Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Thornburg Global Opportunities Fund | 11.3% | 32.2% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE | Communications, financials, global, growth, semiconductors, technology, Telecom, value | The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance. | View | |
| 2025 Q3 | Sep 30, 2025 | Thornburg Equity Income Builder Fund | 6.6% | 27.2% | 005930.KS, AVGO, AZN, BIRG.I, BNP.PA, C, CME, CSCO, DTE.DE, ELE.MC, ENEL.MI, EOAN.DE, GLEN.L, HD, INGA.AS, MRK, NN.AS, PFE, ROG.SW, T, TSCO.L, TSM, TTE, Z74.SI | dividends, financials, global, healthcare, income, Telecom, Utilities, value | The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity portfolio dividend yield of 4.3% significantly exceeds the 1.8% dividend yield of the MSCI Index. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. | View | |
| 2025 Q3 | Sep 30, 2025 | City Different Investments – Global Equity | 13.3% | 31.9% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Holding Companies, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with exceptional profit margins due to low production costs of $1560. | View | |
| 2025 Q3 | Sep 30, 2025 | Oldfield Partners Overstone World All Cap Equity Fund | 6.7% | 29.1% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, Holding Companies, value | Central banks now hold more gold than US Treasuries for the first time since 1996, with gold accounting for 25% of reserves and touching $4000. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum International Fund | 2.0% | - | 005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS | Asia, China, rates, semiconductors, Stimulus, value | Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum Global Fund (Long Only) | 0.0% | - | 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO | China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value | The most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum Asia Fund | 10.0% | - | 000660.KS, 005930.KS, 0700.HK, 1109.HK, 1357.HK, 2269.HK, 2318.HK, 3968.HK, ALI.PS, ASII.JK, BABA, BILI, DDL, JD, MAPI.JK, MEGA.BK, PWON.JK, SPALI.BK, TSM | Asia, China, E-Commerce, emerging markets, Indonesia, Recovery, semiconductors, Stimulus | Chinese authorities announced comprehensive stimulus measures in late September including monetary policy easing, property market support, and explicit equity market encouragement. This triggered a sharp rally with mainland A-shares rising 25% in five days from September 23rd. The manager views this as potentially marking a turning point after years of economic weakness. | View | |
| 2023 Q3 | Sep 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, ROG.SW, RRL.AX, RYA.L, THO, UMG.AS, WBA | Concentration, global, Gold Miners, healthcare, retail, value | The fund maintains a value-oriented approach, buying companies trading below their intrinsic valuations. The managers discuss specific valuation assessments for holdings like Capri, HCA Healthcare, and Dick's Sporting, making buy/sell decisions based on price versus value considerations. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Fund | -0.2% | - | 000001.SZ, 005930.KS, 051910.KS, 6479.T, 7011.T, ALLFG.L, INDI.NS, MCHP, PDD, SUZB3.SA, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, Corporate Governance, E-Commerce, global, Japan, value | Chinese e-commerce companies like PDD Holdings and ZTO Express are showing strong growth despite economic headwinds. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. ZTO Express is the leading delivery service in China, growing from 6 billion to 30 billion parcels annually over five years. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum Global Fund (Long Only) | -1.0% | - | 005930.KS, 051910.KS, 0700.HK, 1789.HK, 6479.T, AIR.PA, CCJ, CS, IFX.DE, IGLTA.NS, MCHP, PDD, SLB, SUZB3.SA, TCOM, TSM, UBS, UPM.HE, VAL, WIZZ.L, ZTO | Banking, China, energy, global, special situations, value | Energy holdings were the strongest contributors with oil field services companies Schlumberger and Valaris up nearly 20% and nuclear/uranium stocks like Cameco up 29%. Both sectors are emerging from deep recessions with nuclear arguably emerging from a 40-year hibernation in the West. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum Asia Fund | -2.1% | - | 000001.SZ, 000333.SZ, 000700.HK, 005930.KS, 1109.HK, 2330.TW, 2454.HK, IGPA.NS | Asia, China, consumer, E-Commerce, Indonesia, Travel | Chinese e-commerce companies like PDD Holdings and JD.com are key holdings. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. JD.com faces near-term headwinds but has a long history of market share gains through superior customer experience. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. | View | |
| 2023 Q3 | Sep 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Equity, global, growth, international, Magnificent Seven, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing significant potential benefit upfront, with wide range of outcomes still possible. | View | |
| 2023 Q3 | Sep 30, 2023 | Mondrian International Equity Value Opportunities | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, Opportunities, technology, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the firm has identified attractive investments in companies that could benefit from AI growth. | View | |
| 2023 Q3 | Sep 30, 2023 | Airlie Australian Share Fund | 1.6% | - | 000660.KS, 005930.KS, 2330.TW, 300012.SZ, 300124.SZ, 9999.HK, BBCA.JK, CHILE.SN, FEMSAUBD.MX, NATU3.SA, RADL3.SA | AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors, valuation | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2025 Q2 | Aug 7, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, FL, GOOGL, GPI, HCA, LBRDK, LNR.TO, LYB, MA, MCK, RHI, RYAAY, THO, V | Airlines, Auto Dealers, Market Exuberance, Plastics, tariffs, value | The fund focuses on solid businesses generating reliable cash flows trading at cheap to fair value multiples, contrasting with the broader market's focus on growth and speculative investments. Most fund holdings trade at forward P/E multiples between 10-18 times versus S&P 500 at 23 times and Nasdaq at 30.5 times. | BABA LYB RHI LBRDA THO GPI AN LNR CN DKS |
View |
| 2025 Q2 | Aug 4, 2025 | Allspring Emerging Markets Equity Advantage Fund | - | 10.6% | 005490.KS, 005930.KS, 028050.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRES.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM | AI, China, emerging markets, Energy Storage, India, semiconductors, Taiwan, technology | AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years. | DLF.NS 300750.SZ BABA 005930.KS 2330.TW |
View |
| 2025 Q2 | Aug 25, 2025 | Davis Global Fund | - | 14.1% | 005930.KS, 3690.HK, 8058.T, 9999.HK, APP, COF, CVS, META, NTES, SE, TCOM, VTRS | AI, China, financials, gaming, healthcare, technology, Valuations | Chinese companies remain attractively valued and are increasingly at the forefront of cutting-edge industries. China leads in electric vehicle production, battery cell production, solar panel production, and is growing in biotech and robotics. The MSCI China Index trades at a 39% discount to MSCI ACWI. | SVM 8001.T NTES META 8001 JP NTES SOLV |
View |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW | Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW | Asia, Diversified, Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. | View | |
| 2025 Q2 | Aug 11, 2025 | Fairtree Global Equity Fund | 10.9% | - | 000660.KS, 005930.KS, AMAT, AVGO, BP, FI, GFI, GLEN.L, GOOGL, JD, KASPI.L, LOW, MSFT, NVDA, PDD, PGR, ROST, SYY, UNH, VRT | AI, emerging markets, Europe, Global Equity, semiconductors, tariffs, technology, Trade Policy | The fund maintains significant exposure to AI-related semiconductor demand, particularly through Taiwan positions. AI-driven semiconductor demand continues to drive strong performance in technology holdings, with companies like Nvidia and Broadcom contributing meaningfully to returns. | View | |
| 2025 Q2 | Jul 9, 2025 | Firebird US Value Fund | - | - | 000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2023 Q2 | Jul 6, 2023 | Citadel Value Fund | - | - | 005930.KS, 6208.T, 7248.T, AD.AS, AEO, BKNG, CON.DE, LIGHT.AS, NOV, SOL.MI, STLA, UHR.SW, VLGEA, VTSC.DE | Automotive, Europe, Fundamental Analysis, Industrial, small caps, value | Fund focuses on fundamental company analysis to estimate intrinsic value and achieve margin-of-safety by paying much less than intrinsic value. Portfolio trading at 44% discount to estimated intrinsic value with weighted free cash flow yield of 8%. | STLA LIGHT.AS APA|C|FFIV|KHC|NOV|UNH VTSC.DE SOL.MI |
View |
| 2024 Q2 | Jul 5, 2024 | East Capital | - | - | 005930.KS, NVDA, TSM | AI, Asia, China, emerging markets, India, semiconductors, Taiwan, technology | AI remained the primary driver of emerging market returns, with Taiwan contributing significantly through TSMC's advanced chip production for Nvidia. The firm researched AI infrastructure bottlenecks, identifying electrical transformers as key constraints and investing in Korean transformer exporters. | 1765.HK TSM |
View |
| 2025 Q2 | Jul 23, 2025 | American Century Emerging Markets Fund | 12.9% | - | 000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM | AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy | AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion as a key supplier of AI power. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending. | 688008.SS 2308.TW 002281.SZ |
View |
| 2025 Q2 | Jul 22, 2025 | Brandes International Equity Fund | 10.4% | 22.3% | 005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, industrials, international, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds. | 6273.T |
View |
| 2025 Q2 | Jul 22, 2025 | Polaris Global Equity | 8.4% | 12.8% | 000270.KS, 000660.KS, 005930.KS, 055550.KS, 066570.KS, 8002.T, 8306.T, ABBV, ALSN, BARN.SW, BKT.MC, CAP.PA, COF, CTC.TO, DG.PA, ELE.MC, ELV, GNC.L, IAG.L, IETB.BR, JAZZ, JDEP.AS, JPM, LKQ, LTM, LUN.TO, MKSI, NXT.L, OTEX, SNY, TSN, UNH, YAR.OL | Airlines, diversification, Europe, financials, global, semiconductors, Trade, value | SK Hynix led portfolio performance capitalizing on leadership in high-bandwidth memory chips and disciplined DRAM supply with record-breaking first-quarter results. Samsung Electronics also benefited from DRAM price strength and HBM3E supply to non-Nvidia customers. The sector showed strong fundamentals supported by AI and advanced packaging demand. | UNH GNC LN 000660 KS 8002 JP |
View |
| 2025 Q2 | Jul 22, 2025 | Polaris International Equity | 12.4% | 18.8% | 000270.KS, 000660.KS, 005930.KS, 055550.KS, 2724.TW, 8002.T, 8306.T, BARN.SW, BKT.MC, BPOP, CAP.PA, CTC.TO, DG.PA, ELE.MC, GNC.L, IAG.L, JAZZ, JDEP.AS, LTM, LUN.TO, MEOH, NOMD.L, NXT.L, SMWT, SNY, YAR.OL | Asia, Europe, Geopolitical, international, semiconductors, South Korea, Trade Policy, Travel | International airlines and travel services are capitalizing on the travel trend away from the U.S. Airlines like International Consolidated Airlines Group and LATAM Airlines posted strong results driven by robust demand and cost management. Airport traffic in Europe has recovered to above 95% of 2019 levels. | GNC LN 000660 KS 8002 JP |
View |
| 2025 Q2 | Jul 20, 2025 | BNY Mellon Global Emerging Markets Fund | 13.8% | 11.6% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, technology, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2024 Q2 | Jul 19, 2024 | Titan Wealth | - | - | 000660.KS, 005930.KS, 0700.HK, AAPL, ADBE, ALNY, DIS, EL, FSLR, NFLX, NKE, NVDA, ORCL, TSM | AI, emerging markets, Energy Transition, Global Equity, healthcare, infrastructure, Multi-Manager, technology | Continued enthusiasm for artificial intelligence helped technology maintain its lead as top performer. Companies involved in chips, cloud computing, and data centres saw strong demand with NVIDIA briefly becoming the most valuable company. AI is viewed as a multi-sector opportunity accessible through various portfolio holdings including renewable developers, power generation suppliers, and battery solutions companies. | View | |
| 2025 Q2 | Jul 17, 2025 | Platinum International Fund | 0.3% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade | AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS. | WIZZ LN CCO CN |
View |
| 2025 Q2 | Jul 17, 2025 | Platinum Global Fund (Long Only) | 2.6% | - | 000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco. | WIZZ LN CCO CN |
View |
| 2025 Q2 | Jul 17, 2025 | Platinum Asia Fund | 3.9% | - | 000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports. | TSM 2202 HK MYOR IJ |
View |
| 2025 Q2 | Jul 17, 2025 | Platinum International Brands Fund | 6.6% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies. | IDXX WING GALD SW |
View |
| 2025 Q2 | Jul 17, 2025 | Platinum International Technology Fund | 18.4% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS | AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies. | KLAC |
View |
| 2025 Q2 | Jul 16, 2025 | Harding Loevner International Equity | 9.2% | 14.8% | 002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM | aerospace, AI, defense, Europe, Health Care, international | Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies. | View | |
| 2025 Q2 | Jul 15, 2025 | Mayar Capital | 6.5% | 9.6% | 005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L | antifragility, global, long-term, Quality, Resilience, value | The manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises. | NESN SW |
View |
| 2024 Q2 | Jul 1, 2024 | Citadel Value Fund | - | - | 005930.KS, 3436.T, 6222.T, 7248.T, AD, AEO, CON.DE, NOV, STLA, UHR.SW | Autos, Cash Generation, global, semiconductors, small cap, value | Citadel focuses on businesses that are highly cash generative relative to their purchase price, buying them at a discount to intrinsic value. The portfolio trades at a 33% discount to estimated intrinsic value with a 7% free cash flow yield. This approach has delivered solid returns and remains robust despite market anomalies. | STLA 3436.T |
View |
| 2024 Q2 | Jul 1, 2024 | Provident Financial Articles | - | - | 000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors, valuation | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2025 Q2 | Jun 30, 2025 | Thornburg International Equity Fund | 10.8% | 21.8% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | China, Europe, international, Japan, rates, semiconductors, Trade Policy, value | Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty. | View | |
| 2025 Q2 | Jun 30, 2025 | Green Ash Partners | - | 8.6% | 000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors, valuation | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2025 Q2 | Jun 30, 2025 | Baron Health Care Fund | -5.1% | -7.6% | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, large cap, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider pricing and look for mispriced securities in expensive market conditions. | UHAL BOL.PA 005930.KS |
View |
| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | 005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO | AI, China, global, semiconductors, technology, value | AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Global Fund (Long Only) | -2.0% | - | 005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, global, semiconductors, technology, value | AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Asia Fund | 2.0% | - | 000660.KS, 005930.KS, 021240.KS, 0700.HK, 1109.HK, 1357.HK, 3968.HK, 9961.HK, AAPL, CATL, GOOGL, INGVY, JD, NVDA, PDD, TSM, TSMC, ZTO | Asia, China, India, Property, semiconductors | Strong performance from semiconductor holdings TSMC and SK hynix driven by AI enthusiasm. TSMC up 25% and SK hynix up 28% during the quarter as markets focused on AI-exposed companies. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2024 Q2 | Jun 30, 2024 | Mondrian Global Equity Fund | - | - | 005930.KS, 4063.T, MU, TSM | AI, Concentration, Elections, Europe, Politics, semiconductors, value | AI euphoria continues with significant investment in semiconductors and startups following ChatGPT's success. However, the market may be pricing in a best-case scenario with uncertainties around adoption curves, monetization, and data scaling challenges. Current valuations require significant breakthroughs in AGI or substantial LLM advancements to be justified. | View | |
| 2024 Q2 | Jun 30, 2024 | Mondrian International Equity Value Opportunities | - | - | 005930.KS, 4063.T, MU, TSM | AI, Concentration, Europe, Politics, semiconductors, value | AI euphoria continues with significant investment in semiconductors, but market valuations increasingly reflect best-case scenarios. Key uncertainties include AI adoption curve limitations, monetization challenges, and scaling constraints as human-generated data becomes scarce by 2026. | View | |
| 2024 Q2 | Jun 30, 2024 | Peapack Private | - | - | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOG, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, Media, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and the price fairly compensates for risks. They carefully consider the price paid for investments and look for mispriced assets. The portfolio is positioned to deliver strong risk-adjusted returns in tumultuous markets. | UHAL BOL.PA 005930.KS |
View |
| 2024 Q2 | Jun 30, 2024 | TMR Partners Long Only | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | Discounts, Governance, Korea, Media, Unlisted Assets, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of the KOSPI index still trading below book value and 61% without any sell-side coverage. | NWSA |
View |
| 2023 Q2 | Jun 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, RRL.AX, RYA.L, THO, UMG.AS, WBA | AI, Airlines, Concentration, global, gold, healthcare, value | European airline consolidation accelerating post-pandemic with weaker carriers collapsing while efficient operators like Ryanair gain market share. Ryanair ordered 300 new Boeing aircraft for delivery 2027-2033, targeting 300m passengers annually by 2034 with improved cost advantages from newer, more efficient planes. | RYA.L |
View |
