| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Titan Wealth's multi-manager strategies delivered strong first-half returns, with growth-oriented portfolios significantly outperforming peers as the portfolio restructuring conducted over the past two years bears fruit. The quarter was dominated by AI investment, with technology returning 33% and semiconductors up 57.5%, driven by continued capital expenditure in data centres, memory, and infrastructure. Emerging markets outperformed developed markets by 10 percentage points, led by Taiwan and South Korea. The manager maintains concentrated exposure to AI through holdings including Polar Capital Artificial Intelligence, which returned 45.2%, alongside semiconductor leaders TSMC, ASML, and KLA. Energy transition was the best-performing theme, with Polar Smart Energy up 48.6% on infrastructure demand. The manager has recently reintroduced healthcare to diversify AI concentration risk while maintaining conviction in structural themes. Key risks include elevated valuations in AI-related sectors, potential for cyclical earnings extrapolation, and sticky inflation. The manager expects markets to grind higher supported by robust earnings but with periodic volatility, planning for a world where growth remains well supported and risks tilt toward inflation rather than recession.
Long-term structural themes including AI, energy transition, infrastructure spending, and emerging market technology leadership will drive returns over the next decade despite near-term volatility and concentration risk.
Manager expects markets to grind higher, supported by robust corporate earnings, but with periods of volatility and frequent changes in market leadership. The global economy has held up remarkably well against a series of shocks, and this resilience is viewed as another feature of the post-Covid regime. Markets are likely to remain supported by structural investment in infrastructure, leaving the manager planning for a world in which growth remains well supported and the balance of risks is tilted more towards inflation than recession. The structural drivers behind AI, resource scarcity and energy transition remain firmly intact and continue to underpin the portfolio's core positioning.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | ASML, CRWD, IFX.DE, KLAC, NFLX, PLTR, TSM | AI, defense, emerging markets, Energy Transition, inflation, infrastructure, semiconductors, technology | KLAC | Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. |
| Apr 17 2026 | 2026 Q1 | ACN, ADBE, AEM, AMD, BKR, CCJ, GLEN.L, LLY, MELI, META, MOS, MSFT, ORCL, PAAS, PLTR, RELX.L, RWE.DE, UL, XOM | AI, energy, geopolitics, infrastructure, Iran, Multi-Manager, Regional | RWE.DE | Iran conflict drove Q1 volatility but Titan's regional portfolio restructuring delivered outperformance. Energy and infrastructure holdings led gains while AI positions faced selective pressure. Oil above $100 reignited inflation fears, but portfolios proved resilient through diversification changes. Key question ahead is conflict duration - resolution supports stability while prolongation risks further inflation pressure. |
| Jan 18 2026 | 2025 Q4 | ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE | AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology | - | Titan Wealth outperformed peers in 2025 through disciplined global diversification and AI-focused positioning. The firm views artificial intelligence as foundational economic transformation, not just sector exposure. Portfolio balances technology growth themes with defensive positioning in defense, gold, and geographic diversification. Despite acknowledging geopolitical risks and inflation concerns, management remains optimistic about innovation-driven market opportunities in 2026. |
| Oct 24 2025 | 2025 Q3 | AAPL, ALB, AU, CRWD, GIVN.SW, GOOGL, HLN.L, HON, IBKR, IFF, JPM, LHX, MELI, MSFT, NFLX, NVDA, ORCL, PFE, SFM, SQM | AI, Asia, cybersecurity, defense, emerging markets, Global Equities, infrastructure, technology | - | Titan Wealth's Q3 outperformance reflects successful thematic positioning in AI infrastructure, emerging markets recovery, and global infrastructure spending. The broadening rally beyond US tech, led by China's rebound and defense sector strength, validates their globally diversified approach. With Fed rate cuts supporting markets and structural trends intact, they remain optimistic about navigating evolving market dynamics through thematic investing. |
