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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Hardman Johnston International Equity	17.4%	25.5%	6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR	defense, Europe, industrials, international, Japan, semiconductors, technology	NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats.	6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR	View
2025 Q2	Jul 1, 2025	Temasek Holdings	-	-	068270.KS, 0700.HK, 1299.HK, 2318.HK, 3690.HK, 5E1.SI, ADYEY, AMZN, AXSB.NS, BABA, BLK, BN4.SI, C6L.SI, D05.SI, HDFCBANK.NS, ICICIBANK.NS, INTA, MA, NVDA, S57.SI, S58.SI, S68.SI, STAN.L, U96.SI, V, Z74.SI	AI, Asia, energy, infrastructure, Resilience, Singapore, sustainability, technology	Temasek continued investing in AI infrastructure and applications, recognizing the transformative potential of AI technologies on the global economy. Investments included major technology companies like Alphabet, Amazon, Microsoft, and Nvidia, as well as data infrastructure companies like Databricks and Veeam Software.		View
2025 Q1	Mar 31, 2025	Pzena International Value ADR Strategy	11.2%	11.2%	6479.T, 6762.T, AKE.PA, BABA, CABK.MC, GSK, ING, MG, OTP.BD, SBRY.L, STAN.L	Europe, financials, healthcare, international, Outperformance, value	European banks CaixaBank and ING Groep provided strong outlooks affirming earnings sustainability and capital robustness even in declining interest rate environments, with plans to continue significant capital returns to shareholders. The portfolio maintains overweight positioning in cyclical financials.	GSK	View
2025 Q1	Mar 31, 2025	Artemis Global Select Fund	-7.5%	-7.5%	6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM	AI, defense, global, Quality, semiconductors, tariffs, technology, value	AI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand.	SAF.PA META TTEK PG WPM STAN.L CEG TSM AMZN NVDA GLOB	View
2025 Q1	Mar 31, 2025	Castlebay Investments	-	-	AAL.L, AZO, GLEN.L, HSBA.L, STAN.L	Banking, cyclicals, Quality, rates, tariffs, Uk, value	Trump's reintroduction of sweeping tariffs aims to reduce America's reliance on imports and revive domestic manufacturing, particularly in high-tech AI-driven sectors. The tariff proceeds are estimated at $300-$600bn annually to finance tax cuts and social reform. However, markets are nervous with global equity sell-offs and unexpected rises in U.S. treasury yields as foreign holders like China and Japan may be offloading U.S. debt.	AZO HSBA.L	View
2024 Q4	Dec 31, 2024	Hardman Johnston Global Equity	-0.2%	22.0%	AMZN, BAC, BSX, COTY, ELAN, FTI, GOOGL, HWM, IQV, LEN, LLY, MA, MELI, META, NVO, PRX, STAN.L, TMUS, UNH, VRTX	Agriculture, AI, Data centers, Deregulation, energy, financials, healthcare, technology	AI is driving accelerating demand for data centers, with companies like Vertiv benefiting from AI-driven data center demand and Howmet Aerospace seeing emerging growth from industrial gas turbines used in gas power plants for AI data centers. The manager views AI as a long-term play that creates opportunities throughout its value chain globally.		View
2024 Q4	Dec 31, 2024	Hardman Johnston Large Cap Equity	-1.3%	17.3%	AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, LEN, MA, MELI, MMC, PYPL, SCHW, SLB, SN, STAN.L, SUZKY, TMUS	Data centers, healthcare, interest rates, large cap, technology, Trade Policy	Data center buildout remains strong with companies like Marvell and Vertiv playing key roles. Investment in data centers for artificial intelligence applications was strong during the quarter. Marvell has a strong position in data networking chips in data centers.	LEN MRVL SN	View
2024 Q4	Dec 31, 2024	Hardman Johnston International Equity	-3.3%	13.4%	7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR	emerging markets, Europe, financials, healthcare, international, stock selection, technology	TSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally.		View
2024 Q4	Dec 31, 2024	Moerus Capital Management	-	16.0%	0388.HK, 1821.HK, 1910.HK, AAL.L, ARCO, BAJAJHLDNG.NS, BMA, CBD, DESP, DGX, EFX.TO, GGAL, IDFCFIRSTB.NS, JEF, MEG.TO, NTCO, STAN.L, TID, TSGYO.IS, UCG.MI	Argentina, Banking, contrarian, fundamentals, Hong Kong, international, Turkey, value	Three of the Fund's five largest positive contributors came from Argentina, including Grupo Financiero Galicia, Despegar.com, and Banco Macro. The manager built positions in Argentine banks at discounted prices reflecting extreme pessimism from macro chaos, believing they were well-positioned as international players fled the market. Early signs of improvement under the Milei administration, including fiscal surplus and deceleration in inflation, drove strong performance.		View
2025 Q3	Nov 17, 2025	Appleseed Fund	-	-	AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY	commodities, Dollar, global, gold, inflation, value	Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher.		View
