UniGlobal fund loads up on Nvidia and ASML

The fund has been around since 1960 and has delivered a cumulative gain of 5,234.66% since launch, but the more relevant point for today’s market is that it has not won by standing still. Over the past quarter, managers added Renesas Electronics, increased ASML on continued chip demand and opened a position in Saipem, while exiting Gap and EssilorLuxottica and trimming Caterpillar. That tells you where the capital is flowing: away from challenged consumer and industrial names and toward the companies enabling automation, AI deployment and advanced manufacturing.

That positioning also explains why the fund has at times outpaced its benchmark and at times lagged it over the past decade. It is not a closet index fund, but a high-conviction portfolio willing to accept tracking error in exchange for exposure to secular winners. With the MSCI World still dominated by U.S. growth leaders and AI spending continuing to pull through demand for chips, software and cloud capacity, that approach remains compelling.

The broader market backdrop still favors this thesis. After volatility tied to geopolitical stress and a sharp selloff in March, equities recovered as risk appetite returned and AI enthusiasm broadened again. Even with a recent pullback in U.S. and Asian tech, the underlying investment case has not changed: the next leg of equity returns is likely to come from the companies supplying the compute, equipment and platforms that make AI possible.

For long-term investors, the takeaway is simple. UniGlobal is not just an old fund with a strong pedigree; it is a live expression of the market’s most powerful secular theme. If AI capex keeps expanding, the fund’s overweight to Nvidia, Alphabet, Apple, Microsoft and ASML should continue to compound. The market may rotate, but the infrastructure trade is still the place to be.