| Jul 16 2025 | 2025 Q2 | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | - | Titan Wealth navigated Q2 2025 volatility by capitalizing on AI infrastructure demand, NATO defense spending increases, and industrial automation themes while reducing healthcare exposure amid political pressures. Strong technology and industrials performance offset tariff-related headwinds. Strategic repositioning toward undervalued European and emerging markets provides balanced exposure to structural growth opportunities in an evolving geopolitical landscape. |
| Apr 17 2025 | 2025 Q1 | AAPL, ADBE, AMD, AMZN, AVGO, BIO, BMW.DE, EBAY, EL, EOAN.DE, ETSY, HEIA.AS, JPM, LLY, MT, NKE, NVDA, RWE.DE, STLA, V | AI, ETFs, Europe, infrastructure, tariffs, technology, Utilities | - | Ravenscroft adapts to market structure changes from passive investing dominance while maintaining long-term thematic conviction. Q1 volatility from Trump tariffs prompted strategic repositioning toward defensive infrastructure and away from tariff-exposed consumer names. Added passive equity exposure and reduced position sizes to manage concentration risk. Technology themes face near-term uncertainty but remain core to strategy. |
| Jan 23 2025 | 2024 Q4 | 1211.HK, AMZN, ASML, DIS, EL, EW, FDX, HON, LLY, MSFT, NFLX, NVDA, NVO, TSLA, UNH, V | AI, Energy Transition, healthcare, infrastructure, interest rates, portfolios, technology, Trump | - | Titan Wealth navigates post-acquisition transition while adapting portfolios to Trump policy expectations. Technology and AI drove Q4 gains while energy transition struggled. Strategic shifts include exiting renewable energy exposure and restructuring healthcare allocation. Despite market concentration risks, firm remains optimistic for 2025 with attractive valuations and supportive macro environment favoring equities. |
| Oct 18 2024 | 2024 Q3 | 1972.HK, 300750.SZ, 3690.HK, ABNB, BIO, BMW.DE, CRM, DEO, DIS, EBAY, EL, EW, GOOGL, HEIA.AS, HLN.L, LVMH.PA, MA, META, MSFT, NFLX, NVDA, ORCL, PYPL, SNY, STLA, TMO, UL | emerging markets, global, healthcare, income, Multi-Manager, Rate Cuts, technology | - | Ravenscroft's Q3 results reflected major market rotation as tech peaked and emerging markets rebounded on Chinese stimulus. Fed rate cuts drove income asset outperformance while healthcare and environmental solutions gained. Strategic fund changes included adding Brown Advisory and Guinness while selling GuardCap. Outlook remains constructive on rate cuts and stimulus despite geopolitical risks. |
| Jul 19 2024 | 2024 Q2 | 000660.KS, 005930.KS, 0700.HK, AAPL, ADBE, ALNY, DIS, EL, FSLR, NFLX, NKE, NVDA, ORCL, TSM | AI, emerging markets, Energy Transition, Global Equity, healthcare, infrastructure, Multi-Manager, technology | - | Ravenscroft maintains disciplined thematic investing approach despite Q2 underperformance from avoiding mega-cap concentration. Repositioned emerging market exposure while adding AI and energy transition themes. Expects market breadth to improve as central banks cut rates and economies achieve soft landing. Views current imbalances as unsustainable and sees attractive long-term opportunities in diversified quality growth strategies. |
| Apr 24 2024 | 2024 Q1 | AAPL, ABNB, ADBE, ALNY, BMW.DE, DBX, DIS, EBAY, ETSY, EW, GOOGL, GSK, META, MSFT, NFLX, NKE, ORCL, STLA, TSLA, V | diversification, emerging markets, healthcare, inflation, Multi-Asset, rates, technology | - | Titan Wealth maintains a constructive outlook for 2024 as market performance broadened beyond mega-cap technology stocks. Their thematic investment approach delivered solid Q1 returns, though emerging markets lagged. The firm expects central bank rate cuts to support both bonds and equities while conducting portfolio reviews to optimize exposure to long-term structural themes including AI, healthcare innovation, and emerging market consumption. |
| Jan 18 2024 | 2023 Q4 | EBAY, EL, HEIA.AS, META, NKE, NVDA, ORCL, PTC, SNY | AI, Energy Transition, global, inflation, interest rates, Multi-Asset, technology, thematic | - | Ravenscroft navigated a volatile 2023 by maintaining thematic focus on AI, energy transition, and technology while adapting portfolio construction for peak interest rates. Despite underperforming the Magnificent Seven rally, the firm's long-term approach and increased diversification position portfolios for expected 2024 recovery as inflation moderates and central banks pivot to rate cuts. |
| Oct 16 2023 | 2023 Q3 | AMZN, BMW.DE, BRKR, ILMN, REGN, STLA | Central Banks, Energy Transition, fixed income, Global Equities, inflation, Multi-Asset, Portfolio Management | - | Ravenscroft navigates macro uncertainty with diversified positioning across inflation scenarios, maintaining conviction in long-term themes like energy transition and AI despite near-term volatility. Active portfolio management includes tactical bond allocation increases and disciplined stock selection. The firm sees attractive bond valuations and expects improving conditions as inflation falls and monetary policy becomes supportive. |
