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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford -Emerging Markets | 4.1% | 4.1% | 005930 KS, 300750.SZ, B3SA3.SA, MELI, PBR, SE, TSM | AI, China, emerging markets, energy, geopolitics, oil, semiconductors, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – International Alpha | -5.1% | -5.1% | 005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE | AI, banks, Copper, energy, growth, international, semiconductors, volatility | View | ||
| 2026 Q1 | Apr 18, 2026 | Thornburg International Equity Fund | 3.1% | 3.1% | 005930 KS, 0700.HK, 3690 HK, 6098.T, AZN, B3SA3.SA, BNP.PA, BZ, CP, ELE.MC, GLEN.L, INGA.AS, MUFG, NN.AS, ORA.PA, SONY, TTE | energy, Geopolitical, inflation, international, Resilience, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2025 Q1 | Mar 31, 2025 | BNY Mellon Global Equity Income Fund | 7.8% | 7.8% | 1299.HK, AZN, B3SA3.SA, BAE.L, CME, CSCO, DEO, DPSGY, EL, JNJ, MDT, PUB.PA, SIEGY, SNY, STLA, TAP, UMG.AS | defense, dividends, Equity, global, income, inflation, rates, value | NATO members' pledges to significantly increase defense spending due to US pressure boosted defense stocks like BAE Systems, which reported record annual profits for 2024 and huge increase in sales guidance for 2025. | View | |
| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS | AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors | The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues. | RTO.L AZO ZTS ILMN |
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| 2025 Q3 | Oct 23, 2025 | Praetorian Capital Management | 5.7% | 12.2% | ALLFG.AS, B3SA3.SA, JOE, SII, XP | AI Bubble, Capital markets, Economic Decline, emerging markets, gold, inflation, real estate, value | The fund owns the ecosystems of bubbles including brokers, exchanges, intermediaries, and back-office settlements. These croupier businesses should benefit from government desires for asset inflation while being somewhat insulated from economic deterioration. | JOE JOE |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – International Alpha | -0.3% | 18.2% | 005930.KS, 0700.HK, 6954.T, B3SA3.SA, DB1.DE, DSV.CO, RELIANCE.NS, SEBA.ST, TSLA, U11.SI | AI, Asia, Europe, Exchanges, growth, international, semiconductors, technology | Artificial Intelligence remained a dominant theme with several perceived beneficiaries rallying. Tencent is emerging as a clear beneficiary of AI, deploying it for more efficient game production and more effective targeted advertising. Samsung Electronics benefited from AI-related demand, particularly in advanced High Bandwidth Memory chips. | UOB SEB B3 SA UOB SEB |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -Emerging Markets | 13.3% | 33.1% | 000660.KS, 000858.SZ, 005930.KS, 035420.KS, 086280.KS, 2313.HK, 6690.HK, B3SA3.SA, BABA, BIDU, BZ, ELET3.SA, FPT.VN, MELI, TSM, WNS | AI, Asia, Battery, China, emerging markets, semiconductors, South Korea, technology | Artificial Intelligence has proved a helpful tailwind, initially benefiting hardware makers like TSMC and SK Hynix, but now emerging through much of the supply chain with numerous Asian beneficiaries. China's ambitions and capabilities in large language models are being appreciated, with companies like Alibaba and Baidu investing heavily in AI and beginning to enjoy something like the halo of the 'Mag7'. | Hyundai Glovis B3 SA MercadoLibre Samsung Electronics CATL CN |
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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 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 -Emerging Markets | 5.7% | 40.7% | 000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM | AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology | China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation. | View | |
