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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | YCG Investment | - | - | AAPL, AMZN, BABA, CBRE, CRH, CSGP, EL, GOOGL, MCO, META, MLM, MSFT, NKE, SPGI, VMC | AI, Bubble, Cloud, Data centers, diversification, Quality, risk management, technology | AI is a transformative technology with huge potential to drive global growth and productivity, but the manager warns of bubble-like conditions with excessive concentration in AI-related stocks. The S&P 500's top 8 companies now represent 37.5% of the index, all betting heavily on AI, while 84 AI-related stocks account for 35% of earnings and 50% of market cap. | View | |
| 2025 Q3 | Sep 30, 2025 | Antipodes Global Value Fund | - | - | 0700.HK, 300750.SZ, 3690.HK, 4063.T, 6367.T, 6702.T, BABA, EAT, GMED, Gold, GOOGL, MRK, MSFT, MU, PCOR | AI, China, global, gold, healthcare, semiconductors, technology, value | AI euphoria continued driving US technology sector performance, with companies like Alphabet benefiting from positive sentiment. Alibaba is positioning itself as a key AI beneficiary in China through custom silicon development, leading LLM capabilities, and cloud infrastructure monetization opportunities. | GOLD US 6367 JP GMED US PCOR US 4063 JP 300750 CH GOLD US |
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| 2025 Q3 | Sep 30, 2025 | Thornburg Global Opportunities Fund | 11.3% | 32.2% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE | Communications, financials, global, growth, semiconductors, technology, Telecom, value | The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance. | View | |
| 2025 Q3 | Sep 30, 2025 | Evolve Private Wealth | - | - | 000333.SZ, 0005.HK, 002714.SZ, 0700.HK, 0981.HK, 1024.HK, 2899.HK, 300274.SZ, 300750.SZ, 600519.SS, BABA, BIDU | AI, China, Onshore, semiconductors, technology, value | China's onshore AI stocks have driven significant market gains but are viewed as significantly overvalued with 70-90% of valuations based on uncertain future cash flows. The manager avoids these names, comparing current valuations to the peak of China's COVID rally in early 2021. | View | |
| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 4.7% | 10.9% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations | AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum Asia Fund | 10.0% | - | 000660.KS, 005930.KS, 0700.HK, 1109.HK, 1357.HK, 2269.HK, 2318.HK, 3968.HK, ALI.PS, ASII.JK, BABA, BILI, DDL, JD, MAPI.JK, MEGA.BK, PWON.JK, SPALI.BK, TSM | Asia, China, E-Commerce, emerging markets, Indonesia, Recovery, semiconductors, Stimulus | Chinese authorities announced comprehensive stimulus measures in late September including monetary policy easing, property market support, and explicit equity market encouragement. This triggered a sharp rally with mainland A-shares rising 25% in five days from September 23rd. The manager views this as potentially marking a turning point after years of economic weakness. | View | |
| 2024 Q3 | Sep 30, 2024 | JDP Capital | 12.4% | 33.9% | 0700.HK, 2318.HK, AMZN, BABA, CYBR, CZR, FLUT.L, PARA, SPOT, TSLA | Buybacks, China, gaming, rates, small caps, Stimulus, technology | Chinese equities rallied on major government stimulus package. Portfolio holds Tencent, Alibaba, and Ping An Insurance at single-digit multiples with enormous cash positions and buyback programs. Position now over 15% of assets after recent rally. | CZR 2318.HK BABA 0700.HK |
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| 2024 Q3 | Sep 30, 2024 | Bianco Research | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, long-term, Private Capital, Public Companies, value creation | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The manager took advantage of this performance to realize gains from Oracle. | View | |
| 2023 Q3 | Sep 30, 2023 | PM Capital Global Companies Fund | 2.5% | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, ORCL, SHEL, TEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk if practical monetizable end-uses don't materialize quickly. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q2 | Aug 7, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, FL, GOOGL, GPI, HCA, LBRDK, LNR.TO, LYB, MA, MCK, RHI, RYAAY, THO, V | Airlines, Auto Dealers, Market Exuberance, Plastics, tariffs, value | The fund focuses on solid businesses generating reliable cash flows trading at cheap to fair value multiples, contrasting with the broader market's focus on growth and speculative investments. Most fund holdings trade at forward P/E multiples between 10-18 times versus S&P 500 at 23 times and Nasdaq at 30.5 times. | BABA LYB RHI LBRDA THO GPI AN LNR CN DKS |
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| 2024 Q2 | Aug 7, 2024 | Brookfield Asset Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption across global markets. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Aug 4, 2025 | Allspring Emerging Markets Equity Advantage Fund | - | 10.6% | 005490.KS, 005930.KS, 028050.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRES.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM | AI, China, emerging markets, Energy Storage, India, semiconductors, Taiwan, technology | AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years. | DLF.NS 300750.SZ BABA 005930.KS 2330.TW |
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| 2025 Q2 | Aug 27, 2025 | First Eagle Global Fund | 7.2% | - | 7309.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, monetary policy, technology, Valuations | AI spending continues to drive market performance with companies like Alphabet providing full stack AI solutions spanning research, infrastructure and end products. Oracle secured a substantial five-year cloud computing contract with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China with leading open-source models and a partnership with Nvidia. | CRM CMCSA PM ELV 7309.T CHRW BABA GOOGL ORCL BABA WTW SLB BDX TSM META ORCL |
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| 2025 Q2 | Aug 25, 2025 | Oldfield Partners Overstone Global Large Cap | 8.7% | 19.7% | 6971.T, 9433.T, BABA, BNZL.L, BT-A.L, CB, DIS, FRE.DE, NOV, SSNC, WTB.L | Bubble, diversification, Dollar, global, valuation, value | The portfolio trades at only 11x earnings, a 15% discount to its historical average, while the S&P 500 appears expensive at 22x forward earnings representing a 40% premium to its 20-year average. The Shiller price-to-earnings ratio currently stands at 38x, a level historically associated with near-zero real returns over the subsequent decade. | BNZL.L 6971.T |
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| 2023 Q2 | Aug 19, 2023 | African Lions Fund | 3.7% | 6.2% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. | BIDU BABA SNOW AMD |
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| 2023 Q2 | Aug 14, 2023 | JB Global Capital | -2.6% | 9.2% | BABA, STNE | Brazil, China, Cloud, E-Commerce, emerging markets, payments, value | Alibaba Group, the fund's top holding, reported disappointing revenue growth of only 2% year-on-year due to weaker consumption spending in China and intense market competition. Despite revenue challenges, the company demonstrated strong profitability with 60% earnings growth and generated $25B in free cash flow. The manager remains optimistic about Alibaba's cloud computing leadership position and long-term digital transformation trends. | STNE BABA |
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| 2025 Q2 | Aug 11, 2025 | Baron Emerging Markets Fund | 15.2% | 18.6% | 0700.HK, 1211.HK, 300750.SZ, 3690.HK, 3988.HK, 9988.HK, BABA, BAJFINANCE.NS, BAP, BHARTIARTL.NS, JIOFINANCE.NS, JMFINANCIL.NS, KOTAKBANK.NS, MAXHEALTH.NS, NUVAMA.NS, PONY, RELIANCE.NS, TRENT.NS, TSM, XP | AI, China, defense, emerging markets, India, Korea, semiconductors, Shipbuilding | Korean defense companies are benefiting from geopolitical tailwinds and increased collaboration with the U.S. Navy. Companies like Hanwha Systems and Korea Aerospace Industries are positioned to benefit from shifting geopolitical priorities and EU/Asia/U.S. defense spending. | View | |
| 2025 Q2 | Jul 9, 2025 | Longriver Investment Partners | 11.7% | 11.4% | 0700.HK, 1523.HK, 2359.HK, 9442.T, AAPL, AMD, AMZN, BABA, BIDU, FUTU, GAW.L, GOOGL, INTC, META, MSFT, NVDA, ORCL, TOI.TO, TSM, VTC.L, WISE.L | AI, Big tech, China, Cloud, growth, semiconductors, technology | AI is moving from hype to habit with real usage growth, as evidenced by Microsoft processing over 100 trillion tokens quarterly. OpenAI leads in product and distribution with ChatGPT becoming a household verb, while Meta uses AI to enhance ad platform performance. The shift from training-heavy to inference-focused infrastructure spending is reshaping capex priorities across the industry. | NVDA TSM 0700.HK META |
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| 2024 Q2 | Jul 9, 2024 | Hosking Partners | 0.0% | 0.0% | 000660.KS, 6501.T, 6503.T, 7912.T, 8934.T, AAL.L, AAPL, ASC.L, AVGO, BABA, BHP, COST, CRES.BA, CX, HAFN.CO, III.L, KGN.AX, MU, NVDA | AI, Capital Cycle, contrarian, Diversified, global, Japan, technology, value | The fund maintains exposure to AI-enablers including Nvidia, Broadcom, Micron and SK Hynix with around 4% weighting. While retaining skeptical position on size and duration of AI demand until use cases become clearer, the holdings have strong competitive positions and technological advantages. The fund has been taking gradual profits in all four AI holdings while maintaining exposure to the emerging theme. | View | |
| 2025 Q2 | Jul 7, 2025 | Bianco Research | - | - | 000333.SZ, 0005.HK, 002714.SZ, 0700.HK, 0981.HK, 1024.HK, 2899.HK, 300274.SZ, 300750.SZ, 600519.SS, BABA, BIDU | AI, China, growth, semiconductors, technology, valuation | China's onshore AI stocks have driven significant market gains but are viewed as significantly overvalued with 70-90% of valuations based on uncertain future cash flows. The manager avoids these names, comparing current valuations to the peak of China's COVID rally in early 2021. | View | |
| 2024 Q2 | Jul 4, 2024 | Sparrow Wealth Management | - | - | 000333.SZ, 0005.HK, 002714.SZ, 0700.HK, 0981.HK, 1024.HK, 2899.HK, 300274.SZ, 300750.SZ, 600519.SS, BABA, BIDU | AI, China, consumer, industrials, semiconductors, technology, valuation | China's onshore AI stocks have driven significant market gains but are viewed as significantly overvalued with 70-90% of valuations based on uncertain future cash flows. The manager avoids these names, comparing current valuations to the peak of China's COVID rally in early 2021. | View | |
| 2025 Q2 | Jul 31, 2025 | Pzena International Value ADR Strategy | 7.3% | 19.4% | 6367.T, 6479.T, 6981.T, 7733.T, BABA, CON.DE, DTG.DE, EVK.DE, RXL.PA, SBRY.L, SHEL, SNY | Currency, Europe, international, Japan, Restructuring, tariffs, value, volatility | The portfolio focuses on undervalued companies with characteristics for improved valuations, establishing new positions in Japanese companies at attractive entry points and adding to positions on relative weakness. | 6367.T 6981.T |
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| 2025 Q2 | Jul 31, 2025 | JDP Capital | 19.2% | 16.8% | 300750.SZ, AAPL, AMZN, BABA, CZR, META, SPOT, TSLA | AI, Battery, China, Electric Vehicles, Energy Transition, Streaming, technology | AI inference allows Caesar's gaming apps to analyze player behavior instantly, adjusting interfaces and difficulty levels. AI models can infer player risk appetite and mood based on session-level signals for personalized experiences. AI will someday disrupt or eliminate entire corporate divisions supported by mission critical software. | 300750.SZ BABA SPOT 300750 CH BABA SPOT |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill International | 11.7% | 16.1% | 8604.T, AEM, BABA, BEI.TO, BYG.L, FNV, HDB, HIK.L, ICLR, ITSA4.SA, KRN.DE, QURE, S68.SI, SDZ, TSM, WISE.L, WMMVY | AI, Asia, Buybacks, China, international, Intrinsic Value, Japan, value | Chinese equities rallied on growing confidence that domestic producers are becoming less reliant on foreign suppliers in artificial intelligence. TSMC benefited from strong demand for advanced manufacturing tied to AI and high-performance computing. Alibaba is increasingly viewed as a leader in China's AI landscape. | KRN.DE WMMVY HDB TSM BABA QURE HAL IN |
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| 2025 Q2 | Jul 27, 2025 | Lazard Enhanced Opportunities Portfolio | - | - | AVAV, BABA, BE, GME, OPEN | AI, Convertibles, credit, rates, technology, volatility | AI companies drove strong performance in the tech-focused Nasdaq Composite Index during Q3, with investor enthusiasm for artificial intelligence being a key market driver. AI-fueled stock performance contributed significantly to portfolio returns through holdings like Nebius Group and Bloom Energy. | View | |
| 2025 Q2 | Jul 27, 2025 | abrdn Emerging Markets Fund | 10.6% | 11.6% | 000333.SZ, 000660.KS, 000830.KS, 009540.KS, 0669.HK, 0700.HK, 1120.SR, 1211.HK, 2308.TW, 2327.TW, 2330.TW, 300750.SZ, 3690.HK, 4958.TW, ADIB.AD, BABA, ETE.WA, GLOB, HUVR.NS, IHCL.NS, JD, PDD, POWERGRID.NS, TCOM, TCS.NS, ZAB.WA | AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, Trade Policy | Chinese companies like Alibaba and Tencent faced margin pressure from rising AI-related capex. The fund maintains exposure to various sections of the AI supply chain, from semiconductor manufacturing and design to data center-oriented names. Hyperscalers' capex plans are expected to continue translating into orders for AI infrastructure companies. | View | |
| 2025 Q2 | Jul 27, 2025 | Jackson Peak Capital | - | - | BABA, ENR.DE, HEI.DE, IWM, LDO.MI, META, PLTR, RHM.DE, TTAN | AI, defense, Europe, Long/Short, SPACs, tariffs, volatility | Focus on companies leveraging AI to enhance core operations as large language models become enterprise-ready. Researching software companies that could benefit from AI instead of being cannibalized by it. META and BABA represent this thesis. | TTAN |
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| 2025 Q2 | Jul 24, 2025 | Polen Capital – Emerging Markets Growth | 12.6% | 14.5% | 0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA | China, emerging markets, growth, Poland, Quality, Taiwan, technology | CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments. | DNP.WA 145020.KS INPST.WA 2345.TW PRX.AS 300750.SZ 8069 TT PDD WIZZ LN DLO BABA TME |
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| 2025 Q2 | Jul 23, 2025 | American Century Emerging Markets Fund | 12.9% | - | 000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM | AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy | AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion as a key supplier of AI power. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending. | 688008.SS 2308.TW 002281.SZ |
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| 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 22, 2025 | Brandes International Equity Fund | 10.4% | 22.3% | 005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, industrials, international, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds. | 6273.T |
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| 2025 Q2 | Jul 22, 2025 | Harris Associates International Equity Strategy | 12.8% | 21.7% | 035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW | AI, Copper, Europe, international, Luxury, Mining, technology, value | Manager emphasizes value investing approach and notes the unraveling of the U.S. growth/momentum paradigm that dominated for over a decade. European equities fundamentals have improved, driving more investor interest as valuation spreads compress. | 6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS |
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| 2025 Q2 | Jul 22, 2025 | Nightview Capital | - | - | AAPL, AMZN, BABA, GOOG, LVS, TSLA, UBER, WYNN | AI, Automation, China, innovation, Robotics, technology, Tesla, Transformation | AI is described as a general-purpose technology platform shift on the level of electricity or the printing press, with exponential economic upside potential. AI models are now designing proteins, writing software, accelerating scientific discovery, generating art, analyzing legal contracts, and augmenting human intelligence across every industry from agriculture to aerospace. The infrastructure to deploy and monetize AI at scale is being laid with foundational model companies racing ahead. | AMZN TSLA BABA LVS WYNN 9868 HK AMZN TSLA BABA US LVS WYNN |
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| 2025 Q2 | Jul 22, 2025 | Opal Capital | 7.6% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through established positions in Palantir and Snowflake, while adding new positions in AMD, Alibaba, and Baidu as catch-up trades. The firm views these companies as benefiting from the broad market adoption phase of AI, with AMD positioned to compete head-to-head with NVIDIA for major infrastructure contracts. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jul 21, 2025 | JB Global Capital | - | - | BABA, NKE, SHOO | active, Concentration, Footwear, global, Trade Policy, value | The manager views footwear as an attractive investment category due to its dual nature as both practical necessity and fashion item. Footwear is deeply connected to the limbic system and comfort, making it difficult for new entrants to create superior products that cannot be copied. The manager added Steven Madden to complement Nike holdings. | SHOO SHOO |
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| 2025 Q2 | Jul 21, 2025 | The Bristol Gate Canadian Equity | - | - | 000333.SZ, 0005.HK, 002714.SZ, 0700.HK, 0981.HK, 1024.HK, 2899.HK, 300274.SZ, 300750.SZ, 600519.SS, BABA, BIDU | AI, China, consumer, industrials, Stimulus, technology, valuation | China's onshore AI stocks have driven significant market gains but are viewed as significantly overvalued with 70-90% of valuations based on uncertain future cash flows. The manager avoids these names, comparing current valuations to the peak of China's COVID rally in early 2021. | View | |
| 2025 Q2 | Jul 20, 2025 | BNY Mellon Global Emerging Markets Fund | 13.8% | 11.6% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, technology, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2025 Q2 | Jul 2, 2025 | Vision Capital | - | 11.8% | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. | 9618.HK 3690.HK PLTR |
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| 2023 Q2 | Jul 18, 2023 | LVS Advisory – Event Driven | - | 2.5% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jul 16, 2025 | Harding Loevner Emerging Markets Equity | 10.1% | 11.5% | 000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI | AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy | Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil. | 018880.KS 2317.TW 4966.T MELI MELI |
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| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 14, 2025 | Peterson Investment Fund | - | 13.6% | BABA, BRK.A, BRK.B | Buybacks, China, Concentration, dividends, long-term, Turkey, value | Fund follows disciplined value investing philosophy, focusing on owning thriving businesses with proven leadership teams trading at discounts to their growing intrinsic values. Current dislocations offer chance to purchase extraordinary businesses at compelling prices. | BRK.A BABA BABA |
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| 2024 Q2 | Jul 12, 2024 | Longriver Investment Partners | 1.3% | 15.3% | 0700.HK, 1810.HK, AAPL, AMD, AMZN, BABA, COST, FUTU, GAW.L, GOOGL, INTC, JD, META, MSFT, NVDA, PDD, TSLA, TSM, VTY.L | AI, Big tech, China, E-Commerce, global, semiconductors, technology | The GenAI investment cycle has sparked massive capital deployment by Big Tech companies, with Amazon, Meta, Alphabet and Microsoft increasing compute investment from $119bn in 2023 to an estimated $195bn in 2025. However, there remains significant uncertainty about where value will accrue in the AI stack and whether the massive investments will generate profitable returns. | PDD TSM |
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| 2024 Q2 | Jul 11, 2024 | JB Global Capital | 7.3% | 8.1% | AAPL, AMZN, AVGO, BABA, GOOGL, JD, META, MSFT, NVDA, PYPL, STNE, TCEHY | AI, Buybacks, China, payments, technology, value | The fund holds significant positions in payment processors including PayPal and StoneCo. PayPal is trading at historically low valuations despite maintaining 45% global market share and strong fundamentals. StoneCo was sold after achieving 61.4% returns as the risk/reward profile deteriorated with rising valuations. | PYPL STNE |
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| 2025 Q2 | Jul 1, 2025 | Temasek Holdings | - | - | 068270.KS, 0700.HK, 1299.HK, 2318.HK, 3690.HK, 5E1.SI, ADYEY, AMZN, AXSB.NS, BABA, BLK, BN4.SI, C6L.SI, D05.SI, HDFCBANK.NS, ICICIBANK.NS, INTA, MA, NVDA, S57.SI, S58.SI, S68.SI, STAN.L, U96.SI, V, Z74.SI | AI, Asia, energy, infrastructure, Resilience, Singapore, sustainability, technology | Temasek continued investing in AI infrastructure and applications, recognizing the transformative potential of AI technologies on the global economy. Investments included major technology companies like Alphabet, Amazon, Microsoft, and Nvidia, as well as data infrastructure companies like Databricks and Veeam Software. | View | |
