013 to $107.3 million by June 2025, serving 298 client accounts exclusively in the United States. The team includes additional investment professionals Ryan King, Bill Brewster, Laura Kelly, and Candice Dickerson, providing comprehensive wealth management and analytical capabilities.

Fund Strategy

RGA Investment Advisors employs a Growth at Reasonable Price (GARP) strategy rooted in quality, durability, and thoughtful valuation focusing on competitively advantaged businesses with long-term tailwinds. The firm follows Benjamin Graham's principles, emphasizing investments with a margin of safety where fundamental value exceeds cost. They view financial markets as Complex Adaptive Systems rather than efficient markets, enabling them to exploit market inefficiencies through contrarian positioning. The firm invests with a 3-5 year timeframe in businesses that view shareholders, employees, and customers as shared stakeholders in long-term success. Their actively passive approach combines low turnover with fundamental analysis to minimize transaction costs while maintaining strategic active management. Portfolio construction targets 25-30 positions with moderate concentration, maintaining portfolio beta at or below 1.0 to manage volatility-induced behavioral risks.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

The market's historic concentration in mega-cap stocks, with the top 10 companies representing over 40% of the S&P 500, creates unique challenges and opportunities for active managers. While retail speculation and AI dominance drive valuations disconnected from fundamentals, this environment reveals compelling investment opportunities. Google has transformed from facing an AI existential threat to becoming a dominant, vertically integrated AI leader with proprietary advantages across semiconductors, models, and distribution. The September 2025 antitrust ruling removed regulatory overhangs, allowing full focus on AI competition. Capital One's approved Discover acquisition creates a transformative payments entity, enabling network ownership that bypasses Durbin Amendment constraints and generates over $1 billion in synergies by 2027. The combined entity becomes the largest credit card issuer with American Express-like economics. Healthcare remains significantly mispriced with widening valuation gaps. This concentrated market environment separates disciplined active management from passive drift, creating exceptional opportunities for selective investors willing to look beyond the mega-cap narrative.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Dec 9 2025	2025 Q3	AAPL, AXP, COF, DFS, GOOGL, MA, NVDA, PLTR, V	AI, Banking, Concentration, healthcare, Networks, payments, Search, technology	-	Historic market concentration in mega-caps creates opportunities for active managers. Google evolved from AI threat to dominant integrated leader following regulatory clarity. Capital One's Discover acquisition transforms it into a major payments player with $1B+ synergies. Healthcare remains mispriced. Current environment rewards disciplined active management over passive approaches.
Aug 7 2025	2025 Q2	AVGO, AWE.L, CRSP, FEVR.L, MTN, PTON, PYPL, ROKU, WDAY	Biotechnology, conviction, Enterprise Software, Fitness, Streaming, Trade Policy, volatility	CRSP PTON WDAY ROKU FEVR PYPL AWE MTN	RGAIA actively deployed capital during Q2 2025 volatility, adding three new positions in gene therapy leader CRISPR, fitness platform Peloton, and enterprise software provider Workday. Portfolio balances value and growth with asymmetric opportunities trading at attractive valuations. Life sciences momentum emerging while maintaining disciplined focus on businesses with durable advantages and strong balance sheets.
May 27 2025	2025 Q1	AMZN, BRKR, DHR, ENTG, GOOGL, IAC, LULU, META, NKE, NVDA, TMO, TSM	AI, Athleisure, Biotechnology, Life Science, semiconductors, Taiwan, Trade Policy, uncertainty	TSM BRKR LULU	RGA capitalized on Q1 2025's historic policy uncertainty to invest in enduring themes: AI infrastructure through TSMC, life science innovation via Bruker, and global brand expansion with Lululemon. The firm's conviction-driven approach during market volatility reflects focus on businesses with competitive moats and secular growth drivers that persist regardless of short-term chaos.
Jan 27 2025	2024 Q4	AMZN, AVGO, COST, DBX, DEO, GEV, NVDA, PLTR, TSLA, UBER, VST, WMT	AI, large cap, market breadth, rates, technology, valuation	-	RGA added Amazon, Diageo, and Uber at compelling valuations while market concentration reached Dot-Com levels. Amazon offers 4.5% free cash flow yield with e-commerce essentially free, Diageo trades at crisis-era multiples as growth reaccelerates, and Uber generates massive cash flow despite autonomous vehicle fears. Market imbalances create opportunity.
Sep 16 2024	2024 Q2	MTN, PLAY	Biotechnology, consumer, Entertainment, large cap, small caps, value	PLAY MTN	RGA added Dave & Busters and Vail Resorts at attractive valuations despite consumer headwinds, viewing both as high-quality assets with compelling long-term prospects. The fund maintains biotech exposure through Sartorius while positioning for consumer normalization as rate cuts and lower oil prices provide relief to discretionary spending patterns.
May 23 2025	2024 Q1	DHR, META, MRVI, MXCT, SRT3.DE	Biotechnology, Life Sciences, Portfolio Management, small caps, valuation	META MRVI SRT3.DE	RGA trimmed their large Meta position to fund substantial increases in life sciences small caps Maravai and Sartorius. Both companies offer exceptional margins and growth potential in mRNA technology and bioprocessing. The managers remain enthusiastic about small caps despite recent underperformance, positioning for clinical trial advancement and bioprocessing recovery over the next 2-3 years.
May 23 2024	2023 Q4	META, MRVI, MXCT, SRT3.DE	Bioprocessing, Biotechnology, Life Sciences, mRNA, Portfolio Management, small caps, value	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO SRT3.DE	RGA trimmed Meta to fund substantial increases in life sciences positions, particularly Maravai LifeSciences and new position Sartorius AG. Both companies offer critical bioprocessing infrastructure with exceptional margins and growth potential as mRNA therapies advance to clinical trials in 2025-2026. The fund maintains focus on small caps and life sciences with increasingly nimble position management.
May 25 2023	2023 Q1	CTKB	Banking, Biotechnology, growth, small caps, value	-	Small caps offer exceptional value after five years of underperformance, with Russell 2000 generating zero returns while large caps soared. RGA built positions in quality names like Cytek Biosciences, a flow cytometry leader trading below intrinsic value despite technological advantages and strong fundamentals. Banking sector stress creates opportunities for selective small cap investors.
Jan 25 2023	2022 Q4	AZO, FEVR LN, GOOG, MTCH, PYPL	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Dec 9 2025

