| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.3% | 0% | 21.7% |
| 2025 |
|---|
| 21.7% |
Rozendal's Hedge Fund delivered a solid 21.7% absolute return in 2025 but underperformed the FTSE/JSE All Share Index's exceptional 42.4% return. The underperformance was primarily attributed to limited exposure to precious metals, which drove South African market returns as the sector more than tripled during the year. The fund maintained modest long platinum exposure and modest short gold exposure, missing the dramatic precious metals rally. Key contributors included Valterra Platinum, Tiger Brands, and Curro, while detractors included the short position in Harmony Gold, Calgro M3, and York Timber. The manager completed investment cycles in Aena and Makita, both delivering strong returns. Looking forward, the firm emphasizes their competitive advantage in exploiting market myopia through long-term value investing, supported by recent academic research validating their behavioral approach. While acknowledging gold's role as an alternative currency, they view current gold prices as extraordinarily expensive and prefer owning attractively priced assets in their portfolio.
Rozendal Partners exploits market myopia by maintaining a long-term, value-oriented approach that capitalizes on opportunities created when short-term investors find stocks uncomfortable to hold due to volatility or poor recent performance.
The manager expects gold prices to eventually restore to more sensible levels but has no confidence in forecasting when or how this sentiment change will occur. They maintain confidence that owning attractively priced assets in the Rozendal funds is more likely to deliver satisfactory long-term investment results than owning gold at current prices.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 29 2026 | 2025 Q4 | 6586.T, AENA.MC, AMS.JO, BAYN.DE, BLU.JO, CGR.JO, COH.JO, DGE.L, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | gold, Long/Short, materials, Mining, Precious Metals, South Africa, value |
TBS SJ AENA SM 6586 JP |
Rozendal's Hedge Fund posted 21.7% returns but lagged the benchmark's 42.4% due to limited precious metals exposure. The South African market was driven by a tripling in precious metals prices, which the fund largely missed through modest positioning. Strong individual stock selection in Valterra Platinum, Tiger Brands, and Curro offset detractors, while the firm maintains conviction in their long-term value approach. |
| Jun 30 2025 | 2025 Q2 | AFM.L, ASR.JO, BLU.JO, CCOLA.IS, COH.JO, HCI.JO, HL.L, KSPI.L, MEO.DE, MTN.JO, NE, NPK.JO, OCE.JO, PRX.AS, SES, WINE.L | emerging markets, Mining, private equity, South Africa, tariffs, Telecommunications, Turkey, value | - | Strong H1 2025 performance driven by underweight US positioning and successful stock selection. Completed profitable Turkish investment cycle during hyperinflationary period. Telecommunications holdings delivered exceptional returns in South Africa. Successfully exited geopolitically risky mining position before operational disruption. Multiple private equity takeouts validated investment approach. Maintains bottom-up focus despite tariff-induced market volatility. |
| Dec 31 2024 | 2024 Q4 | AFE.JO, BLU.JO, BUR.L, GRT.JO, HCI.JO, JD, META, NE, PIK.JO, PPC.JO, SES, SHP.JO, TBS.JO, TSCO.L | Case Study, commodities, global, Hedge Fund, retail, South Africa | - | Rozendal's hedge fund returned 5% in 2024, underperforming due to limited exposure to strong South African sectors. The manager completed profitable wheat futures trades and exited Burford Capital. Mixed South African results included Tiger Brands restructuring success offset by gaming sector struggles. An extensive grocery retail case study highlights the importance of operational discipline and capital allocation in driving long-term shareholder returns. |
| Jun 30 2024 | 2024 Q2 | 0700.HK, B4B.DE, BAYN.DE, CGR.JO, HCI.JO, HL.L, KSPI.L, MDIA3.SA, META, MTN.JO, NPK.JO, NPN.JO, PPC.JO | global, Hedge Fund, Passive investing, South Africa, Turnarounds, value | - | Rozendal's funds delivered mixed H1 2024 results, with the Global Fund underperforming due to avoiding US tech while the Hedge Fund declined 4.4%. The managers defend value investing against passive investing critiques, arguing that cash flow generation and patient capital deployment remain viable despite slower multiple expansion in current markets. |
