The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The WS EkinsGuinness Global Thematics Fund is built on the core thesis that identifying developing global themes through price momentum and fundamental valuation metrics delivers superior compounding capital growth over the long term. During June 2026, the fund experienced net asset value volatility, driven by frequent and dramatic sentiment rotations out of high-flying technology names. In response, the manager actively reduced and restructured technology exposure, shifting capital from technology end-buyers to essential equipment suppliers. Concurrently, the fund expanded its positions in Japanese equities to capitalize on their recovery from a multi-decade winter, alongside increased exposure to global consumer and travel sectors. Electrification and power infrastructure remain the primary structural driver for the portfolio, with the manager viewing ownership of electrical capacity as exceptionally durable. Moving forward, the fund maintains a balanced posture between defensive and cyclical large-cap equities to preserve optionality and protect capital across the current business cycle.
Identifying structural, long-term themes using price momentum and valuation metrics to invest in high-quality, large-capitalization companies positioned to compound growth.
The manager believes the dramatic valuation run-up in technology has run its course, calling for a strategic reallocation toward infrastructure and equipment providers rather than end-buyers. The fund remains highly constructive on electrification and power capacity, which is expected to be a durable long-term driver, and will continue balancing cyclical and defensive large-cap stocks.
As of Jun 30, 2026
Anthony Eaton serves as fund manager since the June 20, 2025 launch, bringing extensive experience from a career that began in 1984 at Laurie Milbank. He progressed through senior roles at Hoare Govett (1987), became director at Greig Middleton (1996), and joined JM Finn & Co in 2001. At JM Finn, he created and managed the CF JM Finn Global Opportunities Fund from 2004-2019, achieving 39.14% returns versus 20.65% for the Global Growth Index. He subsequently managed the VT Downing Global Investors Fund from March 2020 with €41.78 million AUM before joining Ekins Guinness. Eaton holds a Bachelor of Arts in Economics from Bangor University and demonstrated a 10.4% compound annual growth rate over 14 years prior to joining Ekins Guinness, establishing a strong track record in global thematic investing.
The fund focuses on thematic investment targeting the growing global middle-class population, currently around 3.3 billion people, projected to grow to 5.3 billion by the end of the decade. The investment approach employs pattern hunting strategies to identify areas of economic activity attracting capital, focusing on six key investment themes driven by middle-class needs and wants: Healthcare, Transition from carbon, 5G, Digitalisation, Food and raw materials, and Consumer goods. The fund uses a top-down investment approach, targeting leading companies that supply the needs and wants of the global middle class. The strategy balances cyclical and defensive sectors based on economic cycles. The investment philosophy emphasizes buying equity stakes in businesses worldwide that supply the expanding homogeneous middle-class population, seeking leading companies within business groupings identified through patterns of capital accumulation.
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
The score is 0.45. While the manager displays thematic confidence (e.g., calling power infrastructure the 'needle mover'), the actual portfolio is highly diversified across sectors and many small holdings. The largest single holding, Alphamin, is only 2.0% of the fund.
Growth Outlook
A score of 0.60 reflects cautious optimism. The manager is bearish on near-term technology valuations, claiming their run-up is done, but strongly bullish on power infrastructure and positive on Japanese and travel sector turnarounds.
Risk Appetite
Risk appetite is scored at 0.55. The manager has actively trimmed high-flying technology to manage valuation risk while deploying cash into stable, cash-generative sectors like global consumer, travel, and Japanese corporate recovering assets.
Capital Deployment
The score is set to 0.45, representing moderate de-risking or reallocation. The fund actively reduced its tech exposure and rearranged its holdings, while holding a stable cash position of 6.8% with no massive new net capital deployment.
Forward Guidance
Forward guidance is scored at 0.50 (Neutral). The manager explains portfolio reallocations that have already taken place (tech reduction, Japan/consumer additions) but provides limited explicit signals about immediate future deployment plans.
Language Signal
A balanced score of 0.55. Highly constructive language regarding electrification ('durably attractive') and Japanese recovery is balanced by cautious terminology surrounding completed tech valuation runs and market volatility.
Perceived Risk
Perceived risk is 0.55. The manager notes significant market oscillations and sector rotations alongside standard risk disclaimers, but does not present systemic macroeconomic failure as a base-case scenario.
Opportunity Density
Opportunity density is 0.65. While the manager finds the technology opportunity set largely exhausted, they identify rich, active opportunities across Japan, global consumer/travel sectors, and power transmission.
Time Horizon
The time horizon is scored at 0.80. The fund is explicitly labeled as a 'medium to long-term investment' targeting 5+ years, and focuses on compounding returns through structural multi-decade themes.
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