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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 14, 2023 | GDS Investments | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | AI, Banking, commodities, Copper, Europe, gold, Macau, Onshoring, value | Portfolio heavily weighted toward copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. Several high-profile supply issues this year have shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2023 Q2 | Jul 14, 2023 | Peak Asset Management | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | Banking, commodities, Copper, Europe, gold, Macau, Mining, value | Portfolio heavily weighted toward copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Grasberg mine accident and other supply issues shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2024 Q2 | Jul 12, 2024 | Lexington Wealth Management | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, KKR, LLOY.L, MIN.AX, MSCI, NEE, NEM, NEX.PA, NST.AX, QUB.AX, SPEC.L, TECK, VK.PA, WYNN | Banking, commodities, Copper, cyclicals, Europe, gold, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg mine accident significantly reduced output and shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2025 Q2 | Jun 30, 2025 | City Different Investments – Multi-Cap Core | 12.3% | 8.1% | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, MSCI, NEE, NEM, NEX.PA, NST.AX, QUB.AX, SXS.L, TECK, WYNN | Banking, Casinos, commodities, Copper, global, gold, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Grasberg mine accident significantly reduced output and shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2024 Q2 | Jun 30, 2024 | Tarkio Fund | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS1.AX, CXB.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | commodities, Copper, cyclicals, European Banks, gold, Macau, value | Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals. | View | |
| 2025 Q1 | Jun 10, 2025 | Miller Wealth Management | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS1.AX, CXB.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | AI, commodities, Copper, European Banking, gold, Macau, Onshoring, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals. | View | |
| 2024 Q1 | Apr 4, 2024 | The Compounding Tortoise | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZN.AX, CIP.AX, COL.AX, CS.AX, CXBK.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MRL.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | Banking, commodities, Copper, cyclicals, global, gold, Mining, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2026 Q1 | Apr 21, 2026 | abrdn Emerging Markets Fund | 2.5% | 2.5% | 000660 KS, 005930 KS, 0700.HK, 2308.TW, 2311.TW, 300750.SZ, 4958.TW, GMEXICOB.MX, HDFCBANK.NS, INDHOTEL.NS, ITSA4.SA, KAP.L, MAHINDRA.NS | AI, China, emerging markets, energy, Geopolitical, semiconductors, technology | View | ||
| 2026 Q1 | Apr 21, 2026 | PM Capital Global Companies Fund | -4.6% | -4.6% | BHP, DIS, FCX, GMEXICOB.MX, NST.AX, RPRX | commodities, Copper, Energy Prices, European Banks, Geopolitical Risk, gold, private credit, Valuations | View | ||
| 2025 Q1 | Mar 31, 2025 | PM Capital Enhanced Yield Fund | 1.1% | 1.1% | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, GMEXICOB.MX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | Coal, Copper, European Banks, Global Equities, infrastructure, tariffs, Valuations | President Trump's tariff policies created uncertainty and market correction, with direct impacts on European holdings and second-order effects on consumer discretionary companies. Tariffs ranging from 10% to almost 50% across all US trading partners were announced in early April. | View | |
| 2025 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2024 Q3 | Oct 9, 2024 | TEAM Asset Management | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS.AX, EDV.AX, EGLE, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | Banking, commodities, Copper, cyclicals, Europe, gold, Macau, value | Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals. | View | |
| 2025 Q3 | Oct 6, 2025 | Brummer Multi-Strategy Fund | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZN.AX, CABK.MC, CIP.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, NEM, NST.AX, QUB.AX, SXS.L, TECK, WYNN | Banking, commodities, Copper, cyclicals, Europe, gold, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2023 Q3 | Oct 5, 2023 | Sandhill Investment Management | - | 12.4% | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | Banking, commodities, Copper, cyclicals, Europe, gaming, gold, value | Portfolio heavily weighted toward copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2025 Q3 | Oct 28, 2025 | abrdn Emerging Markets Fund | 14.0% | 27.2% | 000333.SZ, 1810.HK, 2308.TW, 2330.TW, 267270.KS, 300750.SZ, 3690.HK, 3711.TW, 4904.TW, BABA, GFNORTEO.MX, GMEXICOB.MX, GODREJPROP.NS, HDFCBANK.NS, INDHOTEL.NS, INFY.NS, NTPC.NS, POWERGRID.NS, SBILIFE.NS, SLM.JO, TCS.NS | AI, China, emerging markets, Energy Transition, India, semiconductors, technology, Trade Policy | Chinese tech holdings, particularly AI-related names, rallied as investors anticipated benefits from wider AI trends supported by Beijing's localization drive. AI delivery has become critical to the US economy with the theme broadening across both sides of the Pacific. The fund maintains exposure to various sections of the AI supply chain from semiconductor manufacturing to data center-oriented names. | View | |