| Dec 31 2023 | 2023 Q4 | B4B.DE, BAYN.DE, BMT.JO, BUR.L, CCJ, CCOLA.IS, COH.JO, MTN.JO, PPC.JO, RCL.JO, TBS.JO | Currency, emerging markets, small cap, South Africa, uranium, value | - | Rozendal delivered strong 2023 returns driven by uranium exposure and selective stock picking. The managers favor emerging market debt over US debt given superior fundamentals and completed a successful investment cycle in Bowler Metcalf. Despite challenging South African conditions including electricity shortages, they continue finding opportunities in undervalued small cap businesses globally. |
| Jun 30 2023 | 2023 Q2 | B4B.DE, BLU.JO, BUR.L, CCJ, HCI.JO, META, OCE.JO, PPC.JO, RCL.JO, SAHG.JO, SDRY.L, TBS.JO | Diamonds, healthcare, Litigation, South Africa, technology, Turkey, uranium | - | Rozendal delivered strong H1 2023 performance led by Meta's cost-cutting recovery, Burford's litigation victory, and uranium exposure via Cameco. South African holdings faced consumer pressure and loadshedding challenges. The firm completed multiple investment cycles with mixed results and continues developing its litigation funding strategy while maintaining disciplined bottom-up value investing approach. |
| Dec 31 2022 | 2022 Q4 | BLU.JO, BUR.L, GPL.JO, META, NBLB, OCE.JO, QUIN.SN, SPU.JO, TBS.JO, YRK.JO | activism, crypto, emerging markets, energy, gaming, Long/Short, South Africa, value | - | Rozendal's Hedge Fund generated 12.0% returns in 2022 by avoiding technology and bonds while benefiting from energy and value outperformance. Successful activist involvement in Grand Parade delivered 19.9% IRR over five years. The fund maintains its value-focused, geographically diversified approach, finding better opportunities outside expensive US markets. |
| Jun 30 2022 | 2022 Q2 | AMS.JO, IMP.JO, LKOH.L, META, MNZS.L, MTN.JO, NPN.JO, PPC.JO, PSG.JO, WINE.L | commodities, energy, inflation, Platinum, South Africa, takeovers, technology, value | - | Rozendal delivered strong relative performance during tumultuous H1 2022, outperforming by 13.6% through defensive positioning and takeover situations. Completed successful decade-long platinum mining cycle with 100%+ IRRs while technology holdings like Meta suffered from sector rotation. Russian sanctions impacted Lukoil position. Value-oriented approach provided downside protection amid broad market selloff and multi-decade high inflation. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025. |
Artificial Intelligence Technology Market Concentration Growth |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles. |
Federal Reserve Interest Rates Monetary Policy Easing | |
InflationThe inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term. |
Inflation Federal Reserve Economic Data | |
DollarThe U.S. dollar fell over 9% in 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. With the Federal Reserve still focused on easing policy, narrowing interest rate differentials may drive a further decline in the dollar. |
Currency Dollar Weakness International | |
| 2025 Q2 |
TurkeyManager completed exit from all Turkish investments including Migros Ticaret, Sabanci Holdings, and Coca Cola Icecek. Turkish investments were initiated during macroeconomic turmoil in 2019-2020 when President Erdogan's unorthodox monetary policies created hyperinflation but also drove strong equity returns. The hyperinflationary environment benefited food retailers and beverage companies while challenging banks. All three Turkish investments delivered strong returns with IRRs of 16.4% to 23.1%. |
Turkey Hyperinflation Emerging Markets Macroeconomic Currency |
TariffsDonald Trump's Liberation Day tariff announcement caused significant market volatility with the S&P 500 declining nearly 19% and VIX spiking above 30. However, historical analysis suggests tariffs have relatively minor long-term impacts on GDP, inflation, and equity markets. Manager maintains focus on bottom-up investment process rather than macro events that are often headline-grabbing in short term but less significant long-term. |
Tariffs Trade Policy Volatility Macro Trump | |
MiningAlphamin was a successful tin mining investment in Democratic Republic of Congo that delivered 15.2% IRR before being sold due to escalating regional conflict risks. The company operated world-class Bisie tin complex with favorable supply-demand dynamics. Manager emphasizes importance of managing geopolitical risk through appropriate position sizing and quick reaction when conditions deteriorate. |
Mining Tin Geopolitical Risk Africa Commodities | |
TelecommunicationsStrong performance from telecom holdings Blue Label Telecoms and MTN contributed significantly to hedge fund returns. Blue Label benefited from clarity around Cell C transformation, while MTN gained from Nigerian economic stabilization and regulatory approval for price increases. Telecommunications was one of only three subsectors delivering market-beating returns in South African market. |
