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August continued the second quarter earnings season, with positive results from many of our portfolio companies, although overall portfolio performance was dampened by a generally weaker market and continued macroeconomic concerns around interest rates and inflation, as well as the effects of tariffs.
In terms of corporate fundamentals, we continued to see strong results from our AI-exposed companies – TSMC (which reported its Q2 results in July) reported strong July sales again, and more generally, Taiwanese July sales figures showed continued strength, indicating a strong build-out of Nvidia’s latest systems.
Arista Networks (owned) showed that AI demand is much more than just computers and GPUs – they see much greater demand for their high-performance networking systems. It was the fund's biggest contributor to August performance.
August also began with the launch of the latest ChatGPT-5 model, which we believe will continue to support the shift to reasoning models, one of the biggest drivers of increased demand for computing. The fund fell 3.7% in August, despite what we see as fundamental strength in our portfolio companies.