IMP-JO

IMP-JO

IMP-JO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Hosking Partners	-	12.2%	000660.KS, 055550.KS, 0669.HK, 4443.T, 6201.T, 7157.T, 7203.T, AMS.JO, AVGO, BAB.L, CPNG, III.L, IMP.JO, META, MSFT, MU, NHM.JO, NVDA, SGL.JO, SYL.JO, VIST	defense, diversification, global, Platinum, South Korea, technology, Trade Policy, value	Trump administration imposed 10% base tariff on all trade partners plus reciprocal tariffs based on trade surplus levels. Reciprocal tariffs paused except for China, but base tariff remained. This policy shift is expected to create significant reordering of winners and losers.	055550.KS CPNG 000660.KS III.L BAB.L	View
2026 Q1	May 6, 2026	Fairtree Global Equity Fund	-8.4%	-8.4%	000660 KS, 005930 KS, 0700.HK, IMP.JO, KSPI.L, NPN.JO, PRX.AS, SOL.JO, TCOM, TSM	active management, emerging markets, energy, Geopolitical, technology, valuation			View
2025 Q4	Feb 10, 2026	Fairtree Global Equity Fund	1.7%	-	6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM	AI, emerging markets, global, rates, semiconductors, technology	AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions.		View
2025 Q3	Oct 10, 2025	INN8	-	-	0700.HK, AAL.L, AMZN, ANG.JO, BABA, BWO.JO, CUR.JO, GFI, GOOGL, IMP.JO, INTC, MCG.JO, META, MSFT, NVDA, ORCL, PRX.JO, TECK	AI, China, global, gold, inflation, rates, tariffs, technology	The euphoria towards artificial intelligence is creating speculative market dynamics where AI spending announcements instantly reward companies with massive market cap increases. Companies like Nvidia, Alibaba, Meta, Microsoft, Alphabet, Amazon, and Oracle have seen their combined market capitalization boosted by about $1.8 trillion from AI investment pledges. While few companies show material returns on AI investments in their financials, investors continue piling into shares of companies spending big on data centers to position themselves as AI leaders.		View
2025 Q4	Jan 15, 2026	Baillie Gifford -Emerging Markets	5.7%	40.7%	000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM	AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology	China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Hosking Partners	Impala Platinum Holdings	Materials	Precious Metals & Minerals	Bull	Johannesburg Stock Exchange	Mining, PGM, platinum, Replacement Cost, Smelting, South Africa, strategic assets	View Pitch

BSD Shareholders of IMP-JO

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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