| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
TEAM Asset Management navigated Q1 2026's geopolitical turmoil with defensive positioning that kept their multi asset sterling range in positive territory despite market volatility. Operation Epic Fury against Iran and the subsequent closure of the Strait of Hormuz triggered an 83% surge in oil prices and unprecedented shifts in interest rate expectations. The manager successfully positioned in energy and commodities while maintaining healthy cash levels. Looking ahead, they continue defensive positioning with direct exposure to oil and soft commodities as buffers against re-escalation risks. The systematic investment process focuses on real assets amid growing global debt concerns and potential higher-for-longer inflation. Key risks include prolonged energy infrastructure damage and potential negotiation breakdowns. Catalysts include potential ceasefire and continued unconventional US fiscal policies. The manager favors ultra short government bonds and maintains liquid alternatives exposure including precious metals, positioning for continued uncertainty while preserving capital and generating positive risk-adjusted returns.
Defensive positioning with selective exposure to real assets including oil and soft commodities to hedge against ongoing geopolitical risks and inflation pressures while maintaining cash buffers for uncertainty.
The manager maintains defensive positioning with healthy cash levels while selectively positioning in real assets including oil and soft commodities. Despite Q1 drawdown, the multi asset sterling range remains in positive territory year-to-date. The systematic investment process continues to navigate market conditions effectively.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 10 2026 | 2026 Q1 | - | commodities, energy, Geopolitical, gold, inflation, Middle East, Multi-Asset, oil | - | TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effective hedging against 83% oil price surge from Iran conflict. Healthy cash levels and systematic process navigate ongoing uncertainty while positioning for potential ceasefire upside and continued inflation pressures. |
| Jan 12 2026 | 2025 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Central Banks, China, commodities, gold, rates, Silver, technology | - | TEAM Asset Management balances AI exposure with international diversification and precious metals insurance. Despite Q4 market resilience through government shutdown, manager questions AI capex sustainability while capitalizing on ex-US breakouts. Gold and silver delivered stellar 2025 returns as portfolio hedges. Positioning emphasizes yield curve belly, expects deregulation benefits for small caps, maintains defensive stance against mounting fiscal risks. |
| Nov 4 2025 | 2025 Q3 | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, equities, Federal Reserve, gold, Precious Metals, rates, technology | - | AI mania and Fed easing drove exceptional Q3 returns, but extreme valuations demand caution. TEAM maintains technology exposure while diversifying into undervalued Chinese internet stocks and precious metals. Gold and silver delivered 19% and 30% returns as portfolio insurance against mounting fiscal risks. Systematic process favors selectivity over speculation. |
| Jan 9 2025 | 2024 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, gold, infrastructure, Japan, Mega Cap, technology, Trump, US | - | TEAM maintains overweight US mega-cap technology exposure benefiting from Trump policies and AI productivity gains. Barbell approach balances core US positions with ex-US satellites. Magnificent 7 delivered 67% returns comprising 38% of S&P 500. Gold provides portfolio insurance against dollar debasement while Japan buybacks surge to record levels. |
| Oct 9 2024 | 2024 Q3 | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS.AX, EDV.AX, EGLE, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | Banking, commodities, Copper, cyclicals, Europe, gold, Macau, value | - | PM Capital's Global Companies Fund rose 10% in September, outperforming through disciplined exposure to undervalued cyclical sectors. Strong performance from commodity holdings, particularly copper and gold miners, European banks, and Macau gaming stocks drove returns. The fund maintains contrarian positioning in areas with valuation support while reducing exposure after realising gains in several holdings where investment theses were fulfilled. |
| Jul 11 2024 | 2024 Q2 | 2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK, WYNN | Banking, commodities, Copper, European Union, gaming, gold, Onshoring |
LLOY.L CABK.MC INGA.AS BIRG.I SIE.DE FCX NEM AIBG.I |