2025 Q3

AAPL, AXP, COF, DFS, GOOGL, MA, NVDA, PLTR, V

AI, Banking, Concentration, healthcare, Networks, payments, Search, technology

Historic market concentration in mega-caps creates opportunities for active managers. Google evolved from AI threat to dominant integrated leader following regulatory clarity. Capital One's Discover acquisition transforms it into a major payments player with $1B+ synergies. Healthcare remains mispriced. Current environment rewards disciplined active management over passive approaches.

Aug 7 2025

2025 Q2

AVGO, AWE.L, CRSP, FEVR.L, MTN, PTON, PYPL, ROKU, WDAY

Biotechnology, conviction, Enterprise Software, Fitness, Streaming, Trade Policy, volatility

CRSP
PTON
WDAY
ROKU
FEVR
PYPL
AWE
MTN

RGAIA actively deployed capital during Q2 2025 volatility, adding three new positions in gene therapy leader CRISPR, fitness platform Peloton, and enterprise software provider Workday. Portfolio balances value and growth with asymmetric opportunities trading at attractive valuations. Life sciences momentum emerging while maintaining disciplined focus on businesses with durable advantages and strong balance sheets.

May 27 2025

2025 Q1

AMZN, BRKR, DHR, ENTG, GOOGL, IAC, LULU, META, NKE, NVDA, TMO, TSM

AI, Athleisure, Biotechnology, Life Science, semiconductors, Taiwan, Trade Policy, uncertainty

TSM
BRKR
LULU

RGA capitalized on Q1 2025's historic policy uncertainty to invest in enduring themes: AI infrastructure through TSMC, life science innovation via Bruker, and global brand expansion with Lululemon. The firm's conviction-driven approach during market volatility reflects focus on businesses with competitive moats and secular growth drivers that persist regardless of short-term chaos.

Jan 27 2025

2024 Q4

AMZN, AVGO, COST, DBX, DEO, GEV, NVDA, PLTR, TSLA, UBER, VST, WMT

AI, large cap, market breadth, rates, technology, valuation

RGA added Amazon, Diageo, and Uber at compelling valuations while market concentration reached Dot-Com levels. Amazon offers 4.5% free cash flow yield with e-commerce essentially free, Diageo trades at crisis-era multiples as growth reaccelerates, and Uber generates massive cash flow despite autonomous vehicle fears. Market imbalances create opportunity.

Sep 16 2024

2024 Q2

MTN, PLAY

Biotechnology, consumer, Entertainment, large cap, small caps, value

PLAY
MTN

RGA added Dave & Busters and Vail Resorts at attractive valuations despite consumer headwinds, viewing both as high-quality assets with compelling long-term prospects. The fund maintains biotech exposure through Sartorius while positioning for consumer normalization as rate cuts and lower oil prices provide relief to discretionary spending patterns.

May 23 2025

2024 Q1

DHR, META, MRVI, MXCT, SRT3.DE

Biotechnology, Life Sciences, Portfolio Management, small caps, valuation

META
MRVI
SRT3.DE

RGA trimmed their large Meta position to fund substantial increases in life sciences small caps Maravai and Sartorius. Both companies offer exceptional margins and growth potential in mRNA technology and bioprocessing. The managers remain enthusiastic about small caps despite recent underperformance, positioning for clinical trial advancement and bioprocessing recovery over the next 2-3 years.

May 23 2024

2023 Q4

META, MRVI, MXCT, SRT3.DE

Bioprocessing, Biotechnology, Life Sciences, mRNA, Portfolio Management, small caps, value

ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO
SRT3.DE

RGA trimmed Meta to fund substantial increases in life sciences positions, particularly Maravai LifeSciences and new position Sartorius AG. Both companies offer critical bioprocessing infrastructure with exceptional margins and growth potential as mRNA therapies advance to clinical trials in 2025-2026. The fund maintains focus on small caps and life sciences with increasingly nimble position management.

