| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 19.75% | 3.93% | 3.93% |
City Different Investments' global equity strategies outperformed during Q1 2026 despite difficult market conditions, with Focused Global returning 3.93% versus the MSCI ACWI's -3.20% decline. The firm's 25-year investment framework emphasizes business quality, valuation, and catalysts in concentrated portfolios of 10-30 global holdings. Shipping investments led performance as wars in Ukraine and Iran disrupted commodity transport, lengthening routes and boosting vessel demand. Top contributor Tidewater acquired Wilson Sons Ultratug for $500mm, creating a leading global fleet of 220+ vessels with attractive economics. However, tech-enabled consumer stocks declined, including long-held MercadoLibre, which faces profit pressure from logistics investments and AI disruption concerns. The quarter featured extreme sector dispersion as energy and tangible assets outperformed technology, with software particularly hit by AI disruption fears. Portfolio activity increased due to two buyouts - profitable Valaris sale to Transocean and disappointing IHS Towers sale to related party. The manager reinvested proceeds into transportation, logistics, and e-commerce positions, maintaining focus on fundamentals over geopolitical noise while remaining optimistic about long-term value creation.
City Different Investments employs a time-tested investment framework emphasizing business quality, valuation, and hypothesis/catalysts to build highly focused global equity portfolios that don't resemble any index, requiring a long-term horizon for evaluation.
The manager remains optimistic that their strategies will continue to add value over the long term despite chaotic geopolitical news. Their time-tested framework places little emphasis on political/macroeconomic factors and virtually no weight on short-term forecasts, focusing instead on fundamentals and long-term investment goals.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 5 2026 | 2026 Q1 | CCO, IHS, MELI, TDW, VAL | commodities, E-Commerce, energy, geopolitics, Global Equity, shipping, value |
TDW MELI CCO |
City Different's concentrated global equity strategies outperformed in Q1 2026 as shipping investments thrived amid Middle East conflicts disrupting commodity transport. Tidewater's strategic acquisition created industry leadership while tech holdings like MercadoLibre faced AI disruption concerns. Despite geopolitical volatility creating extreme sector dispersion, the firm maintains its 25-year value framework focused on quality, valuation, and catalysts for long-term outperformance. |
| Feb 22 2026 | 2025 Q4 | CROX, CVNA, IHS, MELI, RYAAY, TLN | Bottom-up, E-Commerce, energy, global, nuclear, technology, value |
CVNA TLN IHS |
City Different delivered 31.6% returns in 2025 through disciplined bottom-up stock selection, led by Carvana and Talen Energy. The systematic framework emphasizing quality, valuation, and catalysts outperformed in a difficult year for active managers. Recent portfolio moves include trimming winners and adding IHS Towers. Management remains long-term optimistic while suggesting moderated expectations after exceptional three-year performance. |
| Sep 30 2025 | 2025 Q3 | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Holding Companies, value | - | Oldfield's global fund outperformed with 29.1% YTD returns by targeting undervalued holding companies trading at deep discounts while avoiding AI bubble stocks. Barrick doubled on gold's rise to $4000 as central banks diversify reserves. Samsung and SK Inc provide reasonably valued AI exposure. Recent Ayala Corp purchase exemplifies the double discount opportunity in conventional businesses. |
| Jun 30 2025 | 2025 Q2 | 0161.HK, 5238.KL | Concentration, Construction, Hong Kong, infrastructure, Malaysia, real estate, small caps, value |
0163.HK 5238.KL |
Stone Sentinel Capital delivered 45.3% YTD returns through concentrated deep value investing, screening 80,000 stocks for 5-6 positions. Recent additions include Hong Kong construction company Able Engineering trading below cash at 6x earnings, and Malaysian conglomerate Protasco at 2.4x PE with valuable land assets worth entire market cap. Manager emphasizes practical wisdom and adaptability. |
| Mar 31 2025 | 2025 Q1 | BRK-A, FINV | China, Concentration, Construction, Fintech, software, value |
GSJ CLA FINV |
Stone Sentinel Capital delivered 38% year-to-date returns through concentrated deep value investing in five positions. Holdings include Spanish construction company GSJ trading below net cash, French software firm CLA benefiting from activist turnaround, and Chinese fintech FINV offering 30% free cash flow yields despite strong fundamentals and oligopoly positioning. |