| 2025 Q2 | Jun 30, 2025 | Packer & Co | - | - | 0001.HK, 017670.KS, AQN, BABA, BIDU, BKY.AX, CNOOC, DG, INDF.JK, JARDINE.SI, NE, NXE, PBR, PRX.AS, SDRL, SRUUF, VAL, VIPS, YCA.L | Asia, China, Defensive, gold, oil, technology, value | The manager has significantly increased exposure to Chinese technology companies, viewing them as attractively valued compared to US peers. Chinese tech giants trade at roughly half the valuation of US counterparts despite being industry leaders with solid balance sheets and growth potential. | INDF.JK 017670.KS 0001.HK JMHLY PBR CEO 0700.HK BIDU BABA VIPS |
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| 2025 Q2 | Jun 30, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | -6.6% | 000700.HK, AMGN, BABA, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, large cap, momentum, Quality, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as historically high valuations suggest potential headwinds to future returns. | View | |
| 2025 Q2 | Jun 30, 2025 | Thornburg International Equity Fund | 10.8% | 21.8% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | China, Europe, international, Japan, rates, semiconductors, Trade Policy, value | Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty. | View | |
| 2025 Q2 | Jun 30, 2025 | Oakmark Global Select Fund | 4.5% | - | BABA, BAYRY, BDX, BMW.DE, BN.PA, BNP.PA, COF, DSV.CO, FI, IQV, LLOY.L, PRX.AS | Banking, Electric Vehicles, Europe, Medical Devices, Pharmaceuticals, Trade Policy, value | President Trump's Liberation Day announcement led to significant market volatility, with companies perceived as more exposed to tariffs falling meaningfully while others held up better. The fund actively repositioned during this period, trimming positions that performed well and buying companies where tariff concerns created wider discounts to intrinsic value. | DSV.CO BNP.PA BMW.DE BDX IQV BAYRY |
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| 2025 Q2 | Jun 30, 2025 | Oakmark International Fund | 12.6% | - | 6273.T, 9434.HK, ABI.BR, ASML, ASRNL.AS, BABA, BAYN.DE, BXB.AX, CON.DE, CPG.L, HEN3.DE, HOLN.SW, MC.PA, SCHP.SW, WLN.PA | Asia, Automation, Banking, Europe, insurance, international, semiconductors, value | ASML represents a dominant position in lithography equipment with an effective monopoly in EUV technology. The company benefits from structural demand growth driven by AI and data centers, despite recent customer capex cuts creating attractive entry valuations. | 6273.T ASR.AS ASML |
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| 2025 Q2 | Jun 30, 2025 | SoftBank Group | - | - | 1548.HK, 2228.HK, 9434.T, 9984.T, ARM, ASTO.OL, BABA, CPNG, DASH, DIDI, DTE.DE, GOOGL, KLAC, META, MOMS.NS, MSFT, OLECTRA.NS, SWGY.NS, SYM, TMUS | AI, growth, innovation, Investment, Platform, semiconductors, technology, Vision Funds | SoftBank is positioning itself as the world's No. 1 ASI (Artificial Super Intelligence) platform provider, with major investments in OpenAI, Arm's AI chip designs, and AI infrastructure through the Stargate Project. The company sees AI as completely redefining every industry and believes the next few decades of AI innovation will surpass all technological progress of the last three centuries. | View | |
| 2025 Q2 | Jun 30, 2025 | Fortress – Caribbean Growth Fund | 4.2% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2024 Q2 | Jun 30, 2024 | Peterson Investment Fund | 1.0% | 7.9% | BABA, BRK-A, DJCO, NPN.L | Compounding, Concentration, dividends, long-term, Quality, value | The fund follows a concentrated value investing philosophy, focusing on owning thriving businesses with high-quality management teams trading at discounts to their growing intrinsic value. The strategy emphasizes ownership of the world's leading business models at deep discounts to intrinsic value. | View | |
| 2023 Q2 | Jun 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, RRL.AX, RYA.L, THO, UMG.AS, WBA | AI, Airlines, Concentration, global, gold, healthcare, value | European airline consolidation accelerating post-pandemic with weaker carriers collapsing while efficient operators like Ryanair gain market share. Ryanair ordered 300 new Boeing aircraft for delivery 2027-2033, targeting 300m passengers annually by 2034 with improved cost advantages from newer, more efficient planes. | RYA.L |
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| 2023 Q2 | Jun 30, 2023 | Oakmark Global Select Fund | 5.7% | - | BABA, COP, DHR, GOOGL | China, energy, global, healthcare, technology, value | Alphabet upgraded Bard to run on its more powerful PaLM language model and showcased impressive AI-powered consumer tools at its developer conference. CEO compared AI's evolution to the transition from desktop to mobile computing, with significant capital expenditure increases for AI infrastructure including data centers and servers. | DHR COP BABA GOOGL |
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| 2023 Q2 | Jun 30, 2023 | Platinum International Technology Fund | 4.2% | - | 000660.KS, 005930.KS, 006400.KS, 0700.HK, 7974.T, BABA, CIEN, CSU.TO, ERIC, GOOGL, IFX.DE, JD, MCHP, META, MU, NFLX, ORCL, TSM | AI, Cloud, growth, semiconductors, software, technology | AI took center stage during the quarter with ChatGPT reaching 100 million users faster than any consumer application to date. Technology companies like Microsoft, Google, Meta, and Oracle are incorporating AI into their platforms, creating significant investment opportunities despite some market excesses. | View | |
| 2023 Q2 | Jun 30, 2023 | Packer & Co | - | - | BABA, BAYRY, BKY.AX, CEO, CHL, CHU, ERA.AX, HES, NHC.AX, STNG | Banking, China, energy, inflation, interest rates, real estate, Recession, value | Central banks printed money believing it would have no consequences for inflation or interest rates, but inflation rose from 2% to 9% in a year. Core underlying inflation is proving hard to eradicate as wage increases spur prices, forcing the Federal Reserve to raise rates by 5% in just over a year. | View | |
| 2023 Q2 | Jun 30, 2023 | Magellan High Conviction Fund | 10.0% | - | AMZN, BABA, BKNG, BN, CMG, CRM, DEO, GOOGL, ICE, META, MSFT, NFLX, SAF.PA, V, WEC, YUM | AI, Cloud, Energy Transition, payments, Quality, Restaurants, technology, Travel | Generative AI represents a transformative step forward in technology that will open up new, exciting possibilities. The technology itself is rapidly evolving and companies are working to understand, invest and adapt to maximize beneficial outcomes. Amazon, Microsoft and Alphabet are all seen as enablers of the acceleration of computing as Generative AI takes hold. | AMZN |
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| 2023 Q2 | Jun 30, 2023 | YCG Investment | - | - | 0700.HK, BABA, BKNG, CME, CNI, CP, EL, META, RSG, WM | Capital markets, inflation, Network Effects, Onshoring, Pricing Power, Quality, Railroads, Waste management | Canadian Pacific Kansas City Limited and Canadian National Railway are two of six class 1 railroads in North America, each benefiting from physical network effects and NIMBY dynamics that make new railroad construction nearly impossible. The number of North American class 1 railroads has plummeted from over 180 to just 6 today, creating oligopolistic pricing power that has inflected from consistent declines to almost 20 years of consistent increases. | CME CNI CP.TO RSG BRWM.L |
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| 2026 Q1 | May 6, 2026 | BlackRock Global Dividend Fund | -2.4% | -2.4% | AMAT, BA.L, BABA, UNH, WMB | AI, defense, dividends, global, Quality, volatility | View | ||
| 2023 Q1 | May 22, 2023 | Nightview Capital | - | - | AMZN, BABA, F, GM, GOOGL, PCRFY, TM, TSLA | Electric Vehicles, Energy Transition, Google, growth, Manufacturing, technology, Tesla, value | Tesla dominates the EV space with industry-leading margins and manufacturing advantages. Legacy automakers like Ford lose $21,000 per EV while Tesla makes $8,500 per vehicle. Tesla's price cuts expand addressable markets while maintaining competitive advantages through vertical integration and manufacturing efficiency. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA GOOGL |
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| 2025 Q1 | May 21, 2025 | Fairtree Global Equity Fund | 1.5% | 1.5% | ABT, AMZN, AVGO, BABA, BID.JO, BP, EVO.ST, GFI, GOOGL, JD, JPM, KO, KSPI.L, MSFT, NVDA, ORCL, PDD, SHEL, TTE | AI, China, E-Commerce, energy, Global Equity, Recession, tariffs, technology | AI-related US companies experienced pronounced volatility following the release of Deepseek, a Chinese Large Language model trained at significantly lower cost but producing similar results to current US models. Chinese companies' advancements in AI have reinforced their position as a significant force in the technology sector. | View | |
| 2024 Q1 | May 18, 2024 | Rowan Street Capital | 12.8% | 42.3% | ADYEY, BABA, CMG, META, SHOP, SPOT, TTD, UA | Concentration, growth, long-term, Recovery, technology, value | The fund focuses on high-growth technology companies that can compound returns over long periods. Their top holdings like Meta, Spotify, Trade Desk and Shopify represent growth companies that experienced significant volatility but demonstrated strong recovery potential. The managers emphasize finding exceptional growth companies at attractive prices and holding them for extended periods. | TTD CMG |
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| 2023 Q1 | May 11, 2023 | Hinde Group | 10.9% | 10.9% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. | BIDU BABA SNOW AMD NBN IBKR |
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| 2026 Q1 | Apr 9, 2026 | JB Global Capital | -2.3% | -2.3% | BABA, FLO, PYPL | China, Cloud, Concentration, E-Commerce, Food, payments, value | FLO PYPL BABA |
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| 2026 Q1 | Apr 9, 2026 | Peterson Investment Fund | -0.8% | -0.8% | BABA, BRK/A, DJCO, GOOGL, NPN.JO | Concentration, energy, Geopolitical, long-term, oil, shipping, value | View | ||
| 2024 Q1 | Apr 9, 2024 | East Capital | - | - | BABA, NVDA, TSM | AI, Buybacks, China, emerging markets, India, Recovery, semiconductors, Taiwan | AI remained the primary driver of market returns in emerging markets, with Taiwan contributing significantly due to TSMC's AI chip production for Nvidia. TSMC expects AI to represent high-teens percentage of revenue by 2027 with demand outpacing capacity planning. The manager sees continued opportunities in reasonably priced AI-related stocks. | View | |
| 2025 Q1 | Apr 4, 2025 | JB Global Capital | - | - | BABA, HSY, NKE | China, Cloud, Cocoa, contrarian, E-Commerce, GLP1, Reflexivity, tariffs | High exposure to Chinese equities purchased at bargain prices represents 68% of total portfolio. Alibaba shares increased 60% in Q1 due to reflexive shift in narrative for Chinese tech stocks. The manager views this as a contrarian opportunity with significant outperformance potential. | NKE HSY BABA |
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| 2023 Q1 | Apr 4, 2023 | JB Global Capital | 11.8% | 11.8% | BABA, GOOGL, STNE | Brazil, China, Concentration, E-Commerce, emerging markets, long-term, technology, value | E-commerce will continue to gain share of total retail spend as the physical world moves toward digital channels for greater productivity and efficiency. This trend is driven by capitalism rewarding optimization with higher profits. | BABA |
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| 2025 Q1 | Apr 30, 2025 | Appleseed Fund | - | - | 005930.KS, AER, BABA, BW.TO, CF, DG, LITE, MOS | commodities, Dollar, Foreign Equities, Geopolitical, gold, inflation, real assets, tariffs | The Trump Administration proposed raising tariffs broadly starting at 10% and reaching as high as 154% for China, bringing average tariff rates above 20% to the highest level since the 1930s. This represents a shift toward industrial policy, onshoring, and bilateral trade agreements, moving away from the free trade era. | View | |
| 2025 Q1 | Apr 29, 2025 | Polen Capital – Emerging Markets Growth | 1.7% | 1.7% | 0700.HK, BABA, DLO, DNP.WA, INFY, INPST.L, LVS, NTES, TOTS3.SA, TSM, YUMC | AI, Brazil, China, Currency, emerging markets, Poland, security selection | China market continued rally from last year, supported by monetary easing and fiscal policies. DeepSeek's R1 AI model release marked significant technological milestone, with major companies like Tencent and Baidu integrating AI models into services, creating optimism about improved earnings in consumer digital services. | DLO LVS DNP.WA TOTS3.SA TME |
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| 2026 Q1 | Apr 24, 2026 | O’Keefe Stevens Advisory, Inc | - | - | BABA, BAX, ELY, GLW, HCC, NVDA, PRGO, SPHR, TPH, WY | AI, Cash, Defensive, Entertainment, healthcare, Lumber, software, Valuations | View | ||
| 2025 Q1 | Apr 24, 2025 | Diamond Hill International | 4.0% | 4.0% | 2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM | aerospace, AI, Asia, Europe, infrastructure, international, real estate, value | Chinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities. | 6501.T BEI.UN.TO BYG.L MRO.L NWC.TO 2875.T IMB.L BTI QURE GLEN.L TSM SAF.PA SPOT BABA |
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| 2025 Q1 | Apr 23, 2025 | Oak Ridge investment | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft and Alibaba Group were strongest performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realise gains from Oracle position given strong AI-driven performance. | View | |
| 2026 Q1 | Apr 21, 2026 | Alluvium Global Fund | -1.7% | -1.7% | AMZN, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MA, MCK, RYA.L, UMG.AS, V | AI, Concentration, defense, Geopolitical, healthcare, technology, value | AMZN |
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| 2026 Q1 | Apr 2, 2026 | Thornburg Global Opportunities Fund | 3.2% | 3.2% | 0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE | energy, financials, global, growth, semiconductors, technology, Telecommunications, value | View | ||
| 2026 Q1 | Apr 17, 2026 | Polaris International Equity | 5.1% | 5.1% | 000270 KS, 000660 KS, 005930 KS, 055550 KS, 2318 HK, 6758.T, 8002.T, BABA, BPOP, CAP.PA, DNB.OL, E, IAG.L, LUN.TO, MEOH, PUB.PA, RYA.L, TEP.PA, TTE, YAR.OL | diversification, energy, Geopolitical, international, materials, technology | RYA.L 000270.KS 8002.T DNB.OL 005930.KS 000660.KS TTE.PA ENI.MI LUN.TO MEOH YAR.OL |
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| 2024 Q1 | Apr 15, 2024 | Equity Management Associates | 12.7% | 29.1% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, Quality, technology, valuation, value | NVIDIA has become the dominant AI beneficiary with market cap rising to $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. They emphasize the difficulty of predicting long-term winners in transformative technologies. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 0027.HK, 005930.KS, 006400.KS, 0700.HK, 105560.KS, 2313.HK, 2319.HK, 300760.SZ, BABA, BHARTIARTL.NS, HDFCBANK.NS, INDIGO.NS, NU, PDD, RELIANCE.NS, RENT3.SA, SUZB3.SA, TME, TSM, XP, ZLAB | China, Digitization, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | Taiwan Semiconductor Manufacturing Company Limited contributed significantly due to investor expectations for continued strong cyclical recovery in semiconductors and significant incremental demand for AI chips. The company's technological leadership, pricing power, and exposure to secular growth markets including high-performance computing, automotive, 5G, and IoT will allow sustained strong double-digit earnings growth. Many EM companies including Taiwan Semiconductor, Samsung Electronics, and SK hynix are increasingly recognized as key beneficiaries of the AI phenomenon. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, international, large cap, Quality, valuation, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager compares NVIDIA's valuation to Cisco during the tech bubble, noting similar price-to-sales ratios but acknowledging NVIDIA's extraordinary growth in AI demand and pricing power. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital International | 0.0% | 10.9% | 1024.HK, AAPL, AMAT, AMZN, BABA, BIDU, CSCO, DKS, FANG, GOOGL, JD, LI, META, MSFT, MSTR, NVDA, SMCI, STLA, TSM, WSM | AI, China, international, Quality, technology, valuation, value | NVIDIA has become the Magnificent 1 with market cap rising to $2.5 trillion from $350 billion, representing over 2% of global GDP. The AI boom has created extraordinary growth and pricing power for NVIDIA, with EBITDA margins rising from 33% to 55% and projected to reach 65%. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, large cap, Quality, technology, Valuations, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. While optimistic about AI's transformative potential, they emphasize the difficulty of predicting long-term winners. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, free cash flow, international, Quality, small caps, valuation, value | NVIDIA has become the dominant AI story with market cap rising to $2.5 trillion from $350 billion, creating valuation concerns. The manager draws parallels to Cisco's bubble peak, noting NVIDIA trades at 20x forward sales versus the S&P 500's 2.7x. While AI represents transformative technology, the manager emphasizes difficulty predicting long-term winners and prefers avoiding rich valuations. | View | |
| 2024 Q1 | Apr 15, 2024 | WS Ruffer Total Return Fund | 0.0% | 0.0% | BABA, BP, PFE, RKT.L | Bonds, commodities, Defensive, Geopolitical, gold, inflation, liquidity, Yen | Commodities provided shelter from market volatility with both base and precious metals benefiting from expectations of stronger US economy and potential Chinese economic bottoming. Gold and oil rose together despite typically moving in opposite directions. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1299.HK, 2330.TW, 300750.SZ, 9618.HK, 9988.HK, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, JD, KASPI.KZ, MARUTI.NS, MELI, SCOM.NR, TCOM, TCS.NS, TSM | China, E-Commerce, emerging markets, Geopolitical, healthcare, payments, semiconductors, technology | Digital payment systems are transforming financial inclusion in emerging markets, particularly Latin America. Companies like MercadoLibre and FEMSA have built payment platforms that serve unbanked populations while strengthening their core businesses. These platforms provide first-time access to digital payments and credit for millions of customers. | TLKM.JK BH.BK MELI |
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| 2024 Q1 | Apr 15, 2024 | Contrarius Global Equity Fund | -6.7% | -13.4% | BABA, BIDU, JD | AI, China, Cloud, contrarian, E-Commerce, technology, valuation | Manager initiated positions in three Chinese stocks (JD.com, Baidu, Alibaba) after years of avoidance, citing dramatically improved risk-reward profile due to extremely attractive valuations and reduced regulatory risks. Chinese government appears increasingly aware of wealth destruction risks and is taking steps toward normalized supervision of technology companies. | BABA BIDU JD |
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| 2026 Q1 | Apr 14, 2026 | Mittleman Global Value Equity Fund | -4.6% | -2.3% | 0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD | Concentration, global, Opportunistic, small caps, value | AIM.TO AMA.AX |
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| 2023 Q1 | Apr 14, 2023 | East Capital | - | - | BABA | China, emerging markets, Energy Transition, Geopolitical, rates, sustainability, volatility | China's reopening continued throughout Q1 with all restrictions lifted, though consumer spending is increasing moderately rather than drastically. The regulatory crackdown that began in November 2020 appears to be ending, evidenced by Alibaba's restructuring announcement. China invested $546bn in energy transition in 2022, nearly four times the US amount. | View | |
| 2023 Q1 | Apr 14, 2023 | Generation Investment Management Global Equity | - | - | ADSY, AMZN, BABA, BAX, HSIC, MSFT, SCHW, SIKA.SW, TT, VWS.CO, ZAL.DE | AI, Esg, global, healthcare, Long Term, Quality, sustainability, technology | Generation focuses on healthcare companies that reduce costs, drive efficiency, improve clinical outcomes, and improve access to care. They highlight Henry Schein as an example of a company addressing growing healthcare costs and labor shortages while benefiting from digitalization trends in dental offices and the shift of care to more affordable settings. | HSIC |
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| 2025 Q1 | Apr 10, 2025 | East Capital | - | - | 1211.HK, BABA, TSLA, TSM | AI, China, Eastern Europe, emerging markets, frontier markets, tariffs | China's DeepSeek AI model emerged as a standout performer, ranking first globally among large language models while being significantly cheaper than US alternatives. Chinese companies are widely adopting the open-source technology with positive results, and the government has embraced it for healthcare applications. | View | |