Telecommunications South Africa Nigeria Transformation Regulation | |
Private EquityMultiple portfolio companies were taken private by insiders or private equity investors, including Metro AG and Hargreaves Lansdown. While Hargreaves Lansdown delivered 40% IRR when taken private at premium to fair value, Metro AG was acquired at discount to manager's valuation. Manager notes that insiders sharing their view of value is positive validation, though such exits sometimes don't provide full value to minority shareholders. |
Private Equity Takeovers Buyouts Valuation Exits | |
| 2024 Q4 |
WheatManager completed profitable short wheat futures position after Russia-Ukraine war disruption. Wheat prices reached extreme levels due to supply disruption and fertilizer cost pressures, but reverted as expected when high prices encouraged new production and conservation land cultivation. |
Commodities Agriculture Supply Disruption Futures Ukraine |
South AfricaMixed performance in South African holdings with Tiger Brands benefiting from CEO restructuring efforts and PPC supported by Government of National Unity optimism. However, traditional gaming businesses like HCI and Goldrush struggled with weak consumer environment and online competition. |
Emerging Markets Consumer Gaming Restructuring Politics | |
GrocersExtensive analysis comparing Pick n Pay and Shoprite over 35 years reveals how governance, cost structure, and capital allocation decisions drove divergent outcomes. Shoprite's focus on low prices and aggressive reinvestment contrasted with Pick n Pay's higher costs and generous dividends. |
Retail Consumer Staples Competitive Dynamics Capital Allocation Case Study | |
| 2024 Q2 |
ValueThe letter extensively discusses value investing challenges in current markets, including David Einhorn's assertion that passive investing has broken traditional value strategies. The managers defend value investing as still viable through cash flow generation and patient capital deployment, despite mean reversion taking longer. |
Value Mean Reversion Passive Investing Multiples Cash Flow |
Passive InvestingDetailed analysis of passive investing's impact on market efficiency and value investing. The managers conclude that while passive investing may have some effect on mean reversion timing, its impact on market efficiency is likely overblown and creates opportunities for patient fundamental investors. |
Passive Investing Market Efficiency Index Funds Capital Allocation | |
| 2023 Q4 |
UraniumThe uranium market has finally come to life after being moribund for a decade following Fukushima. Disruptions from the Russian invasion of Ukraine, slow return to production of mothballed mines, steady continuation of new reactors being built in China, and greater recognition of uranium's clean energy benefits have contributed to dramatic price surges. Uranium prices recently achieved levels last seen at the heights of the commodity super-cycle in 2007. |
Nuclear Energy Transition Commodities China Russia |
Emerging marketsEmerging market debt offers a more favorable combination of macroeconomic support and relative pricing than US debt. The US has far more public sector debt relative to GDP, worse net international investment position, slower growth, and greater budget deficits than emerging markets. Despite this macroeconomic evidence against the US dollar, it has appreciated strongly in trade weighted real effective terms. |
Debt Macroeconomics Currency Government Bonds | |
South AfricaThe difficult macroeconomic environment in South Africa from 2010 onwards has been challenging for businesses. Progressively worse electricity blackouts eventually overwhelmed management's ability to adapt, resulting in sharp declines in operating profits for energy-intensive businesses like plastic conversion. Load shedding continued to wreak havoc on operating hours and cost structures across industries. |
Electricity Infrastructure Economic Environment | |
| 2023 Q2 |
LitigationRozendal invests in litigation funding through RLF with 3% allocation to the Hedge Fund. First completed investment was the Randgold case which earned 1.9% IRR. The field remains nascent with attractive opportunities for third party capital due to limited competition and high barriers to entry. |
Litigation Legal Funding Alternative |
UraniumWest moving away from Russian uranium supplies benefits suppliers like Cameco from other countries. Steady increase in countries viewing nuclear energy favorably following Russia-Ukraine electricity market disruptions. Utilities concluding longer term purchase contracts after years of dithering. |
