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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – International Growth | 1.0% | 9.6% | 1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC | AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation | SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia. | TEAM ARM DSY FP SRT GR 9983 JP |
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| 2025 Q4 | Jan 6, 2026 | Tapasya Investment Fund | 0.0% | 23.5% | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession. | View | |
| 2025 Q4 | Jan 22, 2026 | Touchstone Sands Capital International Growth Equity Fund | -4.2% | 10.9% | 6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA | AI, defense, energy, growth, international, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue. | EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW |
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| 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 |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International Concentrated Growth | -6.7% | 16.7% | 0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L | AI, concentrated, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | -2.4% | 17.2% | 1299.HK, 6146.T, 6857.T, 6861.T, ADYEN.AS, ARGX, ASML, ATCO-A.ST, DSV.CO, GALP.SW, MELI, NU, OR.PA, RACE, RMS.PA, SE, SHOP, SPOT, TSM, WTC.AX | AI, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence demand is driving structural growth in semiconductor testing equipment and memory chips. Advantest benefits from sustained AI data center investment with improved visibility, while SK Hynix leads in high-bandwidth memory (HBM) technology critical for AI infrastructure bottlenecks. The fund maintains significant exposure to semiconductor leaders across the value chain. TSMC and ASML delivered strong performance, while new position SK Hynix represents technological leadership in memory chips with two-year order book visibility driven by structural AI demand. Sea Limited showed strong growth with group revenues rising 40% year-on-year, led by Garena gaming and Shopee marketplace expansion. Management continues investing in logistics and fulfillment infrastructure despite near-term profitability pressures in Latin American operations. Spotify demonstrated continued operating progress with 11% user growth to 713 million and 12% subscriber growth to 281 million. Operating margins expanded to mid-teens with record quarterly free cash flow, supported by pricing optimization and advertising efficiency improvements. | GALD SW DSV DC RACE SE SPOT |
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| 2025 Q4 | Jan 14, 2026 | Lakehouse Global Growth Fund | 0.0% | -8.5% | 4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK | global, growth, Networks, software, technology | The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in the portfolio with strategic advantages in networks, loyalty, and intellectual property. Multiple holdings focus on enterprise software solutions including Workiva for compliance and reporting, Sansan for business networking, and Constellation Software for vertical software acquisitions. These companies benefit from loyalty and intellectual property moats. The fund holds Adyen, a global payment processing platform, and Tradeweb Markets, which operates electronic trading networks for fixed income markets. Both companies benefit from network effects and switching costs. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | Substack | Rijnberk Invest Insights | Adyen | Financial Technology | Payment Processing | Bull | Euronext Amsterdam | Adyen, cash generation, Enterprise adoption, Fintech, growth dynamics, market overreaction, payment processing, Platforms segment, Unified Commerce, wallet share | 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. | ||||||||