| Dec 31 2024 | 2024 Q4 | - | dividends, fixed income, rates, small caps, Valuations | - | Oujo Wealth Strategies reports strong 2025 performance across all asset classes with the S&P 500 recovering to near 6,700. The firm is cautiously optimistic, making tactical shifts to fixed income while favoring dividend payers and small-to-mid caps. They emphasize long-term discipline over market timing as the Fed maintains restrictive policy despite pressure for cuts. |
| Sep 30 2024 | 2024 Q3 | AAPL, AMZN, CCJ, CEG, GLNG, GOOGL, MELI, MSFT, RYAAY, SWKS, TDW, TLN | concentrated, E-Commerce, energy, global, nuclear, value |
TLN MELI RYAAY SWKS |
City Different's concentrated global strategies delivered 13%+ returns in Q3, driven by nuclear power play Talen Energy and Latin American e-commerce leader Mercado Libre. Energy holdings struggled amid weak Chinese oil demand. The manager trimmed winners to buy Ryanair while exiting failed Skyworks position. Despite strong recent performance, they expect more moderate returns ahead but remain constructive on their bottom-up approach. |
| Jun 30 2024 | 2024 Q2 | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | - | Pittenger & Anderson advocates for disciplined long-term investing using Intelligence, Consistency, Quality, and Patience principles. Despite strong Q3 performance with the S&P 500 up 7.8%, they warn of concentrated market leadership and elevated margin debt levels. The firm emphasizes owning quality companies through cycles rather than timing markets, with Fed rate cuts providing potential tailwinds. |
| Mar 31 2024 | 2024 Q1 | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, tariffs, technology | - | P&A reaffirms its 30-year investment philosophy of owning high-quality securities long-term despite Q2 volatility. AI productivity gains and Fed rate cuts support equity markets, while government debt refinancing and declining foreign appetite for U.S. debt pose risks. International diversification proves valuable with strong EAFE performance. Disciplined long-term approach remains optimal strategy. |
| Dec 31 2023 | 2023 Q4 | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, policy, tariffs, Trade Policy, Trump | RIVN | Manager warns that Trump Administration tariffs and policy unpredictability are harming businesses according to Yale CEO survey, despite steady markets. Focuses on companies with durable competitive advantages like Walmart, Amazon, and EV play Rivian that can adapt to policy disruption while benefiting from secular trends. |
| Sep 30 2023 | 2023 Q3 | NVO, RIVN, STZ | fundamentals, long-term, Macro, Quality, value | - | GDS Investments maintains that company fundamentals trump macro conditions despite structural shifts in rates and inflation. Strong businesses with strategic moats navigate all environments successfully. Recent market dips created attractive entry points for quality names like Rivian, Constellation Brands, and Novo Nordisk that were previously overpriced. Long-term value investing principles remain unchanged. |
| Jun 30 2023 | 2023 Q2 | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | Electric Vehicles, oil, Politics, Recession, tariffs, Trade Policy, value |
GOOGL AMZN TDW AVALX SLB RIVN STZ |
GDS Investments criticizes Trump's tariff policies as economically damaging, causing 12% market decline. Portfolio focuses on tariff-resistant capital-light businesses (Google, Amazon), cyclical energy plays positioned for recovery, and recession-resistant consumer staples. Despite policy headwinds, manager remains cautiously optimistic about long-term opportunities for patient value investors at this potential market inflection point. |
| Mar 31 2023 | 2023 Q1 | AAPL, AMZN, BRK.A, DDS, GOOGL, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, Cyclical, energy, technology, Trump, value |
NKE TDW AVALX SLB SIRI |
Value-focused manager sees opportunities in cyclical offshore drilling and overlooked businesses while avoiding overvalued mega-cap concentration. Maintains core Amazon and Alphabet positions acquired at discounts. New positions in Tidewater, Valaris, Schlumberger benefit from supply constraints. Sirius XM offers subscription model value with Berkshire involvement. Expects contrarian positioning to outperform as market concentration creates bubble-like vulnerability. |
| Dec 31 2022 | 2022 Q4 | - | - | - | |
| Sep 30 2022 | 2022 Q3 | - | - | - | |
| Jun 30 2022 | 2022 Q2 | - | - | - | |
| Mar 31 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
ShippingWars in Ukraine and Iran have severely disrupted transport of grain, oil, and other critical commodities, lengthening shipping routes and boosting demand for vessels. Some 2,000 ships are stuck in the Persian Gulf according to the International Maritime Organization, causing many shipping companies to thrive. |
