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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruption, and maintains a defensive cash stance."
The Steppe Eagle OEIC delivered a notable +31.71% net return in 2025, outperforming its MSCI World benchmark (+19.49%), driven by a sharp rebound in clean energy (solar/wind) and solid gains in long-term IT holdings like Alphabet and Shopify. Despite the recovery, the fund remains 36.19% below its benchmark since its September 2022 inception. The manager highlights market vulnerabilities, including the 'SaaS apocalypse' driven by LLM disruption and potential 'circular spending' inflation in AI leaders like Nvidia. Guided by strict value principles, the fund maintains a disciplined approach: avoiding shorting/leverage, prioritizing long time horizons, aiming for a 25% cash/gold reserve, and focusing on high-quality, Shariah-compliant sustainability plays.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Growth Outlook
Market outlook remains moderate conviction: The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Risk Appetite
Risk appetite posture is moderate conviction: The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Forward Guidance
Forward guidance signal: The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Language Signal
Tone analysis indicates above average conviction language: The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Steppe Eagle OEIC posted a strong +31.71% gain in 2025 as solar and wind holdings rebounded, though the manager remains highly cautious on broader AI valuations, SaaS disruptio...
