Dear investors and well-wishers, The fund returned 6.1% in July, closing the month +40% for the calendar year-to-date. CurveBeam had a solid start to trading in a difficult market. We are playing for the long term outcome here, but the good news is that the IPO market...
Dear investors and well-wishers, The fund returned -3% in April, and is up ~5% so far in May, leaving us ~22% for the calendar year-to-date. We've been moving up/sideways for the better part of a year now. The Nasdaq has bounced ~25% since 1 January, but small caps as...
Dear investors and well-wishers, The fund returned 5% in March and 20% for the quarter. These are our top 10 positions: Camplify, our largest position in Australian small caps, just reported 120% organic revenue growth year-on-year, forward bookings up 114%, and its...
Dear investors and well-wishers The fund returned -4.6% in February. We've had a positive month in March so far. I spent a couple of weeks in the United States in March for Morgan Stanley’s tech conference, which included the weekend when Silicon Valley Bank collapsed...
Dear investors and well-wishers, The fund returned 20% in January. Multiple waves of change have rippled through the tech industry over the past two decades. E-commerce, search, mobile apps, social...
Dear investors and well-wishers, The fund declined 4% in October. New positions in Crocs and ASML performed well, while much of the growth space remained weak. Companies like Shopify (-86%), Spotify (-81%), Atlassian (-75%), Salesforce (-55%), Amazon (-54%), and...
Dear investors and well-wishers The fund contracted 6.3% last month (Nasdaq fell ~10%). We finished the quarter up 6%, while the Nasdaq 100 was down 4.4%, which is not much to be proud of right now, but so far we have held the May and June lows, even as major indices...
Dear investors and well-wishers, The fund returned -2.6% in August. I recorded several podcasts recently in a new format with covering companies like Farfetch, Adobe, NVIDIA and Twilio, available on iTunes and Spotify. Core holdings like Cloudflare, bluebird bio,...
Dear investors and well-wishers We returned 16% for the month of July and are having a decent August so far. There’s plenty of work to do, as I write we are down ~50% for this calendar year-to-date. I recorded an extended podcast with the Murdoch Gatti on the Rate of...
Dear investors and well-wishers, The fund declined -12.5% in June. There has been a decent rally in July so far. Early on in this sell off I wrote that our stocks had roughly doubled in size and halved in price. Since then many of them were cut in half again, with the...