Monthly and Quarterly Reports
December 2025
Artrya converts FDA approvals into commercial contracts. Memory supercycle trade positions long Micron/SK Hynix against PC and server OEMs. New shipping shorts target oversupply.
November 2025
Healthcare holdings Eli Lilly, Chugai, and HCA offset Super Micro weakness as AI infrastructure reprices. IperionX falls on short report while European defence navigates Trump peace signals.
October 2025
Mag7 rally challenges the US underweight as European defence positions face Trump/Putin de-escalation hopes. New AMD, Micron, and HCA Healthcare positions added.
September 2025
CD Projekt's transformation from cyclical hitmaker to dual-track developer with Witcher 4 and Cyberpunk 2. AI agents now monitor each portfolio holding proactively, flagging risks before they surface.
September 2025
Defence stocks surged as Xi, Putin and Kim paraded military hardware — Rheinmetall +21%, RENK +38%. Gold up 12.3% amid Russian NATO airspace violations and critical materials like IperionX gaining 14%.
August 2025
Artrya's FDA clearance drove returns as international markets outperformed the US for the first time since 2022. GLP-1 competition intensifies between Novo, Lilly and Chugai.
July 2025
NVIDIA and Super Micro surged on record AI capex guidance. Novo Nordisk slashed its 2025 outlook, rewarding the Eli Lilly pairs trade. Australian small caps IperionX and Artrya contributed.
June 2025
The "mispricing fund" philosophy: not value, not growth, but finding where the market is wrong about the future. Miniso case study — IP-driven retail at 14.5x PE while comparable Pop Mart commands 30x+.
June 2025
IperionX landed a US$99m DoD contract. CD Projekt rallied on Switch 2 sales and the Witcher 4 tech demo. European defence allocation trimmed from 27% to 13% after NATO's 5% GDP commitment drove gains.
May 2025
NATO's 5% GDP defence target lifted European defence stocks. Nvidia's data centre revenue grew 73% as inference demand explodes — Microsoft alone used 100 trillion tokens last quarter, up 5x YoY.
April 2025
Four of five top contributors were non-US stocks as Europe emerges as a structural theme. Initiated BYD and Xiaomi longs while shorting Tesla amid Trump's tariff whiplash.
March 2025
AI-powered "Thesis Invalidation Reports" to combat confirmation bias and a "Bad News Drift" shorting strategy. Deep-dive on IperionX's patented titanium technology as a US reshoring beneficiary.
March 2025
European defence stocks dominated the top 10 contributors alongside profitable short positions. The "Maleficent Seven" US AI and financial names dragged as markets posted the 7th-fastest 10% correction in history.
February 2025
JD Vance's Munich speech triggered a swift pivot into European defence — 8 companies now comprising ~15% of the portfolio. Short positions added 1.5% as European nations target 3-4% GDP defence spending.
January 2025
Meta and iCAD's AI breast cancer detection led gains while IperionX cost 2%. DeepSeek's release sparked AI fears, but Jevons Paradox suggests cheaper AI drives more demand, not less.
December 2024
Contrarian US underweight still outperformed — better opportunities in Europe, Japan, and emerging markets. China at 52% discount to the US with de-levered consumers and innovative technologists.
December 2024
IperionX, CD Projekt, and Chugai Pharmaceutical drove gains while French political instability weighed on European positions. Early China bets underperformed but valuations remain compelling.
November 2024
COVER Corporation surged 39% on 50% revenue growth, IperionX rallied on US onshoring tailwinds. Chugai fell 10% as RFK Jr's nomination rattled pharma sentiment.
October 2024
COVER Corp and Chugai Pharmaceutical drive gains while Goldman Sachs predicts only 3% annual S&P 500 returns for the next decade — half the historical average.
September 2024
GLP-1 drugs projected to reach US$105B by 2030, with Chugai Pharmaceutical positioned at the intersection. Plus UK opportunities through Kitwave Group's 22% EPS CAGR.
September 2024
Alibaba surges on China's unprecedented PBOC stimulus package. Commerzbank rallies on Unicredit's surprise stake. Fed cuts 50bp to protect the US economy.
August 2024
The yen carry trade unwound in two days, erasing a year of Nikkei gains. Axon, Klaviyo, and strategic shorts offset Japan exposure during the macro storm.
July 2024
Mag7 rotation as Google and Microsoft disappointed on AI capex concerns. Credit card delinquencies hit worst levels since 2012. Top performers spanned 3 countries and 5 sectors.
June 2024
How Taurient processes 5,000 news articles daily to generate investment ideas. Deep dives on Prysmian's subsea cable monopoly and COVER Corporation's meteoric VTuber growth.
June 2024
Japan thesis playing out: returning inflation, positive rates, and improved governance driving a once-in-a-generation opportunity. Chugai Pharmaceutical positioned in the GLP-1 weight loss race via Eli Lilly partnership.
May 2024
Japanese equities and AI beneficiaries led gains in the fund's first weeks of trading. Japan offers a structural shift: sustained inflation, stronger nominal GDP, and corporate governance reform after decades of stagnation.