| 2023 Q2 | Jun 30, 2023 | Platinum International Fund | -0.9% | - | 005930.KS, 0700.HK, 2318.HK, 2338.HK, 6479.T, 8002.T, AIR.PA, ALLFG.L, BAX, CATL, GOOGL, INDIGO.NS, MCHP, RH, SUZB3.SA, TRU, TSM, UPM1V.HE, ZTO | AI, China, Energy Transition, global, rates, technology, value | The extraordinary bounce in technology sector driven by artificial intelligence developments, particularly ChatGPT and NVIDIA's revenue guidance. While AI has extraordinary potential, current investor enthusiasm and valuations of favoured names lead to wariness about obvious plays like NVIDIA. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum Global Fund (Long Only) | 2.0% | - | 005930.KS, 0700.HK, 1348.T, 1810.HK, 2057.HK, 2338.HK, 5901.T, 6479.T, AGL.AX, ALLFG.L, BAX, INDIGO.NS, MCHP, META, RH, UPM.HE | China, energy, Japan, Recovery, technology, Travel | InterGlobe Aviation benefited from competition elimination post-COVID, driving price discipline in Indian airfare markets. The investment case is playing out with very large increases in profitability as the market recovers. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum Asia Fund | -0.8% | - | 000660.KS, 005930.KS, 0700.HK, 1339.HK, 2007.HK, 2454.HK, 9618.HK, CATL, MAPA.JK, TSM | Asia, China, Electric Vehicles, India, Recovery, semiconductors, Travel | CATL emerged as the global leader in EV batteries with 37% global market share and 48% share in China. The company has strong technology roadmap across battery chemistries for low-, medium-, and high-range EVs. Chinese EV sales increased 82% to 6.2 million vehicles, though concerns exist about slowing growth as government subsidies are reduced. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum International Technology Fund | 4.2% | - | 000660.KS, 005930.KS, 006400.KS, 0700.HK, 7974.T, BABA, CIEN, CSU.TO, ERIC, GOOGL, IFX.DE, JD, MCHP, META, MU, NFLX, ORCL, TSM | AI, Cloud, growth, semiconductors, software, technology | AI took center stage during the quarter with ChatGPT reaching 100 million users faster than any consumer application to date. Technology companies like Microsoft, Google, Meta, and Oracle are incorporating AI into their platforms, creating significant investment opportunities despite some market excesses. | View | |
| 2023 Q2 | Jun 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, semiconductors, technology, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the range of outcomes remains wide. | View | |
| 2024 Q1 | May 9, 2024 | Polaris International Equity | 5.8% | 10.1% | 000270.KS, 000660.KS, 005930.KS, 007700.KS, 055550.KS, 066570.KS, 2338.HK, 4502.T, 6758.T, 8002.T, ANTO.L, BPOP, DTG.DE, GNC.L, HNR1.DE, LUMI.TO, MEOH, MNDI.L, MUV2.DE, NOMD.L, NXT.L, OTEX, PUB.PA, SKG.L, TEP.PA, YAR.OL | Asia, cyclicals, Europe, international, materials, technology, value | The electrification of everything and resurgent Chinese economy drove demand, while supply constraints from declining production rates at productive mines and political disruptions created tight market conditions. This benefited pure copper players like Lundin Mining and Antofagasta PLC, both jumping over 20% for the quarter. | View | |
| 2024 Q1 | May 9, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000660.KS, 005930.KS, 066570.KS, ALSN, ANTO.L, CG, CROX, DCOM, DTG.DE, HNR1.DE, LUN.TO, MKSI, MSFT, MUV2.DE, NXT.L, OTEX, PUB.PA, SKG.L, SONY, TEP.PA | AI, Copper, financials, global, industrials, rates, technology, value | AI was a driving force behind divergent results for portfolio holdings. Publicis Groupe advanced after announcing a strategy to become the industry's first AI-powered Intelligent System. Teleperformance declined on concerns that generative AI will disrupt their call center business. Microsoft continues to benefit from AI demand despite no longer being the cheapest stock in the portfolio. | View | |
| 2025 Q1 | May 6, 2025 | Brookfield Asset Management | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value with 61% without sell-side coverage. | NWSA |
View |
| 2025 Q1 | May 14, 2025 | FPA Source Capital | 1.8% | 1.8% | 005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL | AI, Cyclical, large cap, risk management, semiconductors, valuation, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider price paid for investments and focus on companies trading at attractive valuations relative to intrinsic worth. | UHAL BOL.PA 005930.KS |
View |
| 2025 Q1 | Apr 30, 2025 | Appleseed Fund | - | - | 005930.KS, AER, BABA, BW.TO, CF, DG, LITE, MOS | commodities, Dollar, Foreign Equities, Geopolitical, gold, inflation, real assets, tariffs | The Trump Administration proposed raising tariffs broadly starting at 10% and reaching as high as 154% for China, bringing average tariff rates above 20% to the highest level since the 1930s. This represents a shift toward industrial policy, onshoring, and bilateral trade agreements, moving away from the free trade era. | View | |
| 2024 Q1 | Apr 15, 2024 | Mayar Capital | 7.7% | 9.6% | 005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO | global, Quality, REITs, technology, value | The fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns. | BLND.L |
View |
| 2024 Q1 | Apr 15, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 005930.KS, ADBE, CCJ, FCFS, LEN, MCHP, MLM, MSFT, SONY, TTE | Diversified, Global Equity, Long Term, Quality, Value Investing | Munich Re demonstrated strong results as it continues to win market share, leverage global scale and show underwriting discipline. Recent global crises showcase Munich Re's prudent risk-taking and global diversification attributes. The company and peers have benefited from industrywide price increases, contributing to increased return of capital to shareholders. | MURGF MLM SONY ADBE |
View |
| 2024 Q1 | Apr 15, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 0027.HK, 005930.KS, 006400.KS, 0700.HK, 105560.KS, 2313.HK, 2319.HK, 300760.SZ, BABA, BHARTIARTL.NS, HDFCBANK.NS, INDIGO.NS, NU, PDD, RELIANCE.NS, RENT3.SA, SUZB3.SA, TME, TSM, XP, ZLAB | China, Digitization, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | Taiwan Semiconductor Manufacturing Company Limited contributed significantly due to investor expectations for continued strong cyclical recovery in semiconductors and significant incremental demand for AI chips. The company's technological leadership, pricing power, and exposure to secular growth markets including high-performance computing, automotive, 5G, and IoT will allow sustained strong double-digit earnings growth. Many EM companies including Taiwan Semiconductor, Samsung Electronics, and SK hynix are increasingly recognized as key beneficiaries of the AI phenomenon. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1299.HK, 2330.TW, 300750.SZ, 9618.HK, 9988.HK, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, JD, KASPI.KZ, MARUTI.NS, MELI, SCOM.NR, TCOM, TCS.NS, TSM | China, E-Commerce, emerging markets, Geopolitical, healthcare, payments, semiconductors, technology | Digital payment systems are transforming financial inclusion in emerging markets, particularly Latin America. Companies like MercadoLibre and FEMSA have built payment platforms that serve unbanked populations while strengthening their core businesses. These platforms provide first-time access to digital payments and credit for millions of customers. | TLKM.JK BH.BK MELI |
View |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 0700.HK, ADYEN.AS, ALV.DE, ASML, BBVA, BHP, BNTX, D05.SI, HDB, IFX.DE, MELI, NESN.SW, OR.PA, ROG.SW, SAP, SHEL, SONY, SU.PA, TSM | AI, diversification, growth, international, Japan, Quality, semiconductors, technology | The fund has significant portfolio-level exposure to AI growth through a diverse set of fundamentally strong companies. AI beneficiaries fall into two categories: companies providing AI-enhanced goods and services, and companies developing underlying AI technology including semiconductor manufacturers and infrastructure providers. | View | |
| 2024 Q1 | Apr 15, 2024 | AMG Yacktman Focused Fund | 7.6% | 7.6% | 005930.KS, 030200.KS, CNQ, CTSH, GOOGL, MSFT, PEP, PG, SCHW, UHAL | Consumer Staples, energy, global, large cap, technology, value | The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ represents the first energy investment in over a decade, followed by domestic exploration and production companies added in mid-2022. | BOL.PA K CNQ.TO |
View |
| 2025 Q1 | Apr 1, 2025 | Guinness Global Innovators | -6.5% | -6.5% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Mining, technology, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, indicating a significant shift in reserve allocation preferences. | AC.PS 005930.KS Gold |
View |
| 2025 Q1 | Mar 31, 2025 | Pzena Investment Management | - | - | 005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS | AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value | Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs. | 005930.KS |
View |
| 2025 Q1 | Mar 31, 2025 | American Century Emerging Markets Fund | 0.7% | 0.7% | 005930.KS, 0700.HK, 0939.HK, 1211.HK, 1810.HK, 352820.KS, BABA, BHARTIARTL.NS, ERJ, ICICIBANK.NS, NTES, OTP.BD, SE, TCOM, TSM, ZOMATO.NS | Asia, China, Electric Vehicles, emerging markets, gaming, semiconductors, technology, Trade Policy | Chinese EV makers like BYD are stepping up efforts to upgrade platforms and technology, aiming to raise competitive barriers and gain market share. BYD has ambitious plans for the global market and is well prepared in both export capacity and overseas localization. The EV market is undergoing evolution with companies like Xiaomi benefiting from premiumization strategies. | View | |
| 2025 Q1 | Mar 31, 2025 | AMG Yacktman Focused Fund | 1.3% | 1.3% | 005930.KS, 012330.KS, 033780.KS, CNQ, FOXA, GOOGL, MSFT, PG, SCHW, UHAL | Asia, capital protection, large cap, Resilience, technology, Trade Policy, value | The fund focuses on identifying compelling opportunities when companies become overly punished by the market, offering attractive mis-pricings. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value compared to peers like Apple, TSMC, and Micron. | View | |
| 2025 Q1 | Mar 31, 2025 | AMG Yacktman Fund | 1.5% | 1.5% | 005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL, UUU.PA | large cap, Media, Resilience, technology, Trade Policy, value | The fund focuses on companies that offer attractive valuations and mis-pricings, particularly when they become overly punished by the market. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value. The strategy emphasizes investing with a keen eye for what could go wrong to identify compelling opportunities. | View | |
| 2025 Q1 | Mar 31, 2025 | Brandes International Equity Fund | 10.8% | 10.8% | 005930.KS, 1876.HK, 4502.T, BABA, BNP.PA, CA.PA, ERJ, GSK.L, HEI.DE, HEIA.AS, HEN3.DE, ISP.MI, ORA.PA, PUB.PA, RR.L, SAN.PA, STM, TSM, UHR.SW, WPP.L | aerospace, Beverages, emerging markets, Europe, financials, international, semiconductors, value | The fund emphasizes value investing philosophy with holdings trading at compelling valuation levels relative to benchmarks. International stocks and value stocks offer attractive return potential based on current valuations, with value stocks trading in the cheapest quartile relative to growth stocks historically. | RI.PA CAP.PA WMMVY |
View |
| 2025 Q1 | Mar 31, 2025 | Platinum Asia Fund | 2.0% | 2.0% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2318.HK, 2883.HK, BABA, IGLA, JD, TRIP, TSM | AI, Asia, China, semiconductors, tariffs, technology | Chinese AI advancement sparked strong performance in technology holdings. DeepSeek's emergence reminded investors that China is capable of competing on AI, challenging US AI supremacy narratives and boosting Chinese tech stocks including Tencent, Alibaba, and Kuaishou. | View | |
| 2025 Q1 | Mar 31, 2025 | BESTINVER | -1.9% | -1.9% | 000660.KS, 005930.KS, 1216.TW, 1299.HK, 2330.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, China, emerging markets, Quality, semiconductors, valuation | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While Aikya believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2024 Q1 | Mar 31, 2024 | Orbis International Equity | - | - | 000810.KS, 005930.KS, 012450.KS, 055550.KS, 086790.KS, 105560.KS, 7751.T | Asia, banks, Corporate Governance, Japan, Reform, South Korea, value | Japan has undergone remarkable transformation with corporate governance reforms, stewardship codes, and improved capital allocation. Japanese companies now have formal ROE targets and face activist pressure. Japan accounts for roughly a quarter of the strategy's outperformance over the past decade. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum International Fund | 6.5% | 6.5% | 005930.KS, AMZN, ASML, AVGO, BEZ.L, DINO.WA, EADSY, GOOGL, IGLOY, META, MU, NFLX, RYAAY, TCOM, TM, TSM, UBSG, UPM.HE, ZEAL.CO, ZTO | AI, global, semiconductors, technology, Travel, value | The fund holds companies that benefit from AI spending including TSMC, Micron, and Broadcom. Their strategy focuses on reasonably-valued businesses that perform well if AI continues to grow but have strong non-AI businesses as downside protection. Overall AI exposure is roughly 14% of the portfolio. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum Global Fund (Long Only) | 5.7% | 5.7% | 005930.KS, AIR.PA, AVGO, GOOGL, INTC, META, MU, TCOM, TRU, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, global, semiconductors, technology, Travel | Fund holds companies benefiting from AI investment including TSMC, Micron, Meta, and Alphabet. Manager takes measured approach, investing in reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as foundation. Overall AI exposure is roughly 14% of portfolio. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum Asia Fund | 7.2% | 7.2% | 000001.SZ, 000338.SZ, 000660.KS, 002008.SZ, 005930.KS, 0700.HK, 1109.HK, 1招.HK, 300750.SZ, HPSP.KS, IGLTA, JD, MAPA.JK, TCOM, TSM, ZTO | AI, Asia, China, Korea, Memory, semiconductors, Taiwan, technology | AI-related demand continued driving the tech supply chain, particularly in Taiwan. TSMC benefited from its dominant position manufacturing chips for Nvidia. Korean semiconductor companies like SK Hynix and Samsung are seeing capacity tightening as high bandwidth memory production requires significantly more manufacturing capacity than standard DRAM. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Fund | 5.4% | 5.4% | 000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L | Banking Crisis, China, contrarian, global, interest rates, value | Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum Global Fund (Long Only) | 9.7% | 9.7% | 005930.KS, 0700.HK, 2057.HK, 2338.HK, 6588.HK, 6954.T, AIR.PA, ALLFG.L, BKNG, BMW.DE, EBS.VI, EQNR, IFX.DE, INF.L, ISP.MI, MCHP, MU, NXPI, SLB, STJ.L, TCOM, TRU, UPM.HE, WIZZ.L | Banking, China, Europe, Recovery, semiconductors, Travel | European ultra-low-cost airline Wizz Air was the largest contributor with 56% gains as air travel demand and pricing continued rising post-COVID. Gains also seen in Booking Holdings, Trip.com and Airbus as the travel sector recovery continued. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum Asia Fund | 4.4% | 4.4% | 000338.SZ, 000660.KS, 005930.KS, 051910.KS, 0700.HK, 2689.HK, 3968.HK, 3988.HK, AVIA.JK, BABA, DADA, HTHT, INDIGO, JD, LODHA, MEITUAN, MWG.VN, PDD, SUPALAI.BK, TRIP, TSM, ZTO | Asia, China, E-Commerce, Reopening, semiconductors, Travel, Vietnam | China was a strong contributor to performance with reopening driving gains across travel and service-exposed areas. The economic recovery is occurring at a measured pace with domestic travel picking up dramatically and retail sales returning to growth. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Technology Fund | 13.2% | 13.2% | 000660.KS, 005930.KS, 006400.KS, BKNG, CIEN, GOOGL, IFNNY, JD, MCHP, META, MSFT, MU, NFLX, NVDA, NXPI, SOITF, STMPA.PA, TSM | AI, Electric Vehicles, growth, semiconductors, technology | Artificial intelligence was the hot theme during the quarter after Microsoft drew attention to ChatGPT capabilities. Microsoft and Nvidia were up 20% and 90% respectively. The Fund added to Google amid concerns that search business will be disrupted by ChatGPT, though the manager believes large language models won't be as disruptive to core Search business as the market thinks. | View | |
| 2023 Q1 | Mar 31, 2023 | Airlie Australian Share Fund | 3.5% | 3.5% | 000660.KS, 004800.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, G.DE, LVMH.PA, NWSA, REA.AX, VIV.PA | Discounts, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
View |
| 2025 Q4 | Feb 5, 2026 | Stewart Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, 2379.TW, 2454.TW, 6503.T, ALC, BABA, BAJAJHLDNG.NS, BAP, BOSCHLTD.NS, CARTRADE.NS, CTAS, KEI.NS, KOTAK.NS, M&M.NS, NU, PRX.AS, QUAL3.MX, SE, TARSONS.NS, TECHM.NS, TOTVS3.SA, TSM, TUBEINVEST.NS, WEG3.SA | AI, Asia, China, emerging markets, India, long-term, Quality, semiconductors | The team maintains a conservative approach to AI-driven market themes, avoiding flavour-of-the-month AI investments while selectively benefiting from AI demand through quality holdings like Samsung and TSMC. They emphasize disciplined AI capex spending and focus on companies with sustainable competitive advantages rather than chasing AI hype. The team is adding to Chinese holdings where they find leading businesses with strong competitive advantages and attractive growth at reasonable valuations, particularly Tencent. They view China as offering better opportunities despite some headwinds in specific sectors like property and chemicals. The team is reducing exposure to India, mainly in cyclical businesses where valuations are expensive and growth outlook has deteriorated. However, they remain excited about high-quality Indian companies positioned to benefit from structural tailwinds including urbanization, demographics, and digital infrastructure. Semiconductor holdings like Samsung and TSMC are key contributors, benefiting from AI-related demand for memory chips and leading-edge processors. The team focuses on companies with strong competitive positions and visibility into future earnings growth through 2026-2027. The investment philosophy centers on identifying quality companies with exceptional cultures, strong franchises, resilient financials, and sustainable competitive advantages. The team seeks companies that can deliver attractive returns over much longer periods than the market expects. The team is optimistic about emerging market opportunities, noting that the global economy is increasingly being led by emerging markets. They see attractive valuations compared to developed markets and expect this trend to accelerate as investors seek alternatives to US markets. | View | |
| 2025 Q4 | Feb 4, 2026 | Aristotle/Saul Global Equity Fund | 3.3% | 19.8% | 005930.KS, 6594.T, 6954.T, 8001.T, CCO, D05.SI, EGB.VI, FCFS, FMC, GOOGL, LEN, LOW, MLM, MSFT, SONY, UBER | AI, Automation, Central Banking, Global Equity, Quality, Trade Policy, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. The enthusiasm helped propel mega-cap tech stocks higher and drive market gains. Trade relations between the U.S. and China remained a key market focus with tariff escalations and export controls. China expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. Global automation adoption accelerated amid labor shortages, rising wages, and increasing manufacturing complexity. FANUC demonstrated leadership in factory automation and industrial robotics, with robot sales in China growing over 80% year-over-year and collaboration with NVIDIA on AI-driven robotics solutions. | View | |
