Oxbow Capital Management (HK) Ltd

Key Holdings

The portfolio is dominated by companies in the data infrastructure and semiconductor supply chain, suggesting a strong thematic bet on the continued proliferation of artificial intelligence and cloud computing.

• Seagate Technology Hldngs PL (22.03%): This is the largest new position and the single largest holding in the portfolio. With an allocation of over $104 million, Oxbow has demonstrated significant conviction in the data storage sector, likely anticipating a cyclical upturn or increased demand for mass data storage driven by AI workloads.
• Credo Technology Group Holding (21.09%): As the second-largest holding, Credo represents a massive bet on high-speed connectivity. The firm increased its stake here by 30.9% (adding $51.5 million), reinforcing its focus on the "picks and shovels" of the AI infrastructure build-out.
• Broadcom Inc (16.85%) & VNET Group (12.51%): These positions round out the technology core. Broadcom offers exposure to semiconductor and infrastructure software, while VNET provides exposure to data center services in China. The increase in the Broadcom position (+10.2%) aligns with the broader theme of investing in established infrastructure players.
• Consumer Non-Tech Names: The portfolio also holds meaningful positions in consumer brands, specifically Amer Sports (8.56%) and SharkNinja (8.26%). However, the firm reduced exposure to both during the quarter, suggesting a rotation away from consumer discretionary assets to fund technology investments.