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INSPIRATION CAPITAL · MAY 2026
Thematic Alpha
Strategy
Concentrated, research-driven equity strategy across structural growth themes — primarily AI infrastructure and healthcare innovation. Sixteen-month live track record verified by Interactive Brokers PortfolioAnalyst.
Strategy & Performance
Thematic Alpha Strategy · Inspiration Capital Management Limited · May 2026
How We Invest
Deep Research. Leading Themes. Leading Names.
Step One
Identify the Themes
Deep, multi-quarter research at private-equity depth — expert networks, operator-level intelligence, primary diligence — to surface the most promising structural growth themes.
Currently in the book:
~90%AI Infrastructure & Compute Buildout — picks-and-shovels of the multi-year AI capex cycle.
~22%Healthcare Innovation — Post-Data — biotech taken post positive clinical data.
Step Two
Find the Most Asymmetric Names to Own
Within each theme, identify the single names with the strongest asymmetry — research-supported conviction, observable mispricing, and regional access advantage.
How it shows up:
Concentration as feature: 15–25 positions; top names at 8–17% of NAV.
Global single-name reach: HK / Shanghai presence enables access to Asian and European supply-chain names most US managers cannot find or trade.
Defined-risk options used selectively to deepen conviction without proportional capital lock-up.
Cumulative
+180%
16-month period
Annualized
+121%
Jan 2025 – Apr 2026
"A high-convexity return profile with improving downside control — transitioning from a successful personal-account proof-of-concept to an institutional vehicle with the risk discipline appropriate to managing third-party capital."
Return Characteristics
Growth of $100, monthly distribution, alpha vs benchmark
Key Statistics
Best Month
+71.8%
Apr 2026
Worst Month
−16.8%
Mar 2025
Up / Down Ratio
2.7×
Avg up +20.2% / down −7.4%
Positive Periods
59%
of trading days
Correlation to QQQ
0.70
Daily returns
Sortino Ratio
1.96
vs QQQ 1.12
Std Dev (daily)
3.60%
vs QQQ 1.26%
Recovery (last DD)
65 days
From -48.8% trough
Portfolio Composition
Concentrated single-name; two current themes (~90% AI infrastructure, ~22% post-data healthcare)
By Sector
By Region
Top Return Contributors
| Name | Position Return | Portfolio Contrib. |
|---|
| SNDK (SanDisk) | +341% | +21.4% |
| SIVE (Sivers Semis) | +180% | +13.3% |
| NKTR (Nektar) | +203% | +13.0% |
Three names = 47.7% of total return. Concentration as a feature, not a bug.
Top Holdings · As of April 30, 2026
| Symbol | Description | Sector | Geo | % NAV |
|---|
| SIVE | Sivers Semiconductors AB | Tech / Photonics 5G | Sweden | 16.9% |
| NKTR | Nektar Therapeutics | Healthcare / Biotech | US | 13.3% |
| SNDK | SanDisk Corp | Tech / Storage | US | 10.7% |
| LITE | Lumentum Holdings | Tech / Optical AI | US | 9.7% |
| INTC | Intel Corp | Tech / Semis | US | 9.2% |
| AEHR | Aehr Test Systems | Tech / Semi Test | US | 8.8% |
Two Themes Today
AI infrastructure picks-and-shovels (~90%) + post-data healthcare innovation (~22%) — expressed across regions through one underwriting framework
Theme One — ~90% of NAV
AI Infrastructure & Compute Buildout
The picks-and-shovels of the AI capex cycle
Multi-year structural buildout in AI training and inference creates durable pricing power for specialized component vendors. We invest across the value chain — compute, memory, optical interconnect, semi test, materials, advanced packaging — accessed globally. Geography is execution, not strategy.
US large-cap (~55% of NAV)
- Storage: SNDK
- Compute: INTC
- Optical interconnect: LITE, AAOI, CRDO
- Semi test: AEHR
- Substrates: AXTI
- AI cloud infra: NBIS
Global supply chain (~35% of NAV)
- SIVE (Sweden) — mmWave photonics
- CSOP SKH 2x (HK) — SK Hynix HBM
- Win Semis (Taiwan) — compound semis
- Delta (Taiwan) — power / thermal
- Topoint (Taiwan) — semi components
- LPK (Germany) — laser systems
- Fujibo, Nittobo, Enplas (Japan) — semi materials & test
Anyone can buy NVIDIA. Few can find and underwrite the global supply chain. HK / Shanghai presence is the enabler.
Theme Two — ~22% of NAV
Healthcare Innovation — Post-Data
Information arbitrage, not lottery tickets
Selective biotech taken POST positive clinical data, exploiting slow institutional reaction to confirmed catalysts.
We do NOT take pre-data binary risk. We exploit the gap between price and intrinsic value after data is published. The PE healthcare diligence framework (KOL networks, clinical research, regulatory pathway) provides the depth and speed required.
- NKTR — post Phase 2b autoimmune
- ABVX — post Phase 2b autoimmune
- QURE — post-data gene therapy
Research-driven information arbitrage, not catalyst speculation. Position sizing reflects defined post-data downside; options used to lock in gains.
Repeatable Edge
Three structural advantages that compound and scale with capital
1.
Global AI Supply-Chain Coverage
We own the AI infrastructure value chain end-to-end — US large-cap compute and storage, HBM memory via Korean exposure, Taiwan compound semiconductors and power, European photonics, Japanese semiconductor materials. Most managers can buy NVIDIA; few can find and underwrite the global supply chain. This is where the bulk of attribution alpha sits.
