| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 0% |
Oldfield Partners maintains its disciplined value approach in 4Q 2025, focusing on essentially sound companies selling at low valuations due to temporary country, sector, or company-specific issues. The firm emphasizes that 2025 demonstrated the futility of forecasting, with unpredictable political and economic events that few could have anticipated. Rather than attempting predictions, they rely on valuations as their investment barometer, describing atmospheric conditions without conjecture. The firm advocates for concentrated portfolios of twenty to thirty stocks that achieve proper diversification across sectors, countries, and themes. While acknowledging that many parts of stock markets are expensive, they highlight that recent polarization of performance has created large areas offering good value. Key risks include the unpredictability of major political and economic events, while the alternative of holding cash carries inflation risk and foregoes long-term equity benefits. The firm expresses optimism about current opportunities, particularly in markets like the UK, where conditions may be better than market expectations suggest.
Focus on investing in essentially sound companies selling at low valuations due to temporary country, sector, or company-specific issues, using concentrated but diversified portfolios to capitalize on market polarization that has created attractive value opportunities.
The firm expresses optimism about opportunities in their investment arena, noting that while many parts of stock markets are expensive, polarization of performance has created large areas offering good value. They believe atmospheric conditions for their value approach are looking good.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | - | diversification, Forecasting, risk management, United Kingdom, value | - | Oldfield Partners maintains its value discipline, investing in sound companies at low valuations while avoiding forecasting. Despite market unpredictability demonstrated in 2025, they see attractive opportunities emerging from performance polarization. Using concentrated but diversified portfolios, they focus on areas offering good value, particularly highlighting UK market potential where reality may exceed pessimistic market expectations. |
| Oct 7 2025 | 2025 Q3 | 034730.KS, AC.PS, JM.SI, RIT.L | AI, Bubble, crypto, Discounts, global, growth, value | - | Oldfield Partners sees strong tailwinds for value investing after difficult period, with portfolio companies trading at significant discounts while Bitcoin and AI sectors show bubble characteristics. Manager believes 2025 marked pivotal shift toward global diversification and undervalued companies, expecting continued revival with substantial upside potential ahead. |
| Aug 25 2025 | 2025 Q2 | 3350.T | crypto, Europe, fiscal policy, real assets, tariffs, US, value | - | Value investing is experiencing redemption with OP portfolios at 10x P/E ratios. US fiscal fragility and policy volatility are undermining American exceptionalism, shifting focus to European and Asian markets. Germany's capital investment pivot and Korea's 9x P/E present opportunities. The firm maintains Ben Graham's disciplined approach to real assets and low valuations. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process over three years, serving as force multipliers for human judgment rather than replacements. The firm uses AI tools like NotebookLM, Gems in Gemini, and Claude Code for efficiency and risk analysis. While acknowledging AI's transformative potential, they believe current market narratives swing to unhelpful extremes, creating investment opportunities. |
Artificial Intelligence Machine Learning Automation Technology Research Tools |
SoftwareSoftware companies face structural headwinds from AI lowering barriers to entry and increasing customer bargaining power. Many companies have been running with excess headcount and may experience pricing pressure that can be countered with lower costs to serve. The market is pricing in these headwinds as evidenced by significant downward re-rating of major financial data and software providers. |
Software Technology Pricing Pressure Competition Barriers to Entry | |
SemiconductorsLattice Semiconductor represents an under-appreciated AI winner with immediate gains and longer-term optionality. The company's focus on efficiency rather than maximal performance positions it favorably for AI servers, particularly in security functions as Root of Trust chips. FPGAs are valuable for security due to their programmability and ability to chase moving targets. |
Semiconductors FPGAs AI Infrastructure Security Efficiency | |
LogisticsAmazon's logistical prowess represents one of the foremost moats in business that can be enhanced with AI. The company is uniquely positioned to dominate the coordination layer across its entire logistics network through better orchestration of assets and buildout of sophisticated robotics. This represents an example of the application layer built on AI infrastructure. |
Logistics Supply Chain Automation Robotics Coordination | |
| 2025 Q3 |
ValueManager emphasizes value investing philosophy centered on valuations for limiting risk and achieving returns. Portfolio companies are trading at low valuations after being in shadows during long period of growth stock supremacy since 2007. Believes portfolios have plenty of upside with no bubble characteristics. |
Valuations Discounts Undervalued Premium NAV |
CryptoManager highlights Bitcoin-related investment anomalies as example of market excess. Companies holding only Bitcoins trade at market caps double their Bitcoin holdings, equivalent to investment trusts at 100% premiums. Views this as unsustainable excess similar to dot-com bubble. |
Bitcoin Cryptocurrency Premium Bubble Excess | |
AIManager cites AI data center land IPO as example of market excess, with company valued at $15 billion for owning 15 million acres of bare land for AI data center development at $1 million per acre. Views AI-related valuations as exhibiting bubble characteristics similar to internet boom. |
Data Centers Artificial Intelligence IPO Valuation Bubble | |
| 2025 Q2 |
ValueThe first half of 2025 showed redemption for value investors focusing on real assets, cash flow, and low valuations. All OP portfolios maintain average price-earnings ratios of about 10, following Ben Graham's precept of maximum multiple of 10 even when interest rates are under 5%. The firm adheres to Graham's principles of having right general principles and the character to stick to them. |
Low Valuations Cash Flow Real Assets Ben Graham Price Earnings |
Crypto79 companies now hold cryptocurrencies in place of cash as a bitcoin treasury reserve strategy. Mining companies explain that cryptocurrencies also involve mining, and share prices typically rose when companies announced this policy. Metaplanet's share price soared several hundred percent when it announced raising $5.4 billion to add to its bitcoin stockpile. |
Bitcoin Treasury Reserve Mining Digital Assets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
