Sands Capital Technology Innovators Fund

Investor Summary

Sands Capital Management was established in 1992 by Frank Melville Sands and is led by Co-Chief Investment Officers Frank Sands and Thomas Perry Williams, along with Executive Managing Director Dana Marie McNamara. The firm employs 177 total staff with 64 performing investment advisory functions, serving 311 clients including institutional investors, high-net-worth individuals, family offices, pension plans, charitable organizations, sovereign wealth funds, corporations, and non-U.S. pension funds. The firm maintains international registrations in Ireland, Luxembourg, and South Korea.

Fund Strategy

Our philosophy is rooted in the belief that, over time, stock prices will reflect the earnings power and growth of the underlying businesses. Our edge is our culture that helps us do the obvious but hard things. We own many high-quality businesses and hold them with discipline over long periods of time. The Technology Innovators strategy leverages our deep domain knowledge to seek to identify leading innovative businesses globally that are the key facilitators or beneficiaries of powerful secular shifts enabled by technologies. We adhere to six investment criteria focusing on the durability of long-term earnings potential, including leadership position, competitive advantages, financial strength, and rational valuation.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
15.7%	-15%	-15%

Executive Summary

Technology Innovators declined 15.0% in Q1 2026 versus the benchmark's 7.0% decline, as global equities faced their largest quarterly drop since 2023 amid the Iran war and energy price surge. The quarter marked a meaningful inflection in AI evolution with agentic AI tools broadening disruption scope across industries. Stock selection detracted from relative results, primarily within information technology and consumer discretionary sectors. Software and consumer internet businesses were particularly weak as AI developments intensified concerns about long-term durability. The fund deliberately shifted toward AI infrastructure over application-layer risk, reducing exposure to horizontal software while initiating positions in Samsung Electronics and SK hynix for memory essential to AI models. Top contributors included Taiwan Semiconductor, ASML Holding, and Cloudflare, while detractors included AppLovin, Microsoft, and Shopify. Management believes memory capacity may become an important constraint on AI development as systems grow more complex. With valuations compressed across secular growth businesses, the fund sees an attractive setup for the next five years as its growth-adjusted valuation premium reaches near-inception lows.

Core Thesis

Technology Innovators leverages deep domain knowledge to seek leading innovative businesses globally that are key facilitators or beneficiaries of powerful secular shifts enabled by technologies, with recent focus shifting toward AI infrastructure over application-layer risk as agentic AI emerges as a transformative force.

Forward Outlook

The fund expects certain competitive moats to become increasingly important in an AI-first world including network effects, control of critical infrastructure, high switching costs, and proprietary data ownership. With valuations compressed across many secular growth businesses, Technology Innovators' growth-adjusted valuation premium relative to the index is near its lowest level since inception, creating an attractive setup for the next five years.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 25 2026	2026 Q1	000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM	AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology	-	Technology Innovators declined 15% in Q1 2026 as AI disruption fears pressured growth stocks. The fund shifted toward AI infrastructure, adding memory providers Samsung and SK hynix while reducing software exposure. Despite near-term headwinds from agentic AI emergence, management sees compressed valuations creating attractive five-year setup as growth-adjusted premium reaches historic lows.
Jan 22 2026	2025 Q4	AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V	AI, defense, global, growth, innovation, Robotics, semiconductors, technology	TSM CVNA KVYO SHOP NU NFLX MSFT GOOGL AVGO PLTR	Technology Innovators delivered 14.7% returns in 2025 but lagged benchmarks due to multiple compression despite strong earnings growth. The strategy maintained disciplined AI exposure while navigating market volatility, evolving positions in semiconductors and internet platforms. Five key themes - defense, robotics, energy transition, cybersecurity, and space - position the concentrated portfolio for long-term value creation despite near-term market dislocations.
Oct 20 2025	2025 Q3	AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V	AI, global, growth, innovation, semiconductors, software, technology	NVDA TSM APP RBLX DUOL MNDY NVDA TSM APP RBLX DUOL MNDY SNOW	Technology Innovators underperformed in Q3 2025 as AI infrastructure leaders like NVIDIA and Taiwan Semiconductor drove gains while software holdings faced disruption concerns. The firm maintains conviction in AI's transformative potential while taking contrarian positions in quality software businesses. Portfolio balances concentrated AI exposure with diversification, positioning for full-cycle performance as the technology paradigm shift evolves.
Jul 21 2025	2025 Q2	AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V	AI, Cloud, growth, innovation, semiconductors, software, technology	NVDA NFLX TEAM OKTA V PANW SPOT AAPL GLBE	Technology Innovators delivered 26.0% quarterly returns, outperforming benchmarks through strong security selection in AI-beneficiary businesses. The team actively repositioned during tariff volatility, adding semiconductor and cloud infrastructure exposure while exiting Apple and Alphabet. Portfolio remains concentrated in leading innovative businesses positioned to benefit from AI transformation and secular technology shifts.
Mar 31 2025	2025 Q1	AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V	AI, global, growth, semiconductors, software, technology	-	Technology Innovators declined 10.4% in Q1 amid AI stock selloff and market rotation. Despite DeepSeek concerns, managers maintain AI conviction citing strong hyperscaler capex guidance and emerging real-world applications. Portfolio better positioned than 2021 with improved diversification and profitability. Trade policy uncertainty increases recession risks, but focus remains on resilient technology leaders with sustainable competitive advantages.
Dec 31 2024	2024 Q4	AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V	AI, Cloud, global, growth, innovation, semiconductors, technology	-	Sands Capital Technology Innovators posted strong 2024 returns of 37.7% despite three challenging years. The concentrated technology portfolio benefits from AI transformation, global e-commerce growth, and semiconductor leadership. While facing headwinds from benchmark concentration and high valuations, the manager maintains conviction that earnings growth will drive long-term outperformance as business fundamentals eventually align with stock prices.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 25 2026

2026 Q1

000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM

AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology

Technology Innovators declined 15% in Q1 2026 as AI disruption fears pressured growth stocks. The fund shifted toward AI infrastructure, adding memory providers Samsung and SK hynix while reducing software exposure. Despite near-term headwinds from agentic AI emergence, management sees compressed valuations creating attractive five-year setup as growth-adjusted premium reaches historic lows.

Jan 22 2026

2025 Q4

AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V

AI, defense, global, growth, innovation, Robotics, semiconductors, technology

TSM
CVNA
KVYO
SHOP
NU
NFLX
MSFT
GOOGL
AVGO
PLTR

Technology Innovators delivered 14.7% returns in 2025 but lagged benchmarks due to multiple compression despite strong earnings growth. The strategy maintained disciplined AI exposure while navigating market volatility, evolving positions in semiconductors and internet platforms. Five key themes - defense, robotics, energy transition, cybersecurity, and space - position the concentrated portfolio for long-term value creation despite near-term market dislocations.

