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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 10, 2026 | Wasatch Frontier Emerging Small Countries Strategy | 0.0% | 0.0% | BCG.L, DSY.JO, FN, FRT.HM, MELI, SE | Dollar, E-Commerce, emerging markets, frontier markets, Latin America, Quality, underperformance, Vietnam | Multiple portfolio holdings operate in e-commerce including Sea Ltd.'s Shopee platform, MercadoLibre as Latin America's largest marketplace, and the broader digital transformation occurring in frontier markets. Competition pressures are impacting margins but long-term growth opportunities remain strong. The dollar's weakening in 2025 benefited frontier emerging market stocks that had been hardest hit by prior dollar strength. Countries like Pakistan, Egypt and Colombia experienced dramatic comebacks of 50-100%+ as currency pressures eased and equity valuations recovered from beaten-up levels. Fabrinet is benefiting from increased demand as data centers upgrade networks to handle complex AI workloads, while Baltic Classifieds faces potential disruption from AI agents that could bypass classified portals. AI represents both opportunity and threat across the portfolio. | FN FRT VN DSY SJ MELI BCG LN SE |
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| 2025 Q4 | Jan 16, 2026 | Ennismore Global Equity Fund | -4.1% | 4.0% | 3994.T, ACP.WA, AUTO.L, BCG.L, FORTY.TA, PDX.ST, PRJ.WA, SPX.L, STC.L, WISE.L | AI, Classifieds, disruption, global, Long/Short, small caps, technology | The year's dominant theme has been physical vs. digital, with AI disruption fears broadening beyond obvious early casualties to wider sectors including software, digital advertising, and business information. The manager provides extensive analysis of AI disruption risks to classified platforms, concluding that while the bear case is coherent, it overstates key dynamics and underestimates structural barriers protecting incumbents. The fund holds eight long positions in classifieds representing 11% of NAV. Share prices are down 30-50% over six months as the market prices in AI disruption risks. The manager argues the bear case is substantially wrong, citing verified inventory advantages, multi-sided lock-in effects, and partnership rather than displacement as the natural structure. Watson Marlow experienced a Covid-driven boom-bust cycle followed by multi-year inventory unwind that stabilized in 2025. Destocking has ended across the sector with companies like Sartorius Stedim, Danaher, and Merck reporting solid growth. The manager estimates biopharma sales could grow 30% in 2026. | BCG LN AUTO LN SPI LN PDX SS WISE LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||