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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Platinum International Fund | 2.0% | - | 005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS | Asia, China, rates, semiconductors, Stimulus, value | Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum Global Fund (Long Only) | 0.0% | - | 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO | China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value | The most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum Asia Fund | 10.0% | - | 000660.KS, 005930.KS, 0700.HK, 1109.HK, 1357.HK, 2269.HK, 2318.HK, 3968.HK, ALI.PS, ASII.JK, BABA, BILI, DDL, JD, MAPI.JK, MEGA.BK, PWON.JK, SPALI.BK, TSM | Asia, China, E-Commerce, emerging markets, Indonesia, Recovery, semiconductors, Stimulus | Chinese authorities announced comprehensive stimulus measures in late September including monetary policy easing, property market support, and explicit equity market encouragement. This triggered a sharp rally with mainland A-shares rising 25% in five days from September 23rd. The manager views this as potentially marking a turning point after years of economic weakness. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum International Brands Fund | 9.0% | - | 3690.HK, AMZN, BEI.DE, GALDA.SW, GOOGL, GSK, HEIN.AS, ITX.MC, JD, META, SONY, V, ZTS | Beauty, Consumer Brands, E-Commerce, global, Luxury, technology | Chinese technology and e-commerce firms Meituan and JD.com were notable contributors, both up over 50% during the quarter. The portfolio benefits from exposure to global e-commerce platforms including Amazon. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Brands Fund | -4.7% | - | 4819.T, ATZ.TO, BFIT.AS, EZGL.T, GSK, JD, MEIT, PNDR.CO, PROSUS.AS | brands, China, consumer, Discretionary, retail | Fund focuses on consumer discretionary and staples companies globally, with particular emphasis on retailers, apparel companies, and consumer brands. Manager discusses weakening consumer spending in developed markets while Chinese consumer spending remains restrained but could recover. | View | |
| 2025 Q2 | Aug 22, 2025 | Shelton Emerging Markets Fund | 11.1% | - | 1093.HK, IGTI11.SA, JD, WIT | commodities, Dollar, earnings, emerging markets, Fed policy, Trade Policy, Valuations | Six consecutive months of dollar weakness boosted EM currency translations and helped moderate imported inflation. The trade-weighted index of the dollar versus foreign currencies is down over 10% so far this year, creating favorable conditions for emerging market performance. | JD WIT IGTI11.SA 1093.HK JD WIT IGTI11 BZ 1093 HK |
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| 2025 Q2 | Aug 11, 2025 | Fairtree Global Equity Fund | 10.9% | - | 000660.KS, 005930.KS, AMAT, AVGO, BP, FI, GFI, GLEN.L, GOOGL, JD, KASPI.L, LOW, MSFT, NVDA, PDD, PGR, ROST, SYY, UNH, VRT | AI, emerging markets, Europe, Global Equity, semiconductors, tariffs, technology, Trade Policy | The fund maintains significant exposure to AI-related semiconductor demand, particularly through Taiwan positions. AI-driven semiconductor demand continues to drive strong performance in technology holdings, with companies like Nvidia and Broadcom contributing meaningfully to returns. | View | |
| 2025 Q2 | Jul 27, 2025 | abrdn Emerging Markets Fund | 10.6% | 11.6% | 000333.SZ, 000660.KS, 000830.KS, 009540.KS, 0669.HK, 0700.HK, 1120.SR, 1211.HK, 2308.TW, 2327.TW, 2330.TW, 300750.SZ, 3690.HK, 4958.TW, ADIB.AD, BABA, ETE.WA, GLOB, HUVR.NS, IHCL.NS, JD, PDD, POWERGRID.NS, TCOM, TCS.NS, ZAB.WA | AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, Trade Policy | Chinese companies like Alibaba and Tencent faced margin pressure from rising AI-related capex. The fund maintains exposure to various sections of the AI supply chain, from semiconductor manufacturing and design to data center-oriented names. Hyperscalers' capex plans are expected to continue translating into orders for AI infrastructure companies. | View | |
| 2025 Q2 | Jul 2, 2025 | Vision Capital | - | 11.8% | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. | 9618.HK 3690.HK PLTR |
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| 2025 Q2 | Jul 17, 2025 | Platinum Asia Fund | 3.9% | - | 000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports. | TSM 2202 HK MYOR IJ |
