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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Harding Loevner Global Small Companies | 10.6% | 7.2% | 4395.T, 4527.T, 6566.T, ALO.PA, CKN.L, CYBR, DPLM.L, ELAN, ENS, G24.DE, GLOB, HPG.HM, MAXF.NS, RGA, RPLY.MI, SNR.L | AI, cybersecurity, global, innovation, IT Services, small caps, technology | AI adoption is accelerating across industries with companies investing in AI tools to strengthen competitive advantages. Small companies are leveraging AI for productivity gains and new service offerings, with some achieving meaningful cost savings and operational improvements. | CYBR GLOB |
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| 2026 Q1 | Apr 30, 2026 | T. Bailey Multi-Asset Dynamic Fund | -1.7% | -1.7% | BYTS.L, BZ.L, CKN.L | AI, emerging markets, energy, Geopolitical, gold, Iran, Japan, Multi-Asset | View | ||
| 2026 Q1 | Apr 30, 2026 | T. Bailey UK Responsibly Invested Equity Fund | -2.3% | -2.3% | BEZ.L, BYIT.L, CKN.L | AI, energy, Geopolitical, gold, Iran, oil, UK Equities, volatility | View | ||
| 2025 Q1 | Apr 30, 2025 | T. Bailey Global Thematic Equity Fund | -0.7% | - | AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L | commodities, defense, diversification, Europe, infrastructure, Multi-Asset, tariffs, Trade Policy | President Trump's unpredictable tariff policies unsettled global markets, contributing to heightened volatility and early fears of stagflation. His approach of intermittently announcing tariffs, particularly targeting China and North American trading partners, undermined investor confidence and triggered sharp market swings. The potential 25% tariff on copper imports has driven US copper futures to record highs, as buyers rush to secure supply before the tariffs take effect. | View | |
| 2025 Q1 | Apr 30, 2025 | T. Bailey Multi-Asset Dynamic Fund | 2.9% | - | AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L | AI, commodities, defense, diversification, Europe, infrastructure, tariffs, Trade Policy | European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity ETF was introduced to access the entire defense value chain and economic impact. | View | |
| 2025 Q1 | Apr 30, 2025 | T. Bailey Multi-Asset Growth Fund | 2.2% | - | AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, XPS.L | commodities, defense, diversification, Europe, infrastructure, Multi-Asset, Trade Policy, volatility | European defense spending surge driven by policy shifts, US-Ukraine aid deadlock, and NATO pressure to boost military budgets. Germany's €500 billion infrastructure and defense program catalyzing regional confidence and investment opportunities across the defense value chain. | View | |
| 2025 Q1 | Apr 30, 2025 | T. Bailey UK Responsibly Invested Equity Fund | -4.9% | - | AJB.L, AZN, BEZ.L, BTC-USD, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORG.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, TSLA, XPS.L | AI, commodities, defense, diversification, Europe, infrastructure, tariffs, volatility | European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity UCITS ETF was introduced to access the entire defense value chain and economic impact. | View | |
| 2026 Q1 | Apr 24, 2026 | Harding Loevner International Small Companies Equity | -4.2% | -4.2% | 2454.TW, 3661.T, 3769.T, AOF.DE, BEC.DE, CKN.L, FERREYCORP.LM, HEXPOL.ST, KXS.TO, LBTY.BR, NDAQ.DE, REY.MI, S24.DE, SHKELKAR.NS, SNR.L, TEMN SW | AI, energy, geopolitics, international, small cap, software, technology | View | ||
| 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 | |
| 2024 Q3 | Oct 31, 2024 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, 8002.T, 8031.T, 8053.T, 8058.T, 8113.T, AAPL, AMG, AMZN, APAM.PA, CKN.L, GOOGL, META, MG, MSFT, NOAH, NPN.L, NVDA, PLUX.PA, SEM.LS | Asia, China, Japan, Patience, value, volatility | The Japanese stock market experienced its largest single-day drop since Black Monday 1987 due to the unwinding of yen carry trades. The Bank of Japan's rate hike to 0.25% and yen appreciation triggered massive position unwinding, causing the Nikkei to lose 12.4% in one day. | PLUX.PA NOAH |
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| 2023 Q3 | Oct 25, 2023 | Horos Asset Management | 2.9% | 9.8% | AAPL, CKN.L, EAT.WA, GOOGL, MSFT, NVDA, ONEX.TO, PDG.L, TSLA, VRLA.PA | China, commodities, Concentration, Pattern, Reflexivity, Spain, technology, value | Manager emphasizes fishing in ponds with many fish and few fishermen, focusing on undervalued markets like Spanish and Chinese equities that trade at attractive valuations due to lack of investor interest. The fund maintains significant exposure to these markets despite poor recent performance. | View | |
