MELI Archives

MELI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Baron Fifth Avenue Growth Fund	5.8%	14.3%	AMZN, CRWD, GOOG, ISRG, KKR, MELI, META, MSFT, NVDA, SHOP, TSLA, TSM, TTD	earnings, growth, innovation, Market share, scalability	The manager highlights long-duration growth investing in competitively advantaged businesses with large addressable markets and strong reinvestment opportunities. Short-term volatility and style rotations are viewed as secondary to sustained revenue growth, innovation, and market share gains. Growth remains anchored in owning exceptional companies through cycles as intrinsic value compounds over time.	META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA	View
2024 Q3	Sep 30, 2024	Brown Capital Management International All Company Fund	5.2%	6.5%	3064 JP, MBLY, MELI, MNDY, NVO	-			View
2025 Q2	Aug 27, 2025	ClearBridge Investments Mid Cap Growth Strategy	-	-	APP, CVNA, HLT, MELI, NET, PLTR, TW	AI Demand, Compounding, earnings growth, Mid Caps, volatility	The letter highlights a rebound in mid-cap growth stocks supported by resilient demand for AI-related services and improving earnings visibility. Management views mid-cap growth as a source of long-term compounders overlooked during recent market volatility. Selectivity and balance sheet strength remain critical.	CVNA VST MELI TW AXON PLTR	View
2025 Q2	Aug 2, 2025	Baron Global Advantage Fund	22.6%	11.0%	ARGX BB, DAVA, DDOG, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, TSM	alpha, fundamentals, Global Growth, long-term, volatility	The letter focuses on exploiting volatility by maintaining conviction in long-term global growth winners despite sharp drawdowns. Management stresses separating signal from noise and prioritizing fundamentals over short-term sentiment. Volatility is viewed as the price paid for long-term alpha generation.		View
2025 Q2	Aug 11, 2025	Baron FinTech Fund	9.2%	7.7%	ATEG, CME, CWAN, FI, HOOD, INTU, MELI, PGR, SCHW	Digital payments, Financial Services, Fintech, innovation, Platforms	The letter discusses long-term growth in financial technology driven by digitization of payments, capital markets, and financial services. Market volatility has favored challengers and innovative platforms, while regulatory and competitive dynamics remain key risks. Fintech adoption is viewed as structurally increasing across geographies.		View
2023 Q2	Jul 7, 2023	Infuse Partners	-	-	MELI	-			View
2025 Q2	Jul 31, 2025	PGIM Jennison Global Opportunities Fund	-	-	AVGO, BYD, CRWD, MELI, MSFT, NFLX, NVDA, NVO, ORLY, SPOT	Artificial Intelligence, Digital Platforms, innovation, productivity, secular growth	The letter emphasizes global innovation as the primary driver of long-term equity returns, with a focus on companies benefiting from technological change and expanding end markets. Management highlights artificial intelligence, digital platforms, and productivity-enhancing software as structural growth forces. Volatility is viewed as an opportunity to add to high-conviction innovators with durable competitive advantages.		View
2025 Q2	Jul 27, 2025	Lakehouse Global Growth Fund	-	-	GOOG, HEM SS, MC FP, MELI, SE, SPOT	Global Growth, innovation, ROIC, scalability, secular trends	The commentary focuses on long-term global growth opportunities driven by innovation, secular demand, and scalable business models. Management emphasizes patience through short-term macro disruptions. High returns on capital and reinvestment opportunities are core selection criteria.	GOOG MELI SE	View
2025 Q2	Jul 27, 2025	Loomis Sayles Global Growth Fund	16.6%	12.7%	MELI, NFLX, ORCL, TCOM, VRTX, YUMC	Competitive Advantage, Global Growth, innovation, Reinvestment, secular trends	The commentary focuses on global secular growth driven by innovation, productivity gains, and expanding end markets across regions. The manager stresses bottom-up security selection, favoring companies with durable competitive advantages and reinvestment opportunities. Volatility is viewed as a tool to accumulate long-duration growth assets.	VRTX YUMC TCOM ORCL MELI NFLX	View
2025 Q2	Jul 21, 2025	Sands Capital Emerging Markets Growth Fund	12.9%	15.7%	006400 KS, 1810 HK, 3347 HK, 6862 HK, BZ, CPNG, DMART IN, GLOB, MDTC, MELI, NU, RADLY, SE, TSM, YMM	AI, Digital, E-Commerce, emerging markets			View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR	AI, Cloud, growth, Platforms		NET MELI AXON NFLX NVDA	View
2025 Q2	Jul 21, 2025	Touchstone Sands Capital International Growth Equity Fund	18.1%	19.4%	6273 JP, EVD GR, GALD SW, HEXAB SS, IMCD NA, LONN SW, MELI, ONON, PME AU, SE, SPOT, TSM, WEB SS	AI, Cloud, growth, Platforms		EVD GR SE 2330 TT SPOT MELI	View
2025 Q2	Jul 2, 2025	Vision Capital	-	11.8%	3690 HK, 9618 HK, LULU, MELI	disruption, Founders, growth runway, innovation, technology	The commentary focuses on structural disruption across consumer, financial, and technology-driven business models. Management highlights founder-led companies leveraging technology to gain share from entrenched incumbents. Long growth runways and cultural alignment are viewed as more important than near-term valuation metrics.	PLTR	View
2025 Q2	Jul 17, 2025	Hardman Johnston Global Equity	16.7%	17.2%	6501 JP, BN, CBK GR, ELAN, HWM, LLY, MELI, MRVL, PRX NA, RHM GR, TEAM, TMUS, TSM, UNH, VRTX	AI Demand, Global Growth, industrials, Margins, stock selection	The commentary emphasizes global growth driven by industrial recovery, defense spending, and AI-related demand. Management highlights strong stock selection in companies with margin expansion, pricing power, and visible growth runways. Regional diversification and sector leadership underpin outperformance.	BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM	View
2025 Q2	Jul 17, 2025	Polen Capital – International Growth	6.9%	6.9%	8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME	Compounding, earnings, International Growth, Quality, valuation	The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles.	IBN ICLR GLOB AON SAP GR 8035 JP MELI	View