2.
Hong Kong Base is Structural — Thesis-Essential
HK / Shanghai presence enables real-time monitoring and execution across Asian sessions (Taiwan, Japan, Korea, China) that US-domiciled managers cannot replicate. Cross-region access is not an extra capability — it is what makes Pillar Two (~35% of NAV) possible at all.
3.
Research at Private-Equity Depth + Post-Data Discipline
Six-plus years of primary research from Inspiration Capital's PE platform applied to public markets — expert networks, operator-level intelligence. Healthcare positions follow a strict post-data rule: we exploit slow institutional reaction to confirmed clinical catalysts, not binary trial outcomes.
What is NOT the Edge
×
Not leverage
Average gross exposure was 1.18x during the live period; peak ~1.5x. Returns are driven by selection, not gearing.
×
Not macro timing
The strategy did not benefit from a directional macro call. The largest drawdown was driven BY a macro shock the strategy was not positioned for — and was recovered through individual security selection.
×
Not passive beta
Correlation to QQQ is 0.70; outperformed the benchmark by ~150% over the live period. No factor or index exposure replicates this profile.
×
Not pre-data biotech speculation
Strict post-data initiation rule for all healthcare positions. Information arbitrage on confirmed catalysts, not binary trial outcomes.
×
Not generic stock-picking
Every position maps to one of the two thematic pillars (AI infrastructure or post-data healthcare). The investment universe is intentionally constrained.
The Team
Multi-disciplinary investment experience across PE, banking, internet, and the Asian supply chain
Combined Experience
Our investment team brings combined experience across private equity, investment banking, internet operating roles, and direct relationships across the Asian technology supply chain. The team has worked at and partnered with firms including Goldman Sachs Principal Investment Area, Blackstone, Vivo Capital, Brookfield, Affinity Equity Partners, Legend Capital, Citi, and Merrill Lynch, combining institutional investment discipline with sector-specific operating insight. Our Hong Kong and Shanghai presence, supported by long-standing relationships across Greater China's semiconductor, component, and healthcare ecosystems, gives us on-the-ground intelligence and execution access that anchors the global AI infrastructure thesis at the heart of the strategy.
Private Equity
Goldman Sachs PIA, Blackstone, Vivo Capital, Affinity, Legend Capital, Brookfield. Multi-decade combined PE diligence and operating experience.
Investment Banking
Citi, Merrill Lynch, Deutsche Bank, ABN Amro. Capital markets execution including landmark Asian transactions (e.g., US$3.3bn China Shenhua IPO).
Operating & Internet
Direct exposure to internet startup operations and technology company building, providing insight into how growth companies actually scale.
Asian Supply Chain
HK / Shanghai presence with deep relationships across Greater China and Taiwan technology supply chain — enabling real-time intelligence on AI infrastructure component dynamics.
Principals
Tim Li
MANAGING PARTNER · PM
Ex-Goldman Sachs PIA Participating MD (13yr); global Corporate Equity IC member; led 11 PE deals US$1.6bn across China, Australia, Vietnam. Wharton Finance.
Hwachie Lee
MANAGING PARTNER
Ex-China CIO at Vivo Capital; ex-Blackstone Principal; ex-Affinity Equity Partners. IB at Citi / Merrill (US$3.3bn China Shenhua IPO). Wharton Finance.
Elizabeth Loh
PARTNER & COO
20+ yrs PE / distressed / real estate. Ex-Head of Greater China at Brookfield PFG, Terra Firma, Generali. London School of Economics.
Fund Terms
Founder Class economics, anchor LP rights, and operational structure
Share Classes
| Founder Class | Standard Class |
|---|
| Eligibility | First 6 months OR commitments ≥ USD 5M | All other subscriptions |
| Capacity | Cumulative cap USD 75M | Open subject to fund capacity |
| Management Fee | 1.00% per annum | 1.50% per annum |
| Performance Fee | 15% above HWM | 20% above HWM |
| Lockup | 12 months from initial subscription | 12 months |
| Min Investment | USD 1,000,000 | USD 1,000,000 |
| Liquidity | Quarterly, 60-day notice | Quarterly, 60-day notice |
| MFN Protection | Yes — automatic on future LP-favourable terms | Standard offering terms |
Subscriptions & Redemptions
- Subscription
- Monthly, 1st business day; 5 days notice
- Redemption
- Quarterly (Mar / Jun / Sep / Dec)
- Notice
- 60 days prior written
- Lockup
- 12 months from each subscription
- Early Redemp.
- 5% fee during lockup (rebated to Fund)
- Gate
- 25% of Fund NAV per quarterly window
Anchor LP Rights (commitments ≥ USD 10M)
Capacity rights: First-call on subsequent capacity at Founder economics.
Side letter: MFN, key person, transparency, reporting (subject to Anchor MFN).
Co-investment: Pro-rata access to off-fund opportunities (no fees).
Transparency: Monthly position-level reporting under NDA. Direct PM access.
GP Commitment & Alignment
The existing IBKR book (NAV ~USD 10.2M) will be rolled into the Fund as seeding positions at launch. Fund launches with the proven portfolio, not from cash. Specific quantum and roll-in mechanics (in-kind vs. cash) disclosed to Anchor LPs in diligence.
Key Person & Governance
Key Person: Tim Li. On incapacity, lockup & notice suspended for Founder Class.
IC: Tim Li (PM); Hwachie Lee; Elizabeth Loh.
Independent Risk: Elizabeth Loh as COO. Quarterly LP risk report.
