HTHT

HTHT

HTHT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Emerald Wealth Partners – Focused Equity Strategy	4.7%	10.9%	1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO	AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations	AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications.		View
2026 Q1	Apr 29, 2026	Artisan Global Discovery	-5.5%	-5.5%	ASMI, ASND, COHR, COMP, HTHT, INSM, MDB, MOD, MSI, PRS, RBC, RBLX, SE, SPOT, TWST, WING	AI, Biotechnology, Data centers, defense, energy, global, mid cap, small cap			View
2026 Q1	Apr 25, 2026	Stewart Investors	-	-	005930 KS, 0700.HK, 2379.TW, 3323.T, 6758.T, HDFCBANK.NS, HTHT, TSM	AI, Asia, China, gaming, Quality, semiconductors, technology		HTHT 6758.T 2379.TW HDFCBANK.NS 0700.HK 3064.T TSM 005930.KS	View
2025 Q1	Apr 12, 2025	Longleaf Partners International Fund	0.7%	0.7%	1910.HK, AC.PA, CFR.SW, CUERVO.MX, DPZ.L, ERF.PA, GLB, GRUMA.MX, HDFCBANK.NS, HTHT, JFC.PS, LXS.DE, MILC.ST, PFD.L, PRN.L, TCEHY	AI, defense, Europe, geopolitics, international, SMID Cap, tariffs, value	US President Trump announced reciprocal tariffs under the International Emergency Economic Powers Act, with baseline 10% tariffs on all countries and higher rates for specific nations including 34% for China and 20% for the EU. This represents a simultaneous trade war against all key economies globally and has caused sharp selloffs in equity markets. The fund has consciously repositioned to more domestically focused names to avoid geopolitical risks.	1910.HK JFC.PS CUERVO.MX GLB.L CFR.SW LXS.DE PRX TIGO	View
2023 Q1	Mar 31, 2023	Platinum Asia Fund	4.4%	4.4%	000338.SZ, 000660.KS, 005930.KS, 051910.KS, 0700.HK, 2689.HK, 3968.HK, 3988.HK, AVIA.JK, BABA, DADA, HTHT, INDIGO, JD, LODHA, MEITUAN, MWG.VN, PDD, SUPALAI.BK, TRIP, TSM, ZTO	Asia, China, E-Commerce, Reopening, semiconductors, Travel, Vietnam	China was a strong contributor to performance with reopening driving gains across travel and service-exposed areas. The economic recovery is occurring at a measured pace with domestic travel picking up dramatically and retail sales returning to growth.		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 Q2	Oct 1, 2024	RV Capital	-	28.9%	DIDI, HTHT, IPCO.TO, NTES, PRX.AS, YUMC	China, Esg, Governance, oil, value	First investment in oil and gas sector through International Petroleum, an oil company with production in Canada, France, and Malaysia. Manager views oil as essential product that cannot be eliminated despite environmental concerns, providing hedge against geopolitical disruptions. IPCO offers attractive valuation with substantial free cash flow generation expected.	IPCO.TO	View
2024 Q4	Jan 9, 2025	Mountain Vista Wealth Management	-	-	1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO	AI, Bubble, China, Cloud, infrastructure, technology, Valuations	AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending.	MDT HTHT 1211.HK BABA	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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	The Wolf of Harcourt Street	H World Group Limited	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	China, Franchising, Hotels, market share, Middle Class, technology, Unit economics, Value	View Pitch
Apr 28, 2026	Fund Letters	PM Capital Global Companies Fund	H World Group Limited	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	China, consolidation, Franchising, Hotels, market share, Middle Class, Unit economics, Value	View Pitch
Apr 28, 2026	Fund Letters	Stewart Investors	H World	Lodging	Hotels, Restaurants & Leisure	Bull	NASDAQ	China, Cost leadership, digital infrastructure, Domestic Travel, economies of scale, Hotel Chain, Membership Program, urbanization	View Pitch
Apr 13, 2026	Fund Letters	GROW Funds	H World Group Limited	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	China, franchise model, Hotels, market share, Middle Class, operating margins, technology platform, Unit economics, valuation discount	View Pitch
Apr 13, 2026	Fund Letters	Skybound Wealth Management	H World Group Limited	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Brand Penetration, China, franchise model, Hotels, market share, Middle Class, Unit economics, valuation discount	View Pitch
Apr 13, 2026	Fund Letters	Mountain Vista Wealth Management	H World Group Limited	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	China, Emerging Middle Class, franchise model, Hotels, market share gains, operational efficiency, Value	View Pitch

BSD Shareholders of HTHT

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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