| 2025 Q4 | Feb 4, 2026 | Aristotle International Equity Fund | 5.5% | 22.5% | 005930.KS, 5401.T, 6594.T, 6758.T, 6954.T, 7532.T, ALL.AX, BAP, BN, CCO, D05.SI, EBS.VI, EXPN.L, MUV2.DE, ROG.SW, SAF.PA | Asia, Automation, Banking, Europe, gaming, international, Quality, value | FANUC Corporation demonstrates leadership in factory automation and industrial robotics, with operating margins expanding to 21% and strong robot sales growth in China exceeding 80% year-over-year. The company maintains dominant positions in CNC systems and continues deepening competitive advantages through collaboration with NVIDIA on AI-driven robotics and digital twin capabilities. Aristocrat Leisure represents a compelling investment in the global gaming market with over 70% recurring revenue from slot machines and digital platforms. The company benefits from an oligopolistic industry structure and strong market positions across North American commercial and tribal gaming markets, supported by proprietary content franchises. Erste Group Bank delivered strong operating performance driven by healthy loan growth, resilient net interest income, and solid fee income across Central and Eastern European markets. The bank's diversified retail-oriented model and leading market positions support continued growth as regional economies develop and demand for financial services expands. The U.S.-China trade relationship showed improvement with a one-year trade truce reached at the APEC summit, reducing China's effective tariff rate to 47% and deferring export controls on rare earth materials. However, new tensions emerged with Japan over Taiwan, highlighting ongoing geopolitical complexities affecting global trade flows. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Focused Fund | 8.7% | 24.1% | 005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD | AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and long-term underlying business performance, holding companies through periods of stock price underperformance when the long-term thesis offers attractive risk-adjusted returns. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The manager believes MSCI will eventually re-rate South Korea from Emerging Market to developed market status, with investor access and index flows beginning to close the 30-year Korean discount. Samsung was late relative to competitors SK Hynix and Micron in HBM design wins with NVIDIA but was awarded HBM qualification in 2025 and ramped production quickly. Samsung has long been a leader in memory including NAND, DRAM, and now HBM, with memory chips appearing in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. The U.S. indices reached record highs driven by artificial intelligence exuberance. Memory chips are ubiquitous in AI data centers, and Samsung reorganized to emphasize Galaxy phones with AI feature leadership to compete with Apple. Hyundai Mobis benefitted from share gain and electric vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline as one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position that contributed to performance in 2025. After the legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2024 Q4 | Feb 12, 2025 | Lyrical Asset Management | - | -2.1% | 005930.KS, ACN, AER, BAER.SW, BATS.L, BNP.PA, BP.L, ENX.PA, HSBA.L, MBG.DE, SAN, SHEL.L, TEP.PA | Asia, banks, EAFE, Europe, growth, international, Quality, value | AI deployment is creating both opportunities and challenges for portfolio companies. Samsung is experiencing margin pressure as AI favors High Bandwidth Memory technology where it currently lags behind SK Hynix. Teleperformance faces uncertainty as AI threatens to automate customer service functions, though the manager believes the company can adapt and benefit from increased complexity in remaining work. | TEP.PA 005930.KS |
View |
| 2023 Q4 | Feb 12, 2024 | Hinde Group | 13.6% | 48.4% | 000660.KS, 002790.KS, 004020.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C8H.L, CORD.L, DIE.BR, ENT.L, HVPE.L, J36.SI, LVMH.PA, MC.PA, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, global, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA IBKR |
View |
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne International Value II | 4.2% | 23.8% | 005930.KS, 6869.T, 7958.T, BA.L, BRK-B, CNHI, CVSG.L, DGE.L, GOOGL, IONS, JNJ, JSG.L, NESN.SW, NOVN.SW, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, WFC | defense, Europe, Hedging, international, Japan, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The firm continues to focus on financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. They believe a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne International Value II | 2.8% | 26.6% | 005930.KS, 6869.T, 7958.T, BA.L, CNHI, CVSG.L, DHL.DE, GOOGL, HEIA.AS, IONS, JSG.L, NESN.SW, NOVN.SW, PRU.L, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, U11.SI | Asia, defense, Europe, Hedging, international, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The firm continues to focus on financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. They believe a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne Value Fund | 4.8% | 21.6% | 005930.KS, BRK-A, CNHI, CVS.L, DHLG.DE, ENVB, FDX, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NVST.SW, PRU.L, RMS.PA, ROG.SW, SAF.PA, TTE, U11.SI, WFC | defense, global, healthcare, industrials, international, Pharmaceuticals, technology, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The fund continues to focus on financially sound enterprises purchased at attractive valuations where company stock prices are more than collateralized by underlying intrinsic value. The gap in valuation between US and non-US equities remains quite significant and should serve the fund well going forward. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. | View | |
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne Worldwide High Dividend | 2.4% | 21.7% | 005930.KS, BAE.L, CNHI, DHL.DE, GOOGL, IONS, J36.SI, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, RB.PA, RHM.DE, ROG.SW, SAF.PA, TFC, TTE, U11.SI, USB, ZURN.SW | defense, dividends, global, industrials, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The Worldwide High Dividend Yield Value Fund shared many attribution themes with a slightly different emphasis. Financials and industrials contributed meaningfully, consistent with the Fund's dividend-focused orientation. The fund maintains an average-weighted dividend yield on fund stocks of 3.94%. Defense-related holdings such as BAE Systems and Rheinmetall, which had been standout performers for much of the year, fell back a bit in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The gap in valuation between US and non-US equities still remains quite significant and should serve us well going forward given the non-US-centric postures of our fund portfolios. We believe fervently that a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 2025 Q3 | Dec 31, 2025 | AMG Yacktman Fund | 5.1% | 12.8% | 005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL | AI, Bubble, Conglomerates, large cap, Media, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider the price paid for investments and focus on companies trading at attractive valuations relative to their intrinsic worth. | View | |
| 2025 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2024 Q4 | Dec 31, 2024 | Oakmark Global Select Fund | -5.0% | 4.7% | 005930.KS, BAC, BAYRY, CNC, COF, DEO, ELV, FI, GOOGL, IQV, SCHW | Beverages, consumer, financials, global, healthcare, regulation, value | The fund holds multiple financial services companies including Capital One Financial, Charles Schwab, and Elevance Health. Capital One benefited from improved credit outlook and post-election optimism about looser regulations. Schwab faces temporary headwinds from deposit outflows but offers long-term value through its scale advantages. | ELV DEO SCHW BAYRY COF |
View |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Emerging Markets Equity | - | 2.4% | 000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA | AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy | AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner International Equity | - | 1.8% | 005930.KS, 6146.T, AAPL, ABEV, ADYEN.AS, AMZN, ASML, ATD.TO, FMSQY, GMAB, GOOGL, LVMUY, MELI, META, MSFT, NESN.SW, NVDA, NVO, OR.PA, TSLA, TSM | AI, Consumer Staples, growth, Health Care, international, Quality, semiconductors, Trade Policy | AI continues to drive growth in semiconductor equipment and chip manufacturing. Companies like TSMC and Disco Corp are positioned to benefit from increasing demand for AI chips requiring more complex die processing and advanced semiconductor manufacturing. | View | |
| 2024 Q4 | Dec 31, 2024 | Ariel International Fund | -5.1% | 5.4% | 000660.KS, 005930.KS, 6460.T, BARC.L, BEZ.L, BMPS.MI, DLG.L, EMAAR.DU, FMS.DE, HO.PA, JD, ML.PA, MUV2.DE, ORA.PA, REE.MC, SAF.PA, SNY, VEA | AI, Asia, Banking, Europe, international, semiconductors, value | Markets worldwide were led by artificial intelligence themed stocks, with U.S. mega-cap technology companies dominating performance. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies. | 6460.T 000660.KS REE.MC ORA.PA BEZ.L BARC.L JD SNY ML.PA EMAAR.DU BMPS.MI FME.DE |
View |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill International | -7.5% | 4.0% | 005930.KS, 0700.HK, 7999.T, BOLSAA.MX, EXO.MI, GLEN.L, KRN.DE, PRX.AS, QURE, RACE, SPOT, STLA, TSM, UHR.SW | China, Europe, Gene Therapy, India, international, Japan, semiconductors, value | uniQure's Huntington's disease treatment program advanced with FDA accelerating the approval pathway for its gene therapy treatment. The company demonstrates leadership in innovative therapies and ability to navigate gene therapy development complexities. Future royalty streams and broader drug pipeline position it as an attractive long-term opportunity. | KRN.DE 7454.T PRX.AS EXO.MI GLEN.L 005930.KS TSM SPOT QURE |
View |
| 2024 Q4 | Dec 31, 2024 | Polaris Global Equity | -5.8% | 6.2% | 000660.KS, 005930.KS, 066570.KS, 6758.T, ALSN, CFR, COF, CROX, CVS, ELV, GD, GILD, JAZZ, JPM, ML.PA, SAIC, SBH, SLM, TGLS, UNH | banks, financials, Geopolitical, global, inflation, value | Portfolio positioned as value-oriented with strong current earnings and cash flows, expected to benefit from higher-for-longer interest rates. Manager continues to find and add attractively priced companies to supplement compelling valuation profile. | View | |
| 2024 Q4 | Dec 31, 2024 | Polaris International Equity | -8.7% | 0.5% | 000660.KS, 005930.KS, 055550.KS, 066570.KS, 1878.T, 5871.TW, 6758.T, ANTO.L, BARRY.SW, BWY.L, FTK.DE, JAZZ, LTM, LUN.TO, MEOH, ML.PA, SAN.PA, SVEG.OL, SW, TGLS, U11.SI, VIPS, YAR.OL | Cocoa, Geopolitical, international, semiconductors, Trade Policy, value | Substantial geopolitical tensions in France, South Korea and other global economies, along with protracted Ukraine-Russia and Israel-Hamas conflicts. Political instability in Germany and France suffered poor performance. South Korean market sold off after martial law declaration and impeachment proceedings. | View | |
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930.KS, AIG, CMCSA, CVS, ELV, ERIC, FFIV, GM, GOOGL, MDT, SIEGY, WDAY, WPP | global, healthcare, industrials, semiconductors, technology, value | The fund maintains a value-oriented approach, noting that value stocks lagged growth for the full year but believing valuation disparities create opportunities for active management. The spread between growth and value indices is wide, suggesting a promising outlook for value investing. | GM FFIV 005930.KS CVS ELV |
View |
| 2024 Q4 | Dec 31, 2024 | BNY Mellon Global Emerging Markets Fund | -6.9% | 4.1% | 000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM | AI, China, emerging markets, semiconductors, Taiwan, Travel | Renewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations. | View | |
| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Focused Fund | -6.5% | 0.7% | 005930.KS, 033780.KS, 2451.TW, AAPL, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, SPOT, UHAL, UMG.AS | Capital Allocation, Concentration, large cap, Media, technology, value | The fund focuses on companies trading at compelling valuations, with Samsung available near tangible book value and Bolloré valued at potentially two-to-three times current market price. The portfolio represents some of the best values the managers can recall in the current market environment. | UHAL BOL.PA 005930.KS |
View |
| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Fund | -4.0% | 4.9% | 005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS | Buybacks, Capital Allocation, energy, large cap, Media, technology, value | The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation. | BOL.PA 005930.KS |
View |
| 2024 Q4 | Dec 31, 2024 | Brandes International Equity Fund | -8.7% | 7.2% | 005930.KS, 1211.HK, 4502.T, 5108.T, 7201.T, BABA, BNP.PA, CAE.TO, EBS.VI, ERJ, GSK, HEI.DE, HEIA.AS, KGF.L, RR.L, SAN.PA, STM, UBS, UHR.SW, WPP.L | China, industrials, international, materials, semiconductors, value | The fund initiated a position in STMicroelectronics, a semiconductor supplier with diverse exposure to automotive, industrial, and personal electronics markets. While the auto semiconductor market weakness has pressured near-term results, the manager believes current challenges are cyclical and sees compelling long-term growth from electric vehicles, ADAS, and IoT adoption. | MKS.L STM |
View |
| 2024 Q4 | Dec 31, 2024 | Davis Global Fund | - | 22.7% | 005930.KS, 0700.HK, 2318.HK, 3690.HK, AMAT, AMZN, BRK-A, COF, CVS, ENT.L, GOOGL, HUM, META, MGM, NPN.L, PRX.AS, TCOM | AI, China, gaming, global, semiconductors, Stimulus, technology, value | Fund positioning for AI emergence through established market leaders with proven business models either using AI to improve platforms or key semiconductor players building AI ecosystem. Meta using AI for content suggestions and ad targeting. Tencent benefiting from AI-driven ranking improvements. Cloud providers Amazon and Alphabet seeing revenue acceleration from AI workloads. | View | |
| 2024 Q4 | Dec 31, 2024 | Davis New York Venture Fund | - | 17.2% | 005930.KS, AMAT, AMZN, BRK-B, CI, COF, DGX, GOOGL, HUM, META, MGM, OC, TECK.TO, TOU.TO, TSN, TXN, USB, VTRS, WFC | AI, Concentration, financials, healthcare, industrials, inflation, technology, value | Generative AI is likely one of the most transformational technological developments in modern history, creating new risks and driving major advances across industries. The market for AI products is still early with fierce competition, making it risky to project long-term winners based on recent performance. AI will likely prove disruptive to stable industries in ways difficult to anticipate. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Fund | 1.0% | 8.0% | 005930.KS, 2318.HK, 700.HK, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, TCOM, TM, TRU, TSM, UPM.HE, ZTO | China, global, Long/Short, technology, underperformance, value | Fund holds AI-themed investments primarily in hardware and semiconductor manufacturers that power AI models. Recently added NICE, which provides cloud-based contact centre software with new AI modules that create tangible savings for customers by diverting workloads and assisting in training. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum Global Fund (Long Only) | 1.0% | 5.0% | 005930.KS, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, SLB, STJ.L, TCEHY, TCOM, TRU, TSM, UPM-KY.HE, VLO, ZTO | AI, China, global, Luxury, technology, underperformance | Fund holds AI-themed investments primarily in hardware/semiconductor manufacturers who will power AI models. NICE provides cloud-based contact centre software with AI modules that create tangible savings for customers. Broadcom's custom AI chip division serves players like Google and Meta with revenue expected to rise to $40-50bn by 2027. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum Asia Fund | 0.3% | 21.0% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2057.HK, 2318.HK, 2330.TW, 3968.HK, ALI.PS, JD, MBMA.JK, MEGA.BK, MMYT, MWG.VN, PTBA.JK, TCOM | Asia, China, E-Commerce, semiconductors, Stimulus, technology, Travel | TSMC is an essential partner to Nvidia and most large businesses at the forefront of the AI revolution. The dominance of TSMC's position in this industry has been reinforced by recent turmoil at their closest competitors, Intel and Samsung. Global demand for AI and semiconductors that power AI products appears insatiable. | View | |
| 2024 Q4 | Dec 31, 2024 | EQUAM Global Value Fund | -1.0% | 3.0% | 005930.KS, 012330.KS, CNQ.TO, FOXA, GOOGL, MSFT, PEP, PG, SCHW | Media, risk management, semiconductors, South Korea, technology, value | Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue. | UHAL BOL.PA 005930.KS JTKWY |
View |
| 2024 Q4 | Dec 31, 2024 | Financial Synergies Wealth Advisors | - | - | 000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2023 Q4 | Dec 31, 2023 | Davis Global Fund | 0.0% | 0.0% | 005930.KS, 081660.KS, 1299.HK, 2318.HK, 2423.HK, 3690.HK, 9618.HK, AMAT, AMZN, BAER.SW, COF, D05.SI, GOLF, GOOGL, META, MGM, MSFT, NVDA, OC, VTRS | AI, China, financials, global, rates, technology, value | Generative AI represents a significant platform transition in computing history, potentially bigger than PC, mobile, or internet. The manager expects widespread economic and societal impact but acknowledges uncertainty about how breakthroughs will unfold. Focus is on companies positioned to benefit from AI infrastructure and applications rather than speculative direct plays. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum Global Fund (Long Only) | 3.2% | 14.3% | 005930.KS, 1928.HK, 6862.T, BALL, BAX, CATL, HEIA.AS, IFX.DE, IGPA.NS, JD.L, MU, PDD, RBI.VI, TCOM, TRU, UBS, UPM.HE, WIZZ.L, ZTO | Beverages, Cautious, E-Commerce, global, Opportunities, semiconductors | After a difficult couple of years, semiconductor company shares are turning up on recovering demand for core chips for PCs and mobile phones but also on the increased demand for the high-end chips required for AI-focused technologies. Broad strength across semiconductor names including Micron, Infineon and Samsung Electronics. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum Asia Fund | -2.3% | -1.1% | 000660.KS, 005930.KS, 0700.HK, 1109.HK, 2269.HK, AC.TO, INTC, JD, TSM | AI, Asia, China, Elections, Recovery, semiconductors, technology | After a tough period, prospects for the semiconductor sector appear bright as recovering demand for smartphone and PC chips coincides with soaring demand for high-end chips needed by AI-focused technologies. Memory chip makers Samsung and SK Hynix benefit from production cuts and stabilizing pricing, while TSMC profits from both cyclical recovery and structural AI tailwinds. | View | |
| 2023 Q4 | Dec 31, 2023 | AGT Partners | - | 25.5% | 000660.KS, 005930.KS, 2330.TW, 300012.SZ, 300124.SZ, 9999.HK, BBCA.JK, CHILE.SN, FEMSAUBD.MX, NATU3.SA, RADL3.SA | AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors, valuation | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While Aikya believes in AI's long-term potential, they maintain quality and valuation discipline over momentum investing. | TSM |
View |
