Emerald

Dec 2025 → Jun 2026 · Publishes monthly · 3 funds

Our archive holds 7 letters from Emerald, behind 26 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.

Emerald’s own letters page

Letters

Companies

Moves

Theses

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 · 7

2026

2025

Funds · 3

Emerald Focused Equity Strategy4
Emerald Growth Equity Strategy2
Emerald Wealth Partners AG1

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