SE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Farrer 36 Asset Management	-	-	ADYEN.AS, ASAI3.SA, CMG, COST, IAC, PLNT, SE, WMT	digital transformation, E-Commerce, emerging markets, growth, payments, value	Manager invests in offline-to-online transitions where businesses eliminate physical presence costs while scaling globally. Sea Limited's e-commerce arm Shopee faces benign competitive environment going into 2025. Digital transformation supercharges growth as seen in advertising, travel, and gambling industries.	ASAI3.SA SE	View
2023 Q3	Sep 30, 2023	Farrer 36 Asset Management	-	-	ADYEY, BFIT.AS, DBRG, EDRM.L, EVO.ST, IAC, SE, SPOT, TASK	Alternative Assets, Buybacks, Data centers, E-Commerce, gaming, payments, value	Evolution posted strong revenue growth of 28.2% and EBITDA margins over 70%, but faces challenges with RNG business declining 4% and North American growth slowdown. The pathway to US online gambling legalization is clear with only 6 states currently legal versus 37 with sports betting. Evolution trades at reasonable 18x forward P/E given its financial profile.	DBRG ASAI3.SA IAC EVO.ST	View
2024 Q2	Sep 11, 2024	Saltlight Capital	15.6%	35.6%	BAM, BN, KARO, MSFT, SE	AI, Capital Allocation, compounders, E-Commerce, energy, Second Acts, South Africa	The fund shifted from AI infrastructure to AI software beneficiaries and continues to see healthy returns. AI's high energy intensity requires unprecedented electricity build-out over the next two decades. Gigawatt-size data centres will likely be on the horizon in the next few years as AI reaches the point where it will augment human intelligence.	BAM SE	View
2025 Q2	Aug 7, 2025	Orbis International Equity	-	-	ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM	Asia, Conglomerates, consumption, E-Commerce, growth, value	Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment.	SE J36.SI 8802 JP	View
2025 Q2	Aug 7, 2025	The Baird Chautauqua International Growth Fund	7.7%	13.1%	2423.HK, ADYEN.AS, COLOB.CO, CP.TO, CSU.TO, FFH.TO, HDB, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN	China, growth, international, tariffs, technology, Travel, Valuations	President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact.		View
2025 Q2	Aug 7, 2025	The Baird Chautauqua Global Growth Fund	9.1%	9.8%	0388.HK, ADYEN.AS, BEKE, COLO-B.CO, CP.TO, CSU.TO, FFH.TO, HDB, ILMN, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN	AI, China, growth, semiconductors, tariffs, technology, Trade Policy, Travel	President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact.	NVDA 2423 HK FFH CN SAF FP	View
2025 Q2	Aug 29, 2025	Brummer Multi-Strategy Fund	-	-	AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V	E-Commerce, global, growth, payments, Platforms, software, technology	Portfolio includes major e-commerce platforms like Mercado Libre and Amazon. MELI continues expanding with new services like wholesale platform Mercado Libre Negocios and digital health service Dr. Virtual. The manager views these as platform businesses with structural advantages and operating leverage.	V RBRK MELI INPST	View
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	View
2024 Q2	Aug 22, 2024	Miller Wealth Management	-	-	ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER	E-Commerce, Electric Vehicles, global, growth, semiconductors, technology	InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume.	ASML SE INPST.L UBER	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	View
2025 Q2	Jul 27, 2025	Lakehouse Global Growth Fund	-	-	4443.T, ADYEN.AS, AMZN, GOOGL, HEM.ST, KXS.TO, MC.PA, MELI, PINS, SCHW, SE, SPOT, WIX	AI, E-Commerce, global, growth, Streaming, technology	Portfolio heavily weighted toward e-commerce leaders MercadoLibre and Sea Limited, both delivering strong growth. MercadoLibre grew net revenues 38% year-over-year to $22.4 billion with accelerating buyer growth. Sea Limited's Shopee platform emerged stronger with 30% revenue growth and improved profitability as regulatory pressures in Indonesia abated.	GOOGL SPOT MELI SE GOOG MELI SE	View
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	View
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 International Growth Fund	18.1%	19.4%	4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA	Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology	The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins.	EVD GR SE 2330 TT SPOT MELI	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	View
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	View
2025 Q2	Jul 17, 2025	Polen Capital – International Growth	6.9%	6.9%	8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME	Compounding, earnings, International Growth, Quality, valuation	The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles.	IBN ICLR GLOB AON SAP GR 8035 JP MELI	View
2025 Q2	Jul 16, 2025	Harding Loevner Emerging Markets Equity	10.1%	11.5%	000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI	AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy	Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil.	018880.KS 2317.TW 4966.T MELI MELI	View
2025 Q2	Jul 13, 2025	Sigil Stable Fund	3.0%	18.1%	ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER	E-Commerce, global, growth, Mobility, semiconductors, technology	Manager holds positions in e-commerce logistics disruptor InPost and e-commerce platform Sea Limited. InPost is expanding its locker network across Europe with partnerships like Debenhams Group. Sea Limited shows revenue acceleration with margin expansion, representing the holy grail of growth investing.	ASML SE INPST.L UBER	View
2024 Q2	Jun 30, 2024	Farrer 36 Asset Management	-	-	EDR.MC, EVO.ST, GOOGL, HWDN.L, NASDAQ:IAC, PAGS, SE	Buybacks, concentrated, global, long-term, Transformation, underperformance, value	Sea Limited dominates Southeast Asian e-commerce and has grown revenues 140% since initial investment. The company has achieved profitability in Southeast Asia while building its financial services arm. Despite competition from TikTok Shop, Sea has cemented its market position.		View
2024 Q1	Jun 11, 2024	Hayden Capital	13.9%	37.6%	APP, COIN, SE	Asia, competition, crypto, E-Commerce, gaming, growth, value	Sea Ltd's Shopee is gaining market share in Southeast Asia as TikTok Shop faces regulatory challenges and competitive pressures. Shopee invested in logistics infrastructure and livestreaming capabilities while competitors were distracted, positioning it well for reacceleration as competitive intensity decreases.	SE	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	View
