VT Holland Advisors Equity Fund

Investor Summary

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.

Fund Strategy

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.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-0.2%

Executive Summary

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.

Forward Outlook

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.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 16 2026	2026 Q2	AMZN, APPF, CSU.TO, EXOR.MI, JET2.L, MC.PA, MELI, META, NFLX, NU, NXT.L, SE, SQ, WISE.L, WRB	AI, Compounding, E-Commerce, innovation, LatAM, Network Businesses, Owner-Managers, value	-	Holland Advisors is rotating away from market speculation in unproven AI beneficiaries toward established network businesses with sustainable competitive advantages trading at 30-50% discounts. The fund added to Amazon, Meta, Netflix, Nu Holdings, Wise, and Block on weakness while initiating positions in Mercado Libre, Sea Limited, Constellation, and AppFolio. With 87% invested alongside owner-managers and double unleveraged exposure, the portfolio targets 20% annual compounding from proven digital leaders embracing AI innovation.
Apr 26 2026	2026 Q1	AMZN, JET2.L, META, NFLX, NU, SQ, TSM, WISE.L	Compounding, Concentration, long-term, Owner-Managers, Sustainable Competitive Advantages	JET2.L META WISE.L NU NFLX	Concentrated fund targeting 15% annual returns through owner-manager led compounders with sustainable advantages. Top holdings in payments disruption (Block, Wise, Nubank) and undervalued travel (Jet2 at 5x PE). Portfolio positioned for AI transformation with businesses having lowest unit costs and customer obsession. Strong historical performance despite -9.5% YTD.
Jan 21 2026	2025 Q4	AMZN, JD2.L, META, NU, TSM, WISE.L	AI, Compounding, global, long-term, Owner Managers, Quality	-	Holland Advisors targets 15% compound returns by investing in owner-managed companies with sustainable competitive advantages at attractive prices. 2025 delivered 12.3% net returns. Manager sees AI productivity potential benefiting Amazon, TSMC, and Meta. Trump uncertainty balanced by regulatory pullback benefits. Focus remains on long-term capital compounding through global quality businesses with customer-centric cultures and strong competitive moats.
Nov 4 2025	2025 Q3	1211.HK, AMZN, BH, BOL.PA, CACC, CVNA, FRAS.L, GRBK, JDW.L, META, NFLX, NU, NXT.L, PDD, RYA.L, RYM.NZ, SUM.NZ, TSM, WISE.L	Compounding, Fintech, global, growth, Owner-Managers, Quality, technology, value	WISE LN NU META JET2 LN RYM NZ	Holland Advisors targets 15% annual returns through concentrated investments in owner-managed supernatural compounders with sustainable competitive advantages. The fund buys great businesses when others hate them, focusing on visionary founders who rethink industries. Key holdings include Wise and Nubank, both disrupting traditional financial services with customer-obsessed, low-cost models.
Jul 22 2025	2025 Q2	AMZN, COST, MCD, NU, PDD, TSM, WISE.L, WMT	Banking, Compounding, disruption, Fintech, growth, LatAM, Quality	NU NU	Holland Advisors targets supernatural compounders with Nu Holdings as the flagship example - a Latin American digital bank with 75% lower costs than peers serving 118 million customers. The fund added positions during market volatility and expects 25% long-term growth from disruptive business models with global expansion potential and sustainable competitive advantages.
Jul 17 2024	2024 Q2	AMZN, COST, FRAS.L, JDW.L, JET2.L, NVDA, RYAAY, TSM	Airlines, E-Commerce, Owner Managers, Scale Economy, semiconductors, technology	FRAS.L TSM AMZN	Holland Advisors returned 9.8% YTD focusing on Scale-Economy-Shared businesses like Amazon and TSMC. The manager backs owner-managed companies that use scale to benefit customers, not extract margins. Key themes include AI opportunity through AWS, semiconductor leadership via TSMC, and airline consolidation through Ryanair. Focus remains on long-term compounding over marketing.
Dec 31 2021	2021 Q4	AVON.L, AZO, NVO, NXT.L	Auto Aftermarket, Capital Allocation, inflation, Quality, Resilience, retail, Uk	AZO AVON.L NXT.L	Castlebay invests in antifragile businesses with strong balance sheets and pricing power to navigate inflation uncertainty. Added AutoZone as master capital allocator with negative working capital and 90% share reduction. Initiated Next position for retail transformation optionality. Focus on resilient companies that survive stress and capitalize on opportunities rather than predicting macro outcomes.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 16 2026

