Investment Pitches

Pitch Summary:
Upon little news, News Corp shares declined -14% over the month, as a -4% decline in the NAV was compounded by a painful -580bps widening of the discount to 46%. This provides an opportune – if frustrating – moment to provide an update on a company that has been amongst AGT's largest positions for the last 18 months. We last wrote up the position in the March 2024 newsletter. At the time we explained that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management / the family to take steps to unlock value from the listed stake in REA Group, the value of which swamped News Corp's market cap. At the time, we wrote that CEO Robert Thomson had explained that the company was in "serious introspection about structure…[and] how to fully monetize a precious, prestigious portfolio…That is indeed not an evolution, but a revolution". Well – much to our disappointment – the events to date look more like the Russian Revolution of 1905 than of 1917. There have been some small steps toward value realisation. At the end 2024 the company exited Foxtel – admittedly at a higher than anticipated valuation, albeit tempered by the fact the consideration was paid in DAZN's unlisted equity. In July 2025, the company announced a new and enlarged buyback program equivalent to c.7% of then-market cap. However, REA – the stake which accounts for 75% of News Corp's market cap – remains the elephant in the room and central to any steps to unlock value and narrow the discount. Management continues to talk the talk – stating recently that "as for further strategic moves, the concentrated contemplation continues" – however the market continues to place a low probability on such steps being taken. We are encouraged that one potential impediment to this has now been resolved. In September, it was announced that an agreement had been reached amongst the warring parties in the family, following legal proceedings in Nevada, related to the Murdoch Family Trust (MFT). Under the agreement the three wantaway siblings (Prudence, Elisabeth and James) have monetised their portion of the MFT, leaving Lachlan (and Grace and Chloe) as beneficiaries of the new controlling Trust, which owns 34% of News Corp's B shares. In our view, a resolution of the on-going succession battle was likely always a prerequisite for structural reform, all else equal this development makes the probability of steps being taken to unlock value higher. With that said – as the last two years prove – predicting the timing of such events remains a futile task, with the family firmly in control. In such situations, it is critical to our approach that the NAV side of the equation can work in our favour, whilst we wait for the event. In this vein we remain optimistic. Results for the quarter ending June 2025 showed continued positive progress at Dow Jones (37% of NAV), where revenues grew +7% and EBITDA +13%. The Professional Information Business ("PIB") is performing strongly (+10%), underpinned by Dow Jones Risk & Compliance (+21%) and Dow Jones Energy (+12%). As PIB grows as a proportion of the overall business, margins push higher, now at 25% vs. 13% in 2019, with incremental margins of c.45%. Given the higher growth nature of PIB, we expect this to continue in the years ahead, driving earnings growth for Dow Jones. This growth and value remain poorly reflected in News Corp's share price. Net of the stake in REA, the implied value of the stub assets stands at $3.3bn, or approximately 4.0x EBITDA for the coming year. We believe Dow Jones alone is worth ~3x the entire stub and note that the New York Times trades at 15x and Information Services peers at 20x. Whilst timing remains uncertain, prospective returns from the family and management taking steps to narrow this discount and unlock value appear compelling.

BSD Analysis:
The manager presents a compelling value unlock thesis for News Corp, centered on the significant discount between market cap and underlying asset value. The investment case hinges on the REA Group stake, which represents 75% of News Corp's market cap, creating a substantial value gap that management could address through strategic actions. The recent resolution of the Murdoch Family Trust dispute removes a key impediment to structural reform, with Lachlan Murdoch now in control alongside Grace and Chloe as beneficiaries. Operationally, Dow Jones continues to demonstrate strong fundamentals with 7% revenue growth and 13% EBITDA growth, particularly driven by the Professional Information Business segment expanding margins from 13% to 25% since 2019. The manager's valuation analysis suggests significant undervaluation, with stub assets trading at just 4.0x EBITDA compared to peers at 15-20x multiples. Despite management's continued rhetoric about strategic moves, the market assigns low probability to value realization actions. The manager maintains conviction that prospective returns from eventual value unlock initiatives remain compelling, though acknowledges timing uncertainty given family control dynamics.

Pitch Summary:
Upon little news, News Corp shares declined -14% over the month, as a -4% decline in the NAV was compounded by a painful -580bps widening of the discount to 46%. This provides an opportune – if frustrating – moment to provide an update on a company that has been amongst AGT's largest positions for the last 18 months. We last wrote up the position in the March 2024 newsletter. At the time we explained that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management / the family to take steps to unlock value from the listed stake in REA Group, the value of which swamped News Corp's market cap. At the time, we wrote that CEO Robert Thomson had explained that the company was in "serious introspection about structure…[and] how to fully monetize a precious, prestigious portfolio…That is indeed not an evolution, but a revolution". Well – much to our disappointment – the events to date look more like the Russian Revolution of 1905 than of 1917. There have been some small steps toward value realisation. At the end 2024 the company exited Foxtel – admittedly at a higher than anticipated valuation, albeit tempered by the fact the consideration was paid in DAZN's unlisted equity. In July 2025, the company announced a new and enlarged buyback program equivalent to c.7% of then-market cap. However, REA – the stake which accounts for 75% of News Corp's market cap – remains the elephant in the room and central to any steps to unlock value and narrow the discount. Management continues to talk the talk – stating recently that "as for further strategic moves, the concentrated contemplation continues" – however the market continues to place a low probability on such steps being taken. We are encouraged that one potential impediment to this has now been resolved. In September, it was announced that an agreement had been reached amongst the warring parties in the family, following legal proceedings in Nevada, related to the Murdoch Family Trust (MFT). Under the agreement the three wantaway siblings (Prudence, Elisabeth and James) have monetised their portion of the MFT, leaving Lachlan (and Grace and Chloe) as beneficiaries of the new controlling Trust, which owns 34% of News Corp's B shares. In our view, a resolution of the on-going succession battle was likely always a prerequisite for structural reform, all else equal this development makes the probability of steps being taken to unlock value higher. With that said – as the last two years prove – predicting the timing of such events remains a futile task, with the family firmly in control. In such situations, it is critical to our approach that the NAV side of the equation can work in our favour, whilst we wait for the event. In this vein we remain optimistic. Results for the quarter ending June 2025 showed continued positive progress at Dow Jones (37% of NAV), where revenues grew +7% and EBITDA +13%. The Professional Information Business ("PIB") is performing strongly (+10%), underpinned by Dow Jones Risk & Compliance (+21%) and Dow Jones Energy (+12%). As PIB grows as a proportion of the overall business, margins push higher, now at 25% vs. 13% in 2019, with incremental margins of c.45%. Given the higher growth nature of PIB, we expect this to continue in the years ahead, driving earnings growth for Dow Jones. This growth and value remain poorly reflected in News Corp's share price. Net of the stake in REA, the implied value of the stub assets stands at $3.3bn, or approximately 4.0x EBITDA for the coming year. We believe Dow Jones alone is worth ~3x the entire stub and note that the New York Times trades at 15x and Information Services peers at 20x. Whilst timing remains uncertain, prospective returns from the family and management taking steps to narrow this discount and unlock value appear compelling.

