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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | WS Amati Global Innovation Fund | - | - | AVY, CGNX, CHG.L, DRS, DXCM, GLBE, GLOB, HUBB, LITE, PI, PRCT, QGEN, RGEN, SHOP, TLX.AX | AI, Biotechnology, defense, global, growth, innovation, Robotics, technology | Staggering levels of capital investment into generative AI infrastructure continued throughout Q3 2025, propelling AI chips and equipment suppliers to ever higher valuations. The concentration of performance from this magnificent cohort rose beyond historic peak levels. The scale of the ultimate prize is still believed to be justification enough despite elusive returns. | View | |
| 2024 Q3 | Sep 30, 2024 | The Gabelli International Small Cap Fund | 8.1% | - | AGI.TO, CHG.L, EDV.L, GENI, GERR.DE, ITP.PA, LPE.PA, PSAN.DE, SIEF.L | Central Banks, China, Currency, Europe, gold, international, Japan, small cap | Gold equity holdings benefited from continued strength in the price of gold. Alamos Gold, MAG Silver, Osisko Gold Royalties, and Eldorado Gold all appreciated by over 17% during the quarter. | View | |
| 2025 Q2 | Jul 27, 2025 | abrdn International Small Cap Fund | 18.1% | 18.0% | 3374.TW, 6544.T, 6963.TW, 7164.T, CHG.L, FOUR.L, FPT.VN, GTT.PA, ITP.PA, POLYMED.NS, RNK.DE | defense, Geopolitical, global, Japan, small caps, Taiwan, Trade Policy | The fund initiated positions in defense companies RENK Group and Chemring Group, both positioned to benefit from increased European defense spending. RENK Group supplies mission-critical drivetrain components for combat vehicles, while Chemring Group provides countermeasures and energetic devices for defense applications. | CHG.L RNK.DE 6544.T TSE:6544 |
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| 2025 Q2 | Jul 23, 2025 | Massif Capital | 6.2% | 16.5% | 6368.T, AFM.L, AMPX, CHG.L, ENVX, EQNR, GKP.L, GLO.TO, HBR.L, MP, TSM, VAR.OL | Battery Technology, Critical Minerals, defense, energy, Europe, Mining, Natural Gas, semiconductors | Portfolio heavily invested in tin and tungsten mining companies due to supply constraints and growing demand. Alphamin dominates tin production with strong margins while tungsten faces extreme geographic concentration with China controlling 80% of global production. Both metals are essential for defense, aerospace, and electronics applications with limited alternative suppliers. | ENVX ENVX 6368 JP CHG LN |
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| 2025 Q2 | Jul 15, 2025 | Upslope Capital Management | 8.9% | 3.4% | 8697.T, CHG.L, CME, DPLM.L, DSFIR.AS, EVR, FCN, HOLN.SW, HSY, MKTX, QQ.L, SAND.ST, SMIN.L, SPX.L, TDY | defense, Europe, Exchanges, Hedging, Industrial, Long/Short, value, volatility | The fund holds defense contractors including Chemring and Teledyne Technologies, with Chemring being a top contributor during the quarter. The manager notes accelerating sector tailwinds and describes the cyclical boom in defense markets. | EVR FCN SMIN.L EVR FCN SMIN LN |
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| 2024 Q1 | May 7, 2024 | Upslope Capital Management | 14.8% | 18.1% | 8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, INTC, KOG.OL, NVT, NWC.TO, TECN.SW | Cocoa, commodities, defense, Hedging, Long/Short, mid cap, value | Unprecedented surge in cocoa prices creating crisis for chocolate industry. Manager sees this as opportunity for large players like Barry Callebaut and Hershey to gain market share from smaller competitors who may be wiped out. Expects cocoa prices to eventually revert like other commodity squeezes in history. | HSY BARN.SW |
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| 2024 Q1 | Apr 22, 2024 | Rodrigo Benedetti | 0.0% | 0.0% | AM.PA, APP, CHG.L, CLS, HO.PA, KNF, MRVI, ONT.L, OXB.L, PFE, PSTG, SMR.AX, TEP.PA, TMDX | Biotech, defense, Europe, growth, small caps, value | European defense companies trade at reasonable multiples with potential tailwinds from awakening EU defense budgets. Dassault Aviation produces the Rafale fighter, the only Fifth Generation aircraft not made by Lockheed Martin or Russians, with growing order book and no competing aircraft expected soon. | AM.PA |
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| 2025 Q1 | Mar 31, 2025 | The Gabelli International Small Cap Fund | 7.5% | 7.5% | 9449.T, AGI, CHG.L, EDV.L, GENI, IVG, LOOM.ST, LPE.PA, PRU.AX, SGDG.L, WGX.AX | defense, Europe, Germany, gold, international, small caps | Gold mining stocks performed strongly with Alamos Gold and Endeavour Mining rallying 45% and 36% respectively on the back of rising gold prices. The Fund holds several gold mining positions that benefited from strong gold price performance during the quarter. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli International Small Cap Fund | 5.1% | 39.6% | 4617.T, 7012.T, AGI, CHG.L, EGO, EURN, GENI, MOLHF, PRU.AX, SFM.SW, TAMP.MI, WGX.AX | defense, Europe, gold, international, Japan, small caps | Gold equity holdings were the top contributors to performance, with multiple gold miners including Westgold Resources, Endeavour Mining, Eldorado Gold, and Perseus Mining driving returns. Gold is undergoing a longer-term revaluation as a monetary alternative amid elevated sovereign debt levels and shifting geopolitical alliances. Defense spending increases are supporting companies like Chemring Group and Kawasaki Heavy Industries. Japan plans to double defense spending by 2035, while European defense expenditures are rising due to security concerns. The fund added Japanese defense-related companies including Chugoku Marine Paints and Namura Shipbuilding. International equities benefited from investors diversifying from mega-cap U.S. technology companies. Dollar weakness supported returns, with the DXY Index declining about 9% during 2025. Valuations between U.S. and international markets had become stretched in favor of non-U.S. equities. | 4617 JP |
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| 2024 Q4 | Dec 31, 2024 | The Gabelli International Small Cap Fund | -10.3% | -6.1% | 8136.T, AGI.TO, CHG.L, CKN.L, DRW3.DE, EDV.L, GENI, GXI.DE, ITP.PA, LPE.PA, SIE.DE, TAM.MI, WGX.AX | Currency, Europe, international, Japan, small cap, value | International small cap equities have been out of favor in most markets, with the fund focusing on small capitalization companies in developed markets outside the U.S. The valuation discount has reached record levels compared to U.S. markets. | View | |
| 2025 Q3 | Nov 3, 2025 | Massif Capital | 36.1% | 41.5% | AFM.L, CHG.L, ENVX, EQNR, EQX.TO, GLO.TO, GMIN.TO, HBR.L, LITM, LUN.TO, MMA.V, NGEX.TO, NICU.V, VAR.L | Alpha Generation, Copper, Critical Minerals, European Energy, gold, Mining, Natural Gas, real assets | Gold is overbought but not over owned, with government debt levels supporting continued allocation to gold miners. The fund reduced exposure after strong performance, exiting GMIN while maintaining EQX position. High dispersion in gold miner results creates attractive opportunities for active management. | View | |
| 2023 Q4 | Nov 1, 2024 | Upslope Capital Management | 14.8% | 18.1% | 8697.T, ATR, BALL, CACI, CHG.L, DPLM.L, EMG.L, FTT.TO, GRMN, INTC, KOG.OL, NVT, NWC.TO, TECN.SW | defense, Geopolitical, Long/Short, mid cap, reshoring, technology, value | Manager emphasizes defense stocks as a key investment theme driven by geopolitical tensions in Ukraine, Israel, and China. Specific investments include Chemring (UK defense contractor) and Kongsberg Gruppen (Norwegian defense company), with the manager stating to own defense stocks and broad reshoring winners. | INTC NWC.TO BWXT|CCO CN|NVTS|PACK|QDEL|SG CHG.L |
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| 2025 Q3 | Oct 15, 2025 | Upslope Capital Management | 8.8% | 12.5% | 8697.T, BIO, CHG.L, CME, DPLM.L, EVR, FCN, GOOGL, HOLN.SW, HSY, IMXI, INTC, KDEF, MKTX, SAND.ST, SMIN.L, SRT.DE, STE, TDY, WST | AI, defense, healthcare, Long/Short, Quality, risk management, valuation | Elevated and rising geopolitical tensions globally and in Asia-Pacific should drive sustained defense investment for years. Korean defense industry maintains significant relative cost advantages versus US and European peers while being cheaper, faster and compatible with NATO standards. | View | |
| 2024 Q3 | Oct 14, 2024 | Upslope Capital Management | 14.8% | 18.1% | 7011.T, 8697.T, ATR, BARN.SW, CHG.L, CME, CMPO, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO | defense, Europe, Exchanges, Long/Short, Midcap, value, volatility | CME Group represents an attractive business that has been relatively out of favor versus peers due to exaggerated worries about new competition and the end of the interest rate hiking cycle. The financial exchange sector is comprised of durable, monopoly-like businesses with a history of predictable mean-reversion. CME is positioned to benefit from continued interest rate volatility and ever-expanding U.S. government debt issuance. | 7011.T CMPO CME |
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| 2025 Q4 | Jan 22, 2026 | WS Amati Global Innovation Fund | 0.0% | 0.0% | 000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC | AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology | AI continued to dominate investor debate with impressive deals between OpenAI and semiconductor vendors, though circular nature of agreements reminiscent of dot com excesses gave some pause. Overall sentiment around AI capex cycle remained buoyant despite some financially fragile players seeing share price drops. Memory semiconductors emerged as key AI beneficiaries with Korean chipmakers Samsung Electronics and SK Hynix contributing strongly to performance. Samsung fixed technical challenges with high bandwidth memory products to fully participate in AI growth. Eli Lilly strengthened its position as leader in obesity and diabetes medication category