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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | ACATIS Investment | - | 8.8% | 1193 HK, 6268 JP, BNTX, HALO, NVO, PLTR, REGN, SMCI, SMFT LN, SWKS | Artificial Intelligence, Data centers, Nuclear Energy, Power Infrastructure, semiconductors | The report underscores the exponential growth in artificial intelligence infrastructure, from semiconductor equipment and performance electronics to data centers and power supply, with European industrial champions playing critical enabling roles. Rising computing intensity, multi-billion-euro model training costs and surging electricity demand are driving investment in semiconductors, grid infrastructure and even nuclear energy solutions to power AI workloads. ACATIS positions portfolios toward companies benefiting from AI-driven capital expenditure cycles, particularly in semiconductors, industrial technology and energy infrastructure. | HALO SMCI 6268 JP SWKS NVO 1193 HK BNTX |
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| 2025 Q2 | Jun 30, 2025 | ACATIS Investment | - | -5.2% | 1177 HK, BKNG, BNTX, ITM LN, LRCX, PLTR | 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. | ITM LN |
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| 2024 Q2 | Jun 30, 2024 | ACATIS Investment | - | 6.7% | 0268 HK, 2020 HK, 2330 TT, AMKR, APE AU, BLUE, BNTX, CRBU, CRSP, FMG AU, GNK GR, NBIX, PLTR, SWKS, ZEAL DC | Artificial Intelligence, EU Debt Crisis, fiscal policy, Rate Cuts, Sovereign Bonds | The July 2024 investment report highlights mounting structural pressures in Europe, including rising sovereign debt risks in France, demographic headwinds, and increased defense spending as the peace dividend fades. With France's debt-to-GDP above 110% and deficits exceeding EU thresholds, concerns about another EU debt crisis are resurfacing, potentially impacting bond spreads and refinancing conditions. Against this backdrop of geopolitical fragmentation and fiscal strain, ACATIS positions portfolios toward resilient global equities, AI beneficiaries, and selectively attractive fixed income opportunities benefiting from potential rate cuts. | CRBU CRSP GNK GR 2020 HK FMG AU BNTX SWKS PLTR |
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| 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 |
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| 2025 Q4 | Dec 31, 2025 | ACATIS Investment | 0.0% | 0.3% | ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS | AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value | 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. | PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 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 13, 2026 | Ennismore European Smaller Companies Fund | 0.0% | 10.7% | AAD.DE, BNTX, COST.L, DWNI.DE, EVS.BR, LSS.PA, PDX.ST, RNK.DE, SFQ.DE, SIKA.SW, STB.L, STO.DE, THEP.PA, TRI.PA, ULP.L, VETQ.PA, VOW3.DE | AI, defense, Europe, infrastructure, Long/Short, Quality, small caps, value | The fund focuses on European smaller companies with significant volatility in 2025 as investors turned attention towards large, liquid businesses. Despite brief revival of interest in small caps early in the year, the asset class faced headwinds from investor preference for large-cap themes like energy, defense, and AI. The fund employs a valuation-first investing framework with strong conviction in individual positions based on quality of businesses and embedded margin of safety. Top ten long positions trade at average EV/NOPAT multiple of thirteen times versus twenty-four times for short positions, implying nearly 50% valuation discount for comparable quality. Several portfolio companies benefited from upcoming infrastructure spending in Germany and the UK, with Vossloh and Costain Group seeing significant improvements in market perception. The fund anticipates positive triggers from launch of exceptionally large infrastructure projects in Germany. The defense industry continued to rally with valuations detaching from fundamentals in favor of narrative. The fund was slow to react to this theme, with short position in Renk Group costing performance as defense companies outperformed despite fundamental concerns. Artificial intelligence emerged as an intense focus theme for investors, creating headwinds for some portfolio companies. Moltiply Group faced investor concerns about AI impact, while the broader market showed exuberant behavior in speculative corners with focus on AI themes. | R3NK GR STO3 GR SFQ GR DWNI GR TRI FP EVS BB SIKA SW STB LN |
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| 2023 Q3 | Sep 30, 2023 | Artisan Mid Cap Fund | 2.4% | 6.6% | 0KSR LN, A, BNTX, DXCM, GPN, IR, JBL, LSCC, NVST, SAIA, SWAV, TDY, TEAM, WING, ZS | - | View | ||
| 2023 Q2 | Jul 26, 2023 | TGV Compound Fund | 0.0% | 6.9% | BNTX, IBKR, PYPL, STNE, WAF GR | - | View | ||
| 2023 Q4 | Jan 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ARGX, ASND, BNTX, CELH, CMG, DXCM, JBL, LSCC, LULU, ON, RGEN, RYAN, SHOP, VEEV, XYL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | BioNTech SE | Health Care | Pharmaceuticals | Bear | NASDAQ | cash, Clinical, Liquidity, Oncology, pipeline, valuation | View Pitch |
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | BioNTech SE | Health Care | Biotechnology | Bull | NASDAQ | Car-T, clinical data, Immunotherapy, mRNA, Oncology, pipeline | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Atticus Analysis | BioNTech SE | Health Care | Biotechnology | Neutral | NASDAQ | — | 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. | ||||||||