Oct 20 2025

2025 Q3

AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V

AI, global, growth, innovation, semiconductors, software, technology

NVDA
TSM
APP
RBLX
DUOL
MNDY
NVDA
TSM
APP
RBLX
DUOL
MNDY
SNOW

Technology Innovators underperformed in Q3 2025 as AI infrastructure leaders like NVIDIA and Taiwan Semiconductor drove gains while software holdings faced disruption concerns. The firm maintains conviction in AI's transformative potential while taking contrarian positions in quality software businesses. Portfolio balances concentrated AI exposure with diversification, positioning for full-cycle performance as the technology paradigm shift evolves.

Jul 21 2025

2025 Q2

AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V

AI, Cloud, growth, innovation, semiconductors, software, technology

NVDA
NFLX
TEAM
OKTA
V
PANW
SPOT
AAPL
GLBE

Technology Innovators delivered 26.0% quarterly returns, outperforming benchmarks through strong security selection in AI-beneficiary businesses. The team actively repositioned during tariff volatility, adding semiconductor and cloud infrastructure exposure while exiting Apple and Alphabet. Portfolio remains concentrated in leading innovative businesses positioned to benefit from AI transformation and secular technology shifts.

Mar 31 2025

2025 Q1

AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V

AI, global, growth, semiconductors, software, technology

Technology Innovators declined 10.4% in Q1 amid AI stock selloff and market rotation. Despite DeepSeek concerns, managers maintain AI conviction citing strong hyperscaler capex guidance and emerging real-world applications. Portfolio better positioned than 2021 with improved diversification and profitability. Trade policy uncertainty increases recession risks, but focus remains on resilient technology leaders with sustainable competitive advantages.

Dec 31 2024

2024 Q4

AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V

AI, Cloud, global, growth, innovation, semiconductors, technology

Sands Capital Technology Innovators posted strong 2024 returns of 37.7% despite three challenging years. The concentrated technology portfolio benefits from AI transformation, global e-commerce growth, and semiconductor leadership. While facing headwinds from benchmark concentration and high valuations, the manager maintains conviction that earnings growth will drive long-term outperformance as business fundamentals eventually align with stock prices.

QUARTER	THEMES	TAGS
2026 Q1	AI The first quarter marked a meaningful inflection in AI evolution with the emergence of agentic AI tools broadening disruption scope across industries. The fund shifted toward AI infrastructure over application-layer risk, reducing exposure to horizontal software while increasing positions in memory providers essential for training complex AI models. Memory capacity and efficiency may become important constraints on the next stage of AI development.	Agentic Infrastructure Memory Disruption Applications
	Semiconductors Strong positioning in semiconductor leaders with TSMC reinforcing its position as primary AI accelerator beneficiary and ASML seeing record bookings driven by AI demand. The fund initiated positions in Samsung Electronics and SK hynix, both providing memory essential to AI models. Industry may be entering period of structural memory tightness as AI systems grow more complex.	Memory Foundries Equipment AI HBM
	Cloud Microsoft's Azure growth met rather than exceeded expectations due to capacity constraints from prioritizing internal AI workloads including Copilot. Cloudflare benefited from positioning at key control point for machine-to-machine internet traffic as agentic AI proliferates. Cloud infrastructure remains critical for AI deployment and scaling.	Azure Infrastructure Capacity Growth AI
	E-commerce Consumer internet businesses were particularly weak as AI developments intensified concerns about long-term durability. Shopify declined amid software weakness but management believes it's better positioned than horizontal vendors as a vertical application tailored to ecommerce. DoorDash's dense logistics network and AI-driven efficiency improvements help insulate from disruption risk.	Disruption Platforms Logistics Vertical Software
	Gaming AppLovin declined alongside broad-based weakness in gaming stocks, amplified by Google's generative gaming platform Project Genie release. Management sees generative gaming as potential accelerator that could expand content supply and benefit distribution platforms, though competition from Meta represents longer-term risk.	Mobile Advertising Generative Content Competition
2025 Q4	AI Edgewood owns four AI infrastructure companies (NVIDIA, Broadcom, ASML, Synopsys) representing significant portfolio weight. The firm views AI as creating new product opportunities and efficiencies, with Draft One described as an AI killer app for police departments. AI Era Plan is the fastest booked Axon product to date.	Infrastructure Software Data Centers Semiconductors Applications
	Growth Portfolio companies delivered 27% average EPS growth in 2025 versus 7% stock performance, creating stored alpha. The firm maintains conviction in diversified portfolio fundamentals with strong earnings growth expected to continue in 2026. Portfolio is positioned across three growth buckets from 10-15% to 21%+ estimated long-term EPS growth.	Earnings Fundamentals Valuation Alpha
	Semiconductors ASML, NVIDIA, Broadcom, and Synopsys represent major portfolio positions tied to AI infrastructure buildout. NVIDIA delivered 75% EPS growth, while Broadcom showed 37% growth. The firm sees semiconductor cycle as supportive with AI driving structural demand.	AI Infrastructure Memory Equipment Foundries
	Software Software holdings include Netflix, Shopify, ServiceNow, and Intuit showing strong growth profiles. Axon's software revenue percentage has grown from 12% to 44% of total, with AI Era Plan driving higher attach rates. Software generally commands higher margins and recurring revenue characteristics.	SaaS Recurring Revenue Margins Enterprise
2025 Q3	AI AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply.	Infrastructure Software Disruption Monetization Productivity
	Semiconductors Strong AI-related demand continues with companies like NVIDIA and Taiwan Semiconductor benefiting from the global AI infrastructure buildout. NVIDIA's datacenter segment accelerated growth while TSMC expanded CoWoS capacity to meet demand.	Datacenter CoWoS Foundries AI Infrastructure Capacity
	Software Broad-based weakness across software holdings reflected overhang of AI-related risks including pressure on seat-based pricing models and fears that AI could lower barriers to entry. Many software companies remain in deceleration phase from 2020-2021 peak growth.	SaaS Pricing Models Barriers to Entry Deceleration Valuations
	Gaming Roblox benefited from viral garden simulation game Grow a Garden reaching over 20 million concurrent users, reflecting a structural shift toward new experiences gaining unprecedented traction rather than reliance on mainstay franchises.	User-Generated Content Platform Viral Growth Engagement Distribution
	E-commerce Holdings in consumer internet businesses helped offset underperformance, benefiting from idiosyncratic growth drivers in ecommerce, advertising, and AI-enabled personalization and content recommendation contributing to stronger results.	Personalization Advertising Consumer Internet Growth Drivers Recommendation
2025 Q2	AI Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions.	Machine Learning Generative AI Inference Training Productivity
	Semiconductors Strong demand for AI-related semiconductors continues with TSMC planning to double CoWoS packaging capacity. Long-term AI infrastructure buildout supports sustained momentum in the semiconductor value chain, with TSMC targeting mid-40 percent compound annual growth rate for AI-related revenue through 2029.	AI Chips Foundries Packaging GPU Infrastructure
	Cloud Microsoft delivered better-than-expected results with Azure growth reacceleration as the key highlight. Demand for AI-related cloud services remains strong, with sequential improvement in non-AI-related Azure revenue also supporting growth momentum.	Azure Infrastructure Enterprise Services Hyperscale
	E-commerce Consumer internet platforms showed especially strong returns spanning multiple sectors including gaming, social media, streaming, and food delivery. These asset-light business models are generally insulated from tariff-related margin pressures and benefit from low marginal costs that enhance profitability as platforms scale.	Platforms Marketplaces Digital Commerce Cross-border Scaling
	Streaming Netflix reported strong subscriber growth and retention with continued margin expansion and increased capital returns including a $3.5 billion share repurchase. Advertising momentum continued with reports of a $9 billion internal ad revenue target by 2030, supported by the growing ad-supported tier.	Video Subscribers Advertising Content Monetization
	Cybersecurity Palo Alto Networks leverages its leading firewall position to build strong positions in emerging segments like SASE, SIEM, and cloud security. Next-Generation Security revenue exceeds $5B annual run-rate with significant growth runway, as AI usage expands attack surfaces requiring more advanced security solutions.	Firewalls SASE SIEM Cloud Security Enterprise
2025 Q1	AI AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation.	GPUs Data Centers Cloud Semiconductors Enterprise Software
	E-commerce Portfolio includes leading e-commerce platforms across multiple regions including MercadoLibre in Latin America, Sea's Shopee in Southeast Asia, and Coupang in Korea. These platforms are demonstrating strong growth with improving margins and expanding into adjacent services like fintech. The shift to online commerce continues globally with significant market share opportunities remaining.	Marketplaces Fintech Payments Logistics
	Cloud Cloud infrastructure and software-as-a-service businesses remain core holdings with companies like ServiceNow leading enterprise workflow automation. The portfolio emphasizes mission-critical, multiproduct platforms with fast time-to-value that are well positioned for the next wave of digital transformation. AI integration is enhancing these platforms' capabilities and driving adoption.	SaaS Enterprise Software Workflow Automation IT Services
	Semiconductors Semiconductor holdings include NVIDIA and Taiwan Semiconductor as key beneficiaries of AI chip demand. Despite near-term volatility, TSMC expects AI accelerator revenue to double in 2025 and grow at mid-40 percent annually over five years. The rise of accessible AI models is expected to drive increased need for advanced semiconductor manufacturing.	Foundries GPUs Semi Equipment Memory
2024 Q4	AI AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services.	Infrastructure Automation Productivity Platforms Applications
	E-commerce The fund owns businesses leveraging the expanding digital economy globally. Companies like Amazon, MercadoLibre, and Coupang are capturing growth in online retail, while others like Global-E Online facilitate cross-border e-commerce solutions.	Digital Marketplaces Cross-border Retail Platforms
	Energy Transition The portfolio includes exposure to clean transportation and renewable energy solutions through companies like Chinese electric vehicle manufacturer BYD and lithium battery maker Contemporary Amperex Technology. These businesses are pioneering sustainable energy solutions in China and increasingly around the world.	Electric Vehicles Battery Renewable Clean Sustainability
	Cloud Cloud infrastructure and software-as-a-service businesses remain core holdings. ServiceNow continues to show strong momentum in its AI-enabled products, while other cloud-native companies benefit from the ongoing digital transformation and automation trends.	SaaS Infrastructure Digital Transformation Automation Platforms
	Semiconductors The fund maintains significant exposure to semiconductor leaders, particularly NVIDIA and Taiwan Semiconductor. TSMC benefits from strong AI chip demand and improved competitive positioning in leading-edge chip fabrication, while demand continues to outstrip supply for compute infrastructure.	AI Chips Foundries Leading-edge Fabrication Computing

