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| 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, GOOGL, GTLB, ISRG, KKR, LLY, MBLY, MELI, META, MSFT, NET, NOW, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, TTD | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI infrastructure investment is accelerating with massive scale deals like Oracle's $455 billion backlog and NVIDIA's $100 billion OpenAI investment. Enterprise adoption remains early but tangible impact is growing across the ecosystem with over 50% of global VC investment going to AI startups. | META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA |
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| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 2 | - | - | AMT, AMZN, ASML, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | View | |
| 2024 Q3 | Sep 30, 2024 | Brown Capital Management International All Company Fund | 5.2% | 6.5% | 3064.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology | MercadoLibre operates the leading e-commerce platform in Latin America with low penetration compared to developed markets. MonotaRO is a Japan-based e-commerce platform for MRO products with 80% of orders still processed offline. Both companies demonstrate significant growth opportunities in their respective markets. | MONOTARO.T MELI NVO MNDY REA.AX |
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| 2024 Q3 | Sep 30, 2024 | Baron FinTech Fund | 12.5% | 16.8% | ACGL, APO, BLK, EFX, ENDV, FICO, FIS, GWRE, INTU, KKR, LPLA, MA, MELI, PGR, PRI, RPAY, SCHW, SPGI, TRU, TWFG, V | Capital markets, Financial Services, Fintech, growth, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Sixteen holdings have risen more than 30% this year, representing 42% of net assets, operating across consumer credit, enterprise software, insurance, asset management, payments, and brokerage sectors. | PRI TWFG GWRE MELI FICO |
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| 2024 Q3 | Sep 30, 2024 | City Different Investments – Global Equity | 13.5% | 39.1% | AAPL, AMZN, CCJ, CEG, GLNG, GOOGL, MELI, MSFT, RYAAY, SWKS, TDW, TLN | concentrated, E-Commerce, energy, global, nuclear, value | Nuclear power is experiencing renewed demand as AI and data centers require reliable, clean electricity. Talen Energy's Susquehanna facility benefits from power price surges and partnerships like Microsoft-Constellation's Three Mile Island restart. | SWKS RYAAY MELI TLN |
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| 2023 Q3 | Sep 30, 2023 | Baron FinTech Fund | 1.1% | 11.5% | ACGL, ACN, ADYEY, APO, CME, EFX, FICO, FIS, GPN, HLI, IBKR, INTU, LPLA, MA, MELI, MKTX, MORN, MSCI, NCNO, PGR, SPGI, SQ, TW, V | Capital markets, Fintech, growth, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Many fintech stocks have already gone through their own version of a recession with multiples near decade lows, but outlooks are more promising due to cost restructuring and focus on profitability. | ACGL MORN CARTRADE.NS INTU APO |
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| 2023 Q3 | Sep 30, 2023 | Baron Global Advantage Fund | -6.1% | 9.4% | ADYEN.AS, ARGX, BAJFINANCE.NS, CPNG, CRWD, DAVA, DDOG, FVRR, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VEEV, WIX, ZI | AI, Biotechnology, E-Commerce, global, growth, small caps, technology | NVIDIA continues to exceed projections with 94% revenue growth and 192% EPS growth expected for 2023, driven by accelerating demand for Generative AI. The company raised guidance multiple times during the quarter, demonstrating the strength of AI adoption across industries. | VTWIX CPNG |
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| 2023 Q3 | Sep 30, 2023 | Brown Capital Management International All Company Fund | 5.2% | 6.5% | 3064.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology | The fund holds significant positions in e-commerce platforms including MercadoLibre, the leading Latin American platform with low penetration rates providing growth runway, and MonotaRO, a Japanese MRO e-commerce platform targeting the largely offline Japanese market estimated at $70 billion. | MBLY AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT 3064.T ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2023 Q3 | Sep 30, 2023 | Evolve Private Wealth | - | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NKE, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, Athleisure, global, growth, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Guinness China | - | - | ADS.DE, AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, consumer, global, Quality, semiconductors, Sportswear, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2025 Q2 | Aug 7, 2025 | Wellington Management | 9.5% | 7.3% | 1810.HK, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP.TO, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is anticipated to benefit from its latest AI model, Gemini 2.0. | View | |
| 2025 Q2 | Aug 4, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RCL, RUBK, TW, VST, WING | AI, consumer discretionary, growth, mid cap, Rate Cuts, tariffs, technology | Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle. | View | |
| 2025 Q2 | Aug 29, 2025 | Brummer Multi-Strategy Fund | - | - | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, global, growth, payments, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre and Amazon. MELI continues expanding with new services like wholesale platform Mercado Libre Negocios and digital health service Dr. Virtual. The manager views these as platform businesses with structural advantages and operating leverage. | V RBRK MELI INPST |
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| 2025 Q2 | Aug 27, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RBRK, RCL, TW, VST, WING | AI, consumer discretionary, financials, growth, industrials, mid cap, technology | Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle. | CVNA VST MELI TW AXON PLTR |
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| 2025 Q2 | Aug 27, 2025 | BlackRock Science And Technology Term Trust | 19.5% | - | 000660.KS, CLS, MELI, NET, NVDA, SNOW, SPOT | AI, Cloud, growth, private equity, semiconductors, technology | The technology sector rebounded strongly in Q2 2025 as AI-driven earnings accelerated. The recent market recovery has reaffirmed the value of high-quality AI enablers and application leaders. The team is selectively adding to companies with AI monetization strategies as the AI infrastructure buildout continues to shape market dynamics. | View | |
| 2024 Q2 | Aug 22, 2024 | Miller Wealth Management | - | - | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, Electric Vehicles, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q2 | Aug 2, 2025 | Baron Global Advantage Fund | 22.6% | 11.0% | ARGX, BILL, CPNG, CRWD, DDOG, ENDV, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, PDD, SHOP, SNOW, TSLA, TSM, TTAN, ZS | AI, E-Commerce, global, growth, semiconductors, technology, volatility | AI infrastructure buildout is durable with NVIDIA maintaining leadership. Scaling laws have expanded beyond pre-training to post-training and test-time scaling, driving GPU demand. AI workloads will be supported by large language models in datacenters, unlocking trillions in value across intelligence-bottlenecked industries. | View | |
| 2024 Q2 | Aug 12, 2024 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, AZO, CCO, CNQ.TO, EQIX, FTNT, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, REGN, TOL, VST | AI, Canada, Diversified, infrastructure, large cap, technology | AI continues to dominate market performance with tech and large-cap growth stocks leading gains. The energy demands of generative AI are significantly increasing power consumption, creating infrastructure investment opportunities. Data centers are building closer to power sources and investing in alternative energy solutions. | View | |
| 2025 Q2 | Aug 11, 2025 | Baron FinTech Fund | 9.2% | 7.7% | ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK | Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects. | View | |
| 2023 Q2 | Jul 7, 2023 | Infuse Partners | - | - | MELI | E-Commerce, growth, LatAM, Quality, value | MercadoLibre exemplifies the evolution of Latin American e-commerce from auction-based to integrated marketplace with payments, logistics, and financial services. The company has built a comprehensive ecosystem including MercadoPago payments, MercadoEnvios fulfillment, and MercadoCredito lending. Growth remains strong with 50% revenue growth in 2022 despite margin compression from business model evolution. | View | |
| 2025 Q2 | Jul 5, 2025 | Torre Financial | 6.9% | 4.9% | ADC, ANET, CRCL, FDS, INTU, MA, MELI, META, PEP, TMO, UNH, V, VEEV | diversification, long-term, Quality, Resilience, technology, value | The AI boom continues to drive market performance, particularly benefiting technology companies. AI represents an ongoing catalyst supporting the tech sector's strong performance in Q2. | MA V UNH |
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| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | 1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX | AI, consumer, global, growth, technology | The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships. | View | |
| 2025 Q2 | Jul 30, 2025 | Easterly – Income Opportunities Fund | 2.0% | 4.3% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q2 | Jul 29, 2025 | Tall Oak Capital Advisors | - | - | AEM, ANET, CCO, EDV, EHC, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NVDA, PANW, RBLX, RELX.L, SAP, STN.TO, VST, WFC | AI, healthcare, longevity, Market Volatility, Quality, technology, Trade Policy | Aging population driving structural demand for healthcare technology, surgical innovation, and rehabilitation services. Focus on companies with clear demand, strong margins, and innovative leadership across the care continuum from surgical innovation to recovery infrastructure. | EHC ISRG EHC ISRG |
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| 2025 Q2 | Jul 27, 2025 | Lakehouse Global Growth Fund | - | - | 4443.T, ADYEN.AS, AMZN, GOOGL, HEM.ST, KXS.TO, MC.PA, MELI, PINS, SCHW, SE, SPOT, WIX | AI, E-Commerce, global, growth, Streaming, technology | Portfolio heavily weighted toward e-commerce leaders MercadoLibre and Sea Limited, both delivering strong growth. MercadoLibre grew net revenues 38% year-over-year to $22.4 billion with accelerating buyer growth. Sea Limited's Shopee platform emerged stronger with 30% revenue growth and improved profitability as regulatory pressures in Indonesia abated. | GOOGL SPOT MELI SE GOOG MELI SE |
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| 2025 Q2 | Jul 27, 2025 | Loomis Sayles Global Growth Fund | 16.6% | 12.7% | AMZN, GOOGL, MC.PA, MELI, META, MSFT, NFLX, ORCL, SHOP.TO, TCOM, TSLA, V, VRTX, YUMC | global, growth, healthcare, long-term, Quality, technology, value | Netflix continues to demonstrate strong competitive advantages through its global scale, content investment, and subscriber growth. The company is successfully transitioning to an ad-supported model while expanding internationally, with management expecting accelerating revenue growth driven by pricing power and new monetization strategies. | VRTX YUMC TCOM ORCL MELI NFLX |
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| 2025 Q2 | Jul 27, 2025 | Weitz Large Cap Equity Fund | 3.6% | -0.4% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI |
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| 2025 Q2 | Jul 23, 2025 | PM Capital Global Companies Fund | 8.1% | - | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, Fintech, global, growth, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. The manager emphasizes platform businesses with structural advantages as a cornerstone of investment philosophy. | V RBRK MELI INPST |
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| 2025 Q2 | Jul 22, 2025 | Harding Loevner International Small Companies Equity | 16.7% | 18.6% | 3697.T, 4544.T, 7203.T, AAPL, ALTEN.PA, BC8.DE, BELIMO.SW, CYBR, GLOB, GOOGL, MELI, MSFT, NVDA, RPY.MI, TMV.DE | AI, cybersecurity, innovation, international, IT Services, small caps, technology | The accelerating adoption of artificial intelligence is viewed as a decisively structural trend with far-reaching effects on how people work. Companies in the portfolio are investing in AI to strengthen competitive advantages, with examples including Reply developing customized AI tools and Shift deploying AI engineers to achieve significant cost savings. | 3697 JP 4527 JP GLOB CYBR |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Emerging Markets Growth Fund | 12.9% | 15.7% | 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 2454.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, HDFC.NS, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, TITAN.NS, TSM, WALMEX.MX | AI, E-Commerce, emerging markets, Fintech, gaming, growth, semiconductors, technology | AI infrastructure buildout continues with sustained momentum, particularly in semiconductor demand. Taiwan Semiconductor reaffirmed its long-term goal to grow AI-related revenue at a mid-40 percent compound annual rate through 2029. AI is accelerating a winner-takes-most dynamic, benefiting companies with scale, differentiated offerings, and the ability to productize innovation. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V | AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology | Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users. | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital International Growth Fund | 18.1% | 19.4% | 4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA | Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology | The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins. | EVD GR SE 2330 TT SPOT MELI |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Deep Sail Capital Partners | 11.3% | 11.3% | CAH, DELL, DGX, GH, ILMN, ITMI, LH, MCK, MDT, MELI, NTRA, NXGL, PRPO, QGEN, TMO | AI, Biotechnology, Bubble, growth, healthcare, Long/Short, small caps, technology | AI represents the most significant technological shift in decades, likely to surpass the internet, mobile, and cloud in scale and impact. The AI investment cycle has foundational elements that the 2021 bubble lacked, making it rational to invest in AI-exposed equities even at extreme valuations. AI is driving a capex super cycle with transformative potential. | PRPO PRPO |
