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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, 8058.T, 9999.HK, APP, COF, CVS, META, NTES, SE, TCOM, VTRS | AI, China, financials, gaming, healthcare, technology, Valuations | Chinese companies remain attractively valued and are increasingly at the forefront of cutting-edge industries. China leads in electric vehicle production, battery cell production, solar panel production, and is growing in biotech and robotics. The MSCI China Index trades at a 39% discount to MSCI ACWI. | SVM 8001.T NTES META 8001 JP NTES SOLV |
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| 2025 Q2 | Jul 31, 2025 | Aikya | - | - | 1299.HK, 2395.TW, 3690.HK, BBCA.JK, FMX, HDB, NTES, RDY, UL | AI, emerging markets, Korea, Quality, semiconductors, Taiwan, valuation | Aikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when they are available at sensible valuations. The fund objective emphasizes investing in high quality companies that make a positive contribution to sustainable development. | View | |
| 2025 Q2 | Jul 23, 2025 | American Century Emerging Markets Fund | 12.9% | - | 000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM | AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy | AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion as a key supplier of AI power. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending. | 688008.SS 2308.TW 002281.SZ |
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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 Q1 | Apr 29, 2025 | Polen Capital – Emerging Markets Growth | 1.7% | 1.7% | 0700.HK, BABA, DLO, DNP.WA, INFY, INPST.L, LVS, NTES, TOTS3.SA, TSM, YUMC | AI, Brazil, China, Currency, emerging markets, Poland, security selection | China market continued rally from last year, supported by monetary easing and fiscal policies. DeepSeek's R1 AI model release marked significant technological milestone, with major companies like Tencent and Baidu integrating AI models into services, creating optimism about improved earnings in consumer digital services. | DLO LVS DNP.WA TOTS3.SA TME |
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| 2026 Q1 | Mar 31, 2026 | Orbis Global Equity | - | - | 005930 KS, ALNY, BA.L, BRKR, CSU.TO, EQT, EXPN.L, GMAB, ICON, INSM, IQV, NTES, SE, SHEL, TSM, TTI, UNH, WLK, XPO | AI, energy, Global Equity, healthcare, semiconductors, technology, value | View | ||
| 2025 Q1 | Mar 31, 2025 | American Century Emerging Markets Fund | 0.7% | 0.7% | 005930.KS, 0700.HK, 0939.HK, 1211.HK, 1810.HK, 352820.KS, BABA, BHARTIARTL.NS, ERJ, ICICIBANK.NS, NTES, OTP.BD, SE, TCOM, TSM, ZOMATO.NS | Asia, China, Electric Vehicles, emerging markets, gaming, semiconductors, technology, Trade Policy | Chinese EV makers like BYD are stepping up efforts to upgrade platforms and technology, aiming to raise competitive barriers and gain market share. BYD has ambitious plans for the global market and is well prepared in both export capacity and overseas localization. The EV market is undergoing evolution with companies like Xiaomi benefiting from premiumization strategies. | 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 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% | - | AHT.L, AMZN, BRK-B, EVO.ST, FUTU, GAW.L, GOOGL, HDB, NTES, TSM | Asia, gaming, global, Long/Short, semiconductors, technology, value | The gaming industry pendulum has swung from distribution control to content creation excellence. Netease demonstrates superior creative capabilities and IP development compared to Tencent, with successful releases like Eggy Party and Justice Online Mobile featuring AI-powered dialogue. | View | |
| 2025 Q3 | Oct 24, 2025 | American Century Emerging Markets Fund | 12.4% | - | 000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM | AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy | AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion and global electrification trends. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending. | 688008 CH 2308 TT 688008 CH 2308 TT |
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| 2024 Q2 | Oct 1, 2024 | RV Capital | - | 28.9% | DIDI, HTHT, IPCO.TO, NTES, PRX.AS, YUMC | China, Esg, Governance, oil, value | First investment in oil and gas sector through International Petroleum, an oil company with production in Canada, France, and Malaysia. Manager views oil as essential product that cannot be eliminated despite environmental concerns, providing hedge against geopolitical disruptions. IPCO offers attractive valuation with substantial free cash flow generation expected. | IPCO.TO |
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| 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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| 2023 Q4 | Jan 15, 2025 | Longriver Investment Partners | 9.3% | 10.0% | 0700.HK, 600519.SS, 9988.HK, AHT.L, AMD, AMZN, BRK-B, EVO.ST, GAW.L, HD, HDB, KNSL, META, NFLX, NTES, PDD, SHOP, SQ, TSM, VTY.L, X | China, efficiency, global, Homebuilders, real estate, technology, value | 2023 was remarkable for how decisively corporate leaders confronted bloat, with Meta's Year of Efficiency as the poster child. Zuckerberg reduced headcount by almost a quarter and operating expenses by fifteen percent, leading to exploding margins. Amazon under Jassy is also focusing on efficiency by reducing headcount, shutting down middling projects, and creating new business models like Amazon 3PL. | VTY.L AHT.L AMZN |
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| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, AAPL, AMZN, BABA, BIDU, GOOGL, JD, META, MSFT, NTES, NVDA, TCOM, TSLA, TSM | AI, China, geopolitics, semiconductors, technology, valuation, Value Investing | The launch of ChatGPT has triggered massive speculation in technology stocks, particularly the Magnificent Seven companies. The manager discusses the potential disruption to Google's search business and the broader implications of artificial intelligence development, while expressing concern about current valuations and multiple expansion in the sector. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Davis Global Fund | NetEase | Communication Services | Interactive Media & Services | Bull | NASDAQ | China, entertainment, founder-led, Free-to-Play, Gaming, MMORPG, Mobile Games, Virtual Items | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||