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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Asheville Capital Management | 17.0% | 13.4% | 4433.T, 4480.T, 5584.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L | Concentration, global, growth, Japan, Quality, technology, value | Timee operates as a marketplace for on-demand labor or spot work, connecting individuals seeking flexible shift-based jobs with employers needing short-term help across logistics, food service, and retail industries. The company has achieved strong network effects with an 88% job fill rate significantly exceeding competitors at 40-50%, creating a powerful feedback loop where employers stick with what works and workers follow demand. | TIMEE.T |
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| 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 4, 2025 | Artemis Global Select Fund | 4.2% | -7.5% | 000660.KS, FI, NU, NVDA, RYA.L, SDZ.SW, TSM, TTEK, TXN, UNH | Biosimilars, Europe, Fintech, global, healthcare, semiconductors, tariffs, Trade Policy | Semiconductor shares rebounded strongly during the quarter with SK Hynix, TSMC, Nvidia and Texas Instruments among top contributors. Texas Instruments was initiated as a major position based on being at the trough of the industrial cycle with inventory run down, and coming to the end of heavy factory investment cycle in the US. | SDZ TXN |
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| 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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| 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 | |
| 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 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 | VT Holland Advisors Equity Fund | - | 6.7% | AMZN, COST, MCD, NU, PDD, TSM, WISE.L, WMT | Banking, Compounding, disruption, Fintech, growth, LatAM, Quality | Nu Holdings represents a scale economy shared disruptor in global banking with 75% lower unit costs than peers, using these efficiencies to offer better customer rates rather than boost profits. The company has attracted 118 million customers through superior customer service and competitive offerings, demonstrating the power of the disruptor business model in financial services. | NU NU |
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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 Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 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 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 16, 2025 | White Falcon Capital Management | 17.6% | 10.0% | AMD, ATZ.TO, CTS.TO, DAVA, DSEY, EPAM, MAXR.TO, NU, RGLD, ROVR, SSL.TO, T.TO, TIXT.TO, W | Acquisitions, AI, Canada, Gold Royalties, IT Services, technology, value, volatility | The fund experienced gains in gold and silver royalty holdings during Q2. Precious metal royalty companies represent the top positions in the White Falcon portfolio. The fund benefited from the acquisition of portfolio company Sandstorm Gold by Royal Gold at a 98% premium to their cost basis. | TIXT.TO DAVA EPAM W ATZ.TO |
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| 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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| 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 | |
| 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 | |
| 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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| 2025 Q1 | May 20, 2025 | Meditation Capital | - | - | BGEO.L, KASPI.L, LOTO.MI, NU, PDD, TBCG.L | Europe, Gambling, Italy, Long-only, management, valuation, volatility | Lottomatica is the #1 online & offline B2C gambling operator in Italy with 31% market share online and 30-40% share offline. The investment opportunity lies in Italy's low online gambling penetration at 31% versus 63% in the UK and 75%+ in Scandinavia. Online casino penetration is only 26% in Italy, up from 8% in 2019, with each euro of offline casino gambling that moves online generating 2.6x the EBITDA for Lottomatica. | LTO.MI |
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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 | ||
| 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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| 2026 Q1 | Apr 7, 2026 | Vision Capital | -17.3% | -17.3% | ADYEY, CRWD, JD, NET, NFLX, NOW, NU, PLTR, PME.AX, PYPL, SE, SHOP, TSLA, TSM, WISE.L, ZS | AI, E-Commerce, growth, long-term, payments, SaaS, technology, volatility | PME.AX TSLA PYPL |
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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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| 2024 Q1 | Apr 29, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, FNV, LFCR, NU, TECK.TO | Canada, gold, IT Services, small caps, technology, value | Manager discusses IT service providers as good businesses that act as a royalty on IT spend, serving as an important link between technology and corporations. Sees favorable backdrop with rising technology investments, growing outsourcing trends, and emergence of AI. Endava and Converge represent significant positions in this space. | CTS.TO LCBM EQTL |