2025 Q1	May 26, 2025	Saltlight Capital	2.7%	2.7%	AAPL, AMZN, BLU.JO, CPI.JO, MELI, NVDA, SE	AI, China, E-Commerce, Fintech, gaming, growth, Southeast Asia, technology	Manager maintains strong conviction that AI is a transformative multi-decade opportunity, with intelligence being embedded in all software applications. Focus on AI agents driving productivity gains and higher API usage for cloud providers. NVIDIA's Blackwell series offers 30-fold improvement in inference performance, likely to reignite enthusiasm.	BLU.JO SE NVDA	View
2024 Q1	May 15, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	4443.T, ADYEN.AS, AMZN, CSU.TO, GOOGL, MELI, NOW, SCHW, SE, SPOT, V	AI, E-Commerce, global, growth, payments, software, technology	The fund sees mounting evidence of more rational competitive behavior from dominant players in Southeast Asia's e-commerce market, particularly as both Shopee and TikTok Shop raised take-rates meaningfully across several countries. This signals a more favorable industry structure ahead for the sector.	ADYEN NOW GOOGL	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	View
2026 Q1	Apr 9, 2026	Lakehouse Global Growth Fund	-	-	KXS.TO, SE	earnings, global, growth, Quality, software, technology, Valuations		KXS.TO	View
2026 Q1	Apr 9, 2026	The Baird Chautauqua International Growth Fund	-13.0%	-13.0%	ADYEN.AS, ASML, CP, SE, TEAM, TSM	AI, China, energy, growth, international, semiconductors, software, Trade Policy			View
2026 Q1	Apr 9, 2026	The Baird Chautauqua Global Growth Fund	-9.5%	-9.5%	ADYEN.AS, ASML, MU, SE, TEAM, TSM	AI, energy, growth, inflation, international, semiconductors, software, Trade Policy			View
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	View
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	View
2026 Q1	Apr 29, 2026	Artisan Global Discovery	-5.5%	-5.5%	ASMI, ASND, COHR, COMP, HTHT, INSM, MDB, MOD, MSI, PRS, RBC, RBLX, SE, SPOT, TWST, WING	AI, Biotechnology, Data centers, defense, energy, global, mid cap, small cap			View
2026 Q1	Apr 28, 2026	SGA – Emerging Markets Growth	-12.3%	-12.3%	9983.T, APOLLOHOSP.NS, HDFCBANK.NS, INFY, MMYT, SE, TCS.NS, TOTVS3.SA, TSM, XP	AI, emerging markets, energy, Geopolitical, quality growth, semiconductors, valuation			View
2024 Q1	Apr 26, 2024	Miller Wealth Management	-	-	ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V	AI, E-Commerce, global, large cap, semiconductors, technology	Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage.	NU SE META ASML	View
2026 Q1	Apr 25, 2026	Sands Capital Select Growth Fund	-12.9%	-12.9%	APP, CRS, CVNA, DDOG, IOT, LRCX, MSFT, NET, NFLX, PWR, SE, STX, TSM	AI, Cloud, disruption, growth, infrastructure, Internet, semiconductors, technology			View
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	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	View
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 21, 2026	BNY Mellon Global Emerging Markets Fund	0.5%	0.5%	3008.TW, BAP, HDB, MAHDY, MMYT, SE, VIST	China, emerging markets, energy, Geopolitical, India, semiconductors, technology			View
2026 Q1	Apr 18, 2026	Baillie Gifford -Emerging Markets	4.1%	4.1%	005930 KS, 300750.SZ, B3SA3.SA, MELI, PBR, SE, TSM	AI, China, emerging markets, energy, geopolitics, oil, semiconductors, technology			View
2026 Q1	Apr 15, 2026	Alger Mid Cap Focus Fund	-7.6%	-7.6%	FIX, FTAI, MDB, RGEN, SE, VRT	AI, Data centers, energy, growth, industrials, mid cap, technology		SE MDB RGEN VRT FTAI FIX	View
2026 Q1	Apr 13, 2026	Harding Loevner International Equity	1.1%	1.1%	005930 KS, 035420 KS, 2308.TW, 2371.T, 300750.SZ, 6146.T, 6758.T, ADYEN.AS, ASML, BA.L, HDFCBANK.NS, SE, SHEL, TSM	AI, diversification, energy, Geopolitical, international, Quality, semiconductors, technology			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	View
2025 Q4	Mar 4, 2026	Saltlight Capital	-	30.8%	AMD, AMZN, ASML, BLU.JO, CCL.JO, GOOGL, INTC, MELI, MSFT, NVDA, SE, TSM	AI, global, growth, semiconductors, software, technology	AI represents a general-purpose technological revolution with multi-decade second-order effects across industries, labor markets, and national competitiveness. The manager views AI as creating opportunities through enabling constraints and compounding downstream optionality, while complexity causes market participants to misprice assets. The AI epoch remains transformational and has dominated US equity markets in both size and mindshare. Upstream supply-chain participants are increasingly signaling that 2028 and beyond capex could be materially higher, not lower, contradicting the widely held digestion narrative. TSMC lifted capex expectations, ASML's bookings re-accelerated, and Intel found itself unexpectedly capacity-constrained in data-centre CPUs. The semiconductor supply chain is signaling acceleration rather than the expected digestion phase. The market is being asked to underwrite multiple Stargate-scale campuses every year for several years, with analyst forecasts implying roughly 10 GW in FY27E, 12 GW in FY28E, 13 GW in FY29E, and 16 GW in FY30E-FY31E. A 1 GW data centre costs roughly $50-60 billion, with NVIDIA capturing around $35 billion of that via its share of the stack. Software multiples have compressed as if AI disruption is inevitable, while hyperscalers and enterprises still struggle to demonstrate clear AI ROI. The traditional SaaS playbook faces challenges from AI eating into margins, attacking the pricing unit, and creating cannibalization problems. The software total addressable market is likely to grow 2-3x as AI replaces some work and the gap between software spend and headcount narrows.		View
2026 Q1	Mar 31, 2026	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	PGIM Jennison Global Opportunities Fund	-11.1%	-11.1%	1211.HK, 1810.HK, AAPL, AMZN, APP, IOT, ISRG, MELI, META, MSFT, NFLX, NOW, NVDA, RDDT, SE, SHOP, SPOT, VRTX	AI, consumer discretionary, E-Commerce, global, growth, healthcare, Luxury, technology	AI accelerated computing segment underperformed, particularly semiconductor-related holdings led by Astera Labs. Concerns over potential excess capital spending on AI datacenters due to development of efficient reasoning models like DeepSeek led to major shift in investor sentiment away from companies correlated to AI computing infrastructure. AI Hypercalers were neutral to performance during the quarter.		View
