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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Amati Global Innovation outperformed in Q2 2026 as semiconductor equipment and HBM producers rallied on AI infrastructure spending. Manager exploited excessive AI enthusiasm by adding to specialist software providers PTC, Autodesk, and Globant at depressed valuations, viewing their defensible moats as underappreciated."
The WS Amati Global Innovation Fund delivered strong outperformance in Q2 2026 as market attention broadened beyond concentrated AI names to semiconductor equipment and component suppliers. Top contributors included MKS, Samsung Electronics, and Allegro Microsystems, all benefiting from surging demand for High Band Memory and advanced chip architectures driven by AI infrastructure buildout. The manager views current market enthusiasm for AI as excessive, creating attractive opportunities in specialist software providers like PTC and Autodesk that are being indiscriminately sold despite defensible moats in regulated industries. The fund initiated a position in ATS to capture automation recovery driven by pent-up demand, government reshoring incentives, and exposure to fast-growing end markets including radiopharmaceuticals and nuclear energy. Eli Lilly was sold after strong performance. The manager maintains conviction in long-term innovation cycles despite geopolitical uncertainties in Iran, Ukraine, and China, emphasizing their 3-5 year horizon provides runway for market revaluation of mispriced opportunities. Portfolio positioning reflects confidence in semiconductor cycle strength and contrarian bets on quality software companies trading at attractive valuations.
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