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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | 1347.HK, AAPL, ACNB, ADVT.TW, ALTN.PA, AMZN, AWS, BCHT.DE, CYBR, GLOB, IBM, KIN.TO, LEM.SW, MSFT, NMET.DE, REP.MI, RMV.L, TMV.DE, VAIS.HE | competition, E-Commerce, international, Quality, small caps, underperformance | Allegro's success in defending against Amazon's entry into Poland demonstrates the opportunity for small-cap investors to identify situations where market fears about large new entrants are overestimated. Allegro leveraged smart parcel distribution strategy and network effects to maintain market position despite Amazon's significant resources. | View | |
| 2023 Q4 | Feb 26, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 3064.T, FMC, KUB, LEN, NMET.DE, RTO.L | Agriculture, global, Homebuilders, Industrial, Quality, technology, value | Lennar demonstrated strong performance despite rising mortgage rates through dynamic pricing, digital marketing, and buyer incentives. The company's land light strategy continues advancing with 76% of land controlled through options versus 69% a year ago. Management's ability to adapt to housing dynamics positions the company well amid decade-long undersupply. | 3064.T FMC RTO.L GLEN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||