2025 Q1	Mar 31, 2025	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	Artisan Global Discovery	-3.7%	-3.7%	ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST	AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy	Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments.		View
2025 Q1	Mar 31, 2025	Fidelity Freedom 2045 Fund	0.1%	0.1%	ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM	asset allocation, diversification, geopolitics, policy, target date, tariffs	The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets.		View
2025 Q1	Mar 31, 2025	Fidelity Freedom 2055 Fund	0.0%	0.0%	ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM	asset allocation, diversification, geopolitics, Policy Uncertainty, target date, tariffs	The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets.		View
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 International Growth Fund	1.1%	1.1%	2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA	Asia, emerging markets, Europe, growth, international, tariffs, trade war	Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins.		View
2025 Q1	Mar 31, 2025	Sands Capital 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	Hayden Capital	-0.6%	-0.6%	APP, COIN, CVNA, LK, SE, SPOT, UBER	Asia, E-Commerce, growth, profitability, Recovery, technology, Trade Policy, volatility	Shopee's expansion into Latin America, particularly Brazil, is generating strong returns with ~$150M EBITDA projected this year. The company has built leading logistics infrastructure and is positioned to re-enter other Latin American markets. Sea Ltd emerged as essentially a monopoly in SE Asian ecommerce after competitors like Lazada and Tokopedia struggled.	SE	View
2025 Q1	Mar 31, 2025	Farrer 36 Asset Management	-	-	APO, BFIT.AS, EDRE.MC, EVO.ST, FNV.TO, GOOGL, HWDN.L, SE	Concentration, gaming, gold, private credit, tariffs, technology, Travel	Sea Limited continues to grow each of its three business lines at double-digit rates, with Shopee and Sea Money growing market share in the region despite macro weakness in Indonesia. The company has no exposure to potential tariffs as it does not export to America.	FNV.TO	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	View
2023 Q1	Mar 31, 2023	Farrer 36 Asset Management	-	-	ASAI3.SA, EDRE.L, EVO.ST, GOOGL, SE, TASK	Asia, BPO, Brazil, E-Commerce, gaming, growth, small caps, Travel	Sea Limited's e-commerce platform Shopee maintains market share in Southeast Asia and Brazil despite cost-cutting measures. The total addressable market for e-commerce in Southeast Asia shows double-digit growth well into 2025 according to Temasek and Bain data.		View
2022 Q1	Mar 31, 2022	Farrer 36 Asset Management	-	-	AMZN, ATTOF, BFIT NA, GOOG, META, PAR, SE, VZIO, XYZ	-			View
2025 Q4	Feb 8, 2026	SGA – Global Growth	-0.3%	3.1%	1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM	AI, cyclicals, global, growth, Quality, valuation	AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals.	INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG	View
2025 Q4	Feb 8, 2026	SGA – International Growth	1.0%	9.6%	1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC	AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation	SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia.	TEAM ARM DSY FP SRT GR 9983 JP	View
2025 Q4	Feb 8, 2026	SGA – Emerging Markets Growth	0.6%	22.8%	035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC	AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation	The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market.	OR FP TME GRAB SE BABA 9983 JP INFY TSM	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	View
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	View
2025 Q4	Feb 24, 2026	Hayden Capital	-12.9%	22.3%	1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER	AI, competition, E-Commerce, gaming, international, software, technology, valuation	The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them.	SE EDU	View
2025 Q4	Feb 23, 2026	Barometer Capital Management	0.0%	0.0%	AEM.TO, BBD-B.TO, BVN, CAT, CLS.TO, CPX.TO, FTT.TO, GOOGL, HWM, K.TO, LRCX, MS, NA.TO, POW.TO, RTX, RY.TO, SAN, SE, TTWO, TVE.TO	AI, Canada, Copper, defense, energy, financials, Precious Metals, semiconductors	AI infrastructure remained a pillar of market leadership despite some consolidation in December. The market continued to distinguish between AI-enablers where demand remained strong and more cyclical parts of the chip complex, reinforcing the durability of the infrastructure buildout theme. Semiconductors exposed to AI maintained strength as semiconductor capital spending remained supported by AI-driven demand for advanced chips. Defense spending stayed elevated amid ongoing geopolitical uncertainty, supporting backlog strength and long-cycle earnings durability for aerospace and defense companies. RTX and Howmet extended gains as commercial aerospace demand remained strong and defense spending supported long-cycle revenue visibility through backlogs. Precious metals experienced renewed volatility during the quarter, with gold and silver weakening sharply into the end of October after an extended run higher. The pullback created opportunity as the manager re-engaged at lower levels when the market stabilized and the broader macro backdrop remained supportive for hard assets. Gold miners delivered strong returns throughout the year despite some weakness in final days of December. Copper prices surged into year-end amid rising demand tied to electrification, infrastructure, and data-center buildouts, alongside persistent supply constraints. This supported miners levered to the copper theme, with materials exposure contributing positively through companies like Hudbay Minerals and Rio Tinto benefiting from strength in copper and base metals. The portfolio benefited from exposure to global power demand themes, with Caterpillar continuing to benefit from robust demand in its energy & transportation business increasingly tied to expanding global power needs, particularly the build-out of AI data centers requiring reliable on-site generation capacity. Nuclear energy remained supported by structural tailwinds including rising global demand for reliable baseload power. Financials added to returns with banks demonstrating strong earnings power and shareholder return capacity. Morgan Stanley benefited from a supportive backdrop for capital markets activity and wealth management momentum, while Canadian banks continued to demonstrate resilient profitability and capital strength supporting shareholder return expectations.	TVE CN LRCX CAT	View