Shipping Logistics Energy Commodities Transportation |
Energy TransitionThe global energy transition remains very relevant for portfolios. While climate change is high on the agenda, the immediate priority is now energy logistics and energy security. The manager is researching these themes and cites uranium investment as an example of opportunities in companies addressing global energy challenges. |
Energy Transition Uranium Energy Nuclear Climate | |
E-commerceMercadoLibre, the leading e-commerce and fintech company in Latin America, has grown revenue and profit dramatically over five years yet its stock price has gone nowhere. Recent investments in shipping and logistics are pressuring profits, and investors worry that AI Agents will disrupt MELI's competitive position. |
E-commerce FinTech Latin America AI Logistics | |
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana has a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
Energy TransitionTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers and acquired gas-fired power plants for $3.8 billion. |
Nuclear Power Data Centers Carbon Free | |
AIAI was mentioned as a major market theme driving performance, with South Korea's KOSPI Index surging 76% driven by the AI boom benefiting its semiconductor industry. The manager notes market crowding around the tech/AI theme as a challenge for active managers. |
Semiconductors Market Theme Tech | |
| 2025 Q3 |
GoldGold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with exceptional profit margins due to low production costs of $1560. |
Gold Miners Central Banks Reserves Barrick Production Costs |
AISamsung and SK Inc provide AI exposure through companies trading at reasonable valuations, far removed from bubble territory. The manager is cautious about stock market excesses surrounding many AI-related companies but sees value in these Asian technology positions that benefit from AI capital investment commitments. |
Samsung SK Inc Technology Semiconductors Valuation | |
ValueThe manager identifies opportunities in conventional companies with listed holdings trading at substantial discounts to net asset value. Examples include holding companies like Ayala Corp trading at 50% discount versus typical 20-30% discounts, representing a double discount opportunity while exciting AI companies appear alarmingly expensive. |
Holding Companies Discount Net Asset Value Conglomerates Mispricing | |
| 2025 Q2 |
ValueManager screens 80,000 global stocks to pick 5-6 concentrated positions, focusing on stocks trading below intrinsic value. Recent additions include Able Engineering trading below cash at 6x earnings despite double-digit growth, and Protasco trading at 2.4x PE with core segments worth more than market cap. |
Deep Value Concentration Screening Undervaluation Cash |
ConstructionPortfolio includes Able Engineering Holdings engaged in building construction and repair/maintenance projects for Hong Kong public works, and Protasco with road maintenance operations maintaining over 16,000km of roads under long-term government concessions. |
Infrastructure Government Contracts Public Works Maintenance Concessions | |
Hong KongSignificant exposure through Able Engineering Holdings, which operates in Hong Kong construction and owns an office building in Kowloon East. Manager believes Hong Kong's role as financial center for China and integration with Greater Bay Area will drive long-term demand. |
Greater Bay Area Financial Center Office Real Estate Public Housing China Integration | |
MalaysiaInvestment in Protasco, a Malaysian micro-cap conglomerate with road maintenance as core profitable segment. Company has 20+ years operating history and maintains roads under federal and state government contracts. |
Micro Cap Conglomerate Government Contracts Road Infrastructure Asset Sales | |
| 2025 Q1 |
ValueManager emphasizes deep value investing approach with concentrated portfolio of 5 stocks. Holdings include companies trading at significant discounts to intrinsic value, such as GSJ priced at €400m with €350m net cash. Focus on patient capital and long-term value realization following Buffett principles. |
Deep Value Intrinsic Value Patient Capital Concentration Discount |
ChinaRecent addition of FINV, a large nonbank lender in China operating in fintech space. Company benefits from oligopoly structure after 95% of industry participants exited due to regulations since 2016. FINV appears most technologically competent among survivors with superior risk models and first to expand outside China. |
Fintech Nonbank Lending Oligopoly Technology Expansion | |
