AVGO bearish conv. top reduzir Broadcom
Fast Grower
Largest holding do Strategy. Acrescentou cerca de dois terços ao
seu valor à medida que continuou a beneficiar de strong demand
para os seus custom silicon chips para AI computing. A parabolic
rise em share price levou os gestores a take profits e trim back
a exposição. Top contributor individual ao retorno relativo no
trimestre, parte do tema AI-levered names que sustentou
outperformance.
Our largest holding, Broadcom, added nearly two-thirds to its value as it continued to benefit from strong demand for its custom silicon chips for AI computing.
"A nossa largest holding, Broadcom, acrescentou cerca de dois terços ao seu valor à medida que continuou a beneficiar de strong demand para os seus custom silicon chips para AI computing."
NOW neutral conv. core manter ServiceNow
Fast Grower
Subiu após impressive quarter apesar de tough macro environment.
A empresa continua a ser leader entre software peers na
monetization de generative AI, com target de 1 bilião em ACV
(annual contract value) de produtos AI-related até 2026. Parte do
cluster AI-levered IT holdings que drove outperformance no
trimestre.
The company remains a leader among its software peers in the monetization of generative AI with a target of $1 billion in annual contract value from AI-related products by 2026.
"A empresa continua a ser leader entre os seus software peers na monetization de generative AI com target de 1 bilião em annual contract value de produtos AI-related até 2026."
SNOW neutral conv. core manter Snowflake
Fast Grower
Outperformed em strong results, beneficiando de improved product
momentum e increased imperative entre corporações para
organizar o data layer para fully harness o poder de AI.
Listada como top contributor individual ao retorno relativo no
trimestre.
Snowflake outperformed on strong results benefiting from improved product momentum and an increased imperative among corporations to get their data layer in order so that they can fully harness the power of AI.
"A Snowflake outperformed em strong results a beneficiar de improved product momentum e um increased imperative entre corporações para organizar o seu data layer de modo a fully harness o poder de AI."
CRWD bearish conv. core reduzir CrowdStrike
Fast Grower
Subiu com crisp execution against still-large market opportunity
em information security, uma priority spending area. A parabolic
rise em share price contribuiu para a decisão dos gestores de
take profits e trim back a exposição. Top contributor individual
ao retorno relativo do trimestre.
CrowdStrike also moved higher with crisp execution against a still-large market opportunity in the priority spending area of information security.
"A CrowdStrike também subiu com crisp execution against a still-large market opportunity na priority spending area de information security."
VRT neutral conv. core manter Vertiv
Fast Grower
Industrials holding alavancado em AI infrastructure. Entrega power
e thermal management systems críticos para operações de data
center. Top contributor individual ao retorno relativo no
trimestre, parte do cluster de industrials AI-exposure complementado
por Johnson Controls.
Vertiv delivers power and thermal management systems critical for data center operations, while Johnson Controls has a leading position in commercial HVAC for data centers, with a data center business larger than the next two competitors combined.
"A Vertiv entrega power and thermal management systems críticos para operações de data center, enquanto a Johnson Controls tem uma leading position em commercial HVAC para data centers, com um data center business larger do que os dois competitors seguintes combinados."
JCI neutral conv. core manter Johnson Controls
Stalwart
Industrials AI-exposed holding. Tem leading position em commercial
HVAC para data centers, com data center business larger do que
os dois competitors seguintes combinados. Complementa Vertiv como
leverage indirecta a AI infrastructure capex.
Johnson Controls has a leading position in commercial HVAC for data centers, with a data center business larger than the next two competitors combined.
"A Johnson Controls tem uma leading position em commercial HVAC para data centers, com um data center business larger do que os dois competitors seguintes combinados."
HOOD bearish conv. core reduzir Robinhood Markets
Fast Grower
Disruptor em financials. Shares mais do que duplicaram nos
últimos três meses, lifted por environment mais favorável,
increased demand por criptomoedas e flurry de novos product
introductions. A parabolic rise levou os gestores a take profits
e trim back a exposição. Top contributor individual ao retorno
relativo no trimestre.
In financials, shares of disruptor Robinhood more than doubled over the last three months, lifted by a more favorable environment and increased demand for cryptocurrencies as well as a flurry of new product introductions.
"Em financials, as acções do disruptor Robinhood mais do que duplicaram nos últimos três meses, lifted por um environment mais favorável e increased demand por criptomoedas bem como por um flurry de novas product introductions."
