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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The VT Holland Advisors Equity Fund returned -0.2% YTD through June 2026, with the manager using market volatility to reposition the portfolio. The fund avoids speculative AI beneficiaries despite market enthusiasm, instead focusing on proven network businesses with sustainable competitive advantages run by owner-managers. The manager views 2026 market behavior as similar to past capital cycles like 1999, with excessive speculation in unproven companies. The portfolio was spring-cleaned, rotating capital from lower-conviction positions into long-term compounders. Approximately 15% is allocated to stable businesses expected to compound at 13-15% annually including Visa, Mastercard, Netflix, and LVMH. The remaining 80-85% targets 20% annual compounding through high-growth network businesses like Amazon, Meta, Nu Holdings, Wise, Mercado Libre, and Sea Limited, which the manager added to on weakness. New software positions in Constellation and AppFolio were initiated during the AI-related Spring sell-off. With 87% invested alongside owner-managers and 70% of holdings having net cash balance sheets, the fund maintains double unleveraged exposure. The manager sees established digital leaders investing in AI at 30-50% lower valuations than semiconductor businesses, creating compelling long-term opportunities.
Invest in businesses with proven Sustainable Competitive Advantages run by aligned entrepreneurs, preferably purchased when out of favor, focusing on established network businesses with strong ROICs rather than speculative AI beneficiaries.
Manager expects the 80-85% of the Fund invested in high-growth businesses to compound capital at approximately 20% annually for many years, with a range of 17-28% across individual companies. The combination of quality, entrepreneurship, good growth runways, and low purchase prices is viewed as rarely offered in tandem. If fewer high-growth opportunities become available, the stable business allocation could increase from its current 15%. The manager is excited about the long-term compounding prospects given the traits the portfolio exhibits and is comfortable looking different from other investors to secure such investments.
As of Jul 21, 2026
Andrew Hollingworth founded Holland Advisors London Limited in 2008 after a distinguished 20-year career in stock broking and fund management, bringing over 30 years of investment experience to the fund. His professional background includes 15 years advising institutional investors at top-tier investment banks including Merrill Lynch and Redburn Partners, following earlier roles as a buy-side analyst at Henderson Investors and British Gas Pension Fund. Hollingworth established the predecessor Farnam Street Capital Fund in October 2011 to encapsulate his investment philosophy before launching the UCITS-compliant VT Holland Advisors Equity Fund in June 2021. The management team demonstrates exceptional alignment with investors, collectively owning approximately 16% of the fund's units in what they describe as eating their own cooking. Hollingworth is supported by an experienced team including Stephen Heaps as Chief Operating Officer, Martin Weisinger in fund sales, Claire Brunt handling operations and compliance since 2011, and Matt Lovatt as business advisor with 35+ years in asset management.
Holland Advisors employs a concentrated global equity strategy focused on identifying wonderful compounding businesses run by aligned owner managers, particularly when these companies are unloved or discarded by other investors. The fund seeks companies with Sustainable Competitive Advantages (SCA) that can grow their intrinsic value consistently over time while maintaining strong defenses against innovation and competition. With typically 30 holdings and top 10 positions comprising approximately 50% of the portfolio, the fund maintains a high Active Share of 95-96%, demonstrating significant differentiation from benchmark indices. The investment approach emphasizes absolute value rather than relative performance, with decisions made independently of benchmark constituents or weightings. Over 90% of the fund is invested alongside aligned owner-managers who have only one company as their life's work, reflecting the fund's commitment to management alignment and long-term value creation.
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