Uranium Nuclear Energy Commodities | |
DiamondsNatural diamond industry faced challenges from synthetic competition and supply increases, but large high-quality stones like those from Letseng mine remain sheltered from synthetic pressure. Industry capex declined sharply which should constrain future supply and support prices. |
Diamonds Mining Luxury Commodities | |
TurkeyTurkish companies like Sabanci struggle to earn returns above elevated inflation rates, meaning equity value slowly eroding. Turkish banking sector including Akbank suffered in US dollar terms during first half of year. |
Turkey Inflation Banking Emerging Markets | |
South AfricaSouth African companies face strained consumption environment and unreliable electricity from loadshedding. Few companies like Oceana benefit from consumers trading down to cheap proteins that don't require refrigeration. Premium branded goods producers like Tiger Brands bear full brunt of consumer financial pressure. |
South Africa Loadshedding Consumer Electricity | |
| 2022 Q4 |
ValueEnergy and Value continued outperformance which started in first half of 2021. The fund benefited from being invested very differently from major benchmarks, avoiding technology sector exposure. Value investing approach emphasized buying at discount to fair value and activist involvement to unlock value. |
Value Discount Undervalued Fair value Mispricing |
EnergyEnergy sector delivered strong performance with 34.5% returns in 2022. Oil industry gained confidence that prices will stay closer to $80 per barrel rather than $50 range. Offshore drilling rigs being contracted in increasing numbers with stronger rates for operators. |
Energy Oil Drilling Offshore Commodities | |
CryptoBitcoin more than halved in 2022, with speculative coins experiencing complete meltdowns. Despite bitcoin's superior 10-year performance versus global equities, the fund avoided crypto due to inability to assess fair value and concerns about speculative environment. |
Crypto Bitcoin Speculation Valuation | |
GamingGrand Parade Investments, a South African gaming company, was a stellar performer delivering 19.9% IRR over five years through activist involvement. Gaming industry faced challenges during Covid but recovered with strong bidding war for Grand Parade assets. |
Gaming Casinos South Africa Activist | |
| 2022 Q2 |
Platinum Group MetalsCompleted decade-plus investment cycle in platinum miners Anglo American Platinum and Impala Platinum. Industry experienced seven lean years from 2011-2018 due to oversupply, recycling, and weak demand, followed by spectacular recovery driven by palladium and rhodium price increases. Sold final positions after achieving 100%+ IRRs as industry reached top-of-cycle indicators including rising costs, peak capex, and M&A activity. |
Platinum Palladium Rhodium Mining Commodities |
EnergyEnergy sector was standout performer in first half 2022, delivering 15.4% returns while most sectors declined. Russian oil and gas supply constraints from Ukraine invasion drove energy prices higher, benefiting energy companies. Lukoil position marked to zero due to sanctions making Russian shares untradeable. |
Oil Gas Energy Russia Sanctions | |
TechnologyTechnology sector experienced severe selloff with Information Technology declining 29.6% in first half 2022. Meta Platforms fell 25% on single day due to TikTok competition, Apple privacy changes, and first-ever decline in daily users. High-quality tech blue chips not spared from broader tech rout that extended beyond speculative names. |
Technology Meta Growth Valuations | |
InflationMulti-decade high inflation levels reached in many developed markets, with some experiencing highest rates in 40 years. Historical analysis shows weak correlation between instantaneous inflation and long-term equity returns. Current inflation driven by geopolitical factors like Ukraine war makes short-term forecasting difficult, but history suggests not necessary for good long-term investment decisions. |
Inflation Interest Rates Monetary Policy | |
ValueDramatic reversal in market leadership with Value/Energy sectors outperforming while Growth/Tech/Quality spectrum underperformed severely. Meta and other former high-flying growth stocks removed from Russell 1000 Growth Index and included in Russell 1000 Value Index alongside traditional value names like Berkshire Hathaway and Exxon Mobil. |
Value Growth Factor Rotation | |
