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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 30, 2026 | Staude Capital – The Global Value Fund | - | - | AA4.L, DNA2.L, DNA3.L, ESP.L, HVPE.L, UTG.L | AI, earnings, global, inflation, Trade Policy, Valuations, value | US share markets are trading nearly as expensively as they ever have relative to history. The manager presents extensive analysis showing strong negative correlation between high valuations and future 10-year returns, with current forward P/E of 25.6 suggesting poor long-term prospects. Even using 3-year forward earnings estimates, markets still appear fully valued with limited upside potential. Artificial Intelligence continues to drive investor excitement and market performance. US company earnings are forecast to grow by 44% over the next three years, driven largely by expectations for AI companies to deliver on their lofty targets. The manager acknowledges AI as a key driver but questions whether even exceptional earnings growth can justify current valuations. Early studies show that approximately 90% of tariff costs are being borne by US consumers and companies, contrary to Trump administration narratives. Tariffs added 0.7% to US inflation in 2025, making typical households $600 poorer. The manager views this as a longer-term headwind to the US economy and questions the real negotiating leverage tariffs provide. The manager positions as a value investor focused on building a portfolio where they generate returns by actively unlocking value within holdings rather than relying on market movements. They do not own many assets that investors are most excited about currently, preferring to focus on discount capture strategies and undervalued opportunities. | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||