2025 Q4	Feb 10, 2026	Wasatch Frontier Emerging Small Countries Strategy	0.0%	0.0%	BCG.L, DSY.JO, FN, FRT.HM, MELI, SE	Dollar, E-Commerce, emerging markets, frontier markets, Latin America, Quality, underperformance, Vietnam	Multiple portfolio holdings operate in e-commerce including Sea Ltd.'s Shopee platform, MercadoLibre as Latin America's largest marketplace, and the broader digital transformation occurring in frontier markets. Competition pressures are impacting margins but long-term growth opportunities remain strong. The dollar's weakening in 2025 benefited frontier emerging market stocks that had been hardest hit by prior dollar strength. Countries like Pakistan, Egypt and Colombia experienced dramatic comebacks of 50-100%+ as currency pressures eased and equity valuations recovered from beaten-up levels. Fabrinet is benefiting from increased demand as data centers upgrade networks to handle complex AI workloads, while Baltic Classifieds faces potential disruption from AI agents that could bypass classified portals. AI represents both opportunity and threat across the portfolio.	FN FRT VN DSY SJ MELI BCG LN SE	View
2025 Q4	Dec 31, 2025	The Wolf of Harcourt Street	4.0%	-4.0%	MSFT, SE, UBER, V	drawdowns, growth, Quality, Reinvestment, valuation	The portfolio review focuses on owning high-quality growth businesses experiencing drawdowns but retaining strong fundamentals and reinvestment runways. Positions such as Visa, Uber, and Sea Limited reflect a rebound-oriented philosophy that adds during valuation compression rather than momentum peaks. Growth investing is positioned as most effective when paired with patience, quality filters, and willingness to endure volatility.	SE UBER	View
2024 Q4	Dec 31, 2024	ClearBridge Investments International Growth ADR Strategy	-	-	ACN, ARGX, ASML, AZN, CHKP, EDP.LS, ICON, ITX.MC, LSEG.L, MUFG, NVO, RMS.PA, SAP.DE, SE, SHOP.TO, SONY, SPOT, TSM	Europe, growth, international, Japan, Luxury, tariffs, Valuations	Added French accessories maker Hermes which limits supply of ultra-premium handcrafted leather goods despite huge consumer demand. This creates waitlists but underpins brand desirability and exclusivity. Opportunities exist through increased volume, pricing power and product categories like ready to wear, jewelry, watches and beauty still in early growth stages.		View
2024 Q4	Dec 31, 2024	Lakehouse Global Growth Fund	-	45.7%	4443.T, ADYEN.AS, AMZN, GOOGL, HEMN.ST, MELI, NOW, SCHW, SE, WIX	E-Commerce, global, growth, Networks, technology	The fund maintains significant exposure to e-commerce through Amazon, which showed relative strength during the month due to sustained growth in e-commerce. Amazon was the biggest contributor to performance with an 11.0% gain.		View
2024 Q4	Dec 31, 2024	Artisan Global Discovery	2.7%	16.1%	ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST	AI, Biotechnology, global, growth, healthcare, semiconductors, technology	Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites.		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 International Growth Fund	-4.1%	8.4%	2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE	AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA.		View
2024 Q4	Dec 31, 2024	Sands Capital Technology Innovators Fund	9.0%	37.7%	AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V	AI, Cloud, global, growth, innovation, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services.		View
2024 Q4	Dec 31, 2024	Sands Capital Emerging Markets Growth Fund	-10.8%	3.1%	006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP	AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making.		View
2024 Q4	Dec 31, 2024	Farrer 36 Asset Management	-	-	ADYEN.AS, APO, GLBE, GOOGL, SE, SHOP	E-Commerce, global, growth, payments, value	Cross-border e-commerce is a rapidly growing segment, growing at almost double the pace of domestic e-commerce. The market is set to hit almost eight trillion in GMV by 2030 growing at a CAGR of 30.5%. Global-e is positioned as the leading end-to-end ecommerce logistics service helping brands sell cross-border.	GLBE	View
2023 Q4	Dec 31, 2023	Farrer 36 Asset Management	-	-	ADYEN.AS, BX, GOOGL, IAC, SE, VZIO	consumer, global, Rate Cuts, small caps, technology, value	Portfolio skews toward mid- and small-cap space which has underperformed large caps. As interest rates are cut, small- and mid-caps tend to do better due to more floating-rate debt and increased risk appetite for smaller companies.	VZIO	View
2024 Q3	Dec 18, 2024	Munro Global Growth Fund	0.0%	0.0%	000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT	AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump	The emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time.		View
2025 Q3	Nov 3, 2025	Sigil Stable Fund	2.9%	-	AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V	E-Commerce, Fintech, global, growth, Platforms, software, technology	Portfolio includes significant positions in e-commerce platforms like Mercado Libre, which continues expanding across Latin America with new services like wholesale platform Mercado Libre Negocios and digital health services. The manager emphasizes platform businesses with structural advantages as a cornerstone of investment philosophy.		View
2024 Q3	Nov 27, 2024	Hayden Capital	13.9%	37.6%	1211.HK, APP, CACC, COIN, CVNA, SE, TM, TSLA	AI, Asia, gaming, growth, Hedge Funds, market structure, Multi-Manager, technology	Applovin's mobile gaming advertising platform demonstrates 20-30% long-term growth potential through AI-driven algorithm improvements and expansion into ecommerce. The company controls approximately 30% of the total gaming market and is instrumental in mobile gaming ecosystem monetization.	APP	View
2022 Q3	Nov 25, 2022	Hayden Capital	13.9%	37.6%	SE, SMRT	-			View
2024 Q3	Nov 18, 2024	Saltlight Capital	15.6%	35.6%	0700.HK, APP, BAM, BLU.JO, RBLX, SE	Advertising, AI, gaming, global, growth, technology	The gaming industry is maturing with growth slowing to 2-4% and undergoing structural consolidation into three buckets: dominant franchise builders, user-generated content platforms, and traditional hit-driven studios. The fund has exposure across all three segments through companies like Tencent, Roblox, AppLovin, and Sea Ltd.	RBLX SE 0700.HK APP	View
