Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Octahedron Capital | - | - | AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP | AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology | Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models. | View | |
| 2025 Q2 | Jun 30, 2025 | Octahedron Capital | - | - | ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W | Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy | AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows. | View | |
| 2025 Q1 | Apr 8, 2025 | Jacob Fund | - | - | GRAB, SNAP | Asia, E-Commerce, small caps, Social Media, tariffs, technology | Manager continues to overweight small-cap stocks across portfolios relative to benchmarks and peers, viewing the current environment as favorable for small-cap performance despite market correction concerns. | SNAP GRAB |
View |
| 2023 Q1 | Apr 15, 2023 | Contrarius Global Equity Fund | 7.3% | 7.3% | DASH, DHER.DE, GRAB, TKWY.AS, UBER | E-Commerce, global, growth, technology, value | The fund holds several online mobility and delivery companies including DoorDash, Grab Holdings, Just Eat Takeaway.com, Uber Technologies and Delivery Hero. These companies compete in large and growing markets with smartphone-based platforms that have become part of everyday life. The pandemic created opportunities to gain new customers, and these companies now have substantially larger customer bases with improving competitive environments and emerging profit pools. | DHER.DE UBER JTKWY GRAB DASH |
View |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Emerging Markets Growth Fund | 2.5% | 2.5% | 0700.HK, 1211.HK, 1299.HK, 2020.HK, 2330.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, GLOB, GRAB, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, WEGE3.SA | AI, China, E-Commerce, emerging markets, growth, India, semiconductors, technology | Since the beginning of 2024, we have narrowed our underweight to China relative to the MSCI EM. While we remain cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, we also see a select group of exceptional growth businesses in the country. Our views are shaped by on-the-ground research with three research trips to China and Hong Kong in the first quarter of 2025. | View | |
| 2025 Q4 | Feb 8, 2026 | SGA – International Growth | 1.0% | 9.6% | 1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC | AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation | SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia. | TEAM ARM DSY FP SRT GR 9983 JP |
View |
| 2025 Q4 | Feb 8, 2026 | SGA – Emerging Markets Growth | 0.6% | 22.8% | 035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC | AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation | The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market. | OR FP TME GRAB SE BABA 9983 JP INFY TSM |
View |
| 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 | |
| 2025 Q3 | Oct 16, 2025 | Platinum International Technology Fund | 6.0% | - | 8035.T, ADI, AMAT, AMZN, AVGO, GOOGL, GRAB, ISRG, MA, MCHP, MSFT, NFLX, NVDA, SAP, SNPS, TSM, TXN, V, VEEV, VRT | AI, defense, growth, infrastructure, semiconductors, technology | AI infrastructure stocks make up around 30% of the portfolio and drove majority of returns with companies like Broadcom, Nvidia, TSMC up around 20%. The fund stands to benefit from ongoing massive investment in the AI build-out. OpenAI's user growth from 200m to 700m weekly users poses existential threat to incumbent tech companies like Alphabet and Meta. | View | |
| 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 18, 2026 | Octahedron Capital | 0.0% | 0.0% | ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W | AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology | AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Contrarius Global Equity Fund | Grab Holdings | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | adjusted EBITDA, digital payments, E-wallet, Fintech, food delivery, market dominance, Mobility Platform, Southeast Asia, Unbanked Population | View Pitch |
| Apr 13, 2026 | Fund Letters | Jacob Fund | Grab Holdings Limited | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising revenue, cash generation, digital platform, food delivery, growth, market consolidation, Ride Sharing, Southeast Asia, super app | View Pitch |
| Mar 18, 2026 | Seeking Alpha | Seeking Alpha | Grab Holdings Limited | Technology | Ride-Hailing and Delivery Services | Bull | Nasdaq Stock Market | competitive moat, Delivery Services, EBITDA growth, Grab Holdings Limited, market share, quick commerce, revenue streams, ride-hailing, Southeast Asia, super app | View Pitch |
| Feb 21, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | Grab Holdings Ltd | Industrials | Passenger Ground Transportation | Bull | NASDAQ | deliveries, Fintech, Margins, mobility, Provisions | View Pitch |
| Feb 4, 2026 | Twitter / X | @BourbonCap | Grab Holdings Limited | Ground Transportation | Passenger Ground Transportation | Bull | NASDAQ | Fintech, Fooddelivery, Indonesia, Payments, Ridehailing, SoutheastAsia, Superapp | View Pitch |
| Feb 4, 2026 | Twitter / X | @MikeLongTerm | Grab Holdings Limited | Software | Application Software | Bull | NASDAQ | acquisition, AIPlatform, Cashrich, delivery, DineOut, Fintech, mobility, Multipleexpansion, NetworkEffect, SEA, Superapp | View Pitch |
| Aug 13, 2025 | Seeking Alpha | IWA Research | Grab Holdings | Information Technology | Software - Application | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | APAC Investment News | Grab Holdings | Information Technology | Software - Application | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The Alpha Analyst | Grab Holdings Limited | Other | - | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Substack | The Finance Corner | Grab Holdings Limited | Information Technology | Software - Application | 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 |
|---|---|---|---|---|---|---|---|---|
| Chase Coleman III | Tiger Global Management | $29.7B | $463.7M | 1.56% | 92,923,788 | +0 | +0.00% | 2.5483% |
| Tim Campbell | Baillie Gifford | $120.3B | $230.6M | 0.19% | 46,212,934 | -1,412,546 | -2.97% | 1.2673% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $11.2M | 0.02% | 2,237,767 | -1,804,837 | -44.65% | 0.0614% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $54.3M | 0.06% | 10,878,129 | +6,051,408 | +125.37% | 0.2983% |
| Zach Schreiber | PointState Capital | $6.8B | $162.5M | 2.39% | 32,555,483 | +26,186,329 | +411.14% | 0.8928% |
| Ray Dalio | Bridgewater Associates | $27.4B | $57.6M | 0.21% | 11,534,093 | -3,642,953 | -24.00% | 0.3163% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $38.2M | 0.05% | 7,648,631 | +5,710,010 | +294.54% | 0.2098% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.9M | 0.00% | 646,784 | -58,200 | -8.26% | 0.0161% |
| Frank Sands | Sands Capital Management | $32.9B | $56.1M | 0.17% | 11,244,055 | -1,246,930 | -9.98% | 0.3084% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $20.6M | 0.03% | 4,122,003 | -7,722,892 | -65.20% | 0.1130% |
| Cliff Asness | AQR Capital Management | $190.6B | $8.6M | 0.00% | 1,733,120 | -4,398,157 | -71.73% | 0.0475% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $71.8M | 0.28% | 14,388,355 | +1,341,345 | +10.28% | 0.3946% |
| Bret Barakett | Tremblant Capital | $3.9B | $110.5M | 2.82% | 22,140,776 | +12,573,772 | +131.43% | 0.6072% |
| Louis Bacon | Moore Capital Management | $6.8B | $12.1M | 0.18% | 2,432,113 | +1,715,352 | +239.32% | 0.0667% |
| Rich Handler | Jefferies | $19.3B | $202,774 | 0.00% | 40,636 | +40,636 | +100.00% | 0.0011% |