Capital Architecture
GEQ and GEQ II are not separate funds. They are a continuous evolution — the same behavioral conviction, refined and extended as our understanding deepens. The thesis does not change. The construction improves.
Built from February 2022 with NVDA at 12% conviction before AI was consensus. PLTR held through a 38% drawdown in 2022. Two positions — NVDA (+76pp) and PLTR (+67pp) — drove the majority of total returns, validating the concentration thesis entirely.
30 positions: 60% concentrated AI infrastructure core, 40% global diversification. Extended the semiconductor supply chain thesis with ASML, TSM, MRVL, and LRCX. South African equity layer adds Discovery, Capitec, and PSG as conviction positions.
5-Year Return Scenarios · GEQ II · $10.15M Base
AI cycle moderates. Macro compresses semiconductor multiples. Diversified bucket provides buffer. Still outperforms S&P 500.
NVDA, TSM, GOOGL, AVGO compound through AI monetisation. PLTR and MRVL break out. Concentrated winners drive outsized contribution.
AI supercycle materialises. NVDA sustains into next-gen GPU. PLTR achieves enterprise AI OS status. Multiple expansion compounds all gains.
Full Detail
Position-level detail, performance charts, rolling returns, drawdown analysis, and benchmark comparisons are available upon request.
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