| 2025 Q1 | Apr 1, 2025 | Guinness China | -0.1% | -0.1% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2025 Q1 | Apr 1, 2025 | MPD Partners | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2026 Q1 | Mar 31, 2026 | WS Ruffer Total Return Fund | 1.6% | 1.6% | 0019.HK, BABA, BP, COIN | Bonds, Crisis, energy, Geopolitical, Iran, oil, Protection, volatility | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Emerging Markets Fund | 3.0% | 3.0% | 009540.KS, 0268.HK, 0700.HK, 1211.HK, 300750.SZ, 3690.HK, 8069.TW, BABA, BAJFINANCE.NS, BEKE, BHARTIARTL.NS, CHOLAFIN.NS, CUMMINSIND.NS, GFI, INDIGO.NS, JMFINANCIL.NS, KAYNES.NS, KOTAKBANK.NS, MELI, SWIGGY.NS, TRENT.NS, TSM, XPEV, YMM | China, Digitization, Dollar, Electric Vehicles, emerging markets, India, tariffs, Trade Policy | Added positions in Chinese EV manufacturers BYD and XPeng. BYD leads with 35% domestic market share and vertical integration including battery production. XPeng distinguished by advanced driver-assistance systems and autonomous driving technology. Both positioned to benefit from China's EV adoption exceeding 50% penetration. | View | |
| 2025 Q1 | Mar 31, 2025 | abrdn Emerging Markets Fund | 0.9% | 0.9% | 0700.HK, 1211.HK, 1810.HK, 2015.HK, 2222.SR, 2308.TW, 2317.TW, 2318.HK, 2327.TW, 2454.TW, 300274.SZ, 3968.HK, 4904.TW, ADIB.AD, ALDAR.AD, BABA, BAC, GLOB, INDHOTEL.NS, JBCHEPHARM.NS, POWERGRID.NS, TSM | AI, China, emerging markets, India, semiconductors, tariffs, technology | DeepSeek's AI model announcement triggered a sharp rally in Chinese tech stocks, particularly benefiting cloud providers like Alibaba and Tencent. However, concerns emerged that more efficient AI models might reduce demand and capex in the tech value chain, pressuring semiconductor and tech hardware stocks. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena Investment Management | - | - | 005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS | AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value | Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs. | 005930.KS |
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| 2025 Q1 | Mar 31, 2025 | American Century Emerging Markets Fund | 0.7% | 0.7% | 005930.KS, 0700.HK, 0939.HK, 1211.HK, 1810.HK, 352820.KS, BABA, BHARTIARTL.NS, ERJ, ICICIBANK.NS, NTES, OTP.BD, SE, TCOM, TSM, ZOMATO.NS | Asia, China, Electric Vehicles, emerging markets, gaming, semiconductors, technology, Trade Policy | Chinese EV makers like BYD are stepping up efforts to upgrade platforms and technology, aiming to raise competitive barriers and gain market share. BYD has ambitious plans for the global market and is well prepared in both export capacity and overseas localization. The EV market is undergoing evolution with companies like Xiaomi benefiting from premiumization strategies. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Global Technology Growth Fund | -12.3% | -12.3% | AAPL, AMZN, AVGO, BABA, GOOGL, LRCX, MA, META, MRVL, MSFT, NOW, NVDA, TMUS, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, tariffs, technology, Trade Policy | Advances in AI remained the key market theme since ChatGPT's launch in November 2022, but the market took a more critical view in Q1 2025. A Chinese AI startup DeepSeek sent shockwaves through global financial markets after releasing a powerful AI model claimed to be developed at a fraction of the cost of American alternatives. Investors remained hyper-focused on benchmarking return on investment from the massive outlays of capital investment expected across the technology industry to enable more productivity from generative AI. | View | |
| 2025 Q1 | Mar 31, 2025 | Harris Associates International Equity Strategy | 7.7% | 7.7% | 2502.T, 8802.T, BABA, BNP.PA, FLTR.L, GLEN.L, KER.PA, MC.PA, RTO.L, TKA.DE, WPP.L | Asia, Cloud, defense, Europe, Gambling, international, Luxury, real estate, value | The manager argues that a large valuation imbalance remains present between value and growth equities, which will fuel better long-term performance for value stocks. They believe the weight of money has been heavily skewed to U.S. growth names for too long. | MC.PA 8802.T RTO.L FLTR.L 2502.T TKA.DE BABA BNP.PA |
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| 2025 Q1 | Mar 31, 2025 | Brandes International Equity Fund | 10.8% | 10.8% | 005930.KS, 1876.HK, 4502.T, BABA, BNP.PA, CA.PA, ERJ, GSK.L, HEI.DE, HEIA.AS, HEN3.DE, ISP.MI, ORA.PA, PUB.PA, RR.L, SAN.PA, STM, TSM, UHR.SW, WPP.L | aerospace, Beverages, emerging markets, Europe, financials, international, semiconductors, value | The fund emphasizes value investing philosophy with holdings trading at compelling valuation levels relative to benchmarks. International stocks and value stocks offer attractive return potential based on current valuations, with value stocks trading in the cheapest quartile relative to growth stocks historically. | RI.PA CAP.PA WMMVY |
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| 2025 Q1 | Mar 31, 2025 | Loomis Sayles Global Growth Fund | -3.4% | -3.4% | ADYEN.AS, AMZN, BABA, DE, GOOGL, MELI, META, NFLX, NVS, ORCL, QCOM, SHOP, TSLA, V | E-Commerce, global, growth, healthcare, long-term, Quality, technology | The fund maintains significant exposure to e-commerce leaders including MercadoLibre in Latin America and Amazon globally. MercadoLibre continues to execute well with strong GMV growth and market share gains across commerce, payments, and financial services. Amazon's e-commerce business showed solid growth with 11% unit sales growth suggesting continued market share expansion. | View | |
| 2025 Q1 | Mar 31, 2025 | Peterson Investment Fund | 26.4% | 26.4% | BABA, BRK-B | China, Concentration, long-term, value, volatility | The fund maintains a disciplined value investing philosophy focused on acquiring world-class businesses with exceptional management, durable competitive advantages, and compelling prices. This patient, fundamental approach has compounded wealth for partners over a decade, with volatile environments offering the highest return on their structured value approach. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena International Value ADR Strategy | 11.2% | 11.2% | 6479.T, 6762.T, AKE.PA, BABA, CABK.MC, GSK, ING, MG, OTP.BD, SBRY.L, STAN.L | Europe, financials, healthcare, international, Outperformance, value | European banks CaixaBank and ING Groep provided strong outlooks affirming earnings sustainability and capital robustness even in declining interest rate environments, with plans to continue significant capital returns to shareholders. The portfolio maintains overweight positioning in cyclical financials. | GSK |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Fund | 0.2% | 0.2% | ABBV, AZN, BABA, BYD, FANUY, GOOGL, JD, KYCCF, MRK, MUFG, NESN.SW, NTDOY, NVS, SONY, TCEHY, TM, TSM, UBS | China, defensives, Europe, Overweight, Pharmaceuticals, Quality, tariffs, volatility | The Fund maintained an overweight position in Chinese stocks throughout the quarter, benefiting from strong performance in February and early March. Good returns from Chinese holdings led to some profit-taking while retaining strong overweight positioning based on continued economic recovery. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum Asia Fund | 2.0% | 2.0% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2318.HK, 2883.HK, BABA, IGLA, JD, TRIP, TSM | AI, Asia, China, semiconductors, tariffs, technology | Chinese AI advancement sparked strong performance in technology holdings. DeepSeek's emergence reminded investors that China is capable of competing on AI, challenging US AI supremacy narratives and boosting Chinese tech stocks including Tencent, Alibaba, and Kuaishou. | View | |
| 2025 Q1 | Mar 31, 2025 | Evolve Private Wealth | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, long-term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The company took the opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2025 Q1 | Mar 31, 2025 | Airlie Small Companies Fund | -1.1% | -1.1% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span the hardware and software sides of AI growth with focus on data center processors, enterprise AI tools, and autonomous mobility platforms. | BIDU BABA SNOW AMD |
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| 2025 Q1 | Mar 31, 2025 | Emerald Wealth Partners – Focused Equity Strategy | -3.6% | -3.6% | 300750.SZ, 6920.T, BABA, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMC.PA, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, Germany, global, semiconductors, value | AI infrastructure driving strong performance in wafer equipment manufacturers and data center suppliers. Companies like Lam Research, TSMC, and Bloom Energy benefiting from AI expansion. Salesforce reducing workforce due to AI efficiency gains. | View | |
| 2025 Q1 | Mar 31, 2025 | RVK | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | 0700.HK AVGO NVO LSEG.L LRCX GOOGL |
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| 2023 Q1 | Mar 31, 2023 | Alluvium Global Fund | - | - | BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LEA, LNR.TO, LUV, MCK, MU, RHI, ROG.SW, RYA.L, THO, UMG.AS, WBA, WFG.TO | Airlines, Cyclical, global, healthcare, Recovery, technology, value | Ryanair was the Fund's best performer over the quarter, up 21.9%. Now operating above pre-Covid levels, management's bold purchase of additional Boeing Max aircraft during the pandemic is proving prescient. Given strong traffic recovery and pricing, Ryanair raised its full year profit guidance by 25%. | LBRDK |
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| 2023 Q1 | Mar 31, 2023 | Platinum Asia Fund | 4.4% | 4.4% | 000338.SZ, 000660.KS, 005930.KS, 051910.KS, 0700.HK, 2689.HK, 3968.HK, 3988.HK, AVIA.JK, BABA, DADA, HTHT, INDIGO, JD, LODHA, MEITUAN, MWG.VN, PDD, SUPALAI.BK, TRIP, TSM, ZTO | Asia, China, E-Commerce, Reopening, semiconductors, Travel, Vietnam | China was a strong contributor to performance with reopening driving gains across travel and service-exposed areas. The economic recovery is occurring at a measured pace with domestic travel picking up dramatically and retail sales returning to growth. | View | |
| 2023 Q1 | Mar 31, 2023 | Evolve Private Wealth | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSMC | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly such heavy spending can translate into tangible returns. | 000700.HK AVGO AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT LSEG.L LRCX GOOGL |
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| 2025 Q4 | Mar 10, 2026 | Peterson Investment Fund | - | - | BABA, BRK.B, DJCO, GOOG, NPSNY | AI, Capital Allocation, China, Compounding, Concentration, technology, Value Investing | AI is viewed as economically consequential and transformative, improving product quality and expanding monetizable surfaces across platforms like Alphabet's ecosystem. However, adoption is constrained by computing economics, implementation friction, and infrastructure limits. The manager emphasizes that profits will accrue where unit economics are defensible and workflow integration is structural. Google Cloud is highlighted as scaling into enterprise infrastructure with improving profitability and durable growth potential. The manager tracks Cloud for margin expansion and conversion of contracted demand into revenue, viewing it as a key component of Alphabet's multi-platform compounding story. Share repurchases are emphasized as a key capital allocation tool across multiple holdings. Alibaba returned $12 billion in buybacks reducing share count by 5%, while Naspers' buyback program has reduced free float by 28% and driven NAV accretion. The manager evaluates buybacks based on accretion to per-share intrinsic value. Alibaba is positioned as a structural toll bridge inside digital commerce where merchant supply, consumer demand, and logistics throughput reinforce each other. The manager focuses on scale-based unit economics and market share stability in core commerce platforms. | View | |
| 2025 Q4 | Feb 9, 2026 | Loomis Sayles Global Growth Fund | -3.1% | 17.6% | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology | AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth. | MELI NFLX ORCL 6954 JP SHOP GOOG |
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| 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 | Feb 8, 2026 | SGA – Emerging Markets Growth | 0.6% | 22.8% | 035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC | AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation | The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market. | OR FP TME GRAB SE BABA 9983 JP INFY TSM |
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| 2025 Q4 | Feb 8, 2026 | BlackRock Global Dividend Fund | 2.2% | 19.3% | 000001.SZ, 000660.KS, AAPL, ALVY.DE, AVGO, AZN, BABA, CMS, GOOGL, KO, MSFT, REL.L, SONY, TSM | dividends, Europe, financials, global, healthcare, Quality, technology | AI infrastructure demand remains strong, supporting memory companies like SK Hynix. However, AI concerns are creating headwinds for some businesses like RELX, where sentiment remains cautious about AI's potential impact on parts of their operations. The fund focuses on carefully selected quality companies with strong dividend growth potential. The strategy aims to provide dividend growth and consistent returns with lower volatility over the long-term through high-quality, dividend-paying companies. | FBK IM |
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| 2025 Q4 | Feb 5, 2026 | Stewart Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, 2379.TW, 2454.TW, 6503.T, ALC, BABA, BAJAJHLDNG.NS, BAP, BOSCHLTD.NS, CARTRADE.NS, CTAS, KEI.NS, KOTAK.NS, M&M.NS, NU, PRX.AS, QUAL3.MX, SE, TARSONS.NS, TECHM.NS, TOTVS3.SA, TSM, TUBEINVEST.NS, WEG3.SA | AI, Asia, China, emerging markets, India, long-term, Quality, semiconductors | The team maintains a conservative approach to AI-driven market themes, avoiding flavour-of-the-month AI investments while selectively benefiting from AI demand through quality holdings like Samsung and TSMC. They emphasize disciplined AI capex spending and focus on companies with sustainable competitive advantages rather than chasing AI hype. The team is adding to Chinese holdings where they find leading businesses with strong competitive advantages and attractive growth at reasonable valuations, particularly Tencent. They view China as offering better opportunities despite some headwinds in specific sectors like property and chemicals. The team is reducing exposure to India, mainly in cyclical businesses where valuations are expensive and growth outlook has deteriorated. However, they remain excited about high-quality Indian companies positioned to benefit from structural tailwinds including urbanization, demographics, and digital infrastructure. Semiconductor holdings like Samsung and TSMC are key contributors, benefiting from AI-related demand for memory chips and leading-edge processors. The team focuses on companies with strong competitive positions and visibility into future earnings growth through 2026-2027. The investment philosophy centers on identifying quality companies with exceptional cultures, strong franchises, resilient financials, and sustainable competitive advantages. The team seeks companies that can deliver attractive returns over much longer periods than the market expects. The team is optimistic about emerging market opportunities, noting that the global economy is increasingly being led by emerging markets. They see attractive valuations compared to developed markets and expect this trend to accelerate as investors seek alternatives to US markets. | View | |
| 2025 Q4 | Feb 20, 2026 | Tall Oak Capital Advisors | 0.0% | 0.0% | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs. | View | |
| 2025 Q4 | Feb 10, 2026 | Fairtree Global Equity Fund | 1.7% | - | 6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM | AI, emerging markets, global, rates, semiconductors, technology | AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions. | View | |
| 2024 Q4 | Feb 10, 2025 | Meridian Hedged Equity Fund | 0.1% | 13.1% | ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU | downside protection, Hedged Equity, large cap, Options, Quality, risk management | Amazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses. | VST AMZN V COTY DHR AMT |
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| 2025 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Emerging Markets Equity | - | 2.4% | 000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA | AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy | AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Emerging Markets Fund | -7.4% | 7.6% | 005380.KS, 009540.KS, 0700.HK, 300750.SZ, BABA, BAJFINANCE.NS, BHARTIARTL.NS, HDFCBANK.NS, INPST.L, JD, MELI, RENT3.SA, SBIN.NS, TRENT.NS, TSM, YMM | China, E-Commerce, emerging markets, India, Korea, semiconductors, Shipbuilding | Fund maintains significant exposure to semiconductor leaders like TSMC, benefiting from cyclical recovery and AI chip demand. Taiwan and Korea constituents are strategically positioned for accelerating growth in AI, advanced computing, and leading-edge semiconductor manufacturing. | View | |
| 2024 Q4 | Dec 31, 2024 | BNY Mellon Global Emerging Markets Fund | -6.9% | 4.1% | 000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM | AI, China, emerging markets, semiconductors, Taiwan, Travel | Renewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations. | View | |
| 2024 Q4 | Dec 31, 2024 | Brandes International Equity Fund | -8.7% | 7.2% | 005930.KS, 1211.HK, 4502.T, 5108.T, 7201.T, BABA, BNP.PA, CAE.TO, EBS.VI, ERJ, GSK, HEI.DE, HEIA.AS, KGF.L, RR.L, SAN.PA, STM, UBS, UHR.SW, WPP.L | China, industrials, international, materials, semiconductors, value | The fund initiated a position in STMicroelectronics, a semiconductor supplier with diverse exposure to automotive, industrial, and personal electronics markets. While the auto semiconductor market weakness has pressured near-term results, the manager believes current challenges are cyclical and sees compelling long-term growth from electric vehicles, ADAS, and IoT adoption. | MKS.L STM |
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| 2024 Q4 | Dec 31, 2024 | SoftBank Group | - | - | AAPL, AMZN, ARM, AURO, AUTO, BABA, CPNG, DASH, DIDI, DTEGY, GKBW, GOOG, GOTO.JK, MSFT, NVDA, SYM, TMUS, UBER, WE, ZOMATO.NS | AI, Arm, growth, innovation, Investment, semiconductors, technology, Vision Funds | SoftBank positions AI as the core of the Information Revolution and their investment strategy. The company believes AI will redefine all industries and is investing heavily in AI-powered companies across their portfolio. They anticipate the realization of artificial super intelligence (ASI) within ten years, which they view as a turning point in human history. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Emerging Markets Growth Fund | -10.8% | 3.1% | 006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP | AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making. | View | |
| 2024 Q4 | Dec 31, 2024 | Peterson Investment Fund | 8.8% | 8.8% | BABA, BOX, BRK.B, CVX, EBAY, GOOG, HOG, JNJ, JWN, ORCL, OXY, STX, T, UNH | AI, China, dividends, long-term, Options, technology, value | Portfolio positioned at forefront of AI revolution with Alphabet and Alibaba driving breakthrough innovations. Advanced AI technologies transforming analysis through proprietary AlphaOne platform. AI Agents represent next evolution in automation, fundamentally reshaping industries. | View | |
| 2024 Q4 | Dec 31, 2024 | Packer & Co | - | 11.8% | 0762.HK, 0941.HK, BABA, BIDU, BKY.L, CNOOC, HES, J36.SI, NE, NHC.AX, NXE, PRX, SDRL, STNG, U.TO, VAL, YCA.L | Cash, China, oil, uranium, US Markets, Valuations, value | Chinese stocks offer exceptional value with technology companies trading at massive discounts to western peers despite strong fundamentals. The fund holds 8% in leading Chinese tech firms including Alibaba, Baidu, and Tencent which are highly profitable with huge cash balances. Chinese telecom companies continue to generate strong returns and remain attractively priced at large discounts. | View | |
| 2023 Q4 | Dec 31, 2023 | L1 Capital Long Short Fund | 2.4% | 10.8% | AZJ.AX, BABA, BSL.AX, CNU.AX, CRH, CVE, FLTR.L, IMD.AX, NEM, NUF.AX, STO.AX, VEA.AX, WGX.AX | Australia, energy, gold, industrials, infrastructure, Long/Short, materials, value | Portfolio maintains significant Energy exposure despite underperformance in 2023. Manager sees positive macro outlook with oil above $70, elevated geopolitical tensions, improving supply/demand dynamics, and multi-decade low inventories. Key positions include Santos with potential structural options and Cenovus generating strong free cash flows. | AZJ.AX CNU.NZ IMD.AX NUF.AX WGX.AX NEM FLTR.L CRH CVE.TO STO.AX |
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| 2023 Q4 | Dec 31, 2023 | Platinum International Technology Fund | 6.8% | 24.9% | 0700.HK, 6861.T, 7974.T, ADBE, ADYEY, AMD, AMZN, ASML, AVGO, BABA, CSCO, GOOGL, INTC, NFLX, NVDA, QCOM, TSM, UMG.AS, V | AI, Quality, semiconductors, Streaming, technology | The fund examined Nvidia's exceptional 250% returns driven by generative AI demand but decided against investing due to concerns about unsustainable private market funding and overly optimistic investor expectations for future GPU demand. The manager believes current AI spending is driven by private capital rather than genuine consumer and enterprise adoption. | View | |