QUARTER

THEMES

AI

The first quarter marked a meaningful inflection in AI evolution with the emergence of agentic AI tools broadening disruption scope across industries. The fund shifted toward AI infrastructure over application-layer risk, reducing exposure to horizontal software while increasing positions in memory providers essential for training complex AI models. Memory capacity and efficiency may become important constraints on the next stage of AI development.

Agentic Infrastructure Memory Disruption Applications

Semiconductors

Strong positioning in semiconductor leaders with TSMC reinforcing its position as primary AI accelerator beneficiary and ASML seeing record bookings driven by AI demand. The fund initiated positions in Samsung Electronics and SK hynix, both providing memory essential to AI models. Industry may be entering period of structural memory tightness as AI systems grow more complex.

Memory Foundries Equipment AI HBM

Cloud

Microsoft's Azure growth met rather than exceeded expectations due to capacity constraints from prioritizing internal AI workloads including Copilot. Cloudflare benefited from positioning at key control point for machine-to-machine internet traffic as agentic AI proliferates. Cloud infrastructure remains critical for AI deployment and scaling.

Azure Infrastructure Capacity Growth AI

E-commerce

Consumer internet businesses were particularly weak as AI developments intensified concerns about long-term durability. Shopify declined amid software weakness but management believes it's better positioned than horizontal vendors as a vertical application tailored to ecommerce. DoorDash's dense logistics network and AI-driven efficiency improvements help insulate from disruption risk.

Disruption Platforms Logistics Vertical Software

Gaming

AppLovin declined alongside broad-based weakness in gaming stocks, amplified by Google's generative gaming platform Project Genie release. Management sees generative gaming as potential accelerator that could expand content supply and benefit distribution platforms, though competition from Meta represents longer-term risk.

Mobile Advertising Generative Content Competition

2025 Q4

AI

Edgewood owns four AI infrastructure companies (NVIDIA, Broadcom, ASML, Synopsys) representing significant portfolio weight. The firm views AI as creating new product opportunities and efficiencies, with Draft One described as an AI killer app for police departments. AI Era Plan is the fastest booked Axon product to date.

Infrastructure Software Data Centers Semiconductors Applications

Growth

Portfolio companies delivered 27% average EPS growth in 2025 versus 7% stock performance, creating stored alpha. The firm maintains conviction in diversified portfolio fundamentals with strong earnings growth expected to continue in 2026. Portfolio is positioned across three growth buckets from 10-15% to 21%+ estimated long-term EPS growth.

Earnings Fundamentals Valuation Alpha

Semiconductors

ASML, NVIDIA, Broadcom, and Synopsys represent major portfolio positions tied to AI infrastructure buildout. NVIDIA delivered 75% EPS growth, while Broadcom showed 37% growth. The firm sees semiconductor cycle as supportive with AI driving structural demand.

