Emerald

Dec 2025 → Jun 2026 · Publishes monthly · 3 funds

Our archive holds 6 letters from Emerald, behind 26 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.

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Emerald’s own letters page

Letters

Companies

Moves

Theses

3 strategies

Emerald publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Emerald Focused Equity Strategy3
Global Mega-cap · 18 companies
Emerald Growth Equity Strategy2
Mega-cap Growth · 6 companies
Emerald Wealth Partners AG1
Global Mega-cap · 19 companies

What they bought and sold · 17 moves

AddedTencent Holdings Ltd.
June 2026
“We used the index’s weakness to continue to add to some of our Chinese positions.”
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TrimmedLockheed Martin Corporation
June 2026
“Having trimmed the position close to its peak in the first quarter, we are comfortable with what we hold today.”
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TrimmedShell plc
June 2026
“We therefore sold approximately half our holding: the sharp appreciation had compressed the margin of safety and left the position larger than we were comfortable with.”
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AddedBroadcom Inc.
June 2026
“We added to the position on the back of the OpenAI announcement, and as the stock consolidated off its highs.”
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AddedH World Group Limited
June 2026
“We also added to H World, soon to become China's largest hotel group by property count.”
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AddedServiceNow, Inc.
June 2026
“Finally, we added to ServiceNow.”
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ExitedSika AG
June 2026
“We sold Sika.”
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New positionSAP
May 2026
“Initiation/Increase SAP”
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AddedServiceNow
May 2026
“ServiceNow Increase position”
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ExitedAdobe
May 2026
“Exit/Reduction Adobe Exit position”
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AddedBooking.com
May 2026
“Booking Increase position”
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AddedZscaler
May 2026
“Zscaler Increase position”
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ExitedBYD
May 2026
“Exit/Reduction Adobe Exit position”
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ExitedIntuit
May 2026
“Exit/Reduction Adobe Exit position”
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ExitedSiemens Healthineers
May 2026
“Exit/Reduction Adobe Exit position”
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AddedSynopsys
May 2026
“Synopsys Increase position”
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ExitedSalesforce
May 2026
“Exit/Reduction Adobe Exit position”
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Companies held · 22

Every company Emerald has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 26

H World Group Limited
June 2026
H World is an asset-light hotel franchise platform in China with strong ROIC, expansion potential and an attractive free cash flow yield.
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Schneider Electric SE
June 2026
Schneider Electric supplies electrical and automation infrastructure, with a durable competitive advantage and long-term growth from electrification and data centers.
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Broadcom Inc.
June 2026
Broadcom is a leading designer of custom AI silicon and networking, with strong positioning in inference chips and AI infrastructure.
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Tencent Holdings Limited
June 2026
Tencent is a leading Chinese technology platform with WeChat’s network effects, advertising upside and emerging e-commerce and AI opportunities.
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ASML Holding N.V.
June 2026
ASML is the monopoly supplier of advanced lithography equipment, benefiting from AI-driven semiconductor demand and durable competitive advantages.
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Intercontinental Exchange, Inc.
June 2026
Intercontinental Exchange owns exchange, clearing, data and mortgage technology assets, with secular growth and AI likely to enhance rather than disrupt its moat.
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ServiceNow, Inc.
June 2026
ServiceNow provides enterprise workflow software and benefits from high switching costs and AI monetization opportunities.
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ServiceNow
May 2026
ServiceNow is positioned as the enterprise AI orchestration layer, with AI-driven productivity savings and a path to doubling subscription revenue by 2030.
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Advantest
May 2026
Advantest is seen as the innovation leader and dominant AI-testing beneficiary with a strong long-term growth outlook.
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Synopsys
May 2026
Synopsys is being increased as part of the manager’s focus on long-term AI winners in software.
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Fortinet
May 2026
Fortinet benefits from AI-intensified threat complexity and is viewed as a continuing winner in cybersecurity.
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Tencent
March 2026
Tencent is a dominant Chinese digital ecosystem with WeChat network effects, underexploited monetization, and AI-driven upside.
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Letter archive · 6

2026

2025

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