BSD Analysis:
The manager presents a compelling value unlock thesis for News Corp, centered on the significant undervaluation of its assets relative to market cap. The investment case hinges on the REA Group stake representing 75% of News Corp's market cap, creating a massive discount to intrinsic value. Recent resolution of the Murdoch Family Trust dispute removes a key impediment to value realization, with Lachlan Murdoch now in control. The underlying Dow Jones business demonstrates strong fundamentals with 7% revenue growth and 13% EBITDA growth, particularly driven by the Professional Information Business segment expanding margins from 13% to 25%. At 4.0x EBITDA for stub assets, the valuation appears deeply discounted compared to peers trading at 15-20x multiples. The manager acknowledges timing uncertainty but views the risk-reward as compelling given the structural catalyst potential. Despite recent share price weakness and discount widening, the fundamental value proposition remains intact with multiple paths to value realization.

Pitch Summary:
Upon little news, News Corp shares declined -14% over the month, as a -4% decline in the NAV was compounded by a painful -580bps widening of the discount to 46%. This provides an opportune – if frustrating – moment to provide an update on a company that has been amongst AGT's largest positions for the last 18 months. We last wrote up the position in the March 2024 newsletter. At the time we explained that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management / the family to take steps to unlock value from the listed stake in REA Group, the value of which swamped News Corp's market cap. At the time, we wrote that CEO Robert Thomson had explained that the company was in "serious introspection about structure…[and] how to fully monetize a precious, prestigious portfolio…That is indeed not an evolution, but a revolution". Well – much to our disappointment – the events to date look more like the Russian Revolution of 1905 than of 1917. There have been some small steps toward value realisation. At the end 2024 the company exited Foxtel – admittedly at a higher than anticipated valuation, albeit tempered by the fact the consideration was paid in DAZN's unlisted equity. In July 2025, the company announced a new and enlarged buyback program equivalent to c.7% of then-market cap. However, REA – the stake which accounts for 75% of News Corp's market cap – remains the elephant in the room and central to any steps to unlock value and narrow the discount. Management continues to talk the talk – stating recently that "as for further strategic moves, the concentrated contemplation continues" – however the market continues to place a low probability on such steps being taken. We are encouraged that one potential impediment to this has now been resolved. In September, it was announced that an agreement had been reached amongst the warring parties in the family, following legal proceedings in Nevada, related to the Murdoch Family Trust (MFT). Under the agreement the three wantaway siblings (Prudence, Elisabeth and James) have monetised their portion of the MFT, leaving Lachlan (and Grace and Chloe) as beneficiaries of the new controlling Trust, which owns 34% of News Corp's B shares. In our view, a resolution of the on-going succession battle was likely always a prerequisite for structural reform, all else equal this development makes the probability of steps being taken to unlock value higher. With that said – as the last two years prove – predicting the timing of such events remains a futile task, with the family firmly in control. In such situations, it is critical to our approach that the NAV side of the equation can work in our favour, whilst we wait for the event. In this vein we remain optimistic. Results for the quarter ending June 2025 showed continued positive progress at Dow Jones (37% of NAV), where revenues grew +7% and EBITDA +13%. The Professional Information Business ("PIB") is performing strongly (+10%), underpinned by Dow Jones Risk & Compliance (+21%) and Dow Jones Energy (+12%). As PIB grows as a proportion of the overall business, margins push higher, now at 25% vs. 13% in 2019, with incremental margins of c.45%. Given the higher growth nature of PIB, we expect this to continue in the years ahead, driving earnings growth for Dow Jones. This growth and value remain poorly reflected in News Corp's share price. Net of the stake in REA, the implied value of the stub assets stands at $3.3bn, or approximately 4.0x EBITDA for the coming year. We believe Dow Jones alone is worth ~3x the entire stub and note that the New York Times trades at 15x and Information Services peers at 20x. Whilst timing remains uncertain, prospective returns from the family and management taking steps to narrow this discount and unlock value appear compelling.

BSD Analysis:
The manager presents a compelling value unlock thesis for News Corp, centered on the significant undervaluation of its stub assets relative to its REA Group stake. The investment case hinges on the deep discount to NAV (46%) and management's potential to monetize the REA stake, which represents 75% of News Corp's market cap. A key catalyst emerged with the resolution of the Murdoch Family Trust succession battle, removing a major impediment to structural reform and increasing the probability of value-unlocking actions. The underlying Dow Jones business demonstrates strong fundamentals with 7% revenue growth and 13% EBITDA growth, particularly driven by the Professional Information Business segment showing 10% growth and expanding margins from 13% to 25% since 2019. The manager's valuation analysis suggests Dow Jones alone is worth approximately 3x the entire stub value, trading at only 4.0x EBITDA versus peers at 15-20x multiples. Despite management's continued rhetoric about strategic moves, the market assigns low probability to meaningful action, creating an asymmetric risk-reward opportunity. The combination of improving operational performance and potential corporate actions makes this a compelling value play with significant upside potential.

