Convequity ALL PATH© AI Future Fund

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Navigating Technology's Forgotten Winners

Investing across the AI Value Chain and new Growth Vectors to capture venture-style alpha within public markets

Convequity

Presented by Convequity Team
Material as of November 18, 2025

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Who We Are

A Fusion of Tech Excellence and Investment Discipline

Convequity

Consumer Tech

Leading European tech-focused fund manager specializing in consumer technology with a proven track record of identifying market-leading companies before institutional consensus.

Enterprise Tech

Pioneering tech-native equity-research firm for enterprise technology, combining deep technical expertise with rigorous financial analysis.

Financial Analysis

Advanced financial modeling, valuation, and risk assessment to ensure disciplined investment decisions in high-growth tech opportunities.

Unique Mix of Expertise

We have unique mix of expertise essential to make successful tech investing. Unlike finance-only investors, we understand the tech deeply and don't apply shallow takes on major themes such as AI bubble. Unlike tech-only investors, we study the entire stack and business model, and don't loosen our financial rigor and discipline when it comes to overpriced crowded names.

⚠️ Important Disclaimer

This material is for informational purposes only and does not constitute an offer or solicitation to buy or sell securities. Past performance is not indicative of future results. Investments involve risk, including possible loss of principal.

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Core Thesis

We invest in the evolution of technology itself — not just its outcomes.

Innovation compounds through architecture, design, and vision long before it's visible in financial metrics.

▶ Our edge lies in identifying these inflection points early — where new technological "paths" emerge and value creation accelerates.

▶ We apply a VC mindset to public markets, searching for founder-led, high-conviction companies with structural moats and Day1ness at scale.

▶ Through our frameworks — ΣCompass, PAV, MSU, and ALL PATH — we systematize the art of discovering and scaling exposure to tomorrow's compounding leaders across the AI value chain.

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Proprietary Frameworks

∞

Innovation Paths

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Destination: Alpha

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Our View on Technology #1

The Only Growth Vector

Technology is the engine of productivity and margin expansion

Every efficiency gain in every sector originates from software, hardware, or data.

▶ Even "value" companies increase margins and compound through tech-enabled leverage

▶ All value ultimately compounds from innovation — and innovation is technology

▶ The highest-returning investments of the past decade all had technology at their core

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Our View on Technology #2

Growth vs. Margin — The Rule of X

Traditional: Rule of 40

Growth Rate + Operating Margin ≥ 40%

Equal weight to growth and profitability

Our Approach: Rule of X

We weight growth more heavily

Concentrated where innovation fuels outsized long-term returns

Why This Matters
                            1
                            Growth drives investor value more than profit margin — especially in technology where TAM expansion is exponential
                        
                            2
                            Tech companies sit at the heart of accelerating demand — reshaping industries and creating entirely new markets
                        
                            3
                            We concentrate capital where innovation compounds — not where it has already matured into steady-state margins

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Our View on Technology #3

Mispriced Forward Growth and Efficiency Curve

MSU Framework: Market, Street, Us

Our proprietary framework decodes how our view on architecture and vision translates into terminal profitability — and how it differs from the market and Wall Street.

❌ What Markets Debate

P/E ratios, quarterly earnings beats, near-term guidance adjustments

✓ What We Focus On

First principles of intrinsic value drivers: forward growth curvature and terminal margin efficiency

📈

Forward Growth Curvature

The trajectory of revenue growth several years ahead, driven by TAM expansion and architectural advantages

⚙️

Terminal Margin Profile

Foreshadowed by current unit economics and management's operating efficiency discipline

Our Conviction

Transformation is under-estimated, not over-valued

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Method Overview

ΣCompass | PAV | MSU | ALL PATH

ΣCompass

Discovering Opportunity

Proprietary screening model identifies high-volatility, under-covered tech stocks with asymmetric upside

PAV

Evaluating Moat & Vision

Product, Architecture, Vision framework assesses structural advantage and durability

MSU

Positioning & Sizing

Market, Street, Us framework maps consensus vs. our thesis to size positions

ALL PATH

Foundational Philosophy

Ergodic framework diversifies across tech value chain for sustainable compounding

ΣCompass

Starting point for deeper analysis of asymmetric opportunities

PAV

Understanding what makes companies structurally advantaged over time

MSU

Greater divergence = larger position; capital flows to non-consensus conviction

ALL PATH Philosophy: Markets are non-ergodic. We diversify across the entire tech value chain, maintaining low correlations and blending mean reversion, high-volatility bias, and cross-path exposure to convert volatility into sustainable long-term compounding.