2025 Q2	Jul 1, 2025	LMN Capital GmbH / Compound Interest Fund	-	16.3%	IBKR, MELI, RR/ LN	Compounding, Intrinsic Value, long-term, Ownership, Quality	The letter centers on long-term compounding through ownership of high-quality, owner-led businesses. Management stresses patience, business resilience, and reinvestment of capital at attractive rates over short-term price movements. Compounding is described as the core driver of sustainable wealth creation.	IBKR MELI	View
2025 Q2	Jun 30, 2025	Brown Capital Management International All Company Fund	13.5%	11.7%	AJB LN, AUTO NO, ICLR, MELI, R9C GR, VENDA NO	Compounding, International Equities, marketplaces, Network Effects, profitability	The letter centers on marketplace business models with strong network effects, high profitability, and long runways for growth. Digital marketplaces are framed as durable compounders due to defensible positions and reinvestment capacity. International exposure provides access to underpenetrated markets and structural growth.		View
2024 Q1	May 9, 2024	Polen Capital – International Growth	3.3%	3.9%	AON, HDB, ICLR, MELI, SAP GR, TEMN SW, TEP FP	-			View
2025 Q1	May 26, 2025	Saltlight Capital	2.7%	2.7%	BLU SJ, MELI, SE	-			View
2025 Q1	May 20, 2025	Tall Oak Capital Advisors	-	-	MELI	-			View
2024 Q1	Apr 27, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEY, BMRN, KLAC, LULU, MELI, MTD, NTR, PGR, SQ, TT, WDAY	-			View
2025 Q1	Apr 19, 2025	Polen Capital – International Growth	0.0%	0.0%	ADYEN NA, AON, GLOB, ICLR, LONN SW, MELI, NVO, SAP GR, TCEHY, TME, TSM, ULVR	-			View
2025 Q1	Apr 15, 2025	Polen Capital – Global SMID Company Growth	-5.5%	-5.5%	ABT, ADYEN NA, AMZN, AON, GLOB, MELI, NVDA, NVO, SAP GR, WTW	-			View
2024 Q1	Apr 15, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	AAGIY, BUHPY, HDB, KSPI, MELI, TLK, TSM, WALMEX MM	-			View
Q4 2025	Mar 4, 2026	Saltlight Capital	-	30.8%	AMD, AMZN, ASML, BLU.JO, CCL.JO, GOOGL, INTC, MELI, MSFT, NVDA, SE, TSM	AI, global, growth, semiconductors, software, technology	AI represents a general-purpose technological revolution with multi-decade second-order effects across industries, labor markets, and national competitiveness. The manager views AI as creating opportunities through enabling constraints and compounding downstream optionality, while complexity causes market participants to misprice assets. The AI epoch remains transformational and has dominated US equity markets in both size and mindshare. Upstream supply-chain participants are increasingly signaling that 2028 and beyond capex could be materially higher, not lower, contradicting the widely held digestion narrative. TSMC lifted capex expectations, ASML's bookings re-accelerated, and Intel found itself unexpectedly capacity-constrained in data-centre CPUs. The semiconductor supply chain is signaling acceleration rather than the expected digestion phase. The market is being asked to underwrite multiple Stargate-scale campuses every year for several years, with analyst forecasts implying roughly 10 GW in FY27E, 12 GW in FY28E, 13 GW in FY29E, and 16 GW in FY30E-FY31E. A 1 GW data centre costs roughly $50-60 billion, with NVIDIA capturing around $35 billion of that via its share of the stack. Software multiples have compressed as if AI disruption is inevitable, while hyperscalers and enterprises still struggle to demonstrate clear AI ROI. The traditional SaaS playbook faces challenges from AI eating into margins, attacking the pricing unit, and creating cannibalization problems. The software total addressable market is likely to grow 2-3x as AI replaces some work and the gap between software spend and headcount narrows.		View
2025 Q1	Mar 31, 2025	Baron FinTech Fund	-1.4%	-1.4%	APO, GWRE, HOOD, KKR, MA, MELI, NOW, PGR, TW, XYZ	-			View
2025 Q1	Mar 31, 2025	Baron Global Advantage Fund	-9.5%	-9.5%	0609969D IN, BAF IN, DDOG, MELI, NET, NVDA, SHOP, TSM	-			View
2025 Q1	Mar 31, 2025	Brown Capital Management International All Company Fund	-1.5%	-1.5%	AFX GR, AJB LN, COH AU, GIVN SW, ICLR, MELI, NVO, NVX AU	-			View
2025 Q1	Mar 31, 2025	Loomis Sayles Global Growth Fund	-3.4%	-3.4%	AMZN, GOOG, MELI, NOVN SW, TSLA	-			View
2025 Q1	Mar 31, 2025	Sands Capital Emerging Markets Growth Fund	2.5%	2.5%	1211 HK, 3690 HK, 5274 TT, APHS IN, ARHI, BAF IN, ETERNAL IN, FPTVN19 TB, GLOB, ICT PM, MELI, PHNX IN, SE, TCEHY, TCS IN, TSM, WALMEX MM, WEGZY	-			View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ	-			View
2025 Q1	Mar 31, 2025	Touchstone Sands Capital International Growth Equity Fund	1.1%	1.1%	6098 JP, EVD GR, FLUT, HDFCB IN, MELI, SE, SHOP, SPOT, TSM	-			View
2025 Q1	Mar 31, 2025	Sands Capital Technology Innovators Fund	-10.4%	-10.4%	APP, ASML, CVNA, DASH, IOT, KVYO, MELI, NOW, NVDA, OKTA, RBLX, SE, TSM, V	-			View
Q4 2025	Mar 2, 2026	Baron Global Opportunity Fund	6.5%	27.5%	ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS	AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology	AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms.		View
2025 Q4	Feb 9, 2026	Loomis Sayles Global Growth Fund	-3.1%	17.6%	6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL	AI, Automation, Cloud, global, growth, Quality, Streaming, technology	AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth.	MELI NFLX ORCL 6954 JP SHOP GOOG	View
2025 Q4	Feb 8, 2026	SGA – Global Growth	-0.3%	3.1%	1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM	AI, cyclicals, global, growth, Quality, valuation	AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals.	INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG	View
2025 Q4	Feb 8, 2026	SGA – International Growth	1.0%	9.6%	1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC	AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation	SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia.	TEAM ARM DSY FP SRT GR 9983 JP	View
2025 Q4	Feb 24, 2026	Hayden Capital	-12.9%	22.3%	1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER	AI, competition, E-Commerce, gaming, international, software, technology, valuation	The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them.	SE EDU	View
