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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 1, 2024 | Protean Funds | 0.0% | 24.3% | ACAST.ST, AMBEA.ST, AUTO.OL, CAMX.ST, CGCBV.HE, CINT.ST, DEVYSER.ST, FASAD.ST, ITAB.ST, KEMIRA.HE, KOJAMO.HE, METSB.HE, NETEL.ST, NORVA.ST, PROACT.ST, RAY.ST, REJL.ST, TIE1V.HE, VAIAS.HE, VALMT.HE | AI, inflation, Nordics, risk management, small cap, value | Manager views AI as a classic boom-bust cycle, comparing it to historical manias. Chat-GPT usage is already declining and trillion-dollar AI investments may take years to generate returns above cost of capital. | NORVA.ST CAMX.ST METSB.HE |
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| 2025 Q2 | Jun 30, 2025 | Brown Capital Management International All Company Fund | 13.5% | 11.7% | AJB.L, AUTO.OL, ICLR, MELI, REA.AX | Automation, E-Commerce, growth, international, marketplaces, technology | The fund focuses on marketplace model companies that provide digital or physical spaces for buyers and sellers to transact. These companies exhibit network effects, defensible market positions, and high profitability with operating margins averaging 25%. The fund owns three marketplace models: REA Group (Australia real estate), MercadoLibre (Latin America e-commerce), and Vend Marketplaces (Nordic classifieds). | AUTO.OL AIR FP|ICLR|LIN|MRVL|NOW|TSM AJB.L ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM REA.AX |
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| 2024 Q2 | Jun 30, 2024 | Brown Capital Management International All Company Fund | -1.9% | 1.2% | AFX.L, ASML, AUTO.OL, CAMT, DSG.TO, MNDY, NVO, REA.AX, XERO.AX | Automation, growth, healthcare, international, small caps, technology | Novo Nordisk leads the GLP-1 market with 55% share through Wegovy and Ozempic, which now represent 57% of company revenue. The obesity market reached $24 billion in 2023 and is forecasted to reach $131 billion by 2028. Studies show significant health benefits including 14.9% weight loss and 20% reduction in cardiovascular events. | CAMT AUTO.OL AFX.DE AJB.L AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2024 Q4 | Dec 31, 2024 | Brown Capital Management International All Company Fund | -6.6% | -0.6% | 3064.T, AFX.DE, AUTO.OL, CAMT.TA, GIVN.SW, NVO, RAA.DE, SHOP.TO, TEAM, WISE.L | growth, healthcare, international, software, tariffs | Trump's re-election brings potential tariffs of 25% on Canada/Mexico, 10-60% on China, and 10% on all US imports. The fund estimates 70% of holdings are service providers versus 50-60% for benchmarks, providing some protection. Less than 10% of portfolio companies are in heavily targeted countries. | WISE.L AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT GIVN.SW SHOP.TO TEAM |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | AutoStore | Industrials | Industrial Machinery | Bear | OSE | ASRS, Bear, Equity, Industrial, Norway, robotics, SaaS Transition, warehouse automation | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | AutoStore Holdings Ltd | Industrials | Industrial Machinery | Bull | Oslo Stock Exchange | e-commerce, growth, industrial machinery, Norway, robotics, warehouse automation | 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. | ||||||||