| 2025 Q3 | Oct 20, 2025 | PM Capital Australian Companies Fund | 18.5% | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS.AX, CXBK.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MRL.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | AI, commodities, Copper, European Banks, gold, Macau, Onshoring, value | Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper outlook. | View | |
| 2025 Q3 | Oct 20, 2025 | PM Capital Enhanced Yield Fund | 1.3% | - | 1928.HK, 2282.HK, AIR.PA, AZJ.AX, CABK.MC, CNI.AX, COL.AX, CS.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, NEM, NST.AX, QUB.AX, TECK, WYNN | AI, Banking, commodities, Copper, global, gold, Onshoring, value | Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year including challenges at other major mines. | View | |
| 2025 Q3 | Oct 20, 2025 | PM Capital Global Companies Fund | 10.0% | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZN.AX, CIP.AX, COL.AX, CS.AX, CXBK.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MRL.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | AI, Banking, commodities, Copper, global, gold, value | Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026. | View | |
| 2025 Q4 | Jan 5, 2026 | First Eagle Investments | 0.0% | 0.0% | BIO, GMEXICOB.MX, TSM | AI, Copper, global value, gold, infrastructure, municipal bonds, private credit, small cap | Gold set more than 50 record nominal highs in 2025, surging about 60% year-to-date through November. Central bank purchases have exceeded 1,000 tonnes in each of the past three full years, with gold holdings as a share of foreign reserves now exceeding Treasuries for the first time in 30 years. The team views gold as a fixed positional asset that participates in nominal drift of the economy. AI capex cycle continues to drive corporate earnings growth forecasts. TSMC is positioned as the primary manufacturer of next-gen chips used in generative AI by customers like Apple, Nvidia and Intel. AI may benefit small cap companies over a very long cycle through pick-and-shovel suppliers to infrastructure and data center construction. Grupo Mexico controls long-duration copper assets that are nearly impossible to replicate, with the largest reserves of any copper producer and mines well positioned on the cost curve. The company is positioned to benefit from the constructive long-term outlook for copper demand. An estimated 90% of dollars raised and spent on US infrastructure is financed through municipal bonds. The American Society of Civil Engineers graded America's infrastructure a C in 2025, indicating ongoing need for investment. Much of municipal bond issuance has been concentrated on infrastructure projects. Private equity investments benefited from zero interest rates following the global financial crisis, but the cost of acquiring and building businesses has increased since rates shifted higher in 2022. Underwriting standards have deteriorated in parts of the private credit market, with increased lending to borrowers with weaker covenant protections. | BIO TSM |
View |
| 2025 Q4 | Jan 29, 2026 | abrdn Emerging Markets Fund | 4.6% | 32.0% | 000660.KS, 005930.KS, 028260.KS, 0700.HK, 267270.KS, ADIB.AD, ALDAR.AD, ASX.TW, BABA, BBNI.JK, GMEXICOB.MX, KAP.L, MULT3.SA, RIO, TLKM.JK, TSM | AI, China, Copper, emerging markets, Memory, semiconductors, technology, Trade Policy | AI-driven tech rally continued in Taiwan, lifting local tech stocks at the epicenter of US AI infrastructure buildout. Memory chip producers benefited from confirmed chip shortages and price increases for DRAM and HBM chips. AI delivery has become a critical component of the US economy, with Beijing expected to build a rival AI ecosystem. Technology stocks rallied driven by semiconductors, specifically memory stocks, as confirmed chip shortages resulted in noticeable price increases for DRAM and HBM chips. This proved particularly beneficial for South Korean heavyweights and leading memory chip producers like SK Hynix and Samsung Electronics. China and Hong Kong were detractors as markets sold off amid softer growth and underwhelming government response. Despite deflation concerns, southbound flows have accelerated in 2025, suggesting greater risk appetite among Chinese investors that could drive a wealth effect supporting consumption. Trump's tariffs suggest goals of shifting manufacturing and raising revenue for tax cuts are prime. Market consensus sees a move towards breakdown in China-US trade, though pace and extent of decoupling remain uncertain. Trump has extended tariff pressure to India and Brazil, but agreements to reduce tariffs are expected. Copper miner Grupo Mexico rallied on rising copper demand driven by electrification and data center growth. The miner, with access to low-cost reserves, remains a long-term beneficiary. Copper and other minerals have gained from AI infrastructure development and energy transition. | View | |
| 2024 Q4 | Jan 14, 2025 | Horizon Investment | - | - | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS1.AX, CXB.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | Banking, commodities, Copper, Europe, gold, Macau, value | Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have tightened the market. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 30, 2025 | Substack | SZEW | Grupo Mexico | Materials | Other Industrial Metals & Mining | Bull | commodity, Copper, Grupo Mexico, Mining, NAV discount | 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. | ||||||||