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| 2026 Q1 | Apr 26, 2026 | VT Holland Advisors Equity Fund | -9.5% | -9.5% | AMZN, JET2.L, META, NFLX, NU, SQ, TSM, WISE.L | Compounding, Concentration, long-term, Owner-Managers, Sustainable Competitive Advantages | NFLX NU WISE.L META JET2.L |
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| 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 | Sands Capital International Growth Fund | -14.8% | -14.8% | 000660 KS, ADYEN.AS, ASML, NU, SE, SHOP.TO, TSM | AI, geopolitics, growth, international, Japan, semiconductors, technology, valuation | View | ||
| 2026 Q1 | Apr 25, 2026 | Sands Capital Technology Innovators Fund | -15.0% | -15.0% | 000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM | AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology | View | ||
| 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 | ||
| 2026 Q1 | Apr 20, 2026 | White Falcon Capital Management | -6.1% | -6.1% | AFN.TO, AMZN, APP, IVN.TO, NFI.TO, NU, ORCL, U | AI, Cloud, Enterprise, Precious Metals, software, technology, value | U ORCL |
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| 2026 Q1 | Apr 15, 2026 | Brown Capital Management International All Company Fund | -13.7% | -13.7% | CAMTEK.TA, COH.AX, CYBR, MNDY, NU, NVO, SAF.PA, SAP | AI, growth, international, semiconductors, software, technology, valuation | NU SAF.PA COH.AX CAMT SAP |
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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 | Baron Emerging Markets Fund | 9.0% | 16.2% | 0027.HK, 005930.KS, 006400.KS, 0700.HK, 105560.KS, 2313.HK, 2319.HK, 300760.SZ, BABA, BHARTIARTL.NS, HDFCBANK.NS, INDIGO.NS, NU, PDD, RELIANCE.NS, RENT3.SA, SUZB3.SA, TME, TSM, XP, ZLAB | China, Digitization, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | Taiwan Semiconductor Manufacturing Company Limited contributed significantly due to investor expectations for continued strong cyclical recovery in semiconductors and significant incremental demand for AI chips. The company's technological leadership, pricing power, and exposure to secular growth markets including high-performance computing, automotive, 5G, and IoT will allow sustained strong double-digit earnings growth. Many EM companies including Taiwan Semiconductor, Samsung Electronics, and SK hynix are increasingly recognized as key beneficiaries of the AI phenomenon. | View | |
| 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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| 2024 Q1 | Apr 1, 2024 | Infuse Partners | 31.2% | 31.2% | IDT, INSP, NU, NVDA, SMTI, TSLA | AI, Brazil, Fintech, growth, Mexico, Quality, semiconductors, value | Manager discusses AI's transformative impact on semiconductor demand patterns, noting how AI is changing formerly cyclical semiconductor companies into more secular growth stories. The hyperscalers' need for AI chips could shift upgrade cycles from cyclical to secular demand patterns. | NU |
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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 Select Growth Fund | -10.1% | -10.1% | AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V | AI, Concentration, growth, large cap, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market 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 materializing across fraud detection, content creation, and workflow automation. | 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 | 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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| 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 5, 2026 | Stewart Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, 2379.TW, 2454.TW, 6503.T, ALC, BABA, BAJAJHLDNG.NS, BAP, BOSCHLTD.NS, CARTRADE.NS, CTAS, KEI.NS, KOTAK.NS, M&M.NS, NU, PRX.AS, QUAL3.MX, SE, TARSONS.NS, TECHM.NS, TOTVS3.SA, TSM, TUBEINVEST.NS, WEG3.SA | AI, Asia, China, emerging markets, India, long-term, Quality, semiconductors | The team maintains a conservative approach to AI-driven market themes, avoiding flavour-of-the-month AI investments while selectively benefiting from AI demand through quality holdings like Samsung and TSMC. They emphasize disciplined AI capex spending and focus on companies with sustainable competitive advantages rather than chasing AI hype. The team is adding to Chinese holdings where they find leading businesses with strong competitive advantages and attractive growth at reasonable valuations, particularly Tencent. They view China as offering better opportunities despite some headwinds in specific sectors like property and chemicals. The team is reducing exposure to India, mainly in cyclical businesses where valuations are expensive and growth outlook has deteriorated. However, they remain excited about high-quality Indian companies positioned to benefit from structural tailwinds including