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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 4, 2025 | Kathmandu Capital | 16.6% | 14.6% | 3918.HK, 688082.SS, ACMR, GCT, KSPI, OMAB, UI, VU.PA | Airports, China, international, Onshoring, semiconductors, technology, Trade Policy, value | Manager emphasizes China's semiconductor supply chain localization amid trade tensions, with ACM Research positioned to benefit from domestic market share gains. Also highlights nearshoring opportunities in Mexico through airport operator OMAB as manufacturers seek to mitigate tariff risks. | OMAB ACMR OMAB ACMR UI GCT KSPI 3918 HK |
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| 2025 Q3 | Oct 14, 2025 | Kathmandu Capital | 14.6% | 31.4% | ACMR, KSPI, LEU, UI, VU.PA | AI, China, energy, geopolitics, gold, nuclear, semiconductors, technology | AI and Federal Reserve policy remained dominant themes over the quarter. Big Tech continues ramping investment in AI-driven capex cycle, which appears real with potential to power Industry Evolution 5.0 and usher in new era of productivity growth. The manager views this as a secular opportunity while preparing for eventual cycle slowdown. | KSPI US LEU US ACMR US UI US |
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| 2025 Q4 | Jan 11, 2026 | Kathmandu Capital | 10.9% | 45.6% | ACMR, GOOGL, HII, LITE, NVDA, ORCL, VICR | AI, China, defense, geopolitics, gold, Power Electronics, semiconductors, technology | Market concerns about AI capex cycle intensified with Oracle results falling short. The fund is positioned to benefit from AI-driven power requirements and data center architecture transitions, particularly through holdings like Vicor which provides power solutions for XPU applications. China still lacks ability to design and manufacture leading-edge chips at US levels. The fund holds ACM Research, China's leading wafer-fab cleaning equipment manufacturer, positioned to benefit from China's semiconductor self-sufficiency push. National security has become central focus for both US and China. Added Huntington Ingalls to capture increased shipbuilding needs as defense becomes key battleground between rivals and government spending focuses on naval readiness. Portfolio ended quarter with approximately 35 percent in gold and cash. Hold precious metals as hedge positions to protect portfolio against inflation and potential economic setbacks. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | ACM Research | Information Technology | Semiconductor Equipment | Bull | NASDAQ | China, dual listing, Equipment Manufacturing, market share gains, semiconductors, Supply Chain Localization, Trade Tensions, valuation discount, Wafer Cleaning | View Pitch |
| Jan 8, 2026 | Fund Letters | Vincent Lo | ACM Research, Inc. | Information Technology | Semiconductor Materials & Equipment | Bull | NASDAQ | Equipment, Localization, Onshoring, semiconductors, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Glenn Rentrop | ACM Research | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $4.4M | 0.00% | 112,392 | -10,500 | -8.54% | 0.1055% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $355,050 | 0.00% | 9,000 | -43,800 | -82.95% | 0.0084% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $3.1M | 0.00% | 77,400 | +70,400 | +1005.71% | 0.0727% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $228,810 | 0.00% | 5,800 | +3,700 | +16.02% | 0.0054% |
| Israel Englander | Millennium Management LLC | $233.2B | $927,075 | 0.00% | 23,500 | -186,838 | -88.83% | 0.0221% |
| Jeremy Grantham | GMO LLC | $39.1B | $800,322 | 0.00% | 20,287 | +1,686 | +9.06% | 0.0190% |
| Mason Hawkins | Southeastern Asset Management | $2.2B | $66.3M | 2.95% | 1,680,181 | +194,494 | +13.09% | 1.5773% |
| Cliff Asness | AQR Capital Management | $190.6B | $13.6M | 0.01% | 343,603 | -13,138 | -3.68% | 0.3226% |
| Rich Handler | Jefferies | $19.3B | $1.1M | 0.01% | 26,727 | +26,727 | +100.00% | 0.0251% |