FinTechInvestment in FINV represents exposure to Chinese fintech sector. Company connects small-ticket borrowers to lenders for fees, generating $326m net income with 19% margins and 18% ROE. Trading at only $2.5b despite $1.3b cash and zero debt, offering ~30% FCF yields. |
Digital Lending Fee Income Cash Generation Technology Platform Margins | |
| 2024 Q4 |
DividendsDividend payers have performed well and paid their dividends, which the firm views positively. They identify dividend-paying stocks as attractive due to their yields, fair valuations, and strong holdings for retiree income. |
Income Yields Retirees |
RatesThe Federal Reserve has been under scrutiny to lower rates significantly but has only made one minor cut this year. The firm discusses how equity markets love low rates as they boost valuations, while businesses benefit from cheaper borrowing costs. |
Fed Monetary Policy Valuations Borrowing | |
| 2024 Q3 |
NuclearNuclear power is experiencing renewed demand as AI and data centers require reliable, clean electricity. Talen Energy's Susquehanna facility benefits from power price surges and partnerships like Microsoft-Constellation's Three Mile Island restart. |
Nuclear Power Data Centers AI Electricity |
E-commerceMercado Libre continues to lead Latin American e-commerce and fintech, with strong performance in Brazil and Mexico markets. The company's services remain compelling for regional growth. |
E-commerce FinTech Latin America Brazil Mexico | |
EnergyEnergy sector underperformed as oil prices declined due to weakening Chinese demand and lack of supply disruptions. Investments in Tidewater and Cameco faced headwinds despite constructive uranium outlook. |
Energy Oil Uranium China Commodities | |
| 2024 Q2 |
AINine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. |
Technology Large Cap Market Leadership Concentration Innovation |
| 2024 Q1 |
AIAI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. |
Productivity Efficiency Margins Technology |
| 2023 Q4 |
Trade PolicyThe manager discusses how the Trump Administration's tariff scheme has harmed 70% of businesses according to a Yale CEO survey. He argues that tariffs create policy unpredictability and avoidable costs that hurt companies through higher input costs, supply chain disruption, and force difficult tradeoffs between pricing power and solvency. |
Tariffs Policy Supply Chain Costs Pricing |
Electric VehiclesThe manager mentions Rivian as a relatively recent addition to their portfolio and references research suggesting EV penetration will rise meaningfully over the next cycle. He recommends a book arguing the auto industry's inevitable electric transition is accelerating. |
EV Penetration Transition Auto Rivian | |
| 2023 Q3 |
ValueThe manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced. |
Value Fundamentals Entry Points Quality Discounts |
| 2023 Q2 |
Trade PolicyTrump's newly announced global tariffs package is being poorly received by markets, causing a 12% decline in five days. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. |
Tariffs Trade Protectionism Inflation Policy |
OilThe manager is holding new oil and gas investments including Tidewater, Valaris, and Schlumberger, positioned favorably in a capital cycle. These companies have gone through significant balance sheet restructuring and are poised to outperform when the cycle returns. |
Offshore Drilling Cyclical Energy Services | |
Electric VehiclesRivian is well positioned with domestic production, strong leadership, attractive balance sheet, and partnership with Volkswagen. The company offers a good tech-stack and is positioned to gain Tesla customers, with the upcoming 2026 R2 model potentially being a gamechanger at $45,000. |
EV Tesla Domestic Technology Competition | |
| 2023 Q1 |
AIManager discusses AI hype and concentration in tech stocks, comparing current market to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful AI implementation for warehouse cost savings. |
Artificial Intelligence Technology Valuation Commoditization Cost Savings |
ValueFund maintains value investing philosophy of buying quality assets at significant discounts to fair value. Manager seeks opportunities in overlooked areas while avoiding overvalued mega-cap tech stocks despite their strong performance. |
Value Investing Discount Quality Contrarian Fair Value | |
Offshore DrillingNew positions in Tidewater, Valaris, and Schlumberger based on favorable supply dynamics with fewer operating rigs, strong balance sheets, and potential for higher day rates as old contracts reprice over coming years. |
Energy Services Supply Constraint Day Rates Cyclical Recovery Offshore |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 9, 2025 | Fund Letters | City Different Investments - Global Equity | RIVN | Rivian Automotive Inc. | Consumer Discretionary | Automobiles | Bull | NASDAQ | automotive, domestic production, Electric Vehicles, growth, Software-defined, Technology Stack, Tesla alternative | Login |
