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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 9.85% | 22.79% | 82.85% | 29.87% | |
| Appropriate Market Index (AMI)2 | 7.28% | 14.38% | 35.85% | 30.50% |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| Security Name | Percentage |
|---|---|
| Tesla Motors Inc | 9.33% |
| Robinhood Markets Inc | 6.59% |
| Roblox Corp | 5.73% |
| Coinbase Global Inc | 5.71% |
| Palantir Technologies Inc | 4.89% |
| Roku Inc | 4.66% |
| Shopify Inc | 4.56% |
| Tempus Ai Inc | 4.47% |
| Teradyne Inc | 2.85% |
| Advanced Micro Devices | 62224412.00% |
Commentary
As of 30 September 2025
Market Overview
Fund Commentary
Key contributors for the month include Tesla (TSLA), Robinhood (HOOD) and Beam Therapeutics (BEAM).
Shares of Tesla contributed to performance during the month. The company unveiled its Master Plan IV outlining a path to sustainable abundance, announced Elon Musk’s potential $1 trillion pay package, received approval to begin autonomous vehicle testing in Nevada, and reported Musk’s purchase of nearly $1 billion of stock, his first in more than five years and his largest by value. The company also received several price target increases. Shares of Robinhood contributed to the fund this month, entering the S&P 500 and unveiling several initiatives at its HOOD Summit. The company launched Robinhood Social with verified live trades, upgraded Robinhood Legend with short selling, custom indicators, and futures, and introduced Robinhood Ventures Fund I to give retail investors access to private companies. Its prediction markets hub also surpassed $4 billion in cumulative contract volume, driven by NFL contracts. Shares of Beam Therapeutics contributed to fund performance this month following favourable comparisons to Wave's clinical data for its RNA-editing therapy in AATD, which eased competitive pressure. The FDA has also granted RMAT designation for BEAM-101 for sickle cell disease.
Key detractors for the month include DraftKings (DKNG), Iridium Communications (IRDM) and 10x Genomics (TXG).
Shares of DraftKings detracted from the fund this month, due to concerns surrounding the popularity of other company's event contracts and prediction markets potentially taking share from traditional sportsbooks. Shares of Iridium Communications detracted from performance during the month after SpaceX acquired EchoStar’s US low-bandwidth spectrum as well as global Mobile Satellite Service (MSS) spectrum licenses, which more directly competes with Iridium’s global low-bandwidth spectrum. While the extent of the impact is unclear, notably, any effect is at least around 2 years out according to Elon Musk, since current chips in devices cannot support the acquired frequency. Shares of 10X Genomics detracted from fund performance this month. There was an absence of major announcements or developments during this period but the overhang from uncertainty in the funding environment continues.