| 2024 Q3 | Sep 30, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1299.HK, ADYEN.AS, AMZN, B3SA3.SA, BBCA.JK, BKNG, CME, CPG.L, GOOGL, HDFCBANK.NS, HLN.L, KER.PA, META, NFLX, PINS, SLB, SONY, TW, WALMEX.MX | AI, China, global, growth, healthcare, momentum, Quality, semiconductors | The letter extensively discusses momentum investing challenges, noting that disciplined fundamental investors have been challenged by momentum concentrated in a few large stocks. The manager explains their deliberate resistance to incorporating momentum factors due to trading costs, volatility, and FOMO risks. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP | AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation | Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers. | ICICIBANK.NS RADL3.SA |
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| 2024 Q2 | Jun 30, 2024 | BNY Mellon Global Equity Income Fund | -2.4% | 1.4% | 005930.KS, AAPL, AZN, B3SA3.SA, BBRI.JK, CME, CSCO, D, DEO, GOOGL, IP, MDT, NEM, NVDA, PAYX, PEP, PG, SGO.PA, SMDS.L, SNY | dividends, global, income, rates, technology, value | The fund maintains strict yield discipline and cannot invest in stocks with insufficient yields, including the Magnificent Seven technology stocks. Income stocks continue to trade at substantial discounts to low-income stocks, with valuations at levels equivalent to the 2000 technology bubble burst. | View | |
| 2023 Q2 | Jun 30, 2023 | Rondure New World Fund | -1.3% | -1.3% | 2020.HK, 2120.T, 2331.HK, 3529.TW, 601888.SS, AAPL, ABC.L, ACES.JK, B3SA3.SA, DPH.L, LULU, META, NKE, NVDA, TSM, WESTLIFE.NS | AI, China, Dollar, emerging markets, Fed policy, Onshoring, small caps, value | Artificial intelligence frenzy spurred investors to bet on companies like Taiwan Semiconductor and others seen to benefit from the emerging technology trend. Hardware technology is getting expensive on the back of the AI theme, though it was cheap at the end of last year. The manager notes they missed the AI-driven surge in semiconductor and hardware technology businesses. | WESTLIFE.NS 2120.T 2020.HK 2331.HK ACES.JK B3SA3.SA |
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| 2023 Q2 | Jun 30, 2023 | Rondure Overseas Fund | -5.8% | -4.8% | 2020.HK, 2120.T, 2331.HK, 3529.TW, 601888.SS, AAPL, ABC.L, ACES.JK, B3SA3.SA, DPH.L, LULU, META, NKE, NVDA, TSM, WESTLIFE.NS | AI, emerging markets, India, international, Japan, small caps, value | Artificial intelligence drove a massive rally in technology stocks, particularly semiconductors and hardware companies. The AI frenzy spurred investors to bet on companies like Taiwan Semiconductor and others seen to benefit from the emerging technology trend. However, the manager missed much of this rally and now sees the space getting some of the lowest returns in their models as expectations have risen. | WESTLIFE.NS |
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| 2023 Q4 | Jan 27, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000858.KS, 005930.KS, 0700.HK, 1876.HK, B3SA3.SA, BABA, BAJFINANCE.NS, BHARTIARTL.NS, BIDU, HDFCBANK.NS, NU, PDD, RENT3.SA, RI.PA, SUZB3.SA, TRENT.NS, TSM, XP, YUMC | China, E-Commerce, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | The fund added PDD Holdings, China's second largest e-commerce platform with 20% market share. PDD's competitive moat lies in its team purchase model facilitating bulk buying through direct partnerships with manufacturers. The company's international platform Temu has become one of the fastest growing apps globally, leveraging China's excess manufacturing capacity. | KAYNES.NS PDD TRENT.NS 005930.KS AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Rondure New World Fund | B3 SA | Financials | Financial Exchanges & Data | Bull | B3 (Brazil Stock Exchange) | Brazil, BRICS, Emerging markets, Exchange, Financial infrastructure, Flight to Safety, Inflation Peak | View Pitch |
| Oct 30, 2025 | Substack | SZEW | B3 | Financials | Financial Data & Stock Exchanges | Neutral | B3, Brazil, Interest rates, stock exchange, valuation | 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. | ||||||||