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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Zeno | - | - | MC.PA | Brand Power, Long Term, Luxury, LVMH, Market share, valuation | LVMH represents the crown jewel of luxury conglomerates with powerful brand equity and distribution scale. The company has built significant market power through Louis Vuitton and Dior, which have consistently outgrown the industry and increased market share from 19% to 37% among mega-brands since 2016. Despite current cyclical weakness, luxury consumption has compounded at 6% CAGR over 30 years with strong secular tailwinds from globalization of wealth. | View | |
| 2024 Q2 | Jul 9, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | AI.PA, ASML, DOL.TO, EDEN.PA, GOOGL, IPS.PA, MC.PA, MSFT, NKE, NVDA, PET.TO, RELX, TSM, VRSK, WKL, ZZZ.TO | AI, consumer, global, semiconductors, technology, valuation | AI-related companies drove market strength in Q2, with semiconductor holdings like TSMC, ASM International, and ASML benefiting from technological advantages and high barriers to entry. Companies with access to large amounts of proprietary data including Verisk Analytics, RELX, and Wolters Kluwer also performed well. However, Mawer warns of potential over-exuberance in AI valuations and notes the mismatch between timing of investment and returns may create future opportunities. | View | |
| 2025 Q2 | Jul 8, 2025 | Fundsmith Equity Fund | - | -1.9% | BF-B, COLOB.CO, EL.PA, GOOGL, IDXX, INTU, MC.PA, META, MSFT, NVO, OR.PA, PEP, PM, WAT, ZTS | Currency, global, healthcare, large cap, Quality, technology | Novo Nordisk's leadership in weight loss drugs continues to face challenges with US legal and regulatory systems. The company's inability to effectively navigate regulatory hurdles has resulted in significant underperformance, accounting for almost all the fund's underperformance during the period. | View | |
| 2024 Q2 | Jul 30, 2024 | Montaka Global Investments | - | - | AAPL, AMD, AMZN, BRK-A, BX, GOOGL, KD, KKR, MC.PA, META, MSFT, NVDA, SPOT, TSLA | AI, Cloud, Compounding, Concentration, growth, technology, value | The letter emphasizes AI as a huge boost to mega-cap tech companies, with Nvidia taking advantage of its stranglehold on insatiable demand for AI chips in a supply constrained market. Amazon and Microsoft's hyperscale cloud platforms AWS and Azure are positioned to keep winning big from the AI revolution. | View | |
| 2025 Q2 | Jul 27, 2025 | Lakehouse Global Growth Fund | - | - | 4443.T, ADYEN.AS, AMZN, GOOGL, HEM.ST, KXS.TO, MC.PA, MELI, PINS, SCHW, SE, SPOT, WIX | AI, E-Commerce, global, growth, Streaming, technology | Portfolio heavily weighted toward e-commerce leaders MercadoLibre and Sea Limited, both delivering strong growth. MercadoLibre grew net revenues 38% year-over-year to $22.4 billion with accelerating buyer growth. Sea Limited's Shopee platform emerged stronger with 30% revenue growth and improved profitability as regulatory pressures in Indonesia abated. | GOOGL SPOT MELI SE GOOG MELI SE |
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| 2025 Q2 | Jul 27, 2025 | Loomis Sayles Global Growth Fund | 16.6% | 12.7% | AMZN, GOOGL, MC.PA, MELI, META, MSFT, NFLX, ORCL, SHOP.TO, TCOM, TSLA, V, VRTX, YUMC | global, growth, healthcare, long-term, Quality, technology, value | Netflix continues to demonstrate strong competitive advantages through its global scale, content investment, and subscriber growth. The company is successfully transitioning to an ad-supported model while expanding internationally, with management expecting accelerating revenue growth driven by pricing power and new monetization strategies. | VRTX YUMC TCOM ORCL MELI NFLX |
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| 2025 Q2 | Jul 24, 2025 | Montaka Global Investments | - | - | BX, FND, KKR, MC.PA, SPOT | active management, Competitive Advantage, Concentration, Flywheels, long-term, Quality | Montaka focuses on companies with three types of competitive advantages: economies of scale, customer captivity, and irreplicable assets. These advantages create barriers to entry and enable higher returns on invested capital over time. | FND FND |
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| 2025 Q2 | Jul 24, 2025 | GCQ Flagship Fund | - | - | 3994.T, ABNB, HEMN.ST, MC.PA, NFLX, RMV.L, UBER | active management, global, growth, Luxury, Quality, real estate, technology, value | GCQ focuses exclusively on high-quality businesses that pass strict industry and business quality checklists, emphasizing companies with secular growth, pricing power, high margins, and durable competitive advantages. The fund's performance has been broad-based across approximately eight high-quality, relatively uncorrelated industries rather than concentrated in any single theme. | HEMN.ST 3994.T RMV.L |
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| 2025 Q2 | Jul 22, 2025 | Aristotle International Equity Fund | 10.7% | 14.6% | 4578.T, 6758.T, 7532.T, ACN, ALC, CCO.TO, EBS.VI, MC.PA, SAF.PA | aerospace, Asia, Europe, international, Luxury, nuclear, Quality, Trade Policy | Trade policy remained a focal point with President Trump introducing a universal 10% import tariff and reciprocal tariffs on dozens of countries. A 90-day pause on reciprocal tariffs was enacted for almost all countries, and the U.S. and U.K. finalized the Economic Prosperity Deal. Major economies experienced downward revisions to 2025 GDP growth projections due to trade policy uncertainty. | SAF.PA CCO.TO MC.PA ALC SAF FP MC FP ALC SW |
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| 2025 Q2 | Jul 22, 2025 | Macquarie Large Cap Growth Fund | 11.2% | 3.6% | AAPL, AMZN, AVGO, DHR, GOOGL, HD, ICE, INTU, LLY, MA, MC.PA, MSFT, NVDA, TSM, UNH, V, WCN | AI, growth, healthcare, large cap, Quality, technology, underperformance | The fund believes companies owning unique and valuable data are poised to play a critical role in the AI ecosystem. While hardware and AI models may eventually become commoditized, proprietary data remain irreplaceable. The portfolio includes many data-rich companies positioned to benefit from AI's long-term potential. | View | |
| 2025 Q2 | Jul 17, 2025 | Hardman Johnston International Equity | 17.4% | 25.5% | 6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | defense, Europe, industrials, international, Japan, semiconductors, technology | NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats. | 6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR |
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| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 15, 2025 | BNY Mellon Appreciation Fund | 8.8% | 5.2% | AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V | AI, earnings, large cap, tariffs, technology, Trade Policy, volatility | President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans. | View | |
| 2025 Q2 | Jul 15, 2025 | Akre Focus Fund | 6.5% | - | AAPL, AMZN, BN, CSGP, CSU.TO, DHR, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V, XOM | Compounding, drawdowns, long-term, Quality, value | The manager emphasizes business quality as the key differentiator for long-term compounding, citing research showing high-quality businesses (measured by smaller drawdowns) compound positively over time while low-quality businesses generally do not. Quality businesses are distinguished by their ability to compound from pre-drawdown peaks, unlike lower quality names that may bounce higher but fail to sustain growth. | View | |
| 2025 Q2 | Jul 11, 2025 | Baillie Gifford -International All Cap | - | - | 6869.T, 6981.T, ATD.TO, BNZL.L, BRBY.L, JMT.L, MC.PA, RYA.L, SIK.SW, SPOT | Europe, growth, international, Quality, tariffs, Valuations | US imposition of tariffs on global trading partners created uncertainty for companies and management teams. The tariff shock highlighted merits of international equities after US outperformance. Management teams expressed concerns about prolonged uncertainty effects rather than direct tariff impacts. | View | |
| 2024 Q2 | Jul 10, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 9433.T, ADBE, AMGN, CCO, D05.SI, DHR, FCF, LEN, MC.PA, MCHP, MLM, MSFT, OSK, QCOM, TTE, VEEV | catalysts, energy, global, materials, Quality, technology, value | Lennar executed on catalysts including shifting to capital-light model and formal plans for land asset spinoff, but faced affordability pressures from higher prices and mortgage rates. The manager remains sanguine on the US housing market and Lennar's ability to manage through housing cycles. | QCOM CCO OSK LEN |
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| 2025 Q2 | Jun 30, 2025 | Oakmark International Fund | 12.6% | - | 6273.T, 9434.HK, ABI.BR, ASML, ASRNL.AS, BABA, BAYN.DE, BXB.AX, CON.DE, CPG.L, HEN3.DE, HOLN.SW, MC.PA, SCHP.SW, WLN.PA | Asia, Automation, Banking, Europe, insurance, international, semiconductors, value | ASML represents a dominant position in lithography equipment with an effective monopoly in EUV technology. The company benefits from structural demand growth driven by AI and data centers, despite recent customer capex cuts creating attractive entry valuations. | 6273.T ASR.AS ASML |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Small Cap | 8.1% | 3.6% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and CEO transition. IQVIA Holdings added as largest CRO globally with strong positioning despite industry headwinds. Healthcare represents core value opportunity during market volatility. | View | |
| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Focus Plus | 9.5% | 3.2% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both opportunity and risk with government policy exposure but stable underlying business models. | View | |
| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Focus Plus | 8.8% | 2.3% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models. | FORT.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH UNH |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Large Cap | 7.0% | 4.7% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models. | FORA.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Small Cap | 6.7% | 1.9% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, private credit, tariffs, technology, value, volatility | Market volatility related to tariffs increased markedly during the second quarter, creating opportunities to execute investment philosophy. The tariff tantrum and Liberation Day created meaningful stock price declines, followed by moderation of tariff policies that led to rallies in previously discounted companies. | ISS DC MSFT IQV |
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| 2025 Q2 | Jun 30, 2025 | Magellan Global Fund | - | - | AAPL, AMZN, ASML, GOOGL, MC.PA, META, MSFT, OR.PA | Big tech, China, Decoupling, Europe, regulation, technology, US | The decoupling of the West and China represents a powerful trend involving economic, financial, and technological separation. The risk is that decoupling occurs faster than companies can adjust their supply chains, with risks tilted towards faster-than-expected decoupling. | AAPL |
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| 2025 Q2 | Jun 30, 2025 | Rothschild & Co LongRun Equity Fund | - | - | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | AI, Auto Aftermarket, Compounding, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% with the market pushing their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM ORLY |
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| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | 005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO | AI, China, global, semiconductors, technology, value | AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation. | View | |
| 2026 Q1 | May 13, 2026 | Broyhill Asset Management | -8.9% | -8.9% | AVTR, BALL, CACI, FMS, FND, IQV, KW, LEG, MAS, MC.PA, MSFT, PM, RKT.L, RTO.L, SHC, SMWT, VVV, WOSG.L | AI, Defensive, Europe, healthcare, Quality, value | FND MAS SW MSFT SHC AVTR IQV RB.L BALL RTO VVV |
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| 2026 Q1 | Apr 29, 2026 | American Century International Growth Fund | -5.2% | -5.2% | 6201.T, ADYEN.AS, ASML, BNP.PA, CRH, ENI.MI, MC.PA, SAP | AI, Automation, Banking, energy, Geopolitical, growth, international | BNP.PA ENI.MI ADYEN.AS |
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| 2024 Q1 | Apr 27, 2024 | Montaka Global Investments | - | - | AAPL, AMD, BX, KD, MC.PA, MRNA, WMT | AI, compounders, global, Structural Change, technology | The AI wave has commenced and is already much larger than previously anticipated by industry insiders. AMD's AI chip was just released and the company revised their AI chip revenue forecast from $2 billion to $3.5 billion in just 92 days due to overwhelming customer demand. Future earnings forecasts for AMD will likely need substantial upward revisions. | KD AMD |
