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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Asheville Capital Management | 17.0% | 13.4% | 4433.T, 4480.T, 5584.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L | Concentration, global, growth, Japan, Quality, technology, value | Timee operates as a marketplace for on-demand labor or spot work, connecting individuals seeking flexible shift-based jobs with employers needing short-term help across logistics, food service, and retail industries. The company has achieved strong network effects with an 88% job fill rate significantly exceeding competitors at 40-50%, creating a powerful feedback loop where employers stick with what works and workers follow demand. | TIMEE.T |
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| 2025 Q2 | Aug 18, 2025 | Bonsai Partners | - | 7.3% | AMZN, CELH, FEVR.L, KO, MNST, TAP, WISE.L | Beverages, Customer Focus, Distribution, Enduring Economics, Partnerships, Quality | Fever-Tree demonstrates the power of premium positioning in the mixer industry, capitalizing on Schweppes' fragmented ownership structure. The company's partnership with Molson Coors provides guaranteed minimum royalty payments through 2030, offering strong earnings visibility and resolving margin issues through domestic manufacturing. | FEVR.L |
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| 2025 Q2 | Jul 9, 2025 | Longriver Investment Partners | 11.7% | 11.4% | 0700.HK, 1523.HK, 2359.HK, 9442.T, AAPL, AMD, AMZN, BABA, BIDU, FUTU, GAW.L, GOOGL, INTC, META, MSFT, NVDA, ORCL, TOI.TO, TSM, VTC.L, WISE.L | AI, Big tech, China, Cloud, growth, semiconductors, technology | AI is moving from hype to habit with real usage growth, as evidenced by Microsoft processing over 100 trillion tokens quarterly. OpenAI leads in product and distribution with ChatGPT becoming a household verb, while Meta uses AI to enhance ad platform performance. The shift from training-heavy to inference-focused infrastructure spending is reshaping capex priorities across the industry. | NVDA TSM 0700.HK META |
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| 2025 Q2 | Jul 9, 2025 | Ennismore Global Equity Fund | - | 7.5% | ACP.WA, ADM.L, AUTO.L, CLNX.MC, FLTR.L, HEMNET.ST, KARNOV.ST, MRO.L, NNI, PDX.ST, RYA.L, SPX.L, WISE.L | AI, Capital Allocation, Controlled Companies, Europe, Long/Short, Quality, value | Karnov Group is positioned as one of the most compelling AI beneficiaries in public markets, with AI tools priced at 30% premium to standard licenses accelerating revenue growth. Legal professionals see clear ROI from improved efficiency as the cost of a license is a fraction of a junior associate's salary. | CLNX.MC ASSECO.WA KRNV.ST TIGO KAR SS FLUT |
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| 2023 Q2 | Jul 8, 2023 | Torre Financial | 13.2% | 31.9% | 6367.T, ADYEY, AMD, ANSS, ASML, CDNS, FI, GOOGL, JNJ, LIN, LRCX, LZAGY, MCHP, MEDP, MSFT, NFLX, NOW, NVDA, NVO, ON, PGR, SWAV, TSLA, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble where long-term promise is significant but near-term corrections are expected. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree rather than direct beneficiaries. | View | |
| 2025 Q2 | Jul 27, 2025 | Diamond Hill International | 11.7% | 16.1% | 8604.T, AEM, BABA, BEI.TO, BYG.L, FNV, HDB, HIK.L, ICLR, ITSA4.SA, KRN.DE, QURE, S68.SI, SDZ, TSM, WISE.L, WMMVY | AI, Asia, Buybacks, China, international, Intrinsic Value, Japan, value | Chinese equities rallied on growing confidence that domestic producers are becoming less reliant on foreign suppliers in artificial intelligence. TSMC benefited from strong demand for advanced manufacturing tied to AI and high-performance computing. Alibaba is increasingly viewed as a leader in China's AI landscape. | KRN.DE WMMVY HDB TSM BABA QURE HAL IN |