May 25 2023

2023 Q1

CTKB

Banking, Biotechnology, growth, small caps, value

Small caps offer exceptional value after five years of underperformance, with Russell 2000 generating zero returns while large caps soared. RGA built positions in quality names like Cytek Biosciences, a flow cytometry leader trading below intrinsic value despite technological advantages and strong fundamentals. Banking sector stress creates opportunities for selective small cap investors.

Jan 25 2023

2022 Q4

AZO, FEVR LN, GOOG, MTCH, PYPL

QUARTER	THEMES	TAGS
2025 Q3	AI AI is dominating market performance and sucking the air out of everything else. Google has evolved from facing an AI threat to becoming a dominant AI player with vertical integration advantages across semiconductors, hardware, models, consumer, and enterprise. The company's proprietary TPU chips and integration of AI into search positions it as a low-cost provider in the AI ecosystem.	Artificial Intelligence Machine Learning Search TPU Gemini
	Payments Capital One's acquisition of Discover transforms it from a card issuer to a vertically integrated payments entity. The deal provides network ownership that allows COF to avoid Durbin Amendment constraints on debit interchange fees, potentially generating over $1 billion in network synergies by 2027. This positions COF as a major domestic payments player with American Express-like economics.	Network Effects Interchange Debit Cards Financial Services
	Market Concentration The S&P 500 is experiencing historic concentration with the top 10 companies accounting for over 40% of the index weight. This creates performance challenges for active strategies and makes historical P/E comparisons less relevant. The equal-weighted S&P 500 provides a more accurate proxy for median stock performance than the cap-weighted index.	Index Concentration Mega Cap Active Management Market Structure
2025 Q2	Gene Therapy CRISPR Therapeutics represents a first-mover advantage in cell and gene therapy with commercial approval of Casgevy. The company trades at a significant discount with strong cash position and pipeline optionality. Management has balanced capital discipline with R&D ambition, positioning the company to lean into its pipeline while competitors retrench.	CRISPR Casgevy FDA Pipeline Cash
	Fitness Peloton has evolved into a cash-generative recurring revenue business with opportunities in strength training and nutrition expansion. The company can cut its way to success with improved marketing efficiency and potential for modest pricing power. Digital fitness platform with cult-like following and trusted instructor relationships.	Digital Subscription Strength Nutrition Pricing
	Enterprise Software Workday offers mission-critical HR software to Fortune 500 companies with expanding finance functions. New CEO Carl Eschenbach focuses on margin improvement and operational streamlining. Double-digit revenue growth with potential for significant earnings acceleration as margins expand.	SaaS HR Finance Margins Fortune
	Streaming Roku has increased device and household share covering over half of US households but faced ARPU challenges. Company abandoned walled garden strategy and opened to programmatic advertising, sharing data for better economics. Platform revenue growth accelerating with commitment to GAAP operating profit in 2026.	CTV ARPU Advertising Programmatic Platform
2025 Q1	AI AI's march forward is relentless with strong value in companies enabling AI infrastructure buildout, particularly hardware. This momentum is insulated from macro and policy noise making it a true constant. Capital is flowing into this ecosystem at unprecedented speed with focus on firms having pricing power, mission-critical positioning, and scale to benefit from accelerating AI workloads globally.	Infrastructure Hardware Workloads Datacenter Chips
	Biotechnology Life Science is contending with severe COVID hangover compounded by concerns around NIH funding, FDA staffing, and drug pricing under Trump's policies. Despite this, the foundational importance remains unshaken as no sector is as mission-critical to life itself as healthcare. The sector stands to benefit enormously from AI through protein structure breakthroughs and next-gen CRISPR targeting.	Healthcare NIH FDA Drug Pricing CRISPR
	Semiconductors TSMC demonstrates resilience in a challenged semiconductor landscape where AI segment flourishes while broader chip markets endure one of the worst recessions in industry history. The industry bifurcation creates opportunity as non-AI markets are near cyclical lows, positioning for recovery while AI datacenter buildouts continue unabated.	Cyclical Foundries Advanced Nodes Datacenter Manufacturing
	Trade Policy Trump-era policy constants include uncertainty, change, and transactional lens applied to nearly every decision. Markets braced for global tariff regime with unclear scope and implementation. Economic Policy Uncertainty reached historic highs, weighing heavily on markets through March and culminating in worst 3-day stretch since 1987 crash.	Tariffs Uncertainty Negotiations Policy Volatility
	Athleisure Lululemon maintains relevance despite increased competition from upstarts like Vuori, Alo and Fabletics who have won share with faster fashion and cheaper prices, predominantly from Nike. Lulu's core performance segment remains unquestioned with demonstrable quality advantage in proprietary fabrics, while expanding geographically to China and Europe.	Competition Fashion Performance China Expansion
2024 Q4	AI AI enthusiasm drove significant gains in 2024, with AI names like Nvidia, Broadcom, and Palantir among the top performers. AI fueled gains extended to companies like Vistra Corp and GE Vernova on expectations that datacenter investments will require acceleration of power supply development. AWS is investing aggressively to adapt its infrastructure from CPU-optimized to GPU-dominant for AI demands.	Data Centers Semiconductors Cloud Infrastructure