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| 2025 Q2 | Jul 17, 2025 | Ariel Global Fund | 7.4% | - | 000660.KS, 1590.TW, 2319.HK, 6361.T, 6920.T, BBVA, DIS, FSLR, JD, LTO.MI, SAN, TSCO.L, ZBH | AI, Banking, energy, global, healthcare, semiconductors, value | Strong AI-driven demand for high bandwidth memory products drove performance at SK Hynix. The company gained market share in high-content server-grade DRAM modules with entire 2025 HBM supply sold out and Nvidia as a key customer. AI power demands are expected to benefit First Solar as the only US-based solar module manufacturer of scale. | ZBH DIS LOTTO.MI FSLR 6361.T BBVA 1590.TW SNY 2319.HK JD 6920.T 000660.KS TSCO.L BBVA SM 6920 JP |
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| 2025 Q2 | Jul 17, 2025 | Ariel International Fund | 12.6% | - | 000660.KS, 1590.TW, 2319.HK, 6361.T, 6920.T, BBVA, CHKP, JD, LTO.MI, SNY, TSCO.L | AI, Asia, Europe, international, semiconductors, technology, value | Investor enthusiasm for artificial intelligence themed stocks drove global indices to new all-time highs. Strong AI driven demand for high bandwidth memory products was a key highlight for SK Hynix, with the company gaining market share in AI memory market and having its entire 2025 HBM supply sold out with Nvidia as a key customer. | CHKP 6920 JP |
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| 2024 Q2 | Jul 12, 2024 | Longriver Investment Partners | 1.3% | 15.3% | 0700.HK, 1810.HK, AAPL, AMD, AMZN, BABA, COST, FUTU, GAW.L, GOOGL, INTC, JD, META, MSFT, NVDA, PDD, TSLA, TSM, VTY.L | AI, Big tech, China, E-Commerce, global, semiconductors, technology | The GenAI investment cycle has sparked massive capital deployment by Big Tech companies, with Amazon, Meta, Alphabet and Microsoft increasing compute investment from $119bn in 2023 to an estimated $195bn in 2025. However, there remains significant uncertainty about where value will accrue in the AI stack and whether the massive investments will generate profitable returns. | PDD TSM |
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| 2024 Q2 | Jul 11, 2024 | JB Global Capital | 7.3% | 8.1% | AAPL, AMZN, AVGO, BABA, GOOGL, JD, META, MSFT, NVDA, PYPL, STNE, TCEHY | AI, Buybacks, China, payments, technology, value | The fund holds significant positions in payment processors including PayPal and StoneCo. PayPal is trading at historically low valuations despite maintaining 45% global market share and strong fundamentals. StoneCo was sold after achieving 61.4% returns as the risk/reward profile deteriorated with rising valuations. | PYPL STNE |
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| 2024 Q2 | Jun 30, 2024 | Platinum Global Fund (Long Only) | -2.0% | - | 005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, global, semiconductors, technology, value | AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Asia Fund | 2.0% | - | 000660.KS, 005930.KS, 021240.KS, 0700.HK, 1109.HK, 1357.HK, 3968.HK, 9961.HK, AAPL, CATL, GOOGL, INGVY, JD, NVDA, PDD, TSM, TSMC, ZTO | Asia, China, India, Property, semiconductors | Strong performance from semiconductor holdings TSMC and SK hynix driven by AI enthusiasm. TSMC up 25% and SK hynix up 28% during the quarter as markets focused on AI-exposed companies. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum International Brands Fund | -3.4% | - | 2206.T, 2502.T, 7203.T, 9142.T, GOOGL, JD, META, NFLX, RIPI.PA | AI, China, Consumer Brands, gaming, Japan, technology | AI thematic drove strength in US technology stocks during the quarter, with companies like Meta, Alphabet, and Netflix benefiting from AI-related optimism. However, the Fund was unable to own most Nasdaq AI stocks due to its consumer brands focus. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum International Technology Fund | 4.2% | - | 000660.KS, 005930.KS, 006400.KS, 0700.HK, 7974.T, BABA, CIEN, CSU.TO, ERIC, GOOGL, IFX.DE, JD, MCHP, META, MU, NFLX, ORCL, TSM | AI, Cloud, growth, semiconductors, software, technology | AI took center stage during the quarter with ChatGPT reaching 100 million users faster than any consumer application to date. Technology companies like Microsoft, Google, Meta, and Oracle are incorporating AI into their platforms, creating significant investment opportunities despite some market excesses. | View | |