with injectable GLP1 products outperforming Novo Nordisk clinically and commercially. Newly approved oral GLP1 promises to unlock large incremental market opportunity. Defense stocks experienced broad sell-off due to concerns about UK defense funding and potential Russia/Ukraine war resolution. Despite near-term headwinds, long-term growth opportunities remain for defense technology companies like Chemring in energetics and electronic warfare. Clinical practice in Alzheimer's diagnostics is moving to blood tests as cheaper, less intrusive but equally precise option. H.U. Group has strong first mover advantage in blood-based biomarkers for Alzheimer's disease testing with multi-fold growth in past year. | 4544 JP FN LLY 000660 KS 005930 KS LITE PTC CHG LN CGNX |
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| 2025 Q4 | Jan 16, 2026 | Janus UK Smaller Companies Fund | -0.1% | 2.4% | BBY.L, BWY.L, CHG.L, CVSG.L, DOM.L, MTO.L, OSB.L, QQ.L | Construction, defense, Government Policy, small caps, Uk, Valuations | Defence companies Qinetic and Chemring were key detractors as share prices fell amid news of potential peace agreement between Russia and Ukraine. UK defence contractors are waiting for publication of government's Defence Investment Plan, which is slowing decision making. Housebuilder Bellway and construction company Balfour Beatty were positive contributors. Bellway rallied following benign UK budget outcome and reported encouraging preliminary full-year results. Balfour Beatty continued to rally on strong order-book momentum and cash generation. UK smaller companies experienced challenging conditions with government handling of Autumn Budget destroying corporate and consumer confidence. However, valuations remain attractive and sit well below long-term averages, with persistent M&A activity suggesting market players are taking notice. | View | |
| 2024 Q2 | Jul 15, 2024 | Upslope Capital Management | 14.8% | 18.1% | 8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO | defensives, Europe, Long/Short, mid cap, Quality, value | The fund holds multiple defense contractors including Kongsberg Gruppen, Teledyne, and Chemring Group. These companies are positioned to benefit from accelerating sector tailwinds and rising defense spending globally. Teledyne is specifically noted as being positively exposed to rising defense spending trends. | WPK.TO DSFIR.AS TDY |
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| 2023 Q1 | Apr 17, 2023 | Upslope Capital Management | 14.8% | 18.1% | ATR, ATS.TO, BOKF, BOLSAA.MX, CACI, CHG.L, DPLM.L, EMG.L, FCN, FTT.TO, GLT, KOG.OL, SLGN, TECN.SW, X.TO | Defensive, international, Long/Short, SMID Cap, value, volatility | Manager holds positions in defense contractors including Chemring (exited), Kongsberg Gruppen, and CACI International. Expects these companies to benefit from geopolitical tailwinds and strong positioning in cyber defense. | FTT.TO CHG.L |
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| 2025 Q1 | Apr 14, 2025 | Upslope Capital Management | -5.1% | -5.1% | 8697.T, ATR, CHG.L, CME, CRL, DPLM.L, HOLN.SW, HSY, MKTX, QQ.L, SAND.ST, SPX.L, TDY, VFC | defense, Europe, Long/Short, mid cap, Onshoring, Trade Policy, volatility | The fund maintains significant exposure to defense contractors including Teledyne, Chemring, and QinetiQ, positioned to benefit from accelerated defense spending driven by the war in Ukraine and changing geopolitical landscape. These companies are well-positioned for long-term growth in defense budgets. | View | |
| 2024 Q4 | Jan 15, 2025 | Upslope Capital Management | -7.3% | 9.4% | 7011.T, 8697.T, ATR, AXON, BARN.SW, CHG.L, CME, CMPO, CRL, DPLM.L, DSFIR.AS, GRMN, HSY, KOG.OL, NVT, NWC.TO, QQ.L, TDY, VFC, WPK.TO | Cyclical, defense, Europe, healthcare, Long/Short, turnaround, value | Multiple defense holdings including QinetiQ, Chemring, and Mitsubishi Heavy Industries positioned to benefit from accelerating UK, European, and Japanese defense spending. QinetiQ particularly well-positioned for AUKUS customers and evolving battlefield requirements. | QQ.L VFC CRL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Upslope Capital Management | Chemring Group plc | Industrials | Aerospace & Defense | Bull | London Stock Exchange | Aerospace & Defense, Countermeasures, Defense, Explosives, NATO, Share Buyback, UK, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Upslope Capital Management | Chemring Group | Industrials | Aerospace & Defense | Neutral | London Stock Exchange | Aerospace, Cyber warfare, Defense, Energetics, Flares, Management Change, Niche contractor, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | abrdn International Small Cap Fund | Chemring Group | Industrials | Aerospace & Defense | Bull | London Stock Exchange | 9% CAGR Target, Countermeasures, Decoy Systems, Energetics, Roke Division, Sensors, UK Defense | 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. | ||||||||