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| 2026 Q1 | Apr 22, 2026 | Pzena International Value ADR Strategy | 1.1% | 1.1% | 005930 KS, 6326.T, 7733.T, ACN, BAS.DE, EQNR, MC.PA, NOK, P911.DE, PUB.PA, RKT.L, SHEL, UU.L | AI, China, energy, Europe, international, Recovery, value | P911.DE UU.L MC.PA |
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| 2023 Q1 | Apr 17, 2023 | EdgePoint Global | 4.1% | 4.1% | BERY, CSX, DE, MC.PA, QSR, TSLA | consumer, Cyclical, growth, Industrial, Long Term, technology, value | Berry Global demonstrated resilient cash flow through economic cycles, with counter-cyclical margin expansion during downturns. The company successfully integrated RPC Group acquisition and grew EPS by 60% over three years while deleveraging. | View | |
| 2024 Q1 | Apr 15, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, BF-B, GOOGL, IDXX, MC.PA, META, MKC, MSFT, NKE, NVO, OR.PA, PM, SYK, V | consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates. The fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE.MC, ITX.MC, MC.PA, MNDY, NESN.SW, NVO, PUB.PA, RACE, SAF.PA, SAND.ST, SAP, SE.PA, SONY, SU, TSM, ZEAL.CO | AI, Europe, growth, international, Japan, Luxury, Rate Cuts, semiconductors | Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout. | View | |
| 2024 Q1 | Apr 15, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 1299.HK, 6326.T, 7532.T, ACN, AHT.L, BN, CCO, MC.PA, MGA, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | aerospace, Asia, Europe, gaming, international, Reinsurance, value | Safran benefited from increased narrow-body air traffic above 2019 levels and aging fleet demand for service. The company's LEAP engines reduce fuel consumption and CO2 emissions, with deliveries increasing 38% in 2023. Airlines are upgrading fleets to be more efficient and environmentally friendly. | MUV2.DE SAF.PA 1299.HK 6758.T |
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| 2026 Q1 | Mar 31, 2026 | Harris Associates International Equity Strategy | -6.7% | -6.7% | 005930 KS, 8113.T, ADS.DE, CNHI, CPG.L, CPNG, DSY.PA, GLEN.L, HLN.L, LSEG.L, MC.PA, SAP.DE | AI, Asia, Europe, international, Mining, semiconductors, software, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Harris Associates International Equity Strategy | 7.7% | 7.7% | 2502.T, 8802.T, BABA, BNP.PA, FLTR.L, GLEN.L, KER.PA, MC.PA, RTO.L, TKA.DE, WPP.L | Asia, Cloud, defense, Europe, Gambling, international, Luxury, real estate, value | The manager argues that a large valuation imbalance remains present between value and growth equities, which will fuel better long-term performance for value stocks. They believe the weight of money has been heavily skewed to U.S. growth names for too long. | MC.PA 8802.T RTO.L FLTR.L 2502.T TKA.DE BABA BNP.PA |
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| 2025 Q1 | Mar 31, 2025 | Merchant West | - | - | ADH.JO, AVI.JO, BOX.JO, CPI.JO, LHC.JO, MC.PA, OUT.JO, PNP.JO, SHP.JO, TIF | dividends, Economic Reform, growth, Luxury, retail, South Africa | South Africa faces significant economic challenges with GDP growth averaging just 0.6% annually over the past decade, compared to 2.4% for the US and 1.5% for the EU. The World Bank highlights excessive institutional burden that smothers implementation capacity and creates corruption opportunities. However, the new Government of National Unity offers prospects for structural reform and quick wins to foster improved confidence and catalyse growth. | MC.PA BOX.JO |
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| 2023 Q4 | Mar 31, 2023 | Caledonia Investment | - | - | 004020.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C011.HK, CDI.PA, ENT.L, GXI.DE, MC.PA, NWSA, REA.AX, VIV.PA | discount, Governance, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2025 Q4 | Feb 20, 2026 | Aquamarine | 0.0% | 0.0% | 1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE | Compounding, global, Health, large cap, liquidation, Quality, value | The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very low chance of permanent loss. He focuses on companies that can rinse, repeat, and grind through, moving away from binary outcomes toward inevitable businesses. The portfolio review demonstrates a value-oriented approach, learning from masters like Warren Buffett and Charlie Munger. The manager reverse-engineered thinking from successful value investors and applied similar principles to find undervalued companies with strong fundamentals across various markets. | View | |
| 2023 Q4 | Feb 12, 2024 | Hinde Group | 13.6% | 48.4% | 000660.KS, 002790.KS, 004020.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C8H.L, CORD.L, DIE.BR, ENT.L, HVPE.L, J36.SI, LVMH.PA, MC.PA, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, global, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA IBKR |
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| 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 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 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 | |
| 2024 Q4 | Dec 31, 2024 | Aquamarine | - | 18.6% | 1211.HK, AXP, BAC, BRK-B, MA, MC.PA, NESN.SW, RACE | brands, Compounding, long-term, Luxury, Quality, value | Manager emphasizes luxury brands as powerhouse investments, highlighting Ferrari's Formula 1 success and brand strength. Discusses the unique allure of luxury brands like Hermès and their ability to command premium pricing and customer loyalty. Notes the importance of share of mind in luxury markets and the barriers to entry for smaller competitors. | MC.PA ISRG NESN.SW 1211.HK RACE |
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| 2024 Q4 | Dec 31, 2024 | YCG Investment | - | - | AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA | AI, diversification, global, Luxury, Quality, technology | The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders. | View | |
| 2024 Q4 | Dec 31, 2024 | REQ Global Compounders | - | 17.6% | ADD.ST, ADDT-B.ST, AME, ATCO-A.ST, BERG-B.ST, BRO, BUFAB.ST, CSU.TO, DCC.L, IDUN.ST, IMCD.AS, INDU-A.ST, ITW, LAGR-B.ST, LIFCO-B.ST, MC.PA, MOME.ST | Acquisitions, Capital Allocation, compounders, Decentralization, Industrial, Nordics | Portfolio companies completed 185 acquisitions in Global Compounders and 146 in Nordic Compounders during 2024. The companies focus on small, frequent acquisitions typically ranging from EUR 1-20 million in sales, with 95% under EUR 50 million. This programmatic M&A strategy allows for trial-and-error approaches without material risk while building acquisition expertise over decades. | IDUN.ST VITEC.ST DCC.L AME |
