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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 4, 2024 | Bonsai Partners | 0.0% | -3.3% | AAPL, COST, CSCO, UI | Capital Allocation, hardware, Networking, Operational Float, Quality, value | Ubiquiti operates in the networking technology hardware space, providing products like routing, switching, wireless access points, VoIP phones, and security cameras. The company competes against enterprise-grade networking equipment providers like Cisco's Meraki, Aruba Networks, and Ruckus Networks, but offers products at roughly one-third the price while maintaining higher profitability through operational efficiency. | UI |
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| 2025 Q2 | Jul 4, 2025 | Kathmandu Capital | 16.6% | 14.6% | 3918.HK, 688082.SS, ACMR, GCT, KSPI, OMAB, UI, VU.PA | Airports, China, international, Onshoring, semiconductors, technology, Trade Policy, value | Manager emphasizes China's semiconductor supply chain localization amid trade tensions, with ACM Research positioned to benefit from domestic market share gains. Also highlights nearshoring opportunities in Mexico through airport operator OMAB as manufacturers seek to mitigate tariff risks. | OMAB ACMR OMAB ACMR UI GCT KSPI 3918 HK |
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| 2025 Q1 | May 26, 2025 | Kathmandu Capital | -1.7% | -1.7% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Asia, diversification, Europe, risk management, tariffs, value | Tariff concerns have overshadowed global economic prospects this quarter, with markets becoming increasingly policy-driven and volatile. The U.S. surprise tariff on Vietnam has cast uncertainty over the furniture industry, affecting Chinese suppliers routing shipments through Vietnam. Tariffs are likely to pressure margins for companies without U.S. manufacturing facilities. | SEG VU.PA KSPI UI GCT 3918.HK |
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| 2025 Q3 | Oct 14, 2025 | Kathmandu Capital | 14.6% | 31.4% | ACMR, KSPI, LEU, UI, VU.PA | AI, China, energy, geopolitics, gold, nuclear, semiconductors, technology | AI and Federal Reserve policy remained dominant themes over the quarter. Big Tech continues ramping investment in AI-driven capex cycle, which appears real with potential to power Industry Evolution 5.0 and usher in new era of productivity growth. The manager views this as a secular opportunity while preparing for eventual cycle slowdown. | KSPI US LEU US ACMR US UI US |
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| 2024 Q4 | Mar 17, 2025 | Kathmandu Capital | -10.7% | -11.0% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Concentration, international, long-term, small caps, underperformance, value, volatility | The fund focuses on high-quality, undervalued companies that have become available at reasonable valuations due to market turmoil. The manager emphasizes finding deep value gems and quality compounders trading below intrinsic value, with specific examples like Gigacloud trading at less than 5x P/E. | SEG VU.PA KSPI UI GCT 3918.HK |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Ubiquiti | Information Technology | Communications Equipment | Bull | NYSE | Communications Equipment, enterprise, Equity, Fiber, Government, infrastructure, Networking, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Bonsai Partners | Ubiquiti Inc. | Information Technology | Communications Equipment | Bull | NYSE | asset-light, capital allocation, Counter-positioning, founder-led, Hardware, networking equipment, Operational Float, Prosumer, Share Buybacks, SMB | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Ubiquiti | Information Technology | Communications Equipment | Bull | NYSE | 5G, Brand, Cost leadership, Fiber, infrastructure, networking equipment, SMB, telecommunications | View Pitch |
| Feb 4, 2026 | Twitter / X | @nitinkinvest | Ubiquiti Inc. | Communications Equipment | Communications Equipment | Bull | New York Stock Exchange | Enterprise Networking, Hardware, MSPs, Networking, operating leverage, Routers, supply constraints, Switches, WiFi | View Pitch |
| Jan 8, 2026 | Fund Letters | Vincent Lo | Ubiquiti Inc. | Information Technology | Communications Equipment | Bull | New York Stock Exchange | broadband, infrastructure, Networking, Subsidies, Wireless | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||