| Jul 14 2023 | 2023 Q2 | ABNB, AMZN, BIO, BMW.DE, DBX, DIS, ETSY, ILMN, MSFT, NVDA, ORCL, REGN | AI, Energy Transition, global, inflation, Multi-Asset, technology, value | - | Ravenscroft positions for a new investment cycle beyond post-2008 easy money policies. While AI themes like Microsoft and Nvidia drove strong performance, persistent inflation and hawkish central banks create volatility. The firm balances defensive positioning through high-yield bonds and cash with growth exposure to technology, healthcare, and energy transition themes, maintaining conviction in long-term thematic investing despite near-term uncertainty. |
| Apr 20 2023 | 2023 Q1 | BMW.DE, JNJ, LVMH.PA, ORCL, PTC, RHHBY | AI, Banking, demographics, Energy Transition, geopolitics, healthcare, inflation, technology | - | Ravenscroft navigates Four Forces of Change - geopolitics, demographics, inequality, climate - driving market volatility and inflation. Portfolio adapted with focused AI investment replacing broad technology exposure, increased bond duration, and energy transition themes. Banking crisis contained but highlights rate pressure. Maintains core healthcare, technology, consumption themes while positioning for more inflationary environment ahead. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI investment continues to dominate markets with technology companies committing billions to expand computing capacity. The AI buildout has driven exceptional returns in semiconductors, memory, and infrastructure, with the sector up 57.5% in Q2. Manager maintains concentrated exposure through Polar Capital Artificial Intelligence and other AI-focused holdings, viewing this as a multi-year structural theme despite acknowledging elevated valuations and concentration risk. |
Semiconductors Data Centers Infrastructure Memory Computing |
SemiconductorsSemiconductor cycle has accelerated with memory and AI infrastructure bottlenecks driving exceptional performance. Taiwan and South Korea markets posted strong gains on the back of the AI and memory-chip cycle. Manager holds TSMC, ASML, KLA, and Infineon, benefiting from their positions in advanced manufacturing, lithography, process control, and power management. Rising chip complexity increases process control intensity per wafer. |
Memory Foundries Equipment Taiwan Korea | |
Emerging MarketsEmerging markets outperformed developed markets significantly, returning 24% in Q2 versus 14% for developed markets. Leadership came from Taiwan and South Korea, driven by companies central to the AI buildout and semiconductor supply chain. Manager has increased allocation to emerging markets through dedicated regional positions and maintains exposure through Aubrey Global Emerging Markets Opportunities and Pacific EM Equity Income Opportunities. |
Taiwan Korea Technology Outperformance | |
Energy TransitionEnergy transition was the best-performing theme in the portfolio this quarter. Polar Smart Energy returned 48.6%, benefiting from exposure to physical infrastructure needed to power an increasingly electrified, AI-driven economy including grid components, power electronics, and the capital expenditure cycle behind data centre growth. Manager views this as a structural investment theme alongside AI and resource scarcity. |
Grid Electrification Infrastructure Power | |
Infrastructure SpendingInfrastructure investment remains well supported by structural spending on trade infrastructure in the east, data centres in the west, defence, and energy transition. Industrials sector gained 12% over the quarter, with companies involved in data centres, power infrastructure, and automation equipment benefiting. Manager maintains exposure through KBI Sustainable Infrastructure and Atlas Infrastructure, viewing this as a multi-year capital cycle. |
Data Centers Defense Capital Spending Automation | |
Defense SpendingGeopolitical tensions in the Middle East contributed to stronger performance across aerospace and defence businesses during the quarter. Manager maintains exposure to defence technology as one of four structural trends shaping the investment environment, alongside growing geopolitical competition between the US and China. Defence represents a meaningful portion of the industrials sector allocation. |
Geopolitics Aerospace Middle East | |