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| 2025 Q2 | Jul 20, 2025 | BNY Mellon Global Emerging Markets Fund | 13.8% | 11.6% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, technology, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2025 Q2 | Jul 2, 2025 | Vision Capital | - | 11.8% | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. | 9618.HK 3690.HK PLTR |
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| 2025 Q2 | Jul 2, 2025 | Ghosh Capital | 17.3% | 25.3% | AMZN, APH, ASTS, AVGO, BA, CSU.TO, GOOGL, GSAT, HOOD, KNEAT.TO, LMT, MDA.TO, MELI, MSFT, NU, RHM.DE, RKLB, SATS, TOI.TO, V | AI, Canada, global, Satellites, Space, technology, value | Deep dive on MDA Space, a 56-year-old Canadian space technology company building satellites, space robotics, and providing geointelligence. The company trades at attractive valuations compared to US space peers despite having longer operating history and actual profitability. Major growth drivers include large constellation wins for Globalstar and Telesat. | MDA.TO GOOGL KNEA.TO MELI TOI.TO MDA CN |
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| 2025 Q2 | Jul 2, 2025 | The Wolf of Harcourt Street | 20.4% | 21.6% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, Electric Vehicles, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q2 | Jul 18, 2025 | NZS Capital – Growth | 19.4% | 15.1% | 1211.HK, APH, ARM, CDNS, CPRT, DHR, FI, FND, GLBE, GOOGL, HEI, IR, LRCX, MELI, MRVL, MSFT, NET, NVDA, PGR, PWR, ROP, SAIL, TOST, TSM | growth, Portfolio Management, semiconductors, software, technology, volatility | NZS views the world as a complex adaptive system subject to frequent shocks and disruptions. Their portfolio construction process is designed to handle volatility by sizing positions based on range of outcomes rather than narrow predictions. The resilient head provides ballast during volatility while the optionality tail captures asymmetry. | TOST TOST |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Global Equity | 16.7% | 17.2% | 6501.T, BN, CBK.DE, ELAN, GOOGL, HWM, ICICIBANK.NS, LLY, MELI, META, MRVL, NVDA, PRX.AS, RHM.DE, TEAM, TMUS, TSM, UNH, VRT, VRTX | AI, defense, Europe, Geopolitical, global, industrials, semiconductors, technology | Defense represents a compelling opportunity driven by geopolitical uncertainty and increased spending commitments. NATO countries agreed to invest 5% of GDP in defense by 2035, signaling long-term commitment beyond current administrations. European contractors are gaining market share as nations develop industrial sovereignty, while Japan and South Korea also increase spending targets against regional threats. | BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston International Equity | 17.4% | 25.5% | 6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | defense, Europe, industrials, international, Japan, semiconductors, technology | NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats. | 6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR |
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| 2025 Q2 | Jul 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 |
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| 2025 Q2 | Jul 16, 2025 | Harding Loevner Emerging Markets Equity | 10.1% | 11.5% | 000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI | AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy | Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil. | 018880.KS 2317.TW 4966.T MELI MELI |
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| 2025 Q2 | Jul 16, 2025 | Harding Loevner International Equity | 9.2% | 14.8% | 002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM | aerospace, AI, defense, Europe, Health Care, international | Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies. | View | |
| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 13, 2025 | Sigil Stable Fund | 3.0% | 18.1% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, global, growth, Mobility, semiconductors, technology | Manager holds positions in e-commerce logistics disruptor InPost and e-commerce platform Sea Limited. InPost is expanding its locker network across Europe with partnerships like Debenhams Group. Sea Limited shows revenue acceleration with margin expansion, representing the holy grail of growth investing. | ASML SE INPST.L UBER |
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| 2025 Q2 | Jul 10, 2025 | Generation Investment Management Global Equity | - | - | A, ADYEN.AS, ASSA-B.ST, CBRE, DHR, MELI, MSFT | AI, Esg, global, healthcare, long-term, sustainability | Generation is optimistic about AI's potential to boost efficiency across companies and cut carbon emissions through energy optimization. They recently hosted the first of three in-depth roadmaps on AI, exploring demand, supply and sustainability aspects. The conclusion was optimism about the technology's potential while being aware that overinvestment could occur in the infrastructure layer. | ASSA-B.ST A DHR ASSA AB |
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| 2025 Q2 | Jul 1, 2025 | LMN Capital | - | 16.3% | ABYY.DE, BNTX, FMX, IBKR, MELI, MTX.DE, PYPL, RR.L, SPR.DE, STNE, TCX, UTDI.DE | Compounding, Europe, growth, long-term, Quality, value | The fund focuses on investing in companies trading below intrinsic value as one of three core investment criteria. The manager evaluates whether the price is clearly below intrinsic value, defined as the price a well-informed investor would pay to own the entire company. This value-oriented approach has contributed to the fund's strong performance with 17 out of 26 exited investments generating returns above 16% annually. | IBKR MELI |
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| 2025 Q2 | Jun 30, 2025 | Brown Capital Management International All Company Fund | 13.5% | 11.7% | AJB.L, AUTO.OL, ICLR, MELI, REA.AX | Automation, E-Commerce, growth, international, marketplaces, technology | The fund focuses on marketplace model companies that provide digital or physical spaces for buyers and sellers to transact. These companies exhibit network effects, defensible market positions, and high profitability with operating margins averaging 25%. The fund owns three marketplace models: REA Group (Australia real estate), MercadoLibre (Latin America e-commerce), and Vend Marketplaces (Nordic classifieds). | VEND.OL AUTO.OL ICLR AJB.L MELI REA.AX |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Mid Cap Growth Fund | 13.3% | - | ALC, ALNY, BLDR, CSGP, DDOG, EFX, GWRE, HLT, HOOD, JBHT, KLAC, MELI, NET, ODFL, POOL, RCL, RGEN, SARO, SN, WDC | AI, Cyclical, growth, Logistics, mid cap, semiconductors, software | The fund maintains thematic focus on artificial intelligence exposure through software and semiconductor companies. Portfolio includes companies like Guidewire, Autodesk and Cadence that are well positioned with large datasets and existing customer relationships to train AI technology for specific use cases. | View | |
| 2025 Q2 | Jun 30, 2025 | Magellan High Conviction Fund | - | - | AMZN, ASML, CRM, EL.PA, GOOGL, ICE, MELI, META, MSFT, NFLX, NVDA, TSLA, TSM, UBER, V | AI, Automation, Cloud, growth, innovation, large cap, semiconductors, technology | AI is rapidly advancing from LLMs to reasoning models and agentic AI, with corporate adoption accelerating across all business functions. The technology is progressing faster than mobile or internet eras, with AI likely to reach 50% US household penetration in under three years. Companies are investing over $300B in AI infrastructure in 2025 alone. | View | |
| 2025 Q2 | Jun 30, 2025 | Octahedron Capital | - | - | ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W | Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy | AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows. | View | |
| 2024 Q2 | Jun 30, 2024 | Octahedron Capital | - | - | AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W | AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology | AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron FinTech Fund | -2.3% | 3.8% | ACGL, APO, EFX, FI, FICO, GPN, GWRE, HLI, IBKR, INTU, KKR, MA, MCO, MELI, PGR, SPGI, SQ, TW, V, VRSK, WISE.L | AI, Capital markets, Financial Services, Fintech, growth, private credit, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Information Services, Payments, Enterprise Software, Capital Markets, E-Commerce, and Digital IT Services. Despite sector underperformance relative to broader markets, fintech fundamentals remain strong with mid-teens earnings growth across the fund. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron Global Advantage Fund | 3.3% | 6.9% | ADYEN.AS, ALAB, ARGX, ASML, CPNG, CRWD, DAVA, DDOG, FVRR, GLOB, INDI, MELI, NET, NVDA, RIVN, SHOP, SNOW, TMP, TSLA, WIX | AI, global, growth, healthcare, semiconductors, software, technology | The fund views AI as driving a new industrial revolution, with NVIDIA positioned as the AI generator creating tokens for every industry. The manager believes we remain early in AI adoption across industries and the race for Artificial General Intelligence continues with exponential demand growth for accelerated computing. | TXG NET SHOP CPNG CRWD NVDA |
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| 2023 Q2 | Jun 30, 2023 | Baron FinTech Fund | 5.3% | 10.3% | ACN, APO, BLK, CSGP, FI, FICO, INTU, LPLA, MA, MELI, MKTX, MSCI, NU, PGR, SHOP, SPGI, TW, V | AI, Banking, Capital markets, Fintech, payments, private credit, software, technology | Network International received takeover offers and was acquired by Brookfield for $2.8 billion. Visa announced acquisition of Brazilian company Pismo for $1 billion. M&A activity picking up in payments sector with valuations at attractive levels. | View | |
| 2023 Q2 | Jun 30, 2023 | Brown Capital Management International All Company Fund | 4.8% | 14.4% | ABCM, AFX.DE, AUTO.OL, COH.AX, MBLY, MELI, NVO, REL.L, SIM.CO, TEMN.SW | AI, Exceptional Growth Companies, growth, healthcare, international, technology | The fund is actively reviewing portfolio companies to gauge the impact of generative AI on their businesses. RELX has developed Lexis+ AI, a generative AI platform for legal work built on proprietary legal content. All portfolio companies could see productivity improvements from adopting generative AI models. | MBLY ABCM REL.L |
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| 2024 Q1 | May 9, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | AON, ASML, HDB, ICLR, MELI, SAP, TEMN.SW, TEP.PA | Banking, Cloud, E-Commerce, growth, India, international, Quality, software | SAP's transition to the cloud continues at a healthy pace with compelling cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. SAP is viewed as one of the more resilient software business models as it is essential to customers' day-to-day operations. | MELI HDB TEMN.SW TP.PA AON SAP ICLR |
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| 2025 Q1 | May 7, 2025 | Easterly – Income Opportunities Fund | 2.3% | 2.3% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, Quality, semiconductors, technology | ASML maintains its monopoly in lithography equipment despite Chinese competition concerns. TSMC's $100 billion U.S. investment will drive demand for more ASML machines. Reports of Chinese EUV development remain unconfirmed with limited transparency about reliability. | NU SE META ASML |
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| 2026 Q1 | May 5, 2026 | City Different Investments – Global Equity | 3.9% | 3.9% | CCO, IHS, MELI, TDW, VAL | commodities, E-Commerce, energy, geopolitics, Global Equity, shipping, value | CCO MELI TDW |
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| 2025 Q1 | May 26, 2025 | Saltlight Capital | 2.7% | 2.7% | AAPL, AMZN, BLU.JO, CPI.JO, MELI, NVDA, SE | AI, China, E-Commerce, Fintech, gaming, growth, Southeast Asia, technology | Manager maintains strong conviction that AI is a transformative multi-decade opportunity, with intelligence being embedded in all software applications. Focus on AI agents driving productivity gains and higher API usage for cloud providers. NVIDIA's Blackwell series offers 30-fold improvement in inference performance, likely to reignite enthusiasm. | BLU.JO SE NVDA |
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| 2025 Q1 | May 20, 2025 | Tall Oak Capital Advisors | - | - | AEM, AMZN, AR, COST, EHC, EQIX, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MRK, MS, MSFT, NVDA, PANW, REL.L, VRSK | Canada, Deglobalization, diversification, downside protection, global, Resilience, tariffs, Trade Policy | The first quarter marked a pivotal moment in global trade dynamics with the announcement of Liberation Day tariffs in early April, raising effective U.S. tariff rates to levels not seen in nearly a century. This signals a structural regime shift toward economic nationalism, strategic industrial policy, and deglobalization that will create more regionalized supply chains and persistent inflationary pressures. | MELI |
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| 2026 Q1 | May 19, 2026 | Baron Global Opportunity Fund | -4.9% | -4.9% | AMZN, ASML, BAJFINANCE.NS, CPNG, CRWD, DDOG, GDS, MELI, NET, NU, NVDA, SHOP, SNOW, TSM | AI, Cloud, cybersecurity, E-Commerce, global, growth, semiconductors, technology | View | ||
| 2024 Q1 | May 15, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, ADYEN.AS, AMZN, CSU.TO, GOOGL, MELI, NOW, SCHW, SE, SPOT, V | AI, E-Commerce, global, growth, payments, software, technology | The fund sees mounting evidence of more rational competitive behavior from dominant players in Southeast Asia's e-commerce market, particularly as both Shopee and TikTok Shop raised take-rates meaningfully across several countries. This signals a more favorable industry structure ahead for the sector. | ADYEN NOW GOOGL |
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| 2026 Q1 | May 14, 2026 | Brown Advisors Global Leaders Strategy | -8.3% | -8.3% | ADSK, ASML, EFX, EXPN.L, HDB, LSEG.L, MA, MELI, MSFT, TSM, V, WDAY | AI, Concentration, Drawdown, Geopolitical, global, long-term, Quality, technology | View | ||
| 2025 Q1 | May 14, 2025 | Sigil Stable Fund | 5.4% | 5.4% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML |
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| 2025 Q1 | Apr 3, 2025 | Brummer Multi-Strategy Fund | - | - | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2026 Q1 | Apr 29, 2026 | ROCKLINC Partners Fund | 0.3% | 0.3% | AEM.TO, BUR.L, CCO.TO, CSL, KNSL, MELI, NOW, PLD, ROP, ROYP, SII.TO | deficits, energy, Fiscal, gold, materials, Precious Metals, royalties, Silver | CSL |
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| 2026 Q1 | Apr 29, 2026 | Bell Global Equities Fund | -11.1% | -11.1% | 4307.T, BOOT, DB1.DE, MELI, NKE, ODFL, TEL | AI, energy, geopolitics, Global Equities, Quality, technology, volatility | MELI 4307.T TEL BOOT DB1.DE |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADYEN.AS, ANSS, BALL, BMRN, CSGP, EFX, GWRE, KLAC, LRCX, LULU, MELI, NTR, PGR, PTC, SNPS, SQ, TEAM, TT, WDAY | AI, growth, healthcare, mid cap, semiconductors, software, technology | Artificial Intelligence helped lift earnings, particularly among technology stocks. The revolutionary potential of AI may drive a super-cycle in semiconductors, as AI technology will move from the data center to laptops and smartphones. | View | |
| 2023 Q1 | Apr 27, 2023 | NZS Capital – Growth | - | - | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being left behind by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries. | View | |
| 2024 Q1 | Apr 26, 2024 | Miller Wealth Management | - | - | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML |
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| 2026 Q1 | Apr 25, 2026 | Wasatch Frontier Emerging Small Countries Strategy | 2.6% | 2.6% | CAMT, MELI, NU, SE | AI, E-Commerce, emerging markets, Fintech, frontier markets, Grid Infrastructure, semiconductors, small caps | SE CAMT |
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| 2026 Q1 | Apr 25, 2026 | Sands Capital Emerging Markets Growth Fund | -5.1% | -5.1% | 000660 KS, 005930 KS, 0700.HK, 300750.SZ, ASML, BAJFINANCE.NS, HDFCBANK.NS, MELI, NU, SE, TSM | AI, Asia, emerging markets, energy, Geopolitical, growth, semiconductors, technology | View | ||
| 2025 Q1 | Apr 2, 2025 | Ghosh Capital | 8.0% | 8.0% | APH, CBZ, COST, CSU.TO, ETL.PA, GOOGL, HOOD, HRB, KNT.L, KPG.AX, MDA.TO, MELI, MNDY, PNG.TO, RELY, RHM.DE, SPGI, TEAM, TOI.TO, VIE.PA | defense, growth, infrastructure, Nationalism, small caps, Valuations, value | Countries like Canada and Europe are taking defense seriously due to Trump's policies requiring more global defense contributions. This creates a wall of money for consistent defense spending as nationalist policies spread worldwide. | KPG.AX |
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| 2024 Q1 | Apr 2, 2024 | Guinness Global Innovators | 13.2% | 13.2% | AAPL, AMZN, CCJ, CEG, GLNG, GOOGL, MELI, MSFT, RYAAY, SWKS, TDW, TLN | E-Commerce, energy, global, nuclear, Utilities, value | Nuclear power is experiencing renewed demand as AI and data centers require reliable, clean energy. Talen Energy's Susquehanna facility benefits from power price surges and partnerships like Microsoft-Constellation restarting Three Mile Island reactor. | SWKS RYAAY MELI TLN |
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| 2025 Q1 | Apr 19, 2025 | Polen Capital – International Growth | 0.0% | 0.0% | ADYEN.AS, AON, GLOB, ICLR, LONN.SW, MELI, NVO, SAP, TME, TSM, UL | China, growth, healthcare, international, payments, Quality, technology | The fund maintains focus on high-quality, high-growth international businesses with competitive advantages. Portfolio holds companies with solid earnings growth prospects and weighted average earnings expected to grow at mid-teens rate over time. Quality growth approach can be rocky short-term but positions portfolio well for long-term outperformance. | TME LONN.SW ADYEY |
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| 2026 Q1 | Apr 18, 2026 | Baillie Gifford -Emerging Markets | 4.1% | 4.1% | 005930 KS, 300750.SZ, B3SA3.SA, MELI, PBR, SE, TSM | AI, China, emerging markets, energy, geopolitics, oil, semiconductors, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford -International Concentrated Growth | -10.6% | -10.6% | ADYEN.AS, ASML, EXA.PA, MELI, SPOT, TSM, WISE.L | AI, concentrated, defense, growth, international, payments, semiconductors | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – International Alpha | -5.1% | -5.1% | 005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE | AI, banks, Copper, energy, growth, international, semiconductors, volatility | View | ||
| 2026 Q1 | Apr 17, 2026 | Titan Wealth | - | - | ACN, ADBE, AEM, AMD, BKR, CCJ, GLEN.L, LLY, MELI, META, MOS, MSFT, ORCL, PAAS, PLTR, RELX.L, RWE.DE, UL, XOM | AI, energy, geopolitics, infrastructure, Iran, Multi-Manager, Regional | RWE.DE |
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| 2025 Q1 | Apr 15, 2025 | Polen Capital – Global SMID Company Growth | -5.5% | -5.5% | ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS | AI, global, growth, healthcare, Quality, tariffs, technology, volatility | Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending. | MELI ADYEN WTW NVO AMZN GLOB AON ABT |
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| 2025 Q1 | Apr 15, 2025 | Vision Capital | -6.2% | -6.2% | 9618.HK, ADYEN.AS, AMZN, LULU, MELI, META, NU, NVDA, PLTR, PME.AX, SHOP, TSLA, TSM, TTD, WISE.L | Concentration, E-Commerce, global, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, Shopify, and JD.com as core positions. These companies create third-party marketplaces backed by world-class logistics, allowing sellers to reach massive audiences with unprecedented efficiency and scale. The manager views these as essential infrastructure enabling commerce in the digital economy. | View | |
| 2024 Q1 | Apr 15, 2024 | The Mercator International Opportunity Fund | -3.0% | -3.9% | 4755.T, 6920.T, 8035.T, MELI, WOSG.L | contrarian, E-Commerce, international, Japan, semiconductors | The fund has significant exposure to semiconductor companies including Tokyo Electron Ltd and Lasertec Corp, representing over 13% of the portfolio in semiconductor-related holdings. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1299.HK, 2330.TW, 300750.SZ, 9618.HK, 9988.HK, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, JD, KASPI.KZ, MARUTI.NS, MELI, SCOM.NR, TCOM, TCS.NS, TSM | China, E-Commerce, emerging markets, Geopolitical, healthcare, payments, semiconductors, technology | Digital payment systems are transforming financial inclusion in emerging markets, particularly Latin America. Companies like MercadoLibre and FEMSA have built payment platforms that serve unbanked populations while strengthening their core businesses. These platforms provide first-time access to digital payments and credit for millions of customers. | TLKM.JK BH.BK MELI |
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| 2024 Q1 | Apr 15, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 0700.HK, ADYEN.AS, ALV.DE, ASML, BBVA, BHP, BNTX, D05.SI, HDB, IFX.DE, MELI, NESN.SW, OR.PA, ROG.SW, SAP, SHEL, SONY, SU.PA, TSM | AI, diversification, growth, international, Japan, Quality, semiconductors, technology | The fund has significant portfolio-level exposure to AI growth through a diverse set of fundamentally strong companies. AI beneficiaries fall into two categories: companies providing AI-enhanced goods and services, and companies developing underlying AI technology including semiconductor manufacturers and infrastructure providers. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2023 Q1 | Apr 15, 2023 | Torre Financial | 16.7% | 16.7% | 7741.T, ADSK, ADYEN.AS, AMZN, APH, ASML, BALL, CCJ, CDNS, CMG, DHR, DOXI, FAST, FISV, GOOG, HXGN, LIN, MCHP, MELI, MSFT, NEE, OKTA, PGR, RGEN, WDAY | Adaptability, AI, global, growth, innovation, semiconductors, technology | AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2026 Q1 | Apr 13, 2026 | Harding Loevner Emerging Markets Equity | -0.5% | -0.5% | 2269 HK, 2454.TW, 300750.SZ, MELI, TCOM, TS | AI Infrastructure, E-Commerce, emerging markets, Energy Storage, Energy Transition, Renewable Energy, semiconductors, technology | 2359.HK MELI 002594.SZ |
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| 2026 Q1 | Apr 13, 2026 | ClearBridge Investments International Growth ADR Strategy | - | - | 4063.T, 4307.T, 5802.T, 6920.T, 7532.T, ASM, ASML, CHKP, EADSY, ENGI.PA, IX, MELI, REL.L, RIO, SAP, SHOP, SPOT, WDS.AX | AI, defense, energy, Geopolitical, growth, international, Japan, semiconductors | View | ||
| 2026 Q1 | Apr 13, 2026 | JDP Capital | -15.1% | -15.1% | AMZN, CZR, MELI | AI, E-Commerce, Fintech, growth, Latin America, value | MELI CZR |
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| 2024 Q1 | Apr 13, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AVGO, AZO, BRK.B, GOOGL, LLY, MA, MELI, MSCI, MSFT, NVDA, NVR, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, crypto, liquidity, portfolios, SMA, technology | Manager maintains bitcoin price targets of $125,000 by Christmas 2024 and $475,000 by Q4 2025, viewing current conditions as supportive for the next major leg higher during summer months. Bitcoin proxies have provided significant performance advantages, with allocations ranging from 15-49% across different SMA strategies. | View | |
| 2026 Q1 | Apr 12, 2026 | Hardman Johnston International Equity | -3.1% | -3.1% | 6501.T, 7011.T, 7269.T, ASML, CBK.DE, CCO, FTI, HDFCBANK.NS, MC.PA, MELI, PRX.AS, SAF.PA, SDZ SW, STAN.L, STM, TSM, UCB.BR | Europe, healthcare, industrials, international, Japan, nuclear, semiconductors, technology | FTI CCO UCB.BR TSM ASML |
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| 2025 Q1 | Apr 12, 2025 | Torre Financial | -2.0% | -2.0% | ABT, ADBE, ADC, AMZN, CRM, EW, FDS, GOOGL, ICE, INTU, MCO, MELI, META, MSCI, PYPL, SPGI, TMO, UNH, V, WDAY | AI, healthcare, payments, Quality, technology, Trade Policy, volatility | AI is driving significant changes in how people work, automating functions across sales, marketing, customer service, and software development. There is opportunity for new leaders in this space, though concerns exist about potential disruption to companies like Adobe and Alphabet. However, both companies are at the leading edge of AI solutions within enterprise contexts. | View | |
| 2026 Q1 | Apr 11, 2026 | Torre Financial | -8.5% | -8.5% | ABT, ALSN, ASML, BKNG, FIX, GEV, LIN, MELI, SPGI, TMO | AI, energy, industrials, infrastructure, Quality, semiconductors, technology | MELI TMO SPGI ABT BKNG LIN ALSN ASML GEV FIX |
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| 2025 Q1 | Apr 1, 2025 | The Wolf of Harcourt Street | 1.2% | 1.2% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | ASML maintains its monopoly in lithography equipment despite reports of Chinese competition. The company controls 90% of the global lithography market and remains the sole supplier of High-NA EUV systems. TSMC's $100 billion U.S. investment will drive demand for more ASML machines. | NU SE META ASML |
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| 2025 Q4 | 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 | |
| 2026 Q1 | Mar 31, 2026 | Baron Global Advantage Fund | 11.9% | 26.4% | ARGX, ASML, BAJFINANCE.NS, BILL, CDRE, CPNG, CRWD, DDOG, ENDV, GDS, INDI, INPST.L, MELI, NET, NVDA, RIVN, SHOP, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS | AI, E-Commerce, global, growth, Robotics, semiconductors, Space, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Emerging Markets Fund | 3.0% | 3.0% | 009540.KS, 0268.HK, 0700.HK, 1211.HK, 300750.SZ, 3690.HK, 8069.TW, BABA, BAJFINANCE.NS, BEKE, BHARTIARTL.NS, CHOLAFIN.NS, CUMMINSIND.NS, GFI, INDIGO.NS, JMFINANCIL.NS, KAYNES.NS, KOTAKBANK.NS, MELI, SWIGGY.NS, TRENT.NS, TSM, XPEV, YMM | China, Digitization, Dollar, Electric Vehicles, emerging markets, India, tariffs, Trade Policy | Added positions in Chinese EV manufacturers BYD and XPeng. BYD leads with 35% domestic market share and vertical integration including battery production. XPeng distinguished by advanced driver-assistance systems and autonomous driving technology. Both positioned to benefit from China's EV adoption exceeding 50% penetration. | View | |
| 2025 Q1 | Mar 31, 2025 | PGIM Jennison Global Opportunities Fund | -11.1% | -11.1% | 1211.HK, 1810.HK, AAPL, AMZN, APP, IOT, ISRG, MELI, META, MSFT, NFLX, NOW, NVDA, RDDT, SE, SHOP, SPOT, VRTX | AI, consumer discretionary, E-Commerce, global, growth, healthcare, Luxury, technology | AI accelerated computing segment underperformed, particularly semiconductor-related holdings led by Astera Labs. Concerns over potential excess capital spending on AI datacenters due to development of efficient reasoning models like DeepSeek led to major shift in investor sentiment away from companies correlated to AI computing infrastructure. AI Hypercalers were neutral to performance during the quarter. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron FinTech Fund | -1.4% | -1.4% | ACGL, APO, CME, FI, FICO, GLOB, GWRE, HOOD, KKR, LPLA, MA, MELI, MORN, PGR, PRI, SCHW, SPGI, SQ, TW, V | Capital markets, E-Commerce, Fintech, insurance, payments, software, trading | Strong performance from global payment networks Visa and Mastercard driven by accelerating payment volumes and defensive business models. Payment companies benefit from fee-based revenue tied to nominal payment volumes, providing protection against inflationary pressures. | TTAN HOOD SQ APO KKR TW PGR MELI |
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| 2025 Q1 | Mar 31, 2025 | Baron Global Advantage Fund | -9.5% | -9.5% | 532978.BO, AFYA, ARGX, CPNG, DDOG, GLOB, MELI, NET, NVDA, PDD, SAIL, SHOP, SNOW, SQ, TSLA, TSM, WIX, ZOMATO.NS, ZS | AI, cybersecurity, E-Commerce, global, growth, semiconductors, tariffs, technology | AI represents the biggest disruptive change in the manager's career. Models continue to improve on the intelligence curve while costs decline, opening new markets and opportunities. NVIDIA's progress across hardware and software remains unmatched, with reasoning models requiring 100x more compute than previously thought. | View | |
| 2025 Q1 | Mar 31, 2025 | BNY Mellon Global Emerging Markets Fund | -4.2% | -4.2% | 000333.SZ, 000660.KS, 0700.HK, 2454.TW, 300750.SZ, BZ, GLOB, HDB, MELI, MMYT, NTES, TCOM, TOTS3.SA, TSM, TUBE.NS | AI, China, emerging markets, India, Recession, technology, Trade Policy, Valuations | Chinese technology stocks surged in February due to the DeepSeek phenomenon, creating significant volatility. The fund benefited from positions in Tencent and other internet holdings like NetEase and Kanzhun that generated alpha early in the quarter, though identifying quality long-term compounding opportunities in Chinese internet remained challenging. | View | |