| 2023 Q4 | Dec 31, 2023 | Packer & Co | - | 6.2% | 0762.HK, 0941.HK, AAPL, AMZN, BABA, BAYRY, BKY.AX, CNOOC, CVX, ERA.AX, GOOGL, HES, META, MSFT, NHC.AX, NVDA, SRUUF, STNG, XOM, YCA.L | China, energy, oil, Recession, technology, uranium, value | The fund holds CNOOC as its largest position at 10.4%, China's premier oil company producing 2% of world oil. CNOOC trades at just 4x P/E and is rapidly expanding output with focus on offshore China and Guyana where it holds 25% interest in the enormous Stabroek discovery alongside Exxon and Hess. | 9988.HK ERA.AX 0941.HK HES CEO |
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| 2023 Q4 | Dec 31, 2023 | Aquamarine | - | 18.7% | 1211.HK, AAPL, AXP, BABA, BAC, BRK-B, GOOGL, MA, MCO, NESN.SW, RACE | Compounding, India, long-term, Patience, Quality, value | The fund's core strategy focuses on long-term compounding through patient ownership of exceptional businesses. The manager emphasizes that compounding is what matters most and will get them to the promised land over time. | View | |
| 2023 Q4 | Dec 31, 2023 | TMR Long Short Opportunities | - | - | AMD, BABA, BIDU, PLTR, SNOW | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through established positions in Palantir and Snowflake, while opening new positions in AMD, Alibaba, and Baidu as catch-up trades. The firm views these companies as beneficiaries of enterprise AI adoption and global AI infrastructure investment. | BIDU BABA SNOW AMD |
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| 2021 Q4 | Dec 31, 2021 | Magellan Global Fund | - | 10.8% | BABA, MSFT, NFLX | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L | Buybacks, China, Europe, international, Luxury, value | Luxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact. | DHER.DE KER.PA CFR.SW GLB.L DPG.L |
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| 2025 Q3 | Nov 8, 2025 | Loomis Sayles Global Growth Fund | 7.6% | 21.3% | 0700.HK, AAPL, ADYEY, AMZN, BABA, GOOGL, MELI, META, MSFT, NFLX, NVDA, NVO, ORCL, RIVN, SHOP.TO, TSLA, UBER, VRTX | AI, Cloud, Electric Vehicles, global, growth, long-term, Quality, technology | Multiple portfolio companies are leveraging AI capabilities across their businesses. Alphabet benefits from AI overviews and AI Mode search functionality with over 2 billion monthly users. Oracle's cloud infrastructure is specifically built for AI workloads with major contracts from OpenAI, xAI, and Meta. Tesla continues advancing autonomous driving through AI training on supercomputers with FSD version 13 representing a step change improvement. | LFCR |
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| 2025 Q3 | Nov 3, 2025 | Fairtree Global Equity Fund | 8.9% | - | 005930.KS, AAPL, AMZN, BABA, BRK-B, CNC, CROX, DHI, EVO.ST, FI, GOOGL, JD, KO, ORCL, V, WKL, ZTS | AI, China, Dollar, emerging markets, global, policy, semiconductors, technology | China rose 20.7% for the quarter, extending its rally on continued policy support particularly targeted at technology and property sectors. The government's ongoing push to expand domestic chip production by 2026 and maintain the US-China trade truce further bolstered investor confidence and lifted export-driven and tech-related equities. | FISV CROX CNC AAPL BABA GOOG |
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| 2025 Q3 | Nov 3, 2025 | BlackRock Global Dividend Fund | 6.7% | 16.5% | AAPL, AVGO, AZN, BABA, CL, CMS, GOOGL, KO, MSFT, NVDA, NVO, ORCL, TSM, WMT | AI, Cloud, dividends, global, Quality, technology, volatility | The fund is invested in AI infrastructure, especially data centers, and sees long-term value in software. AI demand drove strong performance in Broadcom and Oracle, with Oracle experiencing a more than 350% year-on-year surge in bookings. Alibaba's AI chip launch affirmed its role as a core AI and cloud operator in China. | CL NOVO ORCL AVGO BABA ORCL AVGO BABA |
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| 2025 Q3 | Nov 25, 2025 | Caledonia Investment | - | 7.3% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | AI, diversification, global, Private Capital, Public Companies, technology | Strong performance from Oracle, Microsoft and Alibaba Group driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of shares. AI developments are creating opportunities across technology holdings. | View | |
| 2025 Q3 | Nov 17, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST | AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology | AI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s. | TW META MSFT GS JPM NVDA ASML NA BABA US |
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| 2023 Q3 | Nov 14, 2023 | Tall Oak Capital Advisors | - | - | ADBE, BABA, BRK-A, BSX, CAT, CCO.TO, CNQ.TO, COST, EQIX, GOOGL, LLY, MA, MAR, MCD, MSFT, NVO, PEP, SLB, SU.TO, UNH | Defensive, dividends, energy, fixed income, healthcare, Quality | Growing demand for nuclear energy as a clean power source driven by climate change concerns and energy security. Uranium consumption has surged past pre-Fukushima levels with supply concentrated among state-owned enterprises. Small Modular Reactors expected to bolster long-term demand. | ALLY CCO.TO |
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| 2025 Q3 | Nov 13, 2025 | BNY Mellon Global Emerging Markets Fund | 9.9% | 19.7% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2025 Q3 | Nov 11, 2025 | Northern Active M Emerging Markets Equity Fund | 11.2% | 27.4% | BABA | AI, China, commodities, emerging markets, materials, Mining, semiconductors, technology | Chinese internet-related stocks and semiconductor stocks in South Korea and Taiwan benefited from euphoric sentiment towards artificial intelligence. Alibaba rallied on announcement of manufacturing its own chips as well as AI platform. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2024 Q2 | Nov 7, 2022 | WS Ruffer Total Return Fund | 0.0% | 0.0% | BABA, BP, PFE, ROG.SW | capital preservation, credit, duration, Multi-Asset, oil, Protection, risk management, Yen | Markets display dichotomy with 69% of fund managers considering Magnificent 7 most crowded trade while half expect large-cap US growth to lead higher. Positioning increasingly extreme with leverage involved creates dangerous combination given current valuations. | View | |
| 2023 Q4 | Nov 3, 2024 | WS Ruffer Total Return Fund | 0.0% | 0.0% | BABA, BP, NVDA, PFE, RHHBY | AI, Bonds, China, gold, inflation, liquidity, Multi-Asset, rates | AI-fuelled rally drove markets to new highs with Nvidia's earnings announcement causing a 16% single-day rally. The market jitters around a single company's earnings hints at an unstable trend that could surprise to the downside. | View | |
| 2024 Q3 | Oct 9, 2024 | East Capital | - | - | BABA | Asia, China, emerging markets, policy, rates, Stimulus | Chinese government announced broad coordinated policy response including bank reserve cuts, interest rate cuts, new capital market tools, and potential USD 140 billion cash injection. Market rally driven by short covering and retail investor optimism, with MSCI China returning 23.6% in the quarter. | View | |
| 2025 Q3 | Oct 8, 2025 | East Capital | - | - | 000660.KS, 300750.SZ, BABA, GOOGL, MSFT, NVDA, TSM | AI, China, emerging markets, frontier markets, rates, semiconductors, technology | AI boom continues to power market performance with hyperscalers increasing capital expenditure guidance significantly. Microsoft raised capex outlook from $85B to $100B while Google increased from $75B to $85B. Chinese companies like Alibaba offer competitive large language models and are investing heavily in AI cloud infrastructure with triple-digit growth in AI cloud revenues. | View | |
| 2025 Q3 | Oct 7, 2025 | Oldfield Partners Overstone Global Large Cap | 5.8% | 26.7% | 0001.HK, 005930.KS, BABA, CVE, DIS, EZJ.L, HEIA.AS, MT, SNY | AI, Bubble, Cloud, contrarian, global, semiconductors, value | Markets increasingly dominated by AI with extreme valuations reminiscent of dotcom bubble. Palantir trades at 100x revenue, OpenAI at 40x revenue. Risk of capital misallocation rising with companies like CoreWeave spending $20bn on capex against $5bn revenue. | CKHUY US BABA US 005930 KS |
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| 2025 Q3 | Oct 31, 2025 | Lazard Enhanced Opportunities Portfolio | - | - | AVAV, BABA, BE, GME, OPEN | AI, Convertibles, credit, rates, technology, volatility | AI companies drove strong performance in the tech-focused Nasdaq Composite Index during Q3, with investor enthusiasm for artificial intelligence being a key market driver. The portfolio benefited from AI-fueled stock performance, particularly through positions in Nebius Group and Bloom Energy complexes. | OPEN GME NBIS AVAV NBIS AVAV |
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| 2024 Q3 | Oct 31, 2024 | VGI Partners | 0.0% | 0.0% | 000660.KS, AMZN, BABA, GLEN.L, LSEG.L, META, TECK, TSM | Cloud, financials, global, Long/Short, materials, semiconductors, technology | SK Hynix and TSMC continue to benefit from large and growing spend on cloud computing and hardware by hyperscalers. Third quarter earnings confirmed spending on semiconductors continues unabated and is set for further growth in 2025. Both companies are viewed as undervalued versus their earnings growth potential. | View | |
| 2024 Q3 | Oct 31, 2024 | Prosper Global Macro | 1.9% | 0.0% | ADBE, BABA, C, CBK.DE, DIS, EOG, GOOGL, HIG, LLOY.L, NFLX, ROG.SW | equities, Fed policy, fixed income, Global Macro, inflation, Multi-Asset, Trump | View | ||
| 2025 Q3 | Oct 30, 2025 | Guinness China | - | 16.6% | 000333.SZ, 0005.HK, 002714.SZ, 0700.HK, 0981.HK, 1024.HK, 2899.HK, 300274.SZ, 300750.SZ, 600519.SS, BABA, BIDU | AI, China, growth, semiconductors, technology, value | China's onshore AI stocks have driven significant market gains but are viewed as significantly overvalued with 70-90% of valuations based on uncertain future cash flows. The manager avoids these names, comparing current valuations to the peak of China's COVID rally in early 2021. | View | |
| 2025 Q3 | Oct 30, 2025 | Guinness Global Innovators | - | 8.1% | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | View | |
| 2025 Q3 | Oct 3, 2025 | Smallvalue | 5.8% | - | 2RM.DE, BABA, SAN.MI | Europe, fundamentals, Gold Miners, long-term, small caps, value | Gold miners position rose 45.87% in Q3 and has more than doubled since inception, appreciating over 120%. However, margin of safety is gradually narrowing with some miners trading at demanding multiples. Manager expects strong Q4 earnings and will consider selling the ETF at year-end for attractive revaluation. | MAMA SLR RGG ORS |
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| 2025 Q3 | Oct 3, 2025 | Van Der Mandele Arar Fund | 9.8% | 15.6% | 000660.KS, 066570.KS, BABA, IMPP, JFIN, JXN, STLA, TCEHY | China, emerging markets, global, Gold Miners, Political Risk, small caps, value | Fund continues to reap extraordinary benefits from goldminer investments, though exited Orezone due to escalating nationalization risks in Burkina Faso despite attractive valuations below 2.5x forward P/E. Gold continues making new highs amid political uncertainty. | View | |
| 2025 Q3 | Oct 3, 2025 | Rathbones | - | - | 005930.KS, 0700.HK, AMZN, BABA, GOOGL, META, MSFT, TSM, UBER | AI, emerging markets, Europe, inflation, Politics, rates, technology | AI adoption by US tech companies is driving profit growth, with hyperscalers spending around $300bn this year on data center build-out. Investors scrutinize corporate AI adoption for productivity improvements, while the speed of AI penetration surpasses previous technological developments. Ultimate winners may be companies that best harness AI power, potentially not yet existing. | View | |
| 2025 Q3 | Oct 29, 2025 | Polen Capital – Emerging Markets Growth | 7.6% | 22.5% | 0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA | China, Electrification, emerging markets, growth, Quality, Taiwan, technology | CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments. | DNP HUGEL INP ACCT PROS CATL DNP HUGEL INP ACCT PROS CATL |
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| 2025 Q3 | Oct 28, 2025 | Baron Emerging Markets Fund | 10.9% | 31.5% | 002050.SZ, 0268.HK, 0700.HK, 1024.HK, 2308.TW, 300750.SZ, 601100.SS, 601865.SS, BABA, BEL.NS, BHARTIARTL.NS, GDS, INPST.L, MAXHEALTH.NS, PONY, SQM, SWIGGY.NS, TRENT.NS, TSM, XPEV | AI, China, Data centers, Electric Vehicles, emerging markets, India, semiconductors, technology | China is emerging as a major rival to the U.S. AI ecosystem, with Chinese companies leading in open-source large language models and achieving performance comparable to top U.S. models at lower computing costs. China possesses structural advantages including the world's largest digital population for training data, half the world's AI researchers, massive power capacity additions, and cost-effective infrastructure development. | View | |
| 2025 Q3 | Oct 28, 2025 | abrdn Emerging Markets Fund | 14.0% | 27.2% | 000333.SZ, 1810.HK, 2308.TW, 2330.TW, 267270.KS, 300750.SZ, 3690.HK, 3711.TW, 4904.TW, BABA, GFNORTEO.MX, GMEXICOB.MX, GODREJPROP.NS, HDFCBANK.NS, INDHOTEL.NS, INFY.NS, NTPC.NS, POWERGRID.NS, SBILIFE.NS, SLM.JO, TCS.NS | AI, China, emerging markets, Energy Transition, India, semiconductors, technology, Trade Policy | Chinese tech holdings, particularly AI-related names, rallied as investors anticipated benefits from wider AI trends supported by Beijing's localization drive. AI delivery has become critical to the US economy with the theme broadening across both sides of the Pacific. The fund maintains exposure to various sections of the AI supply chain from semiconductor manufacturing to data center-oriented names. | View | |
| 2025 Q3 | Oct 28, 2025 | Harris Associates International Equity Strategy | 4.1% | 26.7% | 035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW | Europe, fundamentals, growth, international, Quality, technology, valuation, value | Manager emphasizes investing in high-quality companies trading at attractive valuations below intrinsic value. Multiple positions initiated due to stocks trading at decade-low multiples despite solid fundamentals. | GLEN LN BABA GLEN LN BABA |
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| 2025 Q3 | Oct 24, 2025 | Pzena International Value ADR Strategy | 6.6% | 27.3% | 6367.T, 6762.T, 8795.T, AKE.PA, BABA, CON.DE, DTG.DE, INGA.AS, ML.PA, NWG.L, RXL.PA, TEP.PA | AI, Asia, Europe, financials, international, Recovery, value | The manager emphasizes investing in cheap company valuations when assessed against fundamentals, with portfolios weighted toward businesses in profit recovery mode. Recent uncertainty has created opportunities for long-term value investors. | ARK FP DTG GR 6762 JP BABA ARK FP DTG GR BABA |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill International | 6.5% | 23.6% | 8604.T, AEM, BABA, BEI.TO, BYG.L, FNV, HDB, HIK.L, ICLR, ITSA4.SA, KRN.DE, QURE, S68.SI, SDZ, TSM, WISE.L, WMMVY | AI, Buybacks, China, gold, international, Intrinsic Value, Japan, value | Chinese equities rallied on growing confidence that domestic producers are becoming less reliant on foreign suppliers in artificial intelligence. TSMC benefited from strong demand for advanced manufacturing tied to AI and high-performance computing. Alibaba is increasingly viewed as a leader in China's AI landscape with continued investment in AI and cloud. | HIK FRAN TSM |
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| 2025 Q3 | Oct 24, 2025 | Brandes International Equity Fund | 8.1% | 32.2% | 005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, international, Outperformance, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery. | SMC JP SMC JP |
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| 2025 Q3 | Oct 24, 2025 | American Century Emerging Markets Fund | 12.4% | - | 000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM | AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy | AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion and global electrification trends. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending. | 688008 CH 2308 TT 688008 CH 2308 TT |
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| 2025 Q3 | Oct 23, 2025 | JDP Capital | 12.8% | 31.8% | 0700.HK, BABA, CZR, LYV, META, NFLX, NOW, NVDA, SPOT, T, TSLA, V | AI, China, Electric Vehicles, growth, Long/Short, Sentiment, technology, value | The exponential part of the growth curve in AI adoption is still in front of us. Token costs have fallen 90% while usage increased 3,800% in 2025. The falling costs of compute and inference are unlocking possibilities for smaller companies to compete in areas once reserved for largest incumbents. | CZR TCEHY BABA 300750 CH SPOT |
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| 2025 Q3 | Oct 22, 2025 | First Eagle Global Fund | 8.9% | 24.9% | 7309.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, risk management, technology, value | AI spending continues to drive market performance with companies like Alphabet providing full-stack AI solutions and Oracle securing substantial cloud computing contracts with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China through partnerships with Nvidia and leading open-source models. | CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL |
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| 2025 Q3 | Oct 22, 2025 | WestEnd Capital | 3.9% | 13.2% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains exposure to AI leaders like Palantir and Snowflake while opening new positions in catch-up trades including AMD, Alibaba, and Baidu. The firm views AI as entering broad market adoption phase with rising demand across hardware and software infrastructure. | BIDU BABA SNOW AMD |
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| 2025 Q3 | Oct 21, 2025 | Crypto Native Capital | 10.6% | - | BABA, MSTR, VEON, YHOO | Bitcoin, Cash, crypto, Cycles, DATs, Defensive, Leverage | Bitcoin cycles are predictable with halvings every four years driving supply constraints and price appreciation. The fund expects this cycle to peak around 18 months post-halving (through year-end), with historical patterns suggesting a 50-65% correction is likely. Digital Asset Treasury companies represent dangerous late-cycle excess, using leverage disguised as innovation. | View | |
| 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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| 2024 Q3 | Oct 20, 2024 | Distillate Capital International | 0.0% | 10.9% | 000660.KS, 005930.KS, 6902.T, 9433.T, BABA, BTI, JD, PDD, RIO.L, TSM | Concentration, international, Quality, risk, valuation, value | The letter extensively discusses valuation risk in U.S. markets, comparing current conditions to the 2000 TMT bubble. The manager highlights that over 40% of the S&P 500 trades at NTM P/E ratios above 30x, while only 30% trades below 20x. International stocks now appear more attractive than U.S. stocks on a relative valuation basis after a long period of underperformance. | View | |
| 2024 Q3 | Oct 2, 2024 | JB Global Capital | 34.9% | 43.0% | BABA, NVDA | AI, China, E-Commerce, rates, technology, value | The fund believes they are witnessing a reflexive shift in narrative for Chinese equities that could start the next bull market. Chinese valuations are described as the most astonishing seen in an investment career, with blue chip companies trading at mid-single to low double digit P/Es despite strong fundamentals. The Chinese government has begun expansive monetary and fiscal reforms to combat economic crises. | BABA |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner Emerging Markets Equity | 11.6% | 24.4% | 005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA | AI, Automation, China, competition, E-Commerce, emerging markets, Travel | Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly. | 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 19, 2025 | Allspring Emerging Markets Equity Advantage Fund | - | - | 005490.KS, 005930.KS, 051600.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRESNILLO.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM | AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, technology | AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years. | 300750 CH 005930 KS BABA US |
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| 2025 Q3 | Oct 17, 2025 | Hosking Partners | 3.4% | 6.1% | 0700.HK, BABA, BAC, BTU, C, CFG, CRDA.L, DGE.L, FCX, HBAN, JEF, KWR, LXS.DE, LYB, NVDA, PNC, RCO.PA, RI.PA, SYNT.L, WFC | AI, broadening, Capital Cycle, China, Japan, Mining, small caps, value | The strategy sees speculative excess in AI with hyperscalers dramatically increasing capital bases for datacentres, creating a classic capital cycle with real risk of over-build. Nvidia represents 8% of S&P 500 and 5% of MSCI ACWI, creating alarming concentration. The AI bet must pay off given the weight in global indices. | SAGA LN FCX US |
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| 2025 Q3 | Oct 16, 2025 | Nightview Capital | - | - | AAPL, AMD, AMZN, BABA, NVDA, TSLA, TSM | AI, Automation, Autonomy, China, innovation, Robotics, semiconductors, technology | Global AI investment could exceed $1.5 trillion in 2025, driven by falling compute costs and expanding use cases. The infrastructure phase of AI is creating a multi-decade capital cycle analogous to electrification or highway systems. Cash flow from profitable incumbents is funding this expansion across healthcare, logistics, finance, and manufacturing. | TSLA US TSM US AMD US |