Pitch Summary:
Upon little news, News Corp shares declined -14% over the month, as a -4% decline in the NAV was compounded by a painful -580bps widening of the discount to 46%. This provides an opportune – if frustrating – moment to provide an update on a company that has been amongst AGT's largest positions for the last 18 months. We last wrote up the position in the March 2024 newsletter. At the time we explained that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management / the family to take steps to unlock value from the listed stake in REA Group, the value of which swamped News Corp's market cap. At the time, we wrote that CEO Robert Thomson had explained that the company was in "serious introspection about structure…[and] how to fully monetize a precious, prestigious portfolio…That is indeed not an evolution, but a revolution". Well – much to our disappointment – the events to date look more like the Russian Revolution of 1905 than of 1917. There have been some small steps toward value realisation. At the end 2024 the company exited Foxtel – admittedly at a higher than anticipated valuation, albeit tempered by the fact the consideration was paid in DAZN's unlisted equity. In July 2025, the company announced a new and enlarged buyback program equivalent to c.7% of then-market cap. However, REA – the stake which accounts for 75% of News Corp's market cap – remains the elephant in the room and central to any steps to unlock value and narrow the discount. Management continues to talk the talk – stating recently that "as for further strategic moves, the concentrated contemplation continues" – however the market continues to place a low probability on such steps being taken. We are encouraged that one potential impediment to this has now been resolved. In September, it was announced that an agreement had been reached amongst the warring parties in the family, following legal proceedings in Nevada, related to the Murdoch Family Trust (MFT). Under the agreement the three wantaway siblings (Prudence, Elisabeth and James) have monetised their portion of the MFT, leaving Lachlan (and Grace and Chloe) as beneficiaries of the new controlling Trust, which owns 34% of News Corp's B shares. In our view, a resolution of the on-going succession battle was likely always a prerequisite for structural reform, all else equal this development makes the probability of steps being taken to unlock value higher. With that said – as the last two years prove – predicting the timing of such events remains a futile task, with the family firmly in control. In such situations, it is critical to our approach that the NAV side of the equation can work in our favour, whilst we wait for the event. In this vein we remain optimistic. Results for the quarter ending June 2025 showed continued positive progress at Dow Jones (37% of NAV), where revenues grew +7% and EBITDA +13%. The Professional Information Business ("PIB") is performing strongly (+10%), underpinned by Dow Jones Risk & Compliance (+21%) and Dow Jones Energy (+12%). As PIB grows as a proportion of the overall business, margins push higher, now at 25% vs. 13% in 2019, with incremental margins of c.45%. Given the higher growth nature of PIB, we expect this to continue in the years ahead, driving earnings growth for Dow Jones. This growth and value remain poorly reflected in News Corp's share price. Net of the stake in REA, the implied value of the stub assets stands at $3.3bn, or approximately 4.0x EBITDA for the coming year. We believe Dow Jones alone is worth ~3x the entire stub and note that the New York Times trades at 15x and Information Services peers at 20x. Whilst timing remains uncertain, prospective returns from the family and management taking steps to narrow this discount and unlock value appear compelling.

BSD Analysis:
The manager presents a compelling value unlock thesis for News Corp, centered on the significant undervaluation of its stub assets relative to its REA Group stake. The investment case hinges on the deep discount to NAV (46%) and management's potential to monetize the REA stake, which represents 75% of News Corp's market cap. A key catalyst emerged with the resolution of the Murdoch Family Trust succession battle, removing a major impediment to structural reform and increasing the probability of value-unlocking actions. The underlying Dow Jones business demonstrates strong fundamentals with 7% revenue growth and 13% EBITDA growth, particularly driven by the Professional Information Business segment showing 10% growth and expanding margins from 13% to 25% since 2019. The manager's valuation analysis suggests Dow Jones alone is worth approximately 3x the entire stub value, trading at only 4.0x EBITDA compared to peers at 15-20x multiples. While timing remains uncertain, the combination of family trust resolution, strong operational performance, and compelling valuation metrics supports the manager's bullish stance on prospective returns from eventual value realization.

Pitch Summary:
Upon little news, News Corp shares declined -14% over the month, as a -4% decline in the NAV was compounded by a painful -580bps widening of the discount to 46%. This provides an opportune – if frustrating – moment to provide an update on a company that has been amongst AGT's largest positions for the last 18 months. We last wrote up the position in the March 2024 newsletter. At the time we explained that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management / the family to take steps to unlock value from the listed stake in REA Group, the value of which swamped News Corp's market cap. At the time, we wrote that CEO Robert Thomson had explained that the company was in "serious introspection about structure…[and] how to fully monetize a precious, prestigious portfolio…That is indeed not an evolution, but a revolution". Well – much to our disappointment – the events to date look more like the Russian Revolution of 1905 than of 1917. There have been some small steps toward value realisation. At the end 2024 the company exited Foxtel – admittedly at a higher than anticipated valuation, albeit tempered by the fact the consideration was paid in DAZN's unlisted equity. In July 2025, the company announced a new and enlarged buyback program equivalent to c.7% of then-market cap. However, REA – the stake which accounts for 75% of News Corp's market cap – remains the elephant in the room and central to any steps to unlock value and narrow the discount. Management continues to talk the talk – stating recently that "as for further strategic moves, the concentrated contemplation continues" – however the market continues to place a low probability on such steps being taken. We are encouraged that one potential impediment to this has now been resolved. In September, it was announced that an agreement had been reached amongst the warring parties in the family, following legal proceedings in Nevada, related to the Murdoch Family Trust (MFT). Under the agreement the three wantaway siblings (Prudence, Elisabeth and James) have monetised their portion of the MFT, leaving Lachlan (and Grace and Chloe) as beneficiaries of the new controlling Trust, which owns 34% of News Corp's B shares. In our view, a resolution of the on-going succession battle was likely always a prerequisite for structural reform, all else equal this development makes the probability of steps being taken to unlock value higher. With that said – as the last two years prove – predicting the timing of such events remains a futile task, with the family firmly in control. In such situations, it is critical to our approach that the NAV side of the equation can work in our favour, whilst we wait for the event. In this vein we remain optimistic. Results for the quarter ending June 2025 showed continued positive progress at Dow Jones (37% of NAV), where revenues grew +7% and EBITDA +13%. The Professional Information Business ("PIB") is performing strongly (+10%), underpinned by Dow Jones Risk & Compliance (+21%) and Dow Jones Energy (+12%). As PIB grows as a proportion of the overall business, margins push higher, now at 25% vs. 13% in 2019, with incremental margins of c.45%. Given the higher growth nature of PIB, we expect this to continue in the years ahead, driving earnings growth for Dow Jones. This growth and value remain poorly reflected in News Corp's share price. Net of the stake in REA, the implied value of the stub assets stands at $3.3bn, or approximately 4.0x EBITDA for the coming year. We believe Dow Jones alone is worth ~3x the entire stub and note that the New York Times trades at 15x and Information Services peers at 20x. Whilst timing remains uncertain, prospective returns from the family and management taking steps to narrow this discount and unlock value appear compelling.