| 2025 Q1 | Mar 31, 2025 | Brown Capital Management International All Company Fund | -1.5% | -1.5% | AFX.DE, AJB.L, COH.AX, GIVN.SW, ICLR, MELI, NVO | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology | MercadoLibre operates the leading e-commerce platform in Latin America with significant barriers to entry through rapid-shipping solutions. The company ships about half of its orders with same-day or next-day arrival to more than 100 million unique buyers. Latin America remains a large market with low e-commerce penetration compared to developed markets. | NVO ICLR AFX.DE MELI AJB.L NZYM-B.CO COH.AX GIVN.SW |
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| 2025 Q1 | Mar 31, 2025 | Loomis Sayles Global Growth Fund | -3.4% | -3.4% | ADYEN.AS, AMZN, BABA, DE, GOOGL, MELI, META, NFLX, NVS, ORCL, QCOM, SHOP, TSLA, V | E-Commerce, global, growth, healthcare, long-term, Quality, technology | The fund maintains significant exposure to e-commerce leaders including MercadoLibre in Latin America and Amazon globally. MercadoLibre continues to execute well with strong GMV growth and market share gains across commerce, payments, and financial services. Amazon's e-commerce business showed solid growth with 11% unit sales growth suggesting continued market share expansion. | View | |
| 2025 Q1 | Mar 31, 2025 | Octahedron Capital | - | - | ABNB, AMZN, BKNG, CPNG, CRM, CVNA, DIS, GOOGL, GTLB, MELI, META, NET, NFLX, NOW, PLTR, SNOW, UBER, W, WDAY, ZS | AI, E-Commerce, growth, Internet, payments, semiconductors, software, technology | Agentic AI emerged as the dominant theme with reasoning models like DeepSeek-R1 and OpenAI o3 enabling AI agents to complete complex multi-step tasks. The commoditization of LLMs is accelerating AI applications growth while reducing inference costs, creating opportunities for application software companies with proprietary data. | View | |
| 2025 Q1 | Mar 31, 2025 | Janus Henderson Forty Fund | -8.7% | -8.7% | AAPL, AMZN, AVGO, DDOG, GOOGL, HWM, ICE, LLY, LVS, MA, MELI, META, MNST, MRVL, MSFT, NVDA, ORCL, PCVX, TSM | AI, growth, large cap, Risk Appetite, technology, Trade Policy, volatility | Despite uncertainty around AI spending pace pressuring tech stocks, the fund expects infrastructure spending to continue as hyperscalers expand capacity. As compute costs decline, demand for AI applications should accelerate, with growth potentially shifting toward software and data-rich companies that can monetize AI through productivity gains and new services. | DDOG MRVL ICE HWM |
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| 2025 Q1 | Mar 31, 2025 | Sands Capital Emerging Markets Growth Fund | 2.5% | 2.5% | 0700.HK, 1211.HK, 1299.HK, 2020.HK, 2330.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, GLOB, GRAB, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, WEGE3.SA | AI, China, E-Commerce, emerging markets, growth, India, semiconductors, technology | Since the beginning of 2024, we have narrowed our underweight to China relative to the MSCI EM. While we remain cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, we also see a select group of exceptional growth businesses in the country. Our views are shaped by on-the-ground research with three research trips to China and Hong Kong in the first quarter of 2025. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Global Growth Fund | -6.0% | -6.0% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V | AI, E-Commerce, global, growth, payments, semiconductors, technology | AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital International Growth Fund | 1.1% | 1.1% | 2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA | Asia, emerging markets, Europe, growth, international, tariffs, trade war | Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, global, growth, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Carmignac Patrimoine | 1.5% | 1.5% | ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM | AI, Bonds, equities, Europe, gold, inflation, technology, US | The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and a surge in deals and partnerships across infrastructure and cloud computing sectors. The fund maintains targeted diversification within the technology sector covering the entire AI value chain across geographical zones and capitalisation segments. | View | |
| 2025 Q1 | Mar 31, 2025 | PM Capital Global Companies Fund | 7.8% | 7.8% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2024 Q1 | Mar 31, 2024 | Baron FinTech Fund | 6.3% | 6.3% | ACGL, APO, BLK, ENDV, FDS, FI, FICO, GLOB, INTA, INTU, JKHY, KINS, MA, MELI, NU, PGR, SPGI, TW, V, WEX | digital transformation, Enterprise, Financial Services, Fintech, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Payments, Capital Markets, and Information Services. Digital transformation of financial services remains a large, multi-decade growth opportunity despite near-term cyclical headwinds in IT spending. | GLOB ENDV APO NU PGR |
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| 2024 Q1 | Mar 31, 2024 | Baron Global Advantage Fund | 3.5% | 3.5% | ADYEN.AS, ALAB, ARGX, ASML, BJFN.NS, CPNG, CRWD, ENDV, INDI, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VKTX, ZOMATO.NS, ZS | AI, cybersecurity, Electric Vehicles, global, growth, innovation, semiconductors, technology | Fund views AI as a multi-decade paradigm shift with NVIDIA at the epicenter. GenAI is showing rapid real-world adoption with revenues exceeding $3 billion. The manager believes AI will drive productivity gains and technological breakthroughs across industries from drug discovery to autonomous machines. | ALAB VKTX NVDA |
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| 2023 Q1 | Mar 31, 2023 | Baron FinTech Fund | 4.8% | 4.8% | ACN, APO, BILL, CME, ENDV.L, FICO, GWRE, IBKR, INTU, LPLA, MA, MELI, MKTX, MSCI, PGR, SCHW, SPGI, TW, V, WEX | AI, Banking, Financial Services, Fintech, payments, software, technology | The Fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Payments, Information Services, Tech-Enabled Financials, and Enterprise Software. Private market valuations for fintech companies are starting to catch up to steep drops in public markets, with reduced private capital investment expected to temper competitive intensity and increase profitability for publicly traded incumbents. | View | |
| 2023 Q1 | Mar 31, 2023 | Brown Capital Management International All Company Fund | 9.2% | 9.2% | 0268.HK, ABCM, AUTO.OL, FLTR.L, MELI | Automation, Banking, E-Commerce, growth, international, rates, technology | MercadoLibre dominates online marketplace and payments in Latin America, with gross merchandise value growing 35% year over year despite economic headwinds. Total payments volume from MercadoPago grew 80%, with off-marketplace payments increasing 121%. The company's years of investments in delivery and payment capabilities are paying off. | AUTO.OL 0268.HK ABCM ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM FLTR.L |
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| 2023 Q1 | Mar 31, 2023 | ValueWorks Capital | - | - | ADBE, AMD, AMZN, ANET, ASML, CRM, CSCO, 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. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. | View | |
| 2025 Q4 | 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 |
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| 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 |
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| 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 |
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| 2025 Q4 | Feb 8, 2026 | SGA – Emerging Markets Growth | 0.6% | 22.8% | 035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC | AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation | The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market. | OR FP TME GRAB SE BABA 9983 JP INFY TSM |
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| 2023 Q4 | Feb 29, 2024 | Easterly – Global Real Estate Fund | 12.6% | 7.2% | AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, Fintech, growth, Logistics, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. Manager emphasizes platform businesses with structural advantages as cornerstone of investment philosophy. | ^VIX RBRK ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM INPST |
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| 2024 Q4 | Feb 28, 2025 | Brummer Multi-Strategy Fund | - | - | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML NU SE META ASML NU SE NU SE META ASML |
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| 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 |
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| 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 |
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| 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 | |
| 2025 Q4 | 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 |
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| 2024 Q4 | Feb 13, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, ANET, AR, CCO.TO, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, PLTR, REGN, TOU.TO, VST | AI, Data centers, energy, growth, infrastructure, Quality, technology | AI's rapid expansion is driving unprecedented demand for high-performance data centres, with AI workloads requiring vast computing power and significantly increased energy consumption. Hyperscalers are rapidly expanding infrastructure, pushing AI data centre power demand projected four times higher by 2030. | ANET GEV |
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| 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 |
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| 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 |
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| 2023 Q4 | Dec 31, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AZO, FNV, GOOGL, LMT, MA, MELI, MSCI, MSFT, MSTR, NVDA, NVR, OCSL, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, fixed income, inflation, liquidity, Stagflation, technology | Bitcoin has entered a bull market with potential spot ETF approval and upcoming halving event. Manager believes bitcoin is historically the best performing asset class during bull markets and has been steadily increasing bitcoin proxy holdings. | MSTR OCSL |
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| 2024 Q4 | Dec 31, 2024 | Lakehouse Global Growth Fund | - | 45.7% | 4443.T, ADYEN.AS, AMZN, GOOGL, HEMN.ST, MELI, NOW, SCHW, SE, WIX | E-Commerce, global, growth, Networks, technology | The fund maintains significant exposure to e-commerce through Amazon, which showed relative strength during the month due to sustained growth in e-commerce. Amazon was the biggest contributor to performance with an 11.0% gain. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Emerging Markets Equity | - | 2.4% | 000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA | AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy | AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner International Equity | - | 1.8% | 005930.KS, 6146.T, AAPL, ABEV, ADYEN.AS, AMZN, ASML, ATD.TO, FMSQY, GMAB, GOOGL, LVMUY, MELI, META, MSFT, NESN.SW, NVDA, NVO, OR.PA, TSLA, TSM | AI, Consumer Staples, growth, Health Care, international, Quality, semiconductors, Trade Policy | AI continues to drive growth in semiconductor equipment and chip manufacturing. Companies like TSMC and Disco Corp are positioned to benefit from increasing demand for AI chips requiring more complex die processing and advanced semiconductor manufacturing. | View | |
| 2024 Q4 | Dec 31, 2024 | Alger Spectra Fund | 5.6% | 39.9% | AMZN, APP, LLY, MELI, MSFT, NVDA | AI, Cloud, E-Commerce, growth, healthcare, semiconductors, technology | AI is at an inflection point, potentially enabling significant increases in productivity. AI is central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is a critical enabler of AI and therefore essential to AI adoption, with leadership in scaling AI infrastructure driving enterprise adoption. | MELI LLY MSFT AMZN NVDA APP |
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| 2024 Q4 | Dec 31, 2024 | Baron Emerging Markets Fund | -7.4% | 7.6% | 005380.KS, 009540.KS, 0700.HK, 300750.SZ, BABA, BAJFINANCE.NS, BHARTIARTL.NS, HDFCBANK.NS, INPST.L, JD, MELI, RENT3.SA, SBIN.NS, TRENT.NS, TSM, YMM | China, E-Commerce, emerging markets, India, Korea, semiconductors, Shipbuilding | Fund maintains significant exposure to semiconductor leaders like TSMC, benefiting from cyclical recovery and AI chip demand. Taiwan and Korea constituents are strategically positioned for accelerating growth in AI, advanced computing, and leading-edge semiconductor manufacturing. | View | |
| 2024 Q4 | Dec 31, 2024 | BNY Mellon Global Emerging Markets Fund | -6.9% | 4.1% | 000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM | AI, China, emerging markets, semiconductors, Taiwan, Travel | Renewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Global Advantage Fund | 11.8% | 26.1% | ARGX, ASML, BAJFINANCE.NS, BILL, CPNG, CRWD, DDOG, ENDV.L, INDI, MELI, NET, NVDA, RIVN, SHOP.TO, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS | AI, Cloud, E-Commerce, global, growth, Robotics, semiconductors, technology | The fund views AI as one of the biggest disruptive changes in human history, comparing it to the early internet era. AI model intelligence is improving rapidly through multiple vectors including scaling laws, multiple modalities, synthetic data, post-training techniques, and inference-time scaling. The fund owns businesses positioned to benefit from this paradigm shift including NVIDIA at the epicenter and platforms like Shopify that can utilize AI to help merchants. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron FinTech Fund | 5.2% | 22.9% | ACGL, APO, FI, FICO, GWRE, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, NU, PGR, PRI, SPGI, TTAN, TW, V, WISE.L | Capital markets, Digital Banking, Financial Services, Fintech, growth, payments, software, technology | The fund focuses on fintech companies at the intersection of financial services and technology, benefiting from secular trends including growing demand for data, electronification of capital markets, shift to electronic payments, rise of e-commerce, and digital transformation across financial institutions. These trends continue to drive digitization of the financial sector. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Growth Equity Fund | 4.9% | 26.9% | AKAM, AMAT, AMD, AVGO, BSX, CRM, DASH, DDOG, EFX, FERG, INTU, LVMUY, MELI, MSFT, NET, NTRA, NVDA, PCOR, TMO, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI remained a dominant theme throughout 2024, with companies positioned to capitalize on artificial intelligence driving significant returns. The fund benefits from investments in companies like Broadcom designing AI server processors and NVIDIA leading the market for AI-required chips. AI integration across customer relationship management and cloud computing platforms continues to drive robust growth. | VRTX EXAS TEAM DASH DDOG |