urbanization, demographics, and digital infrastructure. Semiconductor holdings like Samsung and TSMC are key contributors, benefiting from AI-related demand for memory chips and leading-edge processors. The team focuses on companies with strong competitive positions and visibility into future earnings growth through 2026-2027. The investment philosophy centers on identifying quality companies with exceptional cultures, strong franchises, resilient financials, and sustainable competitive advantages. The team seeks companies that can deliver attractive returns over much longer periods than the market expects. The team is optimistic about emerging market opportunities, noting that the global economy is increasingly being led by emerging markets. They see attractive valuations compared to developed markets and expect this trend to accelerate as investors seek alternatives to US markets. | View | |
| 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 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 | 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 | Sands Capital Select Growth Fund | 8.8% | 24.3% | AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V | AI, growth, innovation, long-term, software, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader. | 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 Q3 | Dec 10, 2023 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, MCD, NU, ROVR, TECK | active management, commodities, inflation, marketplaces, Quality, value | Manager views inflation as a tax and discusses how rising yields create alternatives to equities. Emphasizes that inflation benefits companies with pricing power and those that built infrastructure with yesterday's currency but can capitalize with tomorrow's inflated dollars. | ROVR |
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| 2023 Q2 | Dec 7, 2023 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NU, TECK.TO, WPM | AI, Brazil, gold, IT Services, Mining, semiconductors, technology, value | Manager views AI as a significant catalyst for technology companies and believes IT services providers like EPAM will be key enablers of corporate AI adoption. Discusses how AI helped investors get comfortable with future earnings growth in tech companies and argues against the narrative that AI will hurt IT services companies. | EPAM WPM AMZN AMD ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2025 Q3 | Nov 4, 2025 | VT Holland Advisors Equity Fund | - | - | 1211.HK, AMZN, BH, BOL.PA, CACC, CVNA, FRAS.L, GRBK, JDW.L, META, NFLX, NU, NXT.L, PDD, RYA.L, RYM.NZ, SUM.NZ, TSM, WISE.L | Compounding, Fintech, global, growth, Owner-Managers, Quality, technology, value | Fund targets companies that can compound capital at sustainably high rates, seeking businesses with huge runways of growth ahead. Manager emphasizes finding tomorrow's supernatural compounders with visionary founders who rethink their industries and have massive growth potential. | RYM NZ JET2 LN META NU WISE LN |
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| 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 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 | 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 | |
| 2024 Q3 | Oct 21, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMZN, CVO.TO, DAVA, EPAM, FNV, NU, PGO, RTO.L | AI, Cloud, digital transformation, gold, IT Services, Precious Metals, value | Gold has been one of the top-performing assets, up 31.4% YTD, driven by persisting debt and deficits in the West and geopolitical tensions. The fund holds precious metals royalty companies as a hedge against macroeconomic uncertainties, viewing gold as a benchmark of value since the beginning of money. | DAVA |
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| 2025 Q3 | Oct 20, 2025 | White Falcon Capital Management | 10.8% | 21.9% | AFN.TO, AMD, DAVA, EPAM, FNV, NFI.TO, NU, SSL.TO, TFPM, TIXT | Agriculture, AI, gold, Quality, royalties, technology, value | Gold and silver royalty names performed very well thanks to recent strength in metal prices. The manager's preferred vehicle for investing in gold has been royalty companies, which are high quality businesses offering diversification, yield, and option value. Positions in Franco-Nevada, Triple Flag, and Sandstorm Gold have more than doubled since March 2024, leading to position trimming due to parabolic price moves. | AFN CN DAVA EPAM NU NFI CN AMD SSL CN TFPM CN FNV CN FNV CN |