2025 Q4	Feb 22, 2026	City Different Investments – Global Equity	-0.2%	31.6%	CROX, CVNA, IHS, MELI, RYAAY, TLN	Bottom-up, E-Commerce, energy, global, nuclear, technology, value	The fund holds Carvana, a vertically integrated e-commerce platform for used cars that eliminates traditional dealerships. MercadoLibre remains a core holding despite recent weakness, with the manager enthusiastic about its e-commerce and fintech strengths. E-commerce remains an important industry theme for the portfolio. Talen Energy, a major contributor for three consecutive years, owns nuclear facilities and expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers. The global energy transition remains an important industry theme, with the fund investigating energy-related companies that have struggled recently. Talen Energy expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers, highlighting the growing electricity demand from this sector. The fund sees potential benefits from rising electricity demand driven by data center growth.	IHS TLN CVNA	View
2025 Q4	Feb 20, 2026	Tall Oak Capital Advisors	0.0%	0.0%	AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO	AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology	Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs.		View
Q4 2025	Feb 18, 2026	Baron FinTech Fund	-2.2%	0.9%	APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V	AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology	Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property.	NEPT MS GWRE MELI HOOD FICO JKHY SPGI	View
2025 Q4	Feb 11, 2026	Baron Fifth Avenue Growth Fund	3.3%	18.2%	ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models.	MELI CPNG META SHOP NVDA MPWR AVGO GOOGL	View
2025 Q4	Feb 10, 2026	Wasatch Frontier Emerging Small Countries Strategy	0.0%	0.0%	BCG.L, DSY.JO, FN, FRT.HM, MELI, SE	Dollar, E-Commerce, emerging markets, frontier markets, Latin America, Quality, underperformance, Vietnam	Multiple portfolio holdings operate in e-commerce including Sea Ltd.'s Shopee platform, MercadoLibre as Latin America's largest marketplace, and the broader digital transformation occurring in frontier markets. Competition pressures are impacting margins but long-term growth opportunities remain strong. The dollar's weakening in 2025 benefited frontier emerging market stocks that had been hardest hit by prior dollar strength. Countries like Pakistan, Egypt and Colombia experienced dramatic comebacks of 50-100%+ as currency pressures eased and equity valuations recovered from beaten-up levels. Fabrinet is benefiting from increased demand as data centers upgrade networks to handle complex AI workloads, while Baltic Classifieds faces potential disruption from AI agents that could bypass classified portals. AI represents both opportunity and threat across the portfolio.	FN FRT VN DSY SJ MELI BCG LN SE	View
2024 Q4	Dec 31, 2024	Alger Spectra Fund	5.6%	39.9%	AMZN, APP, LLY, MELI, MSFT, NVDA	-			View
2024 Q4	Dec 31, 2024	Baron Emerging Markets Fund	-7.4%	7.6%	002352 CH, 005930 KS, 272210 KS, 329180 KS, KAYNES IN, MELI, SWIGGY IN, TSM	-			View
2024 Q4	Dec 31, 2024	Baron Global Advantage Fund	11.8%	26.1%	ASML, CPNG, INDI, MELI, NET, SHOP, TSLA, TTAN	-			View
2024 Q4	Dec 31, 2024	Baron FinTech Fund	5.2%	22.9%	ACGL, APO, HOOD, IBKR, LPLA, MELI, NU, WISE LN	-			View
2024 Q4	Dec 31, 2024	Parnassus Growth Equity Fund	4.9%	26.9%	AKAM, AMAT, AMD, AVGO, AZN, BSX, CRM, DASH, DDOG, EFX, EXAS, FERG, INTU, MC FP, MELI, MSFT, NTRA, NVDA, PCOR, TEAM, TMO, TSM, UNH, VRTX	-			View
2024 Q4	Dec 31, 2024	Parnassus Mid Cap Growth Fund	-2.5%	10.6%	A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ	-			View
2024 Q4	Dec 31, 2024	Hardman Johnston Global Equity	-0.2%	22.0%	BAC, CTVA, ELAN, HWM, IQV, LEN, MELI, OLED, SCHW, TEAM, UBER, VRT	-			View
2024 Q4	Dec 31, 2024	Hardman Johnston International Equity	-3.3%	13.4%	8750 JP, AZN LN, MC FP, MELI, NEX FP, NOD NO, NVO, SDZ SW, STAN LN, TEAM, TSM, UCB BB	-			View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861 JP, ALGN, APP, AXON, DXCM, EW, GRAB, LRCX, MELI, NFLX, NOW, OKTA, SPOT, SSFN, TTEK	-			View
2023 Q4	Dec 29, 2023	LMN Capital GmbH / Compound Interest Fund	-	17.3%	EQS GR, IBKR, MELI, WAF GR	-			View
2025 Q3	Nov 8, 2025	Loomis Sayles Global Growth Fund	7.6%	21.3%	ADYEN NA, GOOG, MELI, NFLX, ORCL, TSLA	Cloud, Digital Advertising, E-Commerce, EVs, growth	The fund focuses on high-quality global growth companies with durable competitive advantages and structural growth drivers. Secular adoption curves in cloud computing, digital advertising, EVs, and e-commerce underpin long-term return potential despite near-term volatility. The portfolio manager emphasizes valuation discipline, owning businesses only when they trade at meaningful discounts to intrinsic value.	LFCR	View
2025 Q3	Nov 5, 2025	PGIM Jennison Global Opportunities Fund	5.3%	9.8%	1810 HK, APP, GOOG, HOOD, LLY, MELI, NOW, NVDA, ORCL, SHOP, TSM	Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, technology	The fund focuses on global growth leaders benefiting from secular AI adoption and innovation-led earnings expansion. Top contributors included NVIDIA, AppLovin, and TSMC, while weakness came from Netflix and MercadoLibre. Jennison remains overweight technology and communication services, expecting durable growth from cloud, semiconductors, and digital platforms.		View
2022 Q3	Nov 14, 2022	Saltlight Capital	15.6%	35.6%	BAM, KARO, MELI	-			View
2023 Q3	Nov 13, 2023	Saltlight Capital	15.6%	35.6%	KARO, MELI, PPE SJ, SE	-			View
2024 Q3	Oct 28, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADYEN, AKAM, AMAT, ARNB, CHTR, CMG, DHR, INTU, MAR, MELI, MSCI, NVDA, PCOR, SHW	-			View
2022 Q3	Oct 26, 2022	Polen Capital – Emerging Markets Growth	12.6%	-21.8%	ATHM, KARO, MBLY, MELI, TITANIN IN	-			View
2022 Q3	Oct 26, 2022	Polen Capital – International Growth	3.3%	3.9%	ADS GR, EPM, GLOB, ICLR, J2B GR, KER FP, MELI, SAP, TME	-			View
2025 Q3	Oct 21, 2025	Hardman Johnston International Equity	8.5%	36.2%	6501 JP, 7269 JP, DTE GR, HDFCB IN, ICICIBC IN, IFX GR, MELI, NVO, PRX NA, PRY IM, SDZ SW, STM, TEAM, TSM, UCB BB	AI, Europe, healthcare, International Equities, semiconductors	The fund benefited from strong stock selection in Europe and Asia, led by AI-related semiconductor names like TSMC and STMicroelectronics. Healthcare and consumer discretionary sectors also contributed, while financials and Japan detracted. The outlook highlights opportunity in undervalued international equities amid tariff normalization and AI-led productivity investment.	SUZUKI PROS SDZ UCB	View