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| 2024 Q4 | Dec 31, 2024 | Parnassus Mid Cap Growth Fund | -2.5% | 10.6% | A, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, JBHT, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT | Automation, Freight, growth, industrials, mid cap, Quality, semiconductors, technology | The fund maintains a key thematic overweight in semiconductors, identifying innovative, competitively advantaged, market-share gainers that can deliver strong performance over the coming years. Holdings include KLA Corporation, a semiconductor process control solutions provider affected by the industry's cyclical downturn and geopolitical risks including U.S.-China export restrictions. | View | |
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | AMZN, BAC, BSX, COTY, ELAN, FTI, GOOGL, HWM, IQV, LEN, LLY, MA, MELI, META, NVO, PRX, STAN.L, TMUS, UNH, VRTX | Agriculture, AI, Data centers, Deregulation, energy, financials, healthcare, technology | AI is driving accelerating demand for data centers, with companies like Vertiv benefiting from AI-driven data center demand and Howmet Aerospace seeing emerging growth from industrial gas turbines used in gas power plants for AI data centers. The manager views AI as a long-term play that creates opportunities throughout its value chain globally. | View | |
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Large Cap Equity | -1.3% | 17.3% | AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, LEN, MA, MELI, MMC, PYPL, SCHW, SLB, SN, STAN.L, SUZKY, TMUS | Data centers, healthcare, interest rates, large cap, technology, Trade Policy | Data center buildout remains strong with companies like Marvell and Vertiv playing key roles. Investment in data centers for artificial intelligence applications was strong during the quarter. Marvell has a strong position in data networking chips in data centers. | LEN MRVL SN |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston International Equity | -3.3% | 13.4% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR | emerging markets, Europe, financials, healthcare, international, stock selection, technology | TSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Global Growth Fund | 5.3% | 15.7% | 6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V | AI, global, growth, innovation, long-term, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital International Growth Fund | -4.1% | 8.4% | 2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE | AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Technology Innovators Fund | 9.0% | 37.7% | AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, Cloud, global, growth, innovation, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Emerging Markets Growth Fund | -10.8% | 3.1% | 006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP | AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making. | View | |
| 2024 Q4 | Dec 31, 2024 | Vision Capital | - | - | 0700.HK, 3690.HK, AAPL, AMZN, AXP, DIS, GOOGL, JD, KO, MELI, META, MSFT, NU | compounders, growth, long-term, Quality, technology, value | The fund emphasizes investing in quality businesses with strong fundamentals, using a framework that moves from quantifiable metrics to qualitative aspects like culture and mission. Quality is viewed as dynamic and evolving, with preference for companies that demonstrate quality early before it becomes apparent to others. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, AZPN, DKNG, HUBS, ICLR, IDXX, MELI, MPWR, MRVL, MTD, NTRA, NU, PLTR, RDDT, RUBK, VEEV | AI, gaming, growth, healthcare, mid cap, semiconductors, software, technology | The fund is positioned in AI beneficiaries including AppLovin with its proprietary AI targeting engine for mobile advertising and Marvell as a key supplier of custom silicon solutions for hyperscale data centers and AI infrastructure. Palantir's AI-powered operating system connects data to existing customer applications across government and commercial markets. | PLTR RDDT MRVL APP |
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| 2023 Q4 | Dec 31, 2023 | Baron Global Advantage Fund | 14.7% | 25.3% | 3690.HK, AAPL, ADYEN, AMZN, ARGX, ASML, BILL, BJFNF, CPNG, CRWD, DAVA, DDOG, EPAM, FVRR, GLOB, GOOGL, INPST, MELI, META, MSFT, NET, NVDA, SHOP, SNOW, SQ, TSLA, WIX, ZI, ZS | AI, Cloud, cybersecurity, Digitization, E-Commerce, global, growth, technology | GenAI is creating an inflection point that benefits many portfolio companies beyond just NVIDIA. Enterprises are accelerating digitization trends to benefit from GenAI, with less than 10% of companies having mature data and AI capabilities. This trend should be a tailwind for businesses that enable or benefit from digitization such as cybersecurity, infrastructure monitoring, and data platforms. | View | |
| 2023 Q4 | Dec 31, 2023 | Brown Capital Management International All Company Fund | 18.6% | 28.6% | CHKP, CYBR, MBLY, MELI, MNDY | E-Commerce, growth, international, Israel, technology | The fund holds two Israeli cybersecurity companies (CyberArk Software and Check Point Software Technologies) representing part of their 7% Israel allocation. Israeli technology and innovation in cybersecurity are described as unmatched globally, with these companies having global operations and virtually all revenue generated outside of Israel. | 2413.T ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2023 Q4 | Dec 29, 2023 | LMN Capital | - | 17.3% | BNTX, IBKR, MELI, PYPL, SCHJF, TCX, WAF.DE, WINE.L | Concentration, E-Commerce, Europe, Fintech, small cap, software, value | Manager discusses multiple e-commerce investments including Mercadolibre as the leading marketplace in South America with excellent operational development, and About You as a current portfolio holding. Naked Wines represents online wine subscription model with direct-to-consumer approach. | WINE.L ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2025 Q3 | Nov 8, 2025 | Loomis Sayles Global Growth Fund | 7.6% | 21.3% | 0700.HK, AAPL, ADYEY, AMZN, BABA, GOOGL, MELI, META, MSFT, NFLX, NVDA, NVO, ORCL, RIVN, SHOP.TO, TSLA, UBER, VRTX | AI, Cloud, Electric Vehicles, global, growth, long-term, Quality, technology | Multiple portfolio companies are leveraging AI capabilities across their businesses. Alphabet benefits from AI overviews and AI Mode search functionality with over 2 billion monthly users. Oracle's cloud infrastructure is specifically built for AI workloads with major contracts from OpenAI, xAI, and Meta. Tesla continues advancing autonomous driving through AI training on supercomputers with FSD version 13 representing a step change improvement. | LFCR |
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| 2024 Q3 | Nov 8, 2024 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, AZO, CAT, CCO.TO, DLR, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, TOL, VRT, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology, Utilities | AI's explosive growth is driving unprecedented demand for high-performance computing infrastructure, creating massive investment opportunities in data centers, semiconductors, and power management systems. The technology requires vast amounts of data processing, storage, and analysis, leading to significant capital investments from tech companies. AI-driven workloads demand cutting-edge hardware including GPUs, ASICs, and accelerators for high-speed data processing. | DLR VST |
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| 2025 Q3 | Nov 5, 2025 | PGIM Jennison Global Opportunities Fund | 5.3% | 9.8% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology | The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI expected to drive meaningful revenue growth. | View | |
| 2025 Q3 | Nov 3, 2025 | Sigil Stable Fund | 2.9% | - | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, Fintech, global, growth, Platforms, software, technology | Portfolio includes significant positions in e-commerce platforms like Mercado Libre, which continues expanding across Latin America with new services like wholesale platform Mercado Libre Negocios and digital health services. The manager emphasizes platform businesses with structural advantages as a cornerstone of investment philosophy. | View | |
| 2025 Q3 | Nov 17, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST | AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology | AI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s. | TW META MSFT GS JPM NVDA ASML NA BABA US |
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| 2022 Q3 | Nov 14, 2022 | Saltlight Capital | 15.6% | 35.6% | BAM, KARO, MELI | - | View | ||
| 2025 Q3 | Nov 13, 2025 | Baron FinTech Fund | -4.4% | 3.0% | COF, FDS, FICO, GWRE, HLI, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, MORN, NU, PGR, SHOP, SPGI, TW, V, VRSK | AI, Capital markets, credit, financials, Fintech, payments, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Tech-Enabled Financials represented 29.3% of net assets, with the fund maintaining overweight positions in this category relative to the benchmark. | COF FICO SHOP CN IBKR HOOD |
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| 2025 Q3 | Nov 13, 2025 | BNY Mellon Global Emerging Markets Fund | 9.9% | 19.7% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2023 Q3 | Nov 13, 2023 | Saltlight Capital | 15.6% | 35.6% | KARO, MELI, PPE.JO, SE, TCP.JO | E-Commerce, emerging markets, Fintech, long-term, marketplaces, South Africa, value | Portfolio includes two major e-commerce marketplace investments: MercadoLibre in Latin America and SEA Ltd in Southeast Asia. Both companies are building network effects and scale over decades, with MercadoLibre demonstrating the long-term potential after 24 years of development. The manager emphasizes that marketplaces require extraordinary patience to build but offer significant returns during the uncertainty phase. | PPE.JO TCP.JO KARO ^FTSE ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments International Growth ADR Strategy | - | - | 0700.HK, 1211.HK, 3064.T, 8035.T, ADYEN.AS, AEM, ALC, ARGX, ARM, BBVA, BVI.PA, CLS.TO, CPG.L, DOL.TO, DTE.DE, HDB, HSBA.L, KBC.BR, KOF, L.TO, LSEG.L, MELI, NVO, NVZMY, PRY.MI, REL.L, SAN, SAP, SFTBY, SIK.SW, SONY, SPOT, STMN.SW, TRI.TO, UCB.BR, VNA.DE | AI, banks, Biotechnology, China, Europe, growth, international, value | European biotechs Argenx and UCB delivered solid contributions with robust sales growth and positive clinical trial results. Argenx benefited from strong Vyvgart autoimmune treatment sales and renewed pipeline confidence. UCB rose on strong uptake of recently launched treatments Bimzelx and Rystiggo, plus positive Phase 3 seizure disorder trials. | CLS CN UCB BB |
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| 2025 Q3 | Oct 3, 2025 | Vision Capital | - | 15.6% | 3690.HK, ADYEN.AS, AMZN, CRWD, JD, LULU, MELI, META, NET, NFLX, NOW, NU, PLTR, PME.AX, SHOP, SPOT, TSLA, TSM, TTD, ZS | AI, Cloud, Data Analytics, E-Commerce, global, growth, SaaS, technology | Palantir's AI-powered platform AIP is driving commercial customer growth and revenue acceleration. The company's Ontology provides a single source of truth for data-driven decision-making with AI agents. Information is the oil of the 21st century, and analytics is the combustion engine, positioning Palantir to reign supreme in the AI revolution as the ultimate operating system for data and decision-making. | View | |
| 2025 Q3 | Oct 28, 2025 | Weitz Large Cap Equity Fund | -0.5% | -0.9% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI MELI |
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| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ABNB, ADYEY, AKAM, AMAT, AMZN, CHTR, CMG, CSGP, DHR, GOOGL, INTU, MAR, MELI, MSCI, MSFT, NVDA, PCOR, SHW, V | consumer, Esg, financials, growth, healthcare, large cap, Quality, technology | The fund maintains exposure to payment processing companies like Adyen and Visa, with Adyen reporting solid quarterly results that exceeded expectations following a period of volatility. The fund continues to favor names with exposures to payment processing among other end markets in the Financials sector. | CSGP MELI CMG |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADSK, BILL, CDNS, EFX, GWRE, IQV, JBHT, KLAC, LPLA, MELI, MTD, NET, NTR, ROST, SHW, TEAM, TER, TT, WDC | growth, healthcare, mid cap, Quality, semiconductors, software, technology, Transportation | Fund maintained overweight position despite third quarter underperformance, expecting holdings to benefit as AI moves from data centers to smartphones and laptops. Increasing semiconductor complexity requires more design, capital equipment and testing. | 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 24, 2025 | Wellington Management | 8.1% | 16.0% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is expected to benefit from its latest AI model, Gemini 2.0. | View | |
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | AAPL, ALB, AU, CRWD, GIVN.SW, GOOGL, HLN.L, HON, IBKR, IFF, JPM, LHX, MELI, MSFT, NFLX, NVDA, ORCL, PFE, SFM, SQM | AI, Asia, cybersecurity, defense, emerging markets, Global Equities, infrastructure, technology | AI continues to dominate headlines and balance sheets, driving productivity gains and entirely new business models. The sector has grown faster than expected, with AI-driven infrastructure stocks leading performance. Oracle announced a $300bn order from OpenAI for compute capacity, while Nvidia unveiled major collaborations worth $100bn. | View | |