| 2025 Q1 | May 21, 2025 | Fairtree Global Equity Fund | 1.5% | 1.5% | ABT, AMZN, AVGO, BABA, BID.JO, BP, EVO.ST, GFI, GOOGL, JD, JPM, KO, KSPI.L, MSFT, NVDA, ORCL, PDD, SHEL, TTE | AI, China, E-Commerce, energy, Global Equity, Recession, tariffs, technology | AI-related US companies experienced pronounced volatility following the release of Deepseek, a Chinese Large Language model trained at significantly lower cost but producing similar results to current US models. Chinese companies' advancements in AI have reinforced their position as a significant force in the technology sector. | View | |
| 2026 Q1 | Apr 7, 2026 | Vision Capital | -17.3% | -17.3% | ADYEY, CRWD, JD, NET, NFLX, NOW, NU, PLTR, PME.AX, PYPL, SE, SHOP, TSLA, TSM, WISE.L, ZS | AI, E-Commerce, growth, long-term, payments, SaaS, technology, volatility | PME.AX TSLA PYPL |
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| 2026 Q1 | Apr 22, 2026 | Platinum Asia Fund | -3.8% | -3.8% | 000338.SZ, 000660 KS, 005930 KS, 0700.HK, 1024 HK, 1910 HK, 300750.SZ, INDIGO.NS, JD, JFC.PS, MWG VN, TCOM, TSM, ZTO | AI, Asia, China, energy, Iran Conflict, semiconductors, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel International Fund | 7.6% | 0.0% | AMIGY, APTV, DTG.DE, ELE.MC, FMS.DE, FUJHY, JD, MABUY, NCBDY, NTDOY, OPHLF, RBGLY, SIEGY, SPXCY, STJPF, STLA, TSYHY, VEA, VIV | Autos, Cyclical, Energy Transition, international, undervalued, value | The fund initiated positions in multiple automotive companies including Daimler Truck, Stellantis, and Aptiv, viewing the sector as offering attractive entry points amid cyclical pessimism. The managers see opportunities in electric vehicle transition, operational improvements, and market share gains across different automotive segments. | SIE.DE JD APTV ELE.MC FME.DE 7832.T STLA DTG.DE 7270.T |
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| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 033780.KS, 7270.T, 7832.T, ADM.L, APTV, BIDU, COF, CVS, DOX, DTG.DE, DVA, ELE.MC, INTC, JD, MUV2.DE, NESN.SW, PM, SIE.DE, SRG.MI, STLA, TDC | Automotive, global, healthcare, long-term, technology, undervalued, value | Artificial intelligence is driving investor enthusiasm and market performance. Companies like Baidu are investing heavily in AI with their Ernie Bot launch, while Capital One is rated as a leading bank in AI implementation. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital International | 0.0% | 10.9% | 1024.HK, AAPL, AMAT, AMZN, BABA, BIDU, CSCO, DKS, FANG, GOOGL, JD, LI, META, MSFT, MSTR, NVDA, SMCI, STLA, TSM, WSM | AI, China, international, Quality, technology, valuation, value | NVIDIA has become the Magnificent 1 with market cap rising to $2.5 trillion from $350 billion, representing over 2% of global GDP. The AI boom has created extraordinary growth and pricing power for NVIDIA, with EBITDA margins rising from 33% to 55% and projected to reach 65%. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1299.HK, 2330.TW, 300750.SZ, 9618.HK, 9988.HK, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, JD, KASPI.KZ, MARUTI.NS, MELI, SCOM.NR, TCOM, TCS.NS, TSM | China, E-Commerce, emerging markets, Geopolitical, healthcare, payments, semiconductors, technology | Digital payment systems are transforming financial inclusion in emerging markets, particularly Latin America. Companies like MercadoLibre and FEMSA have built payment platforms that serve unbanked populations while strengthening their core businesses. These platforms provide first-time access to digital payments and credit for millions of customers. | TLKM.JK BH.BK MELI |
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| 2024 Q1 | Apr 15, 2024 | Contrarius Global Equity Fund | -6.7% | -13.4% | BABA, BIDU, JD | AI, China, Cloud, contrarian, E-Commerce, technology, valuation | Manager initiated positions in three Chinese stocks (JD.com, Baidu, Alibaba) after years of avoidance, citing dramatically improved risk-reward profile due to extremely attractive valuations and reduced regulatory risks. Chinese government appears increasingly aware of wealth destruction risks and is taking steps toward normalized supervision of technology companies. | BABA BIDU JD |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Fund | 0.2% | 0.2% | ABBV, AZN, BABA, BYD, FANUY, GOOGL, JD, KYCCF, MRK, MUFG, NESN.SW, NTDOY, NVS, SONY, TCEHY, TM, TSM, UBS | China, defensives, Europe, Overweight, Pharmaceuticals, Quality, tariffs, volatility | The Fund maintained an overweight position in Chinese stocks throughout the quarter, benefiting from strong performance in February and early March. Good returns from Chinese holdings led to some profit-taking while retaining strong overweight positioning based on continued economic recovery. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum Global Fund (Long Only) | -1.0% | -1.0% | GOOGL, JD, NESN.SW, TSM, UBS | China, defensives, Europe, Pharmaceuticals, Quality, risk, tariffs | The fund has rotated towards pharmaceutical manufacturers due to a 'risk contango' opportunity where safer, high-quality businesses offer better potential returns than speculative technology stocks. Holdings include AbbVie, AstraZeneca, Merck, and Novartis, which are viewed as defensives that can protect capital in downturns while offering high profit potential due to depressed share prices. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum Asia Fund | 2.0% | 2.0% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2318.HK, 2883.HK, BABA, IGLA, JD, TRIP, TSM | AI, Asia, China, semiconductors, tariffs, technology | Chinese AI advancement sparked strong performance in technology holdings. DeepSeek's emergence reminded investors that China is capable of competing on AI, challenging US AI supremacy narratives and boosting Chinese tech stocks including Tencent, Alibaba, and Kuaishou. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum International Brands Fund | -6.0% | -6.0% | 0700.HK, AMZN, BIRK, EL.PA, GOOGL, HLN.L, ITX.MC, JD, JD.L, META, NESN.SW, PNDORA.CO, V, ZTS | brands, China, consumer, E-Commerce, Luxury, tariffs, technology | The Fund holds significant positions in e-commerce platforms including Amazon and JD.com, which benefited from Chinese tech sector recovery and DeepSeek AI developments. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum Asia Fund | 7.2% | 7.2% | 000001.SZ, 000338.SZ, 000660.KS, 002008.SZ, 005930.KS, 0700.HK, 1109.HK, 1招.HK, 300750.SZ, HPSP.KS, IGLTA, JD, MAPA.JK, TCOM, TSM, ZTO | AI, Asia, China, Korea, Memory, semiconductors, Taiwan, technology | AI-related demand continued driving the tech supply chain, particularly in Taiwan. TSMC benefited from its dominant position manufacturing chips for Nvidia. Korean semiconductor companies like SK Hynix and Samsung are seeing capacity tightening as high bandwidth memory production requires significantly more manufacturing capacity than standard DRAM. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum International Brands Fund | 0.7% | 0.7% | 0700.HK, 3690.HK, BFIT.AS, GOOGL, HEIA.AS, HLN.L, JD, TCOM, TM, V | China, Consumer Brands, global, positioning, underperformance, value | The fund holds significant positions in Chinese consumer internet businesses including JD.com, Trip.com, and Meituan. These companies benefit from powerful network effects and strong market positions. Recent earnings reports suggest stabilization in the Chinese e-commerce sector. | 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 | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Brands Fund | 6.6% | 6.6% | 0700.HK, 1448.HK, 2502.T, 3690.HK, 5938.T, BFIT.AS, BMW.DE, GOOGL, HLN.L, JD, META, MWG.HM, NIEN.TW, PNDORA.CO, SMCP.PA, TCOM | China, Consumer Brands, demographics, E-Commerce, Reopening, Travel | Chinese holdings experienced weakness through most of the quarter after initial strength, with concerns about competitive intensity in e-commerce and weaker-than-hoped economic data. The manager remains constructive about the reopening opportunity and expects recovery in birth rates and travel to drive demand for baby-related products and tourism services. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Technology Fund | 13.2% | 13.2% | 000660.KS, 005930.KS, 006400.KS, BKNG, CIEN, GOOGL, IFNNY, JD, MCHP, META, MSFT, MU, NFLX, NVDA, NXPI, SOITF, STMPA.PA, TSM | AI, Electric Vehicles, growth, semiconductors, technology | Artificial intelligence was the hot theme during the quarter after Microsoft drew attention to ChatGPT capabilities. Microsoft and Nvidia were up 20% and 90% respectively. The Fund added to Google amid concerns that search business will be disrupted by ChatGPT, though the manager believes large language models won't be as disruptive to core Search business as the market thinks. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Emerging Markets Equity | - | 2.4% | 000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA | AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy | AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI. | View | |