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| 2025 Q2 | Jul 22, 2025 | VT Holland Advisors Equity Fund | - | 6.7% | AMZN, COST, MCD, NU, PDD, TSM, WISE.L, WMT | Banking, Compounding, disruption, Fintech, growth, LatAM, Quality | Nu Holdings represents a scale economy shared disruptor in global banking with 75% lower unit costs than peers, using these efficiencies to offer better customer rates rather than boost profits. The company has attracted 118 million customers through superior customer service and competitive offerings, demonstrating the power of the disruptor business model in financial services. | NU NU |
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| 2025 Q2 | Jul 2, 2025 | Vision Capital | - | 11.8% | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. | 9618.HK 3690.HK PLTR |
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| 2025 Q2 | Jul 15, 2025 | Canopy Investors | 9.4% | - | DOL.TO, EDEN.PA, HEI, ICON, MEDP, TW, WISE.L | global, Quality, small caps, Speculation, Trump, underperformance, value | The Fund maintains strict quality and valuation discipline, investing in high-quality companies with strong competitive advantages. Quality companies are able to weather risk and emerge stronger during market downturns. | EDEN.PA DOL.TO ICLR WISE.L 4390.T HEI EDEN FP DOL CN ICLR 4194 JP HEI WISE |
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| 2024 Q2 | Jun 30, 2024 | Baron FinTech Fund | -2.3% | 3.8% | ACGL, APO, EFX, FI, FICO, GPN, GWRE, HLI, IBKR, INTU, KKR, MA, MCO, MELI, PGR, SPGI, SQ, TW, V, VRSK, WISE.L | AI, Capital markets, Financial Services, Fintech, growth, private credit, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Information Services, Payments, Enterprise Software, Capital Markets, E-Commerce, and Digital IT Services. Despite sector underperformance relative to broader markets, fintech fundamentals remain strong with mid-teens earnings growth across the fund. | View | |
| 2026 Q1 | Apr 7, 2026 | Vision Capital | -17.3% | -17.3% | ADYEY, CRWD, JD, NET, NFLX, NOW, NU, PLTR, PME.AX, PYPL, SE, SHOP, TSLA, TSM, WISE.L, ZS | AI, E-Commerce, growth, long-term, payments, SaaS, technology, volatility | PME.AX TSLA PYPL |
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| 2026 Q1 | Apr 26, 2026 | VT Holland Advisors Equity Fund | -9.5% | -9.5% | AMZN, JET2.L, META, NFLX, NU, SQ, TSM, WISE.L | Compounding, Concentration, long-term, Owner-Managers, Sustainable Competitive Advantages | NFLX NU WISE.L META JET2.L |
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| 2026 Q1 | Apr 20, 2026 | Hosking Partners | 3.2% | 3.2% | 000660 KS, 005930 KS, 1662.T, AXP, CCO.TO, COF, DHT, GLW, HAFN.OL, III.L, INSW, JEF, LRCX, MOH.AT, MPC, MU, NE, PSK.TO, PSX, STX, SYF, TDW, UBS, VLO, WISE.L | AI, Capital Cycle, diversification, energy, Geopolitical, semiconductors | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford -International Concentrated Growth | -10.6% | -10.6% | ADYEN.AS, ASML, EXA.PA, MELI, SPOT, TSM, WISE.L | AI, concentrated, defense, growth, international, payments, semiconductors | View | ||
| 2025 Q1 | Apr 18, 2025 | Longriver Investment Partners | -0.3% | -0.3% | 0175.HK, 0700.HK, 1211.HK, 9442.T, AMZN, GAW.L, META, TCOM, TM, TOI.TO, TSLA, TSM, VTC.L, WISE.L | BYD, China, Electric Vehicles, Energy Transition, tariffs, Valuations | Manager argues now is a great time to buy Chinese equities, drawing parallels to US in 2010-2011 post-housing crisis. China has undergone deleveraging after real estate bubble burst in 2021, with valuations not reflecting business transformations. DeepSeek's AI breakthrough rekindled confidence and demonstrated China's technological capabilities despite US sanctions. | 1211.HK |
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| 2025 Q1 | Apr 15, 2025 | Vision Capital | -6.2% | -6.2% | 9618.HK, ADYEN.AS, AMZN, LULU, MELI, META, NU, NVDA, PLTR, PME.AX, SHOP, TSLA, TSM, TTD, WISE.L | Concentration, E-Commerce, global, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, Shopify, and JD.com as core positions. These companies create third-party marketplaces backed by world-class logistics, allowing sellers to reach massive audiences with unprecedented efficiency and scale. The manager views these as essential infrastructure enabling commerce in the digital economy. | View | |