	E-commerce Amazon's e-commerce segment invested aggressively in fulfillment center capacity during COVID ahead of demand, consuming cash-generating potential but creating the most defensible business in the world. The timing of waning e-commerce investment intensity coinciding with AWS's need for further CAPEX investment is remarkably fortuitous for Amazon. Amazon's e-commerce segment is arguably the most moated business in the world.	Logistics Fulfillment Marketplaces
	Alcohol COVID was a bonanza for spirits companies, but the aftermath proved challenging with over-inventoried retail channels and tough comparables. Diageo serves as the bellwether for the spirits industry, facing narratives about GLP-1 drugs, Gen Z drinking less, and economic struggles in emerging markets. Tequila remains the one spirit category driving growth for the entire industry, with Diageo having the greatest exposure among large spirits companies.	Beverages Tequila Spirits
	Autonomous Vehicles Hype surrounding fully autonomous vehicles became pervasive, with the narrative taking on a life of its own in markets. AVs are currently operational only in specific climates and geographies under certain conditions, making it nearly impossible to replace large-scale networks of human drivers. Uber's stock reflects draconian assumptions about AV disruption, despite the company being uniquely positioned to manage AV capacity alongside demand peaks and troughs.	Electric Vehicles Technology Disruption
2024 Q2	Entertainment The fund initiated a position in Dave & Busters, viewing it as an affordable entertainment option for families despite near-term weakness from low-income consumer retrenchment. They also repurchased Vail Resorts, seeing value in irreplaceable ski mountain assets at decade-low valuations.	Entertainment Consumer Leisure Family
	Consumer Consumer-facing companies have been under pressure due to macro headwinds affecting low-income consumers, driven by high inflation and aggressive monetary tightening. The managers see relief coming from lower oil prices and forthcoming rate cuts that should benefit discretionary spending.	Consumer Discretionary Inflation Rates Spending
	Biotechnology The fund continues to hold Sartorius despite management communication issues and challenging guidance. They believe the bioprocessing industry has established a post-COVID bottom with an inflection point beginning, maintaining confidence in structural growth despite debate over recovery timing.	Biotechnology Bioprocessing Recovery Growth
2024 Q1	Biotechnology The fund significantly increased positions in life sciences companies including Maravai LifeSciences and Sartorius AG. Maravai offers critical mRNA capabilities through TriLink and quality control through Cygnus, with exceptional margins and growth potential as mRNA therapies advance to clinical trials. The biotech sector represents a key focus area with multiple investments across the value chain.	mRNA Bioprocessing Quality Control Clinical Trials Vaccines
	Small Caps The managers emphasized their enthusiasm for small caps and made strategic moves to sell large cap positions like Meta to fund smaller-cap life science investments. They view the current environment as favorable for small cap opportunities despite recent underperformance relative to large caps.	Small Cap Positioning Opportunity Valuation Allocation
2023 Q4	Biotechnology The fund significantly increased positions in life sciences companies including Maravai LifeSciences and initiated a position in Sartorius AG. Maravai offers critical mRNA manufacturing capabilities through TriLink and quality control testing through Cygnus, with exceptional margins and growth potential as mRNA therapies advance to clinical trials. The fund sees substantial opportunity in bioprocessing infrastructure as the industry scales.	mRNA Bioprocessing Quality Control Clinical Trials Manufacturing
	Life Science Tools The fund emphasized investments in companies providing essential tools and services to the biotech industry. Sartorius dominates single-use bioreactors and offers comprehensive bioprocessing solutions with superior customer relationships. These companies benefit from the growing demand for biologics manufacturing and the shift from traditional steel bioreactors to single-use systems.	Bioreactors Single-use Manufacturing Bioprocessing Equipment
2023 Q1	Small Caps Small caps have dramatically underperformed large caps, with the Russell 2000 generating no return for five years while sitting at 2018 levels. The institutionalization of investment and indexation has led to fewer dollars in small cap space, creating opportunities for selective investors.	Russell 2000 Underperformance Indexation Institutionalization
	Biotechnology Cytek Biosciences represents a leader in full spectrum flow cytometry, a transformative technology for cell analysis used across pharmaceutical, biotech, and research institutions. The company offers superior technology at lower costs than traditional competitors.	Flow Cytometry Life Science Tools Research Instruments
	Credit Stress Regional bank failures including Silicon Valley Bank and First Republic highlighted fragility in the banking system, driven by concentrated deposit bases and interest rate risk from held-to-maturity portfolios. These failures demonstrated herding behaviors around emerging risks.	Regional Banks Bank Failures Interest Rate Risk

QUARTER

THEMES

AI

AI is dominating market performance and sucking the air out of everything else. Google has evolved from facing an AI threat to becoming a dominant AI player with vertical integration advantages across semiconductors, hardware, models, consumer, and enterprise. The company's proprietary TPU chips and integration of AI into search positions it as a low-cost provider in the AI ecosystem.