2026 Q2

AMZN, APPF, CSU.TO, EXOR.MI, JET2.L, MC.PA, MELI, META, NFLX, NU, NXT.L, SE, SQ, WISE.L, WRB

AI, Compounding, E-Commerce, innovation, LatAM, Network Businesses, Owner-Managers, value

Holland Advisors is rotating away from market speculation in unproven AI beneficiaries toward established network businesses with sustainable competitive advantages trading at 30-50% discounts. The fund added to Amazon, Meta, Netflix, Nu Holdings, Wise, and Block on weakness while initiating positions in Mercado Libre, Sea Limited, Constellation, and AppFolio. With 87% invested alongside owner-managers and double unleveraged exposure, the portfolio targets 20% annual compounding from proven digital leaders embracing AI innovation.

Apr 26 2026

2026 Q1

AMZN, JET2.L, META, NFLX, NU, SQ, TSM, WISE.L

Compounding, Concentration, long-term, Owner-Managers, Sustainable Competitive Advantages

JET2.L
META
WISE.L
NU
NFLX

Concentrated fund targeting 15% annual returns through owner-manager led compounders with sustainable advantages. Top holdings in payments disruption (Block, Wise, Nubank) and undervalued travel (Jet2 at 5x PE). Portfolio positioned for AI transformation with businesses having lowest unit costs and customer obsession. Strong historical performance despite -9.5% YTD.

Jan 21 2026

2025 Q4

AMZN, JD2.L, META, NU, TSM, WISE.L

AI, Compounding, global, long-term, Owner Managers, Quality

Holland Advisors targets 15% compound returns by investing in owner-managed companies with sustainable competitive advantages at attractive prices. 2025 delivered 12.3% net returns. Manager sees AI productivity potential benefiting Amazon, TSMC, and Meta. Trump uncertainty balanced by regulatory pullback benefits. Focus remains on long-term capital compounding through global quality businesses with customer-centric cultures and strong competitive moats.

Nov 4 2025

2025 Q3

1211.HK, AMZN, BH, BOL.PA, CACC, CVNA, FRAS.L, GRBK, JDW.L, META, NFLX, NU, NXT.L, PDD, RYA.L, RYM.NZ, SUM.NZ, TSM, WISE.L

Compounding, Fintech, global, growth, Owner-Managers, Quality, technology, value

WISE LN
NU
META
JET2 LN
RYM NZ

Holland Advisors targets 15% annual returns through concentrated investments in owner-managed supernatural compounders with sustainable competitive advantages. The fund buys great businesses when others hate them, focusing on visionary founders who rethink industries. Key holdings include Wise and Nubank, both disrupting traditional financial services with customer-obsessed, low-cost models.

Jul 22 2025

2025 Q2

AMZN, COST, MCD, NU, PDD, TSM, WISE.L, WMT

Banking, Compounding, disruption, Fintech, growth, LatAM, Quality

NU
NU

Holland Advisors targets supernatural compounders with Nu Holdings as the flagship example - a Latin American digital bank with 75% lower costs than peers serving 118 million customers. The fund added positions during market volatility and expects 25% long-term growth from disruptive business models with global expansion potential and sustainable competitive advantages.

Jul 17 2024

2024 Q2

AMZN, COST, FRAS.L, JDW.L, JET2.L, NVDA, RYAAY, TSM

Airlines, E-Commerce, Owner Managers, Scale Economy, semiconductors, technology

FRAS.L
TSM
AMZN

Holland Advisors returned 9.8% YTD focusing on Scale-Economy-Shared businesses like Amazon and TSMC. The manager backs owner-managed companies that use scale to benefit customers, not extract margins. Key themes include AI opportunity through AWS, semiconductor leadership via TSMC, and airline consolidation through Ryanair. Focus remains on long-term compounding over marketing.

Dec 31 2021

2021 Q4

AVON.L, AZO, NVO, NXT.L

Auto Aftermarket, Capital Allocation, inflation, Quality, Resilience, retail, Uk

AZO
AVON.L
NXT.L

Castlebay invests in antifragile businesses with strong balance sheets and pricing power to navigate inflation uncertainty. Added AutoZone as master capital allocator with negative working capital and 90% share reduction. Initiated Next position for retail transformation optionality. Focus on resilient companies that survive stress and capitalize on opportunities rather than predicting macro outcomes.