2025 Q3	Oct 20, 2025	Sands Capital Emerging Markets Growth Fund	5.0%	21.5%	000660 KS, 005930 KS, 6862 CH, BBCA IJ, BHARTI IN, CATL, DNOPY, GLOB, HDFCB IN, MELI, NU, RIGD LN, SE, TCEHY, TSM	Artificial Intelligence, E-Commerce, emerging markets, Fintech, semiconductors	The fund highlights how AI adoption and financial inclusion are reshaping emerging markets. Technology hardware and semiconductor exposure benefits from surging AI infrastructure demand in Taiwan and Korea, while digital finance platforms in Latin America drive inclusion-led growth. Consumer internet leaders continue expanding in e-commerce and payments across Asia and Latin America.		View
2025 Q3	Oct 20, 2025	Touchstone Sands Capital International Growth Equity Fund	-3.1%	15.7%	6098 JP, ADYEN NA, ARGX, CSU CN, EVD GR, GALD SW, HEX NO, III LN, MELI, NU, PDRB, SE, SHOP, SIKASW, TSM	Artificial Intelligence, E-Commerce, financials, Global Growth, healthcare	International holdings in Asia and Europe saw mixed results, but structural themes in e-commerce and financial innovation continued to drive growth. The funds core exposures include Shopify, MercadoLibre, and Taiwan Semiconductor as AI-related demand spreads globally. Healthcare names like Argenx and Galderma support steady earnings through innovation and margin expansion.		View
2023 Q3	Oct 19, 2023	Polen Capital – International Growth	3.3%	3.9%	CSL AU, EVO SS, GLOB, MELI, NOVOB DC, SAGA, TEPN MM	-			View
2024 Q3	Oct 17, 2024	Polen Capital – International Growth	3.3%	3.9%	8035 JP, AON, ASML, ICLR, MELI, ONON, SAP GR	-			View
2025 Q3	Oct 16, 2025	Magellan High Conviction Trust (MHHT) / Magellan Global Opportunities Fund Active ETF	-1.2%	-	ADS GR, MELI	Artificial Intelligence, Growth Equities, Quality stocks, semiconductors, Valuation risk	Magellans Global Opportunities strategy (formerly High Conviction) notes that AI-driven enthusiasm is fueling speculation, but maintains focus on quality franchises like TSMC, ASML, and Alphabet. While recognizing AIs long-term potential, the team warns that valuations have become stretched and prefers selective exposure through structural beneficiaries. The fund remains defensively positioned yet optimistic on high-quality global growth names.	ADS GR	View
2025 Q3	Oct 16, 2025	Janus Henderson Forty Fund	8.4%	18.0%	MELI, MRVL, ORCL, TSM	Artificial Intelligence, Cloud infrastructure, Growth Stocks, innovation, semiconductors	The Forty Fund remains centered on AI-driven secular growth themes and companies with durable competitive advantages. Holdings in Oracle and TSMC benefited from hyperscaler demand for AI infrastructure, while consumer and tech stocks like MercadoLibre and Marvell experienced volatility. Managers maintain conviction in long-term growth leaders across AI, cloud, and healthcare innovation.	MELI US ORCL US	View
2025 Q3	Oct 15, 2025	Parnassus Mid Cap Growth Fund	7.9%	-	APP, CMG, GWW, HOOD, ICLR, JBHT, KLA GR, MELI, MORN, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK	Artificial Intelligence, industrials, Nearshoring, semiconductors, software	The fund attributes outperformance to AI-related semiconductor and software positions, emphasizing the ongoing megatrend driving system-on-chip, testing, and storage demand. Managers highlight new exposure to industrial distributors like W.W. Grainger, reflecting conviction in nearshoring and manufacturing recovery themes. They maintain selective positioning across AI and cyclical sectors to capture both structural growth and economic normalization.		View
2025 Q3	Oct 14, 2025	Parnassus Growth Equity Fund	5.8%	-	AAPL, APPF, ASML, BRO, CMG, CRM, DE, GOOG, INSM, INTU, MELI, PODD, SARP, TSM	Artificial Intelligence, growth, healthcare, inflation, semiconductors	The fund underperformed the Russell 1000 Growth Index due to underweight positions in Apple and Tesla but gained from holdings in Alphabet, ASML, and TSMC. It highlights AI infrastructure buildout, healthcare innovation, and defensive growth through high-quality companies like Insulet and StandardAero. Management remains bullish on U.S. equities while monitoring inflation and monetization risks from AI.	PODD US SARO US	View
2025 Q3	Oct 11, 2025	Torre Financial	1.7%	6.5%	ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM	AI, growth, large cap, Quality, semiconductors, technology, US	AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500.		View
2025 Q4	Jan 9, 2026	Vision Capital	-5.0%	9.8%	000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS	AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology	Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers.	SE	View
2024 Q4	Jan 6, 2025	Infuse Partners	-	12.0%	0RNZ LN, AXON, HFG GR, INT SS, MELI, NU, NVDA, TSLA	-			View
2025 Q4	Jan 27, 2026	Polen Capital – International Growth	-2.5%	-0.5%	0700.HK, 7974.T, 8035.T, ASML, BABA, LONN.SW, MELI, MNDY, SAP, SHL.DE, SHOP, TEP.PA	AI, E-Commerce, gaming, growth, international, Quality, semiconductors, underperformance	AI adoption is transforming the global economy and creating investment opportunities. Advanced chips sit at the epicenter of everything AI related, with ASML's equipment essential to printing advanced logic and volatile memory chips. Markets are attempting to price in these technological shifts, though the transition remains volatile. Semiconductor capital equipment companies continue to benefit from investor optimism around AI. Tokyo Electron benefits from rising demand for more chip volume and more complex chips, driving investment into chip fabrication plants. The company is expected to grow revenues at high single-digit rate while increasing operating margins from 25% to 35% in the medium term. E-commerce platforms face mixed dynamics with growth opportunities offset by competitive pressures. MercadoLibre continues to benefit from low e-commerce penetration in Latin America and maintains 35%+ topline growth in its 26th year. However, Alibaba's profitability in core e-commerce has been pressured by heavy investments to compete in food and grocery delivery. Nintendo's Switch 2 launch marks the beginning of a significant upgrade cycle with potential for elevated growth in both hardware and software over the coming five years. The overall Switch installed base could reach 250 million customers, nearly doubling the customer base capable of downloading gaming titles. The company is expected to grow earnings at 30% annualized for the next few years. The investment approach focuses on businesses with durable competitive advantages, strong returns on capital, and resilient earnings. Quality companies are expected to ultimately outperform the broader market despite current market preference for cyclically sensitive businesses. This quality-focused strategy is especially important when investors embrace risk and cyclicality.		View
