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
-	-9.5%	-9.5%

Executive Summary

Holland Advisors targets 15% annual returns through concentrated investments in owner-manager led businesses with sustainable competitive advantages. The fund holds 27 positions with 96% active share, focusing on supernatural compounders and scale economy shared models. Top holdings include Block, Wise, and Nu Holdings in payments/fintech, plus Jet2 and Ryanair in travel. Manager Andrew Hollingworth emphasizes pattern recognition and finding businesses trading at discounts during periods of high uncertainty. The portfolio is positioned for AI disruption, holding companies with lowest unit costs and intense customer focus. Key themes include payments disruption through Wise and Nubank, travel recovery via Jet2 at 5x PE, and streaming leadership through Netflix. The fund returned -9.5% YTD but delivered strong historical performance with 37.6% in 2023 and 21.8% in 2024. Manager maintains conviction in owner-manager psychology and capital cycle dynamics, seeking businesses that can adapt and compound through technological transformation while others struggle with change.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
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.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

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.

QUARTER	THEMES	TAGS
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

QUARTER

THEMES

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

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

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

META

Meta Platforms Inc.

Communication Services

Internet Services

Bull

NASDAQ

advertising, AI, compounding, innovation, Margins, Owner-manager, social media

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

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

Jul 22, 2025

Fund Letters

Andrew Hollingworth

Nu Holdings Ltd.

Financials

Digital Banking

Bull

New York Stock Exchange

compounder, Cost advantage, digital banking, Disruptor, Fintech, Latin America, Scale Economies Shared

Jul 22, 2025

Fund Letters

VT Holland Advisors Equity Fund

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

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

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

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

TICKER	COMMENTARY
JET2.L	Jet2: No goodwill and lots of it! PE = 5x, MCap = £2.2bn (@ £11.25) but £500m = Company cash. Jet2: 15-20% compounding for PE of 5x. Jet2 is an example of compounders dressed up as cyclicals.
WISE.L	Wise's problem is the cost of Forex via banks. Banks Forex spreads = an unseen global tax on SME/Individual. Customers save c.2% of every single transaction with Wise. Wise is re-investing profits to reduce customer pricing further. Customers love this, but the share price fell! Also building an alternative clearing network of its own. Wise is re-investing back in itself at likely high ROIC rates. The market leader over time will be the provider of the cheapest, fastest, most convenient service with the broadest coverage. This will only be achieved by building the best global infrastructure, so we will continue to reinvest every year.
NU	Nubank: A snowball on a long, wet hill. Is the lowest unit-cost bank, has very high ROE's & customers LOVE it. Brought powerful 'Scale Economy Shared' model to sleepy banking sector. Looks a perfect SNC. Is Amazon-esq in customer focus and disruption. Its global growth runway could be very long.
NFLX	Netflix: A counter-positioning business run by a driven Owner Manager. That achieved scale and used it powerfully. A disrupter that created Network + Scale Economics. Which it re-invested for customers benefit & a bigger moat. Netflix was being attacked by gorillas with capital and ambition e.g. Apple, Amazon, Disney. But it prospered in the heat of competition. Due to its high-quality, innovative products. Achieving industry leading margins. When the capital cycle turned (i.e. others gave in) it was uniquely positioned = Huge operational gearing resulted.
META	Meta is an example of occasional very inefficient markets that don't understand Owner Manager psychology. Meta is an example of capital cycle/investment cycle +/- sentiment cycle.
SQ	Block is listed as the top holding at 8% of the portfolio and categorized as a supernatural compounder.
AMZN	Amazon is held at 5% of portfolio and categorized as a scale economy shared model. Nubank is described as Amazon-esq in customer focus and disruption.
TSM	TSMC ADR is held at 4% of portfolio and categorized as a scale economy shared model.

TICKER

COMMENTARY

JET2.L

Jet2: No goodwill and lots of it! PE = 5x, MCap = £2.2bn (@ £11.25) but £500m = Company cash. Jet2: 15-20% compounding for PE of 5x. Jet2 is an example of compounders dressed up as cyclicals.

WISE.L

Wise's problem is the cost of Forex via banks. Banks Forex spreads = an unseen global tax on SME/Individual. Customers save c.2% of every single transaction with Wise. Wise is re-investing profits to reduce customer pricing further. Customers love this, but the share price fell! Also building an alternative clearing network of its own. Wise is re-investing back in itself at likely high ROIC rates. The market leader over time will be the provider of the cheapest, fastest, most convenient service with the broadest coverage. This will only be achieved by building the best global infrastructure, so we will continue to reinvest every year.

Nubank: A snowball on a long, wet hill. Is the lowest unit-cost bank, has very high ROE's & customers LOVE it. Brought powerful 'Scale Economy Shared' model to sleepy banking sector. Looks a perfect SNC. Is Amazon-esq in customer focus and disruption. Its global growth runway could be very long.

NFLX

Netflix: A counter-positioning business run by a driven Owner Manager. That achieved scale and used it powerfully. A disrupter that created Network + Scale Economics. Which it re-invested for customers benefit & a bigger moat. Netflix was being attacked by gorillas with capital and ambition e.g. Apple, Amazon, Disney. But it prospered in the heat of competition. Due to its high-quality, innovative products. Achieving industry leading margins. When the capital cycle turned (i.e. others gave in) it was uniquely positioned = Huge operational gearing resulted.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Travel

Payments

Streaming

Financials

Dividends

Fixed Income

Growth

Quality

Value

Fintech

Growth

Quality

E-commerce

AI

Semiconductors

Investor Pitches

Current Portfolio as of ( 31st March 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