🔹 Advantest (6857 JP) by Emerald Wealth Partners AG
🔹 ams-OSRAM (AMS SW) by Goodhart Partners Global Future Leaders Fund
🔹 ASML (ASML NA) by Baillie Gifford International Concentrated Growth
🔹 ASML Holding (ASML NA) by Bristlemoon Capital Bristlemoon Global Fund
🔹 Axon Enterprise (AXON US) by Baillie Gifford Global Alpha
🔹 Cooper Companies (COO US) by Harris Associates Global All Cap Strategy
🔹 Credo Technology Group Holding Ltd. (CRDO US) by Alger.com Alger Small Cap Focus Fund
🔹 Darling Ingredients Inc. (DAR US) by SouthernSun AM Small Cap Strategy
🔹 DiaMedica Therapeutics (DMAC US) by 1 Main Capital Partners, L.P.
🔹 Edwards Lifesciences (EW US) by Baillie Gifford Positive Change
🔹 Entegris (ENTG US) by Artisan Partners Global Discovery Strategy
🔹 Essentra plc (ESNT LN) by Artisan Partners International Explorer Strategy
🔹 Ferreycorp (FERREYC1 PE) by Harding Loevner International Small Companies Equity
🔹 Fuso Chemical (4368 JP) by Hotchkis & Wiley Value Opportunities
🔹 Games Workshop Group (GAW LN) by Artisan Partners Global Discovery Strategy
🔹 GE Aerospace (GE US) by Artisan Partners Global Opportunities Strategy
🔹 Glenveagh Properties (GLV IR) by PM Capital Quarterly report
🔹 GPS Participacoes e Empreendimentos (GPSL3 BZ) by Artisan Partners Sustainable Emerging Markets Strategy
🔹 Halma (HLMA LN) by Aoris International Fund
🔹 Legrand (LR FP) by Fundsmith Equity Fund
🔹 M3 (2413 JP) by Harding Loevner International Small Companies Equity
🔹 MarketAxess Holdings (MKTX US) by Heartland Advisors Mid Cap Value Fund
🔹 Olin Corp. (OLN US) by Hotchkis & Wiley Value Opportunities
🔹 ON Semiconductor Corporation (ON US) by Heartland Advisors Mid Cap Value Fund
🔹 QXO (QXO US) by Mar Vista U.S. Quality Premier Portfolio
🔹 Ryanair Holdings PLC (RYA ID) by Artisan Partners Global Equity Strategy
🔹 SAP (SAP GR) by Aoris International Fund
🔹 SK Hynix (000660 KS) by Baillie Gifford Emerging Markets Q2 investor letter
🔹 SK Hynix (000660 KS) by AGT Partners Shareholder Letter
🔹 Sonic Automotive, Inc. (SAH US) by Heartland Advisors Value Strategy
🔹 Taiwan Semiconductor Manufacturing (TSM US) by Mar Vista U.S. Quality Premier Portfolio
🔹 TISI (3626 JP) by Harris Associates Japan Strategy
🔹 Tradeweb Markets (TW US) by Artisan Partners Global Discovery Strategy
🔹 Visa (V US) by Montaka Global (Montaka Global Fund
🔹 Xiaomi (1810 HK) by Artisan Partners Sustainable Emerging Markets Strategy
Fund: Emerald Wealth Partners AG
Thesis: Advantest is seen as the innovation leader and dominant AI-testing beneficiary with a strong long-term growth outlook.
Source: Read the original letter ↗
Analysis:
Advantest is one of the most prominent beneficiaries of the surge in demand not only for AI-chips, but high-end semis in general. Advanced chips for AI will use 2-nanometer and 3nm technology that requires high-quality testers. New DRAM chips known as high-bandwidth-memory (HBM) chips are set to be widely adopted due to generative AI, fueling revenue growth for memory testers and the mechatronics division in the years to come. As importantly, there are only two major testing companies left (Advantest and Teradyne), but Advantest dominates AI-testing while innovating at a rapid pace. Based on our two on-site visits and developments since, we believe that Advantest is also the innovation leader among the two. Even though the stock has gone up 6-fold since our initial purchase two years ago and valuation is demanding, the fundamental outlook remains highly promising. What’s more, since testing is only a small percentage of semi-spend (1%) and the need for more intense and advanced testing is likely to continue to grow, estimates are likely to continue rising as a consequence. Hence, despite the high valuation, we stay the course.
Access our full research database on Advantest
Fund: Goodhart Partners Global Future Leaders Fund
Thesis: ams-OSRAM is viewed as a mid-cap semiconductor value-chain business with idiosyncratic drivers and resilience to the broader capex cycle.
Source: Read the original letter ↗
Analysis:
Alongside Soitec and ASML, we have built new positions in ACM Research and ams-OSRAM this quarter, adding to our existing holding in PDF Solutions since launch. All three mid-caps have been strong contributors and, more importantly, sit in parts of the value chain we believe can do well largely independent of the overall semiconductor capex cycle. These are not simply leveraged bets on AI infrastructure spending; they are businesses with their own idiosyncratic drivers, which is exactly the kind of diversification within conviction we look for.
