HughesLittle Investment Management Ltd.
$511M in tracked AUM across 14 positions as of Q1 2026.
HughesLittle Investment Management's $511M portfolio entered 2026 running two trades at once — and the quieter half is the more deliberate one. ASML, the fund's only Dutch-listed position, was cut nearly in half in one quarter: shares fell from 38,295 to 18,944, pulling reported value down from $41M to $25M. Taiwan Semiconductor Manufacturing was trimmed by a quarter in share count, from 311,700 to 237,400. Both are semiconductor capital-equipment names whose thesis rests on the buildout narrative — and the fund appears to have judged that narrative exhausted at current prices. What replaced those exits tells the counter-story more clearly. Uber Technologies grew from $35M to $52M through a 72% increase in share count executed across the quarter, and the fund initiated a brand-new $33.6M position in Flutter Entertainment, the online sports-betting and gaming conglomerate. Neither is an infrastructure or semiconductor play. Both sit on the demand side of the consumer economy. For context, the full book runs 14 names with Taiwan Semiconductor alone at 15.7% of the portfolio — so the ASML and TSM trims are not incidental reshuffles; they represent a reallocation of roughly $40M in absolute proceeds toward names the manager believes have better near-to-mid-term demand visibility. The unchanged core — Charles Schwab at 12.9%, Brookfield Corp, Amazon, Visa, Alphabet and Mastercard together holding roughly $256M — anchors the rotation. The read is structural, not tactical: the manager has concluded the supply-side AI/semiconductor build cycle is priced for perfection and is repositioning around consumption and platform plays that benefit from end-demand rather than capital-expenditure flows.
Quarter at a glance — Q1 2026
Position-change comparison pending.
Top 10 holdings
By portfolio weight as of Q1 2026.