TakeoversMultiple portfolio companies received takeover bids including John Menzies (airport ground services) and Mediclinic International (private hospitals). Bids provided welcome protection during market turmoil, with John Menzies share price doubling from £3 to almost £6. Takeover activity demonstrates value recognition by strategic buyers. |
M&A Takeovers Value Recognition |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | Fund Letters | Wilhelm Hertzog | TBS SJ | Tiger Brands Ltd | Consumer Staples | Packaged Foods | Bull | New York Stock Exchange | Execution, Food, management, South Africa, turnaround | Login |
| Jan 29, 2026 | Fund Letters | Wilhelm Hertzog | AENA SM | Aena S.M., S.A. | Industrials | Airport Operators | Neutral | Brasil Bolsa Balcão | Airports, Cove Recovery, infrastructure, Regulation, valuation | Login |
| Jan 29, 2026 | Fund Letters | Wilhelm Hertzog | 6586 JP | Makita Corporation | Industrials | Power Tools | Neutral | New York Stock Exchange | Cyclicals, Industrials, Inventory, Margins, Mean Reversion | Login |
| TICKER | COMMENTARY |
|---|---|
| AMS.JO | Mining conglomerate Anglo American sold and unbundled its majority interest in Anglo American Platinum ('Amplats') during 2024 and 2025. To mark the end of Anglo's ownership, Amplats changed its name to Valterra Platinum. There have been no major changes in operations or strategy at Valterra since leaving the Anglo stable. There has, however, been a major change in the price of the platinum group metals that Valterra produces. A change in Western governments' stances towards the electrification of motorised transport, and subdued production following years of low prices and limited investment by miners has finally resulted in PGM prices materially higher than incentive prices. The exceptionally high gold price has also dragged along platinum in its wake: platinum has some of the same store of value appeal as gold, and the two metals are to a limited extent substitutes for each other in jewellery production. The sharp metals price increase in the sector has lifted share prices across the sector dramatically. The four major PGM producers listed in South Africa (of which Valterra is the largest by PGM production volume) saw their share prices increase three to four times in the space of the year, and the Hedge Fund's Valterra investment hence contributed very pleasingly to returns for the year. |
| BLU.JO | We first came to Cell C through Blue Label Unlimited (BLU). BLU remains a compelling opportunity, even if it has been an exceptionally volatile business to own over the last three years: we have seen the market capitalisation move from roughly R2.5bn to R15bn, and then back down to around R9bn today. BLU's core business is a high free-cash-flow, capital-light distribution operation, currently valued at roughly 4x FCF. In November last year, BLU listed Cell C by selling down its 95% stake. BLU proceeded with the IPO at a valuation of R9bn. Based on our estimates, that implied a c. 19% free-cash-flow yield — meaning new IPO investors would capture most of the discount, not BLU shareholders. |
| CGR.JO | Calgro M3 is a leading developer of affordable residential property. Its largest exposure is to Gauteng, where the residential property market has been weak. Out of caution and concern about potential disruptions around the 2024 national elections, the company had pulled back on the pace of development, which in turn has held back the delivery of completed units during 2025. The prospects for the South African residential property market have certainly improved in recent months. Calgro's share price is only likely to reflect this once there is tangible evidence of progress and success at the very large new Bankenveld development in the north of Johannesburg that it has embarked on recently. |
| COH.JO | Private school business Curro was a Covid recovery laggard that first became a standalone Hedge Fund portfolio investment during 2023 (the Hedge Fund held some indirect exposure to Curro via former parent company PSG Group in earlier years. Difficult business conditions have kept the share price rather depressed since then. In August 2025, the Jannie Mouton Foundation made an offer to acquire all Curro's shares in issue in exchange for a mix of Capitec and PSG Financial Services shares, as well as a small amount of cash. The implied value of this offer was far more than the prevailing share price, and the dramatic rise in Curro's share price to reflect this was a welcome contributor to the Hedge Fund's returns for the year. |
