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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2023 Q1 | Mar 31, 2023 | Orbis International Equity | - | - | 012450.KS, 7011.T, RHM.DE | Asia, defense, energy, Geopolitical, Japan, Korea, nuclear | The breakdown of postwar international order and Ukraine war are driving global defense spending increases. Japan plans to double defense spending within five years, potentially becoming the third largest spender worldwide. South Korea has become a top ten defense exporter with exports growing from $3bn in 2020 to over $17bn in 2022. | 012450.KS 7011.T |
View |
| 2025 Q4 | Jan 14, 2026 | Apis Flagship Fund | 10.0% | 55.1% | 012450.KS, 086280.KS, 103140.KS, AI, CELC, GTX, QURE | Asia, defense, global, healthcare, Memory, Mining, small caps, technology | Defense exposure continued from 2024 but evolved toward smaller companies with niche intellectual property. Korean defense holdings including Hyundai Rotem, Poongsan, and Hanwha Aerospace were among top contributors for the year, collectively adding over 11% to annual performance despite some Q4 weakness attributed to technical pause. New theme emerged in 2025 with exposure to memory within the semiconductor complex. Memory semiconductor companies were notable source of strength, contributing more than 5% to Q4 returns, led by Japan-based Kioxia Holdings which was highlighted in Q3 letter. Mining and mining equipment emerged as new theme in 2025. Represents bombed out cyclical exposure where valuations remain cheap and expectations modest, yet early signs of demand are emerging supported by fiscal stimulus programs. European building materials represents another area of bombed out cyclical exposure beyond mining where exposure was added. Valuations remain cheap and expectations modest with early signs of demand emerging supported by fiscal stimulus programs. Resolution to Ukraine war could further enhance long-term growth outlook. | AI QURE CELC |
View |
| 2025 Q1 | Mar 31, 2025 | Artisan International Fund | 9.3% | 9.3% | 012450.KS, 0700.HK, 079550.KS, 1299.HK, 3690.HK, 7011.T, 7182.T, AI.PA, ARGX, BABA, DTEGY, S63.SI, SAF.PA, TME, UCB.BR, VNA.DE | China, defense, Europe, financials, tariffs, technology | Increased positions in defense companies like Hanwha Aerospace and LIG Nex1 to benefit from rising global tensions and shifting geopolitical alliances. European countries passed legislation and removed impediments to higher defense spending following President Trump's call for NATO members to raise defense spending to 5% of GDP. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Artisan International Fund | Hanwha Aerospace Co Ltd | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace & Defense, Defense spending, international markets, Land-Based Systems, Order Backlog, South Korea, strategic acquisitions | View Pitch |
| Apr 27, 2026 | Fund Letters | Orbis International Equity | Hanwha Aerospace | Industrials | Aerospace & Defense | Bull | Korea Exchange | Armored Vehicles, Artillery, backlog, Competitive Advantage, Defense, Export Growth, recurring revenue, South Korea, Ukraine War, 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. | ||||||||