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| 2025 Q3 | Oct 16, 2025 | Peterson Investment Fund | 47.4% | 67.5% | BABA, GOOGL, NPN.L | China, Compounding, Concentration, Options, technology, value | Fund employs disciplined value investing philosophy, focusing on owning thriving businesses with proven leadership teams trading at discounts to their growing intrinsic values. Alibaba exemplifies their multi-year, value-based approach with asymmetric risk-reward profile purchased at attractive prices. | BABA |
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| 2025 Q3 | Oct 16, 2025 | Platinum International Fund | 9.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL | AI, China, healthcare, Outperformance, semiconductors, stock selection, technology | Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected. | TSM |
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| 2025 Q3 | Oct 16, 2025 | Platinum Global Fund (Long Only) | 10.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, FDS, GOOGL, ICE, INTC, IQV, IT, JNJ, LRCX, MU, NVDA, NVS, TSM, UL | AI, China, global, healthcare, semiconductors, technology | Investment plans for artificial intelligence expansion grew consistently over the quarter, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and while investment plans keep rising, so do reported and expected profits from the sector. The focus will be on earnings season with company management updating on profits earned and expected. | IQV UN |
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| 2025 Q3 | Oct 16, 2025 | Platinum Asia Fund | 12.0% | - | 000660.KS, 005930.KS, 034220.KS, 0700.HK, 1024.HK, 1109.HK, 1928.HK, 2318.HK, 271560.KS, 300750.SZ, ASII.JK, BABA, INDIGO.NS, JD, LODHA.NS, MAYO.JK, TCOM, TSM, ZTO | AI, Asia, China, Conglomerates, semiconductors, technology | The portfolio benefited from a renewed wave of AI enthusiasm, with the narrative moving beyond picks and shovels to understanding AI applications across the ecosystem. Chinese firms continue to innovate despite chip restrictions, developing domestic AI accelerators and efficient software solutions like DeepSeek's UE8M0 data format. This demonstrates China's strategy to remain competitive in AI, leading to significant re-rating of Chinese AI ecosystem players. | ASII IJ |
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| 2025 Q3 | Oct 15, 2025 | MacNicol & Associates Asset Management | - | - | AAPL, AMZN, BABA, BIDU, DAL, GIS, GOOGL, KHC, LYV, META, MSFT, NFLX, NVDA | AI, Concentration, gold, Passive, risk management, technology, Valuations | Artificial intelligence revolution is driving unprecedented market concentration, with Nvidia becoming the poster child at $4.53 trillion market cap. The company's GPUs power data centers, cloud computing, and generative AI models, including a landmark $100 billion OpenAI partnership. However, this dominance brings geopolitical risks from export restrictions and growing domestic competition. | View | |
| 2025 Q3 | Oct 14, 2025 | Pzena Investment Management | - | - | 005930.KS, AAPL, AMZN, BABA, BAX, BIDU, CHTR, GOOGL, LKQ, META, MSFT, NVDA, SCS, SHEL, SPB, TEP.PA, TSLA, TSM, WIZZ.L, WNS | AI, global, Outperformance, portfolios, small caps, value | Small caps trade near historic lows relative to large caps, creating an attractive long-term entry point after years of Magnificent Seven dominance. Despite superior fundamental returns over the past decade, small caps have been driven down by sentiment and multiple compression. History suggests extreme valuation gaps like today's have often been followed by multi-year periods of small-cap outperformance. | WIZZ SPB TPN BAX |
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| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua International Growth Fund | 5.2% | 19.0% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | Biotechnology, China, Fed policy, growth, international, tariffs, technology, Valuations | The resolution of Liberation Day tariffs through framework agreements with major trading partners reduced uncertainty, though establishing higher baseline tariffs. The U.S. reached deals with EU, Japan, and South Korea at 15% baseline tariffs, while negotiations with India failed resulting in 50% tariffs. | View | |
| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua Global Growth Fund | 6.8% | 17.2% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | AI, China, Cloud, growth, international, technology, Trade Policy, Valuations | The quarter saw significant resolution of trade disputes with the U.S. formalizing agreements with EU, Japan, and South Korea establishing higher baseline tariffs but removing punitive reciprocal rates. While these agreements provided market relief, tariff impacts are beginning to filter into economic data with businesses citing higher input costs. | BABA |
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| 2025 Q3 | Oct 10, 2025 | The Bristlemoon Global Fund | 5.0% | - | AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V | AI, global, Long/Short, Quality, semiconductors, software, technology | The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools. | PAR UN SNPS US GOOGL US ASML NA |
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| 2025 Q3 | Oct 10, 2025 | Thornburg International Equity Fund | 5.5% | 28.5% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | Bottom-up, Diversified, fundamentals, international, value | Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark Global Select Fund | 3.4% | 17.3% | BABA, CHTR, CNC, CNHI, DASTY, GOOGL, MOH, PRX | AI, Broadband, China, Cloud, Europe, global, technology, value | Alibaba benefited from rapid Chinese AI growth, with the company being one of the early investors in Chinese AI. The fund believes Alibaba can leverage its advanced AI capabilities and leading market position to unlock further value over time. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark International Fund | 3.9% | 26.3% | 035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW | Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value | Kering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth. | SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN |
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| 2025 Q3 | Oct 10, 2025 | Oakmark Global Fund | 4.1% | 15.2% | AMZN, BABA, CHTR, CNC, CNHI, CRM, DASTY, GOOGL, HEXAB.ST, KER.PA, MOH, STJ.L, TRGP | energy, Europe, global, healthcare, Luxury, technology, value | Kering was the top contributor during the quarter, rising in anticipation of new CEO leadership and Gucci's debut collection. While revenue trends remain negative, they are improving, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth. | View | |
| 2025 Q3 | Oct 10, 2025 | INN8 | - | - | 0700.HK, AAL.L, AMZN, ANG.JO, BABA, BWO.JO, CUR.JO, GFI, GOOGL, IMP.JO, INTC, MCG.JO, META, MSFT, NVDA, ORCL, PRX.JO, TECK | AI, China, global, gold, inflation, rates, tariffs, technology | The euphoria towards artificial intelligence is creating speculative market dynamics where AI spending announcements instantly reward companies with massive market cap increases. Companies like Nvidia, Alibaba, Meta, Microsoft, Alphabet, Amazon, and Oracle have seen their combined market capitalization boosted by about $1.8 trillion from AI investment pledges. While few companies show material returns on AI investments in their financials, investors continue piling into shares of companies spending big on data centers to position themselves as AI leaders. | View | |
| 2024 Q3 | Oct 10, 2024 | Skybound Wealth Management | 3.5% | 37.8% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | MDT HTHT 1211.HK BABA |
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| 2025 Q3 | Oct 1, 2025 | JB Global Capital | - | - | BABA, LULU | Athleisure, China, Concentration, E-Commerce, long-term, technology, value | The fund has heavily overweighted Chinese equities throughout 2023 and 2024 when market sentiment drove valuations far below reasonable levels relative to underlying earnings power. Sentiment around Chinese equities, particularly tech stocks, appears to be shifting driven by the precipitous fall of the U.S. dollar and technological breakthroughs being reported by Chinese businesses. The manager believes capital markets have priced in many geopolitical risks, creating opportunities for long-term investors willing to bear China risk. | LULU US BABA US |
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| 2024 Q4 | Jan 9, 2025 | Mountain Vista Wealth Management | - | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations | AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. | MDT HTHT 1211.HK BABA |
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| 2023 Q4 | Jan 9, 2024 | The Wolf of Harcourt Street | - | 34.3% | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL | AI, Bubble, China, Electric Vehicles, infrastructure, technology, Valuations | The dominant narrative driving markets is the transformative potential of artificial intelligence, leading to massive infrastructure investments by cloud computing leaders and enterprises developing large language models. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk of rapid deterioration if practical, monetizable end-uses don't materialize quickly enough. The manager owns AI infrastructure companies like ASML, Tokyo Electron, and Applied Materials, while also investing in Alibaba's Qwen LLM platform integrated with cloud infrastructure. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q4 | Jan 7, 2026 | Packer & Co | - | 21.5% | 0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS | AI, Asia, Cash, Defensive, energy, gold, value | The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. | CA FP |
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| 2024 Q4 | Jan 7, 2025 | Montaka Global Investments | - | - | AMZN, BABA, BX, CRM, FND, GOOGL, KD, KKR, MC.PA, MDB, META, MSFT, NOW, SPGI, SPOT, UNH | AI, Alternative Assets, Cloud, Concentration, Enterprise Software, growth, technology | AI represents a major structural transformation where the marginal cost of intelligence is rapidly approaching zero, catalyzing infusion into nearly all aspects of life and the economy. Montaka focuses on owning business advantages in AI rather than technologies, including economies of scale in compute delivery and embedded distribution channels. Enterprise deployments of AI applications are expected to accelerate meaningfully in 2025. | View | |
| 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 6, 2026 | JB Global Capital | -8.9% | 67.5% | AMZN, BABA, CLX, GOOGL, LULU, NKE, NVDA | AI, China, Concentration, consumer, technology, valuation, value | Manager deliberately avoids U.S. AI infrastructure stocks due to valuation concerns, drawing parallels to historical technology bubbles. Argues that obvious growth prospects are priced so aggressively that even excellent execution cannot generate adequate returns. Maintains AI exposure through Alibaba's cloud division at more reasonable valuations. Significant exposure through Alibaba position, which represents 43% of portfolio. Monitoring competitive pressures in Chinese quick commerce and margin compression from aggressive investments. Cloud revenue growing 34% year-over-year with AI-related products showing triple-digit growth. New position in Clorox at decade-low valuations following ERP implementation disaster. Company dominates essential categories with 61% of North American bleach market and generates 35%+ returns on invested capital. Temporary operational disruption creates opportunity in quality franchise. Core investment philosophy emphasizing valuation discipline over growth narratives. Seeking asymmetric risk/reward opportunities where temporary complexity obscures underlying business quality. Concentrated portfolio approach with deep research on handful of ideas. | CLX BABA |
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| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua Global Growth Fund | 4.2% | 22.1% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, China, growth, international, rates, semiconductors, Trade Policy, value | AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target. | View | |
| 2023 Q4 | Jan 5, 2024 | Sparrow Wealth Management | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, Long Term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 2025 Q4 | Jan 30, 2026 | Antipodes Global Value Fund | 0.0% | 0.0% | 005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE | consumer, financials, global, healthcare, industrials, materials, technology, value | Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled. | BMRI IJ 005380 KS HON IWG LN CRM META AMZN AMD GOOG MRK B BMRI IJ 005380 KS HON CRM AMZN 2423 HK TCEHY STM ASAIY AMD GOOG MRK B |
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| 2025 Q4 | Jan 29, 2026 | abrdn Emerging Markets Fund | 4.6% | 32.0% | 000660.KS, 005930.KS, 028260.KS, 0700.HK, 267270.KS, ADIB.AD, ALDAR.AD, ASX.TW, BABA, BBNI.JK, GMEXICOB.MX, KAP.L, MULT3.SA, RIO, TLKM.JK, TSM | AI, China, Copper, emerging markets, Memory, semiconductors, technology, Trade Policy | AI-driven tech rally continued in Taiwan, lifting local tech stocks at the epicenter of US AI infrastructure buildout. Memory chip producers benefited from confirmed chip shortages and price increases for DRAM and HBM chips. AI delivery has become a critical component of the US economy, with Beijing expected to build a rival AI ecosystem. Technology stocks rallied driven by semiconductors, specifically memory stocks, as confirmed chip shortages resulted in noticeable price increases for DRAM and HBM chips. This proved particularly beneficial for South Korean heavyweights and leading memory chip producers like SK Hynix and Samsung Electronics. China and Hong Kong were detractors as markets sold off amid softer growth and underwhelming government response. Despite deflation concerns, southbound flows have accelerated in 2025, suggesting greater risk appetite among Chinese investors that could drive a wealth effect supporting consumption. Trump's tariffs suggest goals of shifting manufacturing and raising revenue for tax cuts are prime. Market consensus sees a move towards breakdown in China-US trade, though pace and extent of decoupling remain uncertain. Trump has extended tariff pressure to India and Brazil, but agreements to reduce tariffs are expected. Copper miner Grupo Mexico rallied on rising copper demand driven by electrification and data center growth. The miner, with access to low-cost reserves, remains a long-term beneficiary. Copper and other minerals have gained from AI infrastructure development and energy transition. | View | |
| 2025 Q4 | Jan 29, 2026 | Pzena International Value ADR Strategy | 6.3% | 35.3% | 0027.HK, 2587.T, 6301.T, 6326.T, 6367.T, 6981.T, ABEV, ACN, BABA, BAYRY, CABK.MC, ML.PA, MT, NOK, PUB.PA, VALE | AI, cyclicals, financials, international, materials, value | International value equities benefited from easing trade tensions, improved investor risk appetite, and strong performance across European cyclical sectors. Financials, materials, and selected industrials drove returns as valuation gaps narrowed and earnings expectations improved. The manager continues to exploit market volatility and exaggerated disruption fears, particularly around artificial intelligence, to accumulate high quality international franchises at attractive prices. | VALE ACN 6326 JP |
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| 2023 Q4 | Jan 28, 2024 | Montaka Global Investments | - | - | 0700.HK, AMZN, BABA, BX, CG, CRM, GOOGL, KKR, LVMH.PA, META, MSFT, NOW, SPGI, SPOT, V | AI, Alternative Assets, compounders, Digital Marketing, Financial Services, global, Luxury, technology | Montaka sees AI winners across three dimensions: those that can distribute AI benefits to customers (Microsoft, ServiceNow, Salesforce, Spotify), those that employ AI in their operations (Meta, Alphabet), and those that sell compute and services for AI applications (Amazon, Microsoft, Alphabet). The firm believes large-scale AI rollouts have not yet begun despite early experimentation. | ^VIX SPGI KKR ABX MC.PA |
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| 2025 Q4 | Jan 27, 2026 | Diamond Hill International | 3.9% | 28.4% | 000660.KS, 005930.KS, BABA, EXO.MI, ICON, NWG.L | AI, Asia, Banking, defense, Europe, international, semiconductors, value | Strong performance driven by AI infrastructure demand, particularly in memory chips and foundry services. Taiwan's chip foundry and packaging industries saw robust growth with no signs of slowing in 2026. South Korean memory manufacturers benefited from capacity sold out through 2026 and increased demand for high-bandwidth memory used in data centers and AI applications. Military defense and adjacent firms performed well as governments moved toward greater strategic autonomy from the US, expanding confidence in the sectors' future growth prospects. European defense suppliers benefited from multi-year European rearmament trends. European banks were supported by cheap valuations, improved capital positions and a more normalized interest rate environment, helping drive strong stock performance for the year. UK banks like NatWest benefited from simplified operating models and strong capital return potential. | 000660 KS |
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| 2025 Q4 | Jan 27, 2026 | Baron Emerging Markets Fund | -1.3% | 30.1% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 300750.SZ, BABA, BAJFINANCE.NS, BAP, BEL.NS, BHARTIARTL.NS, HDFCBANK.NS, NU, RELIANCE.NS, SQM, TSM, ZLAB | AI, Banking, China, emerging markets, geopolitics, India, semiconductors, technology | The fund maintains significant exposure to AI-related investments, particularly through semiconductor companies like TSMC and SK hynix that benefit from AI chip demand. The manager discusses the ongoing AI data center arms race with $550 billion expected to be spent in 2026, while noting some concerns about sustainability of competitive advantages and funding environment. Strong focus on semiconductor investments across Taiwan, Korea, and China, with holdings in TSMC, Samsung Electronics, and SK hynix. The manager believes in long-term growth driven by AI, 5G, automotive, and IoT applications, while noting recent volatility around China semiconductor trade policies. The fund maintains exposure to Chinese technology and e-commerce companies despite fourth quarter volatility. The manager expects improved US-China trade relations and technology flow resumption, believing global investors underestimate China's emerging AI and technology ecosystem capabilities. Large overweight position in India despite flat performance in 2025. The manager believes India is poised for an earnings upgrade cycle supported by infrastructure spending recovery, tax relief, and GST 2.0 implementation, positioning for catch-up with other EM markets. Added positions in South African banks (Absa Group, FirstRand) and Latin American digital banking (Nu Holdings) based on favorable banking cycles, improving loan growth, and digital disruption opportunities in underbanked markets. Investments in sustainability themes including Korean shipbuilding companies (HD Korea Shipbuilding, HD Hyundai Heavy Industries) and energy storage (Contemporary Amperex Technology) that benefit from global decarbonization trends. | NU FSR SJ ABG SJ BABA 005930 KS 000660 KS TSM |
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| 2025 Q4 | Jan 27, 2026 | Polen Capital – International Growth | -2.5% | -0.5% | 0700.HK, 7974.T, 8035.T, ASML, BABA, LONN.SW, MELI, MNDY, SAP, SHL.DE, SHOP, TEP.PA | AI, E-Commerce, gaming, growth, international, Quality, semiconductors, underperformance | AI adoption is transforming the global economy and creating investment opportunities. Advanced chips sit at the epicenter of everything AI related, with ASML's equipment essential to printing advanced logic and volatile memory chips. Markets are attempting to price in these technological shifts, though the transition remains volatile. Semiconductor capital equipment companies continue to benefit from investor optimism around AI. Tokyo Electron benefits from rising demand for more chip volume and more complex chips, driving investment into chip fabrication plants. The company is expected to grow revenues at high single-digit rate while increasing operating margins from 25% to 35% in the medium term. E-commerce platforms face mixed dynamics with growth opportunities offset by competitive pressures. MercadoLibre continues to benefit from low e-commerce penetration in Latin America and maintains 35%+ topline growth in its 26th year. However, Alibaba's profitability in core e-commerce has been pressured by heavy investments to compete in food and grocery delivery. Nintendo's Switch 2 launch marks the beginning of a significant upgrade cycle with potential for elevated growth in both hardware and software over the coming five years. The overall Switch installed base could reach 250 million customers, nearly doubling the customer base capable of downloading gaming titles. The company is expected to grow earnings at 30% annualized for the next few years. The investment approach focuses on businesses with durable competitive advantages, strong returns on capital, and resilient earnings. Quality companies are expected to ultimately outperform the broader market despite current market preference for cyclically sensitive businesses. This quality-focused strategy is especially important when investors embrace risk and cyclicality. | View | |
