Key Takeaways
- • Amati Global Innovation Fund delivered 4.53% returns in August 2026, outperforming its MSCI ACWI benchmark by 240 basis points, and maintains a 20.27% year-to-date gain versus 13.65% for the benchmark.
- • AutoStore (warehouse robotics), Repligen (biomanufacturing equipment), and GeneDx (genomics diagnostics) were the fund's strongest August contributors, with Repligen posting a 23.1% monthly gain and GeneDx rising 25.0% after prior weakness validated managers' longer-term thesis.
- • Fund managers Mikhail Zverev and Graeme Bencke attribute outperformance to broad strength across automation, biotechnology, and industrial technology sectors, supported by structural tailwinds including Amazon supply agreements for robotics and pharmaceutical production reshoring to the US.
- • AutoStore benefited from stronger demand signals and a strategic Amazon supply agreement, with shares appreciating 35.8% from $1.20 to $1.63 during August; Repligen gained from biomanufacturing equipment demand driven by pharmaceutical production repatriation and long-term biologics growth.
- • The fund's strategy emphasizes conviction-based, longer-term positioning that tolerates near-term share price volatility following weaker interim results, as exemplified by GeneDx's recovery following May weakness.
Summary
Amati Global Innovation Fund delivered a strong August performance, returning 4.53% against a 2.13% return for its MSCI ACWI benchmark, extending its year-to-date outperformance to 665 basis points with a 20.27% gain versus the benchmark's 13.65%. The fund, managed by Mikhail Zverev and Graeme Bencke, benefited from broad-based strength across automation, biotechnology, and industrial technology holdings during the month.
Three positions emerged as the fund's primary drivers of August performance. AutoStore, the Norwegian warehouse robotics company, appreciated 35.8% during August following reported results demonstrating stronger demand, a robust opportunity pipeline, and notably a strategic supply agreement with Amazon. Shares climbed from $1.20 at month-start to $1.63 by August 31. Repligen, a biomanufacturing equipment provider, delivered a 23.1% monthly gain as shares advanced from $147.06 to $180.98, supported by accelerating demand for biomanufacturing equipment tied to US pharmaceutical production repatriation and structural growth in biologic drug therapies. GeneDx, a genomics diagnostics company focused on rare-disease applications, posted a 25.0% gain from $67.86 to $84.81, rebounding from weaker May results that had initially generated skepticism among investors.
The fund managers emphasized these holdings as exemplars of their investment approach, which prioritizes longer-term conviction positioning despite short-term volatility. According to the managers, market participants frequently react to near-term performance disappointments with disproportionate share price declines, creating opportunities for conviction-based investors with extended time horizons. The GeneDx recovery specifically illustrated this dynamic—subsequent results validated the managers' longer-term thesis regarding the rare-disease diagnostics business despite the earlier interim weakness that had dampened investor sentiment.
The August performance reflects underlying macroeconomic tailwinds supporting innovation-focused equity exposure. Industrial expansion, evidenced by Amazon's supply agreement with AutoStore and pharmaceutical production reshoring initiatives supporting Repligen demand, provides structural support for automation and biotechnology sectors. The fund's concentrated, high-conviction positioning across these thematic areas has generated meaningful alpha relative to broad-market benchmarks during 2026.
Three positions emerged as the fund's primary drivers of August performance. AutoStore, the Norwegian warehouse robotics company, appreciated 35.8% during August following reported results demonstrating stronger demand, a robust opportunity pipeline, and notably a strategic supply agreement with Amazon. Shares climbed from $1.20 at month-start to $1.63 by August 31. Repligen, a biomanufacturing equipment provider, delivered a 23.1% monthly gain as shares advanced from $147.06 to $180.98, supported by accelerating demand for biomanufacturing equipment tied to US pharmaceutical production repatriation and structural growth in biologic drug therapies. GeneDx, a genomics diagnostics company focused on rare-disease applications, posted a 25.0% gain from $67.86 to $84.81, rebounding from weaker May results that had initially generated skepticism among investors.
The fund managers emphasized these holdings as exemplars of their investment approach, which prioritizes longer-term conviction positioning despite short-term volatility. According to the managers, market participants frequently react to near-term performance disappointments with disproportionate share price declines, creating opportunities for conviction-based investors with extended time horizons. The GeneDx recovery specifically illustrated this dynamic—subsequent results validated the managers' longer-term thesis regarding the rare-disease diagnostics business despite the earlier interim weakness that had dampened investor sentiment.
The August performance reflects underlying macroeconomic tailwinds supporting innovation-focused equity exposure. Industrial expansion, evidenced by Amazon's supply agreement with AutoStore and pharmaceutical production reshoring initiatives supporting Repligen demand, provides structural support for automation and biotechnology sectors. The fund's concentrated, high-conviction positioning across these thematic areas has generated meaningful alpha relative to broad-market benchmarks during 2026.
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