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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 25, 2025 | Saltlight Capital | 24.5% | - | 0700.HK, BAM, BIDU, BLU.JO, GOOGL, NVDA, RBLX, UBER | AI, Data centers, infrastructure, Long/Short, Multi-Geography, private credit, semiconductors, technology | AI is viewed as a multi-decade technology epoch spanning 40-60 years, currently in the installation phase marked by significant capital expenditure. The manager sees AI as capital-intensive, with $300-400 billion projected spending this year, building strategic positions for future robotics and physical AI applications. | GOOGL |
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| 2025 Q2 | Jul 30, 2025 | Rozendal Partners | - | 23.0% | AFM.L, AST.JO, B4B.DE, BLU.JO, CCOLA.IS, COH.JO, HCI.JO, HL.L, KSPI.L, MTN.JO, NE, NPK.JO, OCE.JO, PRX.AS, SESG.PA, WINE.L | defense, emerging markets, global, Mining, Satellites, tariffs, Turkey, value | Completed investment cycle in three Turkish companies (Migros, Sabanci, Coca Cola Icecek) during hyperinflationary period. Turkey's unorthodox monetary policy created opportunities as negative real interest rates drove consumption boom. Exited positions as valuations reached fair value and real interest rates turned positive. | View | |
| 2023 Q2 | Jun 30, 2023 | Rozendal Partners | - | 13.5% | B4B.DE, BLU.JO, BUR.L, CCO, GEMD.L, HCI.JO, HOLD.IS, MCF.L, MDC.L, META, OCE.JO, PPC.JO, RCL.JO, SDRY.L, SUR.JO, TBS.JO | global, Litigation, South Africa, takeovers, technology, uranium, value | Rozendal invests in litigation funding through RLF, comparing the field to private equity in the 1980s with vast untapped market potential. They have committed 3% of hedge fund assets to litigation funding across five direct matters and two class action suits in South Africa. | View | |
| 2025 Q1 | May 26, 2025 | Saltlight Capital | 2.7% | 2.7% | AAPL, AMZN, BLU.JO, CPI.JO, MELI, NVDA, SE | AI, China, E-Commerce, Fintech, gaming, growth, Southeast Asia, technology | Manager maintains strong conviction that AI is a transformative multi-decade opportunity, with intelligence being embedded in all software applications. Focus on AI agents driving productivity gains and higher API usage for cloud providers. NVIDIA's Blackwell series offers 30-fold improvement in inference performance, likely to reignite enthusiasm. | BLU.JO SE NVDA |
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| 2024 Q1 | May 21, 2024 | Saltlight Capital | 15.6% | 35.6% | 0700.HK, APP, BLU.JO, DO, META, NVDA, PDD, PRX.AS, TCP.JO, TDW.TO, WBC.JO | AI, Buybacks, China, Oil Services, Self-healing, South Africa, Spin-Offs, value | Manager sold AI infrastructure investments due to high valuations despite validating the thesis. Concerns about narrow predictions required by high multiples and wide distribution of outcomes. AI expected to enhance advertising opportunities for Tencent through improved video engagement and ad targeting. | JSEBLU JSETCP 700.HK |
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| 2025 Q4 | Mar 4, 2026 | Saltlight Capital | - | 30.8% | AMD, AMZN, ASML, BLU.JO, CCL.JO, GOOGL, INTC, MELI, MSFT, NVDA, SE, TSM | AI, global, growth, semiconductors, software, technology | AI represents a general-purpose technological revolution with multi-decade second-order effects across industries, labor markets, and national competitiveness. The manager views AI as creating opportunities through enabling constraints and compounding downstream optionality, while complexity causes market participants to misprice assets. The AI epoch remains transformational and has dominated US equity markets in both size and mindshare. Upstream supply-chain participants are increasingly signaling that 2028 and beyond capex could be materially higher, not lower, contradicting the widely held digestion narrative. TSMC lifted capex expectations, ASML's bookings re-accelerated, and Intel found itself unexpectedly capacity-constrained in data-centre CPUs. The semiconductor supply chain is signaling acceleration rather than the expected digestion phase. The market is being asked to underwrite multiple Stargate-scale campuses every year for several years, with analyst forecasts implying roughly 10 GW in FY27E, 12 GW in FY28E, 13 GW in FY29E, and 16 GW in FY30E-FY31E. A 1 GW data centre costs roughly $50-60 billion, with NVIDIA capturing around $35 billion of that via its share of the stack. Software multiples have compressed as if AI disruption is inevitable, while hyperscalers and enterprises still struggle to demonstrate clear AI ROI. The traditional SaaS playbook faces challenges from AI eating into margins, attacking the pricing unit, and creating cannibalization problems. The software total addressable market is likely to grow 2-3x as AI replaces some work and the gap between software spend and headcount narrows. | View | |