PM Capital delivered 8.1% quarterly returns driven by European banks and commodities themes. European banks remain significantly undervalued versus peers while benefiting from rising infrastructure spending. Commodities benefit from supply constraints and geopolitical dynamics. The fund opportunistically increased exposure during April weakness, adding quality names at attractive valuations while maintaining disciplined long-term focus. |
| Apr 8 2024 | 2024 Q1 | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, FDV.AX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | banks, Copper, defense, Europe, global, infrastructure, tariffs, valuation | - | PM Capital delivered strong Q1 returns by positioning in undervalued European banks and industrials that benefited from accelerated infrastructure spending driven by US tariff policies. While copper holdings faced mixed results and consumer discretionary struggled, the fund's disciplined value approach of avoiding overvalued US assets while favoring European opportunities proved successful amid market volatility. |
| Jan 15 2024 | 2023 Q4 | AAPL, GOOGL, META | Balance Sheet, Developed Markets, global, small caps, value | - | Diranko Capital targets small-cap equities in developed markets outside the US, seeking companies with strong balance sheets where business quality is underappreciated. After strong Q2 performance recovering Q1 losses, the manager remains cautious about future market conditions as 15-year macroeconomic tailwinds reverse, focusing on asymmetric opportunities larger funds cannot access. |
| Oct 9 2023 | 2023 Q3 | AAPL, GOOGL, NVDA, TSLA | Buybacks, emerging markets, gold, growth, liquidity, small caps, technology | - | U.S. equities surged 7.8% in Q3 driven by exceptional liquidity conditions and growth sector leadership, with mega-cap concentration hitting records. Emerging markets outperformed led by China and gold's massive rally. However, stretched valuations at 2021 lows and macro uncertainties from trade policy pose risks despite strong momentum heading into year-end. |
| Apr 17 2023 | 2023 Q1 | - | AI, emerging markets, fixed income, global, growth, Markets, rates, Trade Policy | - | Global markets surged in Q3 2025 on AI optimism and Fed rate cuts, with US indices posting best quarter since 2020. Emerging markets outperformed on improved China relations. Despite elevated valuations and trade policy uncertainties, the outlook remains constructive supported by continued earnings growth and accommodative monetary policy. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilOil prices surged 83% during Q1 due to the closure of the Strait of Hormuz following Operation Epic Fury. Brent crude broke through $100 and peaked near $128. The manager maintains direct exposure to oil prices as an effective buffer against re-escalation risks. |
Brent WTI Energy Crisis Strait of Hormuz Geopolitical |
GoldGold initially rallied to all-time highs but lost momentum amid the conflict. Despite the pullback, the manager sees strengthening fundamentals including central bank diversification away from US Treasuries and structural dollar weakness. Gold's share of central bank reserves has approached 30%. |
Central Banks Dollar Weakness Safe Haven ETF | |
InflationEnergy price surge triggered unprecedented swing in rate expectations. Eurozone inflation jumped to 2.5% in March. The manager expects higher-for-longer inflation due to energy infrastructure damage and supply disruptions that will persist even after conflict resolution. |
Energy Prices Central Banks Rate Expectations Supply Chain | |
RatesInterest rate expectations shifted dramatically with markets now pricing 2-3 ECB hikes versus 50% chance of cuts at February end. European government bond yields climbed to 15-year highs. The manager favors ultra short government bonds given uncertainty. |
ECB Fed BOE Yield Curve Government Bonds | |
GeopoliticalOperation Epic Fury against Iran created fog of war conditions disrupting global markets. The conflict threatens to unravel decades of Middle East diplomatic progress and will likely cause regional powers to reassess US alliances and diversify security arrangements. |
Middle East Iran Trump Security Alliances | |
Soft CommoditiesThe manager enters Q2 with direct exposure to soft commodity prices including soybean, corn, cotton, wheat, and sugar. These positions complement energy exposure as real assets become more attractive amid global demand and supply shortages. |
Agriculture Supply Shortage Real Assets Food Security | |
| 2025 Q4 |