InflationManager characterizes the post-Covid regime as one of higher interest rates and more persistent inflation. Oil prices briefly spiked as tensions in the Middle East escalated, driving inflation concerns, though they gradually declined as the conflict de-escalated. Manager plans for a world in which the balance of risks is tilted more towards inflation than recession, with structural investment supporting growth. |
Oil Rates Regime Change | |
CybersecurityCrowdStrike was the largest contributor in the Global Blue Chip portfolio as confidence returned to the AI-enabled cybersecurity thesis. Manager views cybersecurity as part of the broader technology and innovation theme, though it represents a smaller allocation compared to semiconductors and AI infrastructure. |
AI-enabled Security | |
| 2026 Q1 |
EnergyEnergy sits at the center of market movements following US military action against Iran. Oil prices surged above $100/barrel for the first time in four years, with the Strait of Hormuz disruption affecting global shipping. Energy companies like Exxon Mobil and Glencore were major portfolio contributors as markets repositioned for potential energy shock. |
Oil Natural Gas Energy Security Geopolitics Inflation |
AIAI infrastructure spending continues to attract capital, driving demand for data centers and power infrastructure. However, traditional software companies face disruption fears from AI-native tools. The portfolio maintains exposure through Polar Artificial Intelligence and benefits from AI-driven electricity demand through utilities and infrastructure holdings. |
Data Centers Cloud Semiconductors Software Infrastructure | |
InfrastructureInfrastructure investments performed strongly, benefiting from increased focus on energy security and AI-driven power demand. KBI Infrastructure and Atlas Infrastructure delivered double-digit returns. The portfolio's infrastructure exposure spans utilities, renewables, and data center infrastructure, positioning for structural growth in power demand. |
Utilities Power Data Centers Energy Transition Grid | |
GoldGold reached record highs in late January before selling off sharply through March. The correction was swift and deep after an extraordinary run, with profit-taking and multiple market forces causing non-linear behavior. Gold miners like Agnico Eagle still posted strong quarterly returns despite the correction. |
Gold Miners Currency Inflation Safe Haven | |
GeopoliticsThe US-Iran conflict represents a Black Swan event that shifted market focus abruptly. Geopolitics, energy security, and economic policy are becoming more closely intertwined. The portfolio has been repositioned to better navigate this more complex environment with increased regional diversification and reduced US dollar exposure. |
Iran Trade Policy Sanctions Defense Risk | |
| 2025 Q4 |
Small CapsThe fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio. |
Microcap Small Cap Concentration |
ValueManager emphasizes finding great ideas at reasonable prices and waiting for compelling opportunities rather than deploying into mediocre ideas. Sold Bel Fuse after three years but would buy again at more reasonable prices. |
Value Investing Price Discipline Patience | |
| 2025 Q3 |
AIAI continues to dominate headlines and balance sheets, driving productivity gains and entirely new business models. The sector has grown faster than expected, with AI-driven infrastructure stocks leading performance. Oracle announced a $300bn order from OpenAI for compute capacity, while Nvidia unveiled major collaborations worth $100bn. |
Artificial Intelligence Infrastructure Productivity Business Models Technology |
Infrastructure SpendingInfrastructure spending is quietly becoming a major global economic engine, particularly in Asia where governments are pouring money into infrastructure, energy and connectivity. Germany has committed €500 billion over 12 years, with similar patterns globally creating demand for commodities like copper, lithium and steel. |
Government Spending Asia Connectivity Economic Engine Global | |
Emerging marketsEmerging markets have shown swagger in recent months, with the MSCI EM index gaining 12.6% in Q3. China rebounded sharply with 22.9% gains, marking a welcome narrative shift from US-centric markets. The region benefits from infrastructure spending and represents early innings of pronounced outperformance. |
China Outperformance Rebound Narrative Shift Asia | |
CybersecurityCybersecurity is no longer optional but a foundational requirement for modern economies. Global cybersecurity spending is forecast to rise in high single to double digits annually as enterprises recognize existential stakes. CrowdStrike leads with 18% market share and cloud-native Falcon platform expanding into 20+ modules. |
Foundational Spending Growth Existential Cloud Native Market Leadership | |