BSD Analysis:
The manager presents a compelling value unlock thesis for News Corp, centered on the significant discount between market cap and underlying asset values. The investment case hinges on the REA Group stake, which represents 75% of News Corp's market cap, creating a substantial value arbitrage opportunity. Recent resolution of the Murdoch Family Trust succession battle removes a key impediment to structural reform, with Lachlan Murdoch now in control alongside Grace and Chloe as beneficiaries. The operational performance at Dow Jones provides fundamental support, with 7% revenue growth and 13% EBITDA growth, while the Professional Information Business segment shows strong momentum at 10% growth with expanding margins from 13% to 25%. The valuation disconnect is stark - stub assets trade at 4.0x EBITDA versus Information Services peers at 20x, suggesting Dow Jones alone could be worth three times the entire stub value. Management's continued rhetoric about "concentrated contemplation" on strategic moves, combined with the enlarged buyback program, indicates potential catalysts ahead. The manager acknowledges timing uncertainty but emphasizes the asymmetric risk-reward profile as NAV growth continues while waiting for value realization events.

Pitch Summary:
At the other end of the portfolio, among the recent poor performers is a recent purchase, Ayala Corp. This Philippine conglomerate has three main, separately listed, holdings – Ayala Land (investment and development), BPI (a leading local bank), and Globe Telecom (telecommunication services). Using market values for its listed exposures, Ayala trades at around a 50% discount to its net asset value, well below the more conventional 20-30% discount for a holding company, and a world away from the mid-teens discount level it averaged through much of the early 2010s, or the occasional premium it enjoyed in the 2000s. The listed assets themselves trade at deeply discounted levels – a double discount. Ayala is an example of an anomaly in markets today which we believe provides opportunity and upside.

BSD Analysis:
The manager presents a compelling value opportunity in Ayala Corporation based on an extreme discount to net asset value. The investment thesis centers on a 'double discount' structure where Ayala trades at a 50% discount to NAV while its underlying listed holdings also trade at depressed valuations. This represents a significant deviation from historical norms, as the company previously traded at 20-30% discounts or even premiums during the 2000s. The conglomerate's diversified exposure to Philippine growth through real estate (Ayala Land), banking (BPI), and telecommunications (Globe Telecom) provides multiple value drivers. The manager views this as part of a broader market anomaly where conventional companies with listed holdings are being ignored while AI-related stocks command premium valuations. The recent poor performance appears to be creating an attractive entry point for patient capital. The Philippine market exposure offers emerging market growth potential at developed market discount levels. This contrarian positioning aligns with the manager's strategy of finding value in overlooked quality companies while avoiding overvalued growth themes.

Pitch Summary:
Samsung's share price was up by 20% in the month, 60% in the year to date. The company has benefited from recent commitments to capital investment in AI by OpenAI and others. While we are cautious about the stock market excesses surrounding many AI-related companies, our positions in Samsung and SK Inc give AI exposure through companies which trade at valuation levels far removed from bubble territory.

BSD Analysis:
The manager takes a measured bullish approach to Samsung, viewing it as a way to gain AI exposure without paying bubble-level valuations. The investment thesis is built on Samsung's position as a beneficiary of the massive capital investment wave in AI infrastructure, particularly from companies like OpenAI. The 60% year-to-date performance reflects the market's recognition of Samsung's role in the AI supply chain, likely through its semiconductor and memory chip businesses. The manager's emphasis on 'valuation levels far removed from bubble territory' suggests Samsung trades at reasonable multiples compared to pure-play AI companies. This positioning allows the fund to participate in the AI theme while maintaining valuation discipline. The pairing with SK Inc indicates a broader strategy of accessing AI growth through established technology companies rather than speculative AI-focused stocks. Samsung's diversified technology platform and manufacturing capabilities provide multiple avenues to benefit from AI adoption across various industries.

Pitch Summary:
The share price of Barrick, the largest holding in the portfolio, has risen by 25% in the last month and has more than doubled this year. The chief executive, Mark Bristow, who took on the role seven years ago when Randgold merged into Barrick, has resigned after a fall-out with the chairman, John Thornton. There is speculation that the North American and non-North American parts of the business may be separated. With a cost of production of only $1560, the company has rarely seen profit margins as high. We are reducing slightly the position.

BSD Analysis:
The manager maintains a bullish stance on Barrick despite reducing the position size after exceptional performance. The investment thesis centers on the company's extremely low cost of production at $1560 per ounce, which generates exceptional profit margins given current gold prices touching $4000. The recent CEO departure and potential business separation create near-term uncertainty but don't fundamentally alter the attractive cost structure. The position reduction appears to be profit-taking after the stock more than doubled year-to-date rather than a fundamental concern. The manager's decision to maintain Barrick as the largest portfolio holding despite trimming suggests continued confidence in the long-term thesis. The company benefits from the broader trend of central banks increasing gold reserves to 25% of total reserves for the first time since 1996. This structural shift in central bank asset allocation provides a supportive backdrop for gold prices and mining companies with low-cost operations like Barrick.

