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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Despite performance headwinds from extreme mega-cap AI market concentration, the fund remains constructive on non-consensus, granular innovators in fields like robotics, bioprocessing, and photonics."
During the third quarter of 2025, the WS Amati Global Innovation Fund navigated a market characterized by extreme concentration, dominated by massive capital investments into generative AI infrastructure. This trend propelled mega-cap technology "titans" to historically high valuations, posing a performance headwind for the fund's non-consensus, bottom-up approach that targets granular innovation areas. On the macroeconomic and political fronts, the US Federal Reserve initiated its first interest rate cut of the year, boosting corporate investment confidence despite ongoing concerns over US trade tariffs and geopolitical conflicts in Ukraine and Gaza. The fund experienced headwinds in the Life Sciences and healthcare sectors, primarily driven by US political actions and funding delays at the National Institutes for Health (NIH), alongside leadership and staffing disruptions at the FDA which delayed drug approvals. Despite these challenges, the manager leveraged price weaknesses to add to high-conviction holdings like Procept Biorobotics and Dexcom. Positive contributors were driven by structural demand in technology, notably Impinj (RFID), Lumentum (photonics), and Cognex (machine vision). In terms of portfolio activity, the fund maintained its 40-stock discipline by selling Hubbell, Qiagen, Leonardo DRS, and Avery Dennison, and initiating new positions in Globant, Global-E Online, Chemring, and Repligen.
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