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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 26, 2026 | Cambiar International Equity Fund | 3.1% | 26.2% | DEO, KYGA.L, LSEG.L, SW, TSM | AI, Currency, Europe, financials, international, semiconductors, staples, value | International equities offer attractive valuations relative to richly priced U.S. markets, with many international companies trading at relatively attractive valuations that should allow for continued re-rating. The fund focuses on identifying high-quality businesses at great prices, with valuation remaining a paramount input to buy decisions. European markets benefited from announced stimulus after years of underinvestment in defense spending and infrastructure. The stimulus is poised to create positive ripple effects on job growth and financing, feeding into economic expansion and providing meaningful earnings boosts to regional operators. Taiwan Semiconductor was sold after delivering over 400% cumulative returns since 2020 as a key beneficiary of artificial intelligence buildout and surge in demand for advanced semiconductors. The fund questions whether massive AI capex can translate into expected productivity gains going forward. | SW |
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| 2025 Q4 | Jan 11, 2026 | Impax Global Environmental Markets Fund | -1.5% | 14.0% | A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA | AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management | AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||