Thank you, fellow Spaceship Voyager investors, for being part of this journey with us.
As anticipated, 2025 hasn’t exactly been a relaxing stroll through the markets.
Read on for:
- Tokens vs Tariffs
- Agentic AI: Your New (Overachieving) Co-worker
- AI's Sights Are Set on Labour, Not Just Tech
- What Happens When AI Shops for Us?
- U.S. Exceptionalism: Still Hard to Bet Against
- With All This in Mind, What Comes Next?
- Where the World is Going: The Strategy Behind It All
- Performance
- Thank You
With US President Trump back on the scene, tariffs making a comeback, and AI stealing the spotlight, it’s been an eventful start to the year.
Remember when ChatGPT first made waves back in November 2022?
Well, that was just the teaser trailer. Microsoft turned up the volume in April this year, revealing that its AI token usage had increased 5x year-over-year. While there has been debate on how much people are actually using AI, 5x growth is a sign something big is happening.
As CEO Satya Nadella put it:
“We processed over 100 trillion tokens* this quarter, up 5x year-over-year, including a record 50 trillion tokens last month (March) alone. And four months in, over 10,000 organisations have used our new agent service to build, deploy and scale their agents.”
*And if you’re wondering what a token is, imagine breaking a sentence into Lego bricks. AI thinks in those bricks. English words are made of about 4 characters per token.
Tokens vs tariffs
While tokens are multiplying, headlines are obsessing over Trump’s tariff threats.
However tariffs are estimated to add $100-200 billion to the US economy – a drop in the bucket compared to its US $29 trillion size and are likely to have only a one-off impact to inflation.
Fivefold token growth is the real headline.
Unless, of course, it’s AI gaining sentience and stealing our jobs — which, yes, we’re also monitoring (sort of nervously). Cue the ChatGPT growth chart: with big leaps in reasoning and deep research, it’s gone from helpful to scarily capable.
Source: Coatue
Agentic AI: Your new (overachieving) co-worker
We’re particularly excited about Agentic AI. It's AI that acts, not just reacts.
Unlike your phone’s voice assistant that tells you the weather, Agentic AI gets things done on your behalf – kind of like an executive assistant. Rather than responding to prompts and answering questions, these systems can book appointments, file reports, and might eventually order your groceries before you realise you’re out of milk.
AI’s sights are set on labour, not just tech
This agentic evolution means AI is aiming for the biggest slice of the global pie: labour. While tech accounts for just under 5% of global GDP, labour (blue and white collar) makes up a whopping 52%. If AI makes the average worker just 10% more productive, it could double the impact of global tech spend. That’s a monumental shift and one we’re positioning for.
Salesforce's CEO says AI is now handling 30-50% of its workload, while Microsoft and Alphabet report that AI is generating around 30% of new code in certain projects. We're tapping into this trend through our investments in companies such as ServiceNow, Salesforce, Microsoft, Meta, and others in the Spaceship Voyager portfolios.
What happens when AI shops for us?
There are also risks and agents raise a new question: what happens to e-commerce and search when AI just… does the shopping for you? We’re watching the implications for Google, Amazon, and other platforms closely. Agents might someday be your personal shopper, financial advisor, and trip planner.
U.S. exceptionalism: Still hard to bet against
Tariffs or not, there’s another topic to address, buzz around whether other markets are “due” a comeback. Maybe. But it's tough to bet against the US, a country which:
- Has nine of the ten most valuable companies in MSCI ACWI, which is an index covering 85% of total global investments,
- Hosts 7 of the top 10 global universities, and
- Still dominates venture capital spending and AI infrastructure.
The Spaceship Universe and Spaceship Earth portfolios still hold 67% and 68% U.S. exposure, respectively, with the MSCI ACWI benchmark at 62.8%. The U.S. may stumble every now and again, but it remains the arena where we see future trends being forged.
With all this in mind, what comes next?
The WWG portfolios remain strongly aligned with the AI trend, with exposure across sectors including semiconductors, software, consumer discretionary, and healthcare. Approximately 78% of the Spaceship Universe Portfolio and 75% of the Spaceship Earth Portfolio are positioned to benefit.
Our objective remains the same, to grow your capital, maintain low portfolio turnover to minimise taxes, and to continue investing in Where the World is Going.
Where the World is Going: The strategy behind it all
As a recap, Where the World is Going is our investment methodology that emphasises a company's growth potential, its trend, and its moat or competitive advantage.
When we invest in companies in the Spaceship Universe and Spaceship Earth portfolios, we ensure they’re poised to meet our expectations for:
- Trend – Is the company riding a powerful wave of innovation, like AI? We look for businesses creating real value by tapping into transformative trends shaping the future.
- Moat – Can it protect that value from the competition? A strong moat — think brand strength, massive scale, or loyal user networks — helps a company stay ahead and keep others from catching up. (Curious about how we assess moats? The Spaceship Voyager reference guide has you covered.)
- Management – Great strategy needs great execution. We favour founder-led or owner-minded leaders who think long-term, protect their moat, and aren’t afraid to build new ones along the way.
- Performance – Even the best story needs strong numbers. We aim for new investments to meet a minimum Internal Rate of Return (IRR) of 15% annually — equivalent to doubling a company’s value in five years.
Performance
Spaceship Universe Portfolio
The Spaceship Universe Portfolio returned 33.75% in the year ending 30 June 2025. It has returned an annualised performance of 15.14% pa since the Funded Date* of 15 May 2018 (85 months).
Spaceship Earth Portfolio
The Spaceship Earth Portfolio returned 25.95% in the year ending 30 June 2025. It has returned an annualised performance of 10.88% pa since the Funded Date* of 12 November 2020 (55 months).
Spaceship Origin Portfolio
The Spaceship Origin Portfolio returned 14.90% in the year ending 30 June 2025. It has returned an annualised performance of 10.26% pa since the Funded Date* of 15 May 2018 (85 months).
Spaceship Galaxy Portfolio
The Spaceship Galaxy Portfolio returned 14.26% in the year ending 30 June 2025. It has returned an annualised performance of 16.31% pa since the Funded Date* of 30 April 2024 (14 months).
Spaceship Explorer Portfolio
The Spaceship Explorer Portfolio returned 4.84% in the year ending 30 June 2025. It has returned an annualised performance of 7.31% pa since the Funded Date* of 30 April 2024 (14 months).
Past performance is not a reliable indicator of future performance and is provided for your information purposes only. Returns are net of fees, and not a projection.
The Funded Date represents the date on which the fund was substantially invested in accordance with its investment strategy.
Thank you
We trust this letter has provided a clear window into how our Where the World is Going process is applied in practice. We remain excited about the incredible innovations shaping the future — and we’re committed to positioning your investments where growth is happening.
Thank you once more for your support.
Onward,
The Spaceship Voyager investment team
Some of the Spaceship Voyager portfolios invest in Microsoft, ServiceNow, Salesforce, Meta, Alphabet, and Amazon at the time of writing.
Important! We’re sharing with you our thoughts on the companies in which Spaceship Voyager invests for your informational purposes only. We think it’s important (and interesting!) to let you know what’s happening with Spaceship Voyager’s investments. However, we are not making recommendations to buy or sell holdings in a specific company. Past performance isn’t a reliable indicator or guarantee of future performance.