| 2023 Q4 | Dec 21, 2023 | Citadel Value Fund | - | - | 005930.KS, 6201.T, 7932.T, AD.AS, AEO, BKNG, CON.DE, DEW.L, LIGHT.AS, MPAC.L, NOV, SOL.MI, STLA, TGS.OL, UHR.SW, VLGEA, VTSCY, ZWACK.BD | Automotive, Europe, semiconductors, small caps, technology, value | Fund emphasizes fundamental value investing approach with focus on margin of safety and intrinsic value estimation. Portfolio trading at 36% discount to estimated intrinsic value with 7% free cash flow yield. Manager discusses risk as permanent capital loss rather than volatility. | 005930.KS |
View |
| 2025 Q3 | Dec 15, 2025 | Baumann Capital | - | - | 005930.KS, 4188.T, 5401.T, 6701.T, 6723.T, 6758.T, 6967.T, AAPL, AI.PA, BOSCH, DRW3.DE, HLMA.L, HON, IFX.DE, KO, MSA, MU, NVDA, TSM | concentrated, Gas Detection, Japan, Primary Research, Quality, Safety, semiconductors | Semiconductor industry driving demand for gas detection equipment as TSMC builds new fabs globally to meet Nvidia GPU demand. Japan plans over 30 semiconductor projects by 2030, creating multi-decade volume tailwind for safety equipment. Each new fab requires thousands of fixed gas detectors with ongoing maintenance. | View | |
| 2025 Q3 | Nov 4, 2025 | Aristotle/Saul Global Equity Fund | 5.1% | 16.0% | 005930.KS, 3064.T, BN, CCJ, D05.SI, FCFS, GOOGL, HTGPF, LEN, MLM, MSFT, MUV2.DE, NEM.DE, NVDA, SONY, TSLA | AI, global, Memory, semiconductors, technology, Trade Policy, value | Samsung secured Nvidia's approval for its high-bandwidth memory product (HBM3E) during the quarter, positioning the company to compete in next-generation HBM4. The company demonstrated industry-leading data transfer speeds and is engaging in supply discussions with major AI chipmakers. Samsung also announced a strategic partnership with OpenAI potentially generating demand of up to 900,000 DRAM wafers per month. | NEM GR 4385 JP FCFS 005930 KS NEM GR 4385 JP FCFS 005930 KS |
View |
| 2025 Q3 | Nov 4, 2025 | Aristotle International Equity Fund | 1.1% | 15.9% | 005930.KS, 3064.T, 7532.T, ACN, ALC, BAP, BN, CCJ, D05.SI, EBS.VI, HLN.L, MUV2.DE, NEM.DE, SAF.PA, SONY, WMMVY | AI, Banking, E-Commerce, international, semiconductors, technology, Trade Policy | Global trade developments dominated the quarter with the EU-US agreement eliminating tariffs on industrial goods and expanding agricultural access, while the US imposed 15% tariffs on EU imports. Mixed developments in Asia included potential renegotiation of Japan's trade agreement and deteriorating US-India relations with additional 25% tariffs on Indian imports over Russian oil purchases. | WMMVY 9830 JP BAP 005930 KS WMMVY 9830 JP BAP 005930 KS |
View |
| 2025 Q3 | Nov 3, 2025 | Fairtree Global Equity Fund | 8.9% | - | 005930.KS, AAPL, AMZN, BABA, BRK-B, CNC, CROX, DHI, EVO.ST, FI, GOOGL, JD, KO, ORCL, V, WKL, ZTS | AI, China, Dollar, emerging markets, global, policy, semiconductors, technology | China rose 20.7% for the quarter, extending its rally on continued policy support particularly targeted at technology and property sectors. The government's ongoing push to expand domestic chip production by 2026 and maintain the US-China trade truce further bolstered investor confidence and lifted export-driven and tech-related equities. | FISV CROX CNC AAPL BABA GOOG |
View |
| 2025 Q3 | Nov 23, 2025 | Lux Capital | - | - | 000660.KS, 005930.KS, ACN, AMZN, BA, CAP.PA, GOOGL, INTC, IT, LMT, META, MSFT, MU, NOC, NVDA, ORCL, RTX, TSLA | AI, Automation, Biotechnology, defense, geopolitics, Physical Sciences, semiconductors, Venture Capital | AI hyperscalers are spending over $400 billion in capex pursuing compute supremacy. The AI boom is profoundly physical requiring gigawatts of power, thousands of tons of copper wiring, and teraliters of cooling water. AI is transitioning from communication AI to physical AI including robotics, biology, defense, and manufacturing applications. | View | |
| 2025 Q3 | Nov 13, 2025 | BNY Mellon Global Emerging Markets Fund | 9.9% | 19.7% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2025 Q3 | Nov 13, 2025 | AVI Global Trust | - | 12.4% | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA 028260 KS |
View |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2025 Q3 | Oct 7, 2025 | Oldfield Partners Overstone Global Large Cap | 5.8% | 26.7% | 0001.HK, 005930.KS, BABA, CVE, DIS, EZJ.L, HEIA.AS, MT, SNY | AI, Bubble, Cloud, contrarian, global, semiconductors, value | Markets increasingly dominated by AI with extreme valuations reminiscent of dotcom bubble. Palantir trades at 100x revenue, OpenAI at 40x revenue. Risk of capital misallocation rising with companies like CoreWeave spending $20bn on capex against $5bn revenue. | CKHUY US BABA US 005930 KS |
View |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 2.1% | 18.8% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC | Currency, dividends, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
View |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 1.4% | 23.2% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW | Currency, dividends, ETFs, Europe, Hedging, international, Japan, value | The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
View |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Value Fund | 3.8% | 16.0% | 003550.KS, 005930.KS, 0116.HK, 0590.HK, 2531.T, 4368.T, 6302.T, 6777.T, 7270.T, 7276.T, 7709.T, 7716.T, 7988.T, AKE.PA, AZE.BR, BA.L, BAB.L, BKG.L, BREE.L, CNHI, D05.SI, DGE.L, GRAF.L, HEIA.AS, IONS, JSG.L, NA.TO, NESN.SW, PETS.L, RHM.DE, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TEP.PA | Currency, dividends, ETF, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | IONS GOOG |
View |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Worldwide High Dividend | 1.0% | 18.9% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC | Buybacks, Currency, dividends, Europe, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | SUBARU DBS SWAN RUI NESN |
View |
| 2025 Q3 | Oct 31, 2025 | Third Point Partners | 3.2% | - | 000660.KS, 005930.KS, 402340.KS, 6361.T, AMAT, CRH, DSV.CO, FIX, FLTR.L, GOOGL, KVUE, LSEG.L, MIK, MSFT, MU, NVDA, PCG, PRMB, TSLA, TSM | AI, Asia, credit, distressed, Event-Driven, Memory, semiconductors, technology | AI compute demand has accelerated beyond efficiency gains, driven by reasoning-based models and post-training techniques that are orders of magnitude more compute-intensive. OpenAI's recent deals to grow compute capacity by 20x over five years highlight the compute-constrained environment. Third Point maintains investments in TSMC and NVIDIA as integral pieces of this buildout while watching for potential corrections. | CRH LN NVDA TSM 6361 JP 000660 KS CRH LN NVDA TSM 6361 JP 000660 KS |
View |
| 2024 Q3 | Oct 31, 2024 | African Lions Fund | - | 11.2% | 000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, China, emerging markets, Indonesia, Quality, semiconductors | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2025 Q3 | Oct 30, 2025 | VGI Partners | - | - | 000660.KS, 005930.KS, AMZN, EAT, META, TSM | AI, Europe, gold, industrials, semiconductors, technology, value | Gold equities surged 40-45% during the quarter, led by mid-cap miners and long-term holdings such as Sprott, which provides exposure to gold through a high-margin funds management business. | View | |
| 2023 Q3 | Oct 30, 2023 | Appleseed Fund | 0.0% | 0.0% | 005930.KS, AER, ARDX, BEI-UN.TO, BOL.PA, CF, DG, FNMAS, FNMAT, GNK, HRTX, ITRN, MOS, MRC, SFM, SNV, VFC, WCC | Agriculture, Bonds, Defensive, Deficit, gold, inflation, Treasury, value | The fund believes inflation is not under control and expects it to remain persistently elevated. They view continued inflation as the politically palatable solution to reduce the U.S. debt burden and associated interest costs. | GNK WCC 0TDG LN |
View |
| 2025 Q3 | Oct 3, 2025 | Rathbones | - | - | 005930.KS, 0700.HK, AMZN, BABA, GOOGL, META, MSFT, TSM, UBER | AI, emerging markets, Europe, inflation, Politics, rates, technology | AI adoption by US tech companies is driving profit growth, with hyperscalers spending around $300bn this year on data center build-out. Investors scrutinize corporate AI adoption for productivity improvements, while the speed of AI penetration surpasses previous technological developments. Ultimate winners may be companies that best harness AI power, potentially not yet existing. | View | |
| 2025 Q3 | Oct 29, 2025 | Aikya | 3.9% | - | 000660.KS, 005930.KS, 1216.TW, 1299.HK, 2330.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, China, emerging markets, Indonesia, Quality, semiconductors, valuation | The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwan and Korea at record highs. While Aikya believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. | View | |
| 2025 Q3 | Oct 24, 2025 | Brandes International Equity Fund | 8.1% | 32.2% | 005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, international, Outperformance, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery. | SMC JP SMC JP |
View |
| 2025 Q3 | Oct 24, 2025 | American Century Emerging Markets Fund | 12.4% | - | 000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM | AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy | AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion and global electrification trends. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending. | 688008 CH 2308 TT 688008 CH 2308 TT |
View |
| 2023 Q3 | Oct 21, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION | China, Concentration, defensives, Europe, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts. | CCEP SYY VVV |
View |
| 2023 Q3 | Oct 21, 2023 | FMI International Equity | -7.4% | 2.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, international, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
View |
| 2023 Q3 | Oct 21, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | Concentration, defensives, Quality, small caps, value | FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
View |
| 2023 Q3 | Oct 21, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, inflation, rates, small caps, valuation, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies. | CCEP SYY VVV |
View |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – International Alpha | -0.3% | 18.2% | 005930.KS, 0700.HK, 6954.T, B3SA3.SA, DB1.DE, DSV.CO, RELIANCE.NS, SEBA.ST, TSLA, U11.SI | AI, Asia, Europe, Exchanges, growth, international, semiconductors, technology | Artificial Intelligence remained a dominant theme with several perceived beneficiaries rallying. Tencent is emerging as a clear beneficiary of AI, deploying it for more efficient game production and more effective targeted advertising. Samsung Electronics benefited from AI-related demand, particularly in advanced High Bandwidth Memory chips. | UOB SEB B3 SA UOB SEB |
View |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -Emerging Markets | 13.3% | 33.1% | 000660.KS, 000858.SZ, 005930.KS, 035420.KS, 086280.KS, 2313.HK, 6690.HK, B3SA3.SA, BABA, BIDU, BZ, ELET3.SA, FPT.VN, MELI, TSM, WNS | AI, Asia, Battery, China, emerging markets, semiconductors, South Korea, technology | Artificial Intelligence has proved a helpful tailwind, initially benefiting hardware makers like TSMC and SK Hynix, but now emerging through much of the supply chain with numerous Asian beneficiaries. China's ambitions and capabilities in large language models are being appreciated, with companies like Alibaba and Baidu investing heavily in AI and beginning to enjoy something like the halo of the 'Mag7'. | Hyundai Glovis B3 SA MercadoLibre Samsung Electronics CATL CN |
View |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Emerging Markets Growth Fund | 5.0% | 21.5% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 300750.SZ, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BHARTIARTL.NS, COSMAX.KS, CPNG, HDFCBANK.NS, MELI, NU, SE, TSM | AI, China, E-Commerce, emerging markets, Fintech, growth, India, semiconductors | Artificial intelligence is expanding growth runways and reinforcing competitive advantages across business lines. AI is improving user experience in gaming through more responsive in-game bots and accelerating design workflows. In advertising, AI enables more targeted placements, higher click-through rates, and more closed-loop transactions. The portfolio includes businesses positioned to benefit from AI infrastructure buildout and implementation. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital International | 0.0% | 10.9% | 000660.KS, 005930.KS, 6902.T, 9433.T, BABA, BTI, JD, PDD, RIO.L, TSM | Concentration, international, Quality, risk, valuation, value | The letter extensively discusses valuation risk in U.S. markets, comparing current conditions to the 2000 TMT bubble. The manager highlights that over 40% of the S&P 500 trades at NTM P/E ratios above 30x, while only 30% trades below 20x. International stocks now appear more attractive than U.S. stocks on a relative valuation basis after a long period of underperformance. | View | |
| 2025 Q3 | Oct 19, 2025 | Harding Loevner Emerging Markets Equity | 11.6% | 24.4% | 005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA | AI, Automation, China, competition, E-Commerce, emerging markets, Travel | Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly. | View | |
| 2025 Q3 | Oct 19, 2025 | Allspring Emerging Markets Equity Advantage Fund | - | - | 005490.KS, 005930.KS, 051600.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRESNILLO.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM | AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, technology | AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years. | 300750 CH 005930 KS BABA US |
View |
| 2024 Q3 | Oct 17, 2024 | RVK | - | - | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, semiconductors, value | Gold price touching $4000 reflects market unease, with central banks now holding more gold than US Treasuries for the first time since 1996. Gold accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins. | AC.PS 005930.KS Gold AC.PS 005930.KS |
View |
| 2025 Q3 | Oct 16, 2025 | Polaris Global Equity | 5.0% | 18.5% | 000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS | AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations | The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts. | View | |
| 2025 Q3 | Oct 16, 2025 | Polaris International Equity | 4.8% | 24.5% | 000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, BPOP, CAP.PA, DPW.DE, DTG.DE, IAG.L, JAZZ, LUN.TO, MEOH, MG, MNDI.L, PUB.PA, TEP.PA, VIPS | AI, Energy Transition, Europe, financials, international, Japan, semiconductors, Trade Policy | AI enthusiasm drove market gains with concentration in mega-cap tech stocks. Samsung and SK Hynix benefited from HBM memory progress and AI chip demand. The manager notes frothy AI valuations and warns of potential correction if the AI boom busts. | View | |
| 2025 Q3 | Oct 16, 2025 | Platinum Asia Fund | 12.0% | - | 000660.KS, 005930.KS, 034220.KS, 0700.HK, 1024.HK, 1109.HK, 1928.HK, 2318.HK, 271560.KS, 300750.SZ, ASII.JK, BABA, INDIGO.NS, JD, LODHA.NS, MAYO.JK, TCOM, TSM, ZTO | AI, Asia, China, Conglomerates, semiconductors, technology | The portfolio benefited from a renewed wave of AI enthusiasm, with the narrative moving beyond picks and shovels to understanding AI applications across the ecosystem. Chinese firms continue to innovate despite chip restrictions, developing domestic AI accelerators and efficient software solutions like DeepSeek's UE8M0 data format. This demonstrates China's strategy to remain competitive in AI, leading to significant re-rating of Chinese AI ecosystem players. | ASII IJ |
View |
| 2025 Q3 | Oct 14, 2025 | Pzena Investment Management | - | - | 005930.KS, AAPL, AMZN, BABA, BAX, BIDU, CHTR, GOOGL, LKQ, META, MSFT, NVDA, SCS, SHEL, SPB, TEP.PA, TSLA, TSM, WIZZ.L, WNS | AI, global, Outperformance, portfolios, small caps, value | Small caps trade near historic lows relative to large caps, creating an attractive long-term entry point after years of Magnificent Seven dominance. Despite superior fundamental returns over the past decade, small caps have been driven down by sentiment and multiple compression. History suggests extreme valuation gaps like today's have often been followed by multi-year periods of small-cap outperformance. | WIZZ SPB TPN BAX |
View |
| 2025 Q3 | Oct 14, 2025 | Mayar Capital | -0.4% | 9.1% | 005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO | AI, contrarian, Discipline, global, Speculation, technology, value | The manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom. | SOLV US |
View |
| 2025 Q3 | Oct 14, 2025 | Harding Loevner International Equity | 6.6% | 22.4% | 005930.KS, 2308.TW, 2413.T, 4519.T, 4684.T, 6301.T, 7741.T, 9984.T, AIA, ALC.SW, ALV.DE, ASML, BBVA, BHP.AX, CATL, D05.SI, NESN.SW, NICE, SE, TSM | AI, China, financials, growth, international, Quality, semiconductors, valuation | The fund maintains a persistent tilt toward higher-quality companies as a hedge against economic downturns. However, high-quality stocks have dramatically underperformed, with the top third returning 17% versus 37% for the bottom third year-to-date. This quality bias explains essentially all relative performance shortfall this year. | View | |
| 2024 Q3 | Oct 14, 2024 | Mayar Capital | 7.7% | 9.6% | 005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO | Esg, global, Manufacturing, Patience, Recovery, value | Visa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO. | View | |
| 2023 Q3 | Oct 13, 2023 | Mayar Capital | 7.7% | 9.6% | 005930.KS, BFAM, BN.PA, BNTG.DE, CAP.PA, DBX, EA, GOOGL, HLCL.L, KVUE, SAP.DE, UL, UPS, V | global, Quality, rates, risk management, technology, value | Manager emphasizes value investing approach, focusing on great businesses at reasonable prices with margin of safety. Discusses how value investing has been painful during recent tech bubble but believes patience will be rewarded as higher interest rates favor quality businesses over mediocre ones. | KVUE CAP.PA |
View |
| 2025 Q3 | Oct 10, 2025 | Thornburg International Equity Fund | 5.5% | 28.5% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | Bottom-up, Diversified, fundamentals, international, value | Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter. | View | |
| 2025 Q4 | Jan 9, 2026 | Moneta Group | 0.0% | 0.0% | 000660.KS, 005930.KS | diversification, Fed policy, fixed income, geopolitics, infrastructure, international, Precious Metals, small caps | Diversification proved its value across asset classes in 2025, with leadership rotating beyond U.S. large cap stocks. Non-U.S. equities outperformed, with developed international gaining over 30% and emerging markets rising more than 33%. Portfolios built for balance and resilience captured gains while mitigating volatility during periods of stress. Infrastructure delivered strong double-digit returns, supported by structural demand tied to data centers, energy transition, and modernization. The sector benefited from ongoing investment needs in critical infrastructure systems. Gold's safe haven status and central bank purchases provided a strong tailwind that was accelerated by retail purchases. Over the year, gold ETFs saw net flows exceed $40 billion, demonstrating continued investor appetite for the precious metal. Silver shone brightest over the quarter, reiterating its status as gold's riskier and perhaps undervalued counterpart by gaining more than 50% over the quarter and nearly 150% over the year. Small caps surged following the April selloff, gaining more than 40% from the lows. However, that rally was concentrated in lower-quality names, with the Russell 2000 significantly outpacing the higher-quality S&P 600. | View | |