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Why AI & Why Now

The Generational Inflection Point

Bessemer Emerging Cloud Index

Amazing outperformance 2013-2021

Last 3 Years Performance

Underperforms Dow Jones by -16.2%

💀

Tech without AI = Floating Zombies

Even leading tech companies without AI integration are being left behind

🏆

Mag 7 = Initial Beneficiaries

Large-cap tech captured early AI value creation and mindshare

❌

Non-Mag 7 Tech = Missing the Wave

Broader tech universe hasn't participated despite AI integration

⚡

AI = Industrial Revolution 3.0

Early recognition of foundational winners generates generational returns

Our Strategy
                            ▶
                            Identify leaders across Infrastructure / Platforms / Applications to capture innovation's diffusion
                        
                            ▶
                            Take calculated risk and track AI progress closely to manage exposure
                        
                            ▶
                            Allocate more to underappreciated MSU names with same AI exposure but better risk/reward

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Investment Approach #1

ΣCompass + PAV = Seeking Quality Growth

ΣCompass: Technology Evolution Framework

We begin with 2-10 year projections for each sector's technological evolution and trajectory — integrating macro and geopolitical perspectives to anticipate structural change and how it will reshape industries.

Special Themes

AI value chain shifts
Democratization of finance
SysMoore
Global e-commerce

PAV Framework

Product excellence
Architecture leap
Vision 6-sigma quality

Target Criteria

TAM expansion potential
Strong GTM execution
Defensible moats
Rapid compounding capacity
Day1ness

Venture Capital Mindset for Public Equities

We evaluate listed companies through the same lens a VC would use for early-stage startups, seeking enduring traits that make a business continuously exceptional:

Founder-led Leadership

Day1ness Culture

Product Excellence

Architectural Leap

6-Sigma Vision

Best-in-Class GTM

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Investment Approach #2

Quantifying MSU for Optimum Risk-Reward

Core Principle

There are no bad assets — only bad prices. Even the highest-quality companies can become unappealing when overly celebrated. Our MSU framework sizes positions to capture maximum upside where market perception still leaves room.

Risk Model Components

Return:

Derived from our DCF forecasts vs. market implied parameters

Risk:

Measured through implied volatility in options markets

Optimization:

Rank by theoretical weight to isolate highest return per unit of risk

Rule of X Application

We re-weight growth more heavily than margin to favor sustainable compounding over near-term profitability.

This approach avoids exposure to volatility without upside while maximizing allocation to true innovation leaders.

📊

Value Tech Positions

Highly profitable, low-volatility tech names with clear upcoming growth inflections provide stability during style rotations without diluting performance

🛡️

Reverse VC Strategy

Up to 10% allocated to tactical long-volatility positions (index puts) when growth valuations become stretched — capturing convex returns during normalization

📈

Quality Tech Positions

Quality tech names help diversify the portfolio and provide stability.

Risk Management Objective

Mitigate prolonged drawdowns during risk-off periods for growth tech without diluting performance in normal markets

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Investment Approach #3

ALL PATH Risk Management

Managing Innovation's Volatility

High-growth companies are naturally more volatile — that volatility is the price of innovation. Rather than avoid it, we manage it responsibly through our ALL PATH risk framework, which applies ergodic principles to protect compounding returns.

⚠️ Markets are Non-Ergodic

Losses compound multiplicatively, so the path of returns matters as much as the average. Our approach seeks to convert volatility into sustainable growth rather than ruinous swings.

1 Diversified Tech Paths

We diversify across the full AI value chain — from energy and data-center infrastructure to semiconductors, software, and AI-driven applications. Independent return paths reduce correlation, allowing our time-average returns to converge toward the smoother, more resilient ensemble outcome.

2 Managed High-Variance Exposure

We selectively invest in higher-variance opportunities with strong fundamentals and asymmetric upside potential — not for volatility's sake, but where volatility represents underappreciated optionality rather than risk mispriced by fear.

3 Mean Reversion Discipline

For high-variance names, we apply mean-reversion principles across price, valuation, and factor metrics — systematically taking profits when prices overshoot fundamentals and increasing allocations where stocks have sold off despite unchanged fundamentals.

4 Dynamic Exposure Management

Within each major tech theme (e.g., AI, semiconductors, cloud), we dynamically adjust position sizing based on each company's true exposure, MSU profile, and market expectations. This ensures balanced participation across the same secular tailwinds while reducing concentration and valuation risk.

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Portfolio Profile & Performance Attributions

Structured for Asymmetric Upside

Risk Buckets

Core High Vol Growth ~60%

Tactical Extreme High Vol ~30%

Quality Value Balancers ~10%

Country Diversification

United States >60%

Rest of World <40%

Performance Targets

2x

Nasdaq-100's excess return over the S&P 500

30%

Maximum Drawdown Target

Sector Breakdown

🖥️ Technology Services 21.66%

💻 Electronic Technology 19.82%

💰 Finance 12.47%

🛍️ Retail Trade 9.19%

🏥 Health Services 5.32%

🛠️ Producer Manufacturing 5.13%

🚚 Transportation 5.05%

🚗 Consumer Goods 3.04%

💵 Cash 2.44%

Exchange Breakdown

🇺🇸 Nasdaq 52.92%

🇺🇸 NYSE 28.16%

🇳🇱 Euronext Amsterdam 2.34%

Country Breakdown

🇺🇸 United States 64.32%

🇮🇱 Israel 4.6%

🇸🇬 Singapore 4.26%

🌍 Others ~10%

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Our Edge: Why We Win

Six Structural Advantages

🎯

6 Sigma Outliers

We hunt for exceptional founders, visionary stories, best-in-class products, and architectural moats not yet appreciated by the market. We're not buying commoditized tech—we're buying the future.