| 2025 Q4 | Jan 26, 2026 | Harris Associates International Equity Strategy | 4.9% | 32.9% | 005930.KS, 6301.T, AZN, BABA, BAYRY, CNHI, DASTY, DSV.CO, EXO.MI, IMCD.AS, MBG.DE, NVS, SAND.ST, SDR.L, SKF-B.ST, SNY, SY1.DE, UL, WLN.PA | Chemicals, Europe, international, Logistics, Pharmaceuticals, semiconductors, value | The portfolio includes significant pharmaceutical investments including Bayer, AstraZeneca, and Sanofi. Bayer benefited from positive stroke drug trial results and potential Supreme Court hearing on RoundUp litigation. AstraZeneca was added as a new position due to its robust pipeline and attractive valuation following regulatory concerns. Sanofi was initiated based on strong R&D investment and pipeline potential despite vaccine market volatility. Samsung Electronics was a top contributor as earnings recovered due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup continues to improve under new management, positioning it as one of the world's leading semiconductor companies with a long runway for future growth. DSV was a top contributor during the quarter, delivering solid third-quarter results and accelerating the timeline for DB Schenker acquisition synergies. The freight forwarding business is viewed as high-growth and return-generative, benefiting from an asset-lite model with industry-leading management and profitability. IMCD and Symrise were added as new positions in the specialty chemicals space. IMCD is a global leader in marketing and distribution of specialty chemicals with significant pricing power and demand inelasticity. Symrise leads in flavors, fragrances, and specialty ingredients with renewed focus on profitability and cash flow showing early signs of operational inflection. The manager emphasizes value investing approach, noting that for more than a decade value investing in overseas markets witnessed U.S. growth stocks soar unsustainably. In 2025, they witnessed the unraveling of this paradigm as European equities fundamentals improved and valuation spreads began to narrow, benefiting their value-oriented strategy. | View | |
| 2025 Q4 | Jan 26, 2026 | First Eagle Global Fund | 5.4% | 31.6% | 005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS | AI, defense, Geopolitical, global, gold, Resilience, technology | Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues. | BA LN BABA META ORCL CHRW 005930 KS GOOG |
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| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
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| 2025 Q4 | Jan 23, 2026 | American Century Emerging Markets Fund | 5.8% | 35.3% | 000660.KS, 005930.KS, 0700.HK, 0939.HK, 1810.HK, BABA, BHARTIARTL.NS, HDFCBANK.NS, NTES, RELIANCE.NS, SUNPHARMA.NS, TSM | AI, Asia, emerging markets, Energy Transition, semiconductors, technology, Trade Policy | Strong technology-related performance supported gains as semiconductor names and other technology-related stocks benefited from robust AI spending and demand. Rising AI workloads have boosted demand for rechargeable batteries, and the firm believes several EM firms possess manufacturing leadership in this sector. Taiwan and South Korea remain essential to global chipmaking. SK Hynix was a top contributor as demand for AI-related memory remained high amid the generative-AI boom and surging data center investment, with quarterly results overwhelmingly powered by surging demand for AI components, especially high bandwidth memory. Many EM offer lower-cost, more readily available power that supports rapid data center build-outs. Rising AI workloads have boosted demand for data center infrastructure, with companies like Zhongji Innolight benefiting from strong demand in cloud computing and 5G infrastructure. U.S. tariffs and trade policy have not been as challenging for EM as investors expected, in part because many markets have adapted well. Some have negotiated more manageable tariff structures with the U.S., while others have focused on non-U.S. relationships. The path of global trade and U.S. policy remains uncertain going forward. HD Hyundai Electric benefited from demand for power transformers, switchgear and smart grid solutions, with U.S. infrastructure investment plans around AI data centers and grid upgrades supporting the stock. The company has been well positioned for global trends around electrification and sustainability. | View | |
| 2025 Q4 | Jan 23, 2026 | American Century International Growth Fund | 0.3% | 15.6% | 6758.T, 6954.T, 7532.T, AI.PA, AIR.PA, ASML, AZN, BABA, BVI.PA, GALDA.SW, GLE.PA, IBE.MC, RACE, REL.L, ROG.SW, SAP, SU.PA | AI, Automation, Europe, international, Japan, large cap, Pharmaceuticals | Artificial intelligence-related market uncertainty drove broad rotation into value and away from growth. While investment in data centers has created optimism, concerns persist about financing, supply chain and power constraints. Investors also continue to consider the impact of AI on traditional business models. Demand for AI-integrated processes and robotics has increased as businesses move to factory automation. Companies are poised to benefit from new applications in industries like agriculture. The fund initiated a position in FANUC, expecting revenue and earnings to accelerate as global automation demand grows. Companies in the pharmaceuticals industry have focused on new products in therapeutic areas with unmet needs, including cancer and skin conditions. These select companies with innovative product pipelines are positioned to benefit from an inflection in growth. The acceleration of digitalization is benefiting technology holdings exposed to cloud computing, automation, digital payments and IT services growth. Japan-based companies, in particular, are investing heavily to increase efficiency and profits as they seek to catch up with their international competitors. | View | |
| 2025 Q4 | Jan 23, 2026 | Alluvium Global Fund | -1.1% | -0.1% | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V | AI, Airlines, global, healthcare, technology, underperformance, value | The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies. | View | |
| 2025 Q4 | Jan 22, 2026 | ABS Global Investment | 0.0% | 0.0% | 0700.HK, 1810.HK, BABA, GME, HIMS | AI, Biotech, Decoupling, Global Markets, Mining, Rate Cuts, small caps, tariffs | AI stocks were among top performers despite high valuations, with momentum overcoming valuation concerns. Chinese DeepSeek caused temporary rotation but recovery was strong due to hyperscaler commitment to increased CAPEX spending. AI boom touched all regions with astronomical gains in memory chips and private LLM companies. Small cap performance varied by region with US Russell 2000 gaining 2.2% in Q4. Speculative stocks reversed significantly after strong Q3. European small caps showed value outperformance driven by lower rates and weakening dollar. Biotech sector gained 29% in Q4 with Russell 2000 Biotech up 75% since June. 2025 marked significant shift from US dominance to non-US strength driven by cheap valuations and tariff impacts. Tariffs triggered rally in domestic-oriented themes like European defense which gained over 100%. Emerging markets shrugged off tariff concerns with many top performers seeing limited impact from substantial tariff increases. Precious metals surge dominated Canadian small caps leading to best year since 2009 with MSCI Canada Small Cap up 54%. Mining stocks contributed two-thirds of index return and represent 43% of index heading into 2026. Australian mining also saw double-digit rally offsetting broad declines elsewhere. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Emerging Markets Growth Fund | 0.1% | 21.6% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY | AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology | AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum Asia Fund | 5.0% | 24.0% | 000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO | AI, Asia, China, Electric Vehicles, financials, semiconductors, technology | Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted. | PONY 3968 HK 2318 HK 005930 KS 000660 KS TSM |
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| 2025 Q4 | Jan 20, 2026 | Nightview Capital | 0.0% | 0.0% | AMZN, BABA, NITE, TSLA, TSM | AI, Autonomy, China, growth, long-term, Physical AI, semiconductors, technology | AI represents the biggest industrial technological revolution of the 21st century that will fundamentally shift global economic infrastructure. The manager believes AI will transition from screens to physical world applications, creating proprietary data advantages for companies with real-world operations. Progress has been meaningful but largely iterative, with the real boom expected when AI moves beyond LLMs into physical systems. Tesla exemplifies the transition to autonomy as a software business, with Full Self-Driving showing dramatic improvement over the past year. The manager has increasing conviction that Tesla will achieve full autonomy, viewing Tesla's data advantage as structural through every mile driven feeding a learning loop that competitors cannot replicate without similar scale. Amazon's retail operation is transitioning from investment phase to operating leverage, with AI-driven efficiencies falling to the bottom line. The company is improving inventory velocity, reducing costs, and enhancing customer experience while the market perception of low-margin retail remains outdated as scale and AI converge. The semiconductor cycle differs from historical patterns as high-performance computing now represents 60% of TSMC revenue versus 30% in 2018. Frontier logic tied to AI workloads is no longer cyclical demand but the base, with unprecedented capital expenditure underway requiring either sustained AI integration or material overbuilding. Alibaba investment reflects opportunity where fundamentals remain solid despite deeply negative market perception. The business remains central to China's economy with strong positions across e-commerce, cloud, logistics, and infrastructure, while valuation implies little long-term growth despite durable economics. Normalization of financial activity is occurring as the challenging environment from rapid interest rate rises beginning in 2022 adjusts. Trading volumes are increasing, deal pipelines are rebuilding, and pent-up demand is being released as conditions normalize and the yield curve moves toward normalization. Travel and leisure represent change-resistant parts of the economy rooted in deeply human experiences. As AI becomes more embedded in daily life, the desire for physical experiences will intensify, making real experiences more valuable in a world of increasing digital abstraction and fake content creation. | TSM BABA AMZN TSLA |
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| 2025 Q4 | Jan 20, 2026 | Polaris Global Equity | 7.0% | 26.8% | 000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL | AI, diversification, global, international, Outperformance, semiconductors, technology, value | AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure. | 267260 KS UTHR JAZZ CAP FP MKSI 000660 KS |
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| 2025 Q4 | Jan 20, 2026 | Polaris International Equity | 8.7% | 35.4% | 000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 267270.KS, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, BABA, BARN.SW, CAP.PA, DHL.DE, IAG.L, JAZZ, LIN, LTM, LUN.TO, MG.TO, ML.PA, NVS, NXT.L, VIPS, YAR.OL | Asia, diversification, Europe, industrials, international, Outperformance, technology, value | Memory chip suppliers SK Hynix and Samsung Electronics were top contributors as supply-demand constraints benefit memory manufacturers. The market expects memory price increases in 2026, further supporting performance of these Korean memory giants. AI demand drove strong performance in technology companies including Capgemini Group which benefited from cloud, data and AI demand. However, Alibaba faced profitability pressure due to significant AI spending despite revenue growth in its cloud division. HD Hyundai Electric capitalized on increased demand to expand and upgrade power infrastructure, completing construction of a new Korean power distribution equipment plant. European fiscal stimulus focused on defense and infrastructure spending supported regional performance. Yara International partnered with Air Products for low-carbon ammonia projects in the U.S. and Middle East, positioning toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. Chinese e-commerce companies showed mixed results with Alibaba reporting impressive quarterly revenues and growth in cloud division and one-hour delivery business, while facing profitability pressure from aggressive discounting in instant retail space. Lundin Mining announced record third-quarter revenues, profiting from higher realized copper prices in an advantageous supply-demand environment. The Canadian miner also struck a strategic deal involving Eagle Mine and Humboldt Mill. | JAZZ 7267 JP CAP FP 005930 KS 000660 KS |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Emerging Markets Equity | 3.7% | 29.1% | 000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX | AI, emerging markets, energy, Memory, nuclear, semiconductors, technology | AI-related stocks sustained the relentless rise of the EM index, with seven of the 10 largest contributors being AI-related and accounting for more than 40% of the index's 34% return. The surge reflects sharply accelerating capital investment into AI physical infrastructure, with hyperscalers repeatedly increasing capex plans. EMs are standout beneficiaries because significant portions of AI physical infrastructure are sourced from EM companies, especially Asia-based enterprises like TSMC. The AI boom is engendering structural changes in the memory market that should support higher and more consistent profitability. Three key developments are changing industry dynamics: growing demand for customized, high-value memory products like HBM; the need to surmount the memory wall for AI workloads; and increasing constraints on memory manufacturing capacity as more capacity is allocated to HBM production. The energy demands of AI data centers are staggering, with AI-specific servers using 53-76 terawatt-hours in 2024. This puts renewed attention on nuclear power advantages, which is both scalable enough to meet huge AI data center power requirements and carbon-emission free. Meta, Amazon, and Alphabet have announced plans to invest in nuclear energy, driving demand for uranium. | 688188 CH KAP LI 000660 KS 005930 KS |
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| 2023 Q4 | Jan 2, 2024 | JB Global Capital | 7.8% | 18.4% | BABA, GOOGL, STNE | AI, Brazil, China, Cloud, contrarian, E-Commerce, payments, value | Alibaba remains the world's largest third-party online and mobile commerce platform by GMV, with leading positions in retail e-commerce through Taobao and Tmall. The company has been expanding geographically into Southeast Asia, Europe, and the Middle East while investing in value-added services. | GOOGL STNE BABA |
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| 2024 Q4 | Jan 19, 2025 | Sharp Capital | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, Long Term, Private Capital, Public Companies, value | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 2025 Q4 | Jan 16, 2026 | Richie Capital Group | - | - | AAPL, AMZN, AZN, BABA, BHP, FMG, GOOGL, HD, IBE, LLY, META, MSFT, NFLX, NTDOY, NVDA, RHM, RIO, ROG, SK, SPOT, TCEHY, TM, TSM, XIAOF, XRO | AI, Data centers, emerging markets, geopolitics, rates, technology | The AI revolution is accelerating with technology companies pouring billions into data center construction. Investment in AI is surging but concerns exist that the relentless pace could trigger a sharp market correction. Growth is expected to be underpinned by ongoing AI integration across industries in 2026. | View | |
| 2025 Q4 | Jan 15, 2026 | M&G Investment | 0.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC | AI, geopolitics, Polarisation, Quality, semiconductors, technology, value | AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics. | View | |
| 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 | |
| 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 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 | |
| 2025 Q4 | Jan 13, 2026 | Oakmark Global Select Fund | 2.9% | 20.7% | BABA, BAYRY, CHTR, CNHI, GOOGL, IQV, MBG.DE, RHHBY, SNY | China, Europe, global, healthcare, Pharmaceuticals, technology, value | The fund is positioned in pharmaceutical companies with strong fundamentals and growth potential. Bayer benefited from positive drug trial results and potential Supreme Court review of litigation matters. Sanofi was added as a new position, featuring the blockbuster drug Dupixent and strong R&D pipeline despite being weighed down by vaccine market volatility and patent cliff concerns. The fund maintains exposure to Chinese e-commerce through Alibaba despite near-term headwinds. While the core e-commerce business performs well and cloud revenue growth accelerates, the company faces earnings pressure from Quick Commerce subsidies. The managers believe losses will reduce over time and see long-term positioning in Chinese AI as valuable. | SAN FP BABA BAYN GR |
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| 2025 Q4 | Jan 13, 2026 | Oakmark Global Fund | 5.2% | 21.2% | 005930.KS, BABA, CHTR, CNHI, DSV.CO, GM, IQV, IT, MBG.DE, MDLZ | consumer, global, healthcare, Performance, semiconductors, technology, value | Samsung Electronics was the top contributor as earnings staged a sharp recovery due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup has continued to improve under new management, positioning Samsung as one of the world's leading semiconductor companies with a long runway for future growth. Alibaba Group was the top detractor despite its core E-commerce business continuing to perform well and Cloud revenue growth accelerating. The company was negatively impacted by significant spending on subsidies to grow their Quick Commerce business, though losses are expected to be reduced over time. Mondelez International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The company possesses a unique global footprint that over-indexes to snacking occasions, benefiting from robust pricing power, low private label competition and rising per capita consumption. | MDLZ IT BABA 005930 KS |
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| 2025 Q4 | Jan 12, 2026 | QV Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, BABA, CAT, CNI, DG, FTT.TO, GOOGL, MU, NVDA, TPZ.TO, UNP | AI, commodities, Dollar, financials, gold, international, Market Concentration, value | AI narrative shifted from Magnificent 7 to hardware providers building data centers. Memory chip providers like Micron and Samsung surged 240% and 120% respectively. Industrial businesses like Caterpillar and Finning benefited from AI-related capital spending for power generation equipment. Gold prices rose 64% as global central banks bolstered reserves and investors sought store of value amid geopolitical concerns and US deficit levels. Precious metals had their best year since 1979, contributing significantly to Canadian market returns. European financials rose 65.7% in 2025 as positive interest rates re-ignited profitability. Canadian bank stocks rose 43.4% as falling rates caused yield curve steepening. Over five years, European financials returned 111.5% versus S&P 500's 82.3%. Manager emphasizes opportunities in defensive areas like healthcare and consumer staples trading at historically low multiples. European cyclicals and smaller cap companies globally trade at low earnings multiples with depressed margins, offering reasonable returns with conservative assumptions. Industrial metals moved to new highs following precious metals surge. Manager sees opportunity in companies that manufacture raw materials into value-added products and pass through cost increases. Commodities rising alongside capital expenditure and fiscal stimulus. | TPZ CN FTT CN DG 005930 KS |
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| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone Global Large Cap | 6.3% | 34.7% | 005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW | AI, diversification, global, Luxury, semiconductors, technology, value | AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. | View | |
| 2025 Q4 | Jan 11, 2026 | Thornburg International Equity Fund | 4.5% | 34.2% | 005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE | China, Europe, fundamentals, international, Japan, value | Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union. Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism during the fourth quarter. The U.S. Federal Reserve cut its target rate 25 basis points in December. The Bank of Japan lifted its rate a quarter point while the ECB stood pat, creating rate differentials that played out in currency markets. | View | |