Defense SpendingDefense stocks advanced after reports of Russian military violations of NATO airspace over Poland, Sweden and Estonia. These incidents heightened regional security alerts and reinforced expectations of sustained European defense spending, particularly in missile systems, surveillance and electronic warfare. |
NATO European Security Missile Systems Electronic Warfare | |
| 2025 Q2 |
AITechnology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. |
Semiconductors Infrastructure Hardware Cloud Data Centers |
Defense SpendingNATO's decision to increase annual defense spending to 5% of GDP and establish a 2035 rearmament pledge created opportunities in defense-linked industries. The fund added multiple defense holdings including Raytheon, BAE Systems, Kongsberg Gruppen, and CrowdStrike, targeting modern deterrence capabilities, cyber infrastructure, and space-based intelligence systems. |
NATO Rearmament Cybersecurity Space Deterrence | |
LogisticsThe Regnan Global Mobility and Logistics fund targets the global value chain of movement and transportation, investing across eight sub-themes from manufacturers to freight delivery. Global trade route recalibration and regional supply chain rebuilding present attractive opportunities as logistics capacity tightens amid years of underinvestment. |
Supply Chain Transportation Infrastructure Freight Mobility | |
Trade PolicyPresident Trump's Liberation Day announcement introduced sweeping import tariffs on trade-deficit nations, with baseline 10% tariffs and additional reciprocal tariffs ranging 11-50%. Markets reacted sharply to fears of retaliatory measures and trade breakdown, though the administration later softened its stance by suspending reciprocal tariffs for 90 days. |
Tariffs Protectionism China Trade War Sanctions | |
OnshoringIndustrial automation and reshoring themes drove strong performance in companies like Atlas Copco, Siemens, and Caterpillar. The strategy positioned for fiscal-driven growth and European reindustrialization, with automation-related stocks like Rockwell Automation and Honeywell contributing meaningfully to returns. |
Automation Manufacturing Industrial Reshoring Europe | |
| 2025 Q1 |
ETFsThe ongoing rise of Exchange Traded Funds has significantly altered equity market structure, with the top 10 companies now accounting for around 20% of the MSCI World Index. This dominance is driven by passive investment flows, creating both challenges and opportunities for active managers. |
Passive Indexation Flows Concentration |
AITechnology stocks experienced volatility following the emergence of DeepSeek's R-1 product, which questioned corporate AI spending outlook. Despite initial optimism from Trump's Stargate project announcement, uncertainty around AI adoption and revenue acceleration persisted. |
DeepSeek Stargate Technology Spending | |
Trade PolicyTrump's tariff announcements dominated market movements throughout the quarter, creating uncertainty around future profitability and trade relationships. Markets experienced significant volatility as investors awaited Liberation Day when America would inflict trade tariffs on global trading partners. |
Tariffs Trump Liberation Day Geopolitical | |
InfrastructureInfrastructure investments offer predictable cash flows due to essential services, structural growth drivers, and pricing power. The strategy focuses on high-quality infrastructure assets with monopoly-like characteristics and inflation protection through regulatory or contractual structures. |
Utilities Airports Railways Inflation Protection | |
Energy TransitionThe firm maintains conviction in energy transition themes despite market volatility. German utility companies RWE and E.ON were added as relatively defensive positions that align with government climate policies and provide positive exposure to energy transition trends. |
Utilities Climate Policy Renewables Germany | |
| 2024 Q4 |
AIAI-driven assets emerged as top performers with significant holdings in Nvidia and Amazon. Portfolio includes companies positioned to benefit from AI infrastructure expansion while avoiding lofty valuations of the Magnificent 7. |
Artificial Intelligence Technology Infrastructure Semiconductors Data Centers |
HealthcareHealthcare sector faced rotation pressure and RFK Jr nomination concerns but remains a core long-term growth opportunity. Strategy shifted to blended exposure via AB International Healthcare and Polar Biotechnology for better subsector control. |
Biotechnology Pharmaceuticals Medical Devices Innovation Demographics | |