| 2024 Q4 | Dec 31, 2024 | Ariel Global Fund | -3.7% | 7.1% | 000660.KS, 6460.T, ABBV, BARC.L, BEZ.L, BMY, CMA, CNP, COF, CVS, GSK, JD, ORAN | AI, Banking, global, healthcare, Telecommunications, Utilities, value | Markets worldwide were led by U.S. mega-cap technology companies and investor enthusiasm for artificial intelligence themed stocks. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies. SK Hynix is positioned to benefit from increased deployment of its leading-edge High Bandwidth Memory products experiencing rapid demand growth to power Artificial Intelligence. | 6460.T 000660.KS REE.MC ORAN.PA CNP BEZ.L BARC.L ABBV COF |
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| 2024 Q4 | Dec 31, 2024 | Ariel International Fund | -5.1% | 5.4% | 000660.KS, 005930.KS, 6460.T, BARC.L, BEZ.L, BMPS.MI, DLG.L, EMAAR.DU, FMS.DE, HO.PA, JD, ML.PA, MUV2.DE, ORA.PA, REE.MC, SAF.PA, SNY, VEA | AI, Asia, Banking, Europe, international, semiconductors, value | Markets worldwide were led by artificial intelligence themed stocks, with U.S. mega-cap technology companies dominating performance. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies. | 6460.T 000660.KS REE.MC ORA.PA BEZ.L BARC.L JD SNY ML.PA EMAAR.DU BMPS.MI FME.DE |
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| 2024 Q4 | Dec 31, 2024 | Baron Emerging Markets Fund | -7.4% | 7.6% | 005380.KS, 009540.KS, 0700.HK, 300750.SZ, BABA, BAJFINANCE.NS, BHARTIARTL.NS, HDFCBANK.NS, INPST.L, JD, MELI, RENT3.SA, SBIN.NS, TRENT.NS, TSM, YMM | China, E-Commerce, emerging markets, India, Korea, semiconductors, Shipbuilding | Fund maintains significant exposure to semiconductor leaders like TSMC, benefiting from cyclical recovery and AI chip demand. Taiwan and Korea constituents are strategically positioned for accelerating growth in AI, advanced computing, and leading-edge semiconductor manufacturing. | View | |
| 2024 Q4 | Dec 31, 2024 | Vision Capital | - | - | 0700.HK, 3690.HK, AAPL, AMZN, AXP, DIS, GOOGL, JD, KO, MELI, META, MSFT, NU | compounders, growth, long-term, Quality, technology, value | The fund emphasizes investing in quality businesses with strong fundamentals, using a framework that moves from quantifiable metrics to qualitative aspects like culture and mission. Quality is viewed as dynamic and evolving, with preference for companies that demonstrate quality early before it becomes apparent to others. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum Asia Fund | 0.3% | 21.0% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2057.HK, 2318.HK, 2330.TW, 3968.HK, ALI.PS, JD, MBMA.JK, MEGA.BK, MMYT, MWG.VN, PTBA.JK, TCOM | Asia, China, E-Commerce, semiconductors, Stimulus, technology, Travel | TSMC is an essential partner to Nvidia and most large businesses at the forefront of the AI revolution. The dominance of TSMC's position in this industry has been reinforced by recent turmoil at their closest competitors, Intel and Samsung. Global demand for AI and semiconductors that power AI products appears insatiable. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum Asia Fund | -2.3% | -1.1% | 000660.KS, 005930.KS, 0700.HK, 1109.HK, 2269.HK, AC.TO, INTC, JD, TSM | AI, Asia, China, Elections, Recovery, semiconductors, technology | After a tough period, prospects for the semiconductor sector appear bright as recovering demand for smartphone and PC chips coincides with soaring demand for high-end chips needed by AI-focused technologies. Memory chip makers Samsung and SK Hynix benefit from production cuts and stabilizing pricing, while TSMC profits from both cyclical recovery and structural AI tailwinds. | View | |
| 2025 Q3 | Nov 3, 2025 | Fairtree Global Equity Fund | 8.9% | - | 005930.KS, AAPL, AMZN, BABA, BRK-B, CNC, CROX, DHI, EVO.ST, FI, GOOGL, JD, KO, ORCL, V, WKL, ZTS | AI, China, Dollar, emerging markets, global, policy, semiconductors, technology | China rose 20.7% for the quarter, extending its rally on continued policy support particularly targeted at technology and property sectors. The government's ongoing push to expand domestic chip production by 2026 and maintain the US-China trade truce further bolstered investor confidence and lifted export-driven and tech-related equities. | FISV CROX CNC AAPL BABA GOOG |
