Fund briefs
Each brief bundles a sleeve of holdings into one view — sector themes that frame the thesis, per-holding cards with the live snapshot, and the underlying infographic + PDF for offline use. Per-holding analyses link out to the full long-form article.
Asymmetric Bets
10 holdings · fund-position order · pre-trend potential
A high-risk-tolerance sleeve looking for good investments before the trend / the financials / the consensus narrative breaks out. Names scored for optionality and asymmetric upside, not for present-day comfort.
1. Hims & Hers Health Inc
Fastest-scaling DTC consumer-health platform; GLP-1 reset masks platform optionality the market is mispricing
2. AST SpaceMobile, Inc.
Pre-revenue-scale space-cellular pure-play; binary 5-20x optionality on BlueBird ramp and partner activation
3. Meta Platforms, Inc.
AI-ads compounder with a free call option on the smart-glasses platform; mega-cap framed for the Asymmetric Bets sleeve.
4. MercadoLibre, Inc.
LATAM e-commerce + fintech compounder; fintech monetisation, credit, and ads under-monetised vs Amazon/Alibaba peers; investing aggressively into a 3-5× optionality
5. Palantir Technologies Inc.
Platform-grade enterprise AI with explosive US Commercial ramp; valuation is the only thing that can stop it
6. Duolingo, Inc.
De-rated consumer-subscription compounder; AI is both the threat and the ARPU lever — asymmetric setup at <5x sales.
7. Everpure, Inc. (fka Pure Storage)
Rebranded flash leader pivoting to AI data management; hyperscaler design wins begin to monetize in FY27
8. Synaptics Incorporated
Credible IoT/edge-AI pivot underway; reasonably valued but GAAP-loss
9. Reddit, Inc.
Sole large-scale open-text social platform; ad-platform maturation + data-licensing + AI-search optionality
10. Nokia Corporation
Re-rated telecom-equipment incumbent now pricing AI-datacenter optical + Nvidia-blessed 6G optionality; cheaper trades behind.
European Semiconductor & Photonics
8 holdings · fund-position order · cyclical-trough into AI capex cycle
European-listed semiconductor and photonics names exposed to the AI capex super-cycle. Mix of materials, equipment, foundry and components, ordered by fund-position weight.
1. Sivers Semiconductors AB
Genuine optionality in CPO/LiDAR but stock priced for a perfect, near-term outcome (~78x sales, consensus PT 92% below); restatement and insider-trading probe add governance overhang
2. LPKF Laser & Electronics SE
LIDE optionality is genuine but priced for an outcome 2–3 years away while the underlying business is shrinking and FCF is burning
3. Jenoptik AG
Quality photonics compounder; semicap order recovery validates the thesis but customer concentration via Zeiss is the structural risk
4. X-FAB Silicon Foundries SE
Profitable specialty foundry levered to SiC/MEMS, but margin-compressing, FCF-negative, no FY26 guidance — retail-driven spike priced at ~60% above consensus PT
5. Siltronic AG
Top-tier wafer maker in a cyclical trough with a reported M&A approach not yet validated at premium terms; Singapore depreciation drags 2026 EBIT
6. IQE plc
Strategically important III-V epi supplier; sub-scale, loss-making; strategic-review optionality closed without a Group sale, replaced by MACOM strategic-investor structure
7. Nynomic AG
Diversified optical-sensing micro-cap with Q1 2026 recovery signal; balance-sheet-safe turnaround at ~1.5x EV/Sales
8. Plan Optik AG
Niche glass-wafer specialist; genuine but unproven CPO/AI optionality