Rakuten Group, Inc.

Rakuten Group, Inc. is a diversified fundamental manager, specialised in communications (100% of the long book), running a $2.58B US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: AST SPACEMOBILE INC, ISHARES BITCOIN TRUST ETF, REZOLVE AI PLC.

Over the last 5 quarters its long book ran on average 27pp per quarter ahead of the S&P 500, beating the index in 4 of 5 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.