QUARTER	THEMES	TAGS
2026 Q2	AI Manager views the AI capital cycle as similar to past major cycles like 1999, with excessive speculation in new AI companies. The fund avoids unproven AI beneficiaries, instead favoring established digital leaders like Amazon, Meta, and Netflix that are investing heavily in AI to widen their competitive moats. These companies are offered at 30-50% lower valuations despite their AI investment positioning them for stronger future advantages.	Capital cycle Digital leaders Innovation Competitive moats
	Owner Managers The fund has 87% invested alongside owner managers, viewing them as adept at pivoting and adapting to new cycles while investing heavily to effect change. Manager published a piece emphasizing that entrepreneurs are unconventional, hate established rules, and make capitalism turn faster. These owner-led businesses are seen as having alignment advantages and long-term focus that institutional investors often fail to appreciate.	Entrepreneurship Alignment Long-term focus Capital allocation
	E-commerce Manager added to Amazon on weakness in the last 12 months and views it as a well-established powerful network business with great ROIC, good organic growth, and customer delight. Also added Mercado Libre and Sea Limited as network businesses with powerful market-leading positions in LATAM and Southeast Asia. These are seen as innovative companies embracing AI at a fast rate to give customers more value.	Network effects LATAM Southeast Asia Digital platforms
	Payments Added Visa and Mastercard in the last six months as part of the 15% allocation to stable businesses expected to compound at 13-15% annually with low risk and high margin of safety. Also holds Wise and Block, which were added to on weakness in the last 12 months as established network businesses with strong competitive advantages.	Network businesses Stable compounders Digital payments
	Social Media Meta is held as a well-established powerful network business making great ROICs with good organic growth. Manager added to Meta on weakness in the last 12 months. The company is viewed as very innovative, embracing change and new technology at a fast rate, and will be at the front end of using AI to give customers more value.	Network effects Innovation Digital advertising
	Streaming Netflix is included in the 15% allocation to stable businesses expected to compound at 13-15% annually with low risk and high margin of safety. Also added to on weakness in the last 12 months as an established network business with proven competitive advantages and commitment to innovation.	Content Subscription Digital entertainment
2026 Q1	AI Manager views AI as transformative force coming for lazy profit pools, creating new opportunities with 100/500 S&P stocks moving +/- 20% YTD. Emphasizes need for businesses with sustainable competitive advantages that can adapt to AI disruption.	Artificial Intelligence Disruption Technology Innovation Adaptation
	Travel Jet2 highlighted as major holding trading at 5x PE with £500m cash, demonstrating 15-20% compounding potential. Manager sees travel companies as compounders dressed up as cyclicals with strong fundamentals.	Airlines Tourism Cyclicals Compounding Valuation
	Payments Block, Wise, and Nu Holdings represent top three holdings focused on disrupting traditional financial services. Wise specifically highlighted as solving costly forex problem via banks, reinvesting profits to reduce customer pricing further.	FinTech Financial Services Disruption Cost Reduction Innovation
	Streaming Netflix positioned as counter-positioning business that achieved scale and used it powerfully, creating network and scale economics. Manager notes it prospered during competition from Apple, Amazon, Disney due to high-quality innovative products.	Media Content Competition Scale Economics Innovation
2025 Q4	Financials The Fund is currently substantially invested in the Financials sector, with performance closely tied to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate changes.	Banks Insurance Interest Rates Regulation
	Dividends Many of the stocks held by the Fund are expected to pay dividends as part of the equity allocation strategy focused on income generation alongside capital appreciation.	Income Dividend Yield Cash Flow
	Fixed Income The Fund invests remaining assets in fixed income securities, focusing on higher quality, intermediate-term securities with dollar-weighted average effective maturity of 4.42 years as of January 31, 2026.	Bonds Duration Interest Rates Credit Quality
2025 Q3	Growth Fund targets companies that can compound capital at sustainably high rates, seeking businesses with huge runways of growth ahead. Manager emphasizes finding tomorrow's supernatural compounders with visionary founders who rethink their industries and have massive growth potential.	Compounding Supernatural Runway Visionary Capital
	Quality Focus on businesses with sustainable competitive advantages including scale economics, network economics, switching costs, branding, and process power. Manager seeks companies with strong ROICs that enable self-funded growth and the ability to redeploy retained capital at high rates.	SCA ROIC Moat Competitive Advantage
	Value Strategy involves buying great companies when others hate them, following Warren Buffett's principle of being greedy when others are fearful. Manager looks for exceptional businesses trading at attractive prices during periods of market pessimism.	Contrarian Mispriced Fearful Greedy Attractive
2025 Q2	Fintech Nu Holdings represents a scale economy shared disruptor in global banking with 75% lower unit costs than peers, using these efficiencies to offer better customer rates rather than boost profits. The company has attracted 118 million customers through superior customer service and competitive offerings, demonstrating the power of the disruptor business model in financial services.	Digital Banking Disruption Scale Economy Customer Service
	Growth The fund seeks supernatural compounders - businesses with visionary founders who rethink industries, offer compelling customer value, maintain low unit costs, and have huge growth runways. These rare companies, representing just 0.2% of all companies, have generated 50% of global stock market wealth creation over the past 30 years.	Compounding Long-term Growth Market Share ROE
	Quality The fund targets businesses with six key traits: visionary founders, industry disruption solving hard problems, compelling customer offerings, low unit-cost focus with customer obsession, huge growth runways, and strong ROICs enabling self-funded growth. Nu Holdings exemplifies this quality framework with its 60% adjusted ROE and self-funding capabilities.	ROIC Self-funding Competitive Moats Management Quality
2024 Q2	E-commerce Amazon represents a powerful Scale-Economy-Shared model that the fund seeks globally. The manager sees huge potential for AWS in B2B services, particularly AI deployment, where Amazon's trusted relationships and efficiency-sharing approach could drive significant growth.	AWS Cloud B2B AI Scale
	AI The manager views AI as a major future opportunity for Amazon's AWS business. Rather than companies building AI functions in-house, they will likely outsource to trusted providers like Amazon who can deliver AI services at competitive prices through existing cloud infrastructure.	AWS Cloud Enterprise Outsourcing
	Semiconductors TSMC is viewed as a business surfing ahead of competitors with growing scale and process advantages. The manager sees it as underpriced relative to its competitive moat, with regulatory tailwinds and improved competitive positioning supporting the investment thesis.	TSMC Manufacturing Scale Technology
2021 Q4	Inflation Manager discusses inflation uncertainty and how companies with pricing power and strong balance sheets can navigate inflationary environments better than those with high leverage and low margins.	Pricing Power Balance Sheets Cost Pressure
	Resilience Focus on businesses that are antifragile and strengthened by stress, with both the ability to survive turbulence and take advantage of opportunities created by market dislocations.	Antifragile Balance Sheets Optionality
	Auto Aftermarket AutoZone highlighted as master capital allocator with excellent working capital management, negative working capital requirements, and strong share buyback program reducing shares outstanding by 90%.	Capital Allocation Working Capital Share Buybacks
	E-commerce Next represents changing face of retail with multi-channel approach, developing Labels division and Total Platform for third-party brands, creating marketplace optionality.	Omnichannel Platform Digital Transformation