Artificial Intelligence Machine Learning Search TPU Gemini

Payments

Capital One's acquisition of Discover transforms it from a card issuer to a vertically integrated payments entity. The deal provides network ownership that allows COF to avoid Durbin Amendment constraints on debit interchange fees, potentially generating over $1 billion in network synergies by 2027. This positions COF as a major domestic payments player with American Express-like economics.

Network Effects Interchange Debit Cards Financial Services

Market Concentration

The S&P 500 is experiencing historic concentration with the top 10 companies accounting for over 40% of the index weight. This creates performance challenges for active strategies and makes historical P/E comparisons less relevant. The equal-weighted S&P 500 provides a more accurate proxy for median stock performance than the cap-weighted index.

Index Concentration Mega Cap Active Management Market Structure

2025 Q2

Gene Therapy

CRISPR Therapeutics represents a first-mover advantage in cell and gene therapy with commercial approval of Casgevy. The company trades at a significant discount with strong cash position and pipeline optionality. Management has balanced capital discipline with R&D ambition, positioning the company to lean into its pipeline while competitors retrench.

CRISPR Casgevy FDA Pipeline Cash

Fitness

Peloton has evolved into a cash-generative recurring revenue business with opportunities in strength training and nutrition expansion. The company can cut its way to success with improved marketing efficiency and potential for modest pricing power. Digital fitness platform with cult-like following and trusted instructor relationships.

Digital Subscription Strength Nutrition Pricing

Enterprise Software

Workday offers mission-critical HR software to Fortune 500 companies with expanding finance functions. New CEO Carl Eschenbach focuses on margin improvement and operational streamlining. Double-digit revenue growth with potential for significant earnings acceleration as margins expand.

SaaS HR Finance Margins Fortune

Streaming

Roku has increased device and household share covering over half of US households but faced ARPU challenges. Company abandoned walled garden strategy and opened to programmatic advertising, sharing data for better economics. Platform revenue growth accelerating with commitment to GAAP operating profit in 2026.

CTV ARPU Advertising Programmatic Platform

2025 Q1

AI

AI's march forward is relentless with strong value in companies enabling AI infrastructure buildout, particularly hardware. This momentum is insulated from macro and policy noise making it a true constant. Capital is flowing into this ecosystem at unprecedented speed with focus on firms having pricing power, mission-critical positioning, and scale to benefit from accelerating AI workloads globally.

Infrastructure Hardware Workloads Datacenter Chips

Biotechnology

Life Science is contending with severe COVID hangover compounded by concerns around NIH funding, FDA staffing, and drug pricing under Trump's policies. Despite this, the foundational importance remains unshaken as no sector is as mission-critical to life itself as healthcare. The sector stands to benefit enormously from AI through protein structure breakthroughs and next-gen CRISPR targeting.

Healthcare NIH FDA Drug Pricing CRISPR

Semiconductors

TSMC demonstrates resilience in a challenged semiconductor landscape where AI segment flourishes while broader chip markets endure one of the worst recessions in industry history. The industry bifurcation creates opportunity as non-AI markets are near cyclical lows, positioning for recovery while AI datacenter buildouts continue unabated.

Cyclical Foundries Advanced Nodes Datacenter Manufacturing

Trade Policy

Trump-era policy constants include uncertainty, change, and transactional lens applied to nearly every decision. Markets braced for global tariff regime with unclear scope and implementation. Economic Policy Uncertainty reached historic highs, weighing heavily on markets through March and culminating in worst 3-day stretch since 1987 crash.

Tariffs Uncertainty Negotiations Policy Volatility

Athleisure

Lululemon maintains relevance despite increased competition from upstarts like Vuori, Alo and Fabletics who have won share with faster fashion and cheaper prices, predominantly from Nike. Lulu's core performance segment remains unquestioned with demonstrable quality advantage in proprietary fabrics, while expanding geographically to China and Europe.

Competition Fashion Performance China Expansion

2024 Q4

AI

AI enthusiasm drove significant gains in 2024, with AI names like Nvidia, Broadcom, and Palantir among the top performers. AI fueled gains extended to companies like Vistra Corp and GE Vernova on expectations that datacenter investments will require acceleration of power supply development. AWS is investing aggressively to adapt its infrastructure from CPU-optimized to GPU-dominant for AI demands.

Data Centers Semiconductors Cloud Infrastructure

E-commerce

Amazon's e-commerce segment invested aggressively in fulfillment center capacity during COVID ahead of demand, consuming cash-generating potential but creating the most defensible business in the world. The timing of waning e-commerce investment intensity coinciding with AWS's need for further CAPEX investment is remarkably fortuitous for Amazon. Amazon's e-commerce segment is arguably the most moated business in the world.