AI Infrastructure Memory Equipment Foundries

Software

Software holdings include Netflix, Shopify, ServiceNow, and Intuit showing strong growth profiles. Axon's software revenue percentage has grown from 12% to 44% of total, with AI Era Plan driving higher attach rates. Software generally commands higher margins and recurring revenue characteristics.

SaaS Recurring Revenue Margins Enterprise

2025 Q3

AI

AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply.

Infrastructure Software Disruption Monetization Productivity

Semiconductors

Strong AI-related demand continues with companies like NVIDIA and Taiwan Semiconductor benefiting from the global AI infrastructure buildout. NVIDIA's datacenter segment accelerated growth while TSMC expanded CoWoS capacity to meet demand.

Datacenter CoWoS Foundries AI Infrastructure Capacity

Software

Broad-based weakness across software holdings reflected overhang of AI-related risks including pressure on seat-based pricing models and fears that AI could lower barriers to entry. Many software companies remain in deceleration phase from 2020-2021 peak growth.

SaaS Pricing Models Barriers to Entry Deceleration Valuations

Gaming

Roblox benefited from viral garden simulation game Grow a Garden reaching over 20 million concurrent users, reflecting a structural shift toward new experiences gaining unprecedented traction rather than reliance on mainstay franchises.

User-Generated Content Platform Viral Growth Engagement Distribution

E-commerce

Holdings in consumer internet businesses helped offset underperformance, benefiting from idiosyncratic growth drivers in ecommerce, advertising, and AI-enabled personalization and content recommendation contributing to stronger results.

Personalization Advertising Consumer Internet Growth Drivers Recommendation

2025 Q2

AI

Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions.

Machine Learning Generative AI Inference Training Productivity

Semiconductors

Strong demand for AI-related semiconductors continues with TSMC planning to double CoWoS packaging capacity. Long-term AI infrastructure buildout supports sustained momentum in the semiconductor value chain, with TSMC targeting mid-40 percent compound annual growth rate for AI-related revenue through 2029.

AI Chips Foundries Packaging GPU Infrastructure

Cloud

Microsoft delivered better-than-expected results with Azure growth reacceleration as the key highlight. Demand for AI-related cloud services remains strong, with sequential improvement in non-AI-related Azure revenue also supporting growth momentum.

Azure Infrastructure Enterprise Services Hyperscale

E-commerce

Consumer internet platforms showed especially strong returns spanning multiple sectors including gaming, social media, streaming, and food delivery. These asset-light business models are generally insulated from tariff-related margin pressures and benefit from low marginal costs that enhance profitability as platforms scale.

Platforms Marketplaces Digital Commerce Cross-border Scaling

Streaming

Netflix reported strong subscriber growth and retention with continued margin expansion and increased capital returns including a $3.5 billion share repurchase. Advertising momentum continued with reports of a $9 billion internal ad revenue target by 2030, supported by the growing ad-supported tier.

Video Subscribers Advertising Content Monetization

Cybersecurity

Palo Alto Networks leverages its leading firewall position to build strong positions in emerging segments like SASE, SIEM, and cloud security. Next-Generation Security revenue exceeds $5B annual run-rate with significant growth runway, as AI usage expands attack surfaces requiring more advanced security solutions.

Firewalls SASE SIEM Cloud Security Enterprise

2025 Q1

AI

AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation.

GPUs Data Centers Cloud Semiconductors Enterprise Software

E-commerce

Portfolio includes leading e-commerce platforms across multiple regions including MercadoLibre in Latin America, Sea's Shopee in Southeast Asia, and Coupang in Korea. These platforms are demonstrating strong growth with improving margins and expanding into adjacent services like fintech. The shift to online commerce continues globally with significant market share opportunities remaining.

Marketplaces Fintech Payments Logistics

Cloud

Cloud infrastructure and software-as-a-service businesses remain core holdings with companies like ServiceNow leading enterprise workflow automation. The portfolio emphasizes mission-critical, multiproduct platforms with fast time-to-value that are well positioned for the next wave of digital transformation. AI integration is enhancing these platforms' capabilities and driving adoption.

SaaS Enterprise Software Workflow Automation IT Services

Semiconductors

Semiconductor holdings include NVIDIA and Taiwan Semiconductor as key beneficiaries of AI chip demand. Despite near-term volatility, TSMC expects AI accelerator revenue to double in 2025 and grow at mid-40 percent annually over five years. The rise of accessible AI models is expected to drive increased need for advanced semiconductor manufacturing.

Foundries GPUs Semi Equipment Memory

2024 Q4

AI

AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services.

Infrastructure Automation Productivity Platforms Applications

E-commerce

The fund owns businesses leveraging the expanding digital economy globally. Companies like Amazon, MercadoLibre, and Coupang are capturing growth in online retail, while others like Global-E Online facilitate cross-border e-commerce solutions.

Digital Marketplaces Cross-border Retail Platforms

Energy Transition

The portfolio includes exposure to clean transportation and renewable energy solutions through companies like Chinese electric vehicle manufacturer BYD and lithium battery maker Contemporary Amperex Technology. These businesses are pioneering sustainable energy solutions in China and increasingly around the world.

Electric Vehicles Battery Renewable Clean Sustainability

Cloud

Cloud infrastructure and software-as-a-service businesses remain core holdings. ServiceNow continues to show strong momentum in its AI-enabled products, while other cloud-native companies benefit from the ongoing digital transformation and automation trends.

SaaS Infrastructure Digital Transformation Automation Platforms

Semiconductors

The fund maintains significant exposure to semiconductor leaders, particularly NVIDIA and Taiwan Semiconductor. TSMC benefits from strong AI chip demand and improved competitive positioning in leading-edge chip fabrication, while demand continues to outstrip supply for compute infrastructure.

