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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by gold and semiconductors. The fund is now taking profits in tech and actively redeploying capital into depressed European value opportunities and UK housing."
VG1 Global Investments returned 13.2% for the September 2025 quarter, outperforming global benchmarks. Key contributors included surging gold equities (up 40-45%) and AI-linked semiconductor positions (TSMC, SK Hynix, Samsung). To manage risk, the team trimmed semiconductor holdings on valuation concerns and reduced exposure to mega-cap tech (notably Meta), while maintaining Amazon as a core holding. Short positions like Brinker International contributed positively as momentum faded. Looking forward, the fund is shifting attention to Europe, researching cyclical value plays, 'AI-labelled losers', and depressed UK housing opportunities.
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