Fox Research

YOUR GUIDE INTO THE AGE OF INTELLIGENCE

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How to install
Fox Research

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Private members research

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The latest
from the desk

ABOUT SAM

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A LETTER FROM SAM

Welcome to
Fox Research

Why this exists, and what I think the next five years hold.

READ THE LETTER →

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PRIVATE MEMBER CONTENT — DO NOT REDISTRIBUTE. GENERAL ADVICE ONLY. DOES NOT CONSIDER YOUR OBJECTIVES, FINANCIAL SITUATION OR NEEDS.

Fox Research
Portfolio

Built for the age of intelligence.

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LOOK-THROUGH EXPOSURE, INCLUDING HOLDINGS INSIDE EACH FUND.

POSITION
WEIGHT

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THE THINKING

Explore the themes
in more depth

Sending this to your broker?

Share the order sheet: every ticker, market and target weight on one page.

PDF

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Legal and
disclosures

Fox Research Group Pty Ltd is a Corporate Authorised Representative (No. 001323166) of True Oak Investments Pty Ltd, AFSL 238184.

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Fox Research Group Pty Ltd (ABN 83 700 738 487, AFS Representative No. 001323166) is a Corporate Authorised Representative of True Oak Investments Pty Ltd (ABN 81 002 558 956, AFSL 238184). The information, opinions and commentary provided by Fox Research Group is prepared for general informational purposes only and does not take into consideration the investment objectives, financial circumstances or needs of any individual. Please have regard to your own circumstances and consider seeking specific advice from your professional advisers. Past performance is not necessarily indicative of future performance.

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·

ONE MINUTE, ONCE · {{ installWhere }}

How to install
Fox Research

We are not in the App Store yet, so follow the instructions below. It takes about a minute, and the app then opens full screen with no browser bar.

THIS IS THE ICON
YOU ARE LOOKING FOR

01

Make sure you are on this website, app.foxresearchgroup.com, using the Safari browser on your phone.

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Chrome on an iPhone has no Add to Home Screen option. Open this page in Safari once to install it.

THEN

Open Fox Research from the new icon rather than from your browser, and sign in there. That session lasts.

START HERE

Getting set up

Three recordings to make sure you get the most out of this service.

Principles for investing

A guide to navigating markets.

How to use the app

What each feature is, and where to find it.

How to actually invest

Setting up your investment account.

OPTIONAL TOOL

An AI prompt to walk you through setup

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Paste this into ChatGPT, Claude or Gemini. It handles the mechanics only: the forms, the currency conversion, the arithmetic and the orders. It will not tell you what to buy.

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PRIVATE MEMBER CONTENT — DO NOT REDISTRIBUTE. GENERAL ADVICE ONLY. DOES NOT CONSIDER YOUR OBJECTIVES, FINANCIAL SITUATION OR NEEDS. NOT TAX ADVICE.

Full portfolio

Sixteen positions, by weight. Tap any one for the thesis.

POSITION
WEIGHT

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FUNDS 71%, COMPANIES 29%. GENERAL ADVICE ONLY.

Sam
Ledgerwood

FOUNDER · FOX RESEARCH

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LINKEDIN

SUBSTACK

FOR NEW MEMBERS

A letter
from Sam

PRIVATE MEMBER CONTENT — DO NOT REDISTRIBUTE. GENERAL ADVICE ONLY. DOES NOT CONSIDER YOUR OBJECTIVES, FINANCIAL SITUATION OR NEEDS.

A LETTER FROM SAM

Welcome to
Fox Research

Dear member,

Sam Ledgerwood

FOUNDER, FOX RESEARCH

BACKGROUND

More about Sam

NEXT

Getting set up

PRIVATE MEMBER CONTENT — DO NOT REDISTRIBUTE. GENERAL ADVICE ONLY. DOES NOT CONSIDER YOUR OBJECTIVES, FINANCIAL SITUATION OR NEEDS.

THE BASE + SIX THEMES · THE THINKING

The base
and six themes

The portfolio is built theme first and position second. A base that owns US technology outright, then six themes, each answering a different question about how the AI transition gets paid for. Tap one to read the argument.

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SAM’S THESIS

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WEIGHT

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SAM'S THESIS

Why this is in the portfolio

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Members
private library

Everything that's been published on Fox Research, organised by content type.

START HERE

Getting set up

How to actually invest, navigate markets, and make the most of this app.

