Investor Letters
Emerald Wealth Partners
- Quarterly Commentary – Focused Equity Strategy Focused Equity Strategy added to Thermo Fisher Scientific during its cyclical weakness and later trimmed Microsoft and ServiceNow after their rebound narrowed the margin of safety. It argues that embedded enterprise software platforms and the scarce capabilities of ASML and Broadcom remain durable assets, while higher rates favor low-debt companies with pricing power over nominal government claims. Q3/2026 ASML $575BAVGO $1.6TMSFT $4T
- Quarterly Commentary – Growth Equity Strategy Growth Equity Strategy trimmed Fortinet, Palo Alto Networks, CrowdStrike and Advantest, added Nvidia and re-established Zscaler, while exiting Uber over robotaxi and Waymo concerns. It argues Meta can monetize AI through its distribution base and sees Oracle’s externally financed cloud buildout and differentiated data centers strengthening its moat. Q3/2026 META $1.6TORCL $363BAMAT $260B
- Focused Equity Strategy – Q2 Update Focused Equity Strategy trimmed Shell after its appreciation reduced the margin of safety, added to Broadcom, Tencent, H World and ServiceNow, and exited Sika after further diligence weakened conviction. The strategy argues that quality AI enablers and enterprise infrastructure offer more durable economics than speculative, peak-cycle semiconductor exposure. Q2 2026 ASML $575BAVGO $1.6THTHT $16B
- Quarterly Commentary – Growth Equity Strategy Growth Equity Strategy increased SAP, Booking, Zscaler, ServiceNow and Synopsys while exiting Adobe, Intuit, Siemens Healthineers, BYD and Salesforce. It maintains an overweight in cybersecurity and favors quality growth companies it views as AI beneficiaries, while warning that speculative semiconductor activity has pushed technology markets into bubble territory. Q2/2026 ATEYY $123BBKNG $122BCRWD $248B
- Focused Equity Strategy – Q1 Update Focused Equity Strategy added to software holdings including Microsoft, Salesforce, ServiceNow and Constellation Software, arguing their enterprise integration and workflow data make them resilient to AI disruption. It initiated Tencent on WeChat’s ecosystem, advertising runway and AI monetization, while taking profits in Lockheed Martin and BAE Systems and exiting Applied Materials, Adobe and Service Corp. Q1 2026 TCTZF $479BBAESY $80BCNSWF $53B
- Growth Equity Strategy – Q1/2026 Growth Equity Strategy trimmed semiconductor-equipment winners and initiated Booking.com after its sell-off, arguing that the company can ultimately benefit from AI. The portfolio remains overweight AI while concentrating software exposure in deeply integrated enterprise platforms and cybersecurity. It sees the Iran war as a near-term source of inflation, supply-chain and market volatility. Q1/2026 AVGO $1.6TBKNG $122BCRM $187B
