Apis Flagship Fund 2025 Q2 (4406 JP)
Pitch Summary: NOF is a Japanese company with a compelling investment profile: a stable, cash-generative core business in functional chemicals, supported by high-growth segments in cosmetics and pharmaceuticals. These segments are driving both top-line expansion and margin improvement. Despite this favorable mix, the company continues to trade like a basic chemicals business at just 17x […]
AMG Yacktman Focused Fund 2025 Q2 (005935 KS)
Pitch Summary: Contributors and Detractors Samsung has continued to be a strong contributor this year after being a significant detractor in 2024. It remains one of the most prominent global technology companies, and with its market position in memory chips, foundry, and phones, there are multiple paths to unlock value. South Korea has a new […]
Merion Road Capital 2025 Q3 (BELFA)
Pitch Summary: I also established a capital structure arbitrage in Bel Fuse (“BELFA” / “BELFB”). As you may recall, I previously owned BELFB based first on new management improving sales and profitability and subsequently on the acquisition and integration of Enercon. That investment worked out wonderfully for us, though in hindsight I sold too early […]
VT Holland Advisors Equity Fund 2025 Q3 (RYM NZ)
Pitch Summary: Ryman Healthcare was labeled a “great mistake” after the fund misjudged its capital structure and liquidity management. Once founder-led, it lost strategic discipline as management shifted focus amid a housing bubble tailwind. Liquidity missteps compounded operational challenges, leading to sharp underperformance. BSD Analysis: Holland Advisors interprets Ryman as a cautionary example of losing […]
L1 Capital Long Short Fund 2025 Q3 (MIN)
Pitch Summary: Mineral Resources (Long +91%) shares rallied strongly during the quarter as lithium prices continued to rebound (+36%) following the closure of a major Chinese producer and expectations of supply cuts. The company announced completion of its Onslow Iron Project Road upgrades, removing the final bottleneck to full production. At full run-rate, Onslow is […]
Platinum Asia Fund 2025 Q3 (ASII IJ)
Pitch Summary: Away from the world of AI, one of the more interesting company-specific stories this quarter came from Indonesian conglomerate Astra International. For years, sprawling family-controlled groups like Astra have traded at a “conglomerate discount” – the market values the company at less than the sum of its individual parts. The fear with conglomerates […]
Sandon Capital 2025 Q3 (SXL)
Pitch Summary: Sandon Capital expressed significant concern after Southern Cross Media announced a nil-premium reverse takeover of Seven West Media. The letter argues that the deal effectively hands control to SWM’s board and management despite SXL technically holding 50.1% of the merged entity. Sandon describes the transaction as deeply flawed, exploiting a loophole that prevents […]
Baillie Gifford – International Alpha 2025 Q3 (UOB)
Pitch Summary: UOB benefits from a consolidated Singaporean banking market and a large pool of sticky deposits. Multi-generational family ownership drives conservative credit culture and robust through-cycle profitability. The fund took a new position given rising return potential and attractive valuation. BSD Analysis: UOB’s high capital ratios, stable funding, and expansion into regional ASEAN markets […]
Minot Light Capital Partners 2025 Q3 (LUCD)
Pitch Summary: The second biggest detractor in our portfolio this quarter was Lucid Diagnostics. Lucid currently markets an FDA-approved DNA test for the early detection of esophageal precancer and cancer, known as EsoGuard. We believe EsoGuard has a legitimate multi-billion dollar plus market opportunity due to its unique capabilities, outstanding clinical data and attractiveness as […]
Night Watch Investment Management 2025 Q3 (5842 JP)
Pitch Summary: In Q3 we initiated a position in a company called Integral KK (5842 JP) that