2025 Q4	Jan 26, 2026	Mobius Capital Partners	2.9%	0.0%	EPAM, KARO, MELI, MMYT, TCOM	active management, Asia, emerging markets, mid cap, Quality, Recovery, technology, underperformance	The strategy focuses on high-quality, innovative, under-researched mid-cap compounders with strong fundamentals. Quality stocks suffered significant underperformance in 2025 due to style headwinds, with investors favoring perceived safe-haven assets and larger, more liquid equities during periods of macroeconomic uncertainty. The portfolio benefits from AI-driven demand, particularly in the software/IT services sector. Recovery prospects are supported by AI-driven demand and the resumption of previously deferred projects, with companies like Elite Material benefiting from GPU customers utilizing additional printed circuit boards. Taiwan continues to benefit from a powerful semiconductor investment cycle and globally competitive innovation ecosystem. The portfolio includes exposure to semiconductor testing equipment manufacturers like Chroma, which should benefit from wider adoption of system-level testing solutions and continued data center investment. The portfolio includes exposure to Latin American e-commerce platform Mercado Libre, which faced short-term pressure due to Brazilian election volatility but maintains intact long-term market and operational fundamentals. The strategy also initiated positions in online travel agencies benefiting from India's growing online travel market. The fund initiated a position in MakeMyTrip, the dominant Indian online travel agency, positioned to benefit from India's online travel market expected to grow at 22% CAGR from $12bn in 2022 to $60bn in 2030. The company enjoys high brand recall and organic traffic, resulting in strong operating leverage.	KARO MMYT RADL3 BZ 2383 TT EPAM	View
2025 Q4	Jan 22, 2026	Sands Capital Emerging Markets Growth Fund	0.1%	21.6%	000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY	AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology	AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain.		View
2025 Q4	Jan 22, 2026	Sands Capital Global Growth Fund	6.2%	10.2%	6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V	AI, defense, energy, global, growth, Robotics, Space, technology	AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions.	ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL	View
2025 Q4	Jan 22, 2026	Touchstone Sands Capital International Growth Equity Fund	-4.2%	10.9%	6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA	AI, defense, energy, growth, international, Robotics, Space, technology	AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue.	EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW	View
2025 Q4	Jan 22, 2026	Sands Capital Technology Innovators Fund	6.2%	14.7%	AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V	AI, defense, global, growth, innovation, Robotics, semiconductors, technology	AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential.	PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM	View
2025 Q4	Jan 21, 2026	Polen Capital – Global SMID Company Growth	-2.7%	1.8%	0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW	AI, global, growth, Quality, software, technology	The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years.	SPOT 0700 HK ORCL LLY	View
2025 Q4	Jan 20, 2026	Harding Loevner Emerging Markets Equity	3.7%	29.1%	000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX	AI, emerging markets, energy, Memory, nuclear, semiconductors, technology	AI-related stocks sustained the relentless rise of the EM index, with seven of the 10 largest contributors being AI-related and accounting for more than 40% of the index's 34% return. The surge reflects sharply accelerating capital investment into AI physical infrastructure, with hyperscalers repeatedly increasing capex plans. EMs are standout beneficiaries because significant portions of AI physical infrastructure are sourced from EM companies, especially Asia-based enterprises like TSMC. The AI boom is engendering structural changes in the memory market that should support higher and more consistent profitability. Three key developments are changing industry dynamics: growing demand for customized, high-value memory products like HBM; the need to surmount the memory wall for AI workloads; and increasing constraints on memory manufacturing capacity as more capacity is allocated to HBM production. The energy demands of AI data centers are staggering, with AI-specific servers using 53-76 terawatt-hours in 2024. This puts renewed attention on nuclear power advantages, which is both scalable enough to meet huge AI data center power requirements and carbon-emission free. Meta, Amazon, and Alphabet have announced plans to invest in nuclear energy, driving demand for uranium.	688188 CH KAP LI 000660 KS 005930 KS	View
2025 Q4	Jan 20, 2026	Harding Loevner International Equity	4.2%	27.6%	005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA	AI, defense, emerging markets, international, semiconductors, technology, Valuations	AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization.	BA LN 035420 KS	View
