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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Constructive on structural innovation themes, using cyclical pullbacks to add high-conviction positions in $MTZ, $BDC, and $CINT across infrastructure, physical AI, and IT modernization while navigating mega-cap tech concentration risks."
WS Amati Global Innovation Fund navigated a bifurcated equity market characterized by benchmark index resilience alongside breadth deterioration, with roughly 60% of constituents falling over the quarter despite tech-driven all-time highs in the S&P 500 and NASDAQ. The manager does not report net fund returns or explicit cash weighting figures in the review, but notes that performance was shaped by divergent sector drivers. Negative performance was led by US-listed industrial technology holdings and infrastructure enablers facing cyclical demand worries, while performance was anchored by strong gains across less cyclically sensitive healthcare holdings. The manager observes that rising bond yields reflect a more hawkish inflationary environment fueled by rising energy prices and massive AI capital expenditures, challenges largely impervious to central bank policy levers. While mega-cap technology concentration reached historic extremes—with the top five index holdings comprising approximately 28% and the top ten nearly 40%—breadth softened as market participants questioned the longevity, defensibility, and return profile of frontier AI lab investments. Rather than reacting to short-term cyclical headwinds or geopolitical volatility, the strategy emphasizes structural transformations in industrial automation, electrical grids, and bioprocessing. Portfolio turnover included three new holdings: Dutch-listed defense equipment manufacturer Theon, industrial connectivity specialist Belden, and IT consulting firm CI&T. Meanwhile, the fund maintained existing positions in MKS Instruments, Allegro MicroSystems, and MasTec, viewing market sell-offs across cyclically sensitive innovators as compelling entry points driven by durable multi-year compounding potential rather than broken fundamentals.
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