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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | American Century International Growth Fund | 12.1% | - | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, defense, E-Commerce, Europe, growth, international, large cap | Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. Alibaba's cloud computing segment has accelerated meaningfully aided by artificial intelligence-related demand. The company is well positioned to benefit from new AI-enabled products featuring complex analysis and efficient deep learning models. | View | |
| 2025 Q2 | Jul 17, 2025 | Hardman Johnston International Equity | 17.4% | 25.5% | 6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | defense, Europe, industrials, international, Japan, semiconductors, technology | NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats. | 6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR |
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| 2025 Q2 | Jul 16, 2025 | Liontrust GF Special Situations Fund | 3.4% | - | AJB.L, ALPH.L, AZN.L, BNZL.L, BP.L, CRW.L, MAB1.L, RWS.L, SHEL.L, SXS.L | Buybacks, industrials, M&A, small caps, special situations, United Kingdom, value | The fund maintains significant exposure to small and mid-cap companies, which led the market recovery from April lows. Of the 15 small cap and AIM-listed stocks in the portfolio, the average total return in Q2 was 12.6%, significantly outperforming the portfolio average. The fund remains resolute in its conviction that smaller companies retain highly attractive growth compounding potential over the longer term. | RWS.L AZN.L BNZL.L SHEL.L BP.L |
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| 2025 Q2 | Jul 14, 2025 | T. Bailey Multi-Asset Growth Fund | 3.6% | - | AZN.L, BEZ.L, CRWD, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPEC.L, STEM.L, TSCO.L | active management, defense, diversification, Geopolitical, inflation, technology, Uk, value | Technology focused funds such as Polar Capital AI rebounded strongly from Q1 setbacks. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2. | 9896 JP |
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| 2026 Q1 | May 11, 2026 | Liontrust GF Special Situations Fund | -8.5% | -8.5% | ATG.L, AZN.L, BP.L, CRW.L, DATA.L, GAMA.L, GSK.L, REL.L, SGE.L, SHEL.L, TCAP.L | AI, energy, oil, Quality, small caps, technology, Uk, valuation | ATG.L GAMA.L SHEL.L BP.L |
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| 2025 Q1 | Mar 31, 2025 | Aristotle International Equity Fund | 3.8% | 3.8% | 3064.T, 7532.T, 9983.T, ACN, AZN.L, BN.TO, CCO.TO, D05.SI, DEO, MG.TO, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | AI, gaming, international, nuclear, Quality, Reinsurance, Trade Policy, value | President Trump announced new tariffs on imports from Canada, Mexico and China, with additional warnings to the EU over imbalanced trade arrangements. The targeted industries included autos, steel and aluminum, reflecting a focus on reshoring and industrial policy. This renewed trade uncertainty prompted central banks to lower growth forecasts and adopt more cautious tones on future rate moves. | 9983.T ACN CCO.TO 6758.T MUV2.DE |
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| 2025 Q4 | Feb 6, 2026 | Bailard International Equity Strategy | 5.5% | 34.9% | ASML, AZN.L, ROG.SW | AI, defense, EAFE, Geopolitical, gold, international, Korea, Utilities | AI advancements and record investments by U.S. tech giants dominated headlines. International markets benefited from AI infrastructure demand, with Korea's remarkable run fueled by AI/semiconductor exposures. Non-U.S. stocks are involved in secular themes including AI-required infrastructure. Utilities sector led EAFE sectors with +10.1% gains, boosted by surging power demand for data centers. The data center demand tailwind supported utility performance and drove infrastructure needs. Rhetoric of self-sufficiency and national security was a prevalent theme, as countries refocused attention on security capabilities and strategic alliances. Security spending represents one of the secular themes supporting non-U.S. equity growth. Precious metals led the surge with gold climbing 65% for the year, reaching record highs of $4,300/oz. Gold's continued rise may be reflecting concern about policy risks and geopolitical tensions. Silver was up 38% in December alone and soared over 150% for the year, demonstrating remarkable precious metals performance alongside gold as investors sought safe havens from escalating geopolitical risks. | View | |
| 2025 Q3 | Nov 17, 2025 | Liontrust GF Special Situations Fund | - | - | AZN.L, GSK.L, QLT.L, REL.L, WEIR.L | Data Analytics, Mining, Pharmaceuticals, small cap, technology, UK Equities | GSK and AstraZeneca were top performers with strong earnings and guidance raises. GSK raised 2025 sales and earnings guidance after double-digit growth from specialty HIV and oncology drugs. AstraZeneca benefited from pricing agreement optimism and reiterated low double-digit core EPS growth guidance. | View | |
| 2024 Q3 | Oct 30, 2024 | T. Bailey UK Responsibly Invested Equity Fund | 1.9% | - | AZN.L, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L | AI, diversification, gold, infrastructure, Multi-Asset, REITs, Uk, value | Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base. | View | |
| 2025 Q3 | Oct 19, 2025 | American Century International Growth Fund | - | - | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, Europe, financials, growth, healthcare, international, large cap, technology | Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. AI-related demand is accelerating cloud computing segments and enabling new AI-enabled products with complex analysis and efficient deep learning models. | View | |