2023 Q3	Nov 13, 2023	Saltlight Capital	15.6%	35.6%	KARO, MELI, PPE.JO, SE, TCP.JO	E-Commerce, emerging markets, Fintech, long-term, marketplaces, South Africa, value	Portfolio includes two major e-commerce marketplace investments: MercadoLibre in Latin America and SEA Ltd in Southeast Asia. Both companies are building network effects and scale over decades, with MercadoLibre demonstrating the long-term potential after 24 years of development. The manager emphasizes that marketplaces require extraordinary patience to build but offer significant returns during the uncertainty phase.	PPE.JO TCP.JO KARO ^FTSE ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View
2023 Q3	Nov 10, 2023	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT	consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology	Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth.	SBUX SUNP IN ICLR\|LLY\|PLTR\|SNPS\|TGT AAPL\|MSFT\|NFLX\|NVDA\|UNH AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q3	Nov 10, 2023	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V	AI, China, consumer, growth, healthcare, large cap, technology	Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI.		View
2025 Q3	Oct 8, 2025	Orbis International Equity	-	-	ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM	Asia, Conglomerates, consumer, Hong Kong, Indonesia, value	Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment.	SE ASII IJ JAR LN	View
2025 Q3	Oct 24, 2025	Artisan Global Discovery	3.0%	10.0%	ARGX, ASND, BAB.L, BFAM, CW, INSM, IRTC, LSEG.L, LYV, PRCT, PURE, PX, RBC, SE, TDY, TEAM, TYL, WAY, WING, WST	AI, Biotechnology, defense, global, growth, healthcare, small cap, technology	AI investment boom contributed over 1% to US GDP growth through first half of year, with tech investment growing at fastest pace since 2000. However, rapid AI advancements are creating uncertainty about which software companies can successfully integrate AI versus those facing business model disruption.	WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD	View
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	View
2024 Q3	Oct 17, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM.TO, ALS.TO, AMZN, APG, BAM, BUR, CCO.TO, CHD, DHR, FNV.TO, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SE, SSL.TO, SU.TO, TSU.TO, WPM.TO	Canada, energy, gold, infrastructure, Litigation, Precious Metals, royalties, value	Gold jumped 13.4% during the quarter and is up 42.5% over the past twelve months, finishing at $2,634. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Many precious metals mining companies and royalty businesses are undervalued relative to gold and silver prices.	BUR	View
2025 Q3	Oct 14, 2025	Harding Loevner International Equity	6.6%	22.4%	005930.KS, 2308.TW, 2413.T, 4519.T, 4684.T, 6301.T, 7741.T, 9984.T, AIA, ALC.SW, ALV.DE, ASML, BBVA, BHP.AX, CATL, D05.SI, NESN.SW, NICE, SE, TSM	AI, China, financials, growth, international, Quality, semiconductors, valuation	The fund maintains a persistent tilt toward higher-quality companies as a hedge against economic downturns. However, high-quality stocks have dramatically underperformed, with the top third returning 17% versus 37% for the bottom third year-to-date. This quality bias explains essentially all relative performance shortfall this year.		View
2025 Q3	Oct 14, 2025	Lakehouse Global Growth Fund	-	-	4443.T, ADYEN.AS, AMZN, GOOGL, KXS.TO, MELI, PINS, SCHW, SE, WIX	global, growth, Networks, Quality, technology	The portfolio includes major e-commerce platforms like MercadoLibre and Amazon, which exhibit clear market leadership and superior underlying economics. These businesses are positioned to thrive regardless of economic conditions due to their network effects and loyalty advantages.	WIX IL	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
2025 Q4	Jan 9, 2026	Vision Capital	-5.0%	9.8%	000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS	AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology	Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers.	SE	View
2025 Q4	Jan 6, 2026	The Baird Chautauqua International Growth Fund	0.1%	19.2%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, Automation, China, growth, international, semiconductors, Trade Policy, value	AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities.		View
2025 Q4	Jan 6, 2026	The Baird Chautauqua Global Growth Fund	4.2%	22.1%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, China, growth, international, rates, semiconductors, Trade Policy, value	AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target.		View
2025 Q4	Jan 30, 2026	PGIM Jennison Global Opportunities Fund	-4.1%	5.3%	AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM	AI, consumer, Data centers, global, growth, semiconductors, technology	The team is a big believer in the massive paradigm shift to GenAI and expects leadership in accelerated computing, agentic applications, search, robotics and autonomous driving to move dynamically. Jennison plans to execute with fluidity in this rapidly evolving set of opportunities that cross into multiple sectors. The most interesting part of the Fund, with the strongest secular growth profile, seems to be the most controversial in the market and centers on the massive paradigm shift to GenAI. The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation. This trend led Jennison to add GE Vernova to the Fund's Industrials sector for their natural gas turbine, wind, and electrification businesses. Taiwan Semiconductor rose on record profitability as AI demand continues to exceed expectations. Jennison initiated a position in Advanced Micro Devices as the team believes the use of GPUs for agentic AI applications will continue to expand and customers of NVIDIA are looking for second sources.	GEV	View
2025 Q4	Jan 27, 2026	Artisan Global Discovery	1.7%	12.1%	ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD	AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology	AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses.	MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR	View
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	View
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	View
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	View