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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 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 Select Growth Fund | 6.3% | 22.1% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | 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 14, 2025 | Octahedron Capital | - | - | AAPL, AMZN, AVGO, DASH, GOOGL, HUBS, INTC, MDB, META, MSFT, NFLX, NU, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, UBER, WDAY | AI, Cloud, E-Commerce, growth, payments, semiconductors, software, technology | AI is driving unprecedented demand across infrastructure, software, and applications. Enterprise AI adoption is accelerating with board-level priority, though moving from proof-of-concept to production remains challenging. AI agents and inference workloads represent massive emerging opportunities. | 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 Q3 | Oct 1, 2024 | Asheville Capital Management | 19.9% | 6.9% | 4384.T, 4480.T, 9435.T, NU, TPW.AX | E-Commerce, growth, Japan, long-term, value, volatility | Temple & Webster continues to execute at an extremely high level, with the company demonstrating it is a world-class business growing value for shareholders quickly with high returns on incremental capital. The manager views this as a decade-long holding despite current valuation concerns. | View | |
| 2024 Q4 | Jan 8, 2025 | Longriver Investment Partners | 2.5% | 26.0% | 005930.KS, AMZN, C, COST, GAW.L, GOOGL, IBKR, INTC, JPM, MA, META, MS, NFLX, NU, PDD, STAN.L, TCOM, TSM, V, WISE.L | AI, gaming, global, long-term, payments, semiconductors, technology | Wise is building alternative infrastructure to make cross-border money transfers cheaper and faster by eliminating correspondent banking intermediaries. The company has grown to move ~GBP 130 billion annually and is positioned to become the B2B infrastructure for global cross-border transfers, similar to how Visa and Mastercard operate in credit cards. | WISE.L |
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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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| 2025 Q4 | Jan 30, 2026 | Unison Asset Management | 0.0% | 0.0% | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value | AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate. | AMRZ HOLN SW NU ONON BRK.B TSM GOOGL |
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| 2025 Q4 | Jan 27, 2026 | Baron Emerging Markets Fund | -1.3% | 30.1% | 000660.KS, 005930.KS, 0700.HK, 1024.HK, 300750.SZ, BABA, BAJFINANCE.NS, BAP, BEL.NS, BHARTIARTL.NS, HDFCBANK.NS, NU, RELIANCE.NS, SQM, TSM, ZLAB | AI, Banking, China, emerging markets, geopolitics, India, semiconductors, technology | The fund maintains significant exposure to AI-related investments, particularly through semiconductor companies like TSMC and SK hynix that benefit from AI chip demand. The manager discusses the ongoing AI data center arms race with $550 billion expected to be spent in 2026, while noting some concerns about sustainability of competitive advantages and funding environment. Strong focus on semiconductor investments across Taiwan, Korea, and China, with holdings in TSMC, Samsung Electronics, and SK hynix. The manager believes in long-term growth driven by AI, 5G, automotive, and IoT applications, while noting recent volatility around China semiconductor trade policies. The fund maintains exposure to Chinese technology and e-commerce companies despite fourth quarter volatility. The manager expects improved US-China trade relations and technology flow resumption, believing global investors underestimate China's emerging AI and technology ecosystem capabilities. Large overweight position in India despite flat performance in 2025. The manager believes India is poised for an earnings upgrade cycle supported by infrastructure spending recovery, tax relief, and GST 2.0 implementation, positioning for catch-up with other EM markets. Added positions in South African banks (Absa Group, FirstRand) and Latin American digital banking (Nu Holdings) based on favorable banking cycles, improving loan growth, and digital disruption opportunities in underbanked markets. Investments in sustainability themes including Korean shipbuilding companies (HD Korea Shipbuilding, HD Hyundai Heavy Industries) and energy storage (Contemporary Amperex Technology) that benefit from global decarbonization trends. | NU FSR SJ ABG SJ BABA 005930 KS 000660 KS TSM |
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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 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 Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power 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 as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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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 | VT Holland Advisors Equity Fund | 0.0% | 0.0% | AMZN, JD2.L, META, NU, TSM, WISE.L | AI, Compounding, global, long-term, Owner Managers, Quality | The fund focuses on great companies with sustainable competitive advantages, run by brilliant owner managers, bought at attractive prices. These businesses have enduring moats that protect excellent returns on invested capital and create lasting customer loyalty through win-win outcomes. Manager sees AI as potentially solving the productivity growth problem that has plagued western economies for 20 years. Views Amazon, TSMC, and Meta as portfolio beneficiaries, with Amazon particularly well-positioned as a trusted supplier of AI solutions through AWS. Amazon highlighted as a standout investment that looks somewhat forgotten, with its AWS business providing a unique position as a trusted, Scale Economy Shared supplier to large organizations seeking AI-powered solutions. | View | |