| 2024 Q3 | Oct 23, 2024 | Mobius Capital Partners | 6.6% | 0.0% | CLS.JO, MELI, NVDA, TOTS3.SA, YUMC | AI, ASEAN, China, emerging markets, mid cap, Rate Cuts, technology, volatility | Portfolio companies are beneficiaries of AI/HPC momentum with less market speculation than widely known names. Chroma beat Q2 earnings by 15% and benefits from AI/HPC momentum, silicone photonics and advanced packaging. Despite high valuations and significant R&D investments questioning AI's promise, Nvidia's record quarterly revenues of $30.0 billion reinforced belief in the technology's potential. | View | |
| 2023 Q3 | Oct 23, 2023 | RVK | - | - | CCJ, GLNG, MELI, RYAAY, SWKS, TDW, TLN | concentrated, E-Commerce, energy, global, nuclear, value | Talen Energy's Susquehanna nuclear facility benefited from surging power prices driven by AI and data center demand. Microsoft and Constellation Energy plan to restart Three Mile Island nuclear reactor, similar to Talen's partnership with Amazon Web Services, demonstrating the appeal of reliable, clean nuclear power. | SWKS RYAAY ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ATLN.L |
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| 2025 Q3 | Oct 22, 2025 | Mobius Capital Partners | -0.6% | - | 8131.T, EPAM, MELI, NVDA, TCOM, TSMC | active management, AI, China, emerging markets, Rate Cuts, semiconductors, tariffs, technology | Strong Q2 results from US hyperscalers and confirmation of continued large-scale AI capital expenditure reignited confidence in AI-led growth. Big Tech has invested more than $155 billion in AI this year. This strength in US and Chinese technology has also supported companies in emerging markets like Taiwan and South Korea which play vital roles in AI supply chains. | View | |
| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston International Equity | 8.5% | 36.2% | 6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR | AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy | The portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals. | SUZUKI PROS SDZ UCB |
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| 2025 Q3 | Oct 21, 2025 | Carmignac Patrimoine | 3.7% | - | ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM | AI, Bonds, equities, Europe, Gold Miners, inflation, technology, US | The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and surge in deals across infrastructure and cloud computing sectors. The fund maintains targeted diversification within technology covering the entire AI value chain across geographical zones and capitalisation segments. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -Emerging Markets | 13.3% | 33.1% | 000660.KS, 000858.SZ, 005930.KS, 035420.KS, 086280.KS, 2313.HK, 6690.HK, B3SA3.SA, BABA, BIDU, BZ, ELET3.SA, FPT.VN, MELI, TSM, WNS | AI, Asia, Battery, China, emerging markets, semiconductors, South Korea, technology | Artificial Intelligence has proved a helpful tailwind, initially benefiting hardware makers like TSMC and SK Hynix, but now emerging through much of the supply chain with numerous Asian beneficiaries. China's ambitions and capabilities in large language models are being appreciated, with companies like Alibaba and Baidu investing heavily in AI and beginning to enjoy something like the halo of the 'Mag7'. | Hyundai Glovis B3 SA MercadoLibre Samsung Electronics CATL CN |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International Concentrated Growth | 2.7% | 25.0% | ADYEY, ASML, MELI, SHOP, SPOT, TSM | AI, E-Commerce, global, growth, payments, semiconductors, technology | The fund maintains significant exposure to leading e-commerce platforms like MercadoLibre and Shopify. MercadoLibre continues to grow revenues strongly through deepening free-shipping incentives in Brazil that boost GMV despite margin pressure. Shopify demonstrates broad-based growth with particularly strong momentum in Europe where GMV rose over 40% last quarter. | ASML TSM SHOP ADYEN SPOT MELI ASML TSM SHOP ADYEN SPOT MELI |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – US Equity Growth | 3.4% | 20.2% | 300750.SZ, 6857.T, 9926.HK, ADYEN.AS, ASML, MELI, SHOP, SPOT | Biotech, E-Commerce, Energy Transition, global, growth, semiconductors, technology | The fund has meaningful exposure to the semiconductor value chain providing equipment critical to the digital age. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt extreme ultraviolet lithography technology. Testing intensity grows as chip complexity and AI workloads scale. | ASML NA MELI SPOT ADYEY |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Emerging Markets Growth Fund | 5.0% | 21.5% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 300750.SZ, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BHARTIARTL.NS, COSMAX.KS, CPNG, HDFCBANK.NS, MELI, NU, SE, TSM | AI, China, E-Commerce, emerging markets, Fintech, growth, India, semiconductors | Artificial intelligence is expanding growth runways and reinforcing competitive advantages across business lines. AI is improving user experience in gaming through more responsive in-game bots and accelerating design workflows. In advertising, AI enables more targeted placements, higher click-through rates, and more closed-loop transactions. The portfolio includes businesses positioned to benefit from AI infrastructure buildout and implementation. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Global Growth Fund | -2.0% | 12.2% | ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V | AI, E-Commerce, global, growth, semiconductors, Streaming, technology | Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats. | TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital International Growth Fund | -3.1% | 15.7% | 2914.T, 6758.T, ADYEN.AS, ARGX, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FLUT, HDFCBANK.NS, HEXAB.ST, III.L, MELI, NU, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM | AI, Asia, E-Commerce, Europe, growth, international, semiconductors, technology | AI-driven demand continues to support semiconductor and technology sectors, particularly in Taiwan and South Korea. TSMC benefits from strong AI-related demand and is expanding CoWoS capacity. However, AI concerns are growing around certain businesses like Constellation Software, with markets conflating AI disruption risks with operational performance. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology | AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner Emerging Markets Equity | 11.6% | 24.4% | 005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA | AI, Automation, China, competition, E-Commerce, emerging markets, Travel | Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly. | View | |
| 2023 Q3 | Oct 19, 2023 | Polen Capital – International Growth | 3.3% | 3.9% | AMS.PA, CSL.AX, EVO.ST, GLOB, LLY, MELI, NVO, SAGE.L, TEP.PA | E-Commerce, growth, international, Outperformance, Pharmaceuticals, Quality, Valuations | Polen emphasizes quality companies that can sustainably compound growth better than the index. Quality has historically outperformed the broader international universe in 18 of the past 24 years, delivering +260bps annualized outperformance from 2000-2023. The recent underperformance of quality in 2022-2023 mirrors only one other period (2003-2004), after which quality outperformed by +400bps annually for 8 consecutive years. | CSL.AX AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT AMS.PA TEP.PA EVO.ST ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM SAGE.L |
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| 2024 Q3 | Oct 17, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | 8035.T, AON, ASML, EXPN.L, ICLR, MELI, NVO, ONON, SAP, SGE.L, TE.PA, TEMN.SW, UL | earnings, growth, international, Long Term, Quality, volatility | MercadoLibre continues to execute well in Latin America's largest ecommerce market, taking market share while expanding fintech offerings to over 150 million users. Recent earnings show acceleration despite challenging macro environment. Management continues to invest in product development and fulfillment capabilities to support longer-term growth. | ONON 8035.T ASML ICLR SAP MELI AON |
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| 2025 Q3 | Oct 16, 2025 | Magellan High Conviction Fund | -1.2% | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD for chips and data centre capacity. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation, resulting in increasing risks to the market. The underlying rationale for the recent rally appears increasingly driven by speculative elements including circular deals heavily dependent on OpenAI growing and monetising its user base. | ADS GR |
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| 2025 Q3 | Oct 16, 2025 | Janus Henderson Forty Fund | 8.4% | 18.0% | AAPL, AMZN, ARGX, AVGO, CMG, DKNG, GOOGL, MA, MDGL, MELI, META, MRVL, MSFT, NVDA, ORCL, SHOP, TSM | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Excitement around artificial intelligence was a strong driver of market gains. Oracle emerged as a leading player in the AI market with strong competitive position and close relationships with leading AI and hyperscaler partners. The fund sees accelerating demand for AI cloud-based workloads driving rapid hyperscaler investment in AI infrastructure, with revenue-generating opportunities moving beyond infrastructure to the application layer. | MELI US ORCL US |
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| 2024 Q3 | Oct 16, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ALGN, ASML, BX, CMG, CRWD, DXCM, ELF, MA, MELI, NOW, PLTR, SNOW | AI, concentrated, growth, healthcare, large cap, payments, semiconductors, technology | Management teams continued to discuss AI roadmaps during quarterly calls. ServiceNow's stock appreciated partly due to continued demand for the company's AI products. The market's interest in AI remains a prevalent theme affecting portfolio companies. | ASML ELF DXCM BX MA NOW |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, DDOG, EFX, GWRE, GWW, HLT, HOOD, ICLR, JBHT, KLAC, MELI, MORN, MPWR, NET, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | AI, Cyclical, growth, mid cap, semiconductors, technology, value | The portfolio maintains exposure to artificial intelligence through software and semiconductor companies. AI megatrend is boosting demand for memory and storage, particularly ultra-high-capacity drives. Strong demand for AI applications in system-on-a-chip and memory testing is a major growth driver. | View | |
| 2025 Q3 | Oct 14, 2025 | Parnassus Growth Equity Fund | 5.8% | - | AAPL, AMZN, APPF, ASML, AVGO, BRO, CMG, CRM, DE, GOOGL, INSM, INTU, LLY, MELI, MSFT, NVDA, PODD, SARO, TSLA, TSM, V | aerospace, AI, growth, healthcare, large cap, Quality, semiconductors, technology | The fund continues to selectively participate in AI secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested the money and scaled the technology to drive this massive infrastructure transformation. However, there is risk that AI investments could become overheated before monetization gains momentum. | PODD US SARO US |
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| 2025 Q3 | Oct 14, 2025 | Lakehouse Global Growth Fund | - | - | 4443.T, ADYEN.AS, AMZN, GOOGL, KXS.TO, MELI, PINS, SCHW, SE, WIX | global, growth, Networks, Quality, technology | The portfolio includes major e-commerce platforms like MercadoLibre and Amazon, which exhibit clear market leadership and superior underlying economics. These businesses are positioned to thrive regardless of economic conditions due to their network effects and loyalty advantages. | WIX IL |
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| 2024 Q3 | Oct 12, 2024 | Torre Financial | 8.0% | 16.5% | ABNB, ABT, ADBE, ADC, AMT, AMZN, CRWD, DHR, EW, FDS, GOOGL, ICE, MCO, MELI, PYPL, SPGI, TMO, TTD, UNH, ZS | diversification, healthcare, Quality, REITs, Resilience, technology, value | Manager has systematically diversified portfolio beyond technology into healthcare, real estate, and risk management companies over the past two years. This diversification has helped decrease volatility and provided better downside protection when markets declined. | 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, healthcare, Quality, semiconductors, technology, Valuations | 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. | View | |
| 2023 Q3 | Oct 11, 2023 | Generation Investment Management Global Equity | - | - | AMZN, CSL, DHR, HSIC, LR.PA, MELI, RIVN, SCHW, SU.PA, TMO, TT | AI, Climate, Electrification, Energy Transition, Esg, Global Equity, sustainability, technology | Generative AI entered public consciousness in Q2 2023 but public interest faded in Q3. Generation is ramping up research efforts to understand generative AI, having robust discussions about pros and cons, and exploring use cases internally including helping understand company earnings calls. | SU.PA |
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| 2023 Q3 | Oct 10, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V | Concentration, growth, large cap, technology | View | ||
| 2025 Q3 | Oct 1, 2025 | The Wolf of Harcourt Street | 1.2% | 23.4% | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, growth, Latin America, payments, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. InPost continues UK expansion with Aldi partnerships and Post Office trials for parcel lockers. | View | |
| 2024 Q2 | Oct 7, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEN.AS, APH, ASML, CDNS, CMG, CSGP, DOL.TO, FI, GOOGL, HEI, ISRG, LRCX, MELI, NFLX, NVDA, PCOR, TSM, TSMC, TT, WDAY | AI, growth, portfolio, semiconductors, software, technology, Valuations | AI enthusiasm drove semiconductor outperformance but created market narrowness concerns. Manager trimmed AI-exposed positions including Nvidia, ASML, Lam Research and Cadence due to uncertainty about sustainability of $200 billion annual AI spending. Portfolio positioned for wide range of outcomes including potential AI spending reduction. | TSM |
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| 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 |
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| 2024 Q4 | Jan 6, 2025 | Infuse Partners | - | 12.0% | AXON, HFG.DE, MELI, NU, NVDA, TSLA | Concentration, growth, LatAM, Quality, technology, value | MercadoLibre continues to spin its commerce/payments flywheel with fintech business now much larger than original e-commerce platform. Beautiful synergy exists as on-platform payments lower friction for commerce business and faster delivery times lead to more orders and payments. | NVDA HFG.DE TSLA SHEL.L MELI NU INTEG.ST AXON |