Logistics Fulfillment Marketplaces

Alcohol

COVID was a bonanza for spirits companies, but the aftermath proved challenging with over-inventoried retail channels and tough comparables. Diageo serves as the bellwether for the spirits industry, facing narratives about GLP-1 drugs, Gen Z drinking less, and economic struggles in emerging markets. Tequila remains the one spirit category driving growth for the entire industry, with Diageo having the greatest exposure among large spirits companies.

Beverages Tequila Spirits

Autonomous Vehicles

Hype surrounding fully autonomous vehicles became pervasive, with the narrative taking on a life of its own in markets. AVs are currently operational only in specific climates and geographies under certain conditions, making it nearly impossible to replace large-scale networks of human drivers. Uber's stock reflects draconian assumptions about AV disruption, despite the company being uniquely positioned to manage AV capacity alongside demand peaks and troughs.

Electric Vehicles Technology Disruption

2024 Q2

Entertainment

The fund initiated a position in Dave & Busters, viewing it as an affordable entertainment option for families despite near-term weakness from low-income consumer retrenchment. They also repurchased Vail Resorts, seeing value in irreplaceable ski mountain assets at decade-low valuations.

Entertainment Consumer Leisure Family

Consumer

Consumer-facing companies have been under pressure due to macro headwinds affecting low-income consumers, driven by high inflation and aggressive monetary tightening. The managers see relief coming from lower oil prices and forthcoming rate cuts that should benefit discretionary spending.

Consumer Discretionary Inflation Rates Spending

Biotechnology

The fund continues to hold Sartorius despite management communication issues and challenging guidance. They believe the bioprocessing industry has established a post-COVID bottom with an inflection point beginning, maintaining confidence in structural growth despite debate over recovery timing.

Biotechnology Bioprocessing Recovery Growth

2024 Q1

Biotechnology

The fund significantly increased positions in life sciences companies including Maravai LifeSciences and Sartorius AG. Maravai offers critical mRNA capabilities through TriLink and quality control through Cygnus, with exceptional margins and growth potential as mRNA therapies advance to clinical trials. The biotech sector represents a key focus area with multiple investments across the value chain.

mRNA Bioprocessing Quality Control Clinical Trials Vaccines

Small Caps

The managers emphasized their enthusiasm for small caps and made strategic moves to sell large cap positions like Meta to fund smaller-cap life science investments. They view the current environment as favorable for small cap opportunities despite recent underperformance relative to large caps.

Small Cap Positioning Opportunity Valuation Allocation

2023 Q4

Biotechnology

The fund significantly increased positions in life sciences companies including Maravai LifeSciences and initiated a position in Sartorius AG. Maravai offers critical mRNA manufacturing capabilities through TriLink and quality control testing through Cygnus, with exceptional margins and growth potential as mRNA therapies advance to clinical trials. The fund sees substantial opportunity in bioprocessing infrastructure as the industry scales.

mRNA Bioprocessing Quality Control Clinical Trials Manufacturing

Life Science Tools

The fund emphasized investments in companies providing essential tools and services to the biotech industry. Sartorius dominates single-use bioreactors and offers comprehensive bioprocessing solutions with superior customer relationships. These companies benefit from the growing demand for biologics manufacturing and the shift from traditional steel bioreactors to single-use systems.

Bioreactors Single-use Manufacturing Bioprocessing Equipment

2023 Q1

Small Caps

Small caps have dramatically underperformed large caps, with the Russell 2000 generating no return for five years while sitting at 2018 levels. The institutionalization of investment and indexation has led to fewer dollars in small cap space, creating opportunities for selective investors.

Russell 2000 Underperformance Indexation Institutionalization

Biotechnology

Cytek Biosciences represents a leader in full spectrum flow cytometry, a transformative technology for cell analysis used across pharmaceutical, biotech, and research institutions. The company offers superior technology at lower costs than traditional competitors.

Flow Cytometry Life Science Tools Research Instruments

Credit Stress

Regional bank failures including Silicon Valley Bank and First Republic highlighted fragility in the banking system, driven by concentrated deposit bases and interest rate risk from held-to-maturity portfolios. These failures demonstrated herding behaviors around emerging risks.