AI Chips Foundries Leading-edge Fabrication Computing

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 22, 2026	Fund Letters	Emerson Bluhm	AVGO	Broadcom Inc.	Semiconductors	Semiconductor Infrastructure	Bull	NASDAQ	Ai Scaling, custom silicon, data centers, Ethernet, Networking	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	PLTR	Palantir Technologies Inc.	Software	Data Analytics Software	Bull	New York Stock Exchange	Data-integration, Government Tech, Mission-Critical, Operational Ai, workflow automation	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	TSM	Taiwan Semiconductor Manufacturing Company	Semiconductors	Semiconductor Foundries	Bull	New York Stock Exchange	advanced nodes, AI demand, Foundry, Pricing power, scale	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	CVNA	Carvana Co.	Internet Retail	E-commerce Retail	Bull	New York Stock Exchange	ecommerce, Lending Margins, Logistics, scale, Unit growth	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	KVYO	Klaviyo Inc.	Software	Marketing Software	Bull	New York Stock Exchange	Agentic Commerce, International Growth, Marketing automation, Platform Shift, revenue acceleration	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	SHOP	Shopify Inc.	IT Services	E-commerce Platforms	Bull	New York Stock Exchange	AI tools, Gmv Growth, Merchant Services, Payments, Platform Scale	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	NU	Nu Holdings Ltd.	Banks	Digital Banks	Bull	New York Stock Exchange	credit quality, digital banking, Financial Inclusion, Latin America, Unit economics	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	NFLX	Netflix Inc.	Entertainment	Streaming Services	Bull	NASDAQ	consolidation, Content Ownership, Engagement, IP strategy, Pricing power	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	MSFT	Microsoft Corp.	Software	System Software	Bull	NASDAQ	AI infrastructure, capacity expansion, Cloud Scale, Enterprise software, hyperscale	Login
Jan 22, 2026	Fund Letters	Emerson Bluhm	GOOGL	Alphabet Inc.	Interactive Media & Services	Digital Advertising	Bull	NASDAQ	Ai Assistants, Digital ads, Optionality, Platform Ecosystem, Search Intent	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	NVDA	NVIDIA Corporation	Information Technology	Semiconductors	Bull	NASDAQ	AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	TSM	TSMC	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NYSE	AI, CapEx, Foundry, Margins, Packaging, semiconductors	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	TSM	TSMC	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NYSE	AI, CapEx, Foundry, Margins, Packaging, semiconductors	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	APP	AppLovin Corp.	Communication Services	Digital Advertising	Bull	NASDAQ	adtech, AI, ecommerce, Margins, Scalability, Self-serve	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	APP	AppLovin Corp.	Communication Services	Digital Advertising	Bull	NASDAQ	adtech, AI, ecommerce, Margins, Scalability, Self-serve	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	RBLX	Roblox Corp.	Communication Services	Interactive Media & Services	Bull	NYSE	AI, Engagement, Gaming, monetization, User-generated content	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	RBLX	Roblox Corp.	Communication Services	Interactive Media & Services	Bull	NYSE	AI, Engagement, Gaming, monetization, User-generated content	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	DUOL	Duolingo Inc.	Information Technology	Education Technology	Bull	NASDAQ	AI, Edtech, gamification, monetization, Subscription	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	DUOL	Duolingo Inc.	Information Technology	Education Technology	Bull	NASDAQ	AI, Edtech, gamification, monetization, Subscription	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	MNDY	monday.com Ltd.	Information Technology	Application Software	Bull	NASDAQ	AI, Margins, SaaS, User growth, Work management	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	MNDY	monday.com Ltd.	Information Technology	Application Software	Bull	NASDAQ	AI, Margins, SaaS, User growth, Work management	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	NVDA	NVIDIA Corporation	Information Technology	Semiconductors	Bull	NASDAQ	AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors	Login
Oct 20, 2025	Fund Letters	Emerson Bluhm	SNOW	Snowflake Inc.	Information Technology	Data Warehousing	Bear	NYSE	AI, cloud, Consumption, Data, growth, Re-rating	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	AAPL	Apple Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bear	NASDAQ	AI, China, Hardware, services, Smartphones	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	NVDA	NVIDIA Corporation	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI, cloud, datacenters, GPUs, semiconductors	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	GLBE	Globale-e Online Ltd.	Information Technology	IT Services	Bear	NASDAQ	Crossborder, cybersecurity, ecommerce, Execution, tariffs	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	NFLX	Netflix, Inc.	Communication Services	Entertainment	Bull	NASDAQ	advertising, Content, Streaming, Subscriptions, Video	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	TEAM	Atlassian Corporation	Information Technology	Application Software	Bull	NASDAQ	cloud, Collaboration, enterprise, productivity, Software	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	OKTA	Okta, Inc.	Information Technology	Systems Software	Bull	NASDAQ	cybersecurity, enterprise, Identity, SaaS, Zero_Trust	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	V	Visa Inc.	Financials	Data Processing & Outsourced Services	Bull	New York Stock Exchange	Cards, Cashless, Fintech, Networks, Payments	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	PANW	Palo Alto Networks, Inc.	Information Technology	Systems Software	Bull	NASDAQ	AI, Cloud_Security, cybersecurity, Firewalls, Platforms	Login
Jul 21, 2025	Fund Letters	Emerson Bluhm	SPOT	Spotify Technology S.A.	Communication Services	Entertainment	Bull	New York Stock Exchange	Audio, Margins, Pricing_Power, Streaming, Subscriptions	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 22, 2026

Fund Letters

Emerson Bluhm

AVGO

Broadcom Inc.

Semiconductors

Semiconductor Infrastructure

Bull

NASDAQ

Ai Scaling, custom silicon, data centers, Ethernet, Networking

Jan 22, 2026

Fund Letters

Emerson Bluhm

PLTR

Palantir Technologies Inc.

Software

Data Analytics Software

Bull

New York Stock Exchange

Data-integration, Government Tech, Mission-Critical, Operational Ai, workflow automation

Jan 22, 2026

Fund Letters

Emerson Bluhm

TSM

Taiwan Semiconductor Manufacturing Company

Semiconductors

Semiconductor Foundries

Bull

New York Stock Exchange

advanced nodes, AI demand, Foundry, Pricing power, scale

Jan 22, 2026

Fund Letters

Emerson Bluhm

CVNA

Carvana Co.

Internet Retail

E-commerce Retail

Bull

New York Stock Exchange

ecommerce, Lending Margins, Logistics, scale, Unit growth

Jan 22, 2026

Fund Letters

Emerson Bluhm

KVYO

Klaviyo Inc.

Software

Marketing Software

Bull

New York Stock Exchange

Agentic Commerce, International Growth, Marketing automation, Platform Shift, revenue acceleration

Jan 22, 2026

Fund Letters

Emerson Bluhm

SHOP

Shopify Inc.

IT Services

E-commerce Platforms

Bull

New York Stock Exchange

AI tools, Gmv Growth, Merchant Services, Payments, Platform Scale

Jan 22, 2026

Fund Letters

Emerson Bluhm

Nu Holdings Ltd.

Banks

Digital Banks

Bull

New York Stock Exchange

credit quality, digital banking, Financial Inclusion, Latin America, Unit economics

Jan 22, 2026

Fund Letters

Emerson Bluhm

NFLX

Netflix Inc.

Entertainment

Streaming Services

Bull

NASDAQ

consolidation, Content Ownership, Engagement, IP strategy, Pricing power

Jan 22, 2026

Fund Letters

Emerson Bluhm

MSFT

Microsoft Corp.

Software

System Software

Bull

NASDAQ

AI infrastructure, capacity expansion, Cloud Scale, Enterprise software, hyperscale

Jan 22, 2026

Fund Letters

Emerson Bluhm

GOOGL

Alphabet Inc.

