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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA."
Titan Wealth's multi-manager strategies delivered strong first-half returns, with growth-oriented portfolios significantly outperforming peers as the portfolio restructuring conducted over the past two years bears fruit. The quarter was dominated by AI investment, with technology returning 33% and semiconductors up 57.5%, driven by continued capital expenditure in data centres, memory, and infrastructure. Emerging markets outperformed developed markets by 10 percentage points, led by Taiwan and South Korea. The manager maintains concentrated exposure to AI through holdings including Polar Capital Artificial Intelligence, which returned 45.2%, alongside semiconductor leaders TSMC, ASML, and KLA. Energy transition was the best-performing theme, with Polar Smart Energy up 48.6% on infrastructure demand. The manager has recently reintroduced healthcare to diversify AI concentration risk while maintaining conviction in structural themes. Key risks include elevated valuations in AI-related sectors, potential for cyclical earnings extrapolation, and sticky inflation. The manager expects markets to grind higher supported by robust earnings but with periodic volatility, planning for a world where growth remains well supported and risks tilt toward inflation rather than recession.
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