Tech Portfolio Overview - LS - Profit from Short - 2025/03/29

Portfolio Overview

03/29

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. We have been net short on semi, and now see the correction too fast. On Tariff, semiconductor is directly wavied, but will still be indirectly impacted as end-demand will likely weaken on higher price. Non-US auto OEMs will face double whammy - both a direct export tariff, and likely corresponding volume decrease due to price hike.

We see high-valuation tech names could suffer more if rate cut expectation is diminishing, while value names could fare better. We added short on semiconductor and moved some long to high-yield names.

On AUM $300M, Return since inception (=４ mon) is $ 23.6M

Portfolio Changes