| 2025 Q4 | Jan 9, 2026 | Vision Capital | -5.0% | 9.8% | 000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS | AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology | Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers. | SE |
View |
| 2024 Q4 | Jan 8, 2025 | Longriver Investment Partners | 2.5% | 26.0% | 005930.KS, AMZN, C, COST, GAW.L, GOOGL, IBKR, INTC, JPM, MA, META, MS, NFLX, NU, PDD, STAN.L, TCOM, TSM, V, WISE.L | AI, gaming, global, long-term, payments, semiconductors, technology | Wise is building alternative infrastructure to make cross-border money transfers cheaper and faster by eliminating correspondent banking intermediaries. The company has grown to move ~GBP 130 billion annually and is positioned to become the B2B infrastructure for global cross-border transfers, similar to how Visa and Mastercard operate in credit cards. | WISE.L |
View |
| 2024 Q4 | Jan 6, 2025 | Vltava Fund | 0.0% | 0.0% | 000660.KS, 005930.KS, 8035.T, AMAT, ASML, BRK-A, KLAC, LRCX, MU, TSM, WSM | Concentration, Equipment, semiconductors, technology, value | The fund added Applied Materials and Lam Research to join existing holding KLA Corporation, creating exposure to three companies that operate as oligopolies in semiconductor equipment manufacturing. These companies have dominant global positions with net margins around 27% and ROCE of 30%, manufacturing equipment essential for advanced chip production. The manager views this as one collective investment into a critical segment of the global economy with high barriers to entry and sustainable competitive advantages. | LRCX AMAT |
View |
| 2025 Q4 | Jan 30, 2026 | Optimum International Fund | 3.3% | 26.0% | 000660.KS, 005930.KS | AI, Asia, banks, Europe, international, semiconductors, technology | South Korea's market surged nearly 20% on strong demand tied to artificial intelligence, benefiting companies such as Samsung Electronics and SK Hynix. The AI theme drove significant outperformance in Korean technology companies during the quarter. Semiconductor companies, particularly in South Korea, experienced strong performance driven by AI demand. Samsung Electronics and SK Hynix were specifically mentioned as beneficiaries of this trend. | View | |
| 2025 Q4 | Jan 29, 2026 | Aikya | 0.0% | 8.3% | 000660.KS, 005930.KS, 1288.HK, 2330.TW, 2912.TW, 3690.HK, BBDO3.SA, CPI.JO, EPAM, HDB, KOF, NTCO3.SA, RDY, UL | AI, Brazil, emerging markets, Quality, semiconductors, valuation | The market's continued enthusiasm for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets recording further highs. While Aikya believes in the long-term potential of AI, they maintain that both quality and valuation discipline remain paramount. Aikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when available at sensible valuations, with the fund objective being to invest in high quality companies that make a positive contribution to sustainable development. | View | |
| 2025 Q4 | Jan 29, 2026 | abrdn Emerging Markets Fund | 4.6% | 32.0% | 000660.KS, 005930.KS, 028260.KS, 0700.HK, 267270.KS, ADIB.AD, ALDAR.AD, ASX.TW, BABA, BBNI.JK, GMEXICOB.MX, KAP.L, MULT3.SA, RIO, TLKM.JK, TSM | AI, China, Copper, emerging markets, Memory, semiconductors, technology, Trade Policy | AI-driven tech rally continued in Taiwan, lifting local tech stocks at the epicenter of US AI infrastructure buildout. Memory chip producers benefited from confirmed chip shortages and price increases for DRAM and HBM chips. AI delivery has become a critical component of the US economy, with Beijing expected to build a rival AI ecosystem. Technology stocks rallied driven by semiconductors, specifically memory stocks, as confirmed chip shortages resulted in noticeable price increases for DRAM and HBM chips. This proved particularly beneficial for South Korean heavyweights and leading memory chip producers like SK Hynix and Samsung Electronics. China and Hong Kong were detractors as markets sold off amid softer growth and underwhelming government response. Despite deflation concerns, southbound flows have accelerated in 2025, suggesting greater risk appetite among Chinese investors that could drive a wealth effect supporting consumption. Trump's tariffs suggest goals of shifting manufacturing and raising revenue for tax cuts are prime. Market consensus sees a move towards breakdown in China-US trade, though pace and extent of decoupling remain uncertain. Trump has extended tariff pressure to India and Brazil, but agreements to reduce tariffs are expected. Copper miner Grupo Mexico rallied on rising copper demand driven by electrification and data center growth. The miner, with access to low-cost reserves, remains a long-term beneficiary. Copper and other minerals have gained from AI infrastructure development and energy transition. | View | |
| 2024 Q4 | Jan 28, 2025 | Citadel Value Fund | - | - | 005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA | Automotive, Industrial, Luxury, semiconductors, small caps, technology, value | The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit. | STLA BC KER.PA JOST.DE |
View |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill International | 3.9% | 28.4% | 000660.KS, 005930.KS, BABA, EXO.MI, ICON, NWG.L | AI, Asia, Banking, defense, Europe, international, semiconductors, value | Strong performance driven by AI infrastructure demand, particularly in memory chips and foundry services. Taiwan's chip foundry and packaging industries saw robust growth with no signs of slowing in 2026. South Korean memory manufacturers benefited from capacity sold out through 2026 and increased demand for high-bandwidth memory used in data centers and AI applications. Military defense and adjacent firms performed well as governments moved toward greater strategic autonomy from the US, expanding confidence in the sectors' future growth prospects. European defense suppliers benefited from multi-year European rearmament trends. European banks were supported by cheap valuations, improved capital positions and a more normalized interest rate environment, helping drive strong stock performance for the year. UK banks like NatWest benefited from simplified operating models and strong capital return potential. | 000660 KS |
View |
| 2025 Q4 | Jan 27, 2026 | Baron Emerging Markets Fund | -1.3% | 30.1% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 300750.SZ, BABA, BAJFINANCE.NS, BAP, BEL.NS, BHARTIARTL.NS, HDFCBANK.NS, NU, RELIANCE.NS, SQM, TSM, ZLAB | AI, Banking, China, emerging markets, geopolitics, India, semiconductors, technology | The fund maintains significant exposure to AI-related investments, particularly through semiconductor companies like TSMC and SK hynix that benefit from AI chip demand. The manager discusses the ongoing AI data center arms race with $550 billion expected to be spent in 2026, while noting some concerns about sustainability of competitive advantages and funding environment. Strong focus on semiconductor investments across Taiwan, Korea, and China, with holdings in TSMC, Samsung Electronics, and SK hynix. The manager believes in long-term growth driven by AI, 5G, automotive, and IoT applications, while noting recent volatility around China semiconductor trade policies. The fund maintains exposure to Chinese technology and e-commerce companies despite fourth quarter volatility. The manager expects improved US-China trade relations and technology flow resumption, believing global investors underestimate China's emerging AI and technology ecosystem capabilities. Large overweight position in India despite flat performance in 2025. The manager believes India is poised for an earnings upgrade cycle supported by infrastructure spending recovery, tax relief, and GST 2.0 implementation, positioning for catch-up with other EM markets. Added positions in South African banks (Absa Group, FirstRand) and Latin American digital banking (Nu Holdings) based on favorable banking cycles, improving loan growth, and digital disruption opportunities in underbanked markets. Investments in sustainability themes including Korean shipbuilding companies (HD Korea Shipbuilding, HD Hyundai Heavy Industries) and energy storage (Contemporary Amperex Technology) that benefit from global decarbonization trends. | NU FSR SJ ABG SJ BABA 005930 KS 000660 KS TSM |
View |
| 2025 Q4 | Jan 26, 2026 | Harris Associates International Equity Strategy | 4.9% | 32.9% | 005930.KS, 6301.T, AZN, BABA, BAYRY, CNHI, DASTY, DSV.CO, EXO.MI, IMCD.AS, MBG.DE, NVS, SAND.ST, SDR.L, SKF-B.ST, SNY, SY1.DE, UL, WLN.PA | Chemicals, Europe, international, Logistics, Pharmaceuticals, semiconductors, value | The portfolio includes significant pharmaceutical investments including Bayer, AstraZeneca, and Sanofi. Bayer benefited from positive stroke drug trial results and potential Supreme Court hearing on RoundUp litigation. AstraZeneca was added as a new position due to its robust pipeline and attractive valuation following regulatory concerns. Sanofi was initiated based on strong R&D investment and pipeline potential despite vaccine market volatility. Samsung Electronics was a top contributor as earnings recovered due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup continues to improve under new management, positioning it as one of the world's leading semiconductor companies with a long runway for future growth. DSV was a top contributor during the quarter, delivering solid third-quarter results and accelerating the timeline for DB Schenker acquisition synergies. The freight forwarding business is viewed as high-growth and return-generative, benefiting from an asset-lite model with industry-leading management and profitability. IMCD and Symrise were added as new positions in the specialty chemicals space. IMCD is a global leader in marketing and distribution of specialty chemicals with significant pricing power and demand inelasticity. Symrise leads in flavors, fragrances, and specialty ingredients with renewed focus on profitability and cash flow showing early signs of operational inflection. The manager emphasizes value investing approach, noting that for more than a decade value investing in overseas markets witnessed U.S. growth stocks soar unsustainably. In 2025, they witnessed the unraveling of this paradigm as European equities fundamentals improved and valuation spreads began to narrow, benefiting their value-oriented strategy. | View | |
| 2025 Q4 | Jan 26, 2026 | First Eagle Global Fund | 5.4% | 31.6% | 005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS | AI, defense, Geopolitical, global, gold, Resilience, technology | Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues. | BA LN BABA META ORCL CHRW 005930 KS GOOG |
View |
| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
View |
| 2025 Q4 | Jan 23, 2026 | American Century Emerging Markets Fund | 5.8% | 35.3% | 000660.KS, 005930.KS, 0700.HK, 0939.HK, 1810.HK, BABA, BHARTIARTL.NS, HDFCBANK.NS, NTES, RELIANCE.NS, SUNPHARMA.NS, TSM | AI, Asia, emerging markets, Energy Transition, semiconductors, technology, Trade Policy | Strong technology-related performance supported gains as semiconductor names and other technology-related stocks benefited from robust AI spending and demand. Rising AI workloads have boosted demand for rechargeable batteries, and the firm believes several EM firms possess manufacturing leadership in this sector. Taiwan and South Korea remain essential to global chipmaking. SK Hynix was a top contributor as demand for AI-related memory remained high amid the generative-AI boom and surging data center investment, with quarterly results overwhelmingly powered by surging demand for AI components, especially high bandwidth memory. Many EM offer lower-cost, more readily available power that supports rapid data center build-outs. Rising AI workloads have boosted demand for data center infrastructure, with companies like Zhongji Innolight benefiting from strong demand in cloud computing and 5G infrastructure. U.S. tariffs and trade policy have not been as challenging for EM as investors expected, in part because many markets have adapted well. Some have negotiated more manageable tariff structures with the U.S., while others have focused on non-U.S. relationships. The path of global trade and U.S. policy remains uncertain going forward. HD Hyundai Electric benefited from demand for power transformers, switchgear and smart grid solutions, with U.S. infrastructure investment plans around AI data centers and grid upgrades supporting the stock. The company has been well positioned for global trends around electrification and sustainability. | View | |
| 2025 Q4 | Jan 23, 2026 | Alluvium Global Fund | -1.1% | -0.1% | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V | AI, Airlines, global, healthcare, technology, underperformance, value | The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies. | View | |
| 2025 Q4 | Jan 22, 2026 | WS Amati Global Innovation Fund | 0.0% | 0.0% | 000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC | AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology | AI continued to dominate investor debate with impressive deals between OpenAI and semiconductor vendors, though circular nature of agreements reminiscent of dot com excesses gave some pause. Overall sentiment around AI capex cycle remained buoyant despite some financially fragile players seeing share price drops. Memory semiconductors emerged as key AI beneficiaries with Korean chipmakers Samsung Electronics and SK Hynix contributing strongly to performance. Samsung fixed technical challenges with high bandwidth memory products to fully participate in AI growth. Eli Lilly strengthened its position as leader in obesity and diabetes medication category with injectable GLP1 products outperforming Novo Nordisk clinically and commercially. Newly approved oral GLP1 promises to unlock large incremental market opportunity. Defense stocks experienced broad sell-off due to concerns about UK defense funding and potential Russia/Ukraine war resolution. Despite near-term headwinds, long-term growth opportunities remain for defense technology companies like Chemring in energetics and electronic warfare. Clinical practice in Alzheimer's diagnostics is moving to blood tests as cheaper, less intrusive but equally precise option. H.U. Group has strong first mover advantage in blood-based biomarkers for Alzheimer's disease testing with multi-fold growth in past year. | 4544 JP FN LLY 000660 KS 005930 KS LITE PTC CHG LN CGNX |
View |
| 2025 Q4 | Jan 22, 2026 | Thornburg Equity Income Builder Fund | 7.0% | 37.0% | 005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE | dividends, financials, global, healthcare, Telecommunications, Utilities, value | The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The portfolio's weighted average dividend yield of 4.2% significantly exceeds the MSCI Index's 1.7% yield. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. The portfolio trades at attractive valuations with a weighted harmonic average 2025 consensus P/E ratio of 14.3x, well below the MSCI All Country World Index's 21.6x. The manager believes these businesses are valued very attractively relative to their own histories and other assets, incorporating significant intrinsic value. The fund focuses on businesses that occupy important positions in their respective markets and tend to be well capitalized. These firms retain their market positions providing important products and services that generate cash flows. The manager emphasizes resilient businesses with strong capital structures that can maintain operations through various market conditions. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Emerging Markets Growth Fund | 0.1% | 21.6% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY | AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology | AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain. | View | |
| 2025 Q4 | Jan 22, 2026 | Mondrian Global Equity Fund | 0.0% | 0.0% | 005930.KS, CAP.PA, GOOGL, MSFT, ORCL | AI, banks, Currency, Europe, financials, Global Equities, value | AI investment has accelerated with massive capital requirements for frontier model development. Hyperscalers fund build-out from free cash flow while AI startups strike extraordinary deals with uncertain economics. The shift toward debt-funded expansion adds systemic fragility given unproven AI economics and uncertain future demand. European banks have been rehabilitated after years in purgatory, with returns of 77% in 2025. Return on equity has normalized above 12% following exit from ultra-low rates, while capital positions have been rebuilt. However, supportive factors are well-appreciated by markets, reflected in significant valuation re-rating. Non-US equity markets remain particularly attractive from a stock-picking perspective, offering less concentration risk and a broader opportunity set for valuation-driven investors. The firm maintains disciplined, value-oriented investment approach to identify materially mis-priced securities with superior risk-adjusted return profiles. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum Asia Fund | 5.0% | 24.0% | 000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO | AI, Asia, China, Electric Vehicles, financials, semiconductors, technology | Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted. | PONY 3968 HK 2318 HK 005930 KS 000660 KS TSM |
View |
| 2025 Q4 | Jan 20, 2026 | Polaris Global Equity | 7.0% | 26.8% | 000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL | AI, diversification, global, international, Outperformance, semiconductors, technology, value | AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure. | 267260 KS UTHR JAZZ CAP FP MKSI 000660 KS |
View |