📈

Long Vol in Tech Equities

Public investors hate volatility. We monetize structural discounts in high-growth tech stocks with asymmetric upside volatility and downside management. We embrace responsible volatility as the product of innovation.

🔬

Industry Coverage Depth

We cover both startups and public companies—giving us visibility into what's coming. Our network spans venture-backed disruptors and established tech leaders, creating unique information advantage.

🧠

First Principles Research

We focus on heuristic analysis of what a company can be several years forward—not quarterly noise. We don't chase channel checks; we build conviction through deep product, market, and technology understanding.

⚡

ALL PATH Diversification & Mean Reversion

Markets are non-ergodic, meaning losses compound multiplicatively. We diversify across the entire AI value chain to transform volatility into sustainable growth. Independent return paths enhance time-average outcomes, while disciplined mean reversion allows us to compound returns in high-volatility names.

🛡️

Risk Mitigation

Quantitative risk models (DCF, Rule of X, implied vol), tactical Value Factor for drawdown control, and up to 10% "Reverse VC" shorts/puts on overvalued tech environments ensure disciplined risk management.

The Result

Venture-style alpha in liquid, scalable public markets

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The Team

Tech-Native Investment Expertise

Mads Christiansen

Chief Investment Officer
Founder of NewDeal Invest

Visionary top-down tech investor with deep expertise in identifying secular technology trends before institutional consensus.

Jordan Lambert, CFA

Portfolio Manager
Co-founder of Convequity Research

Valuation & risk specialist combining rigorous financial analysis with systematic portfolio construction methodologies.

Simon He

Director of Research
Co-founder of Convequity Research

Technology generalist with deep architectural insight across the AI value chain. Simon bridges engineering and investing, translating complex system design and product dynamics into high-conviction equity research.

Combined Expertise30+
Years Combined Tech Investing
100+
Companies Analyzed Annually
10+
Multi-bagger Identifications

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Fund Details & Contact

Join Us in Capturing Tomorrow's Tech Leaders

Fund Structure

Asset Allocation:

90% US-listed equities | 10% global tech leaders

Geography:

>60% US-based companies, ~40% rest of world

Portfolio Size:

>50 high-conviction positions

Turnover:

<30% per annum

Terms & Conditions

Management Fee:

2%

Performance Fee:

20%

Redemption:

Quarterly (30 days notice)

Investor Eligibility:

Qualified Investors only

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Disclaimer

⚠️ Important Disclaimer and Risk Warning

1. Nature of Document: This material is for qualified professional investors only and does not constitute investment advice, an offer, or solicitation. It may not be distributed or circulated to the public.

2. Investment Risks: Investing in this fund involves significant risks, including but not limited to market risk, liquidity risk, credit risk, operational risk, and the potential loss of all or part of the principal. Past performance is not indicative of future results, and historical returns do not guarantee future gains.

3. Information Accuracy: The information contained herein is derived from sources believed to be reliable, but the fund manager makes no warranties as to its accuracy, completeness, or timeliness. All data, charts, and forecasts are for reference only.

4. Forward-Looking Statements: This material may contain forward-looking statements involving expectations about future events, trends, or results. Such statements are subject to inherent uncertainties, and actual outcomes may differ materially from those anticipated.

5. Regulatory Compliance: This fund is subject to the laws and regulations of the relevant jurisdictions. Investors should fully understand and comply with the laws and regulations regarding hedge fund investments in their country/region.

6. Tax Implications: Investors should consult professional tax advisors regarding the potential tax consequences of investing in the fund. The fund manager assumes no responsibility for investors' tax treatment.

7. Conflicts of Interest: The fund manager and its affiliates may hold positions in securities invested by the fund or manage similar strategies for other clients, which may create potential conflicts of interest.

8. Professional Advice: Before making an investment decision, investors should carefully read the fund's articles of association, subscription agreement, and other legal documents, and consult independent legal, financial, and tax advisors.

9. Confidentiality: This material contains confidential information and is intended solely for the designated recipient. It may not be copied, distributed, or disclosed to any third party without the written consent of the fund manager.

10. No Liability: The fund manager, its directors, officers, and employees shall not be liable for any direct or indirect losses arising from the use of this material. Investors bear full responsibility for their investment decisions.

Investing involves risks, enter the market with caution. Please make investment decisions prudently based on a full understanding of the fund's characteristics and related risks.