Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 7270 JP, 7832 JP, APTV, BIDU, COF, CVS, DTG, DVA, ELE SW, INTC, JD, STLA, TDC | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Contrarius Global Equity Fund | -6.7% | -13.4% | BIDU, JD | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ACATIS Investment | -5.5% | -5.5% | 2413 JP, 3458 JP, 4088 JP, 4755 JP, 6920 JP, 8113 JP, ADI, BIDU, BN, BNTX, ELIS FP, HNR1 GR, INTU, LEMN SW, MC FP, META, NDA GR, NVO, SPGI, SWKS, SY1 GR, UBER | Artificial Intelligence, Data centers, Energy Infrastructure, Pricing Power, semiconductors | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. | UBER SPGI BN BIDU 8113 JP 4755 JP 6920 JP SWKS ELIS FP HNR1 GR |
View |
| 2025 Q3 | Nov 5, 2025 | Horos Asset Management | 10.7% | 23.7% | 86.HK, ALNT SM, AMG, BIDU, PLX NA, PYPL, SOP FP, XPRO | Artificial Intelligence, Bubble risk, Capital Cycle, Energy Demand, Tech Valuations | The commentary details unprecedented AI-related capital expenditure and speculative valuations reminiscent of the dot-com bubble. Massive infrastructure investments by major tech companies raise concerns about capital efficiency, energy demand, and systemic risk. Horos remains cautious, avoiding AI-driven exuberance and favoring undervalued international and Iberian equities with strong balance sheets. | View | |
| 2025 Q3 | Oct 22, 2025 | WestEnd Capital | 3.9% | 13.2% | AMD, BABA, BIDU, SNOW | Artificial Intelligence Infrastructure, Enterprise AI, Global Technology Platforms, Mega-Cap Leadership, Semiconductor Competition | Equity markets rallied with leadership concentrated in profitable mega-cap technology firms exhibiting superior ROE and margin profiles relative to prior concentration cycles :contentReference[oaicite:3]{index=3}. WestEnd broadened its AI exposure to catch-up trades such as AMD, Alibaba, and Baidu while maintaining core positions in hyperscalers and enterprise data platforms like Snowflake. The portfolio balances Technology dominance with Industrials and International diversification, focusing on durable AI infrastructure, autonomous systems, and global digital transformation. | BIDU BABA SNOW AMD |
View |
| 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 |
View |
| 2025 Q4 | Jan 15, 2026 | Contrarius Global Equity Fund | 6.5% | 54.4% | 000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW | AI, contrarian, disruption, global, Satellites, Space, technology, value | The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries. | SATS |
View |
| 2022 Q3 | Sep 30, 2022 | Baron Emerging Markets Fund | 9.0% | 16.2% | 002271 CH, 002747 CH, BAF IN, BHARTI IN, BIDU, CPNG, TCEHY, TSM | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ariel Global Fund | 6.9% | 0.0% | BIDU, LESL, MSGE, SRCL | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Baron Emerging Markets Fund | 9.0% | 16.2% | 047810 KS, 1299 HK, BAP, BIDU, GLEN LN, TCEHY | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel International Fund | 7.6% | 0.0% | 4FN GR, AD NA, BC94 LN, BIDU, DB1 GR, DSN0 GR, FME GR, FUH0 GR, KB, ML SW, O2D GR, WIZZ LN | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel Global Fund | 6.9% | 0.0% | BIDU, BMY, CNH, DSN0 GR, FUH0 GR, INTC, KB, O2D GR, TFC, VZ, WIZZ LN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Toff Cap Monday Monitor | Baidu | Technology | Artificial Intelligence | Bull | NASDAQ Stock Market | AI-chip, Artificial Intelligence, Baidu, investment opportunity, Kunlunxin Technology, market profile, spin-off, technology sector | View Pitch |
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | Baidu, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, cash generation, China Tech, patents, search market share, valuation discount | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | Baidu, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Autonomous, China, cloud, Commercialization, innovation, mobility, robotics, scale | 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. | ||||||||