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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 21, 2025 | Barometer Capital Management | - | - | AEM.TO, BKR, BVN, ERJ, EWA, EWS, FFH.TO, GE, GEV, HWM, IBIT, K.TO, MSFT, NFLX, NVDA, SAN, TMX.TO, TOU.TO, UUP, WSP.TO | aerospace, energy, financials, global, materials, Multi-Strategy, technology, volatility | Strong performance driven by commercial aircraft production disruptions creating demand for aftermarket parts and services. Embraer received largest-ever executive jet order worth up to $7 billion for 182 aircraft. Howmet Aerospace and GE Aerospace benefiting from persistent aircraft production dislocations forcing extended service life. | View | |
| 2025 Q2 | Jul 22, 2025 | Brandes International Equity Fund | 10.4% | 22.3% | 005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, industrials, international, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds. | 6273.T |
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| 2025 Q1 | Apr 30, 2025 | Invesco Discovery Fund | -12.2% | -12.2% | AAON, ALAB, BBIO, CLS.TO, COOP, CRS, CWAN, CWST, CYBR, DUOL, EHC, ERJ, EVR, FRPT, FTI, GKOS, ITCI, KKR, LITE, OLLI, PRS, RKLB, WAY | aerospace, AI, Biotech, growth, healthcare, small cap, technology | The fund experienced challenges from AI-related volatility, with the secular growth narrative being challenged by DeepSeek developments. Astera Labs declined significantly due to concerns about lower-cost AI models from China affecting the AI infrastructure investment thesis. | BBIO RKLB WAY |
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| 2025 Q1 | Apr 17, 2025 | Driehaus Small Cap Growth Fund | -16.6% | -16.6% | CRNX, CYBR, ERJ, NTRA, SFM | AI, Biotechnology, growth, healthcare, small caps, tariffs, Trade Policy, volatility | Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates. | View | |
| 2025 Q1 | Mar 31, 2025 | American Century Emerging Markets Fund | 0.7% | 0.7% | 005930.KS, 0700.HK, 0939.HK, 1211.HK, 1810.HK, 352820.KS, BABA, BHARTIARTL.NS, ERJ, ICICIBANK.NS, NTES, OTP.BD, SE, TCOM, TSM, ZOMATO.NS | Asia, China, Electric Vehicles, emerging markets, gaming, semiconductors, technology, Trade Policy | Chinese EV makers like BYD are stepping up efforts to upgrade platforms and technology, aiming to raise competitive barriers and gain market share. BYD has ambitious plans for the global market and is well prepared in both export capacity and overseas localization. The EV market is undergoing evolution with companies like Xiaomi benefiting from premiumization strategies. | View | |
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -9.6% | -9.6% | ADUS, BFAM, BJ, BOOT, CBLL, CHEF, DAWN, ERJ, FRPT, HLNE, INFN, INSM, ITCI, MGY, MVBF, PAY, SLNO, VRNA, VVV, WHD | AI, Biotechnology, defense, growth, semiconductors, small cap, tariffs, Trade Policy | Global trade outlook and tariff concerns are creating significant market turbulence. Companies are girding for greater turbulence before waters calm, with specific impacts on Boot Barn from tariff concerns and Cactus Inc. building Vietnam capacity to address tariff risks. | View | |
| 2025 Q1 | Mar 31, 2025 | Brandes International Equity Fund | 10.8% | 10.8% | 005930.KS, 1876.HK, 4502.T, BABA, BNP.PA, CA.PA, ERJ, GSK.L, HEI.DE, HEIA.AS, HEN3.DE, ISP.MI, ORA.PA, PUB.PA, RR.L, SAN.PA, STM, TSM, UHR.SW, WPP.L | aerospace, Beverages, emerging markets, Europe, financials, international, semiconductors, value | The fund emphasizes value investing philosophy with holdings trading at compelling valuation levels relative to benchmarks. International stocks and value stocks offer attractive return potential based on current valuations, with value stocks trading in the cheapest quartile relative to growth stocks historically. | RI.PA CAP.PA WMMVY |
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| 2025 Q1 | Mar 31, 2025 | Brandes Small Cap Value Fund | -6.5% | -6.5% | AOBC, ARLO, BZU, CFP, ELAN, ERJ, EWG, FSTR, GHM, HBI, HXL, IMKTA, KMT, MOG.A, ORION, PBH, PKE, PZZA, SR | consumer discretionary, healthcare, industrials, small caps, value | The fund focuses on small-cap value investing, seeking companies trading at undemanding valuations below intrinsic value estimates. The manager emphasizes the fund exhibits lower valuations than the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects. | PZZA |
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| 2025 Q1 | Mar 31, 2025 | Barometer Capital Management | - | - | AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO | Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility | Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs. | TMX HWM ERJ AEM |
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| 2024 Q4 | Dec 31, 2024 | Brandes International Equity Fund | -8.7% | 7.2% | 005930.KS, 1211.HK, 4502.T, 5108.T, 7201.T, BABA, BNP.PA, CAE.TO, EBS.VI, ERJ, GSK, HEI.DE, HEIA.AS, KGF.L, RR.L, SAN.PA, STM, UBS, UHR.SW, WPP.L | China, industrials, international, materials, semiconductors, value | The fund initiated a position in STMicroelectronics, a semiconductor supplier with diverse exposure to automotive, industrial, and personal electronics markets. While the auto semiconductor market weakness has pressured near-term results, the manager believes current challenges are cyclical and sees compelling long-term growth from electric vehicles, ADAS, and IoT adoption. | MKS.L STM |
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| 2024 Q4 | Dec 31, 2024 | Brandes Small Cap Value Fund | 5.8% | 24.8% | AOUT, ARLO, BSCAX, BSCMX, BSCRX, CAE, DII, ELAN, EPC, ERJ, EXE, FSTR, GHM, HBI, HXL, IMKTA, INVX, KMT, LNSR, MOG.A, MTX, NPK, NTGR, ORION, PAHC, PKE, RBBN, SMG, TKR, UTMD, WKC | aerospace, healthcare, industrials, Machinery, small caps, technology, value | The fund seeks long-term capital appreciation through value investing in small-cap companies. The fund exhibits lower valuations than the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects. The manager believes value stocks have attractive potential going forward. | TKR |
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| 2025 Q3 | Oct 24, 2025 | Brandes International Equity Fund | 8.1% | 32.2% | 005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, international, Outperformance, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery. | SMC JP SMC JP |
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| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
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| 2024 Q3 | Sep 30, 2024 | American Century Emerging Markets Fund | 6.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 0939.HK, 1023.KL, 1211.HK, 2382.TW, 300750.SZ, 3231.TW, BABA, BAJAJ-AUTO.NS, ERJ, ICICIBANK.NS, SUNPHARMA.NS, TCOM, TSM | Banking, China, Electric Vehicles, emerging markets, India, semiconductors, Stimulus, technology | Chinese markets were volatile due to policy support expectations, but the September stimulus package eased concerns about economic growth and property markets. Policymakers announced monetary and fiscal measures demonstrating urgency to stabilize property and equity markets. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Barometer Capital Management | Embraer SA | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aircraft Manufacturing, backlog growth, Brazil, Commercial Aviation, contract wins, Executive Jets, Japan market, Regional Jets | 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. | ||||||||