| 2025 Q3 | Oct 16, 2025 | T. Bailey Multi-Asset Dynamic Fund | 3.8% | - | AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L | AI, diversification, emerging markets, fiscal policy, gold, monetary policy, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations but confident in transition from overvalued enablers to longer-term AI adoption beneficiaries. | CHRY LN GLDN AU |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey Multi-Asset Growth Fund | 4.0% | - | AAPL, AMZN, AZN.L, CCC.L, COA.L, GOOGL, IMI.L, INTC, ITRK.L, META, MGNS.L, MSFT, MSLH.L, NVDA, ORG.L, ROR.L, STHP.L, SXS.L, TSCO.L, TSLA | AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment. AI story entered new chapter with vendor-financing replacing innovation as expansion driver. | GLDN AU |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey Global Thematic Equity Fund | 6.5% | - | AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MGNS.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L | AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier, announcing $100bn investment in OpenAI and $5bn in Intel. The AI story entered a new chapter with vendor-financing and leverage replacing innovation as expansion drivers. | CHRY LN |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey UK Responsibly Invested Equity Fund | -1.2% | - | AAPL, AMZN, AZN.L, CCC.L, CKN.L, COA.L, GOOGL, HILS.L, IMI.L, INTC, ITRK.L, LRE.L, META, MSFT, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L, TSLA | AI, diversification, emerging markets, fiscal policy, gold, healthcare, monetary policy, Multi-Asset | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations while transitioning from overvalued enablers to longer-term AI beneficiaries. | MSLH LN CKN LN STEM LN |
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| 2025 Q4 | Jan 18, 2026 | T. Bailey Multi-Asset Dynamic Fund | 3.5% | 13.9% | AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L | AI, Central Banks, Copper, diversification, gold, Multi-Asset, Trade Policy, UK Budget | Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. After experiencing one of its steepest single-day declines in years on 21 October, the metal subsequently recovered to reach a new high above US$4,500 in December, supported by falling bond yields and growing expectations of rate cuts. Copper performed well this quarter, rising 16.57%, with demand remaining resilient supported by ongoing electrification and infrastructure spend. Supply stayed relatively tight due to limited new mine capacity and periodic disruptions, while improving risk sentiment and pockets of inventory rebuilding provided additional support. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing support as market participants hedged against further tariff uncertainty. | View | |
| 2025 Q4 | Jan 18, 2026 | T. Bailey UK Responsibly Invested Equity Fund | 3.8% | 6.7% | AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L | Banking, Esg, financials, Responsible Investing, UK Equities | The fund benefited from exposure to the banking sector through Lloyds and NatWest, with NatWest being one of the strongest performers. Leading performance came from financial exposure through asset manager Man Group, which reached record assets under management. | MNDI LN NWG LN EMG LN |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments International Growth ADR Strategy | 0.0% | 0.0% | 0700.HK, 8035.T, AZN.L, CLS.TO, EL.PA, ENR1.DE, GALD.SW, HEI.DE, III.L, ITX.MC, LIN, NVO, NWG.L, RACE, ROG.SW, RYA.L, SE, SIE.DE, SONY, TT, UCG.MI | AI, Asia, banks, Europe, growth, international, Pharmaceuticals, value | The Strategy saw strength in holdings supporting the buildout of AI workloads during the quarter, led by Siemens Energy (electrical equipment for data centers), Tokyo Electron (semiconductor equipment), and Celestica (cloud platform technology solutions). Data centers remain supportive for earnings revisions in industrial holdings. Health care was a focus of activity with repurchases of EssilorLuxottica and Galderma Group and addition of Roche. Roche reported positive Phase III data for giredestrant and fenebrutinib with peak sales opportunities of $5 billion each. The sector has been improving after U.S. policy pressures moderated. Increased non-U.S. defense spending is here to stay as NATO evolves from U.S. leadership to more European participation. There has been rebuilding of inventories in the European Union and efforts to maintain steady defense infrastructure supply. Japan has also increased defense spending under its new prime minister. Despite investor avoidance since COVID, Chinese innovation is rapid and happens at lower prices. The next five years will see companies consolidate and dominate higher value chain positions across pharmaceuticals, battery materials, solar energy and technology. Lower valuations and higher profitability make exposure necessary. Banks can benefit from funding AI and energy transitions through new profitable loans. Heidelberg Materials could see upside from implementing decarbonization technologies in cement production. The transition creates lending opportunities and operational improvements for industrial companies. Value has worked internationally because inexpensive stocks are direct beneficiaries of enormous stimulus measures in Germany, Europe and Japan. The Strategy increased structural growth exposure through European and U.K. banks where there is a step change in earnings. Bank valuations remain inexpensive with excess capital. | HEI GR ROG SW NWG LN AZN LN |
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| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Growth Equity Strategy | 3.0% | 16.0% | 0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM | AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology | AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Liontrust GF Special Situations Fund | AstraZeneca PLC | Health Care | Pharmaceuticals | Bull | London Stock Exchange | biotechnology, Drug-Pricing, Global distribution, IP Portfolio, Oncology, pharmaceuticals, UK | 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. | ||||||||