Core Viewpoint - The article emphasizes the potential of Asian equities (excluding China) in the US markets, highlighting that they are often overlooked and under-allocated in investor portfolios [1]. Group 1: Analyst Background - The analyst has a decade of experience as a buy-side equity analyst focusing on Asia Pacific equities [1]. - A fundamental bottom-up approach combined with a macroeconomic perspective is employed to identify stocks that can benefit from global trends [1]. - The primary sectors of focus include Financials, Industrials, and Consumer Discretionary [1]. Group 2: Purpose of Writing - The intention behind writing on Seeking Alpha is to share insights and increase awareness of Asian equities listed in US markets [1]. - The articles aim to help expand the investment universe for readers by highlighting investment opportunities in the Asian market [1].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Market Overview - The first quarter of 2026 has seen a decline in most client portfolios, although they have outperformed the SP500 by nearly 1% [2] - The SP500 is down 4.7% year-to-date, while the Bloomberg Bond Index has decreased by 0.7% [3] - Geopolitical tensions, particularly U.S. involvement in Venezuela and the conflict with Iran, have contributed to market volatility [3][16] Geopolitical Events - The U.S. military action against Iran began on February 28, 2026, creating ongoing market uncertainty [3] - The appointment of Kevin Warsh as the Chairman of the Federal Reserve has impacted gold prices, which initially surged over 20% but have since stabilized with a 2% increase year-to-date [5][6] Sector Performance - AI developments have caused significant disruptions in the software industry, with companies like Monday.com and HubSpot experiencing sell-offs of up to 50% [4] - Notable stock performances include Nextpower (+36%), Oneok (+22%), and GE Vernova (+37%), driven by strong earnings and demand for renewable energy [9][10][11] - Conversely, Microsoft has seen a decline of 20%, attributed to industry shakeouts despite strong financial results [12] Energy Market Dynamics - The war in Iran has led to increased oil prices, with predictions of future prices ranging from $60 to $80 per barrel [24] - The conflict has disrupted oil supply routes, particularly through the Strait of Hormuz, affecting global energy markets [20][21] - The combined impact of the Venezuelan and Iranian conflicts could lead to sustained increases in oil prices, potentially raising inflation and slowing economic growth [25] Investment Strategy - The company has adopted a conservative investment strategy, reducing exposure to stocks and long-term bonds while increasing short-term bond holdings [46] - Fixed income remains a foundation for client portfolios, with a focus on high-quality, short-term investments yielding attractive returns [48] - In equities, the company emphasizes strong holdings in technology and energy sectors, while hedging against market risks [52][58] Key Holdings - Nvidia is highlighted as a leading company in AI chip manufacturing, with significant revenue growth expected [65] - NextPower's innovative solar technology positions it well in the renewable energy sector [66] - Vertex Pharmaceuticals is recognized for its leadership in cystic fibrosis treatments and potential expansion into new markets [68] - GE Vernova is noted for its critical role in energy generation, with a backlog of orders extending through 2028 [71]

Core Viewpoint - The enterprise software sector is experiencing significant challenges in 2026, with concerns about a potential "SaaSpocalypse" that could erase years of gains and reduce valuation multiples to very low levels [1] Industry Insights - The current environment is marked by unprecedented headwinds that have not been seen in years, impacting the overall performance and valuation of technology companies [1] - The term "SaaSpocalypse" suggests a severe downturn in the Software as a Service (SaaS) market, indicating a critical phase for the industry [1] Analyst Background - Gary Alexander has extensive experience in covering technology companies on Wall Street and has worked in Silicon Valley, providing him with insights into the themes currently shaping the industry [1] - He has been a contributor to Seeking Alpha since 2017 and has been featured in various web publications, indicating a recognized authority in the field [1]

Core Viewpoint - Iovance Biotherapeutics (IOVA) is optimistic about the performance of its product Amtagvi (lifileucel) in 2026, indicating progress in its launch over the past few quarters [1] Company Performance - The company has made notable advancements in the launch of Amtagvi (lifileucel) [1] - IOVA is currently rated as a hold by analysts focusing on biotech stocks [1] Market Context - The analysis emphasizes the importance of trading around significant events such as trial results and NDA/BLA approvals within the biotech sector [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

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Company Overview - Hillman Solutions Corp. (HLMN) offers a diverse range of products, including fasteners, ropes, chains, personal protective equipment, and key duplication systems [1] - The company supplies these products primarily to retail markets such as hardware stores, home centers, and mass merchants [1] Investment Focus - The company emphasizes GARP (Growth at Reasonable Price) opportunities within the industrial, consumer, and technology sectors [1]

Core Insights - The annual letter aims to discuss the performance of portfolio companies and explain the long-term investment philosophy behind the selection process [7] - The Rochon Global Portfolio underperformed in 2025, returning 2.7% compared to a benchmark return of 13.7%, resulting in a relative underperformance of 11.0% [9] - Since its inception in 1993, the Rochon Global Portfolio has achieved a compounded annual return of 14.7%, outperforming its benchmark by 4.8% [10] Portfolio Performance - The Rochon US Portfolio returned 7.6% in 2025, underperforming the S&P 500 by 10.3% [20] - The Rochon Canada Portfolio returned 4.9% in 2025, significantly underperforming the S&P/TSX, which returned 31.7% [23] - The performance of Canadian stocks has outperformed the S&P/TSX since 2007, despite significant fluctuations in individual stock performance [25] Market Analysis - The S&P/TSX's strong performance in 2025 was driven by Canadian banks, Shopify, and gold stocks, with banks experiencing a 36% increase in their average price-to-earnings ratio [26][27] - The Canadian economy saw modest GDP growth of 1.7% in 2025, lower than the 2.2% growth in the United States [28] AI Impact - The rise of Artificial Intelligence (AI) has significantly influenced market dynamics, with AI-related stocks contributing to a large portion of the S&P 500's returns [29] - Companies like Nvidia and Oracle are heavily investing in AI infrastructure, raising concerns about the sustainability of such valuations [34][35] - The market is reacting negatively to companies perceived to be at risk from AI disruption, affecting stocks like Constellation Software and Fiserv [37] Company-Specific Insights - Constellation Software's stock fell by 26% in 2025 despite a 15% revenue increase, attributed to market fears regarding AI's impact on the software industry [50] - Fiserv's stock declined due to management changes and overly optimistic growth projections, leading to a decision to sell shares [47] - Carmax faced increased competition and market challenges, resulting in a significant decline in stock price, prompting a sale of shares after years of ownership [45] Currency Impact - The appreciation of the Canadian dollar by approximately 5% negatively impacted returns expressed in Canadian dollars, as 85% of the portfolio is invested outside Canada [54] - Historical fluctuations in the Canadian dollar have had a minimal long-term effect on overall returns, with a total positive impact of 7% since 1993 [19]