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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Large Cap Equity | 10.6% | 3.4% | 7269.T, AMZN, AZN, CMCSA, CW, GOOGL, HWM, IBN, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS, UBER, UNH, VRT, VRTX | aerospace, Data centers, healthcare, large cap, nuclear, technology, Trade Policy | Curtiss-Wright Corp performed well as the market expects demand for their nuclear power components to improve over the coming years. The company is positioned to benefit from the growing nuclear power sector. | View | |
| 2025 Q2 | Jul 17, 2025 | Polen Capital – International Growth | 6.9% | 6.9% | 8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME | Compounding, earnings, International Growth, Quality, valuation | The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles. | IBN ICLR GLOB AON SAP GR 8035 JP MELI |
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| 2025 Q1 | May 2, 2025 | Ashva Capital Management | -13.6% | -13.6% | IBN, LRN, UBER | Compounding, Drawdown, India, Quality, rates, tariffs, value, volatility | Stride Inc. represents a direct beneficiary of the secular shift toward online and hybrid education models, operating a high-margin, recurring revenue business with consistent enrollment growth and underappreciated optionality in adult learning and career prep divisions. | UBER IBN LRN |
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| 2025 Q1 | Apr 18, 2025 | Templeton & Phillips Capital Management | - | - | AMZN, BN.PA, FFH.TO, HDB, IBN, UMG.AS | Banking, Bargains, India, Quality, Selloffs, tariffs, value | Trump administration's tariff strategy represents a negotiation tactic designed to generate government revenue and foster US reindustrialization. The approach creates intentional uncertainty through extreme opening positions, with actual goals lying much lower to allow both sides to claim victory. | IBN HDB |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Large Cap Equity | -1.3% | 17.3% | AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, LEN, MA, MELI, MMC, PYPL, SCHW, SLB, SN, STAN.L, SUZKY, TMUS | Data centers, healthcare, interest rates, large cap, technology, Trade Policy | Data center buildout remains strong with companies like Marvell and Vertiv playing key roles. Investment in data centers for artificial intelligence applications was strong during the quarter. Marvell has a strong position in data networking chips in data centers. | LEN MRVL SN |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston International Equity | -3.3% | 13.4% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR | emerging markets, Europe, financials, healthcare, international, stock selection, technology | TSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally. | View | |
| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston International Equity | 8.5% | 36.2% | 6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR | AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy | The portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals. | SUZUKI PROS SDZ UCB |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Large Cap Equity | 4.9% | 18.8% | 7269.T, AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, ILMN, MA, MELI, MMC, PYPL, SCHW, SLB, STAN.L, TMUS, XRAY | aerospace, AI, healthcare, large cap, rates, technology | The Federal Reserve cut interest rates by 0.5% in September, signaling a change in direction for major parts of the economy. After years of rapidly rising rates, this change will affect mortgage rates, credit card balances, savings, and business operations. Major sectors that have been moribund, especially housing, will have a chance to help the next expansion cycle get underway. | View | |
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Large Cap Equity | -6.5% | -6.5% | AMZN, AZN, BDX, CMCSA, GOOGL, HWM, HXL, IBN, MA, META, MMC, MRVL, PYPL, SCHW, SLB, SN, STAN.L, TMUS, VRT, VRTX | aerospace, AI, growth, tariffs, technology, volatility | The portfolio was significantly impacted by AI-related volatility following DeepSeek's R1 model release, which pressured AI compute and networking supply chains. Despite the selloff in holdings like Marvell and Vertiv, the manager believes the immediate reaction was an overreaction and that reasoning models should drive greater hardware demand over time. | View | |
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston International Equity | 6.9% | 6.9% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, GMAB, HDB, IBN, IFX.DE, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Europe, industrials, international, semiconductors, tariffs, technology | Germany changed its Constitution to release fiscal debt brakes enabling unlimited defense spending, while Europe announced massive defense and infrastructure spending framework. Japan is committed to achieving 2% of GDP defense spending with speculation of upward revision to 3% and beyond. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Ashva Capital Management | ICICI Bank | Financials | Banks | Bull | NYSE | asset quality, capital efficiency, credit expansion, digital banking, Emerging markets, Indian Banking, Private Bank, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Templeton & Phillips Capital Management | ICICI Bank Limited | Financials | Banks | Bull | NYSE | Capital markets, digital banking, Emerging markets, financial services, growth, Indian Banks, investment banking, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Todd Morris | ICICI Bank Limited | Financials | Diversified Banks | Bull | New York Stock Exchange | Credit_Growth, Financial_Inclusion, India, Retail_Banking | View Pitch |
| Aug 13, 2025 | Seeking Alpha | JP Research | ICICI Bank Limited | Financials | Banks - Regional | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $140.3M | 0.12% | 4,709,302 | -175,225 | -3.59% | 0.1239% |
| Sarah Ketterer | Causeway Capital Management LLC | $7.3B | $14.2M | 0.20% | 477,060 | +32,400 | +7.29% | 0.0125% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $11.4M | 0.02% | 383,077 | +349,681 | +1047.07% | 0.0101% |
| Ho Ching | Temasek Holdings | $31.6B | $870.0M | 2.76% | 29,195,789 | +2,964,312 | +11.30% | 0.7679% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $43.7M | 0.05% | 1,467,733 | +1,390,733 | +1806.15% | 0.0386% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.5M | 0.00% | 83,364 | -7,304 | -8.06% | 0.0022% |
| Israel Englander | Millennium Management LLC | $233.2B | $66.8M | 0.03% | 2,241,935 | -361,625 | -13.89% | 0.0590% |
| Jeremy Grantham | GMO LLC | $39.1B | $336,531 | 0.00% | 11,293 | -3,581 | -24.08% | 0.0003% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $107.5M | 0.09% | 3,605,757 | -217,446 | -5.69% | 0.0948% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $120.2M | 0.18% | 4,032,212 | +2,598,602 | +181.26% | 0.1061% |
| Cliff Asness | AQR Capital Management | $190.6B | $9.5M | 0.01% | 318,357 | +120,488 | +60.89% | 0.0084% |