Interactive Media & Services

Digital Advertising

Bull

NASDAQ

Ai Assistants, Digital ads, Optionality, Platform Ecosystem, Search Intent

Oct 20, 2025

Fund Letters

Emerson Bluhm

NVDA

NVIDIA Corporation

Information Technology

Semiconductors

Bull

NASDAQ

AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors

Oct 20, 2025

Fund Letters

Emerson Bluhm

TSM

TSMC

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NYSE

AI, CapEx, Foundry, Margins, Packaging, semiconductors

Oct 20, 2025

Fund Letters

Emerson Bluhm

TSM

TSMC

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NYSE

AI, CapEx, Foundry, Margins, Packaging, semiconductors

Oct 20, 2025

Fund Letters

Emerson Bluhm

APP

AppLovin Corp.

Communication Services

Digital Advertising

Bull

NASDAQ

adtech, AI, ecommerce, Margins, Scalability, Self-serve

Oct 20, 2025

Fund Letters

Emerson Bluhm

APP

AppLovin Corp.

Communication Services

Digital Advertising

Bull

NASDAQ

adtech, AI, ecommerce, Margins, Scalability, Self-serve

Oct 20, 2025

Fund Letters

Emerson Bluhm

RBLX

Roblox Corp.

Communication Services

Interactive Media & Services

Bull

NYSE

AI, Engagement, Gaming, monetization, User-generated content

Oct 20, 2025

Fund Letters

Emerson Bluhm

RBLX

Roblox Corp.

Communication Services

Interactive Media & Services

Bull

NYSE

AI, Engagement, Gaming, monetization, User-generated content

Oct 20, 2025

Fund Letters

Emerson Bluhm

DUOL

Duolingo Inc.

Information Technology

Education Technology

Bull

NASDAQ

AI, Edtech, gamification, monetization, Subscription

Oct 20, 2025

Fund Letters

Emerson Bluhm

DUOL

Duolingo Inc.

Information Technology

Education Technology

Bull

NASDAQ

AI, Edtech, gamification, monetization, Subscription

Oct 20, 2025

Fund Letters

Emerson Bluhm

MNDY

monday.com Ltd.

Information Technology

Application Software

Bull

NASDAQ

AI, Margins, SaaS, User growth, Work management

Oct 20, 2025

Fund Letters

Emerson Bluhm

MNDY

monday.com Ltd.

Information Technology

Application Software

Bull

NASDAQ

AI, Margins, SaaS, User growth, Work management

Oct 20, 2025

Fund Letters

Emerson Bluhm

NVDA

NVIDIA Corporation

Information Technology

Semiconductors

Bull

NASDAQ

AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors

Oct 20, 2025

Fund Letters

Emerson Bluhm

SNOW

Snowflake Inc.

Information Technology

Data Warehousing

Bear

NYSE

AI, cloud, Consumption, Data, growth, Re-rating

Jul 21, 2025

Fund Letters

Emerson Bluhm

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Bear

NASDAQ

AI, China, Hardware, services, Smartphones

Jul 21, 2025

Fund Letters

Emerson Bluhm

NVDA

NVIDIA Corporation

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI, cloud, datacenters, GPUs, semiconductors

Jul 21, 2025

Fund Letters

Emerson Bluhm

GLBE

Globale-e Online Ltd.

Information Technology

IT Services

Bear

NASDAQ

Crossborder, cybersecurity, ecommerce, Execution, tariffs

Jul 21, 2025

Fund Letters

Emerson Bluhm

NFLX

Netflix, Inc.

Communication Services

Entertainment

Bull

NASDAQ

advertising, Content, Streaming, Subscriptions, Video

Jul 21, 2025

Fund Letters

Emerson Bluhm

TEAM

Atlassian Corporation

Information Technology

Application Software

Bull

NASDAQ

cloud, Collaboration, enterprise, productivity, Software

Jul 21, 2025

Fund Letters

Emerson Bluhm

OKTA

Okta, Inc.

Information Technology

Systems Software

Bull

NASDAQ

cybersecurity, enterprise, Identity, SaaS, Zero_Trust

Jul 21, 2025

Fund Letters

Emerson Bluhm

Visa Inc.

Financials

Data Processing & Outsourced Services

Bull

New York Stock Exchange

Cards, Cashless, Fintech, Networks, Payments

Jul 21, 2025

Fund Letters

Emerson Bluhm

PANW

Palo Alto Networks, Inc.

Information Technology

Systems Software

Bull

NASDAQ

AI, Cloud_Security, cybersecurity, Firewalls, Platforms

Jul 21, 2025

Fund Letters

Emerson Bluhm

SPOT

Spotify Technology S.A.