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| 2025 Q3 | Oct 3, 2025 | Vision Capital | - | 15.6% | 3690.HK, ADYEN.AS, AMZN, CRWD, JD, LULU, MELI, META, NET, NFLX, NOW, NU, PLTR, PME.AX, SHOP, SPOT, TSLA, TSM, TTD, ZS | AI, Cloud, Data Analytics, E-Commerce, global, growth, SaaS, technology | Palantir's AI-powered platform AIP is driving commercial customer growth and revenue acceleration. The company's Ontology provides a single source of truth for data-driven decision-making with AI agents. Information is the oil of the 21st century, and analytics is the combustion engine, positioning Palantir to reign supreme in the AI revolution as the ultimate operating system for data and decision-making. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital International | 0.0% | 10.9% | 000660.KS, 005930.KS, 6902.T, 9433.T, BABA, BTI, JD, PDD, RIO.L, TSM | Concentration, international, Quality, risk, valuation, value | The letter extensively discusses valuation risk in U.S. markets, comparing current conditions to the 2000 TMT bubble. The manager highlights that over 40% of the S&P 500 trades at NTM P/E ratios above 30x, while only 30% trades below 20x. International stocks now appear more attractive than U.S. stocks on a relative valuation basis after a long period of underperformance. | View | |
| 2025 Q3 | Oct 16, 2025 | Platinum Asia Fund | 12.0% | - | 000660.KS, 005930.KS, 034220.KS, 0700.HK, 1024.HK, 1109.HK, 1928.HK, 2318.HK, 271560.KS, 300750.SZ, ASII.JK, BABA, INDIGO.NS, JD, LODHA.NS, MAYO.JK, TCOM, TSM, ZTO | AI, Asia, China, Conglomerates, semiconductors, technology | The portfolio benefited from a renewed wave of AI enthusiasm, with the narrative moving beyond picks and shovels to understanding AI applications across the ecosystem. Chinese firms continue to innovate despite chip restrictions, developing domestic AI accelerators and efficient software solutions like DeepSeek's UE8M0 data format. This demonstrates China's strategy to remain competitive in AI, leading to significant re-rating of Chinese AI ecosystem players. | ASII IJ |
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| 2025 Q4 | Jan 29, 2026 | Rozendal Global Fund | 0.0% | 42.8% | 6586.T, AENA.MC, AMS.JO, BAYRY, BLU.JO, CGR.JO, COH.JO, DEO, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | emerging markets, Europe, gold, long-term, materials, Precious Metals, trade war, value | Materials sector experienced sharp turnaround in 2025 with 32.3% returns, driven by unstoppable gold price and precious metals boom. Platinum group metals prices materially higher than incentive prices after years of low investment. Gold reached unprecedented inflation-adjusted levels, driven by geopolitical concerns, government debt fears, and record central bank purchases. Currently trading at all-time highs versus copper and production costs, appearing extraordinarily expensive on long-term value measures. 2025 marked the launch of the greatest trade war in modern times, yet global equity markets still delivered strong returns around 20%, demonstrating short-term market unpredictability despite major policy disruptions. Bayer showed positive developments with new drug sales growing strongly and favorable litigation judgments in agriculture business. Patent cliff concerns in pharmaceutical business showed improvement with pipeline developments. JD.com faced challenges from heavy investment in new food delivery venture competing against well-capitalized incumbents like Meituan and Alibaba. Core retail business showed strong revenue and profitability growth despite share price decline. | BAYN GR |