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| 2024 Q4 | Jan 3, 2025 | Ghosh Capital | 11.4% | - | ADBE, AMD, ASML, BRZE, CRWD, CSU.TO, GOOGL, HOOD, KPG.AX, KSI.TO, MELI, MU, NVDA, SPGI, TEAM, V, WDAY | AI, Cloud, compounders, Concentration, growth, semiconductors, technology, value | Manager discusses AI as a key investment theme, highlighting Alphabet's decades of AI research leadership and Sergey's return to work on AI. Notes that AI-enabled search over Jira and Confluence represents perfect GenAI use cases for B2B settings. Views Adobe's video generation capabilities and AI tooling as underappreciated by the market. | 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 |
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| 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 |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital International Growth 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 2025 Q4 | Jan 19, 2026 | Sharp Capital | 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 |
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| 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 |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -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 |
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| 2024 Q4 | Jan 15, 2025 | ARK Invest | - | - | ACHR, AMD, ARKB, AVAV, BFLY, CDNA, COIN, DM, MELI, NTLA, NU, PLTR, QSI, RKLB, SMWB, SOFI, SPNS, TER, TXG, XMTR | AI, crypto, Deflation, Genomics, innovation, Recession, Robotics, technology | ARK expects AI to play an outsized role in pulling the economy out of rolling recession by driving productivity growth and creating new products and services. The firm believes the most important AI investment opportunities are associated with disruptive innovation, suggesting winners and losers will be surprising. ARK advocates for diversified exposure to the AI revolution, particularly software applications underrepresented in broad-based benchmarks. | 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 |
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| 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 |
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| 2023 Q4 | Jan 14, 2024 | Generation Investment Management Global Equity | - | - | A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT | AI, Climate, Global Equity, healthcare, real estate, sustainability, technology | The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 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 |
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| 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 | |
| 2024 Q4 | Jan 13, 2025 | Miller Wealth Management | - | - | AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V | Cloud, E-Commerce, growth, Latin America, payments, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. InPost continues UK expansion with Aldi partnership and Post Office trials for parcel lockers. | V RBRK MELI INPST |
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| 2023 Q4 | Jan 11, 2024 | Infuse Partners | 16.4% | - | AXON, CELH, MELI, NU, SHEL.L, TSLA | Concentration, growth, LatAM, Quality, technology | MercadoLibre maintains dominant position in Latin American e-commerce with competitive concerns about Amazon and Shopee diminishing as both companies retrench to focus on profitability. MELI continues investing in logistics and payments infrastructure to strengthen its flywheel. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CELH SHEL.L ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM AXON |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX | China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam | Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases. | View | |
| 2024 Q3 | Sep 30, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1398.HK, 4507.T, 4519.T, 6758.T, 6869.T, 7974.T, ADYEN.AS, ALC.SW, ALV.DE, BNTX, COLOB.CO, HDB, HLN.L, MELI, NESN.SW, OR.PA, ROG.SW, SHEL.L, TSMC | China, Europe, financials, healthcare, international, Japan, momentum | The letter extensively discusses momentum investing as a factor that has challenged fundamental investors over the past 18 months. The manager explains their deliberate resistance to incorporating momentum into their investment process, citing concerns about trading costs, volatility, and lack of fundamental basis. They note that momentum concentrated in large market cap stocks has created FOMO-driven dynamics. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Science And Technology Term Trust | 0.0% | 0.0% | 000660.KS, MELI, MPWR, NVDA, SNPS | AI, Covered Calls, growth, semiconductors, technology | The fund's largest holding is NVIDIA Corporation at 9.93% of the portfolio, representing significant exposure to artificial intelligence and accelerated computing infrastructure. The technology focus aligns with AI development and advancement themes. | View | |
| 2024 Q3 | Sep 30, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, AMZN, CSU.TO, GOOGL, MELI, NOW, SE, SPOT, WIX | E-Commerce, global, growth, Networks, software, technology | The fund holds significant positions in e-commerce leaders including MercadoLibre and Amazon. Sea Limited showed strong performance with a 17.8% gain during the month, capitalizing on leading market share and increasing take rates across Southeast Asian e-commerce markets. The ongoing increases in industry take rates may signal a more favorable industry structure ahead. | View | |
| 2024 Q3 | Sep 30, 2024 | Alger Spectra Fund | 3.2% | 32.4% | APP, GOOGL, MELI, META, MSFT, PINS | Advertising, AI, Cloud, E-Commerce, growth, Social Media, technology | AI is at an inflection point, potentially enabling significant increases in productivity. AppLovin leverages AI-powered software engine driving 60% of revenue through recommendation and targeting. Meta uses AI to enhance targeting, measurement, ranking, and ad delivery. | PINS GOOGL MSFT MELI META APP |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Global Equity | 4.5% | 22.2% | AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX | aerospace, AI, defense, global, healthcare, technology, volatility | AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential. | META TEAM ASML PRX.AS MELI SAF.PA HWM |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Large Cap Equity | 4.9% | 18.8% | 7269.T, AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, ILMN, MA, MELI, MMC, PYPL, SCHW, SLB, STAN.L, TMUS, XRAY | aerospace, AI, healthcare, large cap, rates, technology | The Federal Reserve cut interest rates by 0.5% in September, signaling a change in direction for major parts of the economy. After years of rapidly rising rates, this change will affect mortgage rates, credit card balances, savings, and business operations. Major sectors that have been moribund, especially housing, will have a chance to help the next expansion cycle get underway. | View | |
| 2024 Q3 | Sep 30, 2024 | Hardman Johnston International Equity | 5.7% | 17.2% | 1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility | Defense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries. | NEXN.PA NVO ASML NOD.OL PRX.AS MELI PRY.MI 7011.T |
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| 2024 Q3 | Sep 30, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA | AI, consumer, global, growth, healthcare, technology | Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments. | View | |
| 2023 Q3 | Sep 30, 2023 | Octahedron Capital | 0.0% | 0.0% | AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W | AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel | Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx. | View | |
| 2023 Q3 | Sep 30, 2023 | The Mercator International Opportunity Fund | -3.0% | -3.9% | AIXA.DE, CRESY, MELI, WOSG.L | contrarian, EAFE, international, semiconductors, thematic | View | ||
| 2023 Q1 | Aug 5, 2023 | Deep Sail Capital Partners | 13.8% | 23.5% | CVNA, DUOL, LEAT, MELI, NVDA, RADI, RCM, WE.TO | Banking, E-Commerce, LatAM, Long/Short, Recession, small caps | Manager expects a recession in fall 2023 driven by banking crisis and ZIRP policy consequences. Regional banks face structural issues on both asset and liability sides, leading to reduced lending and consumer demand. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2024 Q2 | Jul 31, 2024 | The Mercator International Opportunity Fund | -3.0% | -3.9% | ASM, BC.MI, BESI, FUTR.L, MELI | Bottom-up, contrarian, Developed Markets, EAFE, international | View | ||
| 2024 Q2 | Jul 29, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, AMZN, CRM, CSGP, CSU.TO, DOCS, GOOGL, MC.PA, MELI, NOW, SCHW, SPOT, V, WDAY | AI, Cloud, E-Commerce, global, growth, long-term, technology | Generative AI represents a transformative technology with foundational models trained on massive data sets that can be adapted for various applications. The best investment opportunities are in facilitators like cloud providers (AWS, Azure, GCP) and companies with proprietary first-party data that can build unique models with durable advantages. The technology is still in early build phase with many unknowns about how it will play out. | CSGP MELI SPOT AMZN |
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| 2023 Q2 | Jul 20, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AMZN, CDNS, ISRG, MELI, MSFT, NOW, NVDA, PODD, PYPL, SQ, TSCO, TTD | AI, Cloud, growth, large cap, semiconductors, technology, US | Generative AI dominated earnings calls with 70% of portfolio companies mentioning it. The technology requires enormous resources suggesting value will accrue to platform providers and hardware manufacturers. While debate exists between dreamers and naysayers, the massive investment being deployed significantly increases adoption probability. | PYPL ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM PODD AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 1299.HK, 2348.HK, 4568.T, 7733.T, 8035.T, ABB, ACN, ALC, ATLKY, AZN, BBVA, BVI.PA, CP, LYG, MC.PA, MELI, NICE, NVO, RACE, SE, TSM, UCB.BR, UL | Asia, banks, Europe, growth, healthcare, international, technology | International IT stocks continued to diverge from their generative AI-driven U.S. counterparts, creating performance headwinds. TSMC benefited from renewed strength as the foundry of choice for Nvidia and other AI silicon developers. Accenture's AI projects are ramping up fast and will become increasingly meaningful as companies need to digitize operations and move to cloud. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP | AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation | Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers. | ICICIBANK.NS RADL3.SA |
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| 2024 Q2 | Jun 30, 2024 | Loomis Sayles Global Growth Fund | 3.5% | 10.4% | 0700.HK, ADYEN.AS, ALNY, AMZN, BA, CRSP, GOOGL, MELI, META, MSFT, NFLX, NVO, ORCL, SHOP, TSLA, VRTX | AI, Biotechnology, Cloud, global, growth, healthcare, Quality, technology | Google has been operating as an AI-first company for much of the past decade, with nearly 80% of advertising customers using at least one AI-powered search product. The company continues integrating generative AI functionality into search and providing AI services through its cloud business. | View | |
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Global Emerging Markets Fund | 0.5% | 1.8% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300274.SZ, 603605.SS, ADVT, BBRI.JK, BMRI.JK, CLS.JO, GLOB, HDB, MAHM.NS, MARICO.NS, MELI, NAUKRI.NS, RADL3.SA, TSM, WMMVY, XPBR, ZOMATO.NS | AI, Banking, China, emerging markets, financials, India, technology | Equity investors regained appetite for risk during the quarter, with enthusiasm narrowly focused on companies perceived as best positioned to gain from the rollout and adoption of artificial intelligence. Technology-related stocks, spurred by the strength of Nvidia, helped lift markets to all-time highs. | View | |
| 2023 Q1 | May 31, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM | Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value | EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM KSPI.L MARUTI.NS RENT3.SA |
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| 2023 Q1 | Apr 28, 2023 | NZS Capital – Select | 15.6% | 15.6% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users faster than any app in history. Enterprise SaaS companies must adopt AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2023 Q1 | Apr 28, 2023 | NZS Capital – Technology | 19.9% | 19.9% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2025 Q1 | Apr 22, 2025 | Ithaka US Growth Strategy | -10.5% | -10.5% | ADBE, AMZN, AXON, LLY, MA, MELI, MRVL, NOW, NVDA, PLTR, SHOP.TO, TTD, UBER, V | AI, growth, large cap, Policy Uncertainty, semiconductors, technology, Trade Policy, volatility | The Trump administration implemented sweeping protectionist measures including a baseline 10% tariff on all imports, 20-50% reciprocal tariffs on 60 countries, and 25% tariffs on foreign vehicles. This tit-for-tat escalation with China and the EU has created significant policy uncertainty, driving market volatility as management teams hesitate to make long-term decisions in an environment where operating assumptions may need revision. | TTD NVDA NOW UBER V PLTR |
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| 2025 Q1 | Apr 18, 2025 | Baillie Gifford -Emerging Markets | 5.9% | 5.9% | 0700.HK, BIDU, FMX, GLOB, MELI, SE, TSM | AI, China, emerging markets, growth, innovation, tariffs, technology, Valuations | China has been a frustrating market for many years but the tide seems to be turning with policy headwinds becoming tailwinds. Xi Jinping's meeting with tech entrepreneurs marks an important inflection point showing government commitment to growth and private companies. The main move in portfolios during the quarter has been to add to China exposure. | FEMSA GLOB MELI |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST | AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology | DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly. | View | |
| 2025 Q1 | Mar 31, 2025 | Lakehouse Global Growth Fund | - | - | 4443.T, ADYEN.AS, AMZN, GOOGL, MELI, SCHW, SE, TW, V, WIX | E-Commerce, Electronic Trading, global, growth, Networks, technology, Trade Policy | Portfolio includes major e-commerce platforms like MercadoLibre and Amazon, with Sea Limited's Shopee showing strong growth momentum. Shopee delivered 37% revenue growth and 28% GMV increase, demonstrating pricing power through improved take rates despite fee hikes. | TW SE |