QUARTER

THEMES

AI

Manager views the AI capital cycle as similar to past major cycles like 1999, with excessive speculation in new AI companies. The fund avoids unproven AI beneficiaries, instead favoring established digital leaders like Amazon, Meta, and Netflix that are investing heavily in AI to widen their competitive moats. These companies are offered at 30-50% lower valuations despite their AI investment positioning them for stronger future advantages.

Capital cycle Digital leaders Innovation Competitive moats

Owner Managers

The fund has 87% invested alongside owner managers, viewing them as adept at pivoting and adapting to new cycles while investing heavily to effect change. Manager published a piece emphasizing that entrepreneurs are unconventional, hate established rules, and make capitalism turn faster. These owner-led businesses are seen as having alignment advantages and long-term focus that institutional investors often fail to appreciate.

Entrepreneurship Alignment Long-term focus Capital allocation

E-commerce

Manager added to Amazon on weakness in the last 12 months and views it as a well-established powerful network business with great ROIC, good organic growth, and customer delight. Also added Mercado Libre and Sea Limited as network businesses with powerful market-leading positions in LATAM and Southeast Asia. These are seen as innovative companies embracing AI at a fast rate to give customers more value.

Network effects LATAM Southeast Asia Digital platforms

Payments

Added Visa and Mastercard in the last six months as part of the 15% allocation to stable businesses expected to compound at 13-15% annually with low risk and high margin of safety. Also holds Wise and Block, which were added to on weakness in the last 12 months as established network businesses with strong competitive advantages.

