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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitalize on the peaking Labubu doll hype cycle."
Arnott Capital's 2025 Interim Letter reports a 3.97% net return for the six months ended 30 June 2025. Key performance contributors included Aerospace (where profits were taken from airlines and rotated into Airbus) and 'Data is the new oil' (boosted by a new long position in Softbank). The biggest detractor was Longevity, due to Novo Nordisk, which was exited due to pressure from compounding pharmacies. The fund introduced two main new long themes: UK Housing (driven by severe undersupply and rate-cut cycle) and China Champions (focused on highly discounted plays like Didi Global). On the short side, the manager is shorting Pop Mart, anticipating the burst of the viral Labubu doll hype cycle.
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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: Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Growth Outlook
Market outlook remains above average conviction: Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Risk Appetite
Risk appetite posture is above average conviction: Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Forward Guidance
Forward guidance signal: Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Language Signal
Tone analysis indicates above average conviction language: Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitaliz...
