Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 12.3% |
| 2025 |
|---|
| 12.3% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 12.3% |
| 2025 |
|---|
| 12.3% |
Holland Advisors delivered 12.3% net returns in 2025, targeting 15% compound annual growth through investing in great companies with sustainable competitive advantages run by owner managers at attractive prices. The fund focuses on businesses that create customer loyalty through win-win outcomes, passing cost efficiencies to customers while building scale and widening competitive moats. Manager Andrew Hollingworth sees AI as potentially solving western productivity growth problems, with Amazon, TSMC, and Meta positioned as beneficiaries. Amazon stands out as forgotten despite AWS providing unique positioning for AI solutions. Trump administration uncertainty creates volatility but regulatory pullback, particularly in banking, could benefit the real economy. The fund maintains global focus on 500-1,000 founder-run companies, using pattern recognition rather than screening to identify opportunities. Portfolio examples include Wise lowering FX costs, Nu Holdings with customer-first banking, and Jet2 with superior service. Management emphasizes long-term thinking over macro timing, viewing regulatory costs and fund scaling as secondary to capital compounding excellence.
Invest in great companies with sustainable competitive advantages, run by brilliant owner managers, bought at attractive prices to achieve 15% compound annual growth through long-term capital compounding.
Manager remains optimistic about long-term capital compounding prospects, targeting 15% compound growth rate. Open-minded about AI prospects and risks, viewing macro factors as wing mirrors rather than primary focus. Expects continued uncertainty from Trump administration but sees potential benefits from regulatory pullback.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | AMZN, JD2.L, META, NU, TSM, WISE.L | AI, Compounding, global, long-term, Owner Managers, Quality | - | The fund focuses on great companies with sustainable competitive advantages, run by brilliant owner managers, bought at attractive prices. These businesses have enduring moats that… |
| Nov 4 2025 | 2025 Q3 | JET2 LN, META, NED SJ, NFLX, WISE LN | Competitive Advantage, compounders, disruption, Long-Term Investing, Owner-Managers |
WISE LN NU META JET2 LN RYM NZ |
The fund continues its philosophy of investing in owner-managed compounders with sustainable competitive advantages. Its focus remains on businesses capable of long-term capital compounding through… |
| Jul 22 2025 | 2025 Q2 | NU | compounders, disruption, Founders, growth, scale economics | NU | The commentary centers on identifying supernatural compounders with disruptive business models and long growth runways. Management highlights scale-economy-shared models, visionary founders, and customer-centric cultures. Paying… |
| Jul 17 2024 | 2024 Q2 | AMZN, FRAS LN, TSM | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
E-commerceSeveral investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. |
Marketplaces Competition Network Effects Asia Latin America | |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
| 2025 Q3 |
Compounding |
|
| 2025 Q2 |
Disruption |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 4, 2025 | Fund Letters | Andrew Hollingworth | WISE LN | Wise Plc. | Other | Fintech | Bull | NYSE | disruption, Fintech, FX, growth, Payments, Reinvestment, ROIC, scale | Login |
| Nov 4, 2025 | Fund Letters | Andrew Hollingworth | NU | Nu Holdings Ltd. | Financials | Banking Services | Bull | NYSE | Customer loyalty, digital banking, Fintech, growth, Reinvestment, ROE, scale | Login |
| Nov 4, 2025 | Fund Letters | Andrew Hollingworth | META | Meta Platforms Inc. | Communication Services | Internet Services | Bull | NASDAQ | advertising, AI, compounding, innovation, Margins, Owner-manager, social media | Login |
| Nov 4, 2025 | Fund Letters | Andrew Hollingworth | JET2 LN | Jet2 Plc. | Consumer Discretionary | Travel & Leisure | Bull | NYSE | Aviation, compounding, Customer service, efficiency, Margins, Travel, valuation | Login |
| Nov 4, 2025 | Fund Letters | Andrew Hollingworth | RYM NZ | Ryman Healthcare Ltd. | Consumer Staples | Residential Care | Bear | New Zealand Exchange | Governance, healthcare, leverage, Liquidity, management, Mistake, Real Estate | Login |
| Jul 22, 2025 | Fund Letters | Andrew Hollingworth | NU | Nu Holdings Ltd. | Financials | Digital Banking | Bull | New York Stock Exchange | compounder, Cost advantage, digital banking, Disruptor, Fintech, Latin America, Scale Economies Shared | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| JD2.L | Jet2 has 22kg baggage allowance and in-resort reps to deal with any holiday hiccups. Also, one to meet the flight when you get home, just to say: we hope you had a good holiday |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| NU | Since our mid-year update, Nubank's shares increased 37%, bringing full-year performance to +63%. This performance has been driven primarily by fundamentals, with earnings growing approximately 42% over the same period. Brazil remains a powerful profit engine, with high customer engagement, improving risk-adjusted returns, and expanding penetration across consumer and SME banking. Mexico continues to emerge as the next major growth vector: customer penetration has reached ~14% of the population. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| WISE.L | Wise is the most asymmetric investment in our portfolio today and illustrates the idea of bounded downside and long-run upside in practice. Wise helps consumers and businesses hold and move money across borders, taking market share from the legacy correspondent banking model through infrastructure that is cheaper, faster, and more transparent. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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