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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Dec 31, 2025 | Royal London Global Equity Diversified Fund | 4.8% | 12.5% | 7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V | AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations | The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index. | HAG GR ITW RACE LW MU LLY GOOG |
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| 2025 Q4 | Jan 21, 2026 | Zeno Equity Partners LLP | 0.0% | 0.0% | BRK-A, DHR, FTV, GE, ITW, JCI, NVST, VRLT | Biotechnology, Capital Allocation, Conglomerates, Ownership, Spin-Offs, value creation | Danaher has transformed into a pure play Bioprocessing, Life Sciences and Diagnostics business through strategic acquisitions and spin-offs. The company acquired Pall Systems for $14 billion to gain foothold in bioprocessing space and later acquired GE Biopharma, focusing on manufacturing and sales of consumables and equipment used in production of biotech drugs. The letter discusses how executives typically monetize stock options regularly in the market through stock ownership programs, contrasting this with founder-owners who maintain substantial long-term shareholdings. This highlights different approaches to capital allocation and ownership alignment. | DHR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Paul Schofield | Illinois Tool Works Inc. | Industrials | Industrial Machinery | Bull | New York Stock Exchange | capital allocation, Cyclicality, Industrials, Margins, Pricing | 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. | ||||||||