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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings."
AGT Partners generated strong first-half 2026 returns of +32.4% (Class A) despite navigating volatile energy prices from the US-Iran conflict, elevated US interest rates, and expensive AI/semiconductor valuations. The fund maintains a dual strategy: owning high-quality large-cap companies with sustainable competitive advantages (DBS, TSMC, Tencent, Microsoft) while opportunistically investing in under-followed small-caps in less fashionable sectors. The manager recently initiated a position in Alphabet, viewing AI as a potential moat-strengthening force, with Cloud revenue growing 82% YoY and operating margins expanding to 36%. In semiconductors, the fund holds SK Hynix but remains cautious about unsustainable memory pricing (DRAM/NAND up ~70%) drawing customer pushback. The manager is increasingly focused on constructive shareholder engagement, appointing ex-Dyna-Mac CEO AC Lim as advisor to help create and unlock value in smaller holdings. With ~30% exposure to small-caps through Class A's sticky capital base and gearing at 140-170%, the fund emphasizes discipline, modest return expectations, and prevention of permanent capital loss as the first priority.
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