The Blue Whale Growth fund concentrates on large cap companies across global stock markets. US tech has dominated global indices, investors’ minds and until recently, the fund. Dave Baxter talks to manager Stephen Yiu about his updated thoughts on the Magnificent Seven, Donald Trump’s impact on the AI play, overlooked sectors and more.

This episode was recorded on 24 February.

Timestamps

00:29 DeepSeek 

2:13 Identifying AI winners 

5:36 Exiting Microsoft and US tech

9:38 Turnover in the fund

13:03 Evolution of the fund

16:55 Valuations 

20:10 European and Asian companies

21:54 Trump and the trade war

23:33 Areas to keep an eye on

27:30 Compelling themes in the fund beyond AI

32:09 Overlooked companies

34:24 Danaher

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