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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 10, 2025 | Generation Investment Management Global Equity | - | - | A, ADYEN.AS, ASSA-B.ST, CBRE, DHR, MELI, MSFT | AI, Esg, global, healthcare, long-term, sustainability | Generation is optimistic about AI's potential to boost efficiency across companies and cut carbon emissions through energy optimization. They recently hosted the first of three in-depth roadmaps on AI, exploring demand, supply and sustainability aspects. The conclusion was optimism about the technology's potential while being aware that overinvestment could occur in the infrastructure layer. | ASSA-B.ST A DHR ASSA AB |
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| 2025 Q1 | May 5, 2025 | Protean Select | 2.1% | - | ACAST.ST, ASSA-B.ST, AXFO.ST, BIOT.ST, COOR.ST, DEVYSER.ST, ELUX-B.ST, EMBRAC-B.ST, EQT.ST, FNOX.ST, GETI-B.ST, HLDISP.ST, INTEA.ST, ITAB-B.ST, KOJAMO.HE, NDA-SEK.ST, RATOS-B.ST, RAYS-B.ST, RUSTA.ST, TRUE-B.ST | Hedge Fund, Long/Short, Nordics, risk management, small caps, value, volatility | April was described as an eventful and volatile month with the fund falling as much as 9% intra-month before recovering sharply. The manager used this volatility to add to stronger ideas and concentrated the portfolio more toward top ten positions. Markets experienced above-average volatility with breathless commentary from strategists about the biggest intra-month drawdown and recovery in history. | View | |
| 2025 Q1 | May 5, 2025 | Protean Small Cap | 2.5% | - | ACAST.ST, ASMDF, ASSA-B.ST, AXFO.ST, BIOT.ST, COOR.ST, DEVYSER.ST, ELUX-B.ST, EMBRAC-B.ST, EQT.ST, FNOX.ST, GETI-B.ST, INTEA.ST, ITAB-B.ST, KOJAMO.HE, NDA-SE.ST, RATO-B.ST, RAYS-B.ST, RUSTA.ST, TRUE-B.ST | Hedge Fund, Nordics, Performance, risk management, small caps, tariffs, volatility | April was characterized by extreme market volatility with the MSCI Nordic Index falling 13% intramonth before recovering to close only 2.3% down. The fund used this volatility to add to stronger ideas at attractive levels while maintaining defensive positioning. | RATOS-B.ST LIND.ST GETI-B.ST ASMD.PA ITAB.ST |
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| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds | -3.7% | -3.7% | AAPL, ADBE, ASSA-B.ST, AV.L, AVGO, CB, DANOY, GSK, LLY, MSFT, NOW, NTDOY, NVDA, NVO, NVS, RHHBY, SIE.DE, SONY, TSM, WKL.AS | AI, global, infrastructure, international, policy, semiconductors, tariffs, technology | AI infrastructure buildout continues despite market volatility. DeepSeek's competitive model caused sharp selloffs in AI-exposed companies, but hard data points to continued infrastructure investment. Reality versus expectations dynamic creates volatility as crowded trades exacerbate market movements. | View | |
| 2025 Q4 | Feb 11, 2026 | Latitude Global Fund | 0.0% | 21.0% | AI.PA, ASSA-B.ST, AZO, COR, DEO, DG.PA, DLTR, EIF.PA, GOOGL, ICE, JPM, MCK, RPRX, RYA.L, SHEL, TSCO.L, UNH, V | AI, Buybacks, Europe, growth, healthcare, infrastructure, retail, value | Lower-income Americans continue to feel the squeeze, and local stores like Dollar Tree present unbeatable value and convenience. Their investments in merchandising and distribution are key competitive advantages in a world of tariffs and potential inflation. The company's prospects are bright, especially if we do ever see a rise in unemployment, which tends to benefit discount stores. Healthcare stocks have broadly underperformed the market since the election of President Trump, due to a plethora of regulatory, pricing and tariff risks. However, the distribution model has proven its strong resilience, with companies having meaningfully reduced their dependence on drug pricing. They are in effect a toll road on the US healthcare system and the opposite of economic rent-seeking businesses. Covid, somewhat ironically given the cancellation of so many flights, impacted the industry positively, as around 10% of aircraft were withdrawn from the market due to