| 2025 Q3 | Oct 19, 2025 | Harding Loevner Global Small Companies | 0.9% | 8.1% | 4587.T, 4975.T, 6383.T, 6869.T, 9962.T, 9988.HK, ALFA.ST, ALGN, ALLE, AMBU.CO, APPF, ATE.PA, BCHN.SW, BCPC, BESI.AS, BRN.DE, CKN.L, COO, CPA, CRDA.L, DIA.MI, DPLM.L, ELAN, ENS, EPAM, EVO.DE, EXPO, FELE, FN, FPE.DE, GLOB, HPG.HM, KXS.TO, LEHN.SW, NBIX, NEM.DE, PEN, PFV.DE, RAT.DE, RPY.MI, RUB.PA, SNR.L, SPSC, TECN.SW, TOM.OL, VAISALA.HE, WTS, ZEU.DE | AI, global, healthcare, momentum, Quality, small caps, value | The portfolio targets durable sources of return through quality, growth, and value, emphasizing steady, lower-beta businesses with strong fundamentals over higher-beta momentum plays. Quality companies in the benchmark underperformed lowest quality by more than 1,200 basis points during the quarter. | View | |
| 2025 Q3 | Oct 16, 2025 | T. Bailey Multi-Asset Dynamic Fund | 3.8% | - | AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L | AI, diversification, emerging markets, fiscal policy, gold, monetary policy, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations but confident in transition from overvalued enablers to longer-term AI adoption beneficiaries. | CHRY LN GLDN AU |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey Global Thematic Equity Fund | 6.5% | - | AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MGNS.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L | AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier, announcing $100bn investment in OpenAI and $5bn in Intel. The AI story entered a new chapter with vendor-financing and leverage replacing innovation as expansion drivers. | CHRY LN |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey UK Responsibly Invested Equity Fund | -1.2% | - | AAPL, AMZN, AZN.L, CCC.L, CKN.L, COA.L, GOOGL, HILS.L, IMI.L, INTC, ITRK.L, LRE.L, META, MSFT, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L, TSLA | AI, diversification, emerging markets, fiscal policy, gold, healthcare, monetary policy, Multi-Asset | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations while transitioning from overvalued enablers to longer-term AI beneficiaries. | MSLH LN CKN LN STEM LN |
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| 2024 Q4 | Jan 20, 2025 | T. Bailey Global Thematic Equity Fund | 0.3% | - | AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHR.L, SXS.L, TSCO.L, XPS.L | AI, diversification, gold, Multi-Asset, REITs, Uk | The fund holds exposure to artificial intelligence through Polar Capital Artificial Intelligence fund, which recovered after a challenging prior quarter. The manager continues to monitor the Magnificent 7's ability to effectively capitalise on AI technology to generate meaningful returns. AI benefits are expanding into other sectors like Healthcare, Insurance, and Industrials. | View | |
| 2024 Q4 | Jan 20, 2025 | T. Bailey Multi-Asset Dynamic Fund | -1.4% | - | AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHR.L, SXS.L, TSCO.L, XPS.L | AI, diversification, gold, Multi-Asset, REITs, thematic, UK Equities, value | The fund maintains exposure to AI through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out. | View | |
| 2024 Q4 | Jan 20, 2025 | T. Bailey Multi-Asset Growth Fund | 0.3% | - | AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STEM.L, SXS.L, TSCO.L, XPS.L | AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value | The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out. | View | |
| 2024 Q4 | Jan 20, 2025 | T. Bailey UK Responsibly Invested Equity Fund | -5.1% | - | AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHP.L, SXS.L, TSCO.L, XPS.L | AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value | The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out. | View | |
| 2025 Q4 | Jan 18, 2026 | T. Bailey Multi-Asset Dynamic Fund | 3.5% | 13.9% | AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L | AI, Central Banks, Copper, diversification, gold, Multi-Asset, Trade Policy, UK Budget | Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. After experiencing one of its steepest single-day declines in years on 21 October, the metal subsequently recovered to reach a new high above US$4,500 in December, supported by falling bond yields and growing expectations of rate cuts. Copper performed well this quarter, rising 16.57%, with demand remaining resilient supported by ongoing electrification and infrastructure spend. Supply stayed relatively tight due to limited new mine capacity and periodic disruptions, while improving risk sentiment and pockets of inventory rebuilding provided additional support. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing support as market participants hedged against further tariff uncertainty. | View | |