Communication Services

Entertainment

Bull

New York Stock Exchange

Audio, Margins, Pricing_Power, Streaming, Subscriptions

TICKER	COMMENTARY
NVDA	NVIDIA shares declined amid a broader risk-off environment and increasing skepticism around the sustainability of its earnings. Fourth-quarter fiscal 2026 results were exceptionally strong, with earnings per share growing 83 percent year over year and guidance calling for revenue growth to accelerate to 78 percent in the first quarter, well above expectations. Despite this strength, the share price moved lower, culminating a six-month period of valuation multiple compression. In our view, this compression reflects rising concerns that NVIDIA may be nearing a cyclical peak in earnings. Investors appear focused on the possibility that data center capital expenditures are beginning to strain the cash flows of cloud hyperscalers, leaving them increasingly dependent on third-party financing to sustain further investment. We believe these concerns underestimate NVIDIA's durable growth, as agentic AI drives accelerating AI lab revenues and a renewed surge in compute demand, reinforcing its role as a critical infrastructure provider.
TSM	TSMC's latest results highlighted accelerating AI demand and reinforced the company's position as a primary beneficiary of that trend. The update included two new data points that strengthened our outlook for AI accelerator demand. First, TSMC Chairman C.C. Wei said he personally spoke with the company's largest hyperscaler AI customers and concluded that their requests for additional capacity were supported by end demand. Given TSMC's historically conservative posture, we view this as a meaningful signal. Second, the company reinforced that confidence with a materially higher capital expenditure plan of $54 billion for 2026, well above consensus estimates of $47.8 billion, to support expected AI-driven demand. TSMC also reported results and issued guidance that exceeded our expectations and those of consensus. Management now expects AI-related revenue to grow at a 55 percent annualized rate through 2029, up from 45 percent previously, driven by both higher volumes and improved pricing.
ASML	ASML Holding is the world's leading provider of semiconductor lithography equipment by market share. Shares rose alongside AI infrastructure businesses, reflecting strong demand for AI compute and the critical role ASML's tools play in enabling leading-edge chip fabrication, including advanced memory and logic production. Strong bookings underscored this demand. The company reported a record €13.2 billion in fourth-quarter 2025 bookings, well ahead of expectations, including €7.4 billion from extreme ultraviolet (EUV) systems tied to AI-driven demand. These results reinforce ASML's position as a key bottleneck in advanced chip production. Forward guidance also pointed to continued momentum, with sales outlooks for both the first quarter of 2026 and full-year 2026 exceeding expectations.
NET	Cloudflare is a global cloud platform that improves the security, performance, and reliability of websites and applications. Shares rose during the quarter as investors increasingly viewed the company as a beneficiary of agentic AI, given its position at a key control point for routing and securing machine-to-machine internet traffic. While we do see Cloudflare as a long-term beneficiary of AI broadly and the proliferation of agents specifically, we are more encouraged by improving enterprise sales execution reflected in recent results. Fourth-quarter 2025 revenue growth accelerated to 34 percent year over year, up from 31 percent and 28 percent in the prior two quarters. New annual contract value bookings increased 50 percent, and sales capacity expanded at the fastest pace since 2022, supporting continued momentum.
NFLX	Netflix shares rose after the company walked away from a proposed acquisition of Warner Bros. Discovery. While we viewed the deal positively, the uncertainty had weighed on sentiment, and Netflix will receive a $2.8 billion break fee. We believe the company is now better positioned to exceed guidance and resume share repurchases. The stock also trades below 30 times forward earnings, a level rarely seen over the past 15 years. Fourth-quarter 2025 results included several positives. Management tacitly endorsed a leaked long-term forecast of reaching a $1 trillion valuation by 2030. Advertising revenue exceeded expectations, and net subscriber additions surpassed 23 million in 2025.
STX	Seagate Technology is a global leader in mass-capacity data storage. Shares advanced during the quarter alongside a broader rally in semiconductor memory businesses, reflecting improved sentiment, though the position modestly detracted following Technology Innovators' purchase in March due to positioning, geopolitical developments, and concerns about potential efficiency-driven reductions in memory demand following the release of Google's TurboQuant algorithm. In our view, efficiency gains, such as those demonstrated by Google, should support broader AI adoption and increase overall memory demand. Our long-term expectations remain unchanged, as we expect AI by 2028 to consume more bits than all DRAM produced today, driven by the growth of long-context agentic workloads.
005930.KS	Samsung Electronics is one of the world's largest diversified technology businesses. We believe Samsung is approaching an inflection point in its earnings trajectory. As one of the world's leading producers of memory chips, the company is positioned to become a critical supplier of high-bandwidth memory (HBM) for artificial intelligence applications. We expect customer announcements from notable customers such as Tesla and Apple to eventually help Samsung's foundry business reach breakeven after years of losses. In mobile, Samsung's yearslong decline in global market share may slow and potentially reverse.
000660.KS	SK hynix is the world's largest dedicated producer of memory chips. The business benefits from the increasing demand for computational power and data storage, driven by the rise of artificial intelligence (AI) and high-performance computing. The memory chip industry has consolidated into an oligopoly led by three companies. While SK hynix isn't the overall market-share leader, it is the only company with an exclusive focus on memory chips, and we believe it stands to benefit most from the growth of HBM. HBM is essential for AI servers and graphical processing units (GPUs). SK hynix is the world's leading HBM designer in terms of market share, and our research indicates that the business' chips outperform competitors in terms of yield, data speed, and heat dissipation.
APP	AppLovin is one of the leading providers of advertising solutions for mobile game developers. Shares declined alongside broad-based weakness in gaming and ecommerce stocks, amplified by the release of Google's generative gaming platform, Project Genie, and concerns that Meta Platforms may emerge as a more aggressive competitor. Fourth-quarter results remained strong, with revenue growing 66 percent year over year and advertising EBITDA margins reaching 84 percent. These results highlight continued momentum in AppLovin's core advertising business. Our view on the risks is mixed. We see generative gaming as a potential accelerator that could expand content supply and benefit AppLovin's distribution platform, while acknowledging that competition from Meta Platforms represents a credible longer-term risk.
MSFT	Microsoft reported revenue and operating income above consensus expectations, but shares declined as Azure growth met, rather than exceeded, investor expectations. Azure grew 38 percent year over year on a constant currency basis, consistent with recent quarters, and guidance did not signal near-term reacceleration. Capacity constraints, rather than demand, continue to limit Azure growth. Microsoft is prioritizing compute for internal AI workloads, including Copilot, which reduces near-term availability for external customers. This reflects strong underlying AI demand and reinforces Microsoft's positioning, even as it constrains reported growth. We see potential for acceleration as capacity expands. Additionally, Microsoft's leadership in agentic AI development represents incremental upside that we believe is not yet reflected in expectations.
SHOP.TO	Shopify is an ecommerce software platform that enables merchants to build, manage, and scale their businesses. Shares declined alongside software stocks amid investor concerns about AI-related disruption. While AI is reshaping the software landscape, we believe Shopify is better positioned than most horizontal vendors. As a vertical application tailored to ecommerce, it is less likely to be displaced by agentic workflows. Instead, generative tools such as ChatGPT may act as incremental demand channels. Shopify has already enabled an integration with ChatGPT and created a universal protocol for AI shopping alongside Google, which applies third-party payment fees to transactions originating there, consistent with its platform model.
DASH	DoorDash is the leading food-delivery platform in the United States, based on market share. Shares of the business traded lower alongside broad-based weakness in consumer internet platforms amid fears that AI model providers will ultimately disintermediate their platforms; however, we believe DoorDash's dense logistics network, large and engaged user base, and increasing use of AI to improve discovery, advertising, and delivery efficiency help insulate the business from disruption risk. The company operates a three-sided marketplace, connecting a scaled network of monthly active consumers, merchant partners, and delivery people globally, which drives faster delivery times and higher order reliability.

TICKER

COMMENTARY

NVDA

NVIDIA shares declined amid a broader risk-off environment and increasing skepticism around the sustainability of its earnings. Fourth-quarter fiscal 2026 results were exceptionally strong, with earnings per share growing 83 percent year over year and guidance calling for revenue growth to accelerate to 78 percent in the first quarter, well above expectations. Despite this strength, the share price moved lower, culminating a six-month period of valuation multiple compression. In our view, this compression reflects rising concerns that NVIDIA may be nearing a cyclical peak in earnings. Investors appear focused on the possibility that data center capital expenditures are beginning to strain the cash flows of cloud hyperscalers, leaving them increasingly dependent on third-party financing to sustain further investment. We believe these concerns underestimate NVIDIA's durable growth, as agentic AI drives accelerating AI lab revenues and a renewed surge in compute demand, reinforcing its role as a critical infrastructure provider.

TSM

TSMC's latest results highlighted accelerating AI demand and reinforced the company's position as a primary beneficiary of that trend. The update included two new data points that strengthened our outlook for AI accelerator demand. First, TSMC Chairman C.C. Wei said he personally spoke with the company's largest hyperscaler AI customers and concluded that their requests for additional capacity were supported by end demand. Given TSMC's historically conservative posture, we view this as a meaningful signal. Second, the company reinforced that confidence with a materially higher capital expenditure plan of $54 billion for 2026, well above consensus estimates of $47.8 billion, to support expected AI-driven demand. TSMC also reported results and issued guidance that exceeded our expectations and those of consensus. Management now expects AI-related revenue to grow at a 55 percent annualized rate through 2029, up from 45 percent previously, driven by both higher volumes and improved pricing.

