| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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| - | - | - |
Mikhail Zverev's WS Amati Global Innovation Fund navigated Q4 2025 by capitalizing on innovation themes beyond AI speculation. While AI dominated investor attention with deals reminiscent of dot com excesses, the fund focused on structural beneficiaries like memory semiconductors Samsung and SK Hynix, and photonics leader Lumentum. The manager added to positions during temporary weakness in Cognex (machine vision), Chemring (defense technology), and PTC (industrial software), viewing current concerns as misplaced. New positions included Fabrinet for accelerating data center optical transitions and H.U. Group for Alzheimer's blood testing leadership. Eli Lilly contributed strongly through GLP1 obesity drug dominance. Despite macro headwinds including defense sector concerns and AI bubble fears, Zverev maintains conviction in innovation frontiers offering compelling long-term growth. The portfolio benefits from improving US-China relations, monetary easing, and pharma-government collaboration. With more investment ideas than portfolio capacity, the fund remains positioned for structural technology adoption cycles across multiple innovation verticals while avoiding overvalued AI speculation.
Focus on innovation frontiers beyond AI hype, targeting undervalued technology companies with strong fundamentals and long-term growth drivers across photonics, diagnostics, defense technology, and industrial automation.
Manager expresses optimism about innovation opportunities beyond AI and lateral AI beneficiaries not priced for that benefit. Believes broad market valuation concerns are misplaced with plenty of value in good, growing, innovative businesses offering profitability and strong balance sheets. Current feeling is having more stock ideas than portfolio slots, with innovation frontiers in life sciences automation, industrial software tools, and machine vision continuing to present opportunities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 22 2026 | 2025 Q4 | 000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC | AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology |
CGNX CHG LN PTC LITE 005930 KS 000660 KS LLY FN 4544 JP |
AI continued to dominate investor debate with impressive deals between OpenAI and semiconductor vendors, though circular nature of agreements reminiscent of dot com excesses gave… |
| Sep 30 2025 | 2025 Q3 | CGNX, CHG LN, DXCM, GLBE, GLOB, LITE, PI, PRCT, RGEN, TLX AU | disruption, growth, innovation, productivity, technology | - | The fund emphasizes innovation-driven growth across technology, healthcare, and emerging business models. The letter highlights long-term structural change while acknowledging near-term volatility and valuation dispersion.… |
| Jun 30 2025 | 2025 Q2 | - | - | - | - |
| Sep 30 2024 | 2024 Q3 | - | - | - | - |
| Jun 30 2024 | 2024 Q2 | - | - | - | - |
| Dec 31 2023 | 2023 Q4 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines | |
DiagnosticsClinical practice in Alzheimer's diagnostics is moving to blood tests as cheaper, less intrusive but equally precise option. H.U. Group has strong first mover advantage in blood-based biomarkers for Alzheimer's disease testing with multi-fold growth in past year. |
Blood Tests Biomarkers Alzheimer's Medical Testing | |
GLP1Eli Lilly represents the fund's exposure to the GLP-1 obesity and diabetes treatment market, which continues to show exceptional growth. Mounjaro and Zepbound sales more than doubled year-over-year, with demand continuing to outpace supply. The fund sees this as a multi-decade growth opportunity with expanding indications and sustained competitive advantages. |
Obesity Diabetes Pharmaceuticals Growth Innovation | |
SemiconductorsMACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. |
Demand Competition Connectivity Customer Concentration | |
| 2025 Q3 |
Innovation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 22, 2026 | Fund Letters | Graeme Bencke | FN | Fabrinet | Information Technology | Electronic Components | Bull | New York Stock Exchange | AI, datacenters, manufacturing, Optics, Photonics | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | 4544 JP | H.U. Group Holdings, Inc. | Health Care | Diagnostics | Bull | New York Stock Exchange | Alzheimer’s, Biomarkers, diagnostics, healthcare, innovation | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | CGNX | Cognex Corporation | Information Technology | Electronic Equipment & Instruments | Bull | NASDAQ | AI, Automation, Industrialcapex, Machinevision, robotics | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | CHG LN | Chemring Group plc | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Counter measures, Defense, Electronic Warfare, Geopolitics, Security | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | PTC | PTC Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, engineering, Industrialsoftware, Plm, recurring revenue | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | LITE | Lumentum Holdings Inc. | Information Technology | Optical Components | Bull | NASDAQ | AI, Bandwidth, datacenters, Optical networks, Photonics | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, datacenters, HBM, Memory, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | 000660 KS | SK Hynix Inc. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, data centers, DRAM, Memory, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | Graeme Bencke | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Diabetes, Glp1, innovation, Obesity, pharmaceuticals | Login |
| TICKER | COMMENTARY |
|---|---|
| 000660.KS | SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand for its next-generation platforms at meaningfully higher price points and margins than prior generations. |
| 005930.KS | Selected technology-related companies held across several of our funds contributed for the quarter, particularly established franchises such as Samsung Electronics and Alphabet (Google). While the shares of both companies soared upward in price during the year, we believe they remain reasonably valued relative to their near-term growth prospects. |
| 2327.TW | We funded these purchases by selling Taiwanese listed Yageo, where our investment case has largely played out, and we see stronger opportunities elsewhere. |
| 4544.T | We bought a new position in H.U. Group, a Japanese diagnostics company. Its base business is the provision of central lab services to Japanese hospitals and the manufacturing of diagnostics equipment and reagents. However, what attracted us most was its pioneering position in blood-based biomarkers for Alzheimer's disease testing. Clinical practice in Alzheimer's diagnostics is moving to blood tests, a cheaper, less intrusive, but no less precise option, and H.U. Group has a strong first mover advantage. This segment of the business has grown multi-fold in the past year, and we expect that fast pace of growth to continue. |
| CGNX | Cognex, a US listed machine visions systems supplier, had a steady set of results but issued relatively cautious guidance. The company's business is linked to capital investment cycles in its end markets, and while some are buoyant, others, like the automotive industry, remain subdued. We see a compelling long-term growth opportunity as machine vision proliferates across industries and AI based vision algorithms democratise this technology, making it accessible and feasible for more and smaller industrial users. We think that when capital investment recovers many more industrial machines will be equipped with vision, and Cognex will be a leading vendor. We added to our position in the quarter. |
| CHG.L | Key detractors from performance were defence companies Qinetic and Chemring, and video games developer Everplay. Both Qinetic and Chemring saw their share prices fall amid news of a potential peace agreement between Russia and Ukraine. UK defence contractors are also waiting for the publication of the government's Defence Investment Plan, which is slowing decision making. For Chemring, there was also disappointment around a capital expenditure (capex) overspend on its build-out in Norway. |
| FN | Fabrinet Information Technology 1.6 |
| LITE | Lumentum is a leading supplier of lasers to the AI ecosystem. The stock rallied due to strong demand for its products in hyperscale and AI data centers, along with general apparent optimism surrounding AI infrastructure stocks. |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| PTC | Consider the Fund's investment in PTC, a US-based software provider whose products are used by large industrial companies to design and manufacture complex products, including in the aerospace and defence industries. Designs must conform to precise engineering specifications and physical constraints – think of the components that go into an aircraft – with no scope for ambiguity or hallucination. AI is not a substitute for this business logic. |
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