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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 3, 2026
Zelikovic adheres to classic value investing principles, focusing on financially robust compounders trading at substantial discounts while actively avoiding the Magnificent Ten AI giants despite their market dominance. The portfolio returned negative 3.86% in 2025 and is down another 6.69% through Q2 2026, primarily due to NIS strengthening 12.62% against USD. Excluding currency impact, investments recorded over 10% positive return in 2025. Portfolio compounders increased free cash flow per share at 19.95% in 2025 versus 3.48% for S&P 500, yet trade at 26.57x FCF versus 48.34x for the index. Manager believes AI valuations resemble history's greatest manias and will inevitably collapse, citing extreme multiples, unsustainable capex spending, and passive investment flows artificially inflating mega-cap prices. Instead focuses on second-level AI beneficiaries, insurance companies benefiting from new interest rate environment, and small-cap value opportunities globally. Key holdings include EXOR, Brookfield, KKR, Fairfax, Interactive Brokers, and Constellation Software acquired at 50% discount. Manager maintains 100% equity exposure with long-term horizon, confident portfolio companies will double at low risk as market eventually recognizes their superior economics.
Classic value investing in financially robust compounders trading at discounts to intrinsic value while avoiding expensive popular stocks, particularly AI giants trading at bubble valuations comparable to Dot-Com era.
Manager remains very optimistic that portfolio compounders will see market prices reflect their superior free cash flow growth over time, especially given excellent management teams continue to perform and reinvest earnings profitably. Expects companies trading at such low multiples can double in upcoming years at very low risk of capital loss. Believes current dominance of large AI stocks has many resemblances to Dot-Com bubble and expects high valuations and continued challenges facing AI companies will eventually lead to significant declines. Confident that economic superiority of portfolio companies will eventually be acknowledged by market despite short-term underperformance. Sees continued attractive opportunities in small and micro-cap stocks globally.
Moderate Conviction Bullish
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