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| 2025 Q4 | Jan 29, 2026 | Rozendal Worldwide Flexible Prescient Qualified Investor Hedge Fund | 0.0% | 21.7% | 6586.T, AENA.MC, AMS.JO, BAYN.DE, BLU.JO, CGR.JO, COH.JO, DGE.L, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | gold, Long/Short, materials, Mining, Precious Metals, South Africa, value | Gold has reached unprecedented inflation-adjusted levels and appears extraordinarily expensive relative to historical measures. The manager believes there is a fair price for every asset including gold, and current prices don't make sense despite gold's value as an alternative currency and tail risk hedge. The precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. The Materials sector experienced a sharp turnaround in 2025 with 32.3% returns, fueled by the unstoppable gold price. This represented diametrically opposite fortunes compared to the preceding decade when Materials underperformed significantly. The manager's investment philosophy centers on exploiting myopia through long-term value investing. Research shows stocks with less shareholder turnover deliver excess returns, particularly those uncomfortable for myopic shareholders to hold due to volatility or poor recent performance. | 6586 JP AENA SM TBS SJ |
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| 2024 Q4 | Jan 28, 2025 | Rozendal Partners | - | -3.0% | AFE.JO, BLU.JO, BUR.L, GDR.JO, HCI.JO, JD, MDIA3.SA, META, NE, PIK.JO, PPC.JO, SESG.PA, SHP.JO, TBS.JO, TSCO.L | global, retail, stock selection, technology, underperformance, value | Burford Capital operates in the litigation funding market, which offers attractive long-term growth prospects and favorable economics. The business provides capital to fund legal expenses in return for a share of proceeds, with returns typically around 30% internal rates of return. However, the company's high cost structure limits profitability of third-party asset management. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum Asia Fund | 5.0% | 24.0% | 000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO | AI, Asia, China, Electric Vehicles, financials, semiconductors, technology | Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted. | PONY 3968 HK 2318 HK 005930 KS 000660 KS TSM |
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| 2024 Q3 | Sep 30, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930.KS, CHKP, FUJHY, JD, PUB.PA, SNY, STLA, TSCO.L | Autos, China, cybersecurity, healthcare, international, Stimulus, technology, value | JD.com benefited from China's stimulus measures that boosted consumer confidence and spending. The company's strategic diversification into general merchandise, third-party marketplace expansion, and advertising monetization contributed to consecutive quarterly earnings beats. JD.com is positioned to capitalize on China's home appliance trade-in program. | TSCO.L PUB.PA 005930.KS STLA FUJHY SNY CHKP JD |
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| 2024 Q3 | Sep 30, 2024 | Ariel Global Fund | 6.9% | 0.0% | 005930.KS, 7270.T, AD.AS, CHKP, CMA, DANSKE.CO, DLG.L, JD, PUB.PA, SNY, STLA, TFC, TSCO.L, USB, WAL | Automotive, Banking, China, cybersecurity, global, Pharmaceuticals, Stimulus, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund believes growth stocks are trading at elevated valuations, whereas value stocks remain cheap. They strongly believe reasonably priced, higher quality companies offering sustainable, profitable growth and robust balance sheets will be the drivers of future outperformance. | WAL TSCDY PUB.PA CMA STLA 7270.T 005930.KS SNY CHKP JD |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX | China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam | Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases. | View | |
| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, AAPL, AMZN, BABA, BIDU, GOOGL, JD, META, MSFT, NTES, NVDA, TCOM, TSLA, TSM | AI, China, geopolitics, semiconductors, technology, valuation, Value Investing | The launch of ChatGPT has triggered massive speculation in technology stocks, particularly the Magnificent Seven companies. The manager discusses the potential disruption to Google's search business and the broader implications of artificial intelligence development, while expressing concern about current valuations and multiple expansion in the sector. | View | |
| 2023 Q2 | Jun 30, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2308.TW, 2330.TW, 2331.HK, 2454.HK, 300207.SZ, 601012.SS, BABA, BBDC4.SA, EMAAR.DU, EPAM, HDFCBANK.NS, ITUB4.SA, JD, MARUTI.NS, TCS.NS, WEG, XP | Brazil, China, Electrification, emerging markets, Energy Transition, financials, semiconductors | The manager views electrification as a transformative multi-decade opportunity, with emerging markets driving over 80% of electricity demand growth by 2030. They highlight three portfolio companies adapting their technical expertise to this new environment: WEG (electric motors), Delta Electronics (power supplies for EVs), and StarPower (semiconductor components for solar and EVs). | View | |