| 2026 Q1 | Apr 10, 2026 | Ennismore Global Equity Fund | -0.7% | -0.7% | ADM.L, AT.VI, AUTO.L, CLNX.MC, CRDA.L, FLTR.L, GNS.L, PDX.ST, SPX.L, WISE.L | AI, Capital Cycle, gaming, global, Long/Short, Protein, small caps | View | ||
| 2025 Q1 | Apr 10, 2025 | Ennismore Global Equity Fund | 1.8% | 1.8% | ADM.L, AUTO.L, BLTG.L, BZU.MI, CLMT, FLTR.L, FORY.PA, FR, GNS.L, LTO.MI, META, MRO.L, NNI, PM, SCHA.ST, STO.DE, TKA.DE, TSLA, WISE.L, XRX | defense, Europe, Gambling, geopolitics, Long/Short, tariffs, Trade Policy, Valuations | The Trump administration implemented extensive tariffs targeting key trading partners, with rates often surpassing 50% and creating unprecedented policy uncertainty. This has triggered retaliatory measures from multiple countries and forced a sharp reassessment of relative regional equity valuations, benefiting European equities while pressuring US markets. | LTO.MI |
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| 2024 Q1 | Apr 10, 2024 | NZS Capital – Growth | - | - | 6367.T, ADYEY, AMD, ANSS, ASML, FI, JNJ, LIN, LONN.SW, MCHP, MEDP, NFLX, NOW, NVDA, ON, PGR, SWAV, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble with long-term promise but near-term correction risk. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree. The fund notes AI's potential impact is unknowable but enthusiasm is bordering euphoria. | View | |
| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
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| 2024 Q4 | Dec 31, 2024 | Baron FinTech Fund | 5.2% | 22.9% | ACGL, APO, FI, FICO, GWRE, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, NU, PGR, PRI, SPGI, TTAN, TW, V, WISE.L | Capital markets, Digital Banking, Financial Services, Fintech, growth, payments, software, technology | The fund focuses on fintech companies at the intersection of financial services and technology, benefiting from secular trends including growing demand for data, electronification of capital markets, shift to electronic payments, rise of e-commerce, and digital transformation across financial institutions. These trends continue to drive digitization of the financial sector. | View | |
| 2024 Q4 | Dec 31, 2024 | Brown Capital Management International All Company Fund | -6.6% | -0.6% | 3064.T, AFX.DE, AUTO.OL, CAMT.TA, GIVN.SW, NVO, RAA.DE, SHOP.TO, TEAM, WISE.L | growth, healthcare, international, software, tariffs | Trump's re-election brings potential tariffs of 25% on Canada/Mexico, 10-60% on China, and 10% on all US imports. The fund estimates 70% of holdings are service providers versus 50-60% for benchmarks, providing some protection. Less than 10% of portfolio companies are in heavily targeted countries. | WISE.L NVO GIVN.SW SHOP.TO TEAM |
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| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU | Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology | Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores. | View | |
| 2025 Q3 | Nov 4, 2025 | VT Holland Advisors Equity Fund | - | - | 1211.HK, AMZN, BH, BOL.PA, CACC, CVNA, FRAS.L, GRBK, JDW.L, META, NFLX, NU, NXT.L, PDD, RYA.L, RYM.NZ, SUM.NZ, TSM, WISE.L | Compounding, Fintech, global, growth, Owner-Managers, Quality, technology, value | Fund targets companies that can compound capital at sustainably high rates, seeking businesses with huge runways of growth ahead. Manager emphasizes finding tomorrow's supernatural compounders with visionary founders who rethink their industries and have massive growth potential. | RYM NZ JET2 LN META NU WISE LN |
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| 2025 Q3 | Oct 7, 2025 | Kernow Asset Management | 5.2% | 12.1% | BRBY.L, CARD.L, DRX.L, FRAS.L, GFRD.L, KIST.L, MTRO.L, PETS.L, SAGA.L, W7L.L, WISE.L, WIZZ.L | contrarian, Copper, energy, Long/Short, Luxury, Travel, UK Equities, value | Drax has executed a herculean shift from fossil fuels to become the UK's largest renewable energy provider, supplying around 5% of the nation's power. The company faces burning questions about new favorable contracts for its assets, as current arrangements involving shipping Canadian forests to burn in Yorkshire upset environmentalists, fossil fuel loyalists, and trees alike. Despite policy uncertainty, Drax has demonstrated its ability to adapt. | DRX LN WISE LN SAGA LN |
