Tech Portfolio Overview - LS - Rout no impact - 2025/03/27

Portfolio Overview

03/27

Emergence of Deepseek caused uneasiness of Western AI names. The rout in US and Taiwan continues, with the fear of US recession triggered by universal tariff and weak Michigan U consumer confidence inking 20-yr low. One of the reason recent is not severe, is because Trump hinted the financial institutions that there could be more pain ahead before relief. This is read as no immediate Fed cut even if future macro number sours. We see high-valuation names could suffer more if rate cut expectation is fully wiped out, while value names could fare better. We see high-valuation names could suffer more if rate cut expectation is fully wiped out, while value names could fare better. We take all profit on high valuation names, ARM, Broadcom, Bloom.

On AUM of $300M, return is $ 21.8M

Portfolio Changes

We trim the high-valuation AI and AI peripheral names in US and shift to Japan value names.