The article discusses the potential winners of the AI boom, with Mr. Tynan identifying big tech companies such as Amazon, Microsoft, Google, and Meta as likely to benefit due to their ability to make significant investments in the sector. The fund’s largest holdings include Alphabet, but they have sold down their Microsoft and Meta holdings as their value increased. They also trimmed their luxury holdings in Richemont, LVMH, and Hermès due to increased valuations.
The fund’s greatest returns during the year came from the Swedish online real estate marketplace, Hemnet, and they are now focused on smaller companies with similar attributes. They have also taken a new position in the UK property portal Rightmove. Mr. Tynan expressed less enthusiasm for the “Magnificent Seven” tech stocks and emphasized the importance of recycling capital back into high-quality local monopolies and oligopolies at attractive prices.
The fund has vowed to remain privately owned and not introduce external shareholders, which sets it apart from some of its competitors. Overall, the article focuses on the fund’s investment strategies and decisions regarding its holdings in various companies, as well as its approach to the AI boom and the tech sector.