Recruit Holdings Co Ltd

• HP Hosking Partners Q3 2026 – Quarterly Report Commentary ↗ Hosking Partners argues that AI data-centre investment is creating a capital-heavy, potentially commoditised compute industry. It reduced oil-shipping, energy and memory-semiconductor exposure, while adding selected office-property positions and rotating Japanese gains into smaller deep-value companies. Q3 2026 DHT $4.1BHAFN $5.4BINSW $6.2B +3
• HL Harding Loevner International Equity Second Quarter 2026 Report ↗ Harding Loevner trimmed Samsung Electronics, TSMC, ASML and other technology holdings as AI-driven semiconductor profits pushed valuations and concentration risk higher. The portfolio added Spotify, arguing that its scale and AI product development can defend its competitive position, while retaining selective exposure to memory and semiconductor equipment suppliers. Second Quarter 2026 035420 $20BNTES $81BSKHY $701B +4
• Hayden Capital Q3 2025 Quarterly Letter ↗ Hayden Capital argues that speculative technology bubbles can finance infrastructure, skills and consumer adoption that enable more durable businesses in a later deployment phase. The portfolio has avoided AI infrastructure winners while awaiting clearer applications and valuations. Timee is presented as Japan’s dominant spot-work marketplace, benefiting from labor shortages, dense liquidity and Mercari Hallo’s exit. 3rd Quarter 2025 215A $943MMCARY $4B

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