Network businesses Stable compounders Digital payments

Social Media

Meta is held as a well-established powerful network business making great ROICs with good organic growth. Manager added to Meta on weakness in the last 12 months. The company is viewed as very innovative, embracing change and new technology at a fast rate, and will be at the front end of using AI to give customers more value.

Network effects Innovation Digital advertising

Streaming

Netflix is included in the 15% allocation to stable businesses expected to compound at 13-15% annually with low risk and high margin of safety. Also added to on weakness in the last 12 months as an established network business with proven competitive advantages and commitment to innovation.

Content Subscription Digital entertainment

2026 Q1

AI

Manager views AI as transformative force coming for lazy profit pools, creating new opportunities with 100/500 S&P stocks moving +/- 20% YTD. Emphasizes need for businesses with sustainable competitive advantages that can adapt to AI disruption.

Artificial Intelligence Disruption Technology Innovation Adaptation

Travel

Jet2 highlighted as major holding trading at 5x PE with £500m cash, demonstrating 15-20% compounding potential. Manager sees travel companies as compounders dressed up as cyclicals with strong fundamentals.

Airlines Tourism Cyclicals Compounding Valuation

Payments

Block, Wise, and Nu Holdings represent top three holdings focused on disrupting traditional financial services. Wise specifically highlighted as solving costly forex problem via banks, reinvesting profits to reduce customer pricing further.

FinTech Financial Services Disruption Cost Reduction Innovation

Streaming

Netflix positioned as counter-positioning business that achieved scale and used it powerfully, creating network and scale economics. Manager notes it prospered during competition from Apple, Amazon, Disney due to high-quality innovative products.

Media Content Competition Scale Economics Innovation

2025 Q4

Financials

The Fund is currently substantially invested in the Financials sector, with performance closely tied to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate changes.

Banks Insurance Interest Rates Regulation

Dividends

Many of the stocks held by the Fund are expected to pay dividends as part of the equity allocation strategy focused on income generation alongside capital appreciation.

Income Dividend Yield Cash Flow

Fixed Income

The Fund invests remaining assets in fixed income securities, focusing on higher quality, intermediate-term securities with dollar-weighted average effective maturity of 4.42 years as of January 31, 2026.

Bonds Duration Interest Rates Credit Quality

2025 Q3

Growth

Fund targets companies that can compound capital at sustainably high rates, seeking businesses with huge runways of growth ahead. Manager emphasizes finding tomorrow's supernatural compounders with visionary founders who rethink their industries and have massive growth potential.

Compounding Supernatural Runway Visionary Capital

Quality

Focus on businesses with sustainable competitive advantages including scale economics, network economics, switching costs, branding, and process power. Manager seeks companies with strong ROICs that enable self-funded growth and the ability to redeploy retained capital at high rates.

SCA ROIC Moat Competitive Advantage

Value

Strategy involves buying great companies when others hate them, following Warren Buffett's principle of being greedy when others are fearful. Manager looks for exceptional businesses trading at attractive prices during periods of market pessimism.

Contrarian Mispriced Fearful Greedy Attractive

2025 Q2

Fintech

Nu Holdings represents a scale economy shared disruptor in global banking with 75% lower unit costs than peers, using these efficiencies to offer better customer rates rather than boost profits. The company has attracted 118 million customers through superior customer service and competitive offerings, demonstrating the power of the disruptor business model in financial services.

Digital Banking Disruption Scale Economy Customer Service

Growth

The fund seeks supernatural compounders - businesses with visionary founders who rethink industries, offer compelling customer value, maintain low unit costs, and have huge growth runways. These rare companies, representing just 0.2% of all companies, have generated 50% of global stock market wealth creation over the past 30 years.

Compounding Long-term Growth Market Share ROE

Quality

The fund targets businesses with six key traits: visionary founders, industry disruption solving hard problems, compelling customer offerings, low unit-cost focus with customer obsession, huge growth runways, and strong ROICs enabling self-funded growth. Nu Holdings exemplifies this quality framework with its 60% adjusted ROE and self-funding capabilities.

ROIC Self-funding Competitive Moats Management Quality

2024 Q2

E-commerce

Amazon represents a powerful Scale-Economy-Shared model that the fund seeks globally. The manager sees huge potential for AWS in B2B services, particularly AI deployment, where Amazon's trusted relationships and efficiency-sharing approach could drive significant growth.

