Letters by company
Prosus
3 letters discussing PROSF. Everything written about it on this site is on its ticker page.
- FPA Crescent Fund FPA Crescent Fund 2Q26 Commentary FPA Crescent Fund scaled back semiconductor, hyperscaler and connector exposure as AI-driven valuations and capital spending left little margin of safety. The fund added 14 largely AI-agnostic mid-cap companies, including specialty chemical distributors and biotech-equipment businesses, seeking durable growth, strong balance sheets and conservative valuations. 2Q26 028260 $42BADI $197BNTDOF $57B
- Fairtree Asset Management Fairtree Global Emerging Markets Fund Q2 2026 Commentary The Fairtree Global Emerging Markets Fund added to Samsung and SK Hynix, increased Tencent and Kiwoom Securities, and opened positions in Kia, Chenbro Micom and OTP Bank while trimming TSMC to meet its position limit. It argues that concentrated momentum leadership in semiconductor stocks penalised its valuation-disciplined tilt, leaving opportunities where holdings have derated faster than business fundamentals. Q2 2026 453950 SKHY $943BSSNLF $1688T
- Fairtree Asset Management Fairtree Balanced Prescient Fund Q2 2026 commentary The Fairtree Balanced Prescient Fund increased defensive positioning amid an oil-driven inflation shock, holding overweight global cash, US government bonds, precious metals and PGMs while remaining underweight equities, especially the US. It cut South African equity exposure, added energy and diversified miners, and shifted South African bonds to a slight overweight concentrated at the front end of the curve. Q2 2026 —