2025 Q3	Oct 21, 2025	Hardman Johnston Global Equity	5.0%	23.1%	6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX	AI, Equity, Europe, financials, global, semiconductors, technology, Trade	Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs.	TSM ADYEN STAN	View
2025 Q3	Oct 21, 2025	Hardman Johnston International Equity	8.5%	36.2%	6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR	AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy	The portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals.	SUZUKI PROS SDZ UCB	View
2024 Q4	Jan 8, 2025	Kernow Asset Management	8.0%	23.0%	CARD.L, CMCX.L, GFRD.L, HSX.L, MS, MTRO.L, PNN.L, SAGA.L, STAN.L, WISE.L	contrarian, Fintech, Long/Short, UK Equities, value, water	Wise continues to exceed expectations by adding wholesale clients like Morgan Stanley and Standard Chartered to its traditionally retail-focused FX business. This expansion is three years ahead of expectations and represents a significant competitive advantage through low-cost infrastructure that peers cannot match on price.	WISE.L	View
2024 Q4	Jan 8, 2025	Longriver Investment Partners	2.5%	26.0%	005930.KS, AMZN, C, COST, GAW.L, GOOGL, IBKR, INTC, JPM, MA, META, MS, NFLX, NU, PDD, STAN.L, TCOM, TSM, V, WISE.L	AI, gaming, global, long-term, payments, semiconductors, technology	Wise is building alternative infrastructure to make cross-border money transfers cheaper and faster by eliminating correspondent banking intermediaries. The company has grown to move ~GBP 130 billion annually and is positioned to become the B2B infrastructure for global cross-border transfers, similar to how Visa and Mastercard operate in credit cards.	WISE.L	View
2025 Q4	Jan 30, 2026	Moerus Capital Management	4.8%	40.4%	1200.HK, CMW.AX, DC.TO, DOUG, EXOR.MI, JEF, JSE.L, LTM, NTCO3.SA, STAN.L, TARS, TSGYO.IS, VAL, VALT.L, WED.TO	Banking, contrarian, emerging markets, international, Mining, Recovery, value, volatility	The Fund focuses on deeply discounted opportunities where overly pessimistic expectations are priced in, creating upside potential when outcomes prove merely benign. Examples include Valterra Platinum, Midland Holdings, and LATAM Airlines, all purchased when expectations were at their nadir. The manager believes there is less competition for deep value, out-of-favor opportunities due to attrition among value investors and style drift toward Growth strategies. Valterra Platinum, the world's largest producer of Platinum Group Metals, was purchased when expectations were rock-bottom due to EV adoption concerns. The platinum market entered its third consecutive year of supply deficit in 2025, with producers cutting higher-cost production and auto manufacturers walking back EV ambitions. Platinum prices surged from depressed levels, driving significant gains. LATAM Airlines Group was purchased in 2023 shortly after emerging from bankruptcy when stigma and pandemic effects repelled investors. The company had a much-improved financial profile, competitive position, and cost structure post-bankruptcy with meaningfully reduced debt and operating costs. Performance was driven by passenger volume recovery and impressive business results leading to increased profitability and share repurchases. Türkiye Sigorta was added in 2023 when general investor flight from Turkey occurred amid unorthodox economic policies and 85% inflation. The insurance environment was painful with dramatically rising claims costs, but created opportunity to invest in a high-quality business at heavily discounted prices. Performance improved as policies reset at higher prices and the Turkish Central Bank adopted orthodox monetary policy. Midland Holdings, the leading Hong Kong residential property broker, was purchased when shares had sunk to extremely depressed levels amid an ailing local residential market hurt by higher interest rates and economic issues. The company's cash made up roughly 70% of market cap at purchase, with nascent signs of improvement in the Hong Kong residential market exceeding minimal expectations.		View
2025 Q4	Jan 20, 2026	OAM European Value Fund	-	-	096770.KS, BSRT.L, DAN.MI, HANA.L, HAUTO.OL, HVPE.L, NN.AS, NRO.PA, OCI.L, PIN.L, RCP.L, RTW.L, SBER.ME, SIBN.ME, STAN.L, VIG.VI, WALW.OL, WWI.OL, YAR.OL	Biotechnology, Discounts, Europe, insurance, NAV, private equity, shipping, value	Fund focuses on buying shares in decent operating businesses at significant discounts to intrinsic value. European value stocks had their largest outperformance versus growth stocks in 30 years, beating them by 19 percentage points in 2025. Manager believes value will continue to outperform growth during remainder of this decade. Major holdings include NN Group (Dutch life and non-life insurance) and Vienna Insurance Group (leading in Central and Eastern Europe). VIG was best performing stock with 158% return, benefiting from acquisition of Nürnberger and expansion opportunities in Eastern European markets with low insurance penetration rates. Fund had exceptional exposure to car carrier