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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 2 | - | - | AMT, AMZN, ASML, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | View | |
| 2025 Q2 | Jul 27, 2025 | Loomis Sayles Global Growth Fund | 16.6% | 12.7% | AMZN, GOOGL, MC.PA, MELI, META, MSFT, NFLX, ORCL, SHOP.TO, TCOM, TSLA, V, VRTX, YUMC | global, growth, healthcare, long-term, Quality, technology, value | Netflix continues to demonstrate strong competitive advantages through its global scale, content investment, and subscriber growth. The company is successfully transitioning to an ad-supported model while expanding internationally, with management expecting accelerating revenue growth driven by pricing power and new monetization strategies. | VRTX YUMC TCOM ORCL MELI NFLX |
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| 2024 Q1 | May 1, 2024 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | AER, CME, DHR, EUFI.PA, FER.MC, FERG.L, GEHC, HDB, IBKR, LBRDK, LPX, LSEG.L, TSM, URI, YUMC | AI, cyclicals, financials, global, growth, industrials, Stalwarts, value | The AI theme is beginning to display hallmarks of a 'new paradigm' with parabolic growth forecasts and investment banks rushing to put out baskets of AI beneficiaries. AI-enabled data centres are due to account for 75% of the increase in load growth with those locations incredibly energy intense compared to standard data centres. Next-Gen AI data centres are planned or under construction in the Atlanta area that will soak up over 1,000MW. | LP AER CME |
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| 2025 Q1 | Apr 29, 2025 | Polen Capital – Emerging Markets Growth | 1.7% | 1.7% | 0700.HK, BABA, DLO, DNP.WA, INFY, INPST.L, LVS, NTES, TOTS3.SA, TSM, YUMC | AI, Brazil, China, Currency, emerging markets, Poland, security selection | China market continued rally from last year, supported by monetary easing and fiscal policies. DeepSeek's R1 AI model release marked significant technological milestone, with major companies like Tencent and Baidu integrating AI models into services, creating optimism about improved earnings in consumer digital services. | DLO LVS DNP.WA TOTS3.SA TME |
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| 2025 Q4 | Feb 8, 2026 | SGA – International Growth | 1.0% | 9.6% | 1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC | AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation | SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia. | TEAM ARM DSY FP SRT GR 9983 JP |
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| 2025 Q4 | Feb 8, 2026 | SGA – Emerging Markets Growth | 0.6% | 22.8% | 035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC | AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation | The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market. | OR FP TME GRAB SE BABA 9983 JP INFY TSM |
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| 2023 Q3 | Dec 10, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC | China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value | Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity. | SUNP IN AHT.L ANDURIL MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2024 Q3 | Oct 23, 2024 | Mobius Capital Partners | 6.6% | 0.0% | CLS.JO, MELI, NVDA, TOTS3.SA, YUMC | AI, ASEAN, China, emerging markets, mid cap, Rate Cuts, technology, volatility | Portfolio companies are beneficiaries of AI/HPC momentum with less market speculation than widely known names. Chroma beat Q2 earnings by 15% and benefits from AI/HPC momentum, silicone photonics and advanced packaging. Despite high valuations and significant R&D investments questioning AI's promise, Nvidia's record quarterly revenues of $30.0 billion reinforced belief in the technology's potential. | View | |
| 2025 Q3 | Oct 16, 2025 | Magellan High Conviction Fund | -1.2% | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD for chips and data centre capacity. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation, resulting in increasing risks to the market. The underlying rationale for the recent rally appears increasingly driven by speculative elements including circular deals heavily dependent on OpenAI growing and monetising its user base. | ADS GR |
