Tech Portfolio Overview - LO - Bearing for a while - 2025/03/27

Portfolio Overview

03/27

Emergence of Deepseek before lunar new year has created doubt on US 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 iss 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 take all profit on high valuation names, ARM, Broadcom, Bloom.

On initial AUM of $150M, Return since inception 3.6%

Portfolio Changes

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