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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and global energy companies while warning of a looming correction in expensive US momentum stocks."
The Smead International Value Fund reported an 8.23% return in Q4 2025 and 39.09% for the full year, significantly outperforming the MSCI EAFE Index. Lead PM Cole Smead outlines a philosophical framework contrasting 'Mythos' (popular narratives/momentum) with 'Logos' (cold logic/value). The fund remains critical of expensive US market segments ('American Exceptionalism') and highly constructive on unappreciated European equities, specifically highlighting cheap bank holdings like BAWAG and UniCredit which are returning substantial capital. Furthermore, they outline favorable structural supply dynamics in the energy sector, supporting their major holdings in Cenovus and Tamarack Valley.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Growth Outlook
Market outlook remains above average conviction: The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Risk Appetite
Risk appetite posture is moderate conviction: The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Forward Guidance
Forward guidance signal: The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Language Signal
Tone analysis indicates high conviction language: The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and g...