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| 2024 Q2 | Oct 1, 2024 | RV Capital | - | 28.9% | DIDI, HTHT, IPCO.TO, NTES, PRX.AS, YUMC | China, Esg, Governance, oil, value | First investment in oil and gas sector through International Petroleum, an oil company with production in Canada, France, and Malaysia. Manager views oil as essential product that cannot be eliminated despite environmental concerns, providing hedge against geopolitical disruptions. IPCO offers attractive valuation with substantial free cash flow generation expected. | IPCO.TO |
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| 2023 Q3 | Sep 30, 2023 | Rondure New World Fund | -1.3% | -1.3% | 0388.HK, 0700.HK, 2330.TW, 2331.HK, 9142.T, BBRI.JK, FPT.VN, GMXT.MX, GRGS.L, HDFCBANK.NS, KOF.MX, PUM.DE, PXT.TO, REC.MI, TCS.NS, YUMC | China, Currency, emerging markets, interest rates, international, Japan, small caps, value | The fund is overweight small-cap stocks which have been a challenging place to invest, especially as declining liquidity is more acute for smaller companies. Small caps have underperformed significantly versus large caps this quarter and year-to-date, creating a drag on performance but potentially better opportunities for active investors. | View | |
| 2023 Q3 | Sep 30, 2023 | Rondure Overseas Fund | -5.8% | -4.8% | 0388.HK, 0700.HK, 2330.TW, 2331.HK, 9142.T, ALTEN.PA, BBRI.JK, FPT.VN, GMXT.MX, GRG.L, HDFCBANK.NS, KOF.MX, PUM.DE, PXT.TO, REC.MI, TCS.NS, YUMC | China, Currency, emerging markets, international, rates, small caps, value | The fund is overweight small-cap stocks which have been a challenging place to invest since inception, especially now as declining liquidity is more acute for smaller companies. Small caps have underperformed significantly this year relative to large caps, creating a drag on performance but potentially better opportunities for active investors. | View | |
| 2024 Q2 | Jul 15, 2024 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC | AI, global, growth, Quality, semiconductors, value | Portfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging. | View | |
| 2023 Q4 | Feb 16, 2024 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 3697.T, AZPN, BMBL, CCCS, DLO, ETSY, EVD.DE, FIVE, FOXF, GNRC, MEDP, MKTX, MPWR, PAYC, POOL, TECH, TME, WRBY, XPEL, YUMC | consumer, global, growth, Quality, SMID Cap, software, technology | Five Below recovered from Q3 weakness with 14% year-on-year revenue growth and raised guidance. The discount retailer continues to outperform peers and benefits from consumers looking to stretch their dollar further in a challenging macro backdrop. | CCCS PAYC XPEL EVD.DE 3697.T FIVE |
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| 2023 Q4 | Jan 27, 2024 | Baron Emerging Markets Fund | 9.0% | 16.2% | 000858.KS, 005930.KS, 0700.HK, 1876.HK, B3SA3.SA, BABA, BAJFINANCE.NS, BHARTIARTL.NS, BIDU, HDFCBANK.NS, NU, PDD, RENT3.SA, RI.PA, SUZB3.SA, TRENT.NS, TSM, XP, YUMC | China, E-Commerce, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors | The fund added PDD Holdings, China's second largest e-commerce platform with 20% market share. PDD's competitive moat lies in its team purchase model facilitating bulk buying through direct partnerships with manufacturers. The company's international platform Temu has become one of the fastest growing apps globally, leveraging China's excess manufacturing capacity. | KAYNES.NS PDD TRENT.NS 005930.KS AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2023 Q4 | Jan 15, 2024 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, ADYEN.AS, AIT.L, AON, CDW, CRM, DHR, EUFI.PA, FER.MC, FTV, GEHC, GOOGL, HLN.L, LSEG.L, MSFT, RTO.L, URI, WDAY, YUMC | cyclicals, global, healthcare, technology, Turnarounds, value | The fund invested in Tokyo Electron during the semiconductor cycle trough in November 2022, benefiting from the industry recovery and emerging AI theme. The stock rallied 60% over the holding period as sentiment improved and earnings estimates recovered from cyclical lows. | ADYEN.AS LSEG.L GEHC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 8, 2026 | Fund Letters | Aziz V. Hamzaogullari | Yum China Holdings, Inc. | Consumer Discretionary | Restaurants | Bull | New York Stock Exchange | consumer, growth, Loyalty, Margins, Restaurants | 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. | ||||||||