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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Van Der Mandele Arar Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown."
The Van Der Mandele Arar Fund depreciated 7.2% in the period, driven primarily by a drawdown in SK Hynix that the rest of the portfolio could not offset, bringing year-to-date performance to 7.2% versus 12.1% for the MSCI World ACWI. The manager remains committed to sizable positions in memory semiconductors and gold mining despite recent volatility, viewing them as asymmetric opportunities. SK Hynix remains the largest position at 16.6%, with the manager maintaining economic exposure while restructuring the position. The fund added Deutsche Rohstoff, an oil and gas producer trading at 2.2x forward earnings that fast-tracked production to exploit elevated prices from the Strait of Hormuz crisis. Over 8% of the portfolio benefits from tight freight shipping capacity driven by geopolitical disruptions. Thor Explorations received relief as Senegal's government demonstrated constructive permitting, supporting plans to double production over three years. The portfolio holds 29 stocks with 1.5% cash, concentrated in small-cap special situations across semiconductors, energy, mining, and shipping where the manager identifies significant valuation dislocations.
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