AWS Cloud B2B AI Scale

AI

The manager views AI as a major future opportunity for Amazon's AWS business. Rather than companies building AI functions in-house, they will likely outsource to trusted providers like Amazon who can deliver AI services at competitive prices through existing cloud infrastructure.

AWS Cloud Enterprise Outsourcing

Semiconductors

TSMC is viewed as a business surfing ahead of competitors with growing scale and process advantages. The manager sees it as underpriced relative to its competitive moat, with regulatory tailwinds and improved competitive positioning supporting the investment thesis.

TSMC Manufacturing Scale Technology

2021 Q4

Inflation

Manager discusses inflation uncertainty and how companies with pricing power and strong balance sheets can navigate inflationary environments better than those with high leverage and low margins.

Pricing Power Balance Sheets Cost Pressure

Resilience

Focus on businesses that are antifragile and strengthened by stress, with both the ability to survive turbulence and take advantage of opportunities created by market dislocations.

Antifragile Balance Sheets Optionality

Auto Aftermarket

AutoZone highlighted as master capital allocator with excellent working capital management, negative working capital requirements, and strong share buyback program reducing shares outstanding by 90%.

Capital Allocation Working Capital Share Buybacks

E-commerce

Next represents changing face of retail with multi-channel approach, developing Labels division and Total Platform for third-party brands, creating marketplace optionality.

Omnichannel Platform Digital Transformation

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 26, 2026	Fund Letters	VT Holland Advisors Equity Fund	JET2.L	Jet2 PLC	Travel Services	Airlines	Bull	New York Stock Exchange	Airlines, cash-rich, compounder, Leisure Travel, Post-Pandemic Recovery, UK, Value	Login
Apr 26, 2026	Fund Letters	VT Holland Advisors Equity Fund	META	Meta Platforms Inc	Internet Content & Information	Interactive Media & Services	Bull	NASDAQ	contrarian, network effects, Owner-manager, Scale Economics, Sentiment Cycle, social media, technology	Login
Apr 26, 2026	Fund Letters	VT Holland Advisors Equity Fund	WISE.L	Wise PLC	Information Technology Services	Financial Exchanges & Data	Bull	New York Stock Exchange	Customer Obsession, Disruptor, Fintech, foreign exchange, network effects, Owner-manager, Scale economy shared, Supernatural Compounder	Login
Apr 26, 2026	Fund Letters	VT Holland Advisors Equity Fund	NU	Nu Holdings Ltd	Banks - Regional	Consumer Finance	Bull	New York Stock Exchange	Customer focus, digital banking, Disruptor, Fintech, high ROE, Latin America, Scale economy shared, Supernatural Compounder	Login
Apr 26, 2026	Fund Letters	VT Holland Advisors Equity Fund	NFLX	Netflix Inc	Entertainment	Entertainment	Bull	NASDAQ	Capital Cycle, Counter-positioning, entertainment, network effects, Operational Gearing, Owner-manager, Scale Economics, Streaming	Login
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
Jul 22, 2025	Fund Letters	VT Holland Advisors Equity Fund	NU	Nu Holdings Ltd.	Financials	Consumer Finance	Bull	NYSE	ARPU, Banking Disruption, Customer Obsession, digital banking, Disruptor, Fintech, founder-led, growth, Latin America, Low Unit Costs, ROE, Scale economy shared	Login
Jul 17, 2024	Fund Letters	VT Holland Advisors Equity Fund	FRAS.L	Frasers Group plc	Consumer Discretionary	Specialty Retail	Bull	London Stock Exchange	contrarian, market consolidation, Owner-manager, retail, Specialty retail, UK, Value	Login
Jul 17, 2024	Fund Letters	VT Holland Advisors Equity Fund	TSM	Taiwan Semiconductor Manufacturing Company Limited	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NYSE	competitive moat, growth, manufacturing, scale advantage, semiconductors, Taiwan, technology	Login
Jul 17, 2024	Fund Letters	VT Holland Advisors Equity Fund	AMZN	Amazon.com, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	AI, AWS, B2b, Cloud computing, enterprise, Scale economy shared, technology infrastructure	Login
Dec 31, 2021	Fund Letters	VT Holland Advisors Equity Fund	AZO	AutoZone Inc	Auto Parts	Automotive Retail	Bull	New York Stock Exchange	aftermarket, Automotive Retail, capital allocation, e-commerce, North America, Share Buybacks, Value, working capital	Login
Dec 31, 2021	Fund Letters	VT Holland Advisors Equity Fund	AVON.L	Avon Protection	Aerospace & Defense	Aerospace & Defense	Bull	London Stock Exchange	Aerospace & Defense, CBRN Protection, Defense Contractor, Design Authority, Respiratory Protection, strategic review, turnaround, UK	Login
Dec 31, 2021	Fund Letters	VT Holland Advisors Equity Fund	NXT.L	Next plc	Apparel Retail	Apparel Retail	Bull	London Stock Exchange	Apparel Retail, Digital transformation, E-commerce Platform, Logistics, Omnichannel, technology, Third-party marketplace, UK retail	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 26, 2026