| 2025 Q4 | Jan 20, 2026 | Polaris International Equity | 8.7% | 35.4% | 000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 267270.KS, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, BABA, BARN.SW, CAP.PA, DHL.DE, IAG.L, JAZZ, LIN, LTM, LUN.TO, MG.TO, ML.PA, NVS, NXT.L, VIPS, YAR.OL | Asia, diversification, Europe, industrials, international, Outperformance, technology, value | Memory chip suppliers SK Hynix and Samsung Electronics were top contributors as supply-demand constraints benefit memory manufacturers. The market expects memory price increases in 2026, further supporting performance of these Korean memory giants. AI demand drove strong performance in technology companies including Capgemini Group which benefited from cloud, data and AI demand. However, Alibaba faced profitability pressure due to significant AI spending despite revenue growth in its cloud division. HD Hyundai Electric capitalized on increased demand to expand and upgrade power infrastructure, completing construction of a new Korean power distribution equipment plant. European fiscal stimulus focused on defense and infrastructure spending supported regional performance. Yara International partnered with Air Products for low-carbon ammonia projects in the U.S. and Middle East, positioning toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. Chinese e-commerce companies showed mixed results with Alibaba reporting impressive quarterly revenues and growth in cloud division and one-hour delivery business, while facing profitability pressure from aggressive discounting in instant retail space. Lundin Mining announced record third-quarter revenues, profiting from higher realized copper prices in an advantageous supply-demand environment. The Canadian miner also struck a strategic deal involving Eagle Mine and Humboldt Mill. | JAZZ 7267 JP CAP FP 005930 KS 000660 KS |
View |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner Emerging Markets Equity | 3.7% | 29.1% | 000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX | AI, emerging markets, energy, Memory, nuclear, semiconductors, technology | AI-related stocks sustained the relentless rise of the EM index, with seven of the 10 largest contributors being AI-related and accounting for more than 40% of the index's 34% return. The surge reflects sharply accelerating capital investment into AI physical infrastructure, with hyperscalers repeatedly increasing capex plans. EMs are standout beneficiaries because significant portions of AI physical infrastructure are sourced from EM companies, especially Asia-based enterprises like TSMC. The AI boom is engendering structural changes in the memory market that should support higher and more consistent profitability. Three key developments are changing industry dynamics: growing demand for customized, high-value memory products like HBM; the need to surmount the memory wall for AI workloads; and increasing constraints on memory manufacturing capacity as more capacity is allocated to HBM production. The energy demands of AI data centers are staggering, with AI-specific servers using 53-76 terawatt-hours in 2024. This puts renewed attention on nuclear power advantages, which is both scalable enough to meet huge AI data center power requirements and carbon-emission free. Meta, Amazon, and Alphabet have announced plans to invest in nuclear energy, driving demand for uranium. | 688188 CH KAP LI 000660 KS 005930 KS |
View |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Equity | 4.2% | 27.6% | 005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA | AI, defense, emerging markets, international, semiconductors, technology, Valuations | AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization. | BA LN 035420 KS |
View |
| 2025 Q4 | Jan 19, 2026 | Artisan International Fund | 1.6% | 36.3% | 005930.KS, 0700.HK, 300750.SZ, AI.PA, DANSKE.CO, ELI.BR, NGG, SSE.L, TSCO.L, TSM, UBS | defense, Electrification, Europe, growth, international, semiconductors, Utilities, value | The portfolio benefited from defense holdings including South Korean companies Hanwha Aerospace and LIG Nex1. Defense companies continue to expand globally with European governments investing for security independence outside NATO agreements. The Middle East has emerged as an opportunity area for Korean defense companies. Utilities and grid modernization were areas of strength. National Grid and SSE contributed positively reflecting investor confidence in regulated asset bases and accelerating investment in grid modernization. Elia Group is supported by significant acceleration in capital investment across German and Belgian electricity grids. The portfolio has exposure to electrification trends through companies like LS Electric benefiting from global spending on grid modernization and power transmission infrastructure. CATL provides exposure to battery products for electric vehicles and energy storage systems aligned with long-duration electrification tailwinds. Samsung Electronics provided exposure to AI infrastructure growth as a direct beneficiary of high demand for AI-related chips including DRAM and HBM. Samsung's sixth-generation HBM4 semiconductor recorded the highest operating speed in technical tests, boosting sentiment toward semiconductor manufacturers. | MELI 300750 CH MNC TSCO LN 005930 KS SSE LN NG LN 010120 KS 079550 KS 012450 KS |
View |
| 2025 Q4 | Jan 19, 2026 | Hosking Partners | 7.2% | 33.5% | 000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO | AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value | The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital International | 0.0% | 41.5% | 005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX | cash flow, fundamentals, international, Quality, valuation, value | U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital Large Cap Value | 0.0% | 8.6% | 000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST | FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value | U.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. Despite rich overall market valuations, many high quality stocks remain attractively valued. The firm's large cap strategy trades at a free cash flow yield more than double the S&P 500 and 60% above Russell 1000 Value. Value stocks significantly outperformed after the 2000 tech bubble when similar valuation disparities existed. Significant opportunities exist in smaller stocks where avoiding high debt levels and money-losing businesses has historically been smart but was an enormous drag on returns in 2025. Negative free cash flow stocks comprised 35% of Russell 2000 and rose 67% on average, demonstrating unusual market conditions. | View | |
| 2025 Q4 | Jan 18, 2026 | Mayar Capital | 4.5% | 14.1% | 005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO | defense, fundamentals, global, Quality, Speculation, value | The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin. | NKE TW LN BKNG |
View |
| 2025 Q4 | Jan 15, 2026 | East Capital | 0.0% | 0.0% | 000660.KS, 005930.KS, 8306.T, NVDA | AI, China, emerging markets, frontier markets, Korea, Memory, Outperformance, Valuations | China's Deep Seek moment demonstrated competitive AI capabilities potentially more cost-efficient than US hyperscalers. Chinese technological prowess remains underappreciated in AI, driving memory demand from data centers that vastly outstrips supply. This theme expected to be primary catalyst for Chinese and emerging market returns for many years. Memory stocks Samsung and SK Hynix returned 130% and 278% respectively, driven by AI data center demand vastly outstripping supply. SK Hynix expected to increase server DRAM prices 60-70% quarter-on-quarter in Q1 2026, driving earnings upgrades while stocks remain attractively valued at 8.4x P/E versus Nvidia's 21.4x. Emerging markets returned 34% for 2025, outperforming S&P 500 by 16.5% - strongest relative performance since 2008. Driven by weakening USD, concerns about US over-concentration, and strong country-specific drivers. Markets offer higher earnings growth and lower valuations with 18% EPS growth and 0.8x PEG ratio versus S&P 500's 16% and 1.5x. Frontier markets returned 47% in 2025, delivering attractive risk-adjusted returns supported by low correlations across diverse universe of 20 markets. Expected 4-4.5% structural growth supported by large young populations and reform momentum, with easing monetary conditions supporting domestic investment and consumption. | 000660 KS |
View |
| 2025 Q4 | Jan 15, 2026 | M&G Investment | 0.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC | AI, geopolitics, Polarisation, Quality, semiconductors, technology, value | AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
View |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -Emerging Markets | 5.7% | 40.7% | 000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM | AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology | China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International All Cap | - | 19.0% | 005930.KS, 3317.T, 4519.T, 6869.T, 8035.T, ASML, AUTO.L, DSV.CO, EXO.MI, GAW.L, MC.PA, MELI, NMET.DE, RMV.L, ROG.SW, TSM | AI, growth, healthcare, international, Luxury, Quality, semiconductors, technology | AI continues to drive robust demand for advanced chips, particularly benefiting TSMC and related semiconductor equipment companies. However, AI tools and functionality create uncertainty for online platforms like Rightmove and Autotrader, as markets take a cautious stance on potential position erosion or increased investment needs. The impact appears mixed across sectors with clear benefits for chip manufacturers but concerns for consumer-facing platforms. Semiconductor companies were among the most significant contributors to performance, driven by robust demand for advanced chips used in artificial intelligence. TSMC benefited from AI chip demand, Samsung was supported by improving memory market conditions particularly high bandwidth memory, and related equipment companies like ASML, Tokyo Electron and Chroma also performed well during the quarter. The portfolio maintains a structural bias towards high-quality growth businesses, though this created headwinds during the quarter as quality stocks underperformed the broader international market by a margin rarely seen in recent years. The manager emphasizes focus on exceptional businesses with durable competitive advantages, strong balance sheets, and compelling long-term growth opportunities. LVMH contributed positively to performance in the quarter, supported by improving trends in Asia and the resilience of its leading brands after a period of weaker demand for luxury goods. The recovery suggests stabilization in the luxury sector following previous weakness. | View | |
| 2025 Q4 | Jan 13, 2026 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
View |
| 2025 Q4 | Jan 13, 2026 | Oakmark Global Fund | 5.2% | 21.2% | 005930.KS, BABA, CHTR, CNHI, DSV.CO, GM, IQV, IT, MBG.DE, MDLZ | consumer, global, healthcare, Performance, semiconductors, technology, value | Samsung Electronics was the top contributor as earnings staged a sharp recovery due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup has continued to improve under new management, positioning Samsung as one of the world's leading semiconductor companies with a long runway for future growth. Alibaba Group was the top detractor despite its core E-commerce business continuing to perform well and Cloud revenue growth accelerating. The company was negatively impacted by significant spending on subsidies to grow their Quick Commerce business, though losses are expected to be reduced over time. Mondelez International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The company possesses a unique global footprint that over-indexes to snacking occasions, benefiting from robust pricing power, low private label competition and rising per capita consumption. | MDLZ IT BABA 005930 KS |
View |
| 2025 Q4 | Jan 12, 2026 | QV Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, BABA, CAT, CNI, DG, FTT.TO, GOOGL, MU, NVDA, TPZ.TO, UNP | AI, commodities, Dollar, financials, gold, international, Market Concentration, value | AI narrative shifted from Magnificent 7 to hardware providers building data centers. Memory chip providers like Micron and Samsung surged 240% and 120% respectively. Industrial businesses like Caterpillar and Finning benefited from AI-related capital spending for power generation equipment. Gold prices rose 64% as global central banks bolstered reserves and investors sought store of value amid geopolitical concerns and US deficit levels. Precious metals had their best year since 1979, contributing significantly to Canadian market returns. European financials rose 65.7% in 2025 as positive interest rates re-ignited profitability. Canadian bank stocks rose 43.4% as falling rates caused yield curve steepening. Over five years, European financials returned 111.5% versus S&P 500's 82.3%. Manager emphasizes opportunities in defensive areas like healthcare and consumer staples trading at historically low multiples. European cyclicals and smaller cap companies globally trade at low earnings multiples with depressed margins, offering reasonable returns with conservative assumptions. Industrial metals moved to new highs following precious metals surge. Manager sees opportunity in companies that manufacture raw materials into value-added products and pass through cost increases. Commodities rising alongside capital expenditure and fiscal stimulus. | TPZ CN FTT CN DG 005930 KS |
View |
| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone World All Cap Equity Fund | 12.5% | 45.2% | 005930.KS, AC.TO, FFH.TO, Gold, J36.SI, LLOY.L, MT | AI, Asia, Conglomerates, diversification, global, gold, Steel, value | The fund focuses on traditional companies trading at attractive valuations while markets have been distracted by AI and tech excitement. Average price-earnings ratio of holdings is less than twelve and average price-book value is well under one, representing opportunities among essentially sound businesses at moderate valuations. Despite being the year of AI, it has been highly successful for this value manager. The fund has AI exposure through companies in the SK group, Samsung, and Curiosity Stream, with Samsung and SK being major contributors to performance in 2025. Barrick Mining has been the outstanding contributor to fund performance. At the current level of the gold price, it remains highly attractive as an investment opportunity. ArcelorMittal, the European and Indian steel company, has been a major contributor to the fund's performance in 2025 and continues to be held in the portfolio. | View | |
| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone Global Large Cap | 6.3% | 34.7% | 005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW | AI, diversification, global, Luxury, semiconductors, technology, value | AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. | View | |
| 2025 Q4 | Jan 11, 2026 | Thornburg International Equity Fund | 4.5% | 34.2% | 005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE | China, Europe, fundamentals, international, Japan, value | Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union. Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism during the fourth quarter. The U.S. Federal Reserve cut its target rate 25 basis points in December. The Bank of Japan lifted its rate a quarter point while the ECB stood pat, creating rate differentials that played out in currency markets. | View | |
| 2025 Q4 | Jan 11, 2026 | Thornburg Global Opportunities Fund | 6.5% | 41.1% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE | Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value | The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies. | View | |
| 2024 Q4 | Jan 1, 2025 | Stewart Investors | - | - | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, Holding Companies, Philippines, semiconductors, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, driving strong performance in gold miners like Barrick. | View | |
| 2023 Q4 | Jan 1, 2024 | Provident Financial Articles | - | - | 004800.KS, 005930.KS, 009540.KS, 090430.KS, CDI.PA, NWSA, REA.AX, VI.PA | asset value, discount, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
View |
| 2024 Q3 | Sep 30, 2024 | Oakmark International Fund | 8.8% | 0.0% | 005930.KS, BABA, BAYRY, CFR.SW, DEO, FMS.DE, FR.PA, INF.L, RI.PA, RMS.PA, SAP, UHR.SW, WLN.PA | China, Europe, international, Luxury, Spirits, value | The fund holds positions in luxury goods companies including Kering, Richemont, and Swatch. Despite near-term challenges from weak macro developments in China affecting store traffic and new client recruitment, managers believe companies are making correct long-term decisions for brand health and see attractive upside potential. | RI.PA DGE.L KER.PA BABA |
View |
| 2024 Q3 | Sep 30, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 005930.KS, BABA, FI, GOOGL, MBG.DE, PRX.AS | China, financials, global, healthcare, semiconductors, technology | Alibaba Group was the top contributor during the quarter following announcement of a multipronged stimulus package by the Chinese government. Despite strong performance, the market is not fully pricing in the turnaround potential for the e-commerce business or other optionality the company possesses. | 005930.KS BABA |
View |
| 2024 Q3 | Sep 30, 2024 | Oakmark Global Fund | 7.5% | 0.0% | 005930.KS, 3739.T, AKZA.AS, BABA, BAYN.DE, CSCO, DEO, GOOGL, KER.PA, SAP, SJP.L, TPK.L | Coatings, financials, global, healthcare, Luxury, technology, value | Kering faced challenges as revenue trends deteriorated in the final weeks of Q2 2024, with store traffic hurt by lack of new client recruitment amplified by challenging macro environment, particularly in China. Despite new Gucci Creative Director's collections resonating with existing customers, the company issued weak guidance for remainder of 2024. | 9751.T DGE.L AKZA.AS KER.PA SJP.L |
View |
| 2024 Q3 | Sep 30, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000660.KS, 005930.KS, 009540.KS, 043370.KS, 0700.HK, 207940.KS, 300750.SZ, 3690.HK, 8069.TW, BABA, BHARTIARTL.NS, INPST, JMFINANCIL.NS, NUVAMA.NS, PDD, RELIANCE.NS, SBILIFE.NS, TRENT.NS, TSM, WMMVY | Biotechnology, China, E-Commerce, emerging markets, Energy Transition, Fed Easing, India, semiconductors | The fund holds major positions in Chinese e-commerce leaders Alibaba and Meituan, as well as Indian food delivery platform Swiggy. These companies benefit from growing online commerce penetration, improving profitability, and strong competitive positioning in their respective markets. | 131390.KS 207940.KS 300750.SZ 8069.TW 3690.HK TRENT.NS SWIGGY.NS 9988.HK |
View |
| 2024 Q3 | Sep 30, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930.KS, CHKP, FUJHY, JD, PUB.PA, SNY, STLA, TSCO.L | Autos, China, cybersecurity, healthcare, international, Stimulus, technology, value | JD.com benefited from China's stimulus measures that boosted consumer confidence and spending. The company's strategic diversification into general merchandise, third-party marketplace expansion, and advertising monetization contributed to consecutive quarterly earnings beats. JD.com is positioned to capitalize on China's home appliance trade-in program. | TSCO.L PUB.PA 005930.KS STLA FUJHY SNY CHKP JD |
View |
| 2024 Q3 | Sep 30, 2024 | Ariel Global Fund | 6.9% | 0.0% | 005930.KS, 7270.T, AD.AS, CHKP, CMA, DANSKE.CO, DLG.L, JD, PUB.PA, SNY, STLA, TFC, TSCO.L, USB, WAL | Automotive, Banking, China, cybersecurity, global, Pharmaceuticals, Stimulus, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund believes growth stocks are trading at elevated valuations, whereas value stocks remain cheap. They strongly believe reasonably priced, higher quality companies offering sustainable, profitable growth and robust balance sheets will be the drivers of future outperformance. | WAL TSCDY PUB.PA CMA STLA 7270.T 005930.KS SNY CHKP JD |