ASML

ASML Holding is the world's leading provider of semiconductor lithography equipment by market share. Shares rose alongside AI infrastructure businesses, reflecting strong demand for AI compute and the critical role ASML's tools play in enabling leading-edge chip fabrication, including advanced memory and logic production. Strong bookings underscored this demand. The company reported a record €13.2 billion in fourth-quarter 2025 bookings, well ahead of expectations, including €7.4 billion from extreme ultraviolet (EUV) systems tied to AI-driven demand. These results reinforce ASML's position as a key bottleneck in advanced chip production. Forward guidance also pointed to continued momentum, with sales outlooks for both the first quarter of 2026 and full-year 2026 exceeding expectations.

NET

Cloudflare is a global cloud platform that improves the security, performance, and reliability of websites and applications. Shares rose during the quarter as investors increasingly viewed the company as a beneficiary of agentic AI, given its position at a key control point for routing and securing machine-to-machine internet traffic. While we do see Cloudflare as a long-term beneficiary of AI broadly and the proliferation of agents specifically, we are more encouraged by improving enterprise sales execution reflected in recent results. Fourth-quarter 2025 revenue growth accelerated to 34 percent year over year, up from 31 percent and 28 percent in the prior two quarters. New annual contract value bookings increased 50 percent, and sales capacity expanded at the fastest pace since 2022, supporting continued momentum.

NFLX

Netflix shares rose after the company walked away from a proposed acquisition of Warner Bros. Discovery. While we viewed the deal positively, the uncertainty had weighed on sentiment, and Netflix will receive a $2.8 billion break fee. We believe the company is now better positioned to exceed guidance and resume share repurchases. The stock also trades below 30 times forward earnings, a level rarely seen over the past 15 years. Fourth-quarter 2025 results included several positives. Management tacitly endorsed a leaked long-term forecast of reaching a $1 trillion valuation by 2030. Advertising revenue exceeded expectations, and net subscriber additions surpassed 23 million in 2025.

STX

Seagate Technology is a global leader in mass-capacity data storage. Shares advanced during the quarter alongside a broader rally in semiconductor memory businesses, reflecting improved sentiment, though the position modestly detracted following Technology Innovators' purchase in March due to positioning, geopolitical developments, and concerns about potential efficiency-driven reductions in memory demand following the release of Google's TurboQuant algorithm. In our view, efficiency gains, such as those demonstrated by Google, should support broader AI adoption and increase overall memory demand. Our long-term expectations remain unchanged, as we expect AI by 2028 to consume more bits than all DRAM produced today, driven by the growth of long-context agentic workloads.

005930.KS

Samsung Electronics is one of the world's largest diversified technology businesses. We believe Samsung is approaching an inflection point in its earnings trajectory. As one of the world's leading producers of memory chips, the company is positioned to become a critical supplier of high-bandwidth memory (HBM) for artificial intelligence applications. We expect customer announcements from notable customers such as Tesla and Apple to eventually help Samsung's foundry business reach breakeven after years of losses. In mobile, Samsung's yearslong decline in global market share may slow and potentially reverse.

000660.KS

SK hynix is the world's largest dedicated producer of memory chips. The business benefits from the increasing demand for computational power and data storage, driven by the rise of artificial intelligence (AI) and high-performance computing. The memory chip industry has consolidated into an oligopoly led by three companies. While SK hynix isn't the overall market-share leader, it is the only company with an exclusive focus on memory chips, and we believe it stands to benefit most from the growth of HBM. HBM is essential for AI servers and graphical processing units (GPUs). SK hynix is the world's leading HBM designer in terms of market share, and our research indicates that the business' chips outperform competitors in terms of yield, data speed, and heat dissipation.

APP

AppLovin is one of the leading providers of advertising solutions for mobile game developers. Shares declined alongside broad-based weakness in gaming and ecommerce stocks, amplified by the release of Google's generative gaming platform, Project Genie, and concerns that Meta Platforms may emerge as a more aggressive competitor. Fourth-quarter results remained strong, with revenue growing 66 percent year over year and advertising EBITDA margins reaching 84 percent. These results highlight continued momentum in AppLovin's core advertising business. Our view on the risks is mixed. We see generative gaming as a potential accelerator that could expand content supply and benefit AppLovin's distribution platform, while acknowledging that competition from Meta Platforms represents a credible longer-term risk.

MSFT

Microsoft reported revenue and operating income above consensus expectations, but shares declined as Azure growth met, rather than exceeded, investor expectations. Azure grew 38 percent year over year on a constant currency basis, consistent with recent quarters, and guidance did not signal near-term reacceleration. Capacity constraints, rather than demand, continue to limit Azure growth. Microsoft is prioritizing compute for internal AI workloads, including Copilot, which reduces near-term availability for external customers. This reflects strong underlying AI demand and reinforces Microsoft's positioning, even as it constrains reported growth. We see potential for acceleration as capacity expands. Additionally, Microsoft's leadership in agentic AI development represents incremental upside that we believe is not yet reflected in expectations.

SHOP.TO

Shopify is an ecommerce software platform that enables merchants to build, manage, and scale their businesses. Shares declined alongside software stocks amid investor concerns about AI-related disruption. While AI is reshaping the software landscape, we believe Shopify is better positioned than most horizontal vendors. As a vertical application tailored to ecommerce, it is less likely to be displaced by agentic workflows. Instead, generative tools such as ChatGPT may act as incremental demand channels. Shopify has already enabled an integration with ChatGPT and created a universal protocol for AI shopping alongside Google, which applies third-party payment fees to transactions originating there, consistent with its platform model.

DASH

DoorDash is the leading food-delivery platform in the United States, based on market share. Shares of the business traded lower alongside broad-based weakness in consumer internet platforms amid fears that AI model providers will ultimately disintermediate their platforms; however, we believe DoorDash's dense logistics network, large and engaged user base, and increasing use of AI to improve discovery, advertising, and delivery efficiency help insulate the business from disruption risk. The company operates a three-sided marketplace, connecting a scaled network of monthly active consumers, merchant partners, and delivery people globally, which drives faster delivery times and higher order reliability.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Cloud

E-commerce

Gaming

AI

Growth

Semiconductors

Software

AI

Semiconductors

Software

Gaming

E-commerce

AI

Semiconductors

Cloud

E-commerce

Streaming

Cybersecurity

AI

E-commerce

Cloud

Semiconductors

AI

E-commerce

Energy Transition

Cloud

Semiconductors

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Emerson Bluhm Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

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Latest 13D & 13G Filings

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