2025 Q4	Jan 19, 2026	Sharp Capital Gestora de Recursos Ltda.	0.0%	0.0%	ABEV3.SA, AMER3.SA, BPAC11.SA, CASN3.SA, EQTL3.SA, GFSA3.SA, GOLL4.SA, ITUB4.SA, MELI, NU, OIBR3.SA, PRIO3.SA, SEER3.SA, UGPA3.SA, WEG.SA	Brazil, Capital Allocation, E-Commerce, Industrial, long-term, Utilities, value creation	Analysis of Brazilian capital markets over 15 years reveals only 15% of equities created value above NTN-B + 3%, suggesting a poorly functioning market with excessively high cost of capital. The letter examines value creation patterns and identifies key success factors. Mercado Livre highlighted as one of three standout value creators in Brazilian markets, demonstrating exceptional capital allocation through strategic decisions like offering free shipping in 2017, which initially hurt profits but drove long-term competitive advantages. WEG's strategic positioning in transformers and energy storage systems exemplifies successful countercyclical investing. The company acquired transformer manufacturers when the sector was out of favor, benefiting when demand surged due to energy transition needs. Equatorial's success story demonstrates patient capital allocation in utility privatizations, adapting strategy when opportunities didn't materialize as expected, then capitalizing on attractive acquisitions of Eletrobras distribution companies in 2018.		View
2025 Q4	Jan 18, 2026	Titan Wealth	-	-	ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE	AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology	AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage.		View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
2025 Q4	Jan 18, 2026	Magellan Global Opportunities Fund No. 2	1.4%	0.0%	AMT, AMZN, CMG, CRM, DG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVO, OR.PA, SAP, TSM	AI, Cloud, consumer, Defensive, global, Quality, technology	AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership through OpenAI relationship. Meta doubling down on AI investments despite uncertain returns from non-core initiatives. AWS showing acceleration in Q3 growth as increased capex delivers returns. All incumbent cloud providers viewed as long-term winners despite short-term performance variations. Microsoft Azure growth moderating but still positioned well. Consumer environment remains challenging heading into 2026. Dollar General delivering operational improvements. Nestlé positioned to adapt with leading brands in attractive categories like coffee and pet care despite near-term margin pressures.		View
2025 Q4	Jan 16, 2026	Janus Henderson Forty Fund	0.3%	18.4%	AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM	AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology	AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy.	MDGL LLY ETN ORCL	View
2025 Q4	Jan 15, 2026	ROCKLINC Partners Fund	0.7%	20.3%	AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO	active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value	Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure.	SII	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	View
2025 Q4	Jan 15, 2026	Baillie Gifford -Emerging Markets	5.7%	40.7%	000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM	AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology	China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation.		View
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 15, 2026	Baillie Gifford -International Concentrated Growth	-6.7%	16.7%	0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L	AI, concentrated, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	-2.4%	17.2%	1299.HK, 6146.T, 6857.T, 6861.T, ADYEN.AS, ARGX, ASML, ATCO-A.ST, DSV.CO, GALP.SW, MELI, NU, OR.PA, RACE, RMS.PA, SE, SHOP, SPOT, TSM, WTC.AX	AI, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence demand is driving structural growth in semiconductor testing equipment and memory chips. Advantest benefits from sustained AI data center investment with improved visibility, while SK Hynix leads in high-bandwidth memory (HBM) technology critical for AI infrastructure bottlenecks. The fund maintains significant exposure to semiconductor leaders across the value chain. TSMC and ASML delivered strong performance, while new position SK Hynix represents technological leadership in memory chips with two-year order book visibility driven by structural AI demand. Sea Limited showed strong growth with group revenues rising 40% year-on-year, led by Garena gaming and Shopee marketplace expansion. Management continues investing in logistics and fulfillment infrastructure despite near-term profitability pressures in Latin American operations. Spotify demonstrated continued operating progress with 11% user growth to 713 million and 12% subscriber growth to 281 million. Operating margins expanded to mid-teens with record quarterly free cash flow, supported by pricing optimization and advertising efficiency improvements.	GALD SW DSV DC RACE SE SPOT	View
2025 Q4	Jan 14, 2026	Lakehouse Global Growth Fund	0.0%	-8.5%	4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK	global, growth, Networks, software, technology	The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in the portfolio with strategic advantages in networks, loyalty, and intellectual property. Multiple holdings focus on enterprise software solutions including Workiva for compliance and reporting, Sansan for business networking, and Constellation Software for vertical software acquisitions. These companies benefit from loyalty and intellectual property moats. The fund holds Adyen, a global payment processing platform, and Tradeweb Markets, which operates electronic trading networks for fixed income markets. Both companies benefit from network effects and switching costs.		View
2025 Q4	Jan 14, 2026	Hardman Johnston Global Equity	2.9%	0.0%	6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX	AI, banks, Data centers, defense, financials, global, nuclear, technology	The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy.	VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C	View
2025 Q4	Jan 14, 2026	Hardman Johnston International Equity	4.3%	0.0%	0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L	AI, Asia, defense, Europe, financials, healthcare, international, Mining	The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory.	DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW	View
