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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 8, 2025 | SVN Capital Fund | - | 6.3% | BAJFINANCE.NS, CPRT, DNP.WA, IAA, KINSALE, KKR, RBA, TRIVENI.NS | Alternative Asset Managers, Auto Insurance, Concentration, Energy Transition, India, Owner-Operated, tariffs | Liberation Day tariffs created market volatility with S&P falling 20% and NASDAQ dropping 23%. Manager discusses offsetting forces on portfolio companies like Copart, where tariffs could both increase and decrease total loss frequency. Impact remains uncertain and Delphic to quantify. | TRIVENI.NS DNP.WA KKR CPRT TRIV IN DNOPY CPRT KKR |
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| 2025 Q2 | Jul 24, 2025 | Polen Capital – Emerging Markets Growth | 12.6% | 14.5% | 0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA | China, emerging markets, growth, Poland, Quality, Taiwan, technology | CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments. | DNP.WA 145020.KS INPST.WA 2345.TW PRX.AS 300750.SZ 8069 TT PDD WIZZ LN DLO BABA TME |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital International Growth Fund | 18.1% | 19.4% | 4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA | Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology | The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins. | EVD GR SE 2330 TT SPOT MELI |
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| 2025 Q2 | Jul 11, 2025 | Rowan Street Capital | - | 20.1% | ADYEY, DNP.WA, META, NFLX, SHOP, SPOT, TOI.TO, TTD | Compounding, conviction, growth, long-term, Multi-bagger, technology | The fund holds long-term positions in Netflix and Spotify, both delivering over 20% annual returns. Spotify particularly demonstrated the psychological challenges of multi-bagger investing, round-tripping to zero returns after five years before appreciating nearly 10x from 2022 lows. | SPOT META SPOT META |
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| 2025 Q1 | Apr 29, 2025 | Polen Capital – Emerging Markets Growth | 1.7% | 1.7% | 0700.HK, BABA, DLO, DNP.WA, INFY, INPST.L, LVS, NTES, TOTS3.SA, TSM, YUMC | AI, Brazil, China, Currency, emerging markets, Poland, security selection | China market continued rally from last year, supported by monetary easing and fiscal policies. DeepSeek's R1 AI model release marked significant technological milestone, with major companies like Tencent and Baidu integrating AI models into services, creating optimism about improved earnings in consumer digital services. | DLO LVS DNP.WA TOTS3.SA TME |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill International | 5.7% | 12.4% | 1448.HK, 4507.T, 7451.T, 8058.T, AUPH, BAER.SW, DNP.WA, EVT.DE, HDB, ROG.SW, SAF.PA, SDZ.SW, SPOT, TSM, UCB.BR, UHR.SW, VTSC.DE | aerospace, Banking, China, international, Japan, semiconductors, value | Japan ended its ultra-loose monetary policy after decades of deflation, with the Bank of Japan raising rates and ending yield curve control. Japanese companies like Mitsubishi Corporation are improving capital allocation with share buybacks as corporate governance improves broadly. | View | |
| 2025 Q1 | Mar 31, 2025 | abrdn International Small Cap Fund | 0.0% | 0.0% | 3374.TWO, CTS.DE, DNP.WA, FPT, GAMA.L, GTT.PA, SWECO-B.ST | Asia, Europe, international, Quality, small caps, tariffs, Trade Policy | US tariff policies are creating uncertainty and fears of a global trade war, with specific impact on Vietnamese companies like FPT due to higher-than-expected proposed tariffs. The fund made trades to reduce exposure to companies significantly affected by US tariffs. | SWECO-B.ST 2308.TW |
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| 2024 Q4 | Dec 31, 2024 | Sands Capital Emerging Markets Growth Fund | -10.8% | 3.1% | 006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP | AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making. | View | |
| 2024 Q3 | Nov 1, 2024 | Sohra Peak Capital Partners | 2.2% | -3.0% | DNP.WA, DUR.AX, KTW.L, MAD.AX | defense, Foodservice, global, Poland, small caps, value | Two major Polish holdings - Auto Partner and Dino Polska - faced temporary headwinds from minimum wage increases, grocery deflation, and consumer pressure. Manager views these as short-term challenges with strong recovery prospects as macroeconomic conditions normalize and real wage increases translate to consumer spending. | View | |
| 2025 Q3 | Oct 29, 2025 | Polen Capital – Emerging Markets Growth | 7.6% | 22.5% | 0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA | China, Electrification, emerging markets, growth, Quality, Taiwan, technology | CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments. | DNP HUGEL INP ACCT PROS CATL DNP HUGEL INP ACCT PROS CATL |
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| 2025 Q3 | Oct 24, 2025 | Rowan Street Capital | 0.2% | 20.4% | ADYEY, DNP.WA, META, NFLX, SHOP.TO, SPOT, TOI.TO, TSLA, TTD | AI, Compounding, conviction, Electric Vehicles, growth, innovation, long-term, technology | Tesla's Full Self-Driving system leverages billions of miles of real-world driving data to train neural networks, creating a compounding advantage that grows stronger every day. Tesla's proprietary AI stack powered by Dojo processes video data to handle unpredictable driving situations, learning in the real world rather than relying on synthetic data. The company has solved edge cases like driving in direct sunlight, fog, or at night using a direct photon count approach. | SPOT TSLA SPOT TSLA |