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| 2023 Q4 | Dec 31, 2023 | River Oaks Capital | - | 8.3% | ALV.DE, CS.PA, GEN.MI, MC.PA | insurance, private equity, SME, software, Switzerland | The fund's primary holding La Centrale de Prévoyance is a Swiss insurance broker working in social security and healthcare insurance. The company maintains partnerships with major insurance companies including Groupe Mutuel, Generali, Allianz, and Axa. | View | |
| 2023 Q4 | Dec 28, 2023 | Alpinum Investment Management | 0.0% | 0.0% | AI.PA, ASML, MC.PA, OR.PA, SAN.PA, SAP.DE, SIE.DE, SU.PA | China, credit, Europe, fixed income, inflation, rates, Recession, Valuations | Market sentiment pivoted favorably as perception of inflation underwent positive shift. Transient inflationary pressures are alleviating, contributing to market stability and normalizing inflation rates to historically typical levels. | View | |
| 2025 Q3 | Nov 7, 2025 | Montaka Global Investments | - | - | 0700.HK, AMD, AMZN, BX, CRM, DASH, FLUT.L, FND, GOOGL, KKR, MC.PA, MDB, META, MSFT, NOW, NVDA, ORCL, RIGD.NS, SPOT, U | AI, First Principles, Flywheel, growth, long duration, Structural Change, technology, value | AI is accelerating change across the economy with both prudent and risky capital allocations. Companies like Meta, Alphabet, and Tencent are investing enormous sums and earning significant returns due to AI's complementarity with their core businesses. However, OpenAI's massive spending commitments raise questions about revenue generation and customer validation. | View | |
| 2025 Q3 | Nov 16, 2025 | UBS Asset Management | - | - | 0700.HK, 7203.T, AAPL, BHP.AX, BP.L, HSBA.L, MC.PA, MSFT, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA, UBS | Banking, Capital markets, Credit Risk, integration, Investment Banking, Switzerland, Wealth management | UBS operates significant capital markets activities through its Investment Bank division, with revenues increasing 23% year-over-year to $3.2bn in Q3 2025. The division saw strong performance in Global Banking and Global Markets, driven by higher revenues in Capital Markets, Advisory, and Financing activities. | View | |
| 2023 Q3 | Nov 14, 2023 | Third Point Partners | 3.9% | 14.0% | BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST | credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit | The market's current obsession with balance sheet strength creates opportunities to distinguish companies with real versus perceived leverage problems. Third Point sees attractive opportunities in improving credits with bulletproof securities yielding 10%-13%, focusing on defensive industries like healthcare and telecommunications. | View | |
| 2023 Q3 | Nov 10, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO | concentrated, global, Quality, value | View | ||
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH | Commercial real estate, interest rates, real estate, small cap, United Kingdom, value | Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value | Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline. | View | |
| 2024 Q3 | Oct 8, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | 3064.T, 6532.T, 9433.T, AON, ASM, ASML, BMW.DE, BNZL.L, CIGI.TO, CME, CPG.L, DG, EL, GRT.UN.TO, IAG.TO, ICE, MC.PA, NKE, NVO, ZZZ.TO | AI, China, consumer, international, Japan, rates, real estate | Central banks began cutting interest rates with the Fed making its first cut in September, joining the Bank of Canada and others. Interest rate sensitive sectors like real estate, utilities, and financials performed well as rates declined. The easing cycle provided relief for households and businesses struggling with higher rates. | View | |
| 2025 Q3 | Oct 31, 2025 | Richie Capital Group | - | - | 1211.HK, ADVT, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSE.L, MC.PA, MDT, META, MSFT, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming. | View | |
| 2023 Q3 | Oct 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, FTNT, IDXX, MC.PA, META, MKC, MSFT, MTD, NKE, NVO, OR.PA, PG, PM, SYK, V, WAT | global, growth, healthcare, long-term, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The portfolio consists of resilient businesses that can withstand technological innovation. | View | |
| 2023 Q3 | Oct 25, 2023 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA | AI, growth, international, Japan, Pharmaceuticals, semiconductors, value | The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate. | SMCAY ARGX AZN ASML |
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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 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2023 Q3 | Oct 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADP, ALGN, AMZN, GOOGL, ICON, MC.PA, MSCI, MSFT, NOW, NVO, SHL.DE, WDAY | global, growth, healthcare, large cap, Quality, technology | Alphabet is leaning heavily into being an AI business for some time, while Adobe's GenAI approach through Firefly guarantees safe content by training on Adobe Stock. Both companies are making heavy investments in GenAI that will weigh on margins near-term. | AMZN WDAY AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SHL.DE MC.PA ADBE GOOGL |
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| 2023 Q3 | Oct 17, 2023 | Mawer International Equity Fund | 6.9% | 16.0% | ASML, CCA.TO, CME, CNQ.TO, DG, EQNR, KSPI.L, MC.PA, NVO, SHEL, SU.TO, T.TO, TSM, TXN, VZ | energy, global, healthcare, inflation, rates, semiconductors | Energy companies positioned to benefit from higher oil prices performed strongly during the quarter. Canadian Natural Resources, Suncor Energy, Equinor, and Shell were among the stronger performing holdings as oil prices moved higher. | View | |
| 2023 Q3 | Oct 15, 2023 | Highwood Value Partners | - | - | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MC.PA, MDT, META, MSFT, NOW, ORCL, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming as valuations reach breathtaking levels. | AAPL|MSFT|NFLX|NVDA|UNH 1211.HK ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AVGO |