| 2024 Q3 | Nov 18, 2024 | Saltlight Capital | 15.6% | 35.6% | 0700.HK, APP, BAM, BLU.JO, RBLX, SE | Advertising, AI, gaming, global, growth, technology | The gaming industry is maturing with growth slowing to 2-4% and undergoing structural consolidation into three buckets: dominant franchise builders, user-generated content platforms, and traditional hit-driven studios. The fund has exposure across all three segments through companies like Tencent, Roblox, AppLovin, and Sea Ltd. | RBLX SE 0700.HK APP |
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| 2025 Q4 | Jan 29, 2026 | Rozendal Global Fund | 0.0% | 42.8% | 6586.T, AENA.MC, AMS.JO, BAYRY, BLU.JO, CGR.JO, COH.JO, DEO, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | emerging markets, Europe, gold, long-term, materials, Precious Metals, trade war, value | Materials sector experienced sharp turnaround in 2025 with 32.3% returns, driven by unstoppable gold price and precious metals boom. Platinum group metals prices materially higher than incentive prices after years of low investment. Gold reached unprecedented inflation-adjusted levels, driven by geopolitical concerns, government debt fears, and record central bank purchases. Currently trading at all-time highs versus copper and production costs, appearing extraordinarily expensive on long-term value measures. 2025 marked the launch of the greatest trade war in modern times, yet global equity markets still delivered strong returns around 20%, demonstrating short-term market unpredictability despite major policy disruptions. Bayer showed positive developments with new drug sales growing strongly and favorable litigation judgments in agriculture business. Patent cliff concerns in pharmaceutical business showed improvement with pipeline developments. JD.com faced challenges from heavy investment in new food delivery venture competing against well-capitalized incumbents like Meituan and Alibaba. Core retail business showed strong revenue and profitability growth despite share price decline. | BAYN GR |
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| 2025 Q4 | Jan 29, 2026 | Rozendal Worldwide Flexible Prescient Qualified Investor Hedge Fund | 0.0% | 21.7% | 6586.T, AENA.MC, AMS.JO, BAYN.DE, BLU.JO, CGR.JO, COH.JO, DGE.L, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | gold, Long/Short, materials, Mining, Precious Metals, South Africa, value | Gold has reached unprecedented inflation-adjusted levels and appears extraordinarily expensive relative to historical measures. The manager believes there is a fair price for every asset including gold, and current prices don't make sense despite gold's value as an alternative currency and tail risk hedge. The precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. The Materials sector experienced a sharp turnaround in 2025 with 32.3% returns, fueled by the unstoppable gold price. This represented diametrically opposite fortunes compared to the preceding decade when Materials underperformed significantly. The manager's investment philosophy centers on exploiting myopia through long-term value investing. Research shows stocks with less shareholder turnover deliver excess returns, particularly those uncomfortable for myopic shareholders to hold due to volatility or poor recent performance. | 6586 JP AENA SM TBS SJ |
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| 2024 Q4 | Jan 28, 2025 | Rozendal Partners | - | -3.0% | AFE.JO, BLU.JO, BUR.L, GDR.JO, HCI.JO, JD, MDIA3.SA, META, NE, PIK.JO, PPC.JO, SESG.PA, SHP.JO, TBS.JO, TSCO.L | global, retail, stock selection, technology, underperformance, value | Burford Capital operates in the litigation funding market, which offers attractive long-term growth prospects and favorable economics. The business provides capital to fund legal expenses in return for a share of proceeds, with returns typically around 30% internal rates of return. However, the company's high cost structure limits profitability of third-party asset management. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Saltlight Capital | Blue Label Telecoms Limited | Communication Services | Wireless Telecommunication Services | Bull | JSE | Mobile Network, MVNO, restructuring, South Africa, telecommunications, turnaround, value unlock | 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. | ||||||||