Fundstrat’s evidence-based Granny Shots strategy led by Tom Lee, now in Europe
Investment Manager
Access to Tom Lee and Fundstrat
Direct European access to Tom Lee’s Fundstrat Granny Shots strategy, previously available only through U.S. products. Investors get the same evidence-based research and thematic conviction that have made Fundstrat one of Wall Street’s most widely followed voices.
The Granny Shots discipline
A stock only enters the portfolio if it aligns with at least two of seven structural themes identified by Fundstrat’s evidence-based research. The themes capture the forces shaping U.S. equities over the next decade.
Multi-billion momentum
The Granny Shots strategy has built a multi-billion-dollar following in the U.S. ETF market, one of the fastest growing large cap equity ETFs in history. European investors can now access the same actively managed strategy in a UCITS wrapper with daily liquidity and full holdings transparency
Tom Lee and Fundstrat
Direct European access to Tom Lee’s Fundstrat Granny Shots strategy, previously available only through U.S. products. Evidence-based research and thematic conviction have made Fundstrat one of Wall Street’s most widely followed voices.
The Granny Shots strategy has built a multi-billion-dollar following in the U.S. ETF market, one of the fastest growing large cap equity ETFs in history. This strategy is now available in a UCITS wrapper with daily liquidity and full holdings transparency.
The Granny Shots investment process combines top-down thematic analysis with a bottom-up quantitative model. The research team first identifies the seven structural themes shaping the U.S. economy over the next decade, including demographic shifts, energy security, and the AI-led productivity cycle. Each theme is grounded in evidence-based research and reviewed on a rolling basis.
Companies are then screened against those themes for quality, earnings momentum, and factor characteristics. A stock only qualifies for inclusion in the portfolio if it aligns with at least two of the seven themes.
Portfolio construction is equal-weighted across 20 to 50 U.S. large-cap positions and rebalanced every quarter. Equal weighting removes single-stock concentration risk, and quarterly rebalancing keeps the portfolio aligned with current theme conviction rather than drifting with price moves.
Tom Lee is the co-founder of Fundstrat and lead portfolio manager of the Granny Shots strategy. Previously J.P. Morgan’s Chief U.S. Equity Strategist and Chief Strategist at Salomon Smith Barney, Tom has more than three decades of Wall Street experience and is the architect of the Granny Shots thematic framework. He holds a B.S. in Economics from the Wharton School and is a CFA charter holder.
Ken leads the quantitative and data science work behind the Granny Shots process, including the stock-selection framework that screens theme-aligned companies for quality, earnings momentum, and factor characteristics. Ken is a CFA charter holder and a certified Financial Risk Manager (FRM).
Fundstrat Granny Shots US Large Cap UCITS ETF (GRNY) gives European investors access to the actively managed Granny Shots US equity strategy grounded in Fundstrat research and led by CIO, Thomas « Tom » Lee.
The fund invests in an equal-weighted portfolio of 20 to 50 U.S. large-cap stocks, each aligning with at least two of the seven structural themes Fundstrat research identifies as the most important forces shaping the U.S. economy over the next decade.
The Granny Shots strategy balances both the longer-term structural themes along with shorter-term tactical tailwinds. The portfolio rebalances quarterly to stay aligned with current theme conviction.
The strategy has built a multi-billion-dollar U.S. ETF following, is one of the fastest growing large-cap equity ETFs in history, and is now available in a UCITS structure.
Key Risks
Changes in the exchange rate between the Base Currency of the ETF and the currency of the asset may lead to a depreciation of the value of the ETF’s assets as expressed in the Base Currency. While the Manager will regularly monitor the concentration of each ETF’s exposure to related risk, at any given time an ETF’s assets may become highly concentrated within a particular region, country, company, industry, asset category, trading style or financial or economic market. The value of an ETF’s assets may be affected by uncertainties such as international political developments, changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries to which the ETF is exposed through its investments. Investors’ capital is fully at risk and may not get back the amount originally invested. For a complete overview of all the risks, please refer to the ”Risk Factors” in the Prospectus.
Source: HANetf, data as of . Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled “Risk Factors” for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
No. of holdings: 42
A US large-cap thematic equity strategy typically refers to an approach that selects companies from the US equity universe based on exposure to specific long-term themes rather than pure sector classification. These themes can include areas such as technology transformation, consumer behaviour shifts, healthcare innovation, or industrial modernisation. The resulting portfolio is usually concentrated in large-cap companies with established earnings profiles but differentiated growth drivers. In practice, this means the strategy’s sector weightings can diverge meaningfully from a traditional market-cap-weighted index, even though the underlying holdings remain large, liquid US companies.
