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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, T. Bailey Global Thematic Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Capital expenditure scrutiny in technology infrastructure is triggering an equity market rotation, favoring non-tech compounders and operational adopters of automation over high-multiple semiconductor manufacturers."
For the period ending October 30, 2026, the WS T. Bailey Global Thematic Equity Fund recorded a 3-month net return of 0.38% and a 1-year net return of 10.22%, outperforming the IA Global Sector Mean of -0.04% and 7.33% respectively. Discrete 12-month performance to September 2026 reached 16.89% net of fees compared to 13.36% for the peer group. The fund maintains a balanced portfolio posture, allocating 51.4% to global thematic equities, 11.5% to Japan equities, 9.5% to emerging markets equities, 6.5% to Pacific Basin equities, 5.7% to UK equities, 3.2% to US equities, 3.9% to private equity, 2.7% to commodities, and 5.7% to cash. Macroeconomic focus shifted abruptly from the projected scale of artificial intelligence to the substantial capital expenditure required to fund infrastructure development. This reassessment triggered an acute sell-off in technology and Asian semiconductor manufacturing, while equal-weighted equity benchmarks held up significantly better than market-cap-weighted indices. The managerial framework emphasizes navigating this transition by moderating reliance on pure-play technology leaders and identifying businesses capable of driving earnings expansion independently of mega-cap tech momentum. Performance dispersion across underlying strategies was wide during the month. Significant detractors included Baillie Gifford Pacific (-12.7%) and Polar Capital Artificial Intelligence (-12.3%), alongside cyclical corrections in listed private equity vehicles Chrysalis (-8.6%) and IP Group (-3.2%). Conversely, non-AI correlated allocations provided substantial downside protection, led by Polar Capital Global Insurance (+10.8%), WS Havelock Global Select (+2.6%), and Polar Capital Healthcare Opportunities (+2.5%). Strategy adjustments are actively shifting capital toward operational AI adopters and value-disciplined memory and chip suppliers.
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