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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Europe and Asia."
The Shelton International Select Equity Fund returned 13.7% in the second quarter of 2025, outperforming its benchmark, the MSCI All-Country World ex-USA Index, which returned 12.0%. Key tailwinds driving international equity outperformance included better valuations compared to U.S. equities, continued weakness of the U.S. Dollar (which declined 7% in Q2 and over 10% YTD), and improving global economic conditions. Regionally, Europe led performance with gains over 20%, supported by ECB monetary accommodation and fiscal defense spending stimulus, while Japan grew by 11% due to corporate governance reforms and cautious BOJ normalization. Top stock contributors included Stantec Inc (STN.TO), which rose over 24% following positive earnings and upward target revisions, and Konami Group Corp (9766.T), which gained over 29% driven by gaming excitement and long-term SG&A investments. On the other hand, performance was detracted from by Misumi Group Inc (9962.T), which fell over 21% on insufficient dividend hikes and acquisition concerns, and Canon Inc (7751.T), which fell over 9% following the completion of its stock buyback. Looking forward to Q3 2025, the fund maintains its constructive posture on international markets while focusing on country allocation discipline, selective sector rotation, and quality stock selection.
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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 Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Growth Outlook
Market outlook remains high conviction: The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Risk Appetite
Risk appetite posture is high conviction: The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Forward Guidance
Forward guidance signal: The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Language Signal
Tone analysis indicates high conviction language: The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Shelton International Select Equity Fund returned 13.7% in Q2 2025, outperforming its benchmark by 1.7%, driven by strong country allocation and positive sector exposure in Eur...