| Apr 9, 2025 | Fund Letters | City Different Investments - Global Equity | STZ | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Alcohol, Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed | Login |
| Apr 9, 2025 | Fund Letters | City Different Investments - Global Equity | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Capital-light, defensive, efficiency, innovation, platform, Tariff-resistant, technology | Login |
| Apr 9, 2025 | Fund Letters | City Different Investments - Global Equity | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Capital-light, consumer, defensive, e-commerce, efficiency, innovation, platform | Login |
| Apr 9, 2025 | Fund Letters | City Different Investments - Global Equity | TDW | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Cyclical, Energy Services, Marine Vessels, offshore drilling, restructuring, Value | Login |
| Apr 9, 2025 | Fund Letters | City Different Investments - Global Equity | AVALX | Valaris Limited | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Cyclical, Drilling contractor, Energy Services, offshore drilling, restructuring, Value | Login |
| Apr 9, 2025 | Fund Letters | City Different Investments - Global Equity | SLB | SLB | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Cyclical, Energy Services, oil and gas, restructuring, technology, Value | Login |
| May 5, 2026 | Fund Letters | City Different Investments - Global Equity | CCO | Cameco Corp | Advertising Agencies | Uranium | Bull | New York Stock Exchange | Baseload Power, climate change, Commodity Cycle, Energy security, energy transition, Equity, Nuclear Power, uranium | Login |
| May 5, 2026 | Fund Letters | City Different Investments - Global Equity | TDW | Tidewater Inc | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | acquisition, EBITDA multiple, Energy Services, Equity, industry consolidation, Offshore services, Supply Vessels, Tugboats | Login |
| May 5, 2026 | Fund Letters | City Different Investments - Global Equity | MELI | MercadoLibre | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | AI disruption, e-commerce, Equity, Fintech, growth, Latin America, Logistics Investment, Tech-Enabled Consumer | Login |
| Feb 22, 2026 | Fund Letters | Vinson Walden | CVNA | Carvana Co. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | ecommerce, Financing, Logistics, margin, marketshare, scale | Login |
| Feb 22, 2026 | Fund Letters | Vinson Walden | TLN | Talen Energy Corporation | Utilities | Independent Power Producers & Energy Traders | Bull | NASDAQ | capital allocation, Contracting, data centers, electricity demand, Nuclear, Regulation | Login |
| Feb 22, 2026 | Fund Letters | Vinson Walden | IHS | IHS Holding Limited | Communication Services | Wireless Telecommunication Services | Bull | New York Stock Exchange | deleveraging, Emerging markets, infrastructure, recovery, Tenancy, Towers | Login |
| Oct 9, 2025 | Fund Letters | City Different Investments - Global Equity | 5238.KL | Protasco | Industrials | Construction & Engineering | Bull | Bursa Malaysia | Asset Sale, conglomerate, Government Concessions, infrastructure, Malaysia, Real Estate, Sum-of-parts, turnaround, Value | Login |
| Oct 9, 2025 | Fund Letters | City Different Investments - Global Equity | 0163.HK | Able Engineering Holdings | Industrials | Construction & Engineering | Bull | Hong Kong Stock Exchange | Asia, construction, dividend, government contracts, Hong Kong, infrastructure, Real Estate, turnaround, Value | Login |
| Jul 7, 2025 | Fund Letters | City Different Investments - Global Equity | FINV | Finvolution | Financials | Consumer Finance | Bull | NYSE | cash-rich, China, consumer finance, Fintech, high ROE, oligopoly, technology | Login |
| Jul 7, 2025 | Fund Letters | City Different Investments - Global Equity | GSJ | Grupo Empresarial San José | Industrials | Construction & Engineering | Bull | Madrid Stock Exchange | Asset Play, construction, Discount to book, Free Cash Flow, net cash, Spain, Value | Login |
| Jul 7, 2025 | Fund Letters | City Different Investments - Global Equity | CLA | Claranova | Information Technology | Software | Bull | Euronext Paris | activist, france, SaaS, Software, subscription revenue, technology, turnaround | Login |
| Feb 15, 2025 | Fund Letters | City Different Investments - Global Equity | NKE | Nike Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel, Athletic Footwear, Brand, Distribution, innovation, Leadership Change, retail, turnaround, Value | Login |
