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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Contrarius returned 20.9% in Q2 2026 by investing in AI-Winners and AI-Proof companies at attractive valuations. Sony exemplifies this dual thesis: it owns irreplaceable music catalogues, film libraries, and gaming franchises that appreciate as AI content proliferates, while manufacturing 53% of global image sensors positioned to dominate physical AI in autonomous vehicles and robotics."
Contrarius Global Equity Fund returned 20.9% in Q2 2026 versus 12.5% for the MSCI World Index, driven by its contrarian positioning in AI-Winners and AI-Proof companies. The fund actively manages exposure between these categories based on market conditions, shifting toward AI-Winners in April as geopolitical risks dissipated. Sony Group exemplifies the fund's thesis as a rare company straddling both categories. Sony owns irreplaceable human-created IP including one of the world's three major music businesses (Columbia Records, Beyoncé, Adele, Lennon-McCartney rights), a premier film and television library (Columbia Pictures, Spider-Man, Crunchyroll anime streaming), and the PlayStation gaming platform transitioning to high-margin recurring revenue. Simultaneously, Sony manufactures 53% of global image sensors and is partnering with TSMC to develop next-generation sensors for physical AI in autonomous vehicles and robotics. Despite these assets, Sony trades at a mid-teens earnings multiple—a conglomerate discount the fund believes significantly undervalues the business. New CEO Hiroki Totoki is actively transforming the company by divesting non-core assets and redirecting capital to music, gaming IP, and sensors while returning cash to shareholders.
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