| 2025 Q4 | Jan 11, 2026 | Thornburg Global Opportunities Fund | 6.5% | 41.1% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE | Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value | The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies. | View | |
| 2024 Q4 | Jan 1, 2025 | QuadCap Wealth Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. | BIDU BABA SNOW AMD |
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| 2024 Q3 | Sep 30, 2024 | Oakmark International Fund | 8.8% | 0.0% | 005930.KS, BABA, BAYRY, CFR.SW, DEO, FMS.DE, FR.PA, INF.L, RI.PA, RMS.PA, SAP, UHR.SW, WLN.PA | China, Europe, international, Luxury, Spirits, value | The fund holds positions in luxury goods companies including Kering, Richemont, and Swatch. Despite near-term challenges from weak macro developments in China affecting store traffic and new client recruitment, managers believe companies are making correct long-term decisions for brand health and see attractive upside potential. | RI.PA DGE.L KER.PA BABA |
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| 2024 Q3 | Sep 30, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 005930.KS, BABA, FI, GOOGL, MBG.DE, PRX.AS | China, financials, global, healthcare, semiconductors, technology | Alibaba Group was the top contributor during the quarter following announcement of a multipronged stimulus package by the Chinese government. Despite strong performance, the market is not fully pricing in the turnaround potential for the e-commerce business or other optionality the company possesses. | 005930.KS BABA |
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| 2024 Q3 | Sep 30, 2024 | Oakmark Global Fund | 7.5% | 0.0% | 005930.KS, 3739.T, AKZA.AS, BABA, BAYN.DE, CSCO, DEO, GOOGL, KER.PA, SAP, SJP.L, TPK.L | Coatings, financials, global, healthcare, Luxury, technology, value | Kering faced challenges as revenue trends deteriorated in the final weeks of Q2 2024, with store traffic hurt by lack of new client recruitment amplified by challenging macro environment, particularly in China. Despite new Gucci Creative Director's collections resonating with existing customers, the company issued weak guidance for remainder of 2024. | 9751.T DGE.L AKZA.AS KER.PA SJP.L |
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| 2024 Q3 | Sep 30, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000660.KS, 005930.KS, 009540.KS, 043370.KS, 0700.HK, 207940.KS, 300750.SZ, 3690.HK, 8069.TW, BABA, BHARTIARTL.NS, INPST, JMFINANCIL.NS, NUVAMA.NS, PDD, RELIANCE.NS, SBILIFE.NS, TRENT.NS, TSM, WMMVY | Biotechnology, China, E-Commerce, emerging markets, Energy Transition, Fed Easing, India, semiconductors | The fund holds major positions in Chinese e-commerce leaders Alibaba and Meituan, as well as Indian food delivery platform Swiggy. These companies benefit from growing online commerce penetration, improving profitability, and strong competitive positioning in their respective markets. | 131390.KS 207940.KS 300750.SZ 8069.TW 3690.HK TRENT.NS SWIGGY.NS 9988.HK |
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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 | |
| 2024 Q3 | Sep 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU | Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel | Vistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets. | AMZN MGM PGNY YOU SBH VST |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX | China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam | Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases. | View | |
| 2024 Q3 | Sep 30, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, BABA, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MCK, MU, RYAAY, THO, UMG.AS, V | active management, capital preservation, Concentrated Portfolio, Global Equities, long-term, Quality, Value Investing | The fund initiated a new position in Visa, recognizing the value of high-quality payment network businesses. Visa and Mastercard operate essential open-loop payment systems with insurmountable barriers to entry, benefiting from digital payment growth trends including e-commerce, mobile payments, and emerging market adoption. | LMT V |
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| 2024 Q3 | Sep 30, 2024 | American Century Emerging Markets Fund | 6.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 0939.HK, 1023.KL, 1211.HK, 2382.TW, 300750.SZ, 3231.TW, BABA, BAJAJ-AUTO.NS, ERJ, ICICIBANK.NS, SUNPHARMA.NS, TCOM, TSM | Banking, China, Electric Vehicles, emerging markets, India, semiconductors, Stimulus, technology | Chinese markets were volatile due to policy support expectations, but the September stimulus package eased concerns about economic growth and property markets. Policymakers announced monetary and fiscal measures demonstrating urgency to stabilize property and equity markets. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000333.SZ, 005930.KS, 0700.HK, 2313.HK, 600519.SS, BABA, BAJFINANCE.NS, BBRI.JK, BIDU, BZ, HDFCBANK.NS, M&M.NS, NU, SUZB3.SA, TATACOMM.NS, TRENT.NS, TSM, WALMEX.MX | China, emerging markets, Fintech, India, semiconductors, technology, value | Despite recent underperformance driven by near-term economic concerns, the manager remains encouraged by ongoing regulatory and financial easing cycles. China's authorities appear sensitive to market signals with enhanced expectations for more substantial support forthcoming. The manager sees no evidence in China's currency, bond market, or credit spreads that policymakers are losing control. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM MAHM.NS 600519.SS TATACOMM.NS SUZB3.SA 000700.HK 005930.KS AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2023 Q3 | Sep 30, 2023 | Vanguard International Value Fund | -5.4% | 6.3% | 005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS | Developed Markets, Diversified, emerging markets, international, value | The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices. | View | |
| 2023 Q3 | Sep 30, 2023 | WS Ruffer Total Return Fund | 0.0% | 0.0% | BABA, BP, C, COTY, EWBC, JXN, RYA.L | Bonds, capital preservation, global, Multi-Asset, rates, risk management | Fund positioned for falling interest rates by adding bond duration in recent months, taking advantage of compelling valuations with US ten year real yields reaching 2.5%. The November rally in fixed income was the largest contributor to returns as bonds experienced their best monthly return since 2008. | View | |
| 2023 Q4 | Aug 3, 2024 | Peterson Investment Fund | -3.5% | 21.7% | BABA, BRK-B, DJCO, EBAY, ORCL, T, XOM | Cloud, compounders, concentrated, dividends, E-Commerce, real estate, technology, value | Fund employs concentrated value investing approach targeting undervalued companies with exceptional growth prospects and strong management teams. Uses deep fundamental analysis and structured value purchasing methods to acquire shares below intrinsic value. | BABA DJCO |
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| 2023 Q2 | Jul 31, 2023 | Third Point Partners | 3.9% | 14.0% | AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG | activism, credit, Hedge Fund, Long/Short, Structured Credit | View | ||
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0700.HK, AAPL, AMZN, BABA, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. The portfolio bears little resemblance to benchmark indices as the team maintains their value-oriented approach in international markets. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 005930.KS, 009540.KS, 0700.HK, 4966.TW, BABA, BDO.PS, BHARTIARTL.NS, BKRKY, CUMMINSIND.NS, INDUSTOWER.NS, PDD, POWERGRID.NS, RELIANCE.NS, RENT3.SA, SRF.NS, SUZ.SA, TRENT.NS, TSM, WEGE3.SA, XP | AI, China, emerging markets, Fed policy, India, semiconductors, Valuations | AI enthusiasm has broadened from GPU/data center arms race to edge AI applications on servers, PCs, and handsets, driving demand for hardware replacement cycles. Many EM companies benefit from this transition, including semiconductor and hardware ecosystem players. The fund sees potential for market leadership changes as AI moves from training to inference phases. | 4966.TW WEGE3.SA SRF.NS CUMMINSIND.NS POWERGRID.NS 009540.KS 0700.HK TSM |
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| 2023 Q2 | Jul 25, 2023 | Diamond Hill International | 5.7% | 12.4% | 7974.T, ASHM.L, BABA, CS.TO, DNP.L, EPOKY, FERG.L, FFH.TO, FM.TO, FMX, SPOT, TCEHY, UHR | China, Copper, emerging markets, inflation, international, Mining, value | The fund initiated positions in two copper mining companies, First Quantum Minerals and Capstone Copper, anticipating meaningful long-term supply challenges in copper due to its heavy use in alternative energy sources. There has been a recent trend toward consolidation and M&A in the copper industry, and both companies could present attractive acquisition candidates for large mining companies seeking to increase their copper exposure. | CCS.TO AFM.TO FERG.L EPIA.ST DNP.WA ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2024 Q2 | Jul 23, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM | Concentration, Elections, fundamentals, international, Quality, value | The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach. | DHER ERF CUERVO PRX HDB TIGO |
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| 2024 Q2 | Jul 19, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AMZN, BABA, GLW, GOOGL, META, MSFT, NVDA, PRGO, QCOM, SWX | AI, China, healthcare, SMID Cap, technology, value | AI rally broadened beyond obvious players with Qualcomm gaining recognition for mobile AI capabilities and Corning benefiting from optical connectivity for Generative AI. While AI use cases appear endless, ROI on spending remains unclear, creating uncertainty about the duration of the ongoing capex boom. | PRGO BABA GLW QCOM |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO | Asia, Buybacks, China, concentrated, Europe, international, value | Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value. | 4613.T 1999.HK LXS.DE AC.PA APPS.MC |
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| 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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| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, AAPL, AMZN, BABA, BIDU, GOOGL, JD, META, MSFT, NTES, NVDA, TCOM, TSLA, TSM | AI, China, geopolitics, semiconductors, technology, valuation, Value Investing | The launch of ChatGPT has triggered massive speculation in technology stocks, particularly the Magnificent Seven companies. The manager discusses the potential disruption to Google's search business and the broader implications of artificial intelligence development, while expressing concern about current valuations and multiple expansion in the sector. | View | |
| 2024 Q2 | Jun 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, BABA, DHI, DIS, LSXMK, LYV, MGM, MSFT, QCOM, RIVN, SBH, USB, V, VST, YOU | Covered Calls, Hedging, large cap, Quality, risk management, technology, value | Strong earnings from large-cap technology companies, particularly AI-related names, drove major index returns higher in the quarter. Vistra Corp was identified as a likely beneficiary of the projected growth of power-hungry data centers, spurred by the rise of generative AI. Amazon's cloud-computing revenue growth accelerated, driven by the ramp of generative AI workloads. | AMZN RIVN VST USB DIS LSXMK |
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| 2023 Q2 | Jun 30, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2308.TW, 2330.TW, 2331.HK, 2454.HK, 300207.SZ, 601012.SS, BABA, BBDC4.SA, EMAAR.DU, EPAM, HDFCBANK.NS, ITUB4.SA, JD, MARUTI.NS, TCS.NS, WEG, XP | Brazil, China, Electrification, emerging markets, Energy Transition, financials, semiconductors | The manager views electrification as a transformative multi-decade opportunity, with emerging markets driving over 80% of electricity demand growth by 2030. They highlight three portfolio companies adapting their technical expertise to this new environment: WEG (electric motors), Delta Electronics (power supplies for EVs), and StarPower (semiconductor components for solar and EVs). | View | |
| 2023 Q2 | Jun 30, 2023 | Oakmark Global Fund | 7.5% | 0.0% | AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC | energy, global, insurance, Life Sciences, technology, value | The fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials. | IQV DHR CRBG |
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| 2023 Q2 | Jun 30, 2023 | Oakmark International Fund | 8.8% | 0.0% | 6098.T, BABA, BMRI.JK, BMW.DE | Asia, Autos, Banking, China, E-Commerce, Europe, international, value | BMW demonstrated strong performance with improved product mix, disciplined pricing, and premium positioning. The company is making excellent progress in electrification with battery-electric vehicles increasing 112% year-over-year to 11% of volumes, targeting 15% by 2023 and over 50% by 2030. | 6098.T BMRI.JK BABA BMW.DE |
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| 2023 Q1 | May 31, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM | Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value | EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM KSPI.L MARUTI.NS RENT3.SA |
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| 2023 Q1 | May 17, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AIG, AMD, BABA, BBWI, CL, CRM, CS, DHR, DIS, FIS, GLEN.L, GOOGL, LVMH.PA, MSFT, PCG, SHEL | activism, credit, Hedge Fund, Multi-Strategy, Structured Credit | View | ||
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0179.HK, 3405.T, 4182.T, 4368.T, 6302.T, 7988.T, ALV.ST, BABA, BAC, BIDU, BRE.DE, CCC.L, CSCO, D05.SI, FDX, FRE.DE, GOOGL, HUSQ-B.ST, IONS, JNJ, KBC.BR, MEGACPO.MX, ROG.SW, SKF, TFC, TREL.ST, TTE, TXGN.SW, U11.SI, USB, VRTX, WFC | Banking, China, energy, Europe, international, small caps, value | The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples with owner earnings yields of 7-8% or higher for new buys. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0179.HK, 3405.T, 4182.T, 4368.T, 6250.T, 6302.T, 7988.T, ALV.ST, BABA, BAC, BIDU, BRE.DE, CCC.L, CSCO, D05.SI, FDX, FRE.DE, GOOGL, HUSQ-B.ST, IONS, JNJ, KBC.BR, MEGACPO.MX, ROG.SW, SKF, TFC, TREL.ST, TTE, TXGN.SW, U11.SI, USB, VRTX, WFC | Banking, diversification, energy, international, Non-US, value | The fund emphasizes trading at significant discounts to intrinsic value estimates. Portfolio holdings generally trade at reasonably attractive weighted average valuation multiples. Owner earnings yields for new buys typically around 7-8% or higher. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BABA, BAC, BIDU, CSCO, D05.SI, FDX, GOOGL, IONS, JNJ, ROG.SW, SKF, TRU, TTE, UOB.SI, USB, VRTX, WFC | Banking, China, Europe, international, small caps, value | The manager emphasizes that price matters again in the current environment, with their funds positioned to take advantage of attractive valuations. They believe the reset in capital markets could favor value stocks over growth counterparts, with their portfolios trading at reasonably attractive weighted average valuation multiples. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | BABA, BAC, BAESY, BIDU, BRK-B, CSCO, DGE.L, FDX, GOOGL, JNJ, NESN.SW, NVS, RHHBY, SAF.PA, TFC, TTE, UL, USB, VRTX, WFC | Banking, dividends, international, Reset, value | The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples. The owner earnings yield for many new buys has typically been around 7-8% or higher. | View | |
| 2023 Q1 | Apr 20, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO | Asia, China, concentrated, Europe, international, Luxury, Travel, value | China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly. | KER.PA CFR.SW AC.PA TIGO |
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| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark Global Select Fund | 8.5% | 8.5% | AIG, AMZN, BABA, DEO, GOOGL, HLT, IQV, LLOY.L, MOH, PHM, SYY | AI, Banking, global, growth, healthcare, technology, undervalued, value | The fund focuses on undervalued securities trading at meaningful discounts to intrinsic value. Examples include Alphabet trading at just 15x next year's earnings estimate and Sysco purchased at a discount to peers and historical multiples. | SYY MOH GOOGL LLOY.L |
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| 2025 Q1 | Mar 31, 2025 | Distillate Capital International | 8.4% | 8.4% | 000660.KS, 1898.HK, 4063.T, ABEV, BABA, GFI, HEI.DE, HMY, HO.PA, JD, JD.L, NOVN.SW, P911.DE, ROG.SW, TFII, TSM | AI, international, Quality, tariffs, uncertainty, valuation | Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale of potential tariff impact on GDP is unprecedented, with complex follow-on effects including potential retaliation, supply chain disruption, and business investment uncertainty. | View | |
| 2025 Q1 | Mar 31, 2025 | Distillate Capital Small/Mid Cap Quality & Value | -9.3% | -9.3% | AAPL, ABBV, AMZN, BABA, CI, ELV, EPAM, GOOGL, JNJ, META, MSFT, NTAP, NVDA, ON, ORCL, PYPL, TMUS, TPG, TSLA, VTRS | AI, Leverage, Quality, small caps, tariffs, uncertainty, valuation, value | Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale exceeds even Smoot-Hawley tariffs and comes at a time when the economy was already showing signs of fragility. | View | |
| 2025 Q1 | Mar 31, 2025 | Artisan International Fund | 9.3% | 9.3% | 012450.KS, 0700.HK, 079550.KS, 1299.HK, 3690.HK, 7011.T, 7182.T, AI.PA, ARGX, BABA, DTEGY, S63.SI, SAF.PA, TME, UCB.BR, VNA.DE | China, defense, Europe, financials, tariffs, technology | Increased positions in defense companies like Hanwha Aerospace and LIG Nex1 to benefit from rising global tensions and shifting geopolitical alliances. European countries passed legislation and removed impediments to higher defense spending following President Trump's call for NATO members to raise defense spending to 5% of GDP. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Emerging Markets Equity | 1.3% | 1.3% | 005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC | AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy | China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation. | BAJAJ-AUTO.NS SUPREMEIND.NS |
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| 2025 Q1 | Mar 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LMR.TO, LMT, LYB, MCK, PAG1.L, RHI, RYAAY, THO, UMG.AS, V | global, healthcare, tariffs, technology, uncertainty, value | Trump's tariff policies are creating significant uncertainty across portfolio companies, with managers unable to make investment plans due to constantly changing directives. Canadian companies like Linamar are particularly exposed, while broader implications affect auto dealers, recreational vehicle producers, and other businesses with international supply chains. | THO RHI MCK BABA |
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| 2023 Q1 | Mar 31, 2023 | Third Point Partners | 3.9% | 14.0% | AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL | activism, credit, Equity, Hedge Fund, Multi-Strategy | View | ||
| 2024 Q4 | Jan 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LMT, LNR.TO, LYB, MA, MCK, RYAAY, THO, V | Airlines, Automotive, healthcare, payments, policy, technology, Trump, value | The fund maintains a value-oriented approach, seeking businesses trading below intrinsic value. The manager discusses the long-term performance divergence between growth and value stocks, noting that growth has outperformed value significantly over recent years but maintains their disciplined value philosophy regardless of market trends. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX | China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value | China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology. | View | |
| 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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| 2023 Q4 | Jan 24, 2024 | Distillate Capital International | 0.0% | 10.9% | 6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM | Concentration, free cash flow, international, Mega-caps, Quality, value | The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market. | View | |
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | 035420.KS, 1999.HK, 4612.T, AC.PA, BABA, CFR.SW, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB, GMAB, MLCO, PFD.L, PRX.AS, WHG | Asia, Buybacks, Casinos, China, Europe, Food, Hotels, value | Portfolio focused on high-quality businesses trading at single-digit normalized FCF multiples with strong pricing power. Management emphasizes P/V ratios in high-60s% and disciplined approach to buying discounted companies with margin of safety. | View | |
| 2023 Q4 | Jan 14, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, MU, NST.AX, RMS.AX, RYAAY, THO, UMG.AS, WBA | Cash, Consolidation, Cyclical, Diversified, global, Quality, value | Gold miners rebounded strongly as falling long-term interest rates reduced the opportunity cost of owning gold. Regis Resources gained 46.3% and Northern Star 32.0%, with Agnico Eagle also performing well at 18.6%. The fund completed its divestment of Northern Star after a 2.6-year holding period that returned 18.5%. | 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 |