| 2025 Q4 | Jan 21, 2026 | White Falcon Capital Management | 5.6% | 28.4% | AFN.TO, AMD, AMZN, ATZ.TO, CSIQ, EPAM, FNV, GRFS, HUN, NFI.TO, NU, RGLD, RTO.L, TFPM, W | AI, Chemicals, Cyclical, gold, semiconductors, Solar, technology, value | AMD is positioned as a high-performance computing leader that has taken market share from Intel and emerged as credible No. 2 in GPUs behind Nvidia. Management has guided to approximately $10 in EPS for FY2027E and more than $20 in EPS by 2030E, suggesting significant upside potential. EPAM was initially deemed an AI loser but the market is realizing that corporations need core systems modernized before AI deployment, custom agents require high-end development, and EPAM can incorporate AI into its delivery organization. The AI sector shows characteristics of frothy environment with elevated valuations. Solar has quietly become the cheapest source of power in many places without subsidies. Canadian Solar was trading at roughly a quarter of its sum-of-the-parts value due to depressed sentiment. Solar stocks have become AI beneficiaries as solar plus storage is seen as viable option to supply clean power to datacenters. Precious metals holdings in Royal Gold, Triple Flag and Franco-Nevada were responsible for a third of gains this year. Gold was up 64% and silver up 146% for the year. The allocation was intended to serve as a hedge against macroeconomic volatility. Huntsman operates as a focused specialty chemicals company with three primary segments. The MDI market faces supply glut and pricing pressure but longer-term green building standards drive demand. The company has high operating leverage and potential to benefit when the industry cycle turns. | HUN NFI NU EPAM AMD |
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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 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 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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| 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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| 2023 Q3 | Sep 30, 2023 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000333.SZ, 005930.KS, 0700.HK, 2313.HK, 600519.SS, BABA, BAJFINANCE.NS, BBRI.JK, BIDU, BZ, HDFCBANK.NS, M&M.NS, NU, SUZB3.SA, TATACOMM.NS, TRENT.NS, TSM, WALMEX.MX | China, emerging markets, Fintech, India, semiconductors, technology, value | Despite recent underperformance driven by near-term economic concerns, the manager remains encouraged by ongoing regulatory and financial easing cycles. China's authorities appear sensitive to market signals with enhanced expectations for more substantial support forthcoming. The manager sees no evidence in China's currency, bond market, or credit spreads that policymakers are losing control. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM MAHM.NS 600519.SS TATACOMM.NS SUZB3.SA 000700.HK 005930.KS AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 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 | |
| 2024 Q2 | Jul 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMZN, ATZ.TO, CTS, CVX, DAVA, EPAM, FTRE, NU, NVDA, OXY, RTO.L, WBD | AI, IT Services, Quality, small caps, technology, value | AI is the new technology trend with investor emphasis on hardware investment. As hardware becomes widespread, focus will shift to creating and optimizing AI applications where EPAM and Endava will benefit. However, AI is still new and clients need time to identify best use cases, leading to cautious wait-and-see approach suppressing current IT services demand. | RTO.L ATZ.TO |
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| 2022 Q2 | Jul 14, 2022 | White Falcon Capital Management | 6.0% | 8.5% | 5Z5 GR, AMZN, CPLF CN, CTS CN, EPAM, NU | - | View | ||
| 2025 Q1 | Apr 22, 2025 | Asheville Capital Management | -3.0% | -3.0% | 4480.T, 9442.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L | Concentration, Fintech, global, Japan, Quality, tariffs, value, volatility | Trump Administration's Liberation Day tariff announcement triggered significant market volatility and uncertainty. Tariff policies have injected uncertainty into global markets, potentially reshaping global trade, capital flows, and corporate strategy for years to come. | WISE.L 3154.T |
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| 2025 Q1 | Apr 21, 2025 | White Falcon Capital Management | -6.7% | -6.7% | CTS.TO, DAVA, EPAM, GRFS, NFI.TO, NU, RTO.L | Biotechnology, global, gold, IT Services, small caps, tariffs, Trade Policy, value | President Trump's unexpected tariff announcements created significant market volatility and uncertainty. Tariffs as high as 145% on China essentially amount to an embargo, with unclear reasoning behind the policy. The manager believes these destructive policies will likely be reversed or negotiated away before causing lasting damage. | GRFS |
