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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 21, 2026
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.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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