ALNY bullish conv. starter nova posição Alnylam Pharmaceuticals
Fast Grower
Larger addition do trimestre. Commercial stage biotechnology,
world leader em RNA interference — tecnologia que selectively
desliga a produção de qualquer proteína ao nível genético.
Plataforma de cinco drugs aprovadas trata broad array de rare e
common diseases e gera novos drug candidates. Os gestores
acreditam que o mercado não aprecia o potential value do core
Amvuttra franchise (liver condition). Pipeline early-stage em
high blood pressure e Huntington's Disease.
Alnylam Pharmaceuticals was among the larger additions. The commercial stage biotechnology company is the world leader in RNA interference, a technology that selectively shuts off the production of any protein at the genetic level.
"A Alnylam Pharmaceuticals esteve entre as larger additions. A commercial stage biotechnology é world leader em RNA interference, tecnologia que selectively desliga a produção de qualquer proteína ao nível genético."
HLT bullish conv. starter nova posição Hilton Worldwide
Stalwart
Global hotel e resort operator. Business asset-light — majority
de revenue e profits de franchised e managed properties em vez
de company-owned hotels. Long runway de crescimento via
continued mid- to high-single-digit net unit expansion. Strong
margins e FCF conversion permitem share buybacks consistentes.
Embora inflation e interest rates altos possam impactar
leisure/business travel demand, Hilton permanece relative share
gainer irrespective do macro backdrop.
Hilton’s business is asset-light, with the majority of its revenue and profits derived from franchised and managed properties rather than companyowned and operated hotels.
"O negócio da Hilton é asset-light, com a majority do seu revenue e profits derivada de franchised e managed properties em vez de hotéis company-owned and operated."
SHW bullish conv. starter nova posição Sherwin-Williams
Stalwart
Empresa high-quality com share gain opportunities, well-positioned
para beneficiar de accelerating resultados growth à medida que
housing turnover normalize higher nos próximos anos. Os gestores
apreciam as defensive characteristics do business model — strong
through-cycle pricing power e raw material costs (largely
downstream derivatives of oil refining) que são macro linked e
actuam como natural offset em períodos de volume decline.
Adicionalmente, beneficia de uma divisão da competitor PPG ser
taken private e likely fechar lojas.
Sherwin-Williams is a high-quality company with share gain opportunities and is well-positioned to benefit from accelerating earnings growth as housing turnover normalizes higher over the coming years.
"A Sherwin-Williams é uma empresa high-quality com share gain opportunities e está well-positioned para beneficiar de accelerating resultados growth à medida que housing turnover normalize higher nos próximos anos."
HWM bullish conv. starter nova posição Howmet Aerospace
Fast Grower
Aerospace OEM e aftermarket. Complementa existing defense holding
L3Harris Technologies, adicionando exposição a original equipment
e aftermarket aerospace end markets. Dominant player na sua
indústria com significant runway para growth e margin expansion
ahead.
The purchases of Howmet Aerospace and Axon Enterprise complement existing defense holding L3Harris Technologies, adding exposure to original equipment and aftermarket aerospace and public safety end markets.
"As compras de Howmet Aerospace e Axon Enterprise complementam o existing defense holding L3Harris Technologies, adicionando exposição a original equipment e aftermarket aerospace e a public safety end markets."
AXON bullish conv. starter nova posição Axon Enterprise
Fast Grower
Dominant player em public safety end markets. Compra complementa
Howmet Aerospace e o existing defense holding L3Harris Technologies,
expandindo exposição em industrials de defense para safety.
Significant runway para growth e margin expansion ahead.
Both are dominant players in their respective industries with significant runway for growth and margin expansion ahead.
"Ambos são dominant players nas suas respectivas indústrias com significant runway para growth e margin expansion ahead."
UNH bearish conv. core reduzir UnitedHealth Group
Stalwart
Pesou mais heavily em consequence de pressões em reimbursement
rate no mercado de Medicare Advantage combinadas com
execution-related challenges. Missed Q1 resultados forecasts e
later retirou projecções para o ano. Os esforços para trim back
a exposição nos últimos anos e até 2025, a much higher prices
do que onde a stock está a transaccionar today, ajudaram a
mitigar o impacto no desempenho global.
The latter, in combination with some execution-related challenges, weighed most heavily on UnitedHealth Group, which missed first-quarter earnings forecasts and later withdrew guidance for the full year.