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| 2024 Q3 | Oct 30, 2024 | Kernow Asset Management | - | 16.0% | CARD.L, CMCX.L, FRAS.L, GFRD.L, HOL.L, HSX.L, HTG.L, MTRO.L, SAGA.L, VID.L, WISE.L | contrarian, infrastructure, Long/Short, small caps, Uk, value | Manager identifies significant value opportunities in UK equities, particularly noting Metro Bank and other holdings trading at attractive valuations. Emphasizes asymmetric return characteristics where investment thesis differs from consensus. | View | |
| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill International | 6.5% | 23.6% | 8604.T, AEM, BABA, BEI.TO, BYG.L, FNV, HDB, HIK.L, ICLR, ITSA4.SA, KRN.DE, QURE, S68.SI, SDZ, TSM, WISE.L, WMMVY | AI, Buybacks, China, gold, international, Intrinsic Value, Japan, value | Chinese equities rallied on growing confidence that domestic producers are becoming less reliant on foreign suppliers in artificial intelligence. TSMC benefited from strong demand for advanced manufacturing tied to AI and high-performance computing. Alibaba is increasingly viewed as a leader in China's AI landscape with continued investment in AI and cloud. | HIK FRAN TSM |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2024 Q3 | Oct 14, 2024 | Ennismore Global Equity Fund | 0.8% | 5.8% | 9404.T, ADM.L, ASC.L, AUTO.L, BCG.L, DIERF, DKNG, FLTR, NNI, PM, RYAAY, STO.DE, TGS, WISE.L | active management, Fundamental Analysis, Long/Short, market inefficiency, mispricing, small caps, United Kingdom, value | The fund argues that markets have become less efficient due to the rise of passive investing, quantitative strategies, and retail trading driven by social media. They believe this creates opportunities for fundamental stock pickers, particularly in small and mid-cap companies where passive flows are limited. | FLTX |
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| 2025 Q3 | Oct 10, 2025 | Ennismore Global Equity Fund | 0.9% | 8.4% | 4478.T, ACP.WA, AUTO.L, AZE.BR, BCG.L, CRDA.L, CSU.TO, DIE.BR, GD.TO, GNS.L, PDX.ST, SPX.L, TIGO, WISE.L | AI, Chemicals, Fintech, global, Long/Short, software, Specialty Retail, technology | The AI boom continued with greater fervour over the summer and September. OpenAI has signed roughly 20GW of data centre capacity deals in 2025, almost 20% of the world's installed base. The rush to build is pushing supply chains to breaking point, creating price pressure along the value chain and benefiting picks and shovels players. | WISE LN |
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| 2025 Q4 | Jan 9, 2026 | Vision Capital | -5.0% | 9.8% | 000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS | AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology | Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers. | SE |
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| 2024 Q4 | Jan 9, 2025 | Ennismore Global Equity Fund | - | 6.4% | 9404.T, AML.L, AUTO.L, BCG.L, BECLE.MX, DIE.BR, EA, JUST.L, PDXDF, PM, WISE.L | Europe, gaming, Long/Short, Network Effects, small cap, special situations, stock selection | The fund has established a position in Paradox Interactive, a Swedish video game publisher specializing in grand strategy games. The manager believes the video game industry has evolved from hit-driven entertainment to sustainable franchises with network effects and recurring monetization. Paradox dominates the grand strategy niche with games that create extraordinary engagement and pricing power. | PDX.ST |
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| 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 |
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| 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 |
