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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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TMR Partners Long Only 2024 Q2 Investor Letter | Buyside Digest

Back to Fund Profile (TMR Partners Long Only)

Primary Source Intelligence • Q2 2024 Letter Analysis

TMR Partners Long Only Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, TMR Partners Long Only. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"AVI Global Trust focuses on deep value opportunities in companies trading below net asset value. Korean exposure at 9.5% of NAV has generated strong returns amid governance reforms."

Executive Summary

AVI Global Trust declined 0.7% in October 2025, with Korean holdings continuing to drive performance despite broader market challenges. The fund has built Korean exposure to 9.5% of NAV, capitalizing on corporate governance reforms and deep value opportunities, with 68% of the KOSPI trading below book value. Korean names have contributed +1.1% to NAV with a weighted average return of +25%, led by HD Hyundai (+54%), Hyosung Corporation (+71%), and Samsung C&T (+28%). News Corp remains a significant position despite a 14% decline and discount widening to 46%. The investment thesis centers on unlisted assets, particularly Dow Jones, which the manager believes is worth approximately three times the entire stub value. A resolution of the Murdoch Family Trust succession battle removes a key impediment to structural reform. The manager sees compelling prospects for value realization across the portfolio, particularly in Korea where governance reforms continue to create opportunities for active, engaged investors.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

High conviction evident through concentrated positions and specific thesis articulation. Manager names and sizes key holdings, provides detailed analysis of News Corp's unlisted assets worth '~3x the entire stub,' and demonstrates willingness to add to positions as discounts widen. Portfolio concentration in top 10 holdings at 56% of NAV supports high conviction assessment.

Growth Outlook

75%

BearishBullish

Bullish (75%)

Manager expresses strong optimism about opportunities, describing the outlook as 'extremely compelling' for fundamental investors. Emphasizes rich opportunity set in Korea with 68% of KOSPI trading below book value and structural reforms creating value realization potential.

Risk Appetite

60%

DefensiveAggressive

Balanced (60%)

Portfolio shows selective risk-taking with concentrated exposure to specific themes like Korea (9.5% NAV) and complex situations like News Corp. Manager is adding to positions like Amorepacific Holdings as discounts widen, indicating willingness to increase exposure to attractive opportunities.

Capital Deployment

25%

De-riskingDeploying

De-risking (25%)

Moderate deployment activity with manager adding to Amorepacific Holdings position and building Korean exposure to 9.5% of NAV. No specific cash level changes mentioned, but selective position additions indicate modest net deployment.

Forward Guidance

50%

CautiousExpansionary

Neutral (50%)

Manager indicates continued focus on current strategy with selective additions to existing positions. Adding to Amorepacific Holdings and maintaining Korean exposure suggests measured deployment rather than aggressive scaling.

Language Signal

65%

BearishBullish

Bullish (65%)

Language is predominantly positive with terms like 'extremely compelling,' 'rich array,' and 'attractive opportunities' dominating the discussion. Risk language is minimal and focused on timing uncertainty rather than fundamental concerns.

Perceived Risk

20%

Low RiskElevated

Low Risk (20%)

Very limited risk discussion in the letter. Manager acknowledges timing uncertainty around News Corp value realization but frames this as patience rather than risk. No broader market or systemic risks discussed, with focus remaining on opportunity identification.

Opportunity Density

80%

ScarceAbundant

Abundant (80%)

Manager sees abundant opportunities, particularly in Korea where 68% of KOSPI trades below book value and 61% lack sell-side coverage. Describes outlook as 'extremely compelling' and continues to find attractive additions like Amorepacific Holdings at widening discounts.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

Multi-year investment horizon evident through focus on structural themes like Korean governance reform and complex value realization situations like News Corp. Manager explicitly acknowledges timing uncertainty but maintains conviction in long-term value realization, suggesting 3-5 year thesis timeframes.