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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Platinum International Fund | 0.3% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade | AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Brands Fund | 6.6% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies. | IDXX WING GALD SW |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Technology Fund | 18.4% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS | AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies. | KLAC |
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| 2025 Q2 | Jun 30, 2025 | Artisan International Fund | 16.7% | 27.6% | 4091.T, 7011.T, AI.PA, AIR.PA, ARGX, BKIIF, DTE.DE, MLSPF, NG.L, RWE.DE, SSE.L, TSMC, UCB.BR | Asia, defense, Electrification, Europe, industrials, infrastructure, international, tariffs | NATO countries agreed to raise defense spending to 5% of GDP over the next 10 years, driving strong performance in aerospace and defense holdings. Companies like Babcock International, LIG Nex1, Hanwha Aerospace, and Airbus delivered exceptional returns on strong earnings and order books from increased global defense spending. | AI FP ARGX BB MOVE SW UCB BB 064350 KS 7011 JP BAB LN |
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| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | 005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO | AI, China, global, semiconductors, technology, value | AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Asia Fund | 2.0% | - | 000660.KS, 005930.KS, 021240.KS, 0700.HK, 1109.HK, 1357.HK, 3968.HK, 9961.HK, AAPL, CATL, GOOGL, INGVY, JD, NVDA, PDD, TSM, TSMC, ZTO | Asia, China, India, Property, semiconductors | Strong performance from semiconductor holdings TSMC and SK hynix driven by AI enthusiasm. TSMC up 25% and SK hynix up 28% during the quarter as markets focused on AI-exposed companies. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena Investment Management | - | - | 005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS | AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value | Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs. | 005930.KS |
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| 2023 Q1 | Mar 31, 2023 | Evolve Private Wealth | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSMC | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly such heavy spending can translate into tangible returns. | 000700.HK AVGO AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT LSEG.L LRCX GOOGL |
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| 2025 Q4 | Feb 13, 2026 | Eagle Capital Management | 0.0% | 17.5% | ASML, BAYRY, LSEGY, SAP, SHEL, TSM, TSMC | Agriculture, energy, international, semiconductors, software, technology, value | ASML operates as an effective monopoly in EUV lithography tools, supplying every major foundry producing leading-edge semiconductors. TSMC dominates pure play semiconductor foundry manufacturing with over 90% of advanced logic chips and is at the epicenter of AI infrastructure buildout. Both companies benefit from growing demand for complex silicon wafers driven by AI adoption. Bayer operates the world's largest crop science business with leading market share in the U.S. and South America. The company is working through legal issues related to glyphosate while agriculture is in a downcycle. Crop science R&D is likely to benefit from advances in AI, with Bayer having the broadest and deepest seed and trait data sets. London Stock Exchange Group operates critical financial market infrastructure and data businesses. The company has a near-monopoly in interest rate derivatives through London Clearing House and leads electronic fixed-income trading through Tradeweb. While AI disruption concerns exist for the data business, the company's data assets should benefit from broader distribution. SAP is the world's largest enterprise software application company with ERP systems serving as the backbone for much of the Fortune 500. The company is converting its massive installed base from on-premise to higher-value cloud subscriptions. Extraordinary switching costs result in retention rates well above 90%. Shell is one of the world's largest integrated energy companies with the largest LNG business globally. New leadership has prioritized shareholder returns and hydrocarbon cash flows. The company has bought back nearly 25% of its shares over the past four years while maintaining a 4% dividend yield. | TSM SHEL LN SAP GR LSEG LN BAYN GR ASML NA |
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| 2025 Q4 | Dec 31, 2025 | ACATIS Investment | 0.0% | 0.3% | ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS | AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. | PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM |
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| 2025 Q3 | Oct 22, 2025 | Mobius Capital Partners | -0.6% | - | 8131.T, EPAM, MELI, NVDA, TCOM, TSMC | active management, AI, China, emerging markets, Rate Cuts, semiconductors, tariffs, technology | Strong Q2 results from US hyperscalers and confirmation of continued large-scale AI capital expenditure reignited confidence in AI-led growth. Big Tech has invested more than $155 billion in AI this year. This strength in US and Chinese technology has also supported companies in emerging markets like Taiwan and South Korea which play vital roles in AI supply chains. | View | |
| 2024 Q2 | Oct 7, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEN.AS, APH, ASML, CDNS, CMG, CSGP, DOL.TO, FI, GOOGL, HEI, ISRG, LRCX, MELI, NFLX, NVDA, PCOR, TSM, TSMC, TT, WDAY | AI, growth, portfolio, semiconductors, software, technology, Valuations | AI enthusiasm drove semiconductor outperformance but created market narrowness concerns. Manager trimmed AI-exposed positions including Nvidia, ASML, Lam Research and Cadence due to uncertainty about sustainability of $200 billion annual AI spending. Portfolio positioned for wide range of outcomes including potential AI spending reduction. | TSM |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1398.HK, 4507.T, 4519.T, 6758.T, 6869.T, 7974.T, ADYEN.AS, ALC.SW, ALV.DE, BNTX, COLOB.CO, HDB, HLN.L, MELI, NESN.SW, OR.PA, ROG.SW, SHEL.L, TSMC | China, Europe, financials, healthcare, international, Japan, momentum | The letter extensively discusses momentum investing as a factor that has challenged fundamental investors over the past 18 months. The manager explains their deliberate resistance to incorporating momentum into their investment process, citing concerns about trading costs, volatility, and lack of fundamental basis. They note that momentum concentrated in large market cap stocks has created FOMO-driven dynamics. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP | AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation | Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers. | ICICIBANK.NS RADL3.SA |
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| 2025 Q1 | Mar 31, 2025 | Harding Loevner Emerging Markets Equity | 1.3% | 1.3% | 005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC | AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy | China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation. | BAJAJ-AUTO.NS SUPREMEIND.NS |
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| 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. | ||||||||