Access our full research database on ams-OSRAM
Fund: Baillie Gifford International Concentrated Growth
Thesis: ASML is the sole maker of EUV lithography machines and captures a royalty-like benefit from rising AI chip demand.
Source: Read the original letter ↗
Analysis:
There have also been portfolio companies that the market has rewarded handsomely. Those exposed to growing AI capital expenditure have performed strongly, and our large semiconductor holdings in TSMC and ASML have continued to benefit. TSMC remains central to the production of the world’s most advanced chips, at a scale close to unassailable; it manufactures around 90 percent of chips at the most advanced nodes, the kind on which AI depends. ASML is the only company in the world that makes EUV lithography machines, the tools without which those chips cannot be made. The appeal of both is that they are an agnostic royalty on the rising use of AI: whichever application or model prevails, they benefit regardless. Owning this layer of the AI supply chain is one of the clearest attractions of investing outside the US.
Access our full research database on ASML
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Fund: Bristlemoon Capital Bristlemoon Global Fund
Thesis: ASML Holding is viewed as a core position because the market is underestimating the coming wafer fab equipment capex supercycle and the resulting demand for EUV tools.
Source: Read the original letter ↗
Analysis:
Finally, we provide a detailed update on ASML , where we believe the market is still underestimating the scale of the coming wafer fab equipment capex supercycle and the resulting demand for EUV tools. To substantiate this view, we include a detailed bottom-up build-up of EUV tool demand across advanced logic and DRAM, which leads us to shipment estimates that are materially ahead of sell-side consensus for 2027 and 2028. While ASML has nearly doubled since we first wrote about it in our September 2025 quarterly letter, we continue to see healthy upside from here, and the stock remains a core position in the Fund.
Access our full research database on ASML Holding
Fund: Baillie Gifford Global Alpha
Thesis: Axon Enterprise makes TASERs and a public-safety software platform, with the investment case based on trusted data, difficult-to-replicate integration, and durable growth.
Source: Read the original letter ↗
Analysis:
The rapidly growing Axon Enterprise is the company behind TASERs, the non-lethal weapons used by law enforcement agencies in over 80 countries. It is becoming the operating layer for public safety by stitching together its devices with a connected digital record via its evidence.com platform. The shares have sold off on concerns that AI agents will replace its software. This materially misrepresents the growth case, which is founded on the value of the trusted and verified data that Axon’s hardware collects and its software organises. The highly sensitive nature of the data makes competing with Axon’s trusted platform difficult and an unlikely candidate for vibe-coded replacement. We have taken the opportunity to establish a holding.
Access our full research database on Axon Enterprise
Fund: Harris Associates Global All Cap Strategy
Thesis: Cooper Companies benefits from an oligopolistic contact lens market, market share gains, and an attractive valuation.
Source: Read the original letter ↗
Analysis:
• Cooper Companies is a U.S.-headquartered medical device company that manufactures contact lenses and women’s health products. The contact lens industry benefits from an oligopolistic market structure with significant barriers to entry, highly recurring revenue streams, and historically had consistently positive pricing dynamics that support mid-single-digit market growth over time. Cooper has an impressive track record of contact lens market share gains, which we attribute to its leading position in specialty lenses and its unique private-label strategy. We are encouraged by recent steps taken to improve free cash flow conversion, reaccelerate growth, and optimize the product portfolio. The stock has pulled back sharply alongside the broader medical technology sector and now trades at a meaningful discount to public peers, private market transactions, and its own trading history. We were pleased to initiate a position at what we view as an attractive entry point relative to our estimate of intrinsic value.
Access our full research database on Cooper Companies
Fund: Alger.com Alger Small Cap Focus Fund
Thesis: Credo Technology supplies high-speed connectivity products for AI data centers, benefiting from rapid growth and expanding product capabilities.
Source: Read the original letter ↗
Analysis:
Credo Technology provides high-speed connectivity solutions used to move data across AI data centers and hyperscale networks, including active electrical cables, optical digital signal processors, and PCIe retimers. As AI systems become larger and more complex, the need to move data quickly and efficiently between servers, GPUs, and networking equipment has become increasingly important. We believe Credo benefits from this growing connectivity challenge, with an expanding product portfolio that gives the company multiple opportunities to support next-generation data center architectures. During the quarter, shares contributed positively to performance as investors responded favorably to the company’s rapid revenue growth and rising demand from hyperscale customers. Investor sentiment was further supported by the view that Credo’s expanding product portfolio and recent silicon photonics capabilities could help the company remain well aligned with the evolving connectivity needs of AI data centers.
Access our full research database on Credo Technology Group Holding Ltd.
Fund: SouthernSun AM Small Cap Strategy
Thesis: Darling Ingredients is supported by improved earnings, regulatory renewable-fuel volumes, and an earnings power that still looks undervalued.