| 2023 Q1 | May 31, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM | Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value | EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM KSPI.L MARUTI.NS RENT3.SA |
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| 2025 Q1 | Mar 31, 2025 | Distillate Capital International | 8.4% | 8.4% | 000660.KS, 1898.HK, 4063.T, ABEV, BABA, GFI, HEI.DE, HMY, HO.PA, JD, JD.L, NOVN.SW, P911.DE, ROG.SW, TFII, TSM | AI, international, Quality, tariffs, uncertainty, valuation | Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale of potential tariff impact on GDP is unprecedented, with complex follow-on effects including potential retaliation, supply chain disruption, and business investment uncertainty. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Emerging Markets Equity | 1.3% | 1.3% | 005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC | AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy | China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation. | BAJAJ-AUTO.NS SUPREMEIND.NS |
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| 2023 Q4 | Jan 31, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX | China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value | China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology. | View | |
| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Shelton Emerging Markets Fund | JD.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NASDAQ | capital allocation, China, Competitive pressure, e-commerce, Emerging markets, food delivery, margin compression, online marketplace | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel International Fund | JD.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Chinese, e-commerce, First-party Model, Logistics, Macro Recovery, Third-party Platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Global Fund | JD.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ | China, e-commerce, food delivery, margin expansion, Position Trim, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Contrarius Global Equity Fund | JD.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | China, Defensible Moat, e-commerce, electronics, Logistics, premium, retail, supply chain, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel International Fund | JD.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, China, Consumer Discretionary, e-commerce, marketplace, Singles Day, Tariff Concerns | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel International Fund | JD.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Advertising Monetization, China, consumer spending, e-commerce, retail, Stimulus, supply chain, Third-party marketplace | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Global Fund | JD.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, China, consumer spending, e-commerce, marketplace, retail, Stimulus, supply chain | View Pitch |
| Feb 4, 2026 | Twitter / X | @weary_centurion | JD.com, Inc. | Broadline Retail | Broadline Retail | Bull | NASDAQ | China, e-commerce, food delivery, grocery, Logistics, marketplace, operating leverage, retail, supply chain | View Pitch |
| Feb 4, 2026 | Twitter / X | @weary_centurion | JD.com, Inc. | Consumer Discretionary Distribution & Retail | Internet & Direct Marketing Retail | Bull | NASDAQ (ADR) | B2b, China, delivery, ecommerce, healthcare, Logistics, marketplace, retail, Supplychain, Warehousing | View Pitch |
| Feb 4, 2026 | Twitter / X | @weary_centurion | JD.com, Inc. | Consumer Discretionary Distribution & Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | buybacks, cash, China, dividends, ecommerce, Logistics, retail, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Derek Izuel | JD.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | New York Stock Exchange | China, Competition, ecommerce, Logistics, Margins | View Pitch |
| Aug 7, 2025 | Seeking Alpha | MacroGirl | JD.com | Consumer Discretionary | Internet Retail | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Nikolaos Sismanis | JD.com | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | APAC Investment News | JD.com, Inc. | Consumer Discretionary | Internet Retail | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||