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| 2025 Q3 | Oct 10, 2025 | Akre Focus Fund | -3.4% | 3.9% | BN, CSGP, CSU.TO, FICO, KKR, MA, MC.PA, MCO, ORLY, ROP, TOI.TO, V | AI, Compounding, ETF Conversion, software, tax efficiency, technology, Vertical Markets | The fund addresses concerns about AI disruption to vertical market software companies, particularly through AI-native competitors using large language models. However, they believe Constellation Software can navigate this technological shift due to customer intimacy and access to the same AI tools as competitors. | CSU CN |
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| 2024 Q4 | Jan 7, 2025 | Montaka Global Investments | - | - | AMZN, BABA, BX, CRM, FND, GOOGL, KD, KKR, MC.PA, MDB, META, MSFT, NOW, SPGI, SPOT, UNH | AI, Alternative Assets, Cloud, Concentration, Enterprise Software, growth, technology | AI represents a major structural transformation where the marginal cost of intelligence is rapidly approaching zero, catalyzing infusion into nearly all aspects of life and the economy. Montaka focuses on owning business advantages in AI rather than technologies, including economies of scale in compute delivery and embedded distribution channels. Enterprise deployments of AI applications are expected to accelerate meaningfully in 2025. | View | |
| 2023 Q4 | Jan 6, 2024 | Torre Financial | 14.0% | 51.4% | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | Auto Parts, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% as the market pushed their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2025 Q4 | Jan 22, 2026 | GCQ Flagship Fund | 0.0% | 2.0% | CFR.SW, FICO, GOOGL, HEMN.ST, MC.PA, NFLX | AI, Monopolies, Quality, real estate, Sweden, value | The fund focuses on high-quality businesses with durable competitive advantages, monopolies and oligopolies, and irreplaceable brands. Quality stocks underperformed in 2025 but the manager believes the long-term advantages of investing in durable, high-quality, cash-generating businesses remains unchanged. The broader market's strength in 2025 was driven by large stocks exposed to the AI thematic. Many AI companies do not pass the fund's quality checklist. The manager expects both market excitement for AI and fears of AI-related disruption will eventually subside. Hemnet operates the dominant real estate advertising portal in Sweden with approximately 90% market share. The Swedish housing market has experienced declining transaction volumes due to rising interest rates and changes in lending practices for bridging loans. | HEM.ST |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Small Companies Equity | -1.9% | 15.1% | 0005.HK, 0700.HK, AAPL, BHP.AX, BP.L, GSK, HSBA.L, LLY, MARS, MC.PA, MKC, MSFT, NESN.SW, OR.PA, PAN, SANOFI, SAP.DE, SHOP.TO, VOW3.DE, WEED.TO | AI, Consumer Staples, gold, growth, international, momentum, Quality, small cap | The fund emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies equipped with durable competitive advantages, operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The fund discusses AI infrastructure buildout and questions about the durability of demand across the AI supply chain, while also addressing concerns about AI disrupting IT services businesses. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, yet surging gold prices sparked a rally in mining stocks. | EVT GR HERDEZ MM 4527 JP 002891 CH CWK LN DIA IM |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 1.3% | 10.7% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH | AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks. | FISV SWKS TRU KMX RYAN |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 7.1% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations. | MSFT CSGP CRM GOOG CBRE RYAN |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 6.2% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH | AI, healthcare, insurance, Quality, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Large Cap | -1.5% | 7.9% | CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 3.2% | 9.5% | CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH | AI, discount, insurance, Quality, small cap, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities. | ITRN EG |
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| 2025 Q4 | Jan 18, 2026 | Distillate Capital International | 0.0% | 41.5% | 005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX | cash flow, fundamentals, international, Quality, valuation, value | U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks. | View | |
| 2025 Q4 | Jan 18, 2026 | BNY Mellon Appreciation Fund | 1.3% | 10.2% | AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V | AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility | Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International All Cap | - | 19.0% | 005930.KS, 3317.T, 4519.T, 6869.T, 8035.T, ASML, AUTO.L, DSV.CO, EXO.MI, GAW.L, MC.PA, MELI, NMET.DE, RMV.L, ROG.SW, TSM | AI, growth, healthcare, international, Luxury, Quality, semiconductors, technology | AI continues to drive robust demand for advanced chips, particularly benefiting TSMC and related semiconductor equipment companies. However, AI tools and functionality create uncertainty for online platforms like Rightmove and Autotrader, as markets take a cautious stance on potential position erosion or increased investment needs. The impact appears mixed across sectors with clear benefits for chip manufacturers but concerns for consumer-facing platforms. Semiconductor companies were among the most significant contributors to performance, driven by robust demand for advanced chips used in artificial intelligence. TSMC benefited from AI chip demand, Samsung was supported by improving memory market conditions particularly high bandwidth memory, and related equipment companies like ASML, Tokyo Electron and Chroma also performed well during the quarter. The portfolio maintains a structural bias towards high-quality growth businesses, though this created headwinds during the quarter as quality stocks underperformed the broader international market by a margin rarely seen in recent years. The manager emphasizes focus on exceptional businesses with durable competitive advantages, strong balance sheets, and compelling long-term growth opportunities. LVMH contributed positively to performance in the quarter, supported by improving trends in Asia and the resilience of its leading brands after a period of weaker demand for luxury goods. The recovery suggests stabilization in the luxury sector following previous weakness. | View | |