2025 Q4	Jan 20, 2026	Harding Loevner Emerging Markets Equity	3.7%	29.1%	000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX	AI, emerging markets, energy, Memory, nuclear, semiconductors, technology	AI-related stocks sustained the relentless rise of the EM index, with seven of the 10 largest contributors being AI-related and accounting for more than 40% of the index's 34% return. The surge reflects sharply accelerating capital investment into AI physical infrastructure, with hyperscalers repeatedly increasing capex plans. EMs are standout beneficiaries because significant portions of AI physical infrastructure are sourced from EM companies, especially Asia-based enterprises like TSMC. The AI boom is engendering structural changes in the memory market that should support higher and more consistent profitability. Three key developments are changing industry dynamics: growing demand for customized, high-value memory products like HBM; the need to surmount the memory wall for AI workloads; and increasing constraints on memory manufacturing capacity as more capacity is allocated to HBM production. The energy demands of AI data centers are staggering, with AI-specific servers using 53-76 terawatt-hours in 2024. This puts renewed attention on nuclear power advantages, which is both scalable enough to meet huge AI data center power requirements and carbon-emission free. Meta, Amazon, and Alphabet have announced plans to invest in nuclear energy, driving demand for uranium.	688188 CH KAP LI 000660 KS 005930 KS	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	View
2025 Q4	Jan 18, 2026	Titan Wealth	-	-	ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE	AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology	AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage.		View
2024 Q4	Jan 17, 2025	ROCKLINC Partners Fund	4.7%	17.4%	AAPL, ADSK, AEM, AMZN, BN, BRK-B, BUR.L, CCO, DHR, FNV, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SAND, SE, TSU.TO, WPM	Canada, gold, inflation, insurance, Precious Metals, Quality, royalties, value	Gold finished up 27% over the past twelve months, continuing to power ahead despite the strong USD, indicating all fiat currencies are losing ground to hard assets. Many precious metals mining companies and royalty businesses are undervalued relative to the price of gold and silver, trading at discounts to intrinsic value.	MKL	View
2025 Q4	Jan 15, 2026	ClearBridge Investments International Growth ADR Strategy	0.0%	0.0%	0700.HK, 8035.T, AZN.L, CLS.TO, EL.PA, ENR1.DE, GALD.SW, HEI.DE, III.L, ITX.MC, LIN, NVO, NWG.L, RACE, ROG.SW, RYA.L, SE, SIE.DE, SONY, TT, UCG.MI	AI, Asia, banks, Europe, growth, international, Pharmaceuticals, value	The Strategy saw strength in holdings supporting the buildout of AI workloads during the quarter, led by Siemens Energy (electrical equipment for data centers), Tokyo Electron (semiconductor equipment), and Celestica (cloud platform technology solutions). Data centers remain supportive for earnings revisions in industrial holdings. Health care was a focus of activity with repurchases of EssilorLuxottica and Galderma Group and addition of Roche. Roche reported positive Phase III data for giredestrant and fenebrutinib with peak sales opportunities of $5 billion each. The sector has been improving after U.S. policy pressures moderated. Increased non-U.S. defense spending is here to stay as NATO evolves from U.S. leadership to more European participation. There has been rebuilding of inventories in the European Union and efforts to maintain steady defense infrastructure supply. Japan has also increased defense spending under its new prime minister. Despite investor avoidance since COVID, Chinese innovation is rapid and happens at lower prices. The next five years will see companies consolidate and dominate higher value chain positions across pharmaceuticals, battery materials, solar energy and technology. Lower valuations and higher profitability make exposure necessary. Banks can benefit from funding AI and energy transitions through new profitable loans. Heidelberg Materials could see upside from implementing decarbonization technologies in cement production. The transition creates lending opportunities and operational improvements for industrial companies. Value has worked internationally because inexpensive stocks are direct beneficiaries of enormous stimulus measures in Germany, Europe and Japan. The Strategy increased structural growth exposure through European and U.K. banks where there is a step change in earnings. Bank valuations remain inexpensive with excess capital.	HEI GR ROG SW NWG LN AZN LN	View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	1.2%	19.6%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality.	2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME	View
2025 Q4	Jan 15, 2026	Baillie Gifford -Emerging Markets	5.7%	40.7%	000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM	AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology	China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation.		View
2025 Q4	Jan 15, 2026	Baillie Gifford -International 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	View
2023 Q4	Jan 14, 2024	Generation Investment Management Global Equity	-	-	A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT	AI, Climate, Global Equity, healthcare, real estate, sustainability, technology	The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2024 Q4	Jan 13, 2025	Miller Wealth Management	-	-	AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V	Cloud, E-Commerce, growth, Latin America, payments, technology	Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. InPost continues UK expansion with Aldi partnership and Post Office trials for parcel lockers.	V RBRK MELI INPST	View
2024 Q3	Sep 30, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	4443.T, AMZN, CSU.TO, GOOGL, MELI, NOW, SE, SPOT, WIX	E-Commerce, global, growth, Networks, software, technology	The fund holds significant positions in e-commerce leaders including MercadoLibre and Amazon. Sea Limited showed strong performance with a 17.8% gain during the month, capitalizing on leading market share and increasing take rates across Southeast Asian e-commerce markets. The ongoing increases in industry take rates may signal a more favorable industry structure ahead.		View
2024 Q2	Aug 27, 2024	Hayden Capital	13.9%	37.6%	AMZN, APP, META, PDD, SE, U	Advertising, AI, Asia, E-Commerce, gaming, Reacceleration, technology	Applovin's Axon machine learning algorithm represents practical AI application that significantly expanded revenues and created industry value. The algorithm improved accuracy by 500% from 2020-2022, with each 20% accuracy improvement generating $500M additional revenue at zero incremental cost. Axon 2 launched in early 2022 drove step-function growth in the ads business from $674M in 2021 to expected $3B in 2024.		View
2024 Q2	Jul 20, 2024	Artisan Global Discovery	7.6%	13.1%	AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING	AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology	AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand.		View