Energy TransitionEnergy transition funds struggled due to policy reversals on renewable energy and pricing considerations. After careful deliberation, exited sector exposure due to uncertain medium-term outlook for both traditional energy and renewables. |
Renewables Clean Energy Policy Infrastructure Sustainability | |
InfrastructureGrowing global population placing increasing pressure on infrastructure including electricity systems, water supplies and energy storage. Introduced Atlas Global Infrastructure and Regnan Mobility and Logistics funds to capture these opportunities. |
Infrastructure Utilities Transportation Logistics Demographics | |
| 2024 Q3 |
Emerging marketsLong-term theme of emerging global middle class remains intact despite recent underperformance. Emerging economies outpacing developed world on output-per capita basis with faster earnings expansion, better margins, less debt, and cheaper valuations. Chinese stimulus measures helping lift emerging market positions. |
China Consumer Valuations Demographics Stimulus |
Energy TransitionEnvironmental solutions exposure contributed positively with EV and energy transition businesses rebounding. CATL posted 35% gains in September as a global leader in EV and energy-storage battery manufacturing. Structural growth opportunity supported by R&D focus and scale advantage. |
EV Batteries Clean Energy Storage Innovation | |
HealthcareHealthcare remains key thematic allocation with strong investment case driven by demographics, rapid innovation, and changing healthcare services landscape. Public-private partnerships creating significant opportunities. Sector performed well during volatility with holdings outperforming collectively. |
Demographics Innovation Biotechnology Devices Services | |
TechnologyTechnology holdings experienced volatility as Magnificent 7 peaked in July before material correction. Oracle delivered strong performance after positive earnings and cloud presentation. Portfolio includes exposure to networking, cyber security, smart devices, and e-commerce themes. |
Cloud Innovation Software Semiconductors Growth | |
RatesFederal Reserve delivered first rate cut with jumbo 0.5% reduction based on inflation deceleration and unemployment concerns. Broad shift toward income-bearing assets as investors take cuts seriously. Rate cuts expected through 2025-2026 supporting economic activity. |
Fed Monetary Policy Income Duration Yields | |
| 2024 Q2 |
AIContinued enthusiasm for artificial intelligence helped technology maintain its lead as top performer. Companies involved in chips, cloud computing, and data centres saw strong demand with NVIDIA briefly becoming the most valuable company. AI is viewed as a multi-sector opportunity accessible through various portfolio holdings including renewable developers, power generation suppliers, and battery solutions companies. |
Data Centers Semiconductors Cloud NVIDIA Infrastructure |
Energy TransitionEnergy transition exposure has been volatile with cyclical pressures including ETF outflows, demand weakness and pricing pressure impacting key sectors. However, managers see positive signs with strong mid- to long-term growth outlook and attractive risk-reward. The soaring demand for electricity from data centres has resulted in defensive utilities being one of the best performing sectors since mid-April. |
Renewables Solar Wind Utilities Infrastructure | |
Emerging marketsEmerging markets enjoyed a positive quarter with technology and communication services performing strongly. The team reassessed EM exposure and made changes including adding Polar Asian Stars fund. Focus on growth opportunities across Asia with exposure to domestic consumption, innovation, and sectors like semiconductors and electric vehicle battery technology. |
Asia China India Technology Consumption | |
HealthcareHealthcare holdings experienced mixed performance with both the worst and best contributing holdings in the sector. Alnylam announced positive clinical trial results for ATTR amyloidosis treatment, sending shares up almost 60%. Bruker faced share price disappointment despite strong underlying performance, with shares now at their cheapest valuation in 10 years. |
Biotechnology Pharmaceuticals Clinical Trials Life Sciences Medical Devices | |
TechnologyTechnology was a bright spot during the quarter with Oracle, Adobe, and Netflix among top contributors. Oracle's full-year results showed strong order book growth driven by differentiated cloud infrastructure with outsized share from AI customers. The sector continues to be driven by a small number of very large stocks. |
Cloud Infrastructure Software Semiconductors Enterprise Software Innovation | |
| 2024 Q1 |