→

QUARTERLY · VIDEO AND WRITTEN

Portfolio Commentary

The full portfolio of AI stocks across all six themes. Every position, weighted, with the full reasoning behind it.

PREVIOUS {{ f1.chev }}

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MONTHLY · VIDEO AND WRITTEN

The Parachute Report

A monthly presentation that compresses the most important shifts in AI into plain English. Each issue includes a “frontier” cutting edge stock idea.

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WEEKLY · VOICE

Weekly Markets & Geopolitics Update

My weekly take on the things in markets that deserve your attention, including the takeaways from my conversations with investment and political experts.

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AS IT HAPPENS · VOICE

Flash Updates

When something like a major geopolitical event or a market shock happens, you get the early read. Updates are drawn from the same expert access that hedge funds get in real time.

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MONTHLY · VIDEO

Monthly Q&A

Submit the AI and markets questions that nag at you, anonymously. I gather them through the month and answer them on the record in video format.

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QUESTION RECEIVED

Thank you for your question. I will look to answer it in the next recorded monthly Q&A session.

ASK ANOTHER →

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The Fox
Compounding
Engine

Is now a good time to invest? The Nasdaq-100 is an index of the US’s 100 largest tech companies. We can use this as a proxy for whether tech stocks are currently cheap or expensive. Above the line is expensive and below is cheap. We can compound returns faster by investing more when it is cheap versus the long-term trend.

READING

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NASDAQ-100 PRICE {{ lastClose }}
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NASDAQ-100 INDEX LEVEL
CHEAP, TO {{ pctMin }}
FAIR, {{ bandLabel }}
EXPENSIVE, TO {{ pctMax }}

CONFUSED?

How this
tool works

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In a nutshell, this is how I approach investing.

The Nasdaq-100 is the hundred largest companies on the Nasdaq, weighted by size, which in practice makes it a list of the biggest technology businesses on earth. Technology gets adopted, so the line runs up and to the right: roughly 14% a year since 1985. It isn't a perfect stand-in for any one company, but as a read on how the market is pricing technology as a whole it's as good as exists. The tool fits a trend line through that history and measures how far above or below it the index is sitting today. It's easy to overcomplicate how to time getting into the market; this makes discipline simple.

Fair means the index is sitting inside the band. Invest on schedule.

Expensive means it's above the band. Keep contributing monthly if that's your habit, but this is not the moment to deploy large amounts of capital.

Cheap means it's below the band. Historically the entry point, and historically the uncomfortable one, because the reasons it's down there are always splashed across the news.

I invest monthly. But whenever I want to deploy a larger amount of capital, I wait until the market is oversold. That is how the professionals do it: the further below its long-term trend the market falls, the more aggressive they get. The same dollar simply buys more down there.

One important caveat. The tool says nothing about when the gap will close, and nothing about any individual company. It tells you, broadly, where US technology is standing today. That's all. It's updated monthly.

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METHOD: {{ fitLabel }} PAST PERFORMANCE IS NOT AN INDICATOR OF FUTURE PERFORMANCE. PRIVATE MEMBER CONTENT — DO NOT REDISTRIBUTE. GENERAL ADVICE ONLY. DOES NOT CONSIDER YOUR OBJECTIVES, FINANCIAL SITUATION OR NEEDS.

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Sam Ledgerwood

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MONTHLY · ANONYMOUS

Ask a
question

Submitted anonymously. I gather questions through the month and answer them on the record in the next video.

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SUBMIT ANONYMOUSLY

DELIVERED TO THE DESK BY EMAIL. NO MEMBER IDENTIFIER IS ATTACHED.

Received

Thank you for your question. I will look to answer it in the next recorded monthly Q&A session.

LAST ISSUE ANSWERED

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Settings

SELECT YOUR REGION

Australia

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United States and rest of world

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Changes three positions: the semiconductor fund, the AI infrastructure fund, and the listing of ROBO. Weights and thesis are identical in both lists.

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HELP

Getting set up

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Contact the desk

sam@foxresearchgroup.com

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FOX RESEARCH · PRIVATE MEMBERS RESEARCH · V1.0. PRIVATE MEMBER CONTENT — DO NOT REDISTRIBUTE. GENERAL ADVICE ONLY. DOES NOT CONSIDER YOUR OBJECTIVES, FINANCIAL SITUATION OR NEEDS.

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