View |
| 2024 Q3 | Sep 30, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 005930.KS, 3064.T, 4578.T, 6758.T, 7532.T, 9433.T, ACN, AHT.L, BN, CCO, DEO, GSK, HEIA.AS, NEM.DE, ROG.SW, RTO.L, SAF.PA, TTE | Asia, Diversified, Europe, international, Quality, value | MonotaRO operates a B2B e-commerce platform selling 20 million items to over 8 million customers, primarily in Japan. The company serves as a one-stop solution with transparent pricing and same-day shipment capabilities. Its unique profile with over 95% of sales online provides customers a distinct value proposition in the fragmented MRO market. | 3064.T DGE.L 9681.T RTO.L BN.TO |
View |
| 2024 Q3 | Sep 30, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930.KS, ARCO, ASSA-B.ST, BABA, FFH.TO, TESCO.L, UBI.PA, UL, UMG.AS, VIE.PA, WTW | China, Europe, international, Japan, rates, Stimulus, value | China was a standout performer in Q3 as late-quarter stimulus measures boosted stocks significantly. The government announced monetary policy shifts including rate cuts and reserve requirement reductions, plus a forthcoming fiscal policy package aimed at spurring domestic demand. However, details of fiscal stimulus are yet to be announced, and whether this proves a true game-changer remains to be seen. | View | |
| 2024 Q3 | Sep 30, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX | China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam | Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases. | View | |
| 2024 Q3 | Sep 30, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1398.HK, 4507.T, 4519.T, 6758.T, 6869.T, 7974.T, ADYEN.AS, ALC.SW, ALV.DE, BNTX, COLOB.CO, HDB, HLN.L, MELI, NESN.SW, OR.PA, ROG.SW, SHEL.L, TSMC | China, Europe, financials, healthcare, international, Japan, momentum | The letter extensively discusses momentum investing as a factor that has challenged fundamental investors over the past 18 months. The manager explains their deliberate resistance to incorporating momentum into their investment process, citing concerns about trading costs, volatility, and lack of fundamental basis. They note that momentum concentrated in large market cap stocks has created FOMO-driven dynamics. | View | |
| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 005930.KS, 220.HK, 7003.T, 7270.T, 7276.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C6L.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO | dividends, Europe, Hedging, international, undervalued, value | The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the letter. | View | |
| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 005930.KS, 0220.HK, 4368.T, 7003.T, 7270.T, 7276.T, 7958.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C07.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, P911.DE, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO | dividends, global, high yield, international, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.80% on fund stocks versus 1.76% for the MSCI World Index. The fund seeks companies with sustainable and persistent dividend characteristics. | View | |
| 2024 Q3 | Sep 30, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, BABA, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MCK, MU, RYAAY, THO, UMG.AS, V | active management, capital preservation, Concentrated Portfolio, Global Equities, long-term, Quality, Value Investing | The fund initiated a new position in Visa, recognizing the value of high-quality payment network businesses. Visa and Mastercard operate essential open-loop payment systems with insurmountable barriers to entry, benefiting from digital payment growth trends including e-commerce, mobile payments, and emerging market adoption. | LMT V |
View |
| 2024 Q3 | Sep 30, 2024 | Fidelity Freedom 2045 Fund | 5.9% | 16.8% | 000660.KS, 005930.KS, 3231.TW, 6723.T, ALSN, INTC, LULU, MRNA, MU, NVDA, PSTG, TSLA, VST | asset allocation, diversification, equities, global, inflation, Target-Date | The fund emphasizes strategic asset allocation decisions that continue to emphasize diversification to help target-date investors navigate different risks throughout their lifetimes. The investment process is focused on selecting strategic asset classes that provide compelling long-term returns, independent sources of return and risk, and favorable implementation attributes. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Freedom 2055 Fund | 6.0% | 16.8% | 000660.KS, 005930.KS, 6723.T, ALSN, INTC, LULU, MRNA, MU, NVDA, TSLA, VST | asset allocation, diversification, equities, global, inflation, Target-Date | Strategic asset allocation decisions continue to emphasize diversification to help target-date investors navigate different risks that emerge throughout their lifetimes. The Fund's glide path and strategic asset allocation reflect long-term views on participant needs, diversification and capital markets. | View | |
| 2024 Q3 | Sep 30, 2024 | Polaris International Equity | 5.8% | 10.1% | 000270.KS, 000660.KS, 005930.KS, 055550.KS, 3132.T, 8002.T, 8591.T, 9433.T, AD.AS, ANTO.L, BARN.SW, BPOP, BWY.L, CTC.TO, DTE.DE, GNC.L, HNR1.DE, LIN, LOOM.ST, LUN.TO, MEOH, MUV2.DE, NXT.L, YAR.OL | cyclicals, financials, international, rates, semiconductors, value | Interest rates finally peaked with most central banks globally initiating easing cycles. The manager expects rates to remain higher than previous cycles at neutral levels of 1.2% to 1.4%. This normalized rate environment should benefit value stocks and global economic recovery. | View | |
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Global Value Fund | 5.6% | 12.8% | 005930.KS, AC.PA, CVS, ELV, ERIC, FFIV, GOOGL, MDT, QAN.AX, SIE.DE, WDAY, WLN.PA, WPP | energy, financials, global, semiconductors, technology, Utilities, value | The fund focuses on identifying undervalued assets with durable balance sheets, sustainable returns on equity, stable free cash flow, and attractive valuations relative to expected earnings. The strategy centers on effective risk management and seeking better risk-adjusted returns. | GOOGL WLN.PA 005930.KS QAN.AX ERIC FFIV |
View |
| 2024 Q3 | Sep 30, 2024 | American Century Emerging Markets Fund | 6.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 0939.HK, 1023.KL, 1211.HK, 2382.TW, 300750.SZ, 3231.TW, BABA, BAJAJ-AUTO.NS, ERJ, ICICIBANK.NS, SUNPHARMA.NS, TCOM, TSM | Banking, China, Electric Vehicles, emerging markets, India, semiconductors, Stimulus, technology | Chinese markets were volatile due to policy support expectations, but the September stimulus package eased concerns about economic growth and property markets. Policymakers announced monetary and fiscal measures demonstrating urgency to stabilize property and equity markets. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000333.SZ, 005930.KS, 0700.HK, 2313.HK, 600519.SS, BABA, BAJFINANCE.NS, BBRI.JK, BIDU, BZ, HDFCBANK.NS, M&M.NS, NU, SUZB3.SA, TATACOMM.NS, TRENT.NS, TSM, WALMEX.MX | China, emerging markets, Fintech, India, semiconductors, technology, value | Despite recent underperformance driven by near-term economic concerns, the manager remains encouraged by ongoing regulatory and financial easing cycles. China's authorities appear sensitive to market signals with enhanced expectations for more substantial support forthcoming. The manager sees no evidence in China's currency, bond market, or credit spreads that policymakers are losing control. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM MAHM.NS 600519.SS TATACOMM.NS SUZB3.SA 000700.HK 005930.KS AIR FP|ICLR|LIN|MRVL|NOW|TSM |
View |
| 2023 Q3 | Sep 30, 2023 | Vanguard International Value Fund | -5.4% | 6.3% | 005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS | Developed Markets, Diversified, emerging markets, international, value | The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices. | View | |
| 2024 Q2 | Jul 29, 2024 | Mayar Capital | 7.7% | 9.6% | 005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L | Compounding, Defensive, global, long-term, Quality, value | The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing. | VWS.CO |
View |
| 2024 Q2 | Jul 27, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 005930.KS, 009540.KS, 0700.HK, 4966.TW, BABA, BDO.PS, BHARTIARTL.NS, BKRKY, CUMMINSIND.NS, INDUSTOWER.NS, PDD, POWERGRID.NS, RELIANCE.NS, RENT3.SA, SRF.NS, SUZ.SA, TRENT.NS, TSM, WEGE3.SA, XP | AI, China, emerging markets, Fed policy, India, semiconductors, Valuations | AI enthusiasm has broadened from GPU/data center arms race to edge AI applications on servers, PCs, and handsets, driving demand for hardware replacement cycles. Many EM companies benefit from this transition, including semiconductor and hardware ecosystem players. The fund sees potential for market leadership changes as AI moves from training to inference phases. | 4966.TW WEGE3.SA SRF.NS CUMMINSIND.NS POWERGRID.NS 009540.KS 0700.HK TSM |
View |
| 2024 Q2 | Jul 25, 2024 | Davis Global Fund | 0.0% | 0.0% | 005930.KS, 0700.HK, 1299.HK, 3690.HK, AMAT, AMZN, BAER.SW, BRK-B, COF, D05.SI, DANSKE.CO, DAR, GOOGL, HUM, INTC, META, NPSNY, PRX.AS, TSN, WFC | AI, China, global, semiconductors, technology, value | AI drove strong earnings for many portfolio companies including Meta, Amazon and Applied Materials. Meta is creating huge value by using AI to improve content and retool advertising to engage target audiences more precisely. Applied Materials benefits from AI demand through advanced packaging for high-bandwidth memory and multi-chip integration. | View | |
| 2024 Q2 | Jul 25, 2024 | Davis New York Venture Fund | 0.0% | 0.0% | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, healthcare, interest rates, Quality, technology, value | The fund emphasizes valuation discipline and seeks companies trading at attractive prices relative to fundamentals. Portfolio trades at only 12 times forward earnings, a 46% discount to S&P 500 despite strong earnings growth. The end of the free money era has created opportunities for value-conscious investors. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP | AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation | Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers. | ICICIBANK.NS RADL3.SA |
View |
| 2024 Q2 | Jun 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | 005930.KS, AAPL, ALSN, AMZN, AVGO, CI, EIX, GOOGL, GPN, HD, JNJ, MRK, MU, NEE, NVDA, QCOM, TER, TSLA, TSM, VST | aerospace, AI, dividends, energy, large cap, semiconductors, technology, Utilities | The fund is focused on following the implications of the generative AI revolution for the U.S. economy, believing it could result in an expanded upgrade cycle for PCs and smartphones that incorporate new AI capabilities. The explosive growth of AI is seen as a key advantage for chip-related stocks, with positions in companies like Nvidia, Micron Technology, Qualcomm, and Samsung Electronics to leverage this opportunity. | View | |
| 2024 Q2 | Jun 30, 2024 | abrdn Emerging Markets Fund | -3.0% | -1.4% | 005930.KS, 009540.KS, 0700.HK, 1880.HK, 2020.HK, 2308.TW, 2454.TW, 300274.SZ, 300750.SZ, 4958.TW, 600519.SS, ASM.AS, BBNI.JK, BBRI.JK, FEMSA.MX, GFNORTEO.MX, ITSA4.SA, RADL3.SA, TSM, ULTRACEMCO.NS | AI, China, emerging markets, India, Latin America, semiconductors, Taiwan, technology | Artificial intelligence drove a tech rally in Taiwan and benefited semiconductor positions. AI demand accelerated requirements for high bandwidth memory chips and supported hyperscaler demand for networking equipment. | View | |
| 2024 Q2 | Jun 30, 2024 | American Century Emerging Markets Fund | 6.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 0939.HK, 1211.HK, 1928.HK, 300750.SZ, BBRI.JK, BIMAS.IS, CX, ICICIBANK.NS, INDIGO.NS, RELIANCE.NS, RENT3.SA, TCOM, TSM, VALE | AI, Asia, China, emerging markets, Memory, semiconductors, technology | AI-related stocks boosted emerging markets performance, particularly in Taiwan and China. The build-out of artificial intelligence infrastructure is expected to remain a growth catalyst. Strong demand for AI chips and high bandwidth memory has fueled improved memory price outlook. | View | |
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Global Emerging Markets Fund | 0.5% | 1.8% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300274.SZ, 603605.SS, ADVT, BBRI.JK, BMRI.JK, CLS.JO, GLOB, HDB, MAHM.NS, MARICO.NS, MELI, NAUKRI.NS, RADL3.SA, TSM, WMMVY, XPBR, ZOMATO.NS | AI, Banking, China, emerging markets, financials, India, technology | Equity investors regained appetite for risk during the quarter, with enthusiasm narrowly focused on companies perceived as best positioned to gain from the rollout and adoption of artificial intelligence. Technology-related stocks, spurred by the strength of Nvidia, helped lift markets to all-time highs. | View | |
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Global Equity Income Fund | -2.4% | 1.4% | 005930.KS, AAPL, AZN, B3SA3.SA, BBRI.JK, CME, CSCO, D, DEO, GOOGL, IP, MDT, NEM, NVDA, PAYX, PEP, PG, SGO.PA, SMDS.L, SNY | dividends, global, income, rates, technology, value | The fund maintains strict yield discipline and cannot invest in stocks with insufficient yields, including the Magnificent Seven technology stocks. Income stocks continue to trade at substantial discounts to low-income stocks, with valuations at levels equivalent to the 2000 technology bubble burst. | View | |
| 2023 Q2 | Jun 30, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2308.TW, 2330.TW, 2331.HK, 2454.HK, 300207.SZ, 601012.SS, BABA, BBDC4.SA, EMAAR.DU, EPAM, HDFCBANK.NS, ITUB4.SA, JD, MARUTI.NS, TCS.NS, WEG, XP | Brazil, China, Electrification, emerging markets, Energy Transition, financials, semiconductors | The manager views electrification as a transformative multi-decade opportunity, with emerging markets driving over 80% of electricity demand growth by 2030. They highlight three portfolio companies adapting their technical expertise to this new environment: WEG (electric motors), Delta Electronics (power supplies for EVs), and StarPower (semiconductor components for solar and EVs). | View | |
| 2023 Q1 | May 31, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM | Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value | EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM KSPI.L MARUTI.NS RENT3.SA |
View |
| 2024 Q1 | May 4, 2024 | Davis New York Venture Fund | 0.0% | 0.0% | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, financials, healthcare, Quality, rates, technology, value | The fund emphasizes the end of the free money era that began in 2008-2009, with the Federal Reserve raising rates 11 consecutive times starting March 2022. This normalization creates headwinds for speculative growth companies but tailwinds for durable, attractively valued businesses with strong fundamentals. The managers view this as a return to normalcy where valuation discipline matters again. | View | |
| 2024 Q1 | Apr 29, 2024 | Stenham Asset Management | 13.9% | 13.9% | 005930.KS, AAPL, AIR.PA, ALK, AMAT, ASML, BA, CLNX.MC, GE, NVDA, SAF.PA, TSM, UAL | aerospace, AI, semiconductors, technology, Travel | Semiconductor equipment providers ASML and Applied Materials benefited from long-term secular growth in chip manufacturing costs, rising from $1bn facilities a decade ago to $20bn today. The industry is supported by geopolitical tensions driving semiconductor sovereignty initiatives, with Samsung and TSMC committing $69bn in new US investments. AI demand is driving exponentially more advanced chips, with Nvidia's latest GPU processing 600x more operations than an iPhone chip. | CLNX.MC AIR.PA SAF.PA GE AMAT ASML |
View |
| 2023 Q1 | Apr 25, 2023 | Appleseed Fund | 0.0% | 0.0% | 005930.KS, ADS.DE, AER, ALL, ARDX, BEI.UN.TO, CCNE, CF, ITRN, MDT, MOS, MRC, PSLV, RKLY, SNV, SONY, SWK | Banking, Consumer Staples, Defensive, gold, healthcare, inflation, Recession, value | Inflation is hitting consumers hard with prices rising at mid-to-high single-digit rates since 2021, reducing purchasing power and quality of living. Consumer savings rates have fallen while credit card debt spiked to record $931 billion, forcing reliance on expensive credit for necessities. | SNV SWK MDT |
View |
| 2023 Q1 | Apr 22, 2023 | Mayar Capital | 7.7% | 9.6% | 005930.KS, 9627.T, AAPL, AMZN, BFAM, BNR.DE, CFR.PA, DBX, EA, GOOGL, HLCL.L, JNJ, LH, MA, PYPL, SAP.DE, UL, UPS, V, VWS.CO | consumer, global, long-term, Pharmaceuticals, Quality, technology, value | Manager emphasizes investing in great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Uses examples of Amazon, Google, and Apple to illustrate companies that have profoundly shaped our reality through superior customer service, information democratization, and product design excellence. | 9627.T |
View |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2025 Q1 | Mar 31, 2025 | Mayar Capital | 2.9% | 2.9% | 005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO | AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value | Capgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide. | NKE NVO CAP.PA |
View |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Emerging Markets Equity | 1.3% | 1.3% | 005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC | AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy | China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation. | BAJAJ-AUTO.NS SUPREMEIND.NS |
View |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Equity | 5.1% | 5.1% | 005930.KS, 1299.HK, 6146.T, 6367.T, AI.PA, ALV.DE, ASML, BBVA, D05.SI, HDFCBANK.NS, LIN, MELI, MFC.TO, NESN.SW, OR.PA, ROG.SW, SHEL, SNE, SU.PA, TSM | AI, international, Policy Uncertainty, semiconductors, tariffs, Trade Policy | The Trump administration has implemented heightened US policy uncertainty with tariffs expanding beyond China to include Canada, Mexico, and European allies. This creates business uncertainty and undermines investment confidence as companies become less willing to commit capital when rules become increasingly arbitrary. | View | |
| 2025 Q1 | Mar 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LMR.TO, LMT, LYB, MCK, PAG1.L, RHI, RYAAY, THO, UMG.AS, V | global, healthcare, tariffs, technology, uncertainty, value | Trump's tariff policies are creating significant uncertainty across portfolio companies, with managers unable to make investment plans due to constantly changing directives. Canadian companies like Linamar are particularly exposed, while broader implications affect auto dealers, recreational vehicle producers, and other businesses with international supply chains. | THO RHI MCK BABA |
View |
| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Polaris International Equity | 5.7% | 5.7% | 000660.KS, 005930.KS, 066570.KS, 6758.T, DG.PA, DNB.OL, DTE.DE, DUNI.ST, ENI.MI, FTK.DE, HNR1.DE, IAG.L, INCH.L, LOOM.ST, MEOH.TO, MG.TO, MUV2.DE, NXT.L, OTEX.TO, PUB.PA, SDZ.SW, SPOG.OL, SW, TTE.PA, VIPS | AI, energy, Europe, financials, international, semiconductors, tariffs, Trade Policy | The Trump Administration initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, disrupting natural flow of trade and comparative advantage, leading to reduced economic efficiency and slower global growth. | View | |
