Livewire recently featured our global equities fund in an article exploring our portfolio management approach during recent semiconductor volatility. As an Australian fund manager focused on global equities strategies, we've navigated the AI investment landscape with disciplined risk management whilst maintaining strong conviction in our core positions.
Our Co-Founder and Portfolio Manager, Armina Rosenberg, explained our recent portfolio decisions, including trimming our Micron position after exceptional returns. Despite being up over 6x since October, concentration risk prompted action:
At one stage Micron was contributing over 12% of the entire fund's variance on less than 4% of NAV, and together with SK Hynix the "memory pair" accounted for roughly a quarter of Minotaur's total portfolio risk.
Our investment philosophy emphasises balancing high-conviction growth positions with uncorrelated defensive holdings. This led us to add Pilgrim's Pride, a chicken producer that provides diversification beyond the AI trade. We're also watching Vertiv as a picks-and-shovels play in data centre infrastructure, recognising that AI's bottleneck extends beyond semiconductors to power and cooling solutions.
The article highlights our approach to portfolio-level risk monitoring, including how we leverage AI analyst agents whilst maintaining rigorous fundamental analysis. Armina also shared insights on capital allocation, diversity in investing, and what drives her passion for markets. To read the article, click the link below.