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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 4, 2025 | Kathmandu Capital | 16.6% | 14.6% | 3918.HK, 688082.SS, ACMR, GCT, KSPI, OMAB, UI, VU.PA | Airports, China, international, Onshoring, semiconductors, technology, Trade Policy, value | Manager emphasizes China's semiconductor supply chain localization amid trade tensions, with ACM Research positioned to benefit from domestic market share gains. Also highlights nearshoring opportunities in Mexico through airport operator OMAB as manufacturers seek to mitigate tariff risks. | OMAB ACMR OMAB ACMR UI GCT KSPI 3918 HK |
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| 2025 Q1 | May 26, 2025 | Kathmandu Capital | -1.7% | -1.7% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Asia, diversification, Europe, risk management, tariffs, value | Tariff concerns have overshadowed global economic prospects this quarter, with markets becoming increasingly policy-driven and volatile. The U.S. surprise tariff on Vietnam has cast uncertainty over the furniture industry, affecting Chinese suppliers routing shipments through Vietnam. Tariffs are likely to pressure margins for companies without U.S. manufacturing facilities. | SEG VU.PA KSPI UI GCT 3918.HK |
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| 2024 Q3 | Dec 18, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, GCT, GLD, KSPI, VU.PA | Asia, Cyclical, Drawdown, E-Commerce, oil, value | The fund holds positions in cross-border e-commerce companies like Gigacloud Technology, which specializes in furniture and bulky items logistics, and Kaspi.KZ, which operates in Kazakhstan's e-commerce ecosystem. The manager sees significant opportunities in specialized e-commerce niches with strong barriers to entry. | VU.EPA KSPI GCT 3918.HK |
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| 2024 Q4 | Mar 17, 2025 | Kathmandu Capital | -10.7% | -11.0% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Concentration, international, long-term, small caps, underperformance, value, volatility | The fund focuses on high-quality, undervalued companies that have become available at reasonable valuations due to market turmoil. The manager emphasizes finding deep value gems and quality compounders trading below intrinsic value, with specific examples like Gigacloud trading at less than 5x P/E. | SEG VU.PA KSPI UI GCT 3918.HK |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Gigacloud Technology | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | B2b, China, consolidation, e-commerce, Equity, furniture, tariffs, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Gigacloud Technology | Industrials | Air Freight & Logistics | Bull | NASDAQ | B2B Platform, e-commerce, furniture, Logistics, manufacturing, Southeast Asia, tariffs, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Gigacloud Technology | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | B2B marketplace, Bulky items, Chinese discount, Cross-Border, e-commerce, furniture, Logistics, network effects, Scale Advantages, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Vincent Lo | Gigacloud Technology, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | ecommerce, Logistics, Margins, marketplace, tariffs | View Pitch |
| Sep 16, 2025 | Short Thesis | Culper Research | GigaCloud Technology Inc | Information Technology | Trading Companies & Distributors (Cross-Border E-Commerce Logistics) | Bear | NASDAQ | Concentration, e-commerce, Governance, Logistics, Margins | View Pitch |
| Sep 16, 2025 | Short Thesis | Grizzly research | GigaCloud Technology Inc | Information Technology | Internet & Direct Marketing Retail (B2B E-commerce Logistics) | Bear | NASDAQ | China, e-commerce, Governance, Logistics, Transparency | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Danil Sereda | GigaCloud Technology | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | 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. | ||||||||