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| 2025 Q4 | Jan 21, 2026 | VT Holland Advisors Equity Fund | 0.0% | 0.0% | AMZN, JD2.L, META, NU, TSM, WISE.L | AI, Compounding, global, long-term, Owner Managers, Quality | The fund focuses on great companies with sustainable competitive advantages, run by brilliant owner managers, bought at attractive prices. These businesses have enduring moats that protect excellent returns on invested capital and create lasting customer loyalty through win-win outcomes. Manager sees AI as potentially solving the productivity growth problem that has plagued western economies for 20 years. Views Amazon, TSMC, and Meta as portfolio beneficiaries, with Amazon particularly well-positioned as a trusted supplier of AI solutions through AWS. Amazon highlighted as a standout investment that looks somewhat forgotten, with its AWS business providing a unique position as a trusted, Scale Economy Shared supplier to large organizations seeking AI-powered solutions. | View | |
| 2025 Q4 | Jan 19, 2026 | Forager Australian Shares Fund | -1.9% | 24.8% | ARX.AX, BVS.AX, CAT.AX, CCL.AX, CRH, EML.AX, FISV, FIX, IEL.AX, INCH.L, INGA.AS, LNR.TO, MAH.AX, NUTX, NXT, NZX.NZ, OFX.AX, PLT.AX, PPS.AX, WISE.L, ZEG.L | Australia, dispersion, Mining, Quality, small caps, technology, Tourism, value | Small cap stocks significantly outperformed large caps in 2025, with the Small Ordinaries returning almost 25% versus 10% for the All Ordinaries. Small resources companies drove much of this outperformance with a 73% return, while small industrials delivered a more modest 9% return. Mining services investments like Macmahon benefited from enthusiasm for gold, silver and copper, with the company's share price almost doubling in 2025 after almost a decade of mediocre returns. New contracts for civil infrastructure acquisition Decmil position the company well for future revenue guidance. Australian tourism is finally showing signs of recovery with international arrivals hitting 97% of 2019 levels in recent months. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Tourism stocks remain very cheap on recovered earnings expectations. AI enthusiasm drove strong performance in tech-heavy indices, but also created concerns about software companies' competitive moats. The theory that AI diminishes software value through 'vibe coding' is one the manager is willing to bet against at the right price, particularly for established platforms with security and reliability advantages. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became problematic even for the best businesses, resulting in years of no returns while earnings catch up or significant derating if both earnings and multiples come into question. | MAH AU PLT AU OFX AU ARX AU |
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| 2025 Q4 | Jan 19, 2026 | Forager International Shares Fund | -2.0% | 15.0% | AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L | AI, global, Quality, small caps, technology, Travel, value | AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating. | ARX AU ZEG LN NXT NUTX FISV |
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| 2025 Q4 | Jan 16, 2026 | Ennismore Global Equity Fund | -4.1% | 4.0% | 3994.T, ACP.WA, AUTO.L, BCG.L, FORTY.TA, PDX.ST, PRJ.WA, SPX.L, STC.L, WISE.L | AI, Classifieds, disruption, global, Long/Short, small caps, technology | The year's dominant theme has been physical vs. digital, with AI disruption fears broadening beyond obvious early casualties to wider sectors including software, digital advertising, and business information. The manager provides extensive analysis of AI disruption risks to classified platforms, concluding that while the bear case is coherent, it overstates key dynamics and underestimates structural barriers protecting incumbents. The fund holds eight long positions in classifieds representing 11% of NAV. Share prices are down 30-50% over six months as the market prices in AI disruption risks. The manager argues the bear case is substantially wrong, citing verified inventory advantages, multi-sided lock-in effects, and partnership rather than displacement as the natural structure. Watson Marlow experienced a Covid-driven boom-bust cycle followed by multi-year inventory unwind that stabilized in 2025. Destocking has ended across the sector with companies like Sartorius Stedim, Danaher, and Merck reporting solid growth. The manager estimates biopharma sales could grow 30% in 2026. | BCG LN AUTO LN SPI LN PDX SS WISE LN |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International Concentrated Growth | -6.7% | 16.7% | 0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L | AI, concentrated, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances. | View | |