| 2023 Q1 | Mar 31, 2023 | Rondure New World Fund | -1.3% | -1.3% | 002430.SZ, 005930.KS, 051900.KS, 2330.TW, 3088.T, 3391.T, 6415.TW, DMP.AX, GMXT.MX, HCLT.NS, INMART.NS, MELI, PUM.DE, PXT.TO, TECHM.NS, TGS.OL | Banking, China, E-Commerce, emerging markets, India, Mexico, Travel | The quarter featured cascading collapse of several U.S. banks including Credit Suisse failure, creating the most serious banking crisis since 2008. Rondure was underweight financials which served them well as the sector was one of the poorer performers during the quarter. | View | |
| 2023 Q1 | Mar 31, 2023 | Rondure Overseas Fund | -5.8% | -4.8% | 002430.SZ, 005930.KS, 051900.KS, 2330.TW, 3088.T, 3391.T, 6415.TW, DMP.AX, HCLT.NS, INMART.NS, MELI, PUM.DE, PXT.TO, TECHM.NS, TGS.OL | Banking, China, emerging markets, Quality, Travel, value | The quarter featured cascading collapse of several U.S. banks including Credit Suisse failure, creating the most serious banking crisis since 2008. The fund was underweight financials which served them well as the sector was one of the poorer performers during the quarter. | View | |
| 2024 Q4 | Jan 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LMT, LNR.TO, LYB, MA, MCK, RYAAY, THO, V | Airlines, Automotive, healthcare, payments, policy, technology, Trump, value | The fund maintains a value-oriented approach, seeking businesses trading below intrinsic value. The manager discusses the long-term performance divergence between growth and value stocks, noting that growth has outperformed value significantly over recent years but maintains their disciplined value philosophy regardless of market trends. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX | China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value | China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1810.HK, 4507.T, 4519.T, 6301.T, 6383.T, 8306.T, ADYEY, ALFVY, ATD, ATLKY, BAC, BBVA, BHP, D05.SI, DASTY, ENNEF, FMX, IFX.DE, KRYAY, LOGI, MFC, NZYMF, OR.PA, PNGAY, RIO, SAP, SBGSY, SYSMF, TSM | emerging markets, Europe, financials, growth, industrials, international, Quality, technology | The manager emphasizes their focus on high-quality companies that provide stability against market turbulence. They seek quality combined with high growth, noting that quality companies often generate higher risk-adjusted returns due to more predictable profitability and earnings growth. | View | |
| 2023 Q4 | Jan 31, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930.KS, 105560.KS, 7270.T, AAPL, AD.AS, AMZN, BIDU, DBOEY, FMC, GFNORTEO.MX, GOOGL, META, ML.PA, MSFT, NVDA, TEF2.DE, TSLA, TSM, WIZZ.L | AI, financials, international, semiconductors, technology, undervalued, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund is finding many mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong. | WIZZ.L AIR FP|ICLR|LIN|MRVL|NOW|TSM 005930.KS 105560.KS GFNORTEO.MX FMS.DE DANSKE.CO AD.AS 7270.T BIDU |
View |
| 2023 Q4 | Jan 31, 2024 | Ariel Global Fund | 6.9% | 0.0% | 005930.KS, BIDU, BMY, CNHI, DVA, FMS, INTC, SUBAY, TFC, TSM, VZ, WIZZ.L | AI, financials, global, healthcare, semiconductors, Telecom, value | Intel and TSMC positioned to benefit from cyclical recovery in PC and CPU demand. Memory market showing signs of bottoming with Samsung expected to benefit from supply/demand stabilization and rising prices. Foundry business momentum continues with growing customer base. | AIR FP|ICLR|LIN|MRVL|NOW|TSM ADDVA SS CNHI SUBARU BMY BIDU BVZN SW INTC |
View |
| 2024 Q4 | Jan 30, 2025 | Aristotle International Equity Fund | -7.1% | 5.1% | 005930.KS, 3064.T, 7532.T, ACN, AHT.L, BN, CCJ, D05.SI, DSNKY, EBS.VI, ML.PA, NEM.DE, SAF.PA, SONY, SY1.DE | gaming, geopolitics, international, long-term, nuclear, Quality, value | Demand for nuclear energy remained robust driven by AI and clean energy focus. Major tech companies like Amazon, Google and Meta announced nuclear-power agreements. Cameco is uniquely positioned to benefit as industries and governments pursue clean, reliable and scalable energy sources. | DSM.AS AHT.L 6758.T CCO.TO |
View |
| 2023 Q4 | Jan 28, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 005930.KS, AIG, BAC, CHTR, CNHI, COF, FI, GOOGL, ICE, LLOY.L | financials, global, large cap, technology, value | View | ||
| 2023 Q4 | Jan 27, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000858.KS, 005930.KS, 0700.HK, 1876.HK, B3SA3.SA, BABA, BAJFINANCE.NS, BHARTIARTL.NS, BIDU, HDFCBANK.NS, NU, PDD, RENT3.SA, RI.PA, SUZB3.SA, TRENT.NS, TSM, XP, YUMC | China, E-Commerce, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | The fund added PDD Holdings, China's second largest e-commerce platform with 20% market share. PDD's competitive moat lies in its team purchase model facilitating bulk buying through direct partnerships with manufacturers. The company's international platform Temu has become one of the fastest growing apps globally, leveraging China's excess manufacturing capacity. | KAYNES.NS PDD TRENT.NS 005930.KS AIR FP|ICLR|LIN|MRVL|NOW|TSM |
View |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne Worldwide High Dividend | -8.7% | 0.2% | 005930.KS, 2531.T, 3105.T, 7203.T, ALTEN.PA, BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, P911.DE, RHM.DE, ROG.SW, TEP.PA, TX.SW, UOB.SI, UPI.HK, VRTX, WFC | dividends, financials, global, high yield, value | The fund remains positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. The managers believe their attractive positioning has not produced good relative returns but gives reason to believe they are close to an inflection point in equity markets. | View | |
| 2024 Q4 | Jan 18, 2025 | Mayar Capital | -10.0% | -1.5% | 005930.KS, AHT.L, BNR.DE, CAP.PA, CFR.SW, EA, FIMK.L, GOOGL, JNJ, JSG.L, LH, NESN.SW, OR.PA, PYPL, SAP, SOLV, UL, UPS, V, VRS.L | Concentration, global, Quality, technology, Valuations, value | Manager emphasizes investing in high-quality businesses trading at significant discounts to intrinsic value. The fund focuses on boring companies with strong fundamentals and attractive long-term growth prospects at reasonable valuations, contrasting with overvalued technology stocks. | AHT.L MSTR NVDA CSCO |
View |
| 2023 Q4 | Jan 18, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL | AI, Banking, financials, global, interest rates, value | Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns. | View | |
| 2023 Q4 | Jan 18, 2024 | Polaris International Equity | 5.8% | 10.1% | 000270.KS, 000660.KS, 005930.KS, 2338.HK, 6758.T, 7267.T, 8001.T, AD.AS, AMC.L, ANTO.L, BPOP, BWY.L, DG.PA, DTG.DE, ENI.MI, FTK.DE, HNR1.DE, IPS.PA, JAZZ, KGX.DE, LUN.TO, MEOH, MUV2.DE, NVS, NXT.L, PUB.PA, SDZ.SW, SKF-B.ST, SKG.L, TEP.PA, TW.L, YAR.OL | AI, consumer discretionary, industrials, international, rates, value | Manager emphasizes purchasing cash-flow generative companies at excellent values, noting that more appropriately priced cost of capital is particularly beneficial for value stocks. The gale force headwind of growth over value stocks for the past decade is shifting, especially in international markets. | View | |
| 2023 Q4 | Jan 14, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, MU, NST.AX, RMS.AX, RYAAY, THO, UMG.AS, WBA | Cash, Consolidation, Cyclical, Diversified, global, Quality, value | Gold miners rebounded strongly as falling long-term interest rates reduced the opportunity cost of owning gold. Regis Resources gained 46.3% and Northern Star 32.0%, with Agnico Eagle also performing well at 18.6%. The fund completed its divestment of Northern Star after a 2.6-year holding period that returned 18.5%. | View | |
| 2023 Q4 | Jan 14, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BJ, BME.L, CARR, DGE.L, G, HSIC, RHI, ROG.SW, RYAAY, SAP.DE, SKX, SSD, UL | Concentration, Debt, international, Quality, small caps, technology, Valuations, value | FMI emphasizes their value discipline and business quality focus, noting that Quality Compounders were up only 8% in 2023 while speculative themes dominated. They believe this dichotomy is unsustainable and that their approach of owning quality businesses at discount valuations will be rewarded. | DGE.L CARR BJ |
View |
| 2023 Q4 | Jan 14, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, ACGL, ARW, BJ, BME.L, CARR, DG, G, HSIC, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, small cap, technology, Valuations, value | FMI emphasizes value investing discipline amid speculative market behavior. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, contrasting with expensive growth stocks that dominated 2023 performance. | DGE.L CARR BJ |
View |
| 2023 Q4 | Jan 14, 2024 | FMI International Equity | -7.4% | 2.7% | 005930.KS, ACGL, ARW, BJ, CARR, DG, DGE.L, G, HEI, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, technology, Travel, value | FMI emphasizes value investing discipline amid elevated U.S. market valuations. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, particularly in international markets where valuations are more reasonable than U.S. Large Cap. | DGE.L CARR BJ |
View |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930.KS, 4503.T, 8058.T, ASHM.L, ASSA-B.ST, BABA, CVE.TO, DNP.WA, ERII, FCX, FM.TO, GLEN.L, SPOT, UBI.PA, UCB.BR | Asia, emerging markets, Europe, international, Japan, Non-US, value | The fund initiated a position in Glencore, which is well-positioned for uncertainty surrounding the energy transition as one of the world's largest copper producers and a large coal producer. The company can take healthy cash flows from its coal business and invest them in copper and other future-facing metals, while coal cash flows provide an attractive hedge if the energy transition takes longer than expected. | UCB.BR 8058.T GLEN.L DNP.WA ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 24, 2026 | Fund Letters | Shelton Emerging Markets Fund | Samsung Electronics | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI infrastructure, Artificial Intelligence, data centers, High-Bandwidth Memory, memory chips, semiconductors, South Korea, technology hardware | View Pitch |
| May 19, 2026 | Fund Letters | First Eagle Global Fund | Samsung Electronics Co., Ltd. | Consumer Electronics | Semiconductors | Bull | New York Stock Exchange | AI infrastructure, DRAM, Equity, hyperscalers, memory chips, Nand, semiconductors, technology | View Pitch |
| May 13, 2026 | Fund Letters | AMG Yacktman Focused Fund | Samsung Electronics Co Ltd | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI infrastructure, Cyclical Recovery, DRAM, Foundry, HBM, memory chips, Nand, semiconductors, South Korea, technology hardware | View Pitch |
| May 13, 2026 | Fund Letters | AMG Yacktman Fund | Samsung Electronics Co Ltd | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | Artificial Intelligence, DRAM, Foundry, HBM, memory chips, Nand, semiconductors, South Korea, technology hardware | View Pitch |
| May 1, 2026 | Fund Letters | American Century Emerging Markets Fund | Samsung Electronics Co Ltd | Consumer Electronics | Semiconductors | Bull | New York Stock Exchange | AI infrastructure, DRAM, hyperscaler, memory semiconductors, Nand, Pricing power, Semiconductor Cycle, South Korea | View Pitch |
| Apr 29, 2026 | Fund Letters | Diamond Hill International | Samsung Electronics | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI infrastructure, Cyclical, growth, memory chips, semiconductors, South Korea, technology hardware | View Pitch |
| Apr 28, 2026 | Fund Letters | Polaris International Equity | Samsung Electronics | Consumer Electronics | Technology Hardware, Storage & Peripherals | Bull | New York Stock Exchange | AI, HBM4, Memory Technology, Next Generation, NVIDIA, semiconductors, South Korea | View Pitch |
| Apr 28, 2026 | Fund Letters | Baron Emerging Markets Fund | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Exchange | 5G, AI, DRAM, Foundry, High-Bandwidth Memory, Korea, memory semiconductors, Nand, Smartphones, technology hardware | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel International Fund | Samsung Electronics Co Ltd | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Exchange | Cyclical Recovery, Display Technology, Foundry business, Korean Technology, memory semiconductors, Smartphones, Supply-Demand | View Pitch |
| Apr 28, 2026 | Fund Letters | Baron Emerging Markets Fund | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Exchange | 5G, conglomerate, Foundry, Memory, semiconductors, Smartphones, South Korea, technology hardware | View Pitch |
| Apr 28, 2026 | Fund Letters | Citadel Value Fund | Samsung Electronics | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Exchange | AI, Cyclical, Display Technology, memory chips, semiconductors, Smartphones, South Korea, technology hardware | View Pitch |
| Apr 28, 2026 | Fund Letters | Biondo Investment Advisors | Samsung Electronics Co Ltd | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Korea Stock Exchange | Artificial Intelligence, DRAM, Fabrication, Geographic Diversification, HBM, memory chips, NVIDIA, Regulatory Improvements, semiconductors, South Korea, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | Stewart Investors | Samsung Electronics | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI infrastructure, DRAM, High-Bandwidth Memory, memory chips, Nand, semiconductors, technology hardware | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - International Growth | Samsung Electronics Co., Ltd. | Consumer Electronics | Technology Hardware, Storage & Peripherals | Bull | New York Stock Exchange | AI, HBM, Korea, Logic Chips, Memory, semiconductors, technology | View Pitch |
| Apr 26, 2026 | Fund Letters | WS Amati Global Innovation Fund | Samsung Electronics | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI infrastructure, HBM, memory chips, semiconductors, Share Buyback, South Korea, technology hardware | View Pitch |
| Apr 15, 2026 | Fund Letters | Oakmark Global Fund | Samsung Electronics | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI, growth, memory chips, semiconductors, South Korea, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Allspring Emerging Markets Equity Advantage Fund | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Exchange | AI infrastructure, consumer electronics, DRAM, High-Bandwidth Memory, memory semiconductors, NAND flash, South Korea | View Pitch |
| Apr 13, 2026 | Fund Letters | Pzena Investment Management | Samsung Electronics | Technology Hardware & Equipment | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI infrastructure, consumer electronics, Cyclical Recovery, DRAM, HBM, Market Share Leader, memory chips, OLED Displays, oligopoly, semiconductors, Smartphones, South Korea, technology hardware | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Health Care Fund | Samsung Electronics Co Ltd | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Korea Stock Exchange | Artificial Intelligence, DRAM, Fabrication, HBM, memory chips, NVIDIA, Regulatory Improvement, semiconductors, South Korea, Taiwan Alternative | View Pitch |
| Apr 13, 2026 | Fund Letters | FPA Source Capital | Samsung Electronics Co Ltd | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Korea Stock Exchange | Artificial Intelligence, DRAM, Geographic Diversification, HBM, memory chips, NVIDIA, oligopoly, Semiconductor Fabrication, semiconductors, South Korea | View Pitch |
| Apr 13, 2026 | Fund Letters | Guinness Global Innovators | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI infrastructure, memory chips, semiconductors, South Korea, technology hardware, Value AI Exposure | View Pitch |
| Apr 13, 2026 | Fund Letters | Peapack Private | Samsung Electronics Co Ltd | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Korea Stock Exchange | Artificial Intelligence, automotive, consumer electronics, Corporate Governance, data centers, DRAM, geopolitical risk, HBM, memory chips, NVIDIA, semiconductors, South Korea | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Select Fund | Samsung Electronics Pfd | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Korea Stock Exchange | AI chips, Cyclical, Equity, Memory, semiconductors, South Korea, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Exchange | AI technology, electronics, HBM, manufacturing, memory chips, semiconductors, South Korea, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel International Fund | Samsung Electronics Company, Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | Artificial Intelligence, Display, Diversified Business, Foundry, High-Bandwidth Memory, Memory, semiconductors, South Korea | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Global Fund | Samsung Electronics Company, Ltd. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Korea Stock Exchange | AI infrastructure, Displays, Foundry, HBM, Korea, Memory, semiconductors, Smartphones | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Global Value Fund | Samsung | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI, Cloud computing, consumer electronics, DRAM, market share, Memory, oligopoly, semiconductors, technology hardware | View Pitch |
| Apr 13, 2026 | Fund Letters | Lyrical Asset Management | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI, DRAM, HBM, memory chips, Nand, semiconductors, South Korea, technology hardware, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | AMG Yacktman Focused Fund | Samsung Electronics Co Ltd | Technology Hardware & Equipment | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | Foundry, Hardware, memory chips, semiconductors, Share Buyback, Smartphones, South Korea, technology, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | AMG Yacktman Fund | Samsung Electronics Co Ltd | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | Foundry, Hardware, memory chips, semiconductors, Share Buyback, Smartphones, South Korea, technology, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Global Value Fund | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI, Cloud computing, consumer electronics, DRAM, Memory, oligopoly, semiconductors, South Korea | View Pitch |
| Apr 13, 2026 | Fund Letters | EQUAM Global Value Fund | Samsung Electronics Co Ltd | Information Technology | Semiconductors & Semiconductor Equipment | Bull | Korea Stock Exchange | Artificial Intelligence, DRAM, Geographic Diversification, HBM, memory chips, NVIDIA, Regulatory Improvements, semiconductors, South Korea, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | RVK | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI infrastructure, Artificial Intelligence, manufacturing, semiconductors, South Korea, technology hardware, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | RVK | Samsung Electronics Co., Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Korea Stock Exchange | AI infrastructure, Artificial Intelligence, manufacturing, semiconductors, South Korea, technology hardware, Value | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||