Regional Banks Bank Failures Interest Rate Risk

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Aug 7, 2025	Fund Letters	Jason Gilbert	CRSP	CRISPR Therapeutics AG	Health Care	Biotechnology	Bull	NASDAQ	Asymmetric, Biotech, cash-rich, Gene Editing, pipeline	Login
Aug 7, 2025	Fund Letters	Jason Gilbert	PTON	Peloton Interactive Inc.	Consumer Discretionary	Leisure Facilities	Bull	NASDAQ	Connected-Fitness, Margins, Pricing power, Subscription, turnaround	Login
Aug 7, 2025	Fund Letters	Jason Gilbert	WDAY	Workday Inc.	Information Technology	Application Software	Bull	NASDAQ	Enterprise software, HCM, Margins, SaaS, valuation	Login
Aug 7, 2025	Fund Letters	Jason Gilbert	ROKU	Roku Inc.	Communication Services	Advertising-Based Video on Demand	Bull	NASDAQ	advertising, ARPU, CTV, platform, Programmatic	Login
Aug 7, 2025	Fund Letters	Jason Gilbert	FEVR	Fevertree Drinks Plc	Consumer Staples	Beverages	Bull	New York Stock Exchange	Beverages, Brand, consumer staples, margin expansion, Partnerships	Login
Aug 7, 2025	Fund Letters	Jason Gilbert	PYPL	PayPal Holdings Inc.	Information Technology	Transaction & Payment Processing Services	Bear	NASDAQ	digital payments, Fintech, Moat-Erosion, Security	Login
Aug 7, 2025	Fund Letters	Jason Gilbert	AWE	Alphawave Semi	Information Technology	Semiconductor Design	Bull	New York Stock Exchange	Governance, IP-Cores, M&A, semiconductors, Volatility	Login
Aug 7, 2025	Fund Letters	Jason Gilbert	MTN	Vail Resorts Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bear	New York Stock Exchange	Brand, Leisure, Pricing, Travel, turnaround	Login
May 27, 2025	Fund Letters	RGA Investment Advisors	TSM	Taiwan Semiconductor Manufacturing Company Limited	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NYSE	advanced nodes, AI infrastructure, Cyclical Recovery, Foundry, geopolitical risk, hyperscalers, NVIDIA, Pricing power, semiconductors, Taiwan	Login
May 27, 2025	Fund Letters	RGA Investment Advisors	BRKR	Bruker Corporation	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Academic Research, duopoly, insider buying, Life Sciences Tools, margin expansion, Mass Spectrometry, NMR Spectroscopy, Pan-Omics, recurring revenue, Spatial Biology	Login
May 27, 2025	Fund Letters	RGA Investment Advisors	LULU	Lululemon Athletica Inc.	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	NASDAQ	athleisure, Brand, China, competitive moat, fashion, international expansion, Men's Growth, Performance Apparel, Proprietary Fabrics, share repurchases	Login
Sep 16, 2024	Fund Letters	RGA Investment Advisors	PLAY	Dave & Buster's Entertainment Inc	Consumer Discretionary	Restaurants	Bull	NASDAQ	Consumer Discretionary, digital marketing, Eatertainment, EBITDA multiple, entertainment, Family Entertainment, food and beverage, Management Change, Pricing power, Restaurants, share repurchases, Special Events, turnaround, Value	Login
Sep 16, 2024	Fund Letters	RGA Investment Advisors	MTN	Vail Resorts Inc	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	NYSE	defensive, dividend yield, Epic Pass, Geographic Diversification, Irreplaceable Assets, Pricing power, Recreational Activities, Scarcity Value, seasonal business, share repurchases, Ski Resorts, subscription model, Tourism, Value	Login
May 23, 2024	Fund Letters	RGA Investment Advisors	META	Meta Platforms Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	digital advertising, growth, large-cap, Metaverse, social media, technology, virtual reality	Login
May 23, 2024	Fund Letters	RGA Investment Advisors	MRVI	Maravai LifeSciences Holdings Inc	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Biotech, cancer treatment, CDMO, gene therapy, growth, high margins, Life Sciences Tools, mRNA Technology, small-cap	Login
May 23, 2024	Fund Letters	RGA Investment Advisors	SRT3.DE	Sartorius AG	Health Care	Life Sciences Tools & Services	Bull	XETRA	Bioprocessing, cell therapy, European, gene therapy, Life Sciences Tools, market share gains, Pure-Play, Single-use Bioreactors	Login
May 23, 2024	Fund Letters	RGA Investment Advisors	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	Meta Platforms Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	digital advertising, growth, large-cap, Metaverse, operating leverage, social media, technology, virtual reality	Login
May 23, 2024	Fund Letters	RGA Investment Advisors	SRT3.DE	Sartorius AG	Health Care	Life Sciences Tools & Services	Bull	XETRA	Bioprocessing, Bioreactors, cell therapy, Europe, gene therapy, Life Sciences Tools, market share gains, Pure-Play, Single-Use, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Aug 7, 2025

Fund Letters

Jason Gilbert

CRSP

CRISPR Therapeutics AG

Health Care

Biotechnology

Bull

NASDAQ

Asymmetric, Biotech, cash-rich, Gene Editing, pipeline

Aug 7, 2025

Fund Letters

Jason Gilbert

PTON

Peloton Interactive Inc.

Consumer Discretionary

Leisure Facilities

Bull

NASDAQ

Connected-Fitness, Margins, Pricing power, Subscription, turnaround

Aug 7, 2025

Fund Letters

Jason Gilbert

WDAY

Workday Inc.

Information Technology

Application Software

Bull

NASDAQ

Enterprise software, HCM, Margins, SaaS, valuation

Aug 7, 2025

Fund Letters

Jason Gilbert

ROKU

Roku Inc.

Communication Services

Advertising-Based Video on Demand

Bull

NASDAQ

advertising, ARPU, CTV, platform, Programmatic

Aug 7, 2025

Fund Letters

Jason Gilbert

FEVR

Fevertree Drinks Plc

Consumer Staples

Beverages

Bull

New York Stock Exchange

Beverages, Brand, consumer staples, margin expansion, Partnerships

Aug 7, 2025

Fund Letters

Jason Gilbert

PYPL

PayPal Holdings Inc.

