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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 5, 2026 | Richie Capital Group | 0.0% | 0.0% | 7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX | AI, earnings, equities, fixed income, Global Markets, inflation, rates | AI stocks showed mixed performance with investor worries about high valuations offset by stellar quarterly earnings from AI-linked companies including Alphabet, NVIDIA and Microsoft. Semiconductor giants SK Hynix and TSMC posted record-high profits driven by accelerating AI adoption. However, concerns about an AI bubble created drag on global tech stocks in early December. The Fed cut interest rates at October and December meetings, bringing total reductions to three in 2025 and lowering the target range to 3.50%-3.75%. The Bank of Japan raised its key rate to a 30-year high at 0.75%. The ECB held rates steady despite elevated eurozone inflation remaining above the 2% target. U.S. inflation slowed to 2.7% in November from 3% in September. Eurozone inflation rose to 2.2% in November, remaining above the ECB's 2% target for three consecutive months. Japan's core inflation rose 3.0% in November, well above the central bank's 2% target. | View | |
| 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 14, 2026 | Brown Capital Management International All Company Fund | -6.5% | 0.0% | ASML, FLTR.L, HUB.AX, REA.AX, SHOP.TO, XRO.AX | AI, EGCs, growth, international, long-term, Quality, technology, underperformance | About one-quarter of underperformance came from market distinctions between AI winners and losers. Companies viewed as AI enablers like ASML and Camtek benefited, while businesses perceived to have AI disruption risk like online classifieds and software companies experienced valuation pressure. The firm assessed AI impact using four factors: data defensibility, workflow stickiness, substitution risk, and adaptation ability. Shopify was highlighted as a leading global commerce platform serving as the operating system for modern commerce. The company showed accelerating growth with 32% revenue growth and strong international expansion. Online pharmacy Apotea was added as a new position, benefiting from the structural shift toward online channels in Sweden's pharmacy market. REA Group operates Australia's leading online property marketplace with substantial scale advantages and network effects. The company was impacted by AI-related sentiment despite solid fundamentals and operational execution. The firm remains confident in marketplace platforms that sit at the center of high-value transactions with trusted, market-leading positions. The firm focuses on Exceptional Growth Companies (EGCs) with mission-critical products, durable competitive advantages, and ability to compound value over decades. 2025 was difficult for quality growth attributes as capital flowed toward more cyclical, capital-intensive businesses. The portfolio comprises growing, profitable companies providing mission-critical products that are difficult to replace. Temenos provides core banking software with cloud-native platforms managing banks' critical systems. The company showed strong operating performance despite leadership transition, with accelerating subscription revenue and expanding margins. Xero offers cloud-based accounting software with high-recurring subscription model and broad ecosystem integrations. | TECN SW AUTO NO TEMN SW HUB AU XRO AU SHOP FLTR LN REA AU |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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