A thematic selection process differs from traditional indices because it focuses on identifying companies that align with defined structural trends rather than tracking the broad market. Instead of weighting constituents purely by market capitalisation, thematic approaches typically apply additional screening criteria such as revenue exposure, business activity alignment, or multi-theme participation. This can result in a portfolio that looks different from standard benchmarks like the S&P 500, with overweights to certain growth-oriented companies and underweights to more traditional defensive sectors.
Common themes in US thematic equity strategies include artificial intelligence, digital transformation, healthcare innovation, consumer platform ecosystems, and next-generation industrial technologies. These themes are typically selected based on long-term structural growth rather than short-term market cycles. Companies may qualify for inclusion if they derive a portion of revenues from multiple relevant themes or demonstrate strategic alignment with those trends. How broadly or narrowly a strategy defines its themes will directly shape the resulting portfolio, so investors should understand the specific screening and weighting criteria a given approach uses before assuming two thematic strategies offer similar exposure.
Companies in a multi-thematic equity basket are usually selected based on their exposure to a set of defined themes and their ability to meet liquidity, size, and profitability criteria. Some methodologies require companies to be exposed to more than one theme, which can be used as a quality or conviction filter. This approach aims to capture businesses with diversified growth drivers across multiple structural trends. Screening processes may include revenue breakdown analysis, business segment mapping, and periodic rebalancing to ensure continued alignment with the underlying themes.
Performance in thematic US equity strategies is primarily driven by the strength and duration of underlying structural trends, earnings growth of constituent companies, and market sentiment toward growth equities. Factors such as interest rates, liquidity conditions, and technological adoption cycles can also influence valuations. Because these strategies often have concentrated exposure to innovation-driven sectors, they may be more sensitive to changes in growth expectations and discount rates compared with broader market indices.
Thematic equity strategies can behave differently from broad US indices because they are typically more concentrated and less diversified across sectors. For example, they may have higher exposure to technology and consumer platforms while being underweight in financials or utilities. This can lead to periods of outperformance when growth-oriented themes are in favour, but also underperformance during market rotations into value or defensive sectors. The deviation from benchmark composition is a key characteristic of thematic investing.
Key risks include concentration risk, valuation sensitivity, and theme rotation risk. Because thematic strategies often focus on a narrower set of companies, performance may be more volatile than diversified benchmarks. Valuations can also be elevated in sectors driven by strong growth expectations, increasing sensitivity to interest rate changes. In addition, if investor sentiment shifts away from the dominant themes, performance may lag broader markets. As with all equity investments, macroeconomic conditions and earnings cycles also play an important role.
Multi-theme exposure differs from single-theme strategies by diversifying across several structural trends rather than relying on one dominant investment theme. This can reduce reliance on the performance of a single sector or narrative, potentially smoothing returns over time. Returns may be driven by episodic leadership of specific themes, while drawdowns can occur when those themes fall out of favour or macro conditions shift. This type of exposure is therefore best suited to investors with a long time horizon and tolerance for periods of underperformance, where thematic conviction is weighed against the strategy’s growth tilt and sector concentration relative to the rest of their portfolio.
Relevant stocks may span several structural themes rather than one narrow sector. Examples include Robinhood Markets, General Electric, KLA, Eli Lilly, PNC Financial Services, Advanced Micro Devices, Packaging Corporation of America, Arista Networks, American Express and Caterpillar. These companies reflect exposure to areas such as financial innovation, industrial reshoring, AI and semiconductors, healthcare innovation, infrastructure and capital spending. Investors researching this type of strategy should look beyond single-stock stories and assess how each company aligns with multiple economic themes, whether earnings momentum is supported by fundamentals, and how equal-weighting or active stock selection may change portfolio behaviour versus a traditional market-cap-weighted U.S. equity index.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
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Fundstrat Capital, LLC is the investment advisory arm of Fundstrat, the New York-based research firm co-founded in 2014 by Thomas « Tom » Lee. The firm is recognised for its evidence-based, macro-focused approach to U.S. markets and for identifying structural themes well before they become consensus. Fundstrat Capital manages the Granny Shots strategy across multiple vehicles with several billion in combined assets, serving institutional allocators, wealth managers, and individual investors. Its research-first culture, independence, and long-standing thought leadership have made it one of the most widely followed voices in U.S. equity markets.
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