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| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Global Equity | 0.4% | 0.4% | AIR.PA, AMZN, BAC, BN, BSX, ELAN, GOOGL, HWM, IFX.DE, LLY, MA, MELI, META, MRVL, PRX.AS, RHM.DE, STAN.L, TMUS, TSM, VRT | aerospace, AI, China, defense, Europe, global, semiconductors, Trade Policy | European defense spending is structurally higher following geopolitical shifts. Germany changed its Constitution to release fiscal debt brakes, enabling unlimited defense spending. Europe announced massive defense and infrastructure spending framework with financing mechanisms. | View | |
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston International Equity | 6.9% | 6.9% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, GMAB, HDB, IBN, IFX.DE, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Europe, industrials, international, semiconductors, tariffs, technology | Germany changed its Constitution to release fiscal debt brakes enabling unlimited defense spending, while Europe announced massive defense and infrastructure spending framework. Japan is committed to achieving 2% of GDP defense spending with speculation of upward revision to 3% and beyond. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Emerging Markets Equity | 1.3% | 1.3% | 005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC | AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy | China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation. | BAJAJ-AUTO.NS SUPREMEIND.NS |
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| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Equity | 5.1% | 5.1% | 005930.KS, 1299.HK, 6146.T, 6367.T, AI.PA, ALV.DE, ASML, BBVA, D05.SI, HDFCBANK.NS, LIN, MELI, MFC.TO, NESN.SW, OR.PA, ROG.SW, SHEL, SNE, SU.PA, TSM | AI, international, Policy Uncertainty, semiconductors, tariffs, Trade Policy | The Trump administration has implemented heightened US policy uncertainty with tariffs expanding beyond China to include Canada, Mexico, and European allies. This creates business uncertainty and undermines investment confidence as companies become less willing to commit capital when rules become increasingly arbitrary. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | ALNY, APP, ARES, CASY, CAVA, CELH, DDOG, EQT, HUBS, JLL, KKR, MELI, MRVL, RYAN, SAIL, STE, TTD, TW, VRSK, VRT | AI, Biotechnology, Data centers, growth, mid cap, Natural Gas, technology, Trade Policy | The emergence of DeepSeek, a China-based low-cost large language model, stoked fears about returns from massive AI ecosystem investments, causing rotation out of AI-related tech stocks. Despite this, the managers believe large AI hyperscalers will continue developing intensive data centers, providing long-term opportunities for their holdings like Marvell and Vertiv. | View | |
| 2023 Q1 | Mar 31, 2023 | Rondure New World Fund | -1.3% | -1.3% | 002430.SZ, 005930.KS, 051900.KS, 2330.TW, 3088.T, 3391.T, 6415.TW, DMP.AX, GMXT.MX, HCLT.NS, INMART.NS, MELI, PUM.DE, PXT.TO, TECHM.NS, TGS.OL | Banking, China, E-Commerce, emerging markets, India, Mexico, Travel | The quarter featured cascading collapse of several U.S. banks including Credit Suisse failure, creating the most serious banking crisis since 2008. Rondure was underweight financials which served them well as the sector was one of the poorer performers during the quarter. | View | |
| 2023 Q1 | Mar 31, 2023 | Rondure Overseas Fund | -5.8% | -4.8% | 002430.SZ, 005930.KS, 051900.KS, 2330.TW, 3088.T, 3391.T, 6415.TW, DMP.AX, HCLT.NS, INMART.NS, MELI, PUM.DE, PXT.TO, TECHM.NS, TGS.OL | Banking, China, emerging markets, Quality, Travel, value | The quarter featured cascading collapse of several U.S. banks including Credit Suisse failure, creating the most serious banking crisis since 2008. The fund was underweight financials which served them well as the sector was one of the poorer performers during the quarter. | View | |
| 2023 Q4 | Feb 23, 2024 | Saltlight Capital | 15.6% | 35.6% | AMZN, APP, GOOGL, MELI, META, NVDA, RBLX, TCP.JO | Advertising, AI, gaming, Meta, Networks, software, technology | Manager discusses AI infrastructure capex concerns but sees opportunities in AI software applications. Believes market overestimates short-term AI adoption while underestimating long-term potential. Focuses on AI-enhanced advertising platforms where high margins justify expensive AI compute costs. | TCP.JO APP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 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% | BNTX, IBKR, MELI, NKDWF, PYPL, SCBFF, SILXY | Europe, long-term, small caps, software, technology, value | Portfolio includes exposure to e-commerce through Mercadolibre, the leading marketplace in South America, and About You. Mercadolibre was sold due to valuation concerns despite excellent operational development and competitive tailwinds from fraud scandals affecting competitors. | WINE.L ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW | E-Commerce, financials, growth, healthcare, industrials, international, software, technology | Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth. | WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO |
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| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 14, 2025 | Ithaka US Growth Strategy | 8.2% | 30.2% | ADBE, AMD, AMZN, ANET, ASML, CRM, LULU, MEDP, MELI, NOW, NVDA, PLTR, UBER | AI, concentrated, growth, large cap, technology | Portfolio holdings with significant exposure to the global AI theme outperformed in Technology sector. Palantir's meteoric rise was driven by investor excitement regarding the company's ability to further monetize its AI product across its growing customer base. ServiceNow's stock rose driven by growing investor recognition of the company's dominant position in monetizing AI workloads. | ASML UBER AMD PLTR AMZN NOW |
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| 2026 Q1 | - | Eagle Capital Management | -6.4% | -6.4% | DHR, EQT, HUM, INTU, LSEG.L, MELI, SAP, SPGI, UNH, WDAY | AI, Concentration, healthcare, market structure, Natural Gas, software, value | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Substack | Rijnberk Invest Insights | MercadoLibre | E-commerce | FinTech | Bull | Nasdaq Stock Market | Advertising Business, Credit offerings, Digitalization, e-commerce, Fintech, Growth Investment, Latin America, long-term potential, market dominance, network effects | View Pitch |
| May 6, 2026 | Fund Letters | City Different Investments - Global Equity | MercadoLibre | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | AI disruption, e-commerce, Equity, Fintech, growth, Latin America, Logistics Investment, Tech-Enabled Consumer | View Pitch |
| May 1, 2026 | Fund Letters | Bell Global Equities Fund | MercadoLibre, Inc. | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | competitive moat, e-commerce, Emerging markets, founder-led, growth, Latin America, marketplace, sustained profitability | View Pitch |
| Apr 23, 2026 | Fund Letters | JDP Capital | Mercado Libre | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | Credit, digital payments, e-commerce, Emerging markets, Fintech, founder-led, growth, Latin America, platform | View Pitch |
| Apr 19, 2026 | Seeking Alpha | Seeking Alpha | MercadoLibre, Inc. | E-commerce | Online Retail | Bull | Nasdaq Stock Market | e-commerce, Fintech, growth prospects, inflationary pressures, investment opportunity, Latin America, Logistics, market share, Revenue Growth, valuation | View Pitch |
| Apr 15, 2026 | Fund Letters | Harding Loevner Emerging Markets Equity | MercadoLibre | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, competitive positioning, Consumer Discretionary, e-commerce, Gmv Growth, Latin America, Logistics, market leader, marketplace | View Pitch |
| Apr 13, 2026 | Fund Letters | Torre Financial | MercadoLibre Inc | Internet Retail | Broadline Retail | Bull | NASDAQ | Credit Portfolio, digital payments, e-commerce, Emerging markets, Fintech, Gmv Growth, Latin America | View Pitch |
| Apr 13, 2026 | Fund Letters | Lakehouse Global Growth Fund | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Argentina, Brazil, e-commerce, Fintech, growth, Latin America, marketplace, Mexico | View Pitch |
| Apr 13, 2026 | Fund Letters | Baillie Gifford -Emerging Markets | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, digital payments, e-commerce, Fintech, growth, Latin America, marketplace, platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Weitz Large Cap Equity Fund | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Competitive Moats, digital payments, e-commerce, Emerging markets, Fintech, growth, Latin America | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | e-commerce, Equity, Fintech, growth, Latin America, Logistics, marketplace, payment services | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global Growth | MercadoLibre, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, digital payments, e-commerce, Emerging markets, Equity, Fintech, growth, Latin America, Logistics | View Pitch |
| Apr 13, 2026 | Fund Letters | Lakehouse Global Growth Fund | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Argentina, Brazil, e-commerce, Emerging markets, Fintech, growth, Latin America, marketplace, Mexico, network effects | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron FinTech Fund | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | digital payments, e-commerce, Fintech, growth, Latin America, marketplace, network effects | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | MercadoLibre Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Argentina, digital payments, e-commerce, Emerging markets, Fintech, Latin America, market share, online marketplace | View Pitch |
| Apr 13, 2026 | Fund Letters | Harding Loevner Emerging Markets Equity | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Argentina, Brazil, credit services, digital payments, e-commerce, Fintech, growth, Latin America, Logistics, marketplace, Scale Advantages, Unbanked | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, e-commerce, Ecosystem, Fintech, growth, Latin America, Logistics, Underpenetrated | View Pitch |
| Apr 13, 2026 | Fund Letters | Ghosh Capital | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, e-commerce, FCF yield, Fintech, growth, Latin America, market inefficiency, Tariff Resilient | View Pitch |
| Apr 13, 2026 | Fund Letters | Harding Loevner Emerging Markets Equity | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | competitive moat, credit services, digital payments, e-commerce, Financial Inclusion, Fintech, Latin America, market share gains, Unbanked Population | View Pitch |
| Apr 13, 2026 | Fund Letters | Tall Oak Capital Advisors | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Deglobalization, digital payments, e-commerce, Emerging markets, Equity, Fintech, Latin America, supply chain, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | PM Capital Global Companies Fund | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital banking, E-commerce Platform, Financial Inclusion, Fintech, Healthcare services, Latin America, marketplace, Mexico Expansion, payment processing, political risk | View Pitch |
| Apr 13, 2026 | Fund Letters | Guinness Global Innovators | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, digital payments, e-commerce, Fintech, Internet Retail, Latin America, marketplace, Mexico | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, diversification, e-commerce, Financial Inclusion, Fintech, Latin America, platform, political risk, POS Terminals | View Pitch |
| Apr 13, 2026 | Fund Letters | Infuse Partners | MercadoLibre Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | e-commerce, Fintech, High Growth, Latin America, marketplace, network effects, Payments | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | MercadoLibre, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, credit cards, e-commerce, Fintech, Latin America, market share, network effects | View Pitch |
| Apr 13, 2026 | Fund Letters | Parnassus Growth Equity Fund | MercadoLibre Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, Digital transformation, e-commerce, Fintech, Latin America, Logistics Network, market share | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Credit Lending, e-commerce, Fintech, Latin America, market share gains, Payments, User Base Growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | MercadoLibre Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, e-commerce, Emerging markets, Fintech, growth, Latin America, marketplace, network effects | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston Global Equity | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | e-commerce, Fintech, Gross Merchandise Value, Latin America, Loyalty Platform, marketplace, Payment Volume, Take rate | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston International Equity | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Broadline Retail, digital payments, e-commerce, Emerging markets, Equity, Fintech, growth, Latin America, marketplace | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | MercadoLibre Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | cross-selling, digital payments, e-commerce, Fintech, Latin America, marketplace, network effects, Uruguay | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron FinTech Fund | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Credit Business, digital payments, e-commerce, Fintech, Latin America, Logistics, market share gains, network effects | View Pitch |
| Apr 13, 2026 | Fund Letters | City Different Investments - Global Equity | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, digital payments, e-commerce, Emerging markets, Fintech, Internet Retail, Latin America, marketplace, Mexico | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Wealth Management | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, e-commerce, Financial Inclusion, Fintech, Latin America, marketplace, platform, Political Resilience, POS Terminals | View Pitch |
| 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 |
| 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 |
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| No investor data available. | ||||||||