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| 2025 Q1 | Apr 18, 2025 | Baillie Gifford – International Alpha | -1.4% | -1.4% | 6146.T, AZO, CRM, ENPH, NU, NVDA, NVO, PAYC, TTD | AI, disruptors, geopolitics, global, growth, infrastructure, Pharmaceuticals, technology | The team views AI as increasingly transformative and head-spinning, seeking to broaden exposure across the value chain. They established positions in companies like Disco for chip manufacturing equipment and Salesforce for AI-powered customer service tools, believing AI will create enormous cost savings and revenue opportunities. | PAYC CRM 6146.T AZO ENPH NU |
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| 2023 Q1 | Apr 18, 2023 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, CVG.TO, DCBO.TO, DSEY, EPAM, MAXR, NU, TECK.TO | Banking Crisis, M&A, Precious Metals, semiconductors, technology, value | Manager notes that markets realized AI and related technologies require significant semiconductors, driving strong performance in AMD position. Views AI as a key driver of semiconductor demand. | DCBO.TO |
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| 2023 Q4 | Jan 27, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000858.KS, 005930.KS, 0700.HK, 1876.HK, B3SA3.SA, BABA, BAJFINANCE.NS, BHARTIARTL.NS, BIDU, HDFCBANK.NS, NU, PDD, RENT3.SA, RI.PA, SUZB3.SA, TRENT.NS, TSM, XP, YUMC | China, E-Commerce, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | The fund added PDD Holdings, China's second largest e-commerce platform with 20% market share. PDD's competitive moat lies in its team purchase model facilitating bulk buying through direct partnerships with manufacturers. The company's international platform Temu has become one of the fastest growing apps globally, leveraging China's excess manufacturing capacity. | KAYNES.NS PDD TRENT.NS 005930.KS AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2024 Q4 | Jan 21, 2025 | Asheville Capital Management | - | 0.8% | 4480.T, 7379.T, 9416.T, ACAST.ST, BFIT.AS, INPST.WA, NU, TPW.AX, VTY.L, WISE.L | capital efficiency, Concentration, global, ROIC, small caps, value | InPost dominates Polish e-commerce logistics with 50% market share and 80% customer preference. The company benefits from significant economies of scale and network effects with over 52,000 merchant integrations. International expansion shows strong momentum with 14-month payback periods on assets. | NU VTY.L INPST.WA |
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| 2024 Q4 | Jan 17, 2025 | White Falcon Capital Management | 5.5% | 14.4% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NFI.TO, NU, PRGO, RTO.L, VALE, XEQT.TO | Brazil, Pharmaceuticals, small caps, technology, turnaround, value | White Falcon gravitates towards opportunities with low expectations and low valuations, particularly in smaller companies left behind in the market rally. The portfolio has shifted more towards 'value today' positioning with significant margin of safety. | View | |
| 2023 Q4 | Jan 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, CNDT, CTS.TO, DCBO.TO, FTRE, LFCR, NU, ROVR, WBD | Brazil, Fintech, growth, Quality, small caps, technology, value | White Falcon practices value investing by buying businesses for less than they are worth when the market has low expectations. Their style has nothing to do with low current valuations - a stock at 10x P/E can be expensive while another at 30x P/E may be fantastic value. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ROVR |
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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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | VT Holland Advisors Equity Fund | Nu Holdings Ltd | Banks - Regional | Consumer Finance | Bull | New York Stock Exchange | Customer focus, digital banking, Disruptor, Fintech, high ROE, Latin America, Scale economy shared, Supernatural Compounder | View Pitch |
| Apr 23, 2026 | Fund Letters | Brown Capital Management International All Company Fund | Nu Holdings Ltd. | Banks - Regional | Diversified Banks | Bull | New York Stock Exchange | AI underwriting, Brazil, digital banking, Financial Inclusion, Fintech, founder-led, Latin America, Mobile-First | View Pitch |
| Apr 13, 2026 | Fund Letters | VT Holland Advisors Equity Fund | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | ARPU, Banking Disruption, Customer Obsession, digital banking, Disruptor, Fintech, founder-led, growth, Latin America, Low Unit Costs, ROE, Scale economy shared | View Pitch |
| Apr 13, 2026 | Fund Letters | Baillie Gifford -Global Alpha | Nubank | Financials | Consumer Finance | Bull | NYSE | Brazil, consumer finance, digital banking, Disruptor, Fintech, Latin America, Mobile Banking | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron FinTech Fund | Nu Holdings Ltd. | Financials | Diversified Banks | Bull | NYSE | Customer Acquisition, digital banking, digital distribution, Emerging markets, Fintech, Latin America, market share | View Pitch |