Fund Letters

VT Holland Advisors Equity Fund

JET2.L

Jet2 PLC

Travel Services

Airlines

Bull

New York Stock Exchange

Airlines, cash-rich, compounder, Leisure Travel, Post-Pandemic Recovery, UK, Value

Apr 26, 2026

Fund Letters

VT Holland Advisors Equity Fund

TICKER	COMMENTARY
AMZN	Examples might include Amazon, Meta, Netflix, Nu Holdings, Wise and Block. We have added to our holdings of each of these in the last 12 months on weakness. What is interesting about the businesses listed above is that they are very innovative and embrace change and new technology at a very fast rate. As such they will be/are at the front end of using AI to give their customers even more value and convenience.
META	Examples might include Amazon, Meta, Netflix, Nu Holdings, Wise and Block. We have added to our holdings of each of these in the last 12 months on weakness. What is interesting about the businesses listed above is that they are very innovative and embrace change and new technology at a very fast rate. As such they will be/are at the front end of using AI to give their customers even more value and convenience.
NFLX	Examples might include Amazon, Meta, Netflix, Nu Holdings, Wise and Block. We have added to our holdings of each of these in the last 12 months on weakness. This list already included Next, Exor, WR Berkley, LVMH and Netflix. What is interesting about the businesses listed above is that they are very innovative and embrace change and new technology at a very fast rate.
NU	Examples might include Amazon, Meta, Netflix, Nu Holdings, Wise and Block. We have added to our holdings of each of these in the last 12 months on weakness. Additionally, in past letters we have outlined the rationale for why we own two of our biggest holdings: Wise and Nu Holdings.
WISE.L	Examples might include Amazon, Meta, Netflix, Nu Holdings, Wise and Block. We have added to our holdings of each of these in the last 12 months on weakness. Additionally, in past letters we have outlined the rationale for why we own two of our biggest holdings: Wise and Nu Holdings. The Owner Manager's at companies like Wise or JD Wetherspoon own significant stakes in their business.
SQ	Examples might include Amazon, Meta, Netflix, Nu Holdings, Wise and Block. We have added to our holdings of each of these in the last 12 months on weakness.
MELI	Since the start of the year, we have also added Mecardo Libre and Sea Limited. Both are network businesses with powerful, market leading positions in LATAM and Southeast Asia.
SE	Since the start of the year, we have also added Mecardo Libre and Sea Limited. Both are network businesses with powerful, market leading positions in LATAM and Southeast Asia.
NXT.L	This list already included Next, Exor, WR Berkley, LVMH and Netflix.
EXOR.MI	This list already included Next, Exor, WR Berkley, LVMH and Netflix.
WRB	This list already included Next, Exor, WR Berkley, LVMH and Netflix.
MC.PA	This list already included Next, Exor, WR Berkley, LVMH and Netflix.
JET2.L	Some of that upside will come from a re-rating of the shares and share buybacks (as we expect in the case of Jet2). We also discussed Jet2 in detail at our Spring Investor meeting.
CSU.TO	At the start of the year, we had nothing invested in software. In the heavy AI related Spring sell off in software we bought Constellation and AppFolio and combined they are 7% of the Fund today. We hope to own both for long time.
APPF	At the start of the year, we had nothing invested in software. In the heavy AI related Spring sell off in software we bought Constellation and AppFolio and combined they are 7% of the Fund today. We hope to own both for long time.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Owner Managers

E-commerce

Payments

Social Media

Streaming

AI

Travel

Payments

Streaming

Financials

Dividends

Fixed Income

Growth

Quality

Value

Fintech

Growth

Quality

E-commerce

AI

Semiconductors

Inflation

Resilience

Auto Aftermarket

E-commerce

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Andrew Hollingworth Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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VT Holland Advisors Equity Fund