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| 2024 Q4 | Jan 8, 2025 | SVN Capital Fund | - | 11.8% | BAJFINANCE.NS, CPRT, DNP.WA, HEI, KKR, KNSL, RMS.PA | Alternative Assets, India, management, Owner Operators, Quality, Specialty Finance, value creation | India presents compelling long-term investment opportunities driven by demographic trends, infrastructure improvements, and economic formalization. The country's digital infrastructure revolution, including Aadhaar cards and unified payments interface, combined with banking system cleanup and tax reforms, has created significant tailwinds for economic growth and consumer spending. | BAJFINANCE.NS DNP.WA KKR |
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| 2025 Q4 | Jan 26, 2026 | NZS Capital – Growth | -1.4% | 17.9% | AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI | AI, growth, positioning, semiconductors, software, technology, valuation | The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered. | ISRG TSM LRCX FISV DHR GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Emerging Markets Growth Fund | 0.1% | 21.6% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY | AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology | AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital International Growth Fund | -4.2% | 10.9% | 6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA | AI, defense, energy, growth, international, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue. | EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW |
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| 2023 Q3 | Sep 30, 2023 | Diamond Hill International | 5.7% | 12.4% | 7751.T, CFR.SW, CNQ, CPG.L, DNP.WA, FFH.TO, FMFL.NS, FUC.DE, HDFCBANK.NS, HWDN.L, IMO, KCR.HE, SAP.DE, SN.L, WALMEX.MX | Banking, China, energy, Europe, inflation, international, rates, value | Energy names including Canadian Natural Resources, Imperial Oil and Japan Petroleum Exploration Company benefited from rising oil prices in Q3 as WTI crude rose from roughly $71/barrel to $90/barrel. The manager maintains conviction in energy holdings despite anticipated ongoing volatility tied to oil price movements. | View | |
| 2024 Q4 | Jan 29, 2025 | Sohra Peak Capital Partners | -8.2% | -10.9% | APE.AX, DNP.WA, DUR.AX, KTW.L, MAD.AX | Currency, global, growth, long-term, Quality, SmallCap, underperformance, value | The manager emphasizes finding companies with high quality businesses and management teams, delivering strong growth, and trading at low valuation multiples. The portfolio focuses on asymmetric opportunities that hardly anyone else seemed to know about, with screening for no-brainer investments being a key competitive advantage. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930.KS, 4503.T, 8058.T, ASHM.L, ASSA-B.ST, BABA, CVE.TO, DNP.WA, ERII, FCX, FM.TO, GLEN.L, SPOT, UBI.PA, UCB.BR | Asia, emerging markets, Europe, international, Japan, Non-US, value | The fund initiated a position in Glencore, which is well-positioned for uncertainty surrounding the energy transition as one of the world's largest copper producers and a large coal producer. The company can take healthy cash flows from its coal business and invest them in copper and other future-facing metals, while coal cash flows provide an attractive hedge if the energy transition takes longer than expected. | UCB.BR 8058.T GLEN.L DNP.WA ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Diamond Hill International | Dino Polska | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | Eastern Europe, Geographic Growth, inflation hedge, Land Banking, Polish Retail, Small Format Retail, store expansion, Supermarket Chain | View Pitch |
| Apr 28, 2026 | Fund Letters | Diamond Hill International | Dino Polska | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | Balance Sheet Discipline, discount retail, inflation hedge, market share gains, Poland, store expansion, Ukrainian Refugees | View Pitch |
| Apr 13, 2026 | Fund Letters | SVN Capital Fund | Dino Polska S.A. | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | Catholic Poland, Easter Seasonality, Equity, Grocery Chain, market share, Poland, Proximity Retail, store expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Emerging Markets Growth | Dino Polska | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | consumer staples, grocery retail, Poland, Regional Products, retail, Rural Markets, store expansion, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Emerging Markets Growth | Dino Polska | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | Defensive growth, European Consumer, grocery retail, Poland, Rural Markets, store expansion, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | SVN Capital Fund | Dino Polska S.A. | Consumer Staples | Food & Staples Retailing | Bull | Warsaw Stock Exchange | Eastern Europe, Grocery Chain, Owner-Operated, Polish Retail, Rural Markets, store expansion, Value retail | 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. | ||||||||