Minotaur Monthly
May 2024
Performance
Period
Return
May 10, 2024 (inception) to May 31, 2024
-0.4%
Commentary

Minotaur Capital launched its fund mid-month to much fanfare (ie. two fans in Thomas and Arms) amidst a volatile market backdrop. The fund was down 0.4%, which is a somewhat arbitrary datapoint given it covers three weeks of trading and our fund has longer-term views.

Our best performers were Japanese stocks and AI beneficiaries. Our detractors were generally more broad-based although our pharma and biotech names were concentrated down this end of the list. Shorting contributed positively to our performance displaying its power as a risk mitigant.

There is mounting interest in Japan amongst investors globally as the country shifts to a new equilibrium of sustained, moderate inflation and stronger nominal GDP growth. A more capital efficient and dynamic corporate sector with improved governance is emerging and should continue to uplift sustainable ROE and valuations.

AI, which sets our business apart as it's the backbone of how we run it, perhaps unsurprisingly also drives the underlying performance of some of our stocks. AI is becoming pervasive full stop. It was mentioned in the vast majority of transcripts during US reporting season. Companies primarily cite AI as an efficiency gain rather than a revenue driver. Companies without obvious AI use cases often reference adding AI to internal data models to help improve decision-making or client analytics.

We are excited to be back in action doing the investing we love with proprietarily developed software to maximise our efficiency. We learnt a lot in the set up, putting together all the different layers of service providers (trustee, custodian, fund administration, order management system, prime brokers). More importantly, we keep iterating on the different ways to enhance our processes using software, including recording stock-specific 'digital footprints' (ask us for more detail if you want it).

And in keeping with the Minotaur imagery, we will leave you with a quote from an Ancient Greek philosopher. Plato in The Republic says "You know that the beginning is the most important part of any work... for that is the time at which the character is being formed..."

Portfolio
Top 10 Holdings
(alphabetical)
CD Projekt logo
CD Projekt
CD Projekt is a Polish video game developer, best known for their immersive, story-driven RPG games. Their flagship titles, The Witcher series and Cyberpunk 2077, have captivated millions of players worldwide. With a focus on creating unforgettable characters and rich, detailed worlds, CD Projekt continues to push the boundaries of interactive storytelling.
Poland Flag
Poland
Communication Services
Mid Cap
 
Chugai Pharmaceutical logo
Chugai Pharmaceutical
Chugai Pharmaceutical is a leading Japanese biopharmaceutical company dedicated to advancing innovative medicines. As a subsidiary of Roche, Chugai leverages cutting-edge research to develop treatments for cancer, autoimmune diseases, and rare disorders, striving to create a healthier future for people worldwide.
Japan Flag
Japan
Health Care
Large Cap
 
Cie de Saint-Gobain logo
Cie de Saint-Gobain
Cie de Saint-Gobain is a French multinational corporation with a 350-year history. As a global leader in sustainable construction materials, Saint-Gobain designs and manufactures innovative solutions for buildings, transportation, and industrial applications, focusing on creating a greener, more comfortable future.
France Flag
France
Industrials
Large Cap
 
Iberdrola logo
Iberdrola
Iberdrola is a global leader in clean energy, with a strong commitment to renewable power generation. As one of the world's largest wind energy producers, Iberdrola invests in wind farms, solar parks, and hydroelectric plants across the globe, driving the transition towards a more sustainable future.
Spain Flag
Spain
Utilities
Large Cap
 
MegaChips logo
MegaChips
MegaChips is a Japanese semiconductor company specializing in the design and development of cutting-edge system-on-a-chip (SoC) solutions. With a focus on innovation and customisation, MegaChips creates high-performance, low-power chips for a wide range of applications, from home appliances to automotive systems.
Japan Flag
Japan
Information Technology
Small Cap
 
Meta Platforms logo
Meta Platforms
Meta Platforms, formerly known as Facebook, is a global technology company that connects people through social media and beyond. With a mission to build community, Meta owns and operates apps like Facebook, Instagram, and WhatsApp, while also investing in the development of the metaverse, a shared virtual space.
United States Flag
United States
Communication Services
Mega Cap
 
NVIDIA logo
NVIDIA
NVIDIA is a global leader in AI hardware and software, best known for its powerful GPUs that have revolutionised gaming, professional visualization, and high-performance computing. With cutting-edge technologies like ray tracing and deep learning, NVIDIA is driving innovation in fields from self-driving cars to scientific research.
United States Flag
United States
Information Technology
Mega Cap
 
Prysmian logo
Prysmian
Prysmian is an Italian multinational company and world leader in the energy and telecom cable systems industry. With a global presence, Prysmian designs and produces a wide range of cable solutions for power transmission, distribution, and communication networks, helping to build a more connected, energy-efficient world.
Italy Flag
Italy
Industrials
Large Cap
 
United Overseas Bank logo
United Overseas Bank
United Overseas Bank (UOB) is a leading Singaporean multinational banking organization with a strong presence in Asia. Established in 1935, UOB provides a wide range of financial services to help individuals and businesses achieve their goals, leveraging technology to create smarter, more convenient banking solutions.
Singapore Flag
Singapore
Financials
Large Cap
 
Veolia Environnement logo
Veolia Environnement
Veolia Environnement is a global leader in optimised resource management, providing innovative solutions for water, waste, and energy management to promote sustainability. With a presence in nearly 50 countries, Veolia helps cities and industries manage and recycle their resources, contributing to a more sustainable future.
France Flag
France
Utilities
Large Cap
 
Market Cap
Mega Cap US$200bn+
15.6%
Large Cap US$10-200bn
59.9%
Mid Cap US$2-10bn
10.0%
Small Cap US$300m-2bn
8.4%
Micro Cap Under US$300m
0.0%
Invested Position
Gross Long
100.2%
Gross Short
6.3%
Net Exposure
93.9%
Number of Long Positions
37
Number of Short Positions
5
Regions
North America
36.7%
United States flag
United States
35.3%
Canada flag
Canada
1.4%
Europe
34.1%
France flag
France
17.8%
Italy flag
Italy
5.3%
Poland flag
Poland
4.9%
Spain flag
Spain
4.0%
Germany flag
Germany
2.0%
Asia Pacific
23.1%
Japan flag
Japan
12.6%
Singapore flag
Singapore
5.0%
China flag
China
4.0%
Taiwan flag
Taiwan
1.5%
Sectors
Energy
1.4%
Materials
0.0%
Industrials
13.4%
Consumer Discretionary
5.2%
Consumer Staples
2.9%
Health Care
9.0%
Financials
8.9%
Information Technology
22.1%
Communication Services
19.4%
Utilities
8.3%
Real Estate
3.3%
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Minotaur Capital Management Pty Ltd (ABN 17 672 819 975) is a corporate authorised representative (CAR 1308265) of Minotaur Licensing Pty Ltd (ABN 86 674 743 198) (AFSL 557080). The Minotaur Global Opportunities Fund is issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL 244393), a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782).

The information in this website (the Information) has been prepared by Minotaur.

This information is for general information only and is not an offer for the purchase or sale of any financial product or services. The Information has been prepared for investors who qualify as wholesale clients under section 761G of the Corporations Act 2001 (Cth) (Corporations Act) or to any other person who is not required to be given a regulated disclosure document under the Corporations Act. The Information is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. Although we believe that the Information is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given Sandford Capital, Minotaur, K2 Asset Management or any other person. To the maximum extent possible, Sandford Capital, Minotaur, K2 Asset Management or any other person do not accept any liability for any statement in this Information.