Pitch Summary:
Upon little news, News Corp shares declined -14% over the month, as a -4% decline in the NAV was compounded by a painful -580bps widening of the discount to 46%. This provides an opportune – if frustrating – moment to provide an update on a company that has been amongst AGT's largest positions for the last 18 months. We last wrote up the position in the March 2024 newsletter. At the time we explained that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management / the family to take steps to unlock value from the listed stake in REA Group, the value of which swamped News Corp's market cap. At the time, we wrote that CEO Robert Thomson had explained that the company was in "serious introspection about structure…[and] how to fully monetize a precious, prestigious portfolio…That is indeed not an evolution, but a revolution". Well – much to our disappointment – the events to date look more like the Russian Revolution of 1905 than of 1917. There have been some small steps toward value realisation. At the end 2024 the company exited Foxtel – admittedly at a higher than anticipated valuation, albeit tempered by the fact the consideration was paid in DAZN's unlisted equity. In July 2025, the company announced a new and enlarged buyback program equivalent to c.7% of then-market cap. However, REA – the stake which accounts for 75% of News Corp's market cap – remains the elephant in the room and central to any steps to unlock value and narrow the discount. Management continues to talk the talk – stating recently that "as for further strategic moves, the concentrated contemplation continues" – however the market continues to place a low probability on such steps being taken. We are encouraged that one potential impediment to this has now been resolved. In September, it was announced that an agreement had been reached amongst the warring parties in the family, following legal proceedings in Nevada, related to the Murdoch Family Trust (MFT). Under the agreement the three wantaway siblings (Prudence, Elisabeth and James) have monetised their portion of the MFT, leaving Lachlan (and Grace and Chloe) as beneficiaries of the new controlling Trust, which owns 34% of News Corp's B shares. In our view, a resolution of the on-going succession battle was likely always a prerequisite for structural reform, all else equal this development makes the probability of steps being taken to unlock value higher. With that said – as the last two years prove – predicting the timing of such events remains a futile task, with the family firmly in control. In such situations, it is critical to our approach that the NAV side of the equation can work in our favour, whilst we wait for the event. In this vein we remain optimistic. Results for the quarter ending June 2025 showed continued positive progress at Dow Jones (37% of NAV), where revenues grew +7% and EBITDA +13%. The Professional Information Business ("PIB") is performing strongly (+10%), underpinned by Dow Jones Risk & Compliance (+21%) and Dow Jones Energy (+12%). As PIB grows as a proportion of the overall business, margins push higher, now at 25% vs. 13% in 2019, with incremental margins of c.45%. Given the higher growth nature of PIB, we expect this to continue in the years ahead, driving earnings growth for Dow Jones. This growth and value remain poorly reflected in News Corp's share price. Net of the stake in REA, the implied value of the stub assets stands at $3.3bn, or approximately 4.0x EBITDA for the coming year. We believe Dow Jones alone is worth ~3x the entire stub and note that the New York Times trades at 15x and Information Services peers at 20x. Whilst timing remains uncertain, prospective returns from the family and management taking steps to narrow this discount and unlock value appear compelling.

BSD Analysis:
AVI Global Trust maintains a bullish stance on News Corp despite recent share price weakness, viewing the 14% monthly decline and widening discount as an opportune entry point. The investment thesis centers on the significant undervaluation of News Corp's unlisted assets, particularly Dow Jones, and the potential for value unlock from the REA Group stake that represents 75% of the company's market cap. A key catalyst emerged with the resolution of the Murdoch Family Trust succession battle, removing a potential impediment to structural reform and increasing the probability of value-unlocking initiatives. The underlying business fundamentals support the thesis, with Dow Jones showing strong operational performance including 7% revenue growth and 13% EBITDA growth, while the Professional Information Business segment demonstrates robust 10% growth with expanding margins from 13% to 25% since 2019. The valuation appears compelling at 4.0x EBITDA for stub assets, compared to 15x for New York Times and 20x for information services peers. Management's ongoing "concentrated contemplation" regarding strategic moves, combined with recent buyback programs, suggests potential catalysts ahead. The manager acknowledges timing uncertainty but believes the risk-reward profile remains attractive given the fundamental value disconnect.

Pitch Summary:
Upon little news, News Corp shares declined -14% over the month, as a -4% decline in the NAV was compounded by a painful -580bps widening of the discount to 46%. This provides an opportune – if frustrating – moment to provide an update on a company that has been amongst AGT's largest positions for the last 18 months. We last wrote up the position in the March 2024 newsletter. At the time we explained that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management / the family to take steps to unlock value from the listed stake in REA Group, the value of which swamped News Corp's market cap. At the time, we wrote that CEO Robert Thomson had explained that the company was in "serious introspection about structure…[and] how to fully monetize a precious, prestigious portfolio…That is indeed not an evolution, but a revolution". Well – much to our disappointment – the events to date look more like the Russian Revolution of 1905 than of 1917. There have been some small steps toward value realisation. At the end 2024 the company exited Foxtel – admittedly at a higher than anticipated valuation, albeit tempered by the fact the consideration was paid in DAZN's unlisted equity. In July 2025, the company announced a new and enlarged buyback program equivalent to c.7% of then-market cap. However, REA – the stake which accounts for 75% of News Corp's market cap – remains the elephant in the room and central to any steps to unlock value and narrow the discount. Management continues to talk the talk – stating recently that "as for further strategic moves, the concentrated contemplation continues" – however the market continues to place a low probability on such steps being taken. We are encouraged that one potential impediment to this has now been resolved. In September, it was announced that an agreement had been reached amongst the warring parties in the family, following legal proceedings in Nevada, related to the Murdoch Family Trust (MFT). Under the agreement the three wantaway siblings (Prudence, Elisabeth and James) have monetised their portion of the MFT, leaving Lachlan (and Grace and Chloe) as beneficiaries of the new controlling Trust, which owns 34% of News Corp's B shares. In our view, a resolution of the on-going succession battle was likely always a prerequisite for structural reform, all else equal this development makes the probability of steps being taken to unlock value higher. With that said – as the last two years prove – predicting the timing of such events remains a futile task, with the family firmly in control. In such situations, it is critical to our approach that the NAV side of the equation can work in our favour, whilst we wait for the event. In this vein we remain optimistic. Results for the quarter ending June 2025 showed continued positive progress at Dow Jones (37% of NAV), where revenues grew +7% and EBITDA +13%. The Professional Information Business ("PIB") is performing strongly (+10%), underpinned by Dow Jones Risk & Compliance (+21%) and Dow Jones Energy (+12%). As PIB grows as a proportion of the overall business, margins push higher, now at 25% vs. 13% in 2019, with incremental margins of c.45%. Given the higher growth nature of PIB, we expect this to continue in the years ahead, driving earnings growth for Dow Jones. This growth and value remain poorly reflected in News Corp's share price. Net of the stake in REA, the implied value of the stub assets stands at $3.3bn, or approximately 4.0x EBITDA for the coming year. We believe Dow Jones alone is worth ~3x the entire stub and note that the New York Times trades at 15x and Information Services peers at 20x. Whilst timing remains uncertain, prospective returns from the family and management taking steps to narrow this discount and unlock value appear compelling.

BSD Analysis:
The manager presents a compelling value unlock thesis for News Corp, centered on the significant undervaluation of its assets relative to market cap. The investment case hinges on the REA Group stake, which represents 75% of News Corp's market cap, creating a substantial discount that management has repeatedly indicated they are contemplating addressing through structural changes. A key catalyst emerged with the resolution of the Murdoch Family Trust dispute in September, removing a major impediment to value-unlocking initiatives and consolidating control under Lachlan Murdoch. The underlying business fundamentals support the thesis, with Dow Jones showing strong operational momentum through 7% revenue growth and 13% EBITDA growth, driven by the high-margin Professional Information Business expanding from 13% to 25% margins since 2019. The valuation disconnect is stark, with stub assets trading at just 4.0x EBITDA compared to 15x for New York Times and 20x for information services peers. The manager believes Dow Jones alone justifies three times the current stub valuation, suggesting significant upside potential once the family executes on their stated strategic contemplations. While timing remains uncertain given family control dynamics, the combination of operational progress and structural catalysts creates a compelling risk-adjusted opportunity.

Pitch Summary:
At the other end of the portfolio, among the recent poor performers is a recent purchase, Ayala Corp. This Philippine conglomerate has three main, separately listed, holdings – Ayala Land (investment and development), BPI (a leading local bank), and Globe Telecom (telecommunication services). Using market values for its listed exposures, Ayala trades at around a 50% discount to its net asset value, well below the more conventional 20-30% discount for a holding company, and a world away from the mid-teens discount level it averaged through much of the early 2010s, or the occasional premium it enjoyed in the 2000s. The listed assets themselves trade at deeply discounted levels – a double discount. Ayala is an example of an anomaly in markets today which we believe provides opportunity and upside.

BSD Analysis:
The manager presents a compelling value thesis for Ayala Corporation based on an extreme holding company discount structure. The investment centers on a 50% discount to net asset value, significantly wider than the typical 20-30% holding company discount and far below historical norms from the 2000s and early 2010s. The "double discount" concept highlights that both the holding company trades cheaply and its underlying listed assets are themselves undervalued. This creates a layered value opportunity across real estate development (Ayala Land), banking (BPI), and telecommunications (Globe Telecom) sectors. The manager views this as representative of broader market anomalies where conventional companies are overshadowed by AI excitement, creating opportunities in overlooked value situations. The Philippine conglomerate structure provides diversified exposure to domestic economic growth through essential sectors. The historical context suggests significant upside potential as discounts normalize to more typical levels, potentially providing multiple expansion alongside fundamental business performance.

Pitch Summary:
Samsung's share price was up by 20% in the month, 60% in the year to date. The company has benefited from recent commitments to capital investment in AI by OpenAI and others. While we are cautious about the stock market excesses surrounding many AI-related companies, our positions in Samsung and SK Inc give AI exposure through companies which trade at valuation levels far removed from bubble territory.

BSD Analysis:
The manager takes a measured bullish approach to Samsung, viewing it as a value-oriented play on the AI theme rather than a speculative bet. The investment thesis capitalizes on Samsung's semiconductor exposure to AI infrastructure buildout while avoiding the valuation excesses seen in pure-play AI companies. The 60% year-to-date performance reflects the market's recognition of Samsung's positioning in AI-related hardware demand, particularly from major players like OpenAI. The manager's emphasis on reasonable valuations suggests Samsung trades at attractive multiples relative to its AI exposure and fundamental business strength. This positioning allows participation in AI growth trends without paying bubble-level premiums. The pairing with SK Inc indicates a broader Korean technology strategy focused on undervalued AI beneficiaries. Samsung's diversified technology platform and manufacturing capabilities provide multiple avenues to benefit from AI infrastructure investment cycles.

Pitch Summary:
The share price of Barrick, the largest holding in the portfolio, has risen by 25% in the last month and has more than doubled this year. The chief executive, Mark Bristow, who took on the role seven years ago when Randgold merged into Barrick, has resigned after a fall-out with the chairman, John Thornton. There is speculation that the North American and non-North American parts of the business may be separated. With a cost of production of only $1560, the company has rarely seen profit margins as high. We are reducing slightly the position.

BSD Analysis:
The manager maintains a bullish stance on Barrick Gold despite reducing the position size after significant gains. The investment thesis centers on exceptional profitability driven by low production costs of $1560 per ounce against gold prices touching $4000, creating historically high profit margins. The recent CEO departure and potential business separation create near-term uncertainty but may unlock value through improved operational focus. The position sizing reduction appears tactical given the substantial year-to-date gains rather than a fundamental thesis change. The manager's continued confidence is supported by Barrick's position as the portfolio's largest holding and the favorable cost structure in a rising gold price environment. Central bank gold accumulation trends provide additional macro tailwinds for the precious metals sector. The company's scale and operational efficiency position it well to capitalize on continued gold price strength.

Pitch Summary:
At the other end of the portfolio, among the recent poor performers is a recent purchase, Ayala Corp. This Philippine conglomerate has three main, separately listed, holdings – Ayala Land (investment and development), BPI (a leading local bank), and Globe Telecom (telecommunication services). Using market values for its listed exposures, Ayala trades at around a 50% discount to its net asset value, well below the more conventional 20-30% discount for a holding company, and a world away from the mid-teens discount level it averaged through much of the early 2010s, or the occasional premium it enjoyed in the 2000s. The listed assets themselves trade at deeply discounted levels – a double discount. Ayala is an example of an anomaly in markets today which we believe provides opportunity and upside.

BSD Analysis:
The manager presents a compelling value thesis for Ayala Corporation based on an extreme holding company discount structure. The investment centers on a 50% discount to net asset value, significantly wider than the typical 20-30% holding company discount and far below historical norms from the 2000s and early 2010s. The "double discount" concept highlights that both the holding company trades cheaply and its underlying listed assets are themselves undervalued. This creates a layered value opportunity across real estate development (Ayala Land), banking (BPI), and telecommunications (Globe Telecom) sectors. The manager views this as representative of broader market anomalies where conventional companies are overshadowed by AI excitement, creating opportunities in overlooked value situations. The Philippine conglomerate structure provides diversified exposure to domestic economic growth through essential sectors. The historical context suggests significant upside potential as discounts normalize to more typical levels, potentially providing multiple expansion alongside fundamental business performance.

Pitch Summary:
Samsung's share price was up by 20% in the month, 60% in the year to date. The company has benefited from recent commitments to capital investment in AI by OpenAI and others. While we are cautious about the stock market excesses surrounding many AI-related companies, our positions in Samsung and SK Inc give AI exposure through companies which trade at valuation levels far removed from bubble territory.

BSD Analysis:
The manager takes a measured bullish approach to Samsung, viewing it as a value-oriented play on the AI theme rather than a speculative bet. The investment thesis capitalizes on Samsung's semiconductor exposure to AI infrastructure buildout while avoiding the valuation excesses seen in pure-play AI companies. The 60% year-to-date performance reflects the market's recognition of Samsung's positioning in AI-related hardware demand, particularly from major players like OpenAI. The manager's emphasis on reasonable valuations suggests Samsung trades at attractive multiples relative to its AI exposure and fundamental business strength. This positioning allows participation in AI growth trends without paying bubble-level premiums. The pairing with SK Inc indicates a broader Korean technology strategy focused on undervalued AI beneficiaries. Samsung's diversified technology platform and manufacturing capabilities provide multiple avenues to benefit from AI infrastructure investment cycles.

Pitch Summary:
The share price of Barrick, the largest holding in the portfolio, has risen by 25% in the last month and has more than doubled this year. The chief executive, Mark Bristow, who took on the role seven years ago when Randgold merged into Barrick, has resigned after a fall-out with the chairman, John Thornton. There is speculation that the North American and non-North American parts of the business may be separated. With a cost of production of only $1560, the company has rarely seen profit margins as high. We are reducing slightly the position.

BSD Analysis:
The manager maintains a bullish stance on Barrick Gold despite reducing the position size after significant gains. The investment thesis centers on exceptional profitability driven by low production costs of $1560 per ounce against gold prices touching $4000, creating historically high profit margins. The recent CEO departure and potential business separation create near-term uncertainty but may unlock value through improved operational focus. The position sizing reduction appears tactical given the substantial year-to-date gains rather than a fundamental thesis change. The manager's continued confidence is supported by Barrick's position as the portfolio's largest holding and the favorable cost structure in a rising gold price environment. Central bank gold accumulation trends provide additional macro tailwinds for the precious metals sector. The company's scale and operational efficiency position it well to capitalize on continued gold price strength.

Pitch Summary:
@WolfpackReports presents a strongly bearish thesis on DVLT centered on governance, credibility, and dilution risk. The firm highlights the involvement of a convicted felon tied to prior stock manipulation as a red flag in the company’s patent ownership structure. It questions the legitimacy of DVLT’s announced partnerships, pointing to counterparties with minimal cash and a history of unrealistic promotional claims. Wolfpack also challenges the substance of DVLT’s blockchain-based product, describing negligible usage and questionable data offerings. The pitch argues that promotional activity is being used to support the stock ahead of significant dilution. A proposed financing deal is framed as highly dilutive and potentially fictitious, leaving shareholders exposed in multiple downside scenarios. Overall, the short case rests on weak fundamentals, dubious counterparties, and asymmetric dilution risk.

BSD Analysis:
The report outlines a classic micro-cap short setup where narrative promotion masks weak underlying economics and governance deficiencies. Allegations of related-party entanglements and prior securities fraud materially elevate reputational and regulatory risk. DVLT’s claimed technology platform appears to lack real customer engagement, undermining any valuation based on future adoption. The proposed financing structure suggests extreme dilution with questionable funding sources, which could permanently impair equity value even if capital is received. In such situations, stock promotion often substitutes for organic demand, increasing downside once liquidity fades. The absence of credible partners, transparent cash flows, or verifiable product-market fit leaves little margin for error. From a buy-side perspective, the equity exhibits poor downside protection and asymmetric risk against common shareholders.

Actual Post Content:
We are short $DVLT in large part due to the cast of characters involved. Convicted felon Edward Withrow III is listed as an inventor alongside the CEO Bradley on multiple patents owned by EOS Technology Holdings, a related party and one of $DVLT’s largest shareholders. Withrow pled guilty to making false statements after being charged with participating in a pump and dump” scheme that went on from 2012-2013. He was sentenced to 5 months house arrest and 5 years’ probation. Speaking of dubious relationships, $DVLT just announced a partnership with James Li’s Nature’s Miracle Holding (NMHI) where $NMHI promised a non-refundable $2 million fee and a 35% royalty to DVLT when it sells its Carbon Credit Tokenization System. Where is NMHI going to get this money? As we discussed in our report on Faraday Future Intelligent Electric (FFAI), NMHI has just $9,551 in cash. NMHI’s CEO James Li already promised to buy $100 million of FFAI’s cars from his old classmate Jia Yuting! Apparently, if you are looking to put out a press release with a penny stock that has almost no money, Nature’s Miracle’s CEO James Li is your guy. $DVLT's “blockchain” powered platform is a complete joke. We signed up and found much of the data for sale are NFTs, like photos of Dr. Oz, or Putin vomiting. Trading activity appears to be essentially zero. The last data for sale we saw appears to be historical weather data uploaded by $DVLT employees. We have found that $DVLT is paying multiple parties for stock promotion, and we think that is because they have massive dilution incoming. $DVLT announced a $150 million investment from $SCLX to “build a supercomputer.” Weirdly, the entity that is supposed to ultimately provide the funds, Biconomy PTE. LTD, does not appear to exist (perhaps due to a convenient clerical error). If this deal goes through, $SCLX will receive over 260 million shares at $0.5378/share, causing shares outstanding to nearly double. Heads (no business) you lose, tails (dilution) you lose. Looks to us like the reddit and stock twits gang are getting astroturfed by some wily operators."

URL: https://x.com/WolfpackReports/status/1984258061268136030

Pitch Summary:
DJCO combines a growing recurring-revenue software business (JTI) with substantial underlying asset value (equities portfolio, real estate, cash), leading to a conservative implied value of 1.9× recurring revenue — making it appear inexpensive by software-industry multiples. The long implementation cycles and high switching costs in court-system software give JTI a durable moat, while legacy newspaper operations and asset base provide a margin of safety. Risks include slow contract roll-outs, delays in recognition, and the secular decline of traditional newspaper revenue. Still, under current conditions — undervaluation, recurring revenue growth, and asset cushion — DJCO looks like a low-volatility value compounder with asymmetric upside.

BSD Analysis:
Daily Journal’s investment-portfolio and asset base provide a reliable equity cushion, reducing downside risk even if the software business underperforms. JTI’s recurring-revenue model and high switching costs in court-system deployments offer structural stickiness hard to replicate. However, value realization for the Australian contracts depends on lengthy implementations, which may delay upside. The legacy newspaper business may continue to decline over time, acting more as ballast than growth engine. Given lack of sell-side coverage and minimal public scrutiny, the stock may remain under-appreciated — creating a potential “value hidden in plain sight” scenario. The key driver of upside is steady growth in JTI licensing/maintenance revenue plus judicious asset-management of the investment portfolio. Downside appears limited thanks to asset backing, making DJCO a plausible low-risk / asymmetric return candidate.

Actual Post Content:
Daily Journal (DJCO) appears to be an under-the-radar gem— mispriced, sticky, macro-insensitive, high-margin, mission-critical, and growing. The company’s Journal Technologies (JTI) arm offers niche software to court systems in the U.S., Australia, and Canada. In 2024 JTI’s recurring revenue (license + maintenance fees) grew over 20% YoY. Several major Australian contracts have been won, but not yet fully recognized in revenue — reflecting the long, complex court-system implementations and high switching costs. DJCO also maintains a valuable investment portfolio (equities net of deferred taxes and margin loan), excess real estate, cash and a legacy newspaper business; adjusting for those assets and conservatively valuing the legal-newspaper segment, the implied value of JTI alone is ~1.9× recurring revenue. Even under that conservative view, DJCO appears materially undervalued relative to peers such as Tyler Technologies, which trades at ~12× LTM revenue, while JTI could hypothetically sell today for 6–10× recurring revenues per a contact familiar with the business. The prior leadership under CEO with limited software experience (who worked remotely after a stroke) seems to have hindered execution; with new CEO/Chairman Steven Myhill-Jones, operational discipline is improving. Given JTI’s pricing power (e.g. August 2024 e-filing fee increase ~43%), recurring revenue base, asset portfolio cushion, and low public scrutiny (no sell-side coverage, no investor-relations roadshow), DJCO may quietly compound over time as a neglected software & asset-backed value compounder.

URL: https://x.com/alexbossert/status/1984229770855649297?s=43&t=pQIybbYGPwfAIRjp-OZu8w

Pitch Summary:
Lenz is a single-asset biotech that recently launched Vizz (aceclidine ophthalmic solution) for presbyopia as a cash-pay alternative to reading glasses, and the pitch is a short on the basis that early launch metrics and physician feedback point to a weak trajectory versus lofty expectations. Symphony data through Oct 24 shows <4,000 prescriptions ~4 weeks post-launch, far below what would be required to approach consensus assumptions (the write-up references ~700k prescriptions needed for 2026 expectations). Expert calls with high-volume optometrists and commercial leaders suggest adoption is hindered by side effects (notably pronounced eye redness, headaches, visual disturbances), poor refill dynamics, and practical frictions (e.g., short shelf-life unrefrigerated). The bear case is reinforced by category history: AbbVie’s Vuity initially ramped but peaked early and then declined amid adverse-event concerns, leaving physicians “burned” and skeptical of the class. Competitive pressure is also rising with Orasis’ Qlosi already in market and reportedly better tolerated, backed by J&J investment. With a large planned commercial spend (~$80–100m annually), the pitch argues breakeven would require ~2M+ annual scripts, implying no credible path to profitability and “zero intrinsic value” under their model; catalysts are prescription trend disappointments over coming quarters and 2026 earnings updates. Key risk is a takeout by a strategic buyer with an existing eye-care salesforce or early quarters appearing optically strong due to stocking/e-pharmacy effects before demand realities show.

BSD Analysis:
Vizz is a "commercial-suicide" launch. Optometrists are economically motivated and safety-averse; they have no incentive to prescribe a product that causes universal redness and risk of retinal tears when they can just sell a pair of reading glasses. The variant view is that the safety profile in the real world is significantly worse than the 15% rate listed in the FDA insert. The hasty hiring of a 100-person salesforce with no optometry experience is a classic biotech "cash-burn" error. With a 30-day unrefrigerated shelf life, the product is a logistical headache for sporadic users. Management's blockbuster $775M revenue target by 2034 is a fantasy based on Vuity's peak run-rate, which was only 276k TRx. This drug is destined for the same "non-promotion" graveyard as its predecessors.

Pitch Summary:
The pitch argues that Zevia is a misunderstood “fallen angel” CPG stock, trading at a distressed sub-1x EV/Sales multiple despite clear evidence of an operational and brand inflection. While reported revenues have been noisy due to retailer stocking and destocking dynamics, sell-through data shows sustained acceleration to high-teens growth at retail. Recent flavor launches and marketing campaigns have delivered immediate velocity gains, demonstrating that consumer demand is responding positively. The core catalyst is a full brand refresh and flavor reformulation rolling out by 1Q26, which addresses the long-standing stevia aftertaste issue and materially improves shelf appeal. Zevia remains unlevered with net cash, providing downside protection while incremental EBITDA margins inflect sharply. The author sees a path to at least a double without rebranding and materially higher upside if the brand reset succeeds.

BSD Analysis:
ZVIA is a structurally broken beverage brand, when it is more accurately a mispositioned one undergoing repair. Business quality is improving as flavor reformulation and shelf strategy gain traction. What the market is missing is the operating leverage implied by strong incremental margins. Valuation already prices in failure, creating asymmetric upside if demand stabilizes. Governance risk is modest given net cash and focus on core execution. Position sizing should reflect distribution dependency. The thesis breaks on renewed major distribution losses.