Why semiconductors make 40% of the fund

William de Gale, is Co-Founder and Lead Portfolio Manager at BlueBox Asset Management, where he manages the BlueBox Global Technology Fund. He brings over 20 years of experience in global technology investing, including more than a decade at BlackRock running its offshore global technology strategy with top-decile performance. William specialises in identifying high-conviction, high-growth technology companies with the potential to deliver strong long-term returns.Our guest challenges conventional wisdom about technology investing, explaining why they avoid the typical pitfalls of chasing disruptors, obsessing over revenue growth, and concentrating portfolios in mega-cap stocks. Instead, they focus on profitable "enablers" in the $10-250 billion market cap sweet spot, maintaining a remarkably low 30% annual turnover while generating strong returns.Key topics covered:1. Why semiconductors represent 40% of the portfolio and the rationale behind this weighting2. The case for cloud software platforms as mispriced opportunities in the AI era3. How all S&P 500 earnings growth since 2007 has come from technology companies4. Outstanding CEOs including Satya Nadella (Microsoft), Lisa Su (AMD), and Marcos Galperin (Mercado Libre)5. The fund's 24% return over the past year and what drove performance6. Why Adobe could be the next big opportunity despite market skepticism7. The importance of embracing volatility versus trying to avoid risk8. Why investors need at least a two-year time horizon in technologyThis episode offers valuable insights for anyone interested in technology investing, active fund management, and understanding where value is truly being created in today's tech landscape.Chapters:

00:00:00 - What Makes This Investment Strategy Unique

00:04:31 - The Investment Team Structure

00:07:53 - Portfolio Construction Deep Dive

00:09:09 - Software Exposure and AI Misunderstanding

00:10:06 - Growth Expectations Across Holdings

00:10:47 - Three Outstanding CEOs

00:17:27 - Portfolio Concentration vs Passive ETFs

00:19:28 - Portfolio Turnover in Practice

00:20:11 - Technology's Earnings Dominance 00:22:04 - Performance Attribution Review

00:24:40 - Avoiding Company Bankruptcies

00:25:23 - Best and Worst Decisions This Year

00:26:16 - Mispriced Valuations: The Cloud Software Opportunity

00:28:32 - Required Time Horizon for Investors

00:30:15 - Outperforming Without Tech

00:31:33 - Stock Tip: Adobe for 2026

00:33:31 - Closing RemarksLinks & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/ LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=uk William de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=uk Investment Disclaimer: This podcast is for educational and informational purposes only. It is not investment advice. Always do your own research and consult with a qualified financial advisor before making investment decisions.Subscribe for more investor insights and interviews with top Fund Managers.