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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 25, 2025 | Davis Global Fund | - | 14.1% | 005930 KS, 3690 HK, 8001 JP, APP, COF, DSN GR, META, NTES, SOLV, TCOM, VTRS | durability, earnings growth, Global Equities, selectivity, Valuation discipline | The letter emphasizes selective global investing amid high aggregate valuations. Management focuses on competitively advantaged companies with strong management and attractive earnings growth trading below market multiples. The outlook favors staying invested while avoiding overvalued segments of the market. | 8001 JP NTES SOLV |
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| 2025 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2023 Q3 | Oct 9, 2023 | Longriver Investment Partners | -10.7% | - | 669 HK, 700 HK, BRK/A, EVO SS, HDFCB IN, NTES, TSM | - | View | ||
| 2025 Q4 | Jan 23, 2026 | American Century Emerging Markets Fund | 5.8% | 35.3% | 000660.KS, 005930.KS, 0700.HK, 0939.HK, 1810.HK, BABA, BHARTIARTL.NS, HDFCBANK.NS, NTES, RELIANCE.NS, SUNPHARMA.NS, TSM | AI, Asia, emerging markets, Energy Transition, semiconductors, technology, Trade Policy | Strong technology-related performance supported gains as semiconductor names and other technology-related stocks benefited from robust AI spending and demand. Rising AI workloads have boosted demand for rechargeable batteries, and the firm believes several EM firms possess manufacturing leadership in this sector. Taiwan and South Korea remain essential to global chipmaking. SK Hynix was a top contributor as demand for AI-related memory remained high amid the generative-AI boom and surging data center investment, with quarterly results overwhelmingly powered by surging demand for AI components, especially high bandwidth memory. Many EM offer lower-cost, more readily available power that supports rapid data center build-outs. Rising AI workloads have boosted demand for data center infrastructure, with companies like Zhongji Innolight benefiting from strong demand in cloud computing and 5G infrastructure. U.S. tariffs and trade policy have not been as challenging for EM as investors expected, in part because many markets have adapted well. Some have negotiated more manageable tariff structures with the U.S., while others have focused on non-U.S. relationships. The path of global trade and U.S. policy remains uncertain going forward. HD Hyundai Electric benefited from demand for power transformers, switchgear and smart grid solutions, with U.S. infrastructure investment plans around AI data centers and grid upgrades supporting the stock. The company has been well positioned for global trends around electrification and sustainability. | View | |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Equity | 4.2% | 27.6% | 005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA | AI, defense, emerging markets, international, semiconductors, technology, Valuations | AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization. | BA LN 035420 KS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 5, 2025 | Fund Letters | Danton Goei | NetEase, Inc. | Communication Services | Interactive Home Entertainment | Bull | NASDAQ | Franchises, Gaming, growth, Mobile, monetization | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $296.5M | 0.16% | 2,154,376 | -138,200 | -6.03% | 0.3861% |
| Chris Davis | Davis Selected Advisers | $22.2B | $58.6M | 0.26% | 426,164 | -763,316 | -64.17% | 0.0764% |
| Ho Ching | Temasek Holdings | $31.6B | $64.6M | 0.20% | 469,728 | +103,653 | +28.31% | 0.0842% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $220,192 | 0.00% | 1,600 | -100 | -5.88% | 0.0003% |
| Israel Englander | Millennium Management LLC | $233.2B | $53.2M | 0.02% | 386,811 | -208,400 | -81.47% | 0.0693% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $990,864 | 0.02% | 7,200 | +0 | +0.00% | 0.0013% |
| Jeremy Grantham | GMO LLC | $39.1B | $371,574 | 0.00% | 2,700 | -12,700 | -82.47% | 0.0005% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $240,835 | 0.00% | 1,750 | -150 | -7.89% | 0.0003% |
| Charles Mawer | Mawer Investment Management | $17.9B | $77.1M | 0.43% | 559,896 | +108,446 | +24.02% | 0.1004% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $963 | 0.00% | 7 | -362 | -98.10% | 0.0000% |