| 2025 Q4 | Jan 12, 2026 | Akre Focus Fund | -2.8% | 1.2% | ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V | AI, Concentration, ETF, Quality, software, value | The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process. | View | |
| 2024 Q4 | Jan 12, 2025 | GreensKeeper Value Fund | - | 23.6% | AXP, BRK.B, CBOE, CFR.SW, CHKP, CSCO, ELV, FI, GD, GOOGL, HSY, ICE, LMT, LULU, MC.PA, MRK, SHVA.TA, SPGI, V, VRTX | global, healthcare, insurance, payments, Quality, technology, value | Manager emphasizes purchasing high-quality companies with large margin of safety at material discounts to intrinsic value. Focuses on companies with sustainable competitive advantages and strong economics while avoiding overpriced securities. | View | |
| 2025 Q4 | Jan 1, 2026 | MPD Partners | 0.0% | 0.0% | ALV.DE, CS.PA, GENERALI.MI, MC.PA, ZAL.DE | insurance, portfolio, private equity, SME, software, Switzerland | LCP operates as a Swiss regulated insurance broker in social security and healthcare insurance, maintaining partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa. The company is rebuilding its commercial structure through broker recruitment and implementing revised commission schemes to incentivize revenue generation. MSCO is developing proprietary lead generation software using Big Data Analytics and machine learning algorithms to enhance marketing and sales outcomes for portfolio companies. The software is being tested with LCP and will serve as foundation for custom optimization algorithms across other investments. | View | |
| 2024 Q3 | Sep 30, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, COLOB.CO, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, V | consumer, global, healthcare, large cap, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2024 Q3 | Sep 30, 2024 | Hardman Johnston International Equity | 5.7% | 17.2% | 1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility | Defense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries. | NEXN.PA NVO ASML NOD.OL PRX.AS MELI PRY.MI 7011.T |
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| 2024 Q3 | Sep 30, 2024 | Stenham Asset Management | 3.7% | 14.0% | ADYEN.AS, AMAT, ASML, CDI.PA, CLNX.PA, GOOGL, MC.PA, RMS.PA, TMO, UMG.AS | global, large cap, Luxury, payments, Quality, semiconductors | The luxury sector is undergoing normalization from post-pandemic euphoria, with polarization between high and lower desirability brands intensifying. China's stimulus measures provide relief as investors view them as commitment to addressing economic challenges. The fund initiated a position in Hermès, viewing it as uniquely positioned to balance desirability and exclusivity through structural undersupply of iconic products. | RMS.PA ADYEN.AS |
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| 2023 Q3 | Sep 30, 2023 | Vanguard International Value Fund | -5.4% | 6.3% | 005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS | Developed Markets, Diversified, emerging markets, international, value | The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices. | View | |
| 2023 Q3 | Sep 30, 2023 | Stenham Asset Management | -4.8% | 9.5% | ADYEN.AS, ASML, DHR, GE, GOOGL, MC.PA, SAF.PA, UMG.AS | aerospace, AI, global, Luxury, Music, payments, technology | The fund discusses AI disruption threats to portfolio companies like Universal Music Group and Alphabet. Music generative-AI was seen as a potential threat to UMG but legal and adoption hurdles were deemed high enough to prevent structural disruption. Alphabet faced ChatGPT competition but responded with AI products including Bard, driving share price recovery. | 0GEG LN MC.PA ADYEN GOOGL UMG.AS |
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| 2024 Q2 | Jul 31, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMD, AMZN, ATCO-A.ST, AVGO, DIS, ETN, FIS, HD, LILLY, MC.PA, MDB, META, MONC.MI, MSFT, NVDA, NVO, PANW, RACE, RMS.PA | AI, global, growth, healthcare, Luxury, technology | The fund benefits from artificial intelligence momentum across multiple holdings. NVIDIA continues to surpass expectations with strong results fueled by data center growth. Apple's share price increased significantly as the company's pace of execution in the AI field and optimism about what they may introduce are additional factors supporting the company's share price gains. | View | |
| 2024 Q2 | Jul 29, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, AMZN, CRM, CSGP, CSU.TO, DOCS, GOOGL, MC.PA, MELI, NOW, SCHW, SPOT, V, WDAY | AI, Cloud, E-Commerce, global, growth, long-term, technology | Generative AI represents a transformative technology with foundational models trained on massive data sets that can be adapted for various applications. The best investment opportunities are in facilitators like cloud providers (AWS, Azure, GCP) and companies with proprietary first-party data that can build unique models with durable advantages. The technology is still in early build phase with many unknowns about how it will play out. | CSGP MELI SPOT AMZN |
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| 2024 Q2 | Jul 20, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CDW, CMPGY, CTAS, MC.PA, MSCI, MSFT, NVDA, OR.PA, V | Concentration, international, management, Quality, technology, value | NVIDIA dominated markets with share price rising 33% in the quarter and 255% year-to-date, driven by generative AI applications. The company became the third largest globally by market value, adding $4.3 trillion since early 2023. Market concentration has increased significantly due to AI-driven performance. | V MSCI |
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| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 1299.HK, 2348.HK, 4568.T, 7733.T, 8035.T, ABB, ACN, ALC, ATLKY, AZN, BBVA, BVI.PA, CP, LYG, MC.PA, MELI, NICE, NVO, RACE, SE, TSM, UCB.BR, UL | Asia, banks, Europe, growth, healthcare, international, technology | International IT stocks continued to diverge from their generative AI-driven U.S. counterparts, creating performance headwinds. TSMC benefited from renewed strength as the foundry of choice for Nvidia and other AI silicon developers. Accenture's AI projects are ramping up fast and will become increasingly meaningful as companies need to digitize operations and move to cloud. | View | |