| 2025 Q4 | Jan 14, 2026 | Longriver Investment Partners | 5.8% | 17.8% | 0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L | Asia, Concentration, gaming, global, long-term, payments, semiconductors, value | Wise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. TSMC was highlighted as both a top contributor in 2025 and the largest positive contribution since inception at ~16ppt of gross returns. The company exemplifies the fund's approach of finding businesses that can reinvest well over the long term. Games Workshop was identified as a largest contributor in 2025 and also contributed meaningfully in 2024, demonstrating that patience pays when a business is delivering consistent results over multiple years. | WISE LN |
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| 2025 Q4 | Jan 12, 2026 | Kernow Asset Management | 0.0% | 16.4% | CARD.L, CMCX.L, KIST.L, MTRO.L, SAGA.L, SMWH.L, STB.L, WISE.L | Banking, contrarian, Data centers, Long/Short, oil, Uk, value | The fund demonstrates classic value investing principles, buying companies trading below book value. Secure Trust Bank trades at half its book value, effectively allowing investors to buy £1 for 50p. The contrarian approach of buying when oil dropped 20% and others are selling exemplifies value discipline. Significant exposure to UK banking sector with Secure Trust Bank, Metro Bank Holdings, and CMC Markets representing major positions. Secure Trust Bank's division sale at premium to book value and new lending strategy announcement expected at Capital Markets Day are key catalysts. Despite oil dropping 20% in 2025 and Trafigura expecting further declines amid supply glut, the fund maintains contrarian positioning. Kistos doubled oil and gas production through Middle East acquisition, creating what the manager views as the most mispriced stock in the portfolio. Shorted Fermi, a £12bn AI data centre IPO, betting against the peak of AI data centre euphoria. The thesis relied on political shifts and tech breakthroughs reshaping the landscape. The stock dropped 70% within three months, validating the short position. | MICC LN FRMI LN CARD LN KIST LN STB LN |
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| 2024 Q2 | Jul 15, 2024 | Colebrooke Partners | 0.0% | 0.8% | ASC.L, ATG.L, LIT.L, MIDW.L, MOON.L, MRL.L, NAH.L, THG.L, WINE.L, WISE.L, WOSG.L | Luxury, marketplaces, Portfolio Management, small cap, UK Equities, value | ATG operates leading auction platforms across art/antiques and industrial/commercial verticals, benefiting from network effects where scale aggregates more bidders and auction houses. The business follows the 'Marketplace Playbook' with value-added services like ATG Ship and ATG Pay improving take rates while enhancing the offering to auction houses. | WOSG.L ATG.L |
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| 2024 Q2 | Jun 30, 2024 | Munro Global Growth Fund | 0.0% | 0.0% | 000660.KS, AAPL, AIR.PA, AMAT, AMZN, ARM, ASML, CEG, CRH, FIX, MA, META, MSFT, NEE, NOW, NVDA, SN, TSM, V, WISE.L | AI, Data centers, energy, global, growth, semiconductors, technology | AI was a dominant theme driving performance across multiple Areas of Interest. High Performance Computing led by Nvidia saw significant earnings upgrades, while Connectivity benefited from device refresh cycles in smartphones and PCs. The fund sees AI as the beginning of a multi-year growth runway with hyperscalers continuing to accelerate capex spending. | SN TSM |