| DGE.L | Diageo represents one of the clearest examples of brands crystallising into cornered resources. Its leading spirits brands are reinforced by production realities that competitors cannot accelerate, most notably long-dated ageing inventories and protected geographic areas of distribution. A rival can copy a label, but it cannot replicate decades of maturing whisky stock or compress centuries of brand heritage into a marketing cycle. This combination of time-based scarcity and cultural embeddedness gives Diageo durable pricing power that is unusually resilient through economic cycles. In Helmer's terms, the brand ceases to be merely persuasive and instead becomes an independently owned, scarce asset that underpins long-term returns on capital. That said, recent demand following a Covid-led surge has softened, particularly in South America. It will be the job of Sir Dave Lewis—the former Tesco turnaround CEO, to reintroduce a greater cost discipline across the business and ensure their leading global brands are well positioned for the evolving landscape of consumer tastes. |
| HAR.JO | New positions were initiated in Harmony |
| JD | The difference in fortunes between the Chinese and Hong Kong stock markets and JD.com's share price has been stark. Whereas the overall markets have been very strong, JD.com's share price declined during 2025. This is not on account of the fortunes of JD's core business: retail revenues and profitability have been growing strongly. The market concern reflected in the share price sprouts from JD's decision to invest heavily in a new food delivery venture in China. Here it will be competing against very large, very well capitalised incumbents like Meituan and Alibaba. The market is rightly concerned that this will prove to be costly and has punished JD's share price accordingly – at least in relative terms. |
| KSPI.L | As in the first half of the year (refer to our last investor letter), Kaspi's share price lagged in the second half of the year. Some market challenges in Kazakhstan only became visible in reported results during the latter half of the year, which resulted in more muted revenue and profit growth for Kaspi than what investors have historically been used to. New government smartphone registration requirements and iPhone shortages depressed e-commerce revenues (smartphones are a material revenue generator for most large online general merchandise retailers), whilst higher banking reserve requirements, a new tax on interest income and higher base rates payable on customer deposits depressed interest income on the banking side of the business. |
| SLV | The Global Fund has had an investment in silver – by way of the iShares Silver Trust exchange traded fund – for several years now. For much of this time, it served its purpose as a currency alternative and inflation hedge just fine. Strong industrial demand (mainly from the Chinese solar panel industry) coupled with constrained mine supply and the ever-increasing price of gold supported the silver price. But in the second half of 2025, the type of speculative mania which grips the silver market every decade or two suddenly erupted. By year-end, the inflation adjusted price reached levels in the vicinity of that seen during the infamous cornering of the silver market by the Hunt brothers in 1980. |
| TBS.JO | Venerable South African food producer Tiger Brands was a stock market darling during the mid-2010s, enjoying stellar share price ratings. But as with so many South African businesses, Tiger Brands went on an ill-considered foreign expansion strategy (into Africa, in Tiger's case) which cost it dearly. Equity investors lost confidence in the business, and the share delivered dismal returns in the decade leading up to 2024. Tjaart Kruger, a highly regarded industry veteran who led Premier Foods to great success in the decade during which Tiger's troubles were surfacing, was appointed CEO of the company late in 2023. The turnaround in the fortunes of the business since then has been spectacular. The share price has followed suit. |
| YRK.JO | York is the leading sawmill operator and plywood producer in South Africa by volume. However, it has been beset by perennial plant performance problems at its largest sawmill in Sabie, which it has yet to resolve. In addition, the global plywood market (York exports a material percentage of its plywood production) has weakened during the year. Demand (tied to US residential construction) has been under pressure, and the weakening US dollar has eroded the profitability of exports. The result has been a York share price which continues to languish at a deep discount to the value of its assets. |
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|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