bankruptcies. Moreover, post-Covid supply chain shocks at Boeing and Airbus mean that the fleet is not going to be replaced any time soon. Ryanair's cost advantage almost doubled from levels in 2019. Google would be best positioned in an AI world, given its vertically integrated model and its pedigree in AI. The AI revenue model is clearly highly uncertain and far from guaranteed, but the likely attributes of winners in this space are data, processing power and distribution. Google dominates all three. Investing in physical assets in a world with an infrastructure deficit, and the potential resurgence of inflation, is very appealing. The requirement for renewed infrastructure investment in Europe is in the early stages, and competition will remain low giving both Vinci and Eiffage a meaningful competitive advantage. Combining low valuations and high cash conversion, our companies will generate around a 7% of their market cap in free cash flow. We expect them to pay an average dividend of 2.6% and are committed to share buybacks of around the same level. This is a 5% annual tailwind to the portfolio's fundamental growth outlook over the coming years. | ICE JPM GOOGL RYAAY RPRX MCK AZO DLTR |
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| 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 1, 2025 | Protean Small Cap | - | 11.8% | ARJO-B.ST, ASSA-B.ST, BALD-B.ST, BOUL.ST, CHMO.CO, COLO-B.ST, DEMANT.CO, DEVYSER.ST, EAST.ST, EKTA-B.ST, ELUX-B.ST, GETI-B.ST, GRNGS.ST, HM-B.ST, INDU-A.ST, INVE-B.ST, LUMI.ST, LUN-B.ST, MTG-B.ST, NESTE.HE, NIMB.ST, RUSTA.ST, SDIP.ST, SINCH.ST, SKA-B.ST, SWED-A.ST, VIMIAN.ST, VITR.ST | active management, Medtech, Nordic, Quality, small cap, value | The fund has built significant positions in Nordic MedTech companies, particularly Danish large-caps Demant and Coloplast, believing the market is approaching a bottoming process with sensible valuations and upcoming catalysts. The manager acknowledges being early in picking up high-quality businesses that have fallen from grace, with about 18% of the fund invested across 10 Nordic MedTech names. | View | |
| 2025 Q4 | Jan 15, 2026 | Canopy Investors | - | - | 4194.T, ASSA-B.ST, AUTO.L, AZEK, JHX, MEDP, MONC.MI, NEM, PTC, TREX, TW | AI, Enterprise Software, global, Japan, Quality, SMID Cap, valuation | AI has driven significant market rotation away from quality stocks, with concerns about disruption weighing on enterprise software and online classifieds companies. The fund believes AI disruption fears are overdone for their portfolio companies, which are more likely to be beneficiaries than victims of AI adoption. Quality was the worst-performing investment factor in H1 FY26, with lower-quality and more volatile stocks significantly outperforming. This represents a continuation of quality underperformance reminiscent of the late 1990s dot-com era, driven by speculative investor behavior and thematic investing. Japan faces structural labor shortages driving increased mid-career hiring and workforce mobility. The country has a new pro-business Prime Minister and depreciating yen enhancing export competitiveness, though it faces labor shortages, inflation, and geopolitical risks with China. Enterprise software companies face investor concerns about AI disruption, particularly around AI agents displacing traditional interfaces and reducing barriers to entry. However, many providers digitize structured processes that AI cannot easily replace and are likely to benefit from AI integration. | 4194 JP TREX AUTO LN MEDP PTC |
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| 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 | |
| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Generation Investment Management Global Equity | Assa Abloy AB | Industrials | Building Products | Bull | Stockholm Stock Exchange | Access Control, aftermarket services, Building Products, Digital transformation, IoT, recurring revenue, Security Systems, Sustainability | 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. | ||||||||