It's Nvidia's playground and we are all playing in it. Over the last 6 months, roughly 60% of the S&P 500 returns have been driven by 5 names, fueled overwhelmingly by AI and the semiconductor ecosystem, and led almost unilaterally by Nvidia.
We are leaning away from US Mega Cap Tech. And leaning into other Developed and Emerging markets. Japan. Europe. China. Taiwan. Latin America. We are also leaning into Healthcare and Real Assets, including both precious metals and real estate.
Please review the 2Q24 factsheet for more. You will notice a couple of different names surfacing in our Top Holdings this quarter along with the weighted average market capitalization of our PortCo steadily coming down over the last few quarters.
And please read the 2Q24 investor note which dives deeper into the Mash portfolio.
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