| Apr 13, 2026 | Fund Letters | Infuse Partners | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, Colombia, consumer finance, credit cards, digital banking, Fintech, growth, Latin America, market share, Mexico | View Pitch |
| Apr 13, 2026 | Fund Letters | Sigil Stable Fund | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, Credit risk, Currency Risk, digital banking, Fintech, forward earnings, Latin America, value opportunity | View Pitch |
| Apr 13, 2026 | Fund Letters | Easterly - Income Opportunities Fund | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, Credit risk, Currency, digital banking, Emerging markets, Fintech, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | The Wolf of Harcourt Street | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, consumer finance, Credit risk, Currency, digital banking, Fintech, Latin America, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Wealth Management | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, Credit risk, Currency, digital banking, Fintech, Latin America, PIX, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Infuse Partners | Nu Holdings Ltd | Financial Services | Consumer Finance | Bull | NYSE | Brazil, digital banking, financial services, Fintech, High Growth, Latin America, Mexico, Superapp | View Pitch |
| Apr 13, 2026 | Fund Letters | Asheville Capital Management | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, Customer Acquisition, digital banking, Emerging markets, Fintech, high ROE, Latin America, Mobile Banking, Neobank, Word-of-Mouth | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, digital banking, Disruptive Technology, Financial Inclusion, Fintech, Latin America, Mexico, Neo-Bank | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, contrarian, Credit risk, Currency, digital banking, Fintech, PIX, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, contrarian, Credit risk, Currency, digital banking, Fintech, PIX, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, contrarian, Credit risk, Currency, digital banking, Fintech, PIX, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, contrarian, Credit risk, Currency, digital banking, Fintech, PIX, Value | View Pitch |
| Mar 30, 2026 | Substack | Wonderstcks | Nubank | Financial Services | Fintech | Bull | New York Stock Exchange | AI integration, Customer Acquisition, digital banking, Fintech, global expansion, high-margin returns, operational efficiency, risk management, super-app ecosystem, US market entry | View Pitch |
| Feb 4, 2026 | Fund Letters | Alex | Nu Holdings Ltd. | Financials | Digital Banks | Bull | New York Stock Exchange | banking, Fintech, growth, Latin America, valuation | View Pitch |
| Jan 29, 2026 | Fund Letters | Michael Kass | Nu Holdings Ltd | Financials | Consumer Finance | Bull | New York Stock Exchange | Credit, digital banking, Fintech, growth, Latin America | View Pitch |
| Jan 27, 2026 | Fund Letters | Ryan Reeves | Nu Holdings Ltd. | Financials | Digital Banks | Bull | New York Stock Exchange | Digitalbanking, Fintech, scale, Superapp, underwriting | View Pitch |
| Jan 24, 2026 | Fund Letters | Emerson Bluhm | Nu Holdings Ltd. | Banks | Digital Banks | Bull | New York Stock Exchange | credit quality, digital banking, Financial Inclusion, Latin America, Unit economics | View Pitch |
| Jan 24, 2026 | Fund Letters | Balkar Silvia | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | New York Stock Exchange | compounding, Digitalbanking, Fintech, growth, LatAm | View Pitch |
| Jan 8, 2026 | Fund Letters | Andrew Hollingworth | Nu Holdings Ltd. | Financials | Digital Banking | Bull | New York Stock Exchange | compounder, Cost advantage, digital banking, Disruptor, Fintech, Latin America, Scale Economies Shared | View Pitch |
| Nov 29, 2025 | Fund Letters | Andrew Hollingworth | Nu Holdings Ltd. | Financials | Banking Services | Bull | NYSE | Customer loyalty, digital banking, Fintech, growth, Reinvestment, ROE, scale | View Pitch |
| Nov 29, 2025 | Fund Letters | Balkar Silvia | Nu Holdings Ltd. | Financials | Fintech | Bull | NYSE | digital banking, Fintech, growth, Latin America, ROE, Scalability | View Pitch |
| Sep 22, 2025 | Substack | Compound and Fire | NU Holdings | Financial Services | Banks - Regional | Neutral | AI-driven credit, brand loyalty, digital banking, Financial Inclusion, financial services, freemium model, growth potential, interchange fees, Latin America, Nu Holdings | View Pitch | |
| Sep 17, 2025 | Substack | Compound and Fire | NU Holdings | Financial Services | Banks - Regional | Bull | brand loyalty, Competition, Customer Expansion, digital banking, Financial Inclusion, International Growth, Macroeconomic Risks, operational efficiency, Product Diversification, ROE | View Pitch | |
| Aug 13, 2025 | Seeking Alpha | Eliana Scialabba | Nu Holdings | Financials | Banks - Regional | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Analysis Fundamental | Nu Holdings | Financials | Banks - Regional | Bull | NYSE | — | 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. | ||||||||