| 2025 Q4 | Jan 18, 2026 | T. Bailey Multi-Asset Growth Fund | 4.0% | 14.6% | AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA | AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget | Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. The metal experienced one of its steepest single-day declines in years on 21 October but subsequently recovered to reach a new high above US$4,500 in December, supported by safe haven demand and central bank purchases. Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025 driven by tariff-related volatility, copper stabilised and rebuilt momentum through Q4, underpinned by a structurally tight supply-demand backdrop and disruption risk across key producing regions. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing additional support to commodity markets. | LGEU LN |
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| 2025 Q4 | Jan 18, 2026 | T. Bailey Global Thematic Equity Fund | 3.8% | 15.3% | AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TESCO.L | AI, Copper, emerging markets, gold, healthcare, Japan, thematic, Trade Policy | Artificial intelligence shifted from growth to returns on capital focus. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation. AI-exposed strategies performed well with Polar Capital AI Fund returning 6.58%. Gold surged above US$4,300 per ounce in October, then reached new highs above US$4,500 in December. Supported by falling bond yields, rate cut expectations, geopolitical tensions, and central bank purchases. Copper performed well rising 16.57% in Q4, supported by ongoing electrification, infrastructure spend, tight supply due to limited new mine capacity, and stockpiling activity amid tariff uncertainty. Healthcare exposure contributed positively as policy risks receded, valuations looked attractive, and investors rotated toward high-quality, cash-generative businesses with resilient earnings. Trade tensions stayed elevated despite a truce. Threatened tariff escalation in October gave way to a one-year US-China tariff truce after late-October talks, easing near-term supply-chain risk but left strategic issues unresolved. | PCGH LN |
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| 2025 Q4 | Jan 18, 2026 | T. Bailey UK Responsibly Invested Equity Fund | 3.8% | 6.7% | AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L | Banking, Esg, financials, Responsible Investing, UK Equities | The fund benefited from exposure to the banking sector through Lloyds and NatWest, with NatWest being one of the strongest performers. Leading performance came from financial exposure through asset manager Man Group, which reached record assets under management. | MNDI LN NWG LN EMG LN |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | ALT.PA, BC8.DE, BCHN.SW, BLMO.SW, BOSS.SW, CKN.L, CRAN.L, CYBR, DPLM.L, GLOB, GRAF.L, KIN.TO, LOTB.BR, NEMN.DE, REY.MI, SNR.L, STE.DE, TECN.SW, TMV.DE, TOM.OL, VAIS.HE | emerging markets, Food, healthcare, industrials, international, small caps, technology | Human beings will continue to require food for survival, making food companies relatively immune to AI disruption. Cranswick benefits from growing protein demand as scientists find many people aren't eating enough protein to maintain muscle and ward off aging effects. Lotus Bakeries has built strong brand awareness through airline partnerships and achieved 20% household penetration in successfully penetrated markets. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | 002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF | AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology | Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time. | View | |
| 2023 Q4 | Jan 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, ADM, AMD, AMZN, AN, AVGO, BCHG, BMS.L, CKN.L, CRM, EXP, GBTC, GOOGL, MSFT, NVDA, ORCL, PAG, QCOM, TPL, TSLA | BRICS, China, commodities, crypto, Indexation, inflation, technology, valuation | Bitcoin ETF approval represents institutional acceptance and convergence with traditional financial system. Flash loans and lending markets create new revenue opportunities for ETF providers. Bitcoin Cash offers leveraged exposure to cryptocurrency appreciation potential. | View |
| 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 |
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| No investor data available. | ||||||||