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, AMZN, AON, GOOGL, MC.PA, MSCI, MSFT, NOW, NVDA, PAYC, SHOP, WDAY, ZTS | AI, Cloud, global, growth, Quality, semiconductors, software, technology | AI remained the dominant narrative in markets with narrow leadership from companies perceived to be AI beneficiaries. The Semiconductor industry rose 19% in the quarter and accounted for more than 50% of the MSCI ACWI Index return. However, most businesses are only experimenting with GenAI rather than actual, proven use cases. | SHOP ZTS PAYC WDAY NVDA AMZN ADBE GOOGL |
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| 2023 Q2 | Jul 7, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, ADP, AMS.MC, AMZN, COLOB.CO, EL, GOOGL, IDXX, MC.PA, META, MKC, MSFT, MTD, NVO, OR.PA, PEP, PG, PM, SYK, WAT | consumer, fundamentals, global, healthcare, Quality, technology | L'Oréal continues to impress with execution particularly in China and online channels, contrasting sharply with Estée Lauder's struggles. Estée Lauder fell due to poor figures from inventory build-up and write-offs in anticipation of Chinese reopening, revealing severe supply chain weaknesses with no manufacturing capability in Asia. | View | |
| 2024 Q2 | Jun 30, 2024 | American Century International Growth Fund | 6.6% | 0.0% | 1299.HK, 4063.T, 6861.T, ADYEN.AS, AI.PA, AIR.PA, AKE.PA, ASML, AZN, CRH, EDEN.PA, IFX.DE, JHX, LSEG.L, MC.PA, NESN.SW, NVO, RELX.L, SAP, SRT3.DE, SU.PA, TM, TSM, UBS, UL | Asia, Energy Transition, Europe, healthcare, infrastructure, international, semiconductors, technology | The world's move away from fossil fuels creates opportunities across sectors. Increased demand for electric vehicles and large-scale renewable energy infrastructure projects creates inflection points for well-positioned businesses. AI investment is leading to significant increases in electricity demand to power data centers. | View | |
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Appreciation Fund | 3.7% | 10.7% | AAPL, AMZN, ASML, CP, CVX, GOOGL, MC.PA, MSFT, NKE, NVDA, NVO, SHW, TXN, UNH, V | consumer, growth, healthcare, large cap, Quality, technology | Large technology companies continue to focus capital expenditure on expanding artificial intelligence capabilities to meet burgeoning demand. Management teams from many companies across various industries discussed potential monetization opportunities and efficiency gains from deploying AI. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, AXP, AZN, CRM, GOOGL, MC.PA, MSFT, NESN.SW, NVDA, NVO, PRU, RELX.L, TSM, TXN, UNH, UNP | dividends, global, healthcare, Quality, technology | TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. The fund added IT exposure through Alphabet and Salesforce during the quarter. | View | |
| 2024 Q2 | Jun 30, 2024 | Stenham Asset Management | -3.3% | 12.3% | AAPL, ADYEN.AS, AIR.PA, AMAT, AMZN, ASML, GE, GOOGL, MC.PA, META, MSFT, NVDA, TSLA, TSM | Concentration, earnings, fundamentals, long-term, technology, valuation | The momentum factor is having the best start to the year in the last 30 years, with technical factors driving markets rather than fundamental factors. This dynamic has become more pronounced over time due to shrinking timelines for market participants. | AIR.PA ADYEN.AS |
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| 2023 Q2 | Jun 30, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO | concentrated, global, Quality, value | View | ||
| 2023 Q1 | Apr 27, 2023 | Stenham Asset Management | 10.0% | 10.0% | ADBE, ASML, CNI, CP, DHR, MA, MC.PA, MSFT, RACE, SAF.PA, UMG.AS, V | disruption, durability, infrastructure, long-term, Luxury, Quality, Railroads, technology | The recent rise of Artificial Intelligence represents rapid technological change that is calling into question the outlook for many businesses. ChatGPT set the record for fastest app to reach 1 million users in just 5 days, demonstrating the accelerating pace of technological adoption. The debates around whether AI will disrupt internet search and change our lives are driving shorter investment horizons as narratives change faster than investors can keep up. | ADMA ^VIX UMG.AS SAF.PA RACE MC.PA CNI ACP.WA |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO | Asia, China, concentrated, Europe, international, Luxury, Travel, value | China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly. | KER.PA CFR.SW AC.PA TIGO |
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| 2025 Q1 | Apr 14, 2025 | Fundsmith Equity Fund | -5.7% | -5.7% | ADP, BF-B, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, UL, V, WAT | equities, global, growth, healthcare, long-term, Quality, technology | The fund maintains stringent investment criteria focusing on high quality businesses that can sustain high returns on operating capital employed. These businesses have advantages that are difficult to replicate and do not require significant leverage to generate returns. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2023 Q1 | Apr 14, 2023 | Mawer International Equity Fund | 6.9% | 16.0% | AMZN, BA.L, FBK.MI, GOOGL, HO.PA, MC.PA, MSFT, REL.L, RHM.DE, SHB-A.ST, TD.TO, WKL.AS | Banking, Bonds, Canada, defense, Europe, global, technology | Defense companies performed well in the quarter reflecting expectations for structurally higher defense spending by NATO countries. Holdings in defense companies such as Rheinmetall, Thales, and BAE Systems had strong returns. | 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 | |
| 2023 Q1 | Mar 31, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, COST, CTAS, EL, FAST, GGG, KER.PA, MC.PA, NKE, OR.PA, TSCO | concentrated, Conservative, growth, international, long-term, Quality, ROIC | Aoris focuses exclusively on high-quality businesses with strong competitive positions, high returns on invested capital, and conservative balance sheets. The fund owns only 15 companies maximum, applying unusually demanding quality criteria including strong profitability, low debt levels, and market leadership positions. | GGG MC.PA |
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| 2023 Q1 | Mar 31, 2023 | East72 Holdings | 6.3% | 0.0% | 0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE | Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value | The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats. | VOW3.DE BAIN.PA |
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| 2023 Q1 | Mar 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADBE, ADP, BF-B, EL, IDXX, MC.PA, META, MKC, MSFT, NVO, OR.PA, PM, SYK, V, WAT | Concentration, consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses with stringent investment criteria including high return on operating capital, difficult-to-replicate advantages, and resilience to technological change. The portfolio consists of 27 holdings concentrated in businesses that can sustain high returns without significant leverage. | View | |