| Feb 15, 2025 | Fund Letters | City Different Investments - Global Equity | TDW | Tidewater Inc. | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, energy, Marine services, offshore drilling, shareholder returns, Supply Constraint, Value | Login |
| Feb 15, 2025 | Fund Letters | City Different Investments - Global Equity | AVALX | Valaris Limited | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, Drillships, energy, offshore drilling, shareholder returns, Supply Constraint, Value | Login |
| Feb 15, 2025 | Fund Letters | City Different Investments - Global Equity | SLB | Schlumberger NV | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Cyclical, energy, offshore drilling, oilfield services, shareholder returns, Supply Constraint, technology, Value | Login |
| Feb 15, 2025 | Fund Letters | City Different Investments - Global Equity | SIRI | Sirius XM Holdings Inc. | Communication Services | Entertainment | Bull | NASDAQ | Berkshire Hathaway, capital allocation, Churn, media, Satellite Radio, shareholder returns, Subscription, Value | Login |
| Sep 30, 2024 | Fund Letters | City Different Investments - Global Equity | TLN | Talen Energy | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | AI infrastructure, Amazon Web Services, clean energy, data centers, electricity generation, Independent Power Producer, Microsoft, Nuclear Power, PJM Interconnection, utilities | Login |
| Sep 30, 2024 | Fund Letters | City Different Investments - Global Equity | MELI | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, digital payments, e-commerce, Emerging markets, Fintech, Internet Retail, Latin America, marketplace, Mexico | Login |
| Sep 30, 2024 | Fund Letters | City Different Investments - Global Equity | RYAAY | Ryanair Holdings | Industrials | Airlines | Bull | NASDAQ | Airlines, Aviation, Dublin, Europe, Low-Cost Airline, Returns on Capital, Transportation, Travel Recovery, Value Investment | Login |
| Sep 30, 2024 | Fund Letters | City Different Investments - Global Equity | SWKS | Skyworks Solutions | Information Technology | Semiconductors & Semiconductor Equipment | Bear | NASDAQ | 5G Technology, Apple Dependence, Customer concentration, Internet of Things, Investment Loss, Mobile Communications, Radio Frequency Chips, semiconductors, technology | Login |
| Oct 11, 2025 | Fund Letters | City Different Investments - Global Equity | RIVN | Rivian Automotive Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | automotive, Electric Vehicles, Electrification, EV, growth, Portfolio Addition, Transition | Login |
| TICKER | COMMENTARY |
|---|---|
| TDW | Our top contributor lately has been Tidewater Inc, a Texas-based owner of tugboats and offshore supply vessels for the energy industry. We reported last October how Tidewater had refinanced its balance sheet and was poised to deploy significant capital. We were eager to see what form this would take, and management did not disappoint: in February, the company announced the acquisition of Brazil-based Wilson Sons Ultratug, comprising 22 vessels. The economics of the Wilson Sons deal look superb for Tidewater. We estimate that Tidewater will expend cash on hand of about $240mm, plus assumed debt of $260mm, to acquire assets that will produce operating cash flow (EBITDA) of over $100mm in the first year of ownership alone. On a pro forma basis, Tidewater will be the leading company in its industry by a wide margin, with a global fleet of over 220 vessels. More importantly, we continue to monitor the supply-and-demand outlook for Tidewater's services and remain enthusiastic. |
| MELI | A prime example is our long-held investment in MercadoLibre, the leading e-commerce and fintech company in Latin America. Over the past five years, MercadoLibre has grown both revenue and profit dramatically — yet its stock price has gone nowhere. Recent investments in shipping (lowering the free-shipping threshold in Brazil by 75%) and logistics are pressuring profits. Investors also worry that AI Agents will disrupt MELI's competitive position. |
| CCO | Our investment in uranium giant Cameco Corp. is an example of the opportunities we seek in companies that address global energy challenges. |
| VAL | First, the good news: energy services leader Valaris Ltd. was sold to Transocean at a large premium in an all-stock deal valued at roughly $5.8 billion. We bought Valaris in 2022, and we featured it in this Value Investor Insight interview in 2024. It was a very strong contributor for us. |
| IHS | The second one was less pleasant. Our recent investment in IHS Towers ended with its announced sale to a related party for a nominal premium. The sale represents a great IRR for us, but it dramatically undervalues IHS Towers as a business. This news serves as a reminder that good corporate governance cannot be taken for granted. |
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