|---|---|---|---|---|---|---|---|---|---|
| May 15, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | Cloud Computing | Bull | New York Stock Exchange | AI revenue, Alibaba, capex plan, Chinese cloud market, Cloud computing, Compute Demand Growth, custom silicon, MaaS, Pricing power, profitability | View Pitch |
| May 11, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | Internet Retail | Bull | New York Stock Exchange | AI Computing, Alibaba, cloud, e-commerce, Investment cycle, margin compression, Pricing Strategy, quick commerce, Revenue Growth, technology | View Pitch |
| May 6, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | Internet Services & Infrastructure | Bull | New York Stock Exchange | AI capex, Alibaba, cloud revenue, Competitive Advantage, efficiency, growth, infrastructure, investment, profitability, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | Peterson Investment Fund | Alibaba Group Holding Ltd | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | call options, China, Cloud computing, digital commerce, e-commerce, Emerging markets, Share Buybacks, technology conglomerate, value investing, VIE Structure | View Pitch |
| Apr 28, 2026 | Fund Letters | JB Global Capital | Alibaba Group Holding | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, capital allocation, China, Cloud computing, contrarian, e-commerce, Logistics, market share, Payments, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | The Wolf of Harcourt Street | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, digital infrastructure, e-commerce, LLM, regulatory support, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | PM Capital Global Companies Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, digital infrastructure, e-commerce, LLM, market share, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | TMR Long Short Opportunities | Alibaba Group Holding | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asia Infrastructure, cash flow generation, Chinese Technology, Cloud computing, Digital transformation, e-commerce, high-performance computing, regional expansion | View Pitch |
| Apr 28, 2026 | Fund Letters | Oakmark International Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, Corporate Restructuring, e-commerce, EBITA Multiple, Free Cash Flow, market share, Platform business, share repurchases, shareholder returns, valuation | View Pitch |
| Apr 28, 2026 | Fund Letters | Oakmark Global Select Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, e-commerce, Free Cash Flow, restructuring, share repurchase, technology, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | JB Global Capital | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI technologies, Automation, China, Cloud computing, Digital transformation, e-commerce, Free Cash Flow, market leader | View Pitch |
| Apr 27, 2026 | Fund Letters | LVS Advisory - Event Driven | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asian Infrastructure, Chinese Technology, Cloud computing, data centers, Digital transformation, e-commerce, regional expansion, semiconductors | View Pitch |
| Apr 27, 2026 | Fund Letters | African Lions Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asia Infrastructure, Chinese Technology, Cloud computing, data centers, Digital transformation, e-commerce, semiconductors | View Pitch |
| Apr 27, 2026 | Fund Letters | JB Global Capital | Alibaba Group Holding | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, conglomerate discount, e-commerce, IPO, Regulatory risk, restructuring, spin-off, Sum-of-Parts Valuation, technology | View Pitch |
| Apr 27, 2026 | Fund Letters | Hinde Group | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI infrastructure, Asia Technology, China AI Strategy, Chinese E-commerce, Cloud computing, Digital transformation, high-performance computing, regional expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Allspring Emerging Markets Equity Advantage Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | AI, China, cloud services, Consumer Internet, Digital transformation, e-commerce, quick commerce | View Pitch |
| Apr 13, 2026 | Fund Letters | First Eagle Global Fund | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI Models, China, Cloud computing, Digital transformation, e-commerce, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Alluvium Global Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NYSE | Artificial Intelligence, capital expenditure, China, Cloud computing, e-commerce, Government Relations, infrastructure, Technology Platforms | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, cash flow, China, e-commerce, Private Sector, Regulatory, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Peterson Investment Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | ADR, Artificial Intelligence, cash generation, China, Cloud computing, e-commerce, Regulatory Relief, Share Buybacks, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, e-commerce, Revenue Growth, share repurchase, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Packer & Co | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, Consumer Discretionary, e-commerce, growth, internet services, market leader, technology, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Harris Associates International Equity Strategy | Alibaba Group | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, China, Cloud computing, Consumer Discretionary, e-commerce, large language models, monetization, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | JDP Capital | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Ant Group, China, Chinese tech, e-commerce, Fintech, Investment Holdings, Sum-of-parts, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | O'Keefe Stevens Advisory, Inc | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, China, Cloud computing, e-commerce, Free Cash Flow, geopolitical risk, market share, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Contrarius Global Equity Fund | Alibaba | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, Diversified, e-commerce, Fintech, marketplace, technology platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Nightview Capital | Alibaba Group Holding | Communication Services | Interactive Media & Services | Bull | NYSE | China, Cloud computing, Digital Economy, e-commerce, Equity, Fintech, technology, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | JB Global Capital | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, e-commerce, growth, market leader, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Opal Capital | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asian Infrastructure, Chinese Technology, Cloud computing, data centers, Digital transformation, e-commerce, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Airlie Small Companies Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI infrastructure, Asia, Chinese Technology, Cloud computing, Digital transformation, e-commerce, high-performance computing, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Fortress - Caribbean Growth Fund | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asia, China, Cloud computing, data centers, Digital transformation, e-commerce, high-performance computing | View Pitch |
| Apr 13, 2026 | Fund Letters | MPD Partners | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI infrastructure, Asia, China, Cloud computing, custom semiconductors, Digital transformation, e-commerce, high-performance computing, regional expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Brookfield Asset Management | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asia, China, Cloud computing, custom semiconductors, data centers, Digital transformation, e-commerce, high-performance computing | View Pitch |
| Apr 13, 2026 | Fund Letters | GROW Funds | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, capital returns, China, Cloud computing, digital infrastructure, e-commerce, LLM, market share, platform, regulatory support | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark International Fund | Alibaba Group | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, Consumer Discretionary, e-commerce, retail, Stimulus, technology, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Select Fund | Alibaba Group | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, Consumer Discretionary, e-commerce, Equity, Stimulus, technology, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | JDP Capital | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | buybacks, cash-rich, China, Cloud computing, consumer, e-commerce, Stimulus, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | JB Global Capital | Alibaba Group Holdings | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, Asia, China, Cloud computing, e-commerce, growth, Share Buybacks, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Skybound Wealth Management | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI platform, capital returns, China, Cloud computing, digital infrastructure, e-commerce, LLM, market share, regulatory support | View Pitch |
| Apr 13, 2026 | Fund Letters | Mountain Vista Wealth Management | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, digital infrastructure, e-commerce, LLM, market leader, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | QuadCap wealth management | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI infrastructure, Asia, China, Cloud computing, Digital transformation, e-commerce, technology platform | View Pitch |
| Apr 11, 2026 | Fund Letters | JB Global Capital | Alibaba Group Holding Limited | Internet Retail | Internet & Direct Marketing Retail | Neutral | New York Stock Exchange | AI, capital allocation, China, Cloud computing, e-commerce, Free Cash Flow, Management Quality, quick commerce | View Pitch |
| Mar 29, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | Internet Retail | Bull | New York Stock Exchange | AI strategy, Alibaba, Chinese tech, Cloud computing, commerce data, e-commerce, long-term growth, market sentiment, regulatory environment, user base | View Pitch |
| Mar 21, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | E-commerce | Bull | New York Stock Exchange | AI-driven shopping, Alibaba, cloud services, divestitures, e-commerce, Lunar New Year, market share, quick commerce, Revenue Growth, technology | View Pitch |
| Mar 16, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | E-commerce | Bull | New York Stock Exchange | AI investment, Alibaba, cloud infrastructure, e-commerce, geopolitical tensions, long-term growth, market volatility, Pentagon list, Qwen AI platform, stock pullback | View Pitch |
| Mar 16, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | Internet Retail | Bull | New York Stock Exchange | AI investment, Alibaba, Cloud computing, competitive edge, geopolitical tensions, infrastructure, margin expansion, open-source strategy, oversold, valuation | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | Alibaba Group Holding Limited | Consumer Discretionary | Broadline Retail | Bull | New York Stock Exchange | AI, CapEx, China, cloud, data centers, Digitalization, ecommerce, infrastructure, investment | View Pitch |
| Feb 21, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | Alibaba Group Holding Ltd | Consumer Discretionary | E-Commerce | Bull | New York Stock Exchange | AI, cloud, ecommerce, Investment cycle, scale | View Pitch |
| Feb 4, 2026 | Twitter / X | @Investors___X | Alibaba Group Holding Limited | Internet & Direct Marketing Retail | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | Alipay, China, Compliance, conglomerate, Fintech, Insurance, IPO, Lending, Optionality, Payments, Regulation, Sum-of-parts, valuation, Wealth | View Pitch |
| Jan 29, 2026 | Fund Letters | Michael Kass | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | New York Stock Exchange | AI, China, cloud, ecommerce, Platforms | View Pitch |
| Jan 28, 2026 | Fund Letters | Julien Albertini | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bear | New York Stock Exchange | AI, capital returns, China, cloud, ecommerce | View Pitch |
| Jan 28, 2026 | Fund Letters | David Herro | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bear | New York Stock Exchange | AI, China, cloud, ecommerce, Investment cycle | View Pitch |
| Jan 28, 2026 | Fund Letters | Thomas Küpfer | Alibaba Group Holding Ltd | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | capital returns, China, cloud, ecommerce, Regulation | View Pitch |
| Jan 27, 2026 | Fund Letters | Alison Shimada | Alibaba Group Holding Ltd | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | New York Stock Exchange | China, cloud, Consumption, ecommerce, monetization | View Pitch |
| Jan 27, 2026 | Fund Letters | Jeremy Deal | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | AI, buybacks, cloud, ecommerce, restructuring | View Pitch |
| Jan 27, 2026 | Fund Letters | William C. Nygren | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | New York Stock Exchange | AI, cloud, ecommerce, Margins, Subsidies | View Pitch |
| Jan 27, 2026 | Fund Letters | David G. Herro | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | New York Stock Exchange | AI, cloud, ecommerce, Margins, Subsidies | View Pitch |
| Jan 27, 2026 | Fund Letters | Jack Beiro | Alibaba Group Holding Ltd | Consumer Discretionary | Internet Retail | Bull | New York Stock Exchange | AI, cashflow, cloud, ecommerce, valuation | View Pitch |
| Jan 23, 2026 | Fund Letters | Arne Alsin | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | New York Stock Exchange | China, ecommerce, Platforms, Sentiment, valuation | View Pitch |
| Jan 16, 2026 | Value Investors Club | miser861 | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | China SOTP, Ads flywheel, Cloud inflection, GenAI inference lever, Net-cash buybacks. | View Pitch |
| Jan 12, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Technology | Internet Retail | Bull | New York Stock Exchange | AI investment, Alibaba, buybacks, competitive resilience, e-commerce, investor expectations, management strategy, market share, quick commerce, regulatory intervention | View Pitch |
| Jan 11, 2026 | Seeking Alpha | Seeking Alpha | Alibaba Group Holding Limited | Technology | Cloud Computing | Bull | New York Stock Exchange | AI infrastructure, Alibaba, Chinese Technology, Cloud computing, e-commerce, H200 GPUs, NVIDIA, Revenue Growth, U.S. Government Clearance, valuation gap | View Pitch |
| Jan 8, 2026 | Fund Letters | Jeremy Deal | Alibaba Group Holding Limited | Consumer Discretionary | Distributors | Bull | New York Stock Exchange | Ant Group, China, investments, Sum-of-the-Parts, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | David Herro | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | buybacks, China, cloud, ecommerce, Regulation, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Damian Bird | Alibaba Group Holding Limited | Consumer Discretionary | Broadline Retail | Bear | New York Stock Exchange | China, cloud, Competition, ecommerce, Reinvestment | View Pitch |
| Jan 8, 2026 | Fund Letters | Matthew Peterson | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | buybacks, China, cloud, ecommerce, Regulation, valuation | View Pitch |
| Jan 8, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Cloud Computing | Cloud Computing | Bull | New York Stock Exchange | AI technologies, Alibaba Cloud, China cloud market, cloud infrastructure, competitive dynamics, data sovereignty, full-stack offerings, growth potential, market share, regulatory barriers | View Pitch |
| Jan 8, 2026 | Substack | Coughlin Capital | Alibaba Group | E-commerce and Cloud Computing | E-commerce and Cloud Computing | Bull | New York Stock Exchange | AI-related revenue, Alibaba Group, Ant Group, Cainiao logistics, China market, Cloud computing, e-commerce, geopolitical risks, Share Buyback, valuation | View Pitch |
| Jan 8, 2026 | Substack | Coughlin Capital | Alibaba Group Holding Limited | E-commerce | Bull | New York Stock Exchange | AI revenue, Alibaba, Chinese Equities, Cloud computing, geopolitical tailwind, Lunar New Year, multi-year re-rating, tariff reduction, tax-loss selling, valuation | View Pitch | |
| Dec 6, 2025 | Fund Letters | Julien Albertini | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | AI, buybacks, China, cloud, ecommerce | View Pitch |
| Dec 6, 2025 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | Alibaba, buybacks, China, consumer spending, dividends, e-commerce, economic stimulus, equity market, PBoC, policy support | View Pitch | |
| Dec 3, 2025 | Fund Letters | Stuart Pearce | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | buybacks, China, cloud, diversification, e-commerce | View Pitch |
| Nov 29, 2025 | Fund Letters | Jesse Flores | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | AI, China, cloud, e-commerce, growth, Value | View Pitch | |
| Nov 29, 2025 | Fund Letters | Matthew Peterson | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, compounding, e-commerce, Options, technology, value investing | View Pitch |
| Nov 29, 2025 | Fund Letters | Cornelius Zeeman | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, China, cloud, e-commerce, growth, profitability, recovery, retail, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | David Herro | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, China, cloud, e-commerce, growth, technology, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Julien Albertini | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, cloud, dividends, e-commerce, Partnerships, rerating | View Pitch |
| Nov 29, 2025 | Fund Letters | Olivia Treharne | Alibaba Group Holding Ltd. | Consumer Discretionary | E-Commerce | Bull | NYSE | AI, China, cloud, Digital, e-commerce, growth, Regulation, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Rakesh Bordia | Alibaba Group Holding Ltd. | Consumer Discretionary | E-Commerce | Bull | NYSE | AI, China, cloud, Consumption, e-commerce, growth, restructuring, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | David Herro | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, China, cloud, e-commerce, growth, technology, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Julien Albertini | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, cloud, dividends, e-commerce, Partnerships, rerating | View Pitch |
| Nov 28, 2025 | Fund Letters | Olivia Treharne | Alibaba Group Holding Ltd. | Consumer Discretionary | E-Commerce | Bull | NYSE | AI, China, cloud, Digital, e-commerce, growth, Regulation, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Rakesh Bordia | Alibaba Group Holding Ltd. | Consumer Discretionary | E-Commerce | Bull | NYSE | AI, China, cloud, Consumption, e-commerce, growth, restructuring, valuation | View Pitch |
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Alibaba Group Holding Limited | Internet Retail | Bull | AI, Alibaba, China, Cloud computing, competitive position, e-commerce, growth potential, national agenda, organizational transformation | View Pitch | ||
| Oct 29, 2025 | Seeking Alpha | Seeking Alpha | Alibaba Group Holding Limited | Internet Retail | Bull | Alibaba Group, cloud services, e-commerce, investment opportunity, large language models, market recognition, share price increase, technological advancements, undervalued | View Pitch | ||
| Oct 23, 2025 | Value Investors Club | pcm983 | Alibaba Group Holding Ltd. | Consumer Discretionary | Interactive Media & Services / E-commerce Platforms | Bear | NYSE | China sanctions, Decoupling, Geopolitical hedge, tariffs | View Pitch |
| Oct 11, 2025 | Seeking Alpha | Seeking Alpha | Alibaba Group Holding Limited | Internet Retail | Neutral | AI growth, Alibaba, Chinese market, Cloud computing, e-commerce, geopolitical risks, international expansion, Market Saturation, profitability, valuation | View Pitch | ||
| Sep 25, 2025 | Seeking Alpha | Seeking Alpha | Alibaba Group Holding Limited | Internet Retail | Bull | AI, Alibaba, cloud infrastructure, Cloud Intelligence Group, e-commerce, investment strategy, market competition, Qwen3-Max-Preview, Revenue Growth, stock valuation | View Pitch | ||
| Sep 1, 2025 | Substack | Coughlin Capital | Alibaba Group Holding Limited | Consumer Cyclical | Internet Retail | Bull | AI chips, AI growth, Alibaba, Cloud computing, e-commerce, International commerce, market leadership, profitability, Revenue Growth, Technological innovation | View Pitch | |
| Aug 13, 2025 | Seeking Alpha | Arda Solmaz | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Envision Research | Alibaba Group Holding Limited | Other | - | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Daniel Jones | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | VanEck | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Hawkinvest | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | JR Research | Alibaba Group Holding Limited | Consumer Discretionary | Internet Retail | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Oakoff Investments | Alibaba Group | Consumer Discretionary | Internet Retail | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Seeking Alpha | Alibaba Group Holding Limited | Internet Retail | Neutral | — | 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. | ||||||||