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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 20, 2025 | BNY Mellon Global Emerging Markets Fund | 13.8% | 11.6% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, technology, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2025 Q2 | Jun 30, 2025 | Merchant West | - | - | BP, BRK-A, COLB.CO, CVX, DHR, ISRG, NPN.JO, SHEL, SHP.JO, SYK, TTE, XOM | demographics, energy, healthcare, Investment Management, liquidity, policy, South Africa, technology | JSE liquidity has been declining with trading concentrated in fewer stocks. Large asset managers face significant challenges building meaningful positions in illiquid stocks without moving prices. This creates opportunities for boutique managers who can access under-researched small and mid-cap companies. | TTE TTE FP |
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| 2024 Q2 | Jun 30, 2024 | Merchant West | - | - | LHC.JO, PIK.JO, SHP.JO, SPP.JO, WHL.JO | dividends, Elections, Politics, Recovery, retail, South Africa | The formation of a Government of National Unity following elections has created political stability and improved investor confidence. South African assets are priced extremely conservatively and offer exceptional long-term value after years of underperformance. | View | |
| 2025 Q1 | Mar 31, 2025 | Merchant West | - | - | ADH.JO, AVI.JO, BOX.JO, CPI.JO, LHC.JO, MC.PA, OUT.JO, PNP.JO, SHP.JO, TIF | dividends, Economic Reform, growth, Luxury, retail, South Africa | South Africa faces significant economic challenges with GDP growth averaging just 0.6% annually over the past decade, compared to 2.4% for the US and 1.5% for the EU. The World Bank highlights excessive institutional burden that smothers implementation capacity and creates corruption opportunities. However, the new Government of National Unity offers prospects for structural reform and quick wins to foster improved confidence and catalyse growth. | MC.PA BOX.JO |
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| 2025 Q4 | Feb 20, 2026 | Merchant West | 1.8% | 7.6% | ABG.JO, INL.JO, NED.JO, SBK.JO, SHP.JO | inflation, liquidity, Money Market, rates, South Africa | The US Fed cut rates by 25 basis points in both October and December, bringing the target range to 3.50-3.75%. The SARB cut rates by 25 basis points in November to 6.75%, with cumulative cuts of 125 basis points since September 2024. The SARB predicts a 75-basis-point decline over the next 15 months, with the repo rate expected to reach 6.0% by March 2027. SA's consumer price inflation for November 2025 came in at 3.5% and is expected to remain subdued, reaching 3.0% by February 2026. The SARB's new inflation target of 3% with a 1 percentage point tolerance band contributed to lower inflation expectations and positive sentiment. South Africa's economic growth outlook for 2025 is modest but improving, with forecasts at around 1.1% to 1.4% growth. SA's removal from the FATF greylist and the stronger rand (+4.3% against the US dollar) contributed to positive sentiment. The South African bond market produced stellar returns, gaining 9% in the quarter and 24.2% for the year. | View | |
| 2025 Q3 | Nov 13, 2025 | BNY Mellon Global Emerging Markets Fund | 9.9% | 19.7% | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, value | Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. | View | |
| 2025 Q4 | Jan 7, 2026 | INN8 | 0.0% | 0.0% | AMZN, AU, BRK-A, CSCO, GFI, GOOGL, HMY, IMPUY, MRP.JO, PIK.JO, SBSW, SHP.JO, SPP.JO, TFG.JO, TRU.JO, WHL.JO | AI, Defense Spending, diversification, Global Markets, gold, rates, Trade Policy | AI remained the dominant theme driving US equity markets with the S&P 500 up 17.8% and Nasdaq gaining 21%. The AI trade broadened beyond chips to include data center companies, with three of the S&P 500's top 10 performers being data storage companies. Investment in AI infrastructure is reaching unprecedented levels with trillions in spending, though questions remain about whether revenue can justify the massive capital deployment. President Trump's hardline tariff agenda became one of the most consequential stories of 2025, lifting average tariff rates to nearly 17% from less than 3% at the end of 2024. The tariffs generated roughly $30 billion monthly for the US Treasury and brought world leaders to Washington seeking trade deals. Despite multiple rounds of meetings, a final agreement with China remains incomplete, with China using its leverage in rare earth minerals to push back against further tariffs. Safe-haven gold gained 65% in 2025, its best annual gain since 1979, driven by geopolitical uncertainties, expectations of US rate cuts, strong central bank buying, and the de-dollarisation trend. Gold mining companies delivered massive returns with Gold Fields up 200%, AngloGold up 242%, Harmony up 124%, Sibanye up 313%, and Implats up 204%. European defense shares surged 56% driven by pledges of higher defense spending across Europe. Germany is expected to spend up to a trillion euros on defense and infrastructure, reflecting the broader commitment to increased military expenditure across the region. The Fed cut interest rates three times in 2025, lowering the benchmark rate to 3.5%-3.75% range as employment growth slowed and unemployment rose. However, new projections show only one rate cut expected this year with further cuts likely on hold until inflation falls or unemployment rises more than anticipated. | View | |
| 2024 Q4 | Jan 28, 2025 | Rozendal Partners | - | -3.0% | AFE.JO, BLU.JO, BUR.L, GDR.JO, HCI.JO, JD, MDIA3.SA, META, NE, PIK.JO, PPC.JO, SESG.PA, SHP.JO, TBS.JO, TSCO.L | global, retail, stock selection, technology, underperformance, value | Burford Capital operates in the litigation funding market, which offers attractive long-term growth prospects and favorable economics. The business provides capital to fund legal expenses in return for a share of proceeds, with returns typically around 30% internal rates of return. However, the company's high cost structure limits profitability of third-party asset management. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||