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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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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| 2026 Q1 | Apr 23, 2026 | WS Amati Global Innovation Fund | - | - | 005930 KS, BAS.DE, BSY, JHX, LITE, MKSI, PI, TECN SW, VU.PA, WGS | AI, Automation, defense, global, innovation, semiconductors, technology | JHX BSY TECN.SW VU.PA PI MKSI LITE 005930.KS |
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| 2024 Q1 | Apr 20, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, KSPI, VU.PA | emerging markets, energy, gaming, oil, small caps, value | The fund increased oil and gas exposure from 50% to 60% of portfolio in Q4 2023, driven by thesis that secular supply shortages will support strong oil prices. Manager expects WTI crude to stay range-bound with $80 at the low end, enabling companies to maintain strong profitability and reward investors with share repurchases and dividend hikes. | VU.PA KSPI 3918.HK |
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| 2024 Q3 | Dec 18, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, GCT, GLD, KSPI, VU.PA | Asia, Cyclical, Drawdown, E-Commerce, oil, value | The fund holds positions in cross-border e-commerce companies like Gigacloud Technology, which specializes in furniture and bulky items logistics, and Kaspi.KZ, which operates in Kazakhstan's e-commerce ecosystem. The manager sees significant opportunities in specialized e-commerce niches with strong barriers to entry. | VU.EPA KSPI 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 Q2 | Jul 23, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, KSPI, VU.PA | Asia, Casinos, concentrated, emerging markets, oil, small caps, value | Portfolio affected by oil price volatility following OPEC+ announcement to phase out production cuts. WTI dropped from $86.91 to $73.25 before recovering. Manager sees potential exit point post-election due to possible Trump drill baby drill scenario disrupting supply-demand dynamics. | VU.PA KSPI 3918.HK |
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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 26, 2026 | Fund Letters | WS Amati Global Innovation Fund | VusionGroup SA | Software - Application | Technology Hardware, Storage & Peripherals | Bull | Euronext Stock Exchange | Digitalization, Electronic shelf labels, france, market dominance, productivity solutions, retail technology, Walmart Contract | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | VusionGroup | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Euronext Paris | Electronic shelf labels, IoT, margin expansion, Retail Digitalization, retail technology, US Expansion, value-added services | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | VusionGroup | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Euronext Paris | Digital transformation, Electronic shelf labels, ESL, inflation hedge, IoT Solutions, quality compounder, retail technology, US market penetration, Walmart | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | VusionGroup | Information Technology | Electronic Equipment, Instruments & Components | Bull | Euronext Paris | Electronic shelf labels, Equity, Labor Costs, market leadership, Pricing power, Retail Automation, technology, Walmart | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | VusionGroup | Information Technology | Electronic Equipment, Instruments & Components | Bull | Euronext Paris | Automation, Digitalization, Electronic shelf labels, inflation, IoT, Labor Costs, retail technology, Walmart | 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. | ||||||||