November lived up to its reputation as one of the market’s most volatile months. Concerns that AI-related capex may have overshot expectations triggered a weak start to the month, and sentiment remained fragile, with one trading session delivering an unexpected 8% intraday swing in the S&P 500. The late-month rally was driven primarily by renewed speculation of a forthcoming U.S. interest rate cut.
The fund participated in several capital raises, including Critica(CRI AU) and Iondrive(ION AU), as well as two IPOs: Seaforest(SEA AU) and Epiminder(EPI AU).
November is also the key AGM period, and the fund actively voted across existing holdings. Additionally, Claudia Kwan attended the Objective Corporation Investor Day, a core portfolio holding, to assess the company’s strategic positioning for AI proliferationand its implications for future financial performance.
Looking ahead to year-end, we remain constructive on markets. Our outlook is supported by signs of a renewed U.S. quantitative easing cycle and what we believe is the late stage of the growth rotation in highly valued AI-leveraged companies. Our focus continues to be on companies offering dual returns—attractive financial outcomes alongside measurable positive impact.
Read the full report NorthStar November 2025 Monthly Report