2025 Q4	Jan 13, 2026	Infuse Partners	-7.2%	0.0%	DUOL, MELI, NU, SNWV, TMDX	E-Commerce, Education, Fintech, growth, Latin America, long-term, Medical Devices, technology	MercadoLibre continues to demonstrate exceptional execution with its e-commerce/payments flywheel spinning fast even at $25 billion revenue. The company has successfully outcompeted strong marketplaces like Amazon, Shopee, Temu and TikTokShop using vertical integration and fast delivery times. Management thinks genuinely long-term unlike most companies that only give lip service to long-term decision making. Nu Holdings is gradually becoming a super app with strong traction in Mexico after receiving full banking license, proving the model is replicable outside Brazil. The company's lean cost structure enables better rates, leading to more customers and economies of scale. Success has come despite Brazil's terrible macro backdrop over 15 years, with battle-tested lending algorithms positioned for expansion into more stable geographies. Sanuwave operates a razor and blades business model with the UltraMist device for treating diabetic foot ulcers. Despite a Q3 growth hiccup while building sales organization, growth should resume as there aren't many profitable medtech companies growing faster than 30%. TransMedics has revolutionized organ transplant process, owning 22 private jets and performing 30 organ transplants daily, with increasing density creating competitive advantages. Duolingo should be viewed as an engagement machine that happens to educate rather than just a language learning app. With almost 40% of monthly users logging in daily (compared to Snapchat's 50%), the company has built exceptional engagement muscle. As it broadens into math, music, chess and other subjects, retention should increase further, potentially becoming a must-have app for learning all sorts of things.	DUOL MELI TMDX NU	View
2025 Q4	Jan 13, 2026	Generation Investment Management Global Equity	-	-	ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY	AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation	Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate.		View
2023 Q4	Jan 11, 2024	Infuse Partners	16.4%	-	AXON, CELH, MELI, NU, SLYG, TSLA	-			View
2024 Q3	Sep 30, 2024	Harding Loevner International Equity	9.5%	11.5%	6690 HK, ATD CN, HDB, MELI, NESN SW, NVO, OR FP, SU FP, TSM	-			View
2024 Q3	Sep 30, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	MELI, SE	-			View
2024 Q3	Sep 30, 2024	Alger Spectra Fund	3.2%	32.4%	APP, GOOG, MELI, META, MSFT, PINS	-			View
2024 Q3	Sep 30, 2024	Hardman Johnston Global Equity	4.5%	22.2%	ASML, HWM, MELI, META, PRX NA, SAF FP, TEAM, VRTX	-			View
2024 Q3	Sep 30, 2024	Hardman Johnston International Equity	5.7%	17.2%	1299 HK, 7011 JP, 8750 JP, 8795 JP, ASML, HDB, MELI, NEX FP, NOD NO, NVO, PRX NA, PRY IM	-			View
2023 Q1	Aug 5, 2023	Deep Sail Capital Partners	13.8%	23.5%	LEAT, MELI	-			View
2024 Q2	Jul 29, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	AMZN, CSGP, DOCS, MC FP, MELI, SPOT	-			View
2023 Q2	Jul 20, 2023	Ithaka US Growth Strategy	0.2%	0.0%	AMZN, MELI, MSFT, NVDA, PODD, PYPL	-			View
2023 Q2	Jun 30, 2023	Alger Spectra Fund	3.2%	32.4%	1732020D, ABBV, MELI, MSFT, NTRA, NVDA	-			View
2025 Q1	Apr 14, 2025	Parnassus Mid Cap Growth Fund	-10.0%	-10.0%	APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ	-			View
2023 Q1	Apr 5, 2023	The Mercator International Opportunity Fund	-3.0%	-3.9%	MELI	-			View
2025 Q1	Mar 31, 2025	Hardman Johnston Global Equity	0.4%	0.4%	HWM, IFX GR, MELI, MRVL, PRX NA, RHM GR, TSM, VRT	-			View
2025 Q1	Mar 31, 2025	Hardman Johnston International Equity	6.9%	6.9%	7011 JP, ASML NA, CDIIQ, FTI, MELI, NVO, PRX NA, RHM GR, STAN LN, TSM	-			View
2023 Q1	Mar 31, 2023	Rondure New World Fund	-1.3%	-1.3%	MELI	-			View
2022 Q4	Feb 21, 2022	TGV Compound Fund	0.0%	6.9%	0A9O LN, EQS SW, IBKR, ITD IM, MCE GR, MELI, STNE, TCX	-			View
2023 Q4	Feb 15, 2024	TGV Compound Fund	0.0%	6.9%	EQS GR, IBKR, MELI, WAF GR, WINE LN, XPG GR	-			View
2024 Q4	Jan 16, 2025	Polen Capital – International Growth	-	-	ACN, CSL AU, EVO SS, ICLR, KER FP, MELI, MNDY, NU, SAP GR, SGE LN, SHOP, SPOT, SU FP, TEMN SW, WTW	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Rijnberk Invest Insights	MercadoLibre, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	Nasdaq Stock Market	AI, Digitalization, e-commerce, Fintech, growth, investment opportunity, Latin America, market dominance, MercadoLibre, Revenue Growth	View Pitch
Feb 21, 2026	Fund Letters	Aziz V. Hamzaogullari	MercadoLibre, Inc.	Information Technology	E-commerce Platforms	Bull	NASDAQ	e-commerce, Fintech, Latin America, Logistics, network effects, Payments	View Pitch
Feb 21, 2026	Fund Letters	Scott Thomas	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Competition, e-commerce, Fintech, Latin America, Margins, Payments	View Pitch
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	MercadoLibre, Inc.	Consumer Discretionary	E-commerce	Bull	NASDAQ	e-commerce, Fintech, Latin America, Logistics, scale	View Pitch
Feb 21, 2026	Fund Letters	Alex Umansky	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Competition, ecommerce, Ecosystem, Fintech, Logistics, Margins, Promotions, TakeRates, Volatility	View Pitch
Feb 21, 2026	Fund Letters	Josh Saltman	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Competition, ecommerce, Ecosystem, Fintech, Latin America	View Pitch
Feb 4, 2026	Twitter / X	@CapexAndChill	MercadoLibre, Inc.	Broadline Retail	Broadline Retail	Bull	NASDAQ	advertising, Brazil, Consumer credit, digital payments, ecommerce, Fintech, Latin America, Logistics	View Pitch
Feb 4, 2026	Twitter / X	@CapexAndChill	MercadoLibre, Inc.	Broadline Retail	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising, Credit, DigitalPayments, ecommerce, Fintech, LastMile, LatinAmerica, Logistics, Marketplaces	View Pitch
Feb 4, 2026	Twitter / X	@PronkDaniel	MercadoLibre, Inc.	Broadline Retail	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising, Credit, ecommerce, Fintech, LatinAmerica, Payments	View Pitch