International ValueNon-US equities saw resurgence in performance despite continued valuation gap with US markets. The gap between US and non-US equity valuations remains significant and should serve the funds well given their non-US-centric positioning. |
International Valuation Non-US |
PharmaceuticalsHealth care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Companies like Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady earnings, and durable business models that generate cash through various economic conditions. |
Healthcare Biotechnology Drug Approvals | |
Currency HedgingUS dollar weakened against major currencies for much of the year, diluting returns for hedged funds while boosting unhedged funds. Dollar regained strength in Q4 against Japanese Yen, Korean Won, British Pound, and Euro. |
Currency Hedging Dollar | |
Defense SpendingDefense-related holdings like BAE Systems and Rheinmetall fell back in Q4 after being standout performers. While these businesses benefit from secular growth in defense spending globally, share prices have moved ahead of fundamentals, leading to position trimming. |
Defense Military Secular Growth | |
Artificial IntelligenceMarket enthusiasm attributed to excitement around AI's ability to dramatically impact productivity, similar to internet emergence in mid-1990s. However, managers note that even profound technological revolutions aren't one-way streets to prosperity. |
AI Technology Productivity | |
ValuationHigh, if not excessive, valuations across most asset categories, particularly US equities. Market exuberance has led to worrisome signs, with managers noting that FOMO will likely be replaced by fear of permanent capital loss at some point. |
Valuation Excessive Market Exuberance | |
| 2025 Q3 |
AIAI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with 56% revenue growth and demand for Blackwell chips described as extraordinary. The AI capex mania has added 15 trillion dollars to S&P 500 market cap since April, with AI-related companies driving 75% of total index returns since ChatGPT launch. |
Artificial Intelligence Nvidia Data Centers Semiconductors Technology |
GoldPhysical gold delivered over 19% returns in the quarter, touching new all-time highs across major currencies. Central banks have been the marginal buyer, accumulating record amounts since 2022. The team views gold as essential portfolio insurance against long-term dollar debasement and mounting government deficits. |
Gold Central Banks Dollar Debasement Portfolio Insurance Precious Metals | |
SilverSilver returned over 30% in the quarter, with the team introducing physical silver exposure due to chronic supply deficits for the next 5 years and increasing industrial demand from data centers, EVs, and solar sectors. Silver trades at substantial discount to gold while offering similar portfolio benefits. |
Silver Supply Deficit Industrial Demand Data Centers Solar | |
ChinaChinese equities broke out to decade-plus highs with Shanghai Index returning 15.7%. The team prefers Chinese internet companies trading at 65% discount to American counterparts. China's growing competitiveness in high-tech sectors including EVs, batteries, robots and automation is underappreciated by markets. |
China Internet Technology Valuation Discount High-tech | |
RatesFederal Reserve delivered a 25 basis point rate cut described as risk management to forestall labor market weakness. Money markets are pricing two more cuts this year despite upside inflation risks from tariffs. The team remains skeptical about pricing of longer-term rates given fiscal sustainability concerns. |
Federal Reserve Interest Rates Monetary Policy Inflation Fiscal Policy | |
| 2024 Q4 |
AIAmerican productivity is set to surge higher driven by Artificial Intelligence capabilities. Companies are making good on impressive revenue and margin growth despite the need for meaningful consumer applications to justify extraordinary semiconductor chip investments. |
Artificial Intelligence Productivity Semiconductors Technology Revenue Growth |
Infrastructure SpendingThe American Society of Civil Engineers assigned a C- grade to US infrastructure, highlighting chronic need for major investment. Markets anticipate President-elect Trump will acknowledge this, providing earnings visibility for companies exposed to this theme. |
Infrastructure Government Spending Investment Gap Trump Earnings Visibility | |
GoldPhysical gold remains essential portfolio insurance in the context of long-term dollar debasement. Gold has outlasted every stock market in history and continues to shine with new all-time highs across major currencies. |
Gold Portfolio Insurance Dollar Debasement All-time Highs Central Bank Buying | |
