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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 7, 2026 | ByteTree Asset Management | 0.0% | 0.0% | BARRY.SW, BHMG.L, BRWM.L, DEO, NESN.SW, PHP.L, RCP.L | commodities, diversification, Dollar, global, gold, Japan, Quality, value | Gold beat all major equity markets in 2025, driven primarily by geopolitical concerns and record purchases by the People's Bank of China seeking neutral reserve assets. The Whisky Portfolio held significant exposure to gold mining stocks and silver, which was reduced from 38% in October to 20.6% as precious metals enter a more volatile phase. The manager emphasizes finding value across countries, asset classes, and sectors, focusing on deep value opportunities. GMO forecasts favor deep value investing, especially in small-caps in Japan and emerging markets. The approach consistently seeks opportunities backed by fundamental value rather than following momentum. The dollar had a weak year in 2025, with the Euro rising 13.4%, Pound 7.6%, and Renminbi 4.4% against it. This weak dollar was a tailwind for stockmarkets and particularly beneficial for gold prices, while Bitcoin fell despite normally being inversely sensitive to dollar strength. Japan remains a high-conviction overweight position. The normalisation of the bond market with a cheap currency should lead to strong long-term performance. Japanese equities have been the worst place to invest since 1990, and this should change as yields rise at the fastest pace in years. The manager is focused on broadening exposure to industrial metals and eventually other commodities including energy and agriculture. Commodities tend to move as a group, and this cycle is expected to be no different. The BlackRock Mining Trust returned 67% as mining stocks had their best run since 2016. The ByteTree Quality Portfolio focuses on the highest quality companies with very high conviction in their future performance that could reasonably be held for decades. The discipline of what not to invest in is just as important as what to invest in, especially given current market valuations. | View | |
| 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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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