AITechnology sector performance driven by AI excitement continues to support markets. The combination of falling rates and excitement around AI's potential to boost long-term productivity growth and margins provides a powerful tailwind for equities. |
Artificial Intelligence Productivity Technology Innovation Margins |
Emerging marketsEmerging Markets and Southeast Asia exposure continues to lag despite good value in stocks. The firm conducted a comprehensive review of emerging market exposures, introducing new funds focused on wealth progression and innovation themes while reducing Chinese equity exposure. |
China Asia Consumer Innovation Value | |
Energy TransitionEnergy transition remains a challenging area though March brought some relief. Schroder Energy Transition recovered 6% in March as many key exposures had sharp share-price increases. The sector remains somewhat unloved but the long-term investment case stands. |
Renewable Energy Infrastructure Sustainability Clean Technology | |
HealthcareHealthcare has been a strong performer, rising 8.5% in GBP terms over the quarter. Small and mid-cap healthcare continued its rally from Q4 2023, with Polar Healthcare Discovery returning 12.1% in Q1. |
Biotechnology Medical Devices Pharmaceuticals Innovation | |
| 2023 Q4 |
AIAI is described as the 4th industrial revolution and the most important investment theme for coming years. The firm is working to identify second and third-round beneficiaries of the AI boom with modest valuations. They plan to increase exposure to technology and innovation themes embracing AI in early 2024. |
Artificial Intelligence Technology Innovation Semiconductors Software |
Energy TransitionThe renewables sector faced challenges in 2023 from higher interest rates and input costs, but showed recovery in Q4. The firm sees long-term structural growth opportunities with policy support and changing consumer behavior creating investment opportunities across the energy transition value chain. |
Renewables Solar Wind Climate Infrastructure | |
TechnologyTechnology remains a core long-term theme with the firm maintaining exposure through thematic equity funds. They focus on technology enabler companies that create value for shareholders rather than disruptors, believing this provides more sustainable returns over time. |
Software Hardware Innovation Digital Automation | |
| 2023 Q3 |
Energy TransitionThe firm discusses significant challenges in the renewable energy space, particularly offshore wind, with equipment manufacturers struggling with rising costs and quality issues. Despite near-term volatility, they maintain conviction that the energy transition remains on track over a 30-year timeframe, with underlying activity robust across the sustainable energy value chain. |
Offshore Wind Renewable Energy Sustainability Clean Energy Infrastructure |
InflationCentral banks continue to struggle with inflation forecasting accuracy, with the Fed and Bank of England moving from transient inflation views to higher for longer rhetoric. The firm adopts a strategy with exposure to both falling and rising inflation scenarios, acknowledging the uncertain macro environment. |
Central Banks Interest Rates Monetary Policy Economic Forecasting Fed Policy | |
AIThe firm added exposure to artificial intelligence through Sanlam Global Artificial Intelligence fund, viewing AI as likely the most important and rewarding theme for investors over the next 5 to 10 years. They acknowledge the concentration risk in mega-cap tech driving market returns. |
Artificial Intelligence Technology Innovation Growth Mega Cap | |
| 2023 Q2 |
AIAI has dominated markets this year with companies like Microsoft, Nvidia, and Oracle benefiting significantly. The firm sees AI as a transformative technology creating compelling investment opportunities globally. They maintain exposure through specialized funds and individual holdings positioned to capture this secular growth trend. |
Technology Innovation Growth Semiconductors Software |
Energy TransitionThe firm invests in companies providing solutions for decarbonization across the energy sector. Despite short-term volatility in wind turbine stocks due to Siemens issues, they believe the long-term outlook remains positive given the urgent need for clean energy solutions and attractive renewable energy prices. |
Renewables Clean Energy Sustainability Infrastructure Climate | |
InflationInflation remains stubbornly high, particularly in the UK, leading to continued central bank tightening. The firm positions portfolios with exposure to both value-oriented investments and higher-yielding corporate bonds to navigate this environment while maintaining growth exposure. |