BuybacksJapan's corporate governance revolution is driving enhanced returns through rising dividends, share buybacks and improved return on equity. Share buybacks continue to surge, rising to a record ¥15 trillion this fiscal year. |
Share Buybacks Corporate Governance Japan Return on Equity Dividends | |
| 2024 Q3 |
CopperPortfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals. |
Copper Mining Supply Deficit Grasberg |
GoldGold positions benefited from 17% rise in gold price to all-time high of US$3,873. Newmont gained 45% over the period while Northern Star rallied 26% since purchase. Despite gold trading at record levels, investor ownership of gold equities remains low, with valuations still attractive and capital returns competitive relative to broader market. |
Gold Miners Valuation Record Ownership | |
BankingEuropean bank positions delivered strong results as steeper yield curve and growing confidence in increased infrastructure and defence spending supported continued re-rating. Caixabank rose 22% yet still trades below 11 times earnings, with plans for €12bn of shareholder returns over 2025-27 equivalent to roughly 20% of market capitalisation. |
Banking Europe Yield Returns Infrastructure | |
CasinosImproved visitation in Macau supported portfolio returns, with Wynn Resorts, Sands China and MGM China all up more than 30% including dividends. Industry-wide entertainment and leisure revenue growth has accelerated through the year, driving renewed investor optimism following period of weak sentiment earlier in 2025. |
Macau Gaming Recovery Visitation Revenue | |
| 2024 Q2 |
European UnionEuropean banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defense spending in Europe will stimulate industrial activity and credit demand. European banks are the largest theme in the global strategy with holdings in Lloyds, CaixaBank, ING Groep, and Bank of Ireland trading at lower valuation multiples. |
Banking Infrastructure Defense Valuation Credit |
CopperUnderinvestment in resource projects will constrain commodity supply, supporting higher metal prices. President Trump is using commodities as bargaining chips for trade concessions. Copper is a key commodity in electric vehicles and benefits from the transition to renewables. |
Mining Electric Vehicles Supply Trade Renewables | |
GoldGold rallied amid increased geopolitical tensions and US tariff-policy fallout. Physical gold prices remain elevated reflecting ongoing demand from central banks and investors seeking stability amid persistent economic uncertainty. Newmont's stock has begun catching up to gold prices. |
Geopolitical Central Banks Safe Haven Uncertainty Mining | |
OnshoringThe COVID-19 pandemic encouraged multinationals to increase manufacturing at home to reduce global supply chain risks. President Trump wants more manufacturing to return to the US and his use of tariffs could accelerate global reshoring as companies increase local production to avoid import tariffs. |
Manufacturing Supply Chain Tariffs Trade Policy Automation | |
GamingGaming positions provided positive contributions with MGM China rising 23% and Wynn Resorts gaining 12%. The sector rebounded in June driven by improved Macau gaming data and tourism recovery. Sands China trades at historically low earnings multiples. |
Macau Tourism Recovery Valuation China | |
| 2024 Q1 |
Trade PolicyTariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending. |
Tariffs Protectionism Trade Policy Uncertainty |
Infrastructure SpendingEurope, especially Germany, is significantly increasing capital spending across infrastructure and defense in response to US tariff policies. This increased focus on infrastructure and defense spending should lead to higher economic activity and benefit holdings in European banks and industrial companies. |
Infrastructure Defense Capital Spending Europe Investment | |
CopperPresident Trump signed an executive order investigating copper imports for national security implications and potential tariffs. This triggered a widening spread between Comex and LME copper futures, with Comex trading at a 15% premium. Tariffs could lead to structurally higher US copper prices given domestic supply constraints. |
Copper Comex LME Tariffs Supply | |
European BanksEuropean banks performed exceptionally well with the European Bank Index rising 28% over the quarter. The investment thesis continues to play out with normalization of interest rates, market consolidation, and double-digit shareholder returns. Economic and lending growth are coming back into focus, making valuations harder to ignore. |
Banks Europe Consolidation Returns Valuation | |
| 2023 Q4 |