| 2023 Q1 | Mar 31, 2023 | Third Point Partners | 3.9% | 14.0% | AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL | activism, credit, Equity, Hedge Fund, Multi-Strategy | View | ||
| 2024 Q4 | Feb 22, 2025 | Berkshire Hathaway | - | 25.5% | 0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA | energy, insurance, long-term, Manufacturing, Railroads, value | Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases. | View | |
| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| 2024 Q4 | Jan 28, 2025 | Aoris International Fund | - | 22.9% | APH, CDW, CMPGY, COST, CTAS, DPLM.L, HLMA.L, MC.PA, MSCI, OR.PA, RELX.L, SHW, TSCO, V | global, Intrinsic Value, large cap, Long Term, Quality, value | Manager focuses on owning 15 high-quality, growing, wealth-creating businesses that are market leaders in established industries. Portfolio companies are selected for their strong competitive positions, consistent growth records, and ability to control their own destiny without being subject to government policy changes. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital International | 0.0% | 10.9% | 6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM | Concentration, free cash flow, international, Mega-caps, Quality, value | The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market. | View | |
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Global SMID Company Growth | 2.3% | 12.0% | ABNB, ADBE, AMZN, CSGP, CSL.AX, GOOGL, ICLR, MC.PA, NVO, OR.PA, ORCL, PAYC, SHOP.TO | AI, Cloud, E-Commerce, global, growth, Quality, software | AI applications are emerging across several software and cloud businesses in the portfolio, though still representing a modest percentage of revenues. The focus is shifting from infrastructure build-out to monetizing AI in the application layer, positioning the portfolio to benefit from this transition. | CSGP PAYC AMZN SHOP.TO |
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| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW | E-Commerce, financials, growth, healthcare, industrials, international, software, technology | Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth. | WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Polen Capital - Global Growth | LVMH Moët Hennessy Louis Vuitton SE | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | Euronext Paris | brand portfolio, China, Consumer Discretionary, Demographics, Emerging markets, Luxury goods, Pricing power | View Pitch |
| Apr 28, 2026 | Fund Letters | Stenham Asset Management | LVMH Moët Hennessy Louis Vuitton | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | brand strength, China, Consumer Discretionary, Cyclical, Luxury goods, macro headwinds, valuation | View Pitch |
| Apr 28, 2026 | Fund Letters | Montaka Global Investments | LVMH | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Consumer Discretionary, European Equity, Luxury goods, margin expansion, premium brands, Pricing power, Wealth Concentration | View Pitch |
| Apr 27, 2026 | Fund Letters | Aoris International Fund | LVMH | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Consumer Discretionary, Europe, family ownership, fashion, growth, high margins, Luxury goods, premium brands, retail, vertical integration | View Pitch |
| Apr 27, 2026 | Fund Letters | Stenham Asset Management | LVMH Moët Hennessy Louis Vuitton SE | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Brand, Consumer Discretionary, Europe, Luxury goods, premium, Pricing power, Status, Timeless | View Pitch |
| Apr 24, 2026 | Fund Letters | Pzena International Value ADR Strategy | LVMH | Luxury Goods | Textiles, Apparel & Luxury Goods | Bull | Euronext Stock Exchange | brand portfolio, China exposure, Consumer Discretionary, Cosmetics, Cyclical Recovery, fashion, Jewelry, Luxury goods, Spirits, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Harris Associates International Equity Strategy | Louis Vuitton Moët Hennessy | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Bernard Arnault, brand portfolio, China, fashion, Leather Goods, Luxury goods, LVMH, premium brands, tariffs | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle International Equity Fund | LVMH Moët Hennessy Louis Vuitton SE | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Asian markets, brand portfolio, cash generation, Creative Leadership, Cyclical, Luxury goods, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Merchant West | LVMH | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | brand portfolio, Consumer Discretionary, Cosmetics, Europe, fashion, Geographic Diversification, Jewelry, Leather Goods, Luxury goods, Perfumes, premium brands, Succession Planning, Tiffany, Watches | View Pitch |
| Apr 13, 2026 | Fund Letters | Stenham Asset Management | LVMH | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Brand Polarization, Chinese Consumers, Luxury goods, Post-pandemic Normalization, Pricing power, Status Consumption | View Pitch |
| Apr 13, 2026 | Fund Letters | Aquamarine | LVMH Moët Hennessy Louis Vuitton SE | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | Euronext Paris | brand portfolio, Celebrity Partnerships, Europe, fashion, Formula 1, Luxury goods, Prestige, Scale Advantages | View Pitch |
| Nov 7, 2025 | Substack | Winter Gems | LVMH Moët Hennessy Louis Vuitton | Consumer Discretionary | Luxury Goods | Bull | Euronext Paris, fashion, investment strategy, Luxury goods, LVMH | View Pitch | |
| Nov 2, 2025 | Substack | Compound and Fire | LVMH Moët Hennessy Louis Vuitton | Consumer Discretionary | Luxury Goods | Bull | Brand moat, brand portfolio, China recovery, growth potential, investment choice, Luxury goods, LVMH, market dominance, Q3 earnings, strategic focus | View Pitch | |
| Oct 27, 2025 | Substack | Winter Gems | LVMH Moët Hennessy Louis Vuitton | Consumer Discretionary | Luxury Goods | Bull | Brand Positioning, Champagne, High-end Consumers, Luxury goods, LVMH, Market Resilience, Moet Chandon, organic growth, U.S. market, Veuve Clicquot | View Pitch | |
| Aug 13, 2025 | Seeking Alpha | Eugenio Catone | LVMH Moët Hennessy – Louis Vuitton, Société Européenne | Consumer Discretionary | Luxury Goods | Bull | Euronext Paris | — | 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. | ||||||||