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| 2025 Q1 | Apr 22, 2025 | Asheville Capital Management | -3.0% | -3.0% | 4480.T, 9442.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L | Concentration, Fintech, global, Japan, Quality, tariffs, value, volatility | Trump Administration's Liberation Day tariff announcement triggered significant market volatility and uncertainty. Tariff policies have injected uncertainty into global markets, potentially reshaping global trade, capital flows, and corporate strategy for years to come. | WISE.L 3154.T |
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| 2025 Q1 | Apr 18, 2025 | Kernow Asset Management | -5.9% | -5.9% | BKG.L, BRBY.L, CARD.L, GFRD.L, HSX.L, HTG.L, MTRO.L, WISE.L | Buybacks, Capital Allocation, contrarian, Long/Short, United Kingdom, value | Manager focuses on businesses with asymmetric return characteristics trading below intrinsic value. Berkeley Group highlighted as undervalued with strong cash position and forward visibility. Hunting exited as value trap despite 100% returns due to poor capital allocation by management. | BKG.L GFRD.L BRBY.L HTG.L |
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| 2024 Q4 | Jan 21, 2025 | Asheville Capital Management | - | 0.8% | 4480.T, 7379.T, 9416.T, ACAST.ST, BFIT.AS, INPST.WA, NU, TPW.AX, VTY.L, WISE.L | capital efficiency, Concentration, global, ROIC, small caps, value | InPost dominates Polish e-commerce logistics with 50% market share and 80% customer preference. The company benefits from significant economies of scale and network effects with over 52,000 merchant integrations. International expansion shows strong momentum with 14-month payback periods on assets. | NU VTY.L INPST.WA |
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| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | VT Holland Advisors Equity Fund | Wise PLC | Information Technology Services | Financial Exchanges & Data | Bull | New York Stock Exchange | Customer Obsession, Disruptor, Fintech, foreign exchange, network effects, Owner-manager, Scale economy shared, Supernatural Compounder | View Pitch |
| Apr 13, 2026 | Fund Letters | Canopy Investors | Wise plc | Financials | Financial Services | Bull | London Stock Exchange | B2B Services, Banking Infrastructure, Cross Border Payments, Financial Plumbing, Fintech, founder-led, FX Transfer | View Pitch |
| Apr 13, 2026 | Fund Letters | Asheville Capital Management | Wise PLC | Financials | Financial Exchanges & Data | Bull | London Stock Exchange | B2B Infrastructure, Cross Border Payments, Fintech, growth, money transfer, network effects, platform, UK | View Pitch |
| Apr 13, 2026 | Fund Letters | Kernow Asset Management | Wise PLC | Information Technology | Data Processing & Outsourced Services | Bull | London Stock Exchange | Cross Border Payments, Fintech, foreign exchange, Institutional Clients, Low-cost Infrastructure, payment processing, UK, Wholesale Banking | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | Wise PLC | Financial Services | Financial Exchanges & Data | Bull | London Stock Exchange | Cross Border Payments, Digital Disruption, Fintech, Global Payments, money transfer, Real-time Exchange, UK | View Pitch |
| Apr 13, 2026 | Fund Letters | Longriver Investment Partners | Wise plc | Information Technology | Data Processing & Outsourced Services | Bull | London Stock Exchange | B2B Infrastructure, Cross Border Payments, Customer-first Model, Digital Disruption, Fintech, Multi-currency, network effects, payment processing, Regulatory Moats, Scale Economies Shared | View Pitch |
| Jan 22, 2026 | Twitter / X | @DutchInvestors | Wise plc | Financials | Consumer Finance | Bull | London Stock Exchange | Banks, Cross-Border, Gbp, Our, Payments, UK, Underlying Income, Wise | View Pitch |
| Aug 7, 2025 | Substack | Wonderstcks | Wise PLC | Information Technology | Information Technology Services | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Compound and Fire | Wise plc | Information Technology | Information Technology Services | Bull | NYSE | — | 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. | ||||||||