Small CapsManager focuses exclusively on small-cap equities in developed markets outside the US, believing this provides an edge through analyzing illiquid opportunities that larger funds cannot consider. Over 90% of publicly listed businesses have market caps under $1 billion, creating a vast opportunity set. |
Small Cap Illiquid Developed Markets Mispricing |
ValueStrategy centers on identifying companies with tangible downside protection via balance sheets where the underlying business is underappreciated. Seeks asymmetric upside when true earnings power becomes evident over a three-year horizon, exiting when valuation discrepancies close. |
Balance Sheet Asymmetric Mispricing Undervalued | |
| 2023 Q3 |
LiquidityStrong underlying demand and robust liquidity supported equity resilience despite seasonal headwinds. Robust ETF inflows, near-record corporate buybacks, and limited selling pressure created Volume Demand exceeding Volume Supply by one of the widest margins since 2021. |
ETF Inflows Buybacks Volume Demand Supply |
GrowthGrowth sectors led Q3 gains with Technology, Communication Services, and Consumer Discretionary strongest. Large-cap growth gained 11.1% and continued to lead year-to-date with strong earnings momentum. Growth factors such as earnings and sales momentum outperformed throughout the quarter. |
Technology Earnings Momentum Large Cap Performance | |
GoldMetals and Mining led all industries with Gold posting a 127% surge, while Steel and Copper also posted strong advances. Gold was among the leaders in emerging markets gains during the quarter. |
Metals Mining Surge Commodities Performance | |
| 2023 Q1 |
AIContinued enthusiasm for AI drove strong performance in growth stocks and technology sectors. AI-related themes fueled investor appetite and contributed to the best third quarter performance since 2020 for major US indices. |
Technology Growth Innovation Semiconductors Software |
RatesCentral bank rate decisions shaped market dynamics with the Fed cutting rates by 25 basis points in September while the ECB held steady and the Bank of England implemented its first cut since 2020. Mixed performance in government bond markets reflected varying monetary policy approaches. |
Federal Reserve Monetary Policy Bonds Yields Easing | |
Trade PolicyTrade tensions eased during the quarter as negotiations progressed, supporting rotation into international and emerging market assets. However, fresh tariff threats from President Trump on China over rare earth export controls introduced renewed uncertainty. |
Tariffs China Negotiations Emerging Markets Geopolitics |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | BIRG.I | Bank of Ireland | Financials | Banks | Bull | Irish Stock Exchange | Credit Growth, European banks, financials, Geographic Diversification, Ireland, operating leverage, Value, yield curve | Login |
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | INGA.AS | ING Groep | Financials | Banks | Bull | Euronext Amsterdam | Credit Growth, digital banking, Diversified Banking, European banks, financials, Netherlands, Value, yield curve | Login |
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | LLOY.L | Lloyds Banking Group | Financials | Banks | Bull | London Stock Exchange | Credit Growth, Defense spending, European banks, financials, infrastructure spending, low valuation, Value, yield curve | Login |
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | SIE.DE | Siemens AG | Industrials | Industrial Conglomerates | Bull | Frankfurt Stock Exchange | Digitization, Factory Automation, Germany, Industrial technology, manufacturing, Reshoring, supply chain, Trade War | Login |
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | FCX | Freeport-McMoRan Inc | Materials | Copper | Bull | New York Stock Exchange | Commodity Warfare, Copper, Electric Vehicles, geopolitical, Mining, renewable energy, supply constraints, US Assets | Login |
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | CABK.MC | CaixaBank | Financials | Banks | Bull | Madrid Stock Exchange | Credit Growth, European banks, financials, infrastructure spending, market leader, Spain, Value, yield curve | Login |
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | NEM | Newmont Corporation | Materials | Gold | Bull | New York Stock Exchange | central banks, geopolitical tensions, gold mining, Iran-Israel Conflict, Monetary Uncertainty, Safe Haven, Value Disconnect | Login |
| Jun 30, 2025 | Fund Letters | TEAM Asset Management | AIBG.I | AIB Group | Financials | Banks | Bull | Irish Stock Exchange | buyback, capital allocation, European banks, Financial Crisis Recovery, Government Exit, Irish Banks, Privatization | Login |
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