"Esta combinação, em conjunto com algumas execution-related challenges, pesou mais heavily em UnitedHealth Group, que missed first-quarter resultados forecasts e later retirou projecções para o ano inteiro."
VRTX neutral conv. core manter Vertex Pharmaceuticals
Fast Grower
Longtime biotech holding. Traded lower em receita e resultados
de Q1 softer-than-expected, principalmente devido a fraqueza em
partes da Europa e slower uptake do next-generation cystic
fibrosis treatment Alyftrek. Dito isso, os key compounds da
empresa — incluindo o non-opioid acute pain reliever Journavx —
devem ver solid growth no segundo semestre.
Longtime biotech holding Vertex Pharmaceuticals also traded lower on softer than expected first-quarter revenue and earnings, primarily due to weakness in parts of Europe and slower uptake of its next-generation cystic fibrosis treatment, Alyftrek.
"Longtime biotech holding Vertex Pharmaceuticals também traded lower em receita e resultados de Q1 softer than expected, principalmente devido a fraqueza em partes da Europa e slower uptake do seu next-generation cystic fibrosis treatment, Alyftrek."
PLTR bearish conv. core reduzir Palantir Technologies
Fast Grower
Citado como uma das holdings cujo parabolic rise levou os gestores
a take profits e trim back a exposição. Listada também entre os
primary detractors individuais ao retorno relativo, sinalizando
pullback após gains acumulados em períodos anteriores.
the parabolic rise in share prices of several of our portfolio holdings, such as Robinhood, Palantir Technologies, Broadcom and CrowdStrike, allowed us to take profits and trim back exposures to these names.
"a parabolic rise em share prices de várias das nossas portfolio holdings, tais como Robinhood, Palantir Technologies, Broadcom e CrowdStrike, permitiu-nos take profits e trim back exposures a estes nomes."
TJX neutral conv. core manter TJX Companies
Stalwart
Retalhista off-price. Listado entre os primary detractors
individuais ao retorno relativo no trimestre, parte de pockets
of weakness em consumer discretionary holdings que incluíram
também Starbucks.
Within consumer discretionary, Starbucks and TJX were laggards for the quarter.
"Dentro de consumer discretionary, Starbucks e TJX foram laggards do trimestre."
HUBS neutral conv. core manter HubSpot
Fast Grower
Application software (CRM/marketing platform). Listada entre os
primary detractors individuais ao retorno relativo do trimestre.
Tese mantida sem articulação detalhada pelos gestores no T2.
The primary detractors were Vertex Pharmaceuticals, Palantir Technologies, UnitedHealth Group, HubSpot and TJX.
"Os primary detractors foram Vertex Pharmaceuticals, Palantir Technologies, UnitedHealth Group, HubSpot e TJX."
MDB bearish conv. starter sair MongoDB
Fast Grower
Saída para focus em higher-conviction growth names. Embora MongoDB
permaneça category leader em modern database architecture,
fundamentos recentes têm sido negatively impacted pelo calendário
de multi-year renewals e cautious IT spending backdrop. Decelerating
growth também alimentou investor concerns sobre rising
competition, um bear case difícil de dispel sem catalyst claro
para re-acceleration.
The Strategy closed out of MongoDB and Charles River Labs to focus on higher-conviction growth names. While MongoDB remains a category leader in modern database architecture, recent fundamentals have been negatively impacted by the timing of multiyear renewals and a more cautious IT spending backdrop.
"O Strategy fechou MongoDB e Charles River Labs para focar em higher-conviction growth names. Embora MongoDB permaneça category leader em modern database architecture, fundamentos recentes têm sido negatively impacted pelo calendário de multiyear renewals e cautious IT spending backdrop."
CRL bearish conv. starter sair Charles River Laboratories
Cyclical
Saída para focus em higher-conviction growth names. Challenging
biotech funding environment, riscos de disruption de US policy
shifts e spending reprioritization por large pharmaceutical
clients reduziram resultados visibility. Potential changes em
FDA guidelines sobre animal testing representam material
regulatory overhang. Apesar de activist interest recente, os
gestores consideram que a stock já reflecte optimismo sobre
potential strategic transaction.
For Charles River, a challenging biotech funding environment, risks of disruption from U.S. policy shifts and spending reprioritization by large pharmaceutical clients have reduced its earnings visibility.
"Para Charles River, um challenging biotech funding environment, riscos de disruption de US policy shifts e spending reprioritization por large pharmaceutical clients reduziram a sua resultados visibility."