2024 Q2	Jul 18, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	1299.HK, 2348.HK, 4568.T, 7733.T, 8035.T, ABB, ACN, ALC, ATLKY, AZN, BBVA, BVI.PA, CP, LYG, MC.PA, MELI, NICE, NVO, RACE, SE, TSM, UCB.BR, UL	Asia, banks, Europe, growth, healthcare, international, technology	International IT stocks continued to diverge from their generative AI-driven U.S. counterparts, creating performance headwinds. TSMC benefited from renewed strength as the foundry of choice for Nvidia and other AI silicon developers. Accenture's AI projects are ramping up fast and will become increasingly meaningful as companies need to digitize operations and move to cloud.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	AAPL, ADBE, ALC, AMZN, EL, ETN, INTU, ISRG, LLY, META, MSFT, NFLX, NKE, NVDA, PYPL, SE, SYK, TMO, UBER	AI, growth, large cap, Medical Devices, semiconductors, stock selection, technology	Generative AI enthusiasm drove mega cap performance with Nvidia as a key beneficiary. The manager views AI as transforming from a perceived risk into an opportunity, with companies like Adobe moving quickly into generative AI and license protection.	INTU AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2025 Q1	Apr 18, 2025	Baillie Gifford -Emerging Markets	5.9%	5.9%	0700.HK, BIDU, FMX, GLOB, MELI, SE, TSM	AI, China, emerging markets, growth, innovation, tariffs, technology, Valuations	China has been a frustrating market for many years but the tide seems to be turning with policy headwinds becoming tailwinds. Xi Jinping's meeting with tech entrepreneurs marks an important inflection point showing government commitment to growth and private companies. The main move in portfolios during the quarter has been to add to China exposure.	FEMSA GLOB MELI	View
2025 Q1	Mar 31, 2025	Lakehouse Global Growth Fund	-	-	4443.T, ADYEN.AS, AMZN, GOOGL, MELI, SCHW, SE, TW, V, WIX	E-Commerce, Electronic Trading, global, growth, Networks, technology, Trade Policy	Portfolio includes major e-commerce platforms like MercadoLibre and Amazon, with Sea Limited's Shopee showing strong growth momentum. Shopee delivered 37% revenue growth and 28% GMV increase, demonstrating pricing power through improved take rates despite fee hikes.	TW SE	View
2025 Q1	Mar 31, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	1211.HK, 4091.T, 6273.T, 7011.T, 7733.T, 7936.T, AIR.PA, ARGX, BBVA, CP, DB1.DE, DTE.DE, ISP.MI, LLOY.L, NVO, NWG.L, SE, TT, UCB.BR, UCG.MI	banks, China, defense, Europe, growth, infrastructure, international, technology	Defense spending is expected to increase dramatically in the EU and Japan, boosting revenues for aerospace contractors like Airbus and Mitsubishi Heavy Industries. Germany is leading substantial increases in defense spending as Europe shoulders greater responsibility for security. Military spending in Japan could increase from 1% to 3% of GDP.		View
2024 Q4	Feb 27, 2025	Hayden Capital	19.4%	64.3%	APP, SE	Asia, Concentration, E-Commerce, emerging growth, Logistics, Power Law, Southeast Asia	Shopee has built a dominant logistics network (Shopee Express) that is now 89% the size of J&T Express, the largest logistics company in Southeast Asia. This infrastructure investment allows Shopee to expand its profitable total addressable market by serving rural customers with lower shipping costs. The company has invested approximately $2.1 billion to build this logistics capability, generating at least a 14% return on investment with potential to reach 24% as volumes grow.	SE	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	Sea Ltd.	Internet Retail	Interactive Media & Services	Bear	New York Stock Exchange	AI disruption, Brazil, Competitive pressure, Digital gaming, e-commerce, Fintech, Singapore, Southeast Asia	View Pitch
Apr 23, 2026	Fund Letters	Alger Mid Cap Focus Fund	Sea Limited	Internet Retail	Interactive Media & Services	Bull	New York Stock Exchange	Brazil, Digital Financial Services, e-commerce, Gaming, market share, platform company, Shopee, Southeast Asia, user acquisition	View Pitch
Apr 13, 2026	Fund Letters	Lakehouse Global Growth Fund	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, Fintech, Gmv Growth, marketplace, Pricing power, Southeast Asia, Take rate	View Pitch
Apr 13, 2026	Fund Letters	Lakehouse Global Growth Fund	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	Digital Financial Services, e-commerce, Emerging markets, Fintech, Gaming, growth, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Orbis International Equity	Sea Limited	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	Consumer Internet, digital payments, e-commerce, founder-led, Gaming, growth, market leadership, Southeast Asia, technology	View Pitch
Apr 13, 2026	Fund Letters	Saltlight Capital	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, Fintech, Gaming, margin expansion, Mobile payments, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Hayden Capital	Sea Ltd	Communication Services	Interactive Media & Services	Bull	NYSE	Brazil, competitive moat, e-commerce, EBITDA margins, Gmv Growth, international expansion, Latin America, Logistics, market share, operating leverage	View Pitch
Apr 13, 2026	Fund Letters	Hayden Capital	Sea Ltd	Communication Services	Interactive Media & Services	Bull	NYSE	competitive moat, Digital Entertainment, e-commerce, Emerging markets, Gaming, Gmv Growth, livestreaming, Logistics, market share, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Saltlight Capital	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	digital platform, e-commerce, Emerging markets, Fintech, Gaming, growth, network effects, Scale economies, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Sigil Stable Fund	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	e-commerce, Fintech, Gaming, Multi-Segment Business, profitability, Revenue Growth, Southeast Asia, Tariff Immunity	View Pitch
Apr 13, 2026	Fund Letters	Sigil Stable Fund	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, growth, margin expansion, platform, revenue acceleration, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Easterly - Income Opportunities Fund	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Financial Services, Diversified, e-commerce, Gaming, profitability, Southeast Asia, Tariff Immunity	View Pitch