Information Technology

Transaction & Payment Processing Services

Bear

NASDAQ

digital payments, Fintech, Moat-Erosion, Security

Aug 7, 2025

Fund Letters

Jason Gilbert

AWE

Alphawave Semi

Information Technology

Semiconductor Design

Bull

New York Stock Exchange

Governance, IP-Cores, M&A, semiconductors, Volatility

Aug 7, 2025

Fund Letters

Jason Gilbert

MTN

Vail Resorts Inc.

Consumer Discretionary

Hotels, Restaurants & Leisure

Bear

New York Stock Exchange

Brand, Leisure, Pricing, Travel, turnaround

May 27, 2025

Fund Letters

RGA Investment Advisors

TSM

Taiwan Semiconductor Manufacturing Company Limited

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NYSE

advanced nodes, AI infrastructure, Cyclical Recovery, Foundry, geopolitical risk, hyperscalers, NVIDIA, Pricing power, semiconductors, Taiwan

May 27, 2025

Fund Letters

RGA Investment Advisors

BRKR

Bruker Corporation

Health Care

Life Sciences Tools & Services

Bull

NASDAQ

Academic Research, duopoly, insider buying, Life Sciences Tools, margin expansion, Mass Spectrometry, NMR Spectroscopy, Pan-Omics, recurring revenue, Spatial Biology

May 27, 2025

Fund Letters

RGA Investment Advisors

LULU

Lululemon Athletica Inc.

Consumer Discretionary

Textiles, Apparel & Luxury Goods

Bull

NASDAQ

athleisure, Brand, China, competitive moat, fashion, international expansion, Men's Growth, Performance Apparel, Proprietary Fabrics, share repurchases

Sep 16, 2024

Fund Letters

RGA Investment Advisors

PLAY

Dave & Buster's Entertainment Inc

Consumer Discretionary

Restaurants

Bull

NASDAQ

Consumer Discretionary, digital marketing, Eatertainment, EBITDA multiple, entertainment, Family Entertainment, food and beverage, Management Change, Pricing power, Restaurants, share repurchases, Special Events, turnaround, Value

Sep 16, 2024

Fund Letters

RGA Investment Advisors

MTN

Vail Resorts Inc

Consumer Discretionary

Hotels, Resorts & Cruise Lines

Bull

NYSE

defensive, dividend yield, Epic Pass, Geographic Diversification, Irreplaceable Assets, Pricing power, Recreational Activities, Scarcity Value, seasonal business, share repurchases, Ski Resorts, subscription model, Tourism, Value

May 23, 2024

Fund Letters

RGA Investment Advisors

TICKER	COMMENTARY
GOOGL	We have owned shares in Google (now Alphabet) since the very first day of 2012. At the time, the perceived threat from the mobile app world caused its P/E ratio to fall to a historic low. The current AI saga feels like deja vu all over again, with Alphabet's trailing-twelve-month (TTM) P/E setting a new all-time low, even below the 2012 level. Since initiating our position early in the firm's history, Google has become our largest holding, even as the journey has included its share of difficult stretches. No one stretch has been harder to hold through than this latest stretch, as the stock faced dual overhangs from both the AI threat and the anti-trust action brought by the US government. This tension ended on September 2, 2025, when Judge Amit Mehta handed down his ruling on the remedies in United States v. Google LLC. While some constraints were imposed, the worst-case scenarios were removed. Internally, we declared this The Day Google Became an AI stock, given how Google could largely continue business as usual and more importantly, how the company could absolve key personnel of time committed to this case and redirect the entire focus of the organization to winning in AI.
COF	We recently added shares of Capital One (NYSE: COF) to our portfolios. At one point, through our shares in ING years ago, we owned COF indirectly. This resulted from ING's divestiture of ING Direct to Capital One, in exchange for cash and shares totaling just shy of 10% of the company. This acquisition gave Capital One a low-cost, digitally native (branchless) deposit base with a state-of-the-art user interface and consumer experience. Though we never owned COF directly, we watched it admirably for years. When COF announced their Discover (DFS) acquisition, we thought it was too good to be true and feared regulators could prevent the tie-up from happening, but we did our work as we watched to see what would happen. As luck would have it, regulators eventually approved the deal and we now own COF directly.
PLTR	Generally, stocks with faster revenue growth should justify a higher Enterprise Value to Sales ratio (EV/S). While most stocks cluster around a line of best fit, there are notable exceptions, such as Palantir, whose high multiple is difficult to rationally justify.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th September 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Payments

Market Concentration

Gene Therapy

Fitness

Enterprise Software

Streaming

AI

Biotechnology

Semiconductors

Trade Policy

Athleisure

AI

E-commerce

Alcohol

Autonomous Vehicles

Entertainment

Consumer

Biotechnology

Biotechnology

Small Caps

Biotechnology

Life Science Tools

Small Caps

Biotechnology

Credit Stress

Investor Pitches

Current Portfolio as of ( 30th September 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Jason Gilbert Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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