Source: Read the original letter ↗
Analysis:
Darling Ingredients Inc (DAR) was a bottom contributor in the Small Cap strategy during the second quarter after being a top contributor during the first, up nearly 65% through March 31. DAR is the largest publicly traded company turning edible by-products into sustainable products and a leading producer of renewable energy. DAR’s fundamentally improved earnings trajectory following the robust EPA mandates on renewable fuel volumes remains intact, and the business is performing well. The modest decline in the share price in Q2 largely reflected the pending resolution(s) of the Iran military conflict, which brought nonrenewable fuel prices down meaningfully. For reference, Crude Oil Futures were down nearly 40% in the second quarter, and DAR declined partly due to the substitution value of renewables being incrementally less for aviation fuel, in particular. That said, the DAR volume picture for the year is not impacted meaningfully by exogenous factors like the price of oil and is rather determined by the minimum volume requirements from the RVO and the growth of DAR’s other business lines. We remain optimistic on DAR’s business prospects and believe shares remain underpriced relative to both the near-term and long-term earnings power of the company.
Access our full research database on Darling Ingredients Inc.
Fund: 1 Main Capital Partners, L.P.
Thesis: DiaMedica Therapeutics is a clinical-stage biotech pursuing DM199 for stroke and preeclampsia, supported by prior KLK1 human data, a science-driven subgroup signal, and a long runway to key catalysts.
Source: Read the original letter ↗
Analysis:
DiaMedica Therapeutics (DMAC) The Fund holds an opportunistic position in DiaMedica Therapeutics (DMAC), a clinical-stage biotechnology company that has developed DM199, a recombinant (synthetic) form of the naturally occurring tissue kallikrein-1 (KLK1) protein — a critical molecular trigger for blood-vessel dilation. Stroke Indication ($10 Billion US Market Opportunity) Naturally derived KLK1 is extracted from human urine and has treated more than a million stroke patients annually in China, with a consistent safety profile across more than a decade of real-world use at scale. In fact, a 2021 Chinese Phase 4 study of over 1,200 stroke patients showed clinically meaningful efficacy, and a pooled analysis of 16 trials across 1,300+ patients showed KLK1-treated patients achieving significantly better long-term function — speaking, walking, and living independently — reflected in a meaningful shift on the modified Rankin Scale (mRS), the global standard for measuring stroke recovery. While this data doesn’t support US approval on its own — it’s largely published without FDA-caliber trial rigor, and the drug isn’t molecularly identical to DM199 — it represents a much stronger starting point than most Phase 2 biotech theses. Additionally, DMAC’s own Phase 2 U.S. trial (ReMEDy1, n=92), which was placed on a clinical hold in 2022, adds further reason for optimism. Across the full study, DM199 failed to show clear benefit over placebo. However, when the company excluded patients who’d also received a mechanical thrombectomy (MT) — the catheter-based clot removal procedure used in under 10% of severe strokes — a stark divergence emerged: non-MT patients showed a highly meaningful improvement in functional outcomes and zero recurrent strokes, versus four fatal recurrences on placebo, while MT patients showed no incremental benefit. The rationale is coherent: MT patients already have large-vessel blood flow mechanically restored by a surgeon, leaving little room for a microvascular vasodilation drug to add value. Consequently, DMAC redesigned its ongoing pivotal trial (ReMEDy2) to exclusively enroll non-MT patients. Post-hoc subgroup pivots, especially those of modest sample size, deserve skepticism. However, I am reassured by the fact that this one appears science-driven rather than a data-mined coincidence and is directionally consistent with the Chinese longitudinal data, which shows a roughly 40% reduction in stroke recurrence at 12 months. By isolating non-surgical patients, both the massive Chinese datasets and the U.S. Phase 2 trial converge on the same signal: KLK1 significantly improves long-term neurological recovery by opening collateral blood vessels to feed oxygen around a clot. Preeclampsia Indication ($5 Billion US Market Opportunity) The preeclampsia (PE) program is earlier stage but comparably compelling. Preeclampsia is essentially a crisis of restricted blood flow to the womb; a starved placenta triggers a toxic systemic surge that raises the mother’s blood pressure to dangerous heights. Because the only existing
Access our full research database on DiaMedica Therapeutics
Fund: Baillie Gifford Positive Change
Thesis: Edwards Lifesciences sells minimally invasive heart therapy devices and is the leading player in a large growing market.
Source: Read the original letter ↗
Analysis:
Share price weakness can create attractive entry points, and during the quarter, we took a position in Edwards Lifesciences . This is a healthcare company where we believe the valuation does not fully reflect the pace and durability of its growth opportunity. Edwards is a pioneer in devices used for minimally invasive heart therapies. Procedures using its catheters offer an alternative to open heart surgery for people with aortic stenosis (a serious heart condition) and materially improve patient outcomes. Edwards is the leading player in this large and growing market, supported by its longstanding culture of innovation and clinical excellence.
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