Feb 4, 2026	Twitter / X	@FedexSTi	MercadoLibre, Inc.	Broadline Retail	Internet & Direct Marketing Retail	Bull	NASDAQ	Digital Wallets, Dollarization, e-commerce, Fintech, Informal Economy, LatAm, Logistics, Option Value, Payments, Venezuela	View Pitch
Jan 28, 2026	Fund Letters	Miguel Nogales	MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	ecommerce, Financial Inclusion, Fintech, Logistics, Payments	View Pitch
Jan 27, 2026	Fund Letters	Ryan Reeves	MercadoLibre, Inc.	Consumer Discretionary	E-Commerce	Bull	NASDAQ	ecommerce, Flywheel, Logistics, Payments, scale	View Pitch
Jan 24, 2026	Fund Letters	Brian A. Christiansen	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	ecommerce, Fintech, Latin America, Moat, scale	View Pitch
Jan 24, 2026	Fund Letters	David E. Levanson	MercadoLibre Inc	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	ecommerce, Fintech, Logistics, valuation	View Pitch
Jan 23, 2026	Fund Letters	Mark L. Yockey	MercadoLibre, Inc.	Consumer Discretionary	Internet Retail	Bear	NASDAQ	ecommerce, exit, Fintech, Margins, valuation	View Pitch
Jan 23, 2026	Twitter / X	@CapexAndChill	MercadoLibre, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Compression, Doing, Fintech, Logistics, MELI, Payments, Reinvestment, Short-term	View Pitch
Jan 16, 2026	Fund Letters	Cassandra A. Hardman	MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Competition, Fintech, Logistics, Margins, Reinvestment	View Pitch
Jan 16, 2026	Fund Letters	Cassandra A. Hardman	MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising, Competition, Ecosystem, Fintech, Logistics, Margins, Reinvestment	View Pitch
Jan 8, 2026	Fund Letters	Cassandra A. Hardman	MercadoLibre, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	consolidation, ecommerce, Fintech, Latin America, Penetration	View Pitch
Jan 8, 2026	Fund Letters	Edmund Bellord	Marcos Galperin's MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Credit, ecommerce, Logistics, Payments, scale	View Pitch
Jan 8, 2026	Fund Letters	Todd Morris	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Digital_Payments, e-commerce, Fintech, Latin_America, Online_Advertising	View Pitch
Jan 8, 2026	Fund Letters	Aziz V. Hamzaogullari	MercadoLibre, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	ecommerce, Fintech, growth, Logistics, Margins	View Pitch
Jan 8, 2026	Fund Letters	Laurenz Nienaber	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	e-commerce, Fintech, Latin America, margin expansion, market share, Payments	View Pitch
Jan 8, 2026	Fund Letters	Nick Thomson	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Argentina, e-commerce, Fintech, growth acceleration, Latin America, market share	View Pitch
Jan 8, 2026	Fund Letters	David E. Levanson	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	ecommerce, Ecosystem, Fintech, Logistics, Penetration	View Pitch
Jan 8, 2026	Substack	Winter Gems	Mercado Libre	E-commerce	Online Marketplace	Bull	NASDAQ Stock Market	buying opportunity, e-commerce, Latin America, market leadership, Mercado Libre, online marketplace, PEG ratio, steady growth, valuation	View Pitch
Jan 8, 2026	Fund Letters	Brian A. Christiansen	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	ecommerce, Fintech, Logistics, Margins, Penetration, Regulation	View Pitch
Jan 8, 2026	Fund Letters	Alex Umansky	MercadoLibre, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	ecommerce, Fintech, LatAm, Logistics, Payments	View Pitch
Dec 5, 2025	Fund Letters	Brian Angerame	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	ADS, ecommerce, Fintech, ROIC, scale	View Pitch
Nov 29, 2025	Fund Letters	Tom Coutts	MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Brazil, e-commerce, Fintech, GMV, growth, Logistics, Margins	View Pitch
Nov 29, 2025	Fund Letters	Brad Hinton	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Fintech, Free Cash Flow, Key: e-commerce, Logistics, market share, Take rate, Tpv growth	View Pitch
Nov 29, 2025	Fund Letters	Paulina McPadden	MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	e-commerce, Fintech, GMV, Latin America, long-term growth, Margins, market share	View Pitch
Nov 29, 2025	Fund Letters	Brad Hinton	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Fintech, Free Cash Flow, Key: e-commerce, Logistics, market share, Take rate, Tpv growth	View Pitch
Nov 28, 2025	Fund Letters	Paulina McPadden	MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	e-commerce, Fintech, GMV, Latin America, long-term growth, Margins, market share	View Pitch
Nov 5, 2025	Substack	Rijnberk Invest Insights	MercadoLibre, Inc.	Consumer Discretionary	Internet Retail	Bull		Amazon competition, Digital transformation, e-commerce, financial services, Fintech, growth, Latin America, Logistics, market share, MercadoLibre	View Pitch
Nov 3, 2025	Seeking Alpha	Seeking Alpha	MercadoLibre, Inc.		Internet Retail	Bear		digital payments, e-commerce, Latin America, MercadoLibre, Stake Trimming	View Pitch
Oct 9, 2025	Seeking Alpha	Seeking Alpha	MercadoLibre, Inc.		Internet Retail	Bull		Competition, e-commerce, Fintech, growth, investment thesis, Latin America, Logistics, Margins, market share, MercadoLibre	View Pitch
Sep 1, 2025	Substack	Wonderstcks	Mercado Libre, Inc.	Consumer Cyclical	Internet Retail	Bull		Digital adoption, e-commerce, Fintech, growth strategy, Latin America, Logistics, Mercado Pago, Sustainability, Technological prowess, Underbanked population	View Pitch
Aug 13, 2025	Seeking Alpha	Jim Sloan	MercadoLibre	Consumer Discretionary	Internet Retail	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Haridian Dorta Salas	Mercado Libre, Inc.	Consumer Discretionary	Internet Retail	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Artisan Partners	MercadoLibre, Inc.	Consumer Discretionary	Internet Retail	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Polen Capital	MercadoLibre	Consumer Discretionary	Internet Retail	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Substack	Rijnberk Invest Insights	MercadoLibre, Inc.	Consumer Discretionary	Internet Retail	Bull	NASDAQ	—	View Pitch

BSD Shareholders of MELI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

MELI

MELI

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of MELI

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: