Realizing Gains in the Global AI Infrastructure
The
first half of this year has demonstrated why a long-term investment approach
matters. While market volatility created uncertainty for many investors, the
VPI Global Equity Pool remained committed to owning high-quality businesses
that our world relies on. In doing so, the Pool was able to find some key areas
of success. Notably, businesses making meaningful contributions to the global
AI infrastructure buildout including Samsung, ASML, TSMC and Shin-Etsu
delivered strong year-to-date returns while still trading at a valuation
discount to the broader U.S. semiconductor industry. These businesses play
crucial roles in the AI value chain, supplying the materials, equipment and
manufacturing capacity that make advanced AI technologies possible.
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