Lemma Capital is launching Future AI Leaders - a concentrated, actively-managed, long-only public equity portfolio aiming to earn attractive absolute returns by investing in 8-12 companies that capture the most economic value from global AI adoption.
We believe AI is still early in its deployment curve, and that significant economic value will be created across various industries: core models and infrastructure are improving quickly, but the greatest impact will come as these capabilities are embedded in software, industrial and knowledge workflows, and end-user applications.
There's substantial economic data supporting that belief: for example, according to OECD statistics gathered across its member countries, only 41.1% of the working population had used Generative AI tools at least once in the past 3 months as of the end of 2025. Among businesses, only 20.2% reported using any AI tools in the same year. Meanwhile, the increase in corporate usage is impressive: +42.4% in 2025. And there's still a long way to go!
Anyway, future adoption is unlikely to be linear. As with previous technological shifts, the gains may materialize as productivity boosts, cost savings, additional revenue streams, and entirely new product categories. Those gains may spread to companies that are not yet recognized as AI beneficiaries.
At the same time, powerful technology waves often attract unrealistic expectations and inflated valuations. Future AI Leaders is designed for that tension: it targets relatively overlooked parts of the AI value chain and prioritizes companies with low PEG ratios to avoid overpaying for unsupported growth narratives.
That said, the goal of the strategy is not simply to get "AI sector exposure," but to own the public companies most likely to convert the AI adoption trend into durable shareholder value. We'll seek to hold 8 to 12 companies in our portfolio across the stack, and may stay in cash if we see no opportunities we consider attractive in terms of absolute expected returns.
To learn more about the strategy rules and limits, download the PDF flyer:
Download the strategy flyer in PDF
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