industry through Wallenius Wilhelmsen, Höegh Autoliners, and Wilhelmsen family holding company. Generated 110% IRR over 5 years before exiting operating companies due to expected decline in freight rates as new supply enters market. New investment in RTW Biotech reflects belief that gene splicing and editing will be the next big thing over coming generation. Biotech emerging from bear market with increased M&A activity as Big Pharma faces patent cliff. RTW positioned globally including China's rapidly growing biotech sector. Fund invests in listed private equity funds trading at significant discounts to NAV. Holdings include Pantheon International and HarbourVest Global Private Equity at 26% discounts versus typical 10% discounts in secondaries market. M&A activity picking up, underscoring valuations.	RTW LN DAN IM VIG AV STAN LN	View
2025 Q4	Jan 14, 2026	Hardman Johnston Global Equity	2.9%	0.0%	6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX	AI, banks, Data centers, defense, financials, global, nuclear, technology	The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy.	VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C	View
2025 Q4	Jan 14, 2026	Hardman Johnston International Equity	4.3%	0.0%	0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L	AI, Asia, defense, Europe, financials, healthcare, international, Mining	The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory.	DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW	View
2024 Q3	Sep 30, 2024	Hardman Johnston Global Equity	4.5%	22.2%	AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX	aerospace, AI, defense, global, healthcare, technology, volatility	AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential.	META TEAM ASML PRX.AS MELI SAF.PA HWM	View
2024 Q3	Sep 30, 2024	Hardman Johnston Large Cap Equity	4.9%	18.8%	7269.T, AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, ILMN, MA, MELI, MMC, PYPL, SCHW, SLB, STAN.L, TMUS, XRAY	aerospace, AI, healthcare, large cap, rates, technology	The Federal Reserve cut interest rates by 0.5% in September, signaling a change in direction for major parts of the economy. After years of rapidly rising rates, this change will affect mortgage rates, credit card balances, savings, and business operations. Major sectors that have been moribund, especially housing, will have a chance to help the next expansion cycle get underway.		View
2024 Q3	Sep 30, 2024	Hardman Johnston International Equity	5.7%	17.2%	1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR	AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility	Defense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries.	NEXN.PA NVO ASML NOD.OL PRX.AS MELI PRY.MI 7011.T	View
2024 Q2	Jun 30, 2024	Moerus Capital Management	-	7.9%	0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO	Argentina, Corporate Activity, emerging markets, real estate, Turkey, value	Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration.		View
2023 Q2	May 31, 2023	Moerus Capital Management	-	2.7%	AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO	Banking, Buybacks, energy, growth, inflation, Latin America, technology, value	Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward.		View
2025 Q1	Mar 31, 2025	Hardman Johnston Global Equity	0.4%	0.4%	AIR.PA, AMZN, BAC, BN, BSX, ELAN, GOOGL, HWM, IFX.DE, LLY, MA, MELI, META, MRVL, PRX.AS, RHM.DE, STAN.L, TMUS, TSM, VRT	aerospace, AI, China, defense, Europe, global, semiconductors, Trade Policy	European defense spending is structurally higher following geopolitical shifts. Germany changed its Constitution to release fiscal debt brakes, enabling unlimited defense spending. Europe announced massive defense and infrastructure spending framework with financing mechanisms.		View
2025 Q1	Mar 31, 2025	Hardman Johnston Large Cap Equity	-6.5%	-6.5%	AMZN, AZN, BDX, CMCSA, GOOGL, HWM, HXL, IBN, MA, META, MMC, MRVL, PYPL, SCHW, SLB, SN, STAN.L, TMUS, VRT, VRTX	aerospace, AI, growth, tariffs, technology, volatility	The portfolio was significantly impacted by AI-related volatility following DeepSeek's R1 model release, which pressured AI compute and networking supply chains. Despite the selloff in holdings like Marvell and Vertiv, the manager believes the immediate reaction was an overreaction and that reasoning models should drive greater hardware demand over time.		View
2025 Q1	Mar 31, 2025	Hardman Johnston International Equity	6.9%	6.9%	7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, GMAB, HDB, IBN, IFX.DE, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR	AI, defense, Europe, industrials, international, semiconductors, tariffs, technology	Germany changed its Constitution to release fiscal debt brakes enabling unlimited defense spending, while Europe announced massive defense and infrastructure spending framework. Japan is committed to achieving 2% of GDP defense spending with speculation of upward revision to 3% and beyond.		View

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