Apr 13, 2026	Fund Letters	Easterly - Income Opportunities Fund	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, Fintech, Gaming, growth, margin expansion, revenue acceleration, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	PM Capital Global Companies Fund	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	e-commerce, Fintech, Gaming, Growth investing, Internet platform, margin expansion, revenue acceleration, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	The Wolf of Harcourt Street	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	e-commerce, Emerging markets, Fintech, Gaming, growth, profitability, Southeast Asia, Tariff Immunity	View Pitch
Apr 13, 2026	Fund Letters	Miller Wealth Management	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, Fintech, Growth investing, margin expansion, revenue acceleration, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	The Wolf of Harcourt Street	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	e-commerce, Emerging markets, Fintech, Gaming, Growth investing, margin expansion, revenue acceleration, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Miller Wealth Management	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	e-commerce, Fintech, Gaming, profitability, Revenue Growth, Southeast Asia, Tariff Immunity	View Pitch
Apr 13, 2026	Fund Letters	Brummer Multi-Strategy Fund	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	e-commerce, Fintech, Gaming, Growth investing, margin expansion, revenue acceleration, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Hayden Capital	Sea Ltd	Communication Services	Interactive Media & Services	Bull	NYSE	Cost advantage, e-commerce, economies of scale, Emerging markets, growth, infrastructure investment, Logistics, market share, Southeast Asia	View Pitch
Apr 13, 2026	Fund Letters	Saltlight Capital	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Capital-light, Emerging markets, Free Fire Franchise, high margins, Low Spec Optimization, Mobile Gaming, Southeast Asia Gaming, user engagement	View Pitch
Apr 13, 2026	Fund Letters	Farrer 36 Asset Management	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, Fintech, Gaming, growth, platform, Southeast Asia, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Brummer Multi-Strategy Fund	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	e-commerce, Emerging markets, Fintech, Gaming, profitability, Southeast Asia, Tariff Immunity	View Pitch
Apr 13, 2026	Fund Letters	Brummer Multi-Strategy Fund	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	e-commerce, Emerging markets, Fintech, Gaming, profitability, Southeast Asia, Tariff Immunity	View Pitch
Apr 13, 2026	Fund Letters	Brummer Multi-Strategy Fund	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	e-commerce, Emerging markets, Fintech, Gaming, profitability, Southeast Asia, Tariff Immunity	View Pitch
Apr 13, 2026	Fund Letters	Brummer Multi-Strategy Fund	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	e-commerce, Emerging markets, Fintech, Gaming, profitability, Southeast Asia, Tariff Immunity	View Pitch
Feb 26, 2026	Fund Letters	Fred Liu	Sea Limited	Consumer Discretionary	Broadline Retail	Bull	New York Stock Exchange	Competition, e-commerce, EV/EBITDA, Logistics, margin compression, market share	View Pitch
Feb 21, 2026	Fund Letters	Scott Thomas	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	New York Stock Exchange	Competition, e-commerce, Fintech, Gaming, Margins, Southeast Asia	View Pitch
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	Sea Ltd	Consumer Discretionary	Internet Retail	Bull	New York Stock Exchange	ecommerce, Emerging markets, Fintech, Logistics, platform	View Pitch
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	Sea Limited	Consumer Discretionary	E-commerce	Bull	New York Stock Exchange	e-commerce, Emerging markets, Fintech, Logistics, platform	View Pitch
Feb 4, 2026	Twitter / X	@GabGrowth	Sea Limited	Broadline Retail	Broadline Retail	Bull	New York Stock Exchange (New York Stock Exchange)	Brazil, ecommerce, Fulfillment, GMV, Logistics, Shopee, Singapore, SocialCommerce, SoutheastAsia, TikTokShop	View Pitch
Jan 29, 2026	Fund Letters	Jason L. White	Sea Limited	Communication Services	Internet Services & Infrastructure	Bull	New York Stock Exchange	ecommerce, Internet, Margins, Platforms, Southeast Asia	View Pitch
Jan 29, 2026	Fund Letters	Eugene Ng	Sea Limited	Consumer Discretionary	Internet Retail	Bull	New York Stock Exchange	digital payments, ecommerce, Fintech, Logistics, Southeast Asia	View Pitch
Jan 28, 2026	Fund Letters	Jesse Flores	Sea Limited	Communication Services	Internet Services & Infrastructure	Bear	New York Stock Exchange	Competition, ecommerce, growth, Logistics, Margins	View Pitch
Jan 28, 2026	Fund Letters	Jesse Flores	Sea Limited	Communication Services	Internet Services & Infrastructure	Bear	New York Stock Exchange	Competition, ecommerce, growth, Logistics, Margins	View Pitch
Jan 27, 2026	Fund Letters	Wolf of Harcourt Street	Sea Limited	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	ecommerce, efficiency, Fintech, Margins, Reinvestment	View Pitch
Jan 24, 2026	Fund Letters	Frank M. Sands	Sea Ltd.	Consumer Discretionary	Broadline Retail	Bull	New York Stock Exchange	Competition, ecommerce, Engagement, Fintech, Logistics, profitability, Reinvestment	View Pitch
Jan 24, 2026	Fund Letters	David E. Levanson	Sea Ltd	Consumer Discretionary	Broadline Retail	Bull	New York Stock Exchange	ecommerce, Fintech, Margins, Reinvestment, Southeast Asia	View Pitch
Jan 21, 2026	Fund Letters	Tom Coutts	Sea Limited	Consumer Discretionary	Internet Retail	Bull	New York Stock Exchange	ecommerce, Fintech, Gaming, Logistics, scale	View Pitch
Jan 20, 2026	Fund Letters	Michael Taylor	Sea Ltd.	Consumer Discretionary	Internet Retail	Bull	New York Stock Exchange	ecommerce, Fintech, Platforms, Reinvestment, scale	View Pitch
Jan 8, 2026	Fund Letters	Nick Thomson	Sea Limited	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	e-commerce, Fintech, Gaming, Garena, profitability, Shopee, Southeast Asia, turnaround	View Pitch
Jan 8, 2026	Fund Letters	David E. Levanson	Sea Limited	Communication Services	Entertainment	Bull	New York Stock Exchange	ecommerce, Fintech, Gaming, growth, Margins	View Pitch
Nov 29, 2025	Fund Letters	Timo Smuts	Sea Limited	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	e-commerce, Gaming, growth, leadership, operating leverage, Payments, Southeast Asia	View Pitch
Nov 3, 2025	Seeking Alpha	Seeking Alpha	Sea Limited		Internet Retail	Bull		Digital Entertainment, e-commerce, internet services, Sea Limited, Southeast Asia	View Pitch

BSD Shareholders of SE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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