Monetary Policy Interest Rates Central Banks Pricing Power Fixed Income | |
ValueThe firm emphasizes value investing principles, particularly in emerging markets through funds like Pacific North of South. They focus on companies with attractive valuations, strong cash flows, and dividend yields that exceed inflation, positioning for the changing investment environment. |
Dividends Cash Flow Undervalued Income Fundamentals | |
| 2023 Q1 |
GeopoliticsHeightened geopolitical tensions including US-China spy balloon incidents, Russian invasion of Ukraine, and China's military expansion with potential Taiwan invasion by 2027. This backdrop increases market volatility and supports elevated inflation. |
China Russia Defense Sanctions Trade Policy |
AIArtificial intelligence represents a major inflection point where adoption will see exponential growth. Companies are using AI to push efficiencies, combat inflation and maintain margins. Sanlam AI fund was added as a focused investment approach. |
Technology Automation Data Analytics Machine Learning Software | |
DemographicsAgeing global demographic drives healthcare allocation and creates workforce shrinkage. Fewer people working must maintain similar productivity levels, creating an inflationary trend over the long term despite technological advancements. |
Healthcare Aging Workforce Productivity Inflation | |
Energy TransitionClimate change requires massive behavioral changes in how we live, work, travel and consume energy. This transition is unlikely to be cost-saving and represents another inflationary force requiring significant investment. |
Climate Renewable Energy Storage Carbon Capture Sustainability | |
InequalityGrowing global wealth inequality drives populist politics and recent cost-of-living strikes. This wealth gap will need addressing over time, likely having an inflationary outcome as wages rise. |
Wages Labor Social Politics Income |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | Fund Letters | Titan Wealth | KLAC | KLA Corporation | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Packaging, AI infrastructure, Capital Expenditure Cycle, high barriers to entry, market leader, process control, Reshoring, semiconductor equipment, technology, Yield Management | Login |
| Apr 17, 2026 | Fund Letters | Titan Wealth | RWE.DE | RWE AG | Utilities - Diversified | Electric Utilities | Bull | - | AI infrastructure, data centers, Electric Utilities, Electrification, Energy security, Europe, gas generation, Germany, Power generation, renewable energy | Login |
| TICKER | COMMENTARY |
|---|---|
| CRWD | CrowdStrike was the largest contributor as confidence returned to the AI-enabled cybersecurity thesis. |
| KLAC | KLA is the dominant supplier of process control and yield management equipment to the semiconductor industry. The company does not make chips or pattern them, rather it ensures that the chips that are made actually work, at the lowest possible cost. KLA spends more on research and development than most of its rivals earn in process-control revenue altogether, and its installed base spans over 200 highly configurable products, many co-developed with sole-source suppliers. The result is industry-leading gross margins, a deliberately asset-light, assembly-led model, and an extremely good quality of service highlighted by the fact that roughly 95% of every system KLA has ever sold remains in use today, and more than half of the installed base is over 18 years old. KLA now expects roughly $1bn of advanced packaging revenue in 2026, up from $635m in 2025, and holds the number one position in process control for advanced wafer-level packaging. KLA shares are up more than 60% over the quarter, extending a remarkable run driven by consistent earnings beats, repeated upward consensus revisions and growing conviction in the second-half 2026 revenue ramp. |
| TSM | TSMC performed strongly, reflecting their positions in semiconductor process control and advanced manufacturing. |
| ASML | ASML performed strongly, reflecting their positions in semiconductor process control and advanced manufacturing. |
| IFX.DE | Infineon also performed strongly, reflecting their positions in semiconductor process control, advanced manufacturing, lithography and power management respectively. |
| PLTR | Palantir's substantial earnings beat was not enough to sustain the shares because investors focused on softer US commercial performance and questioned whether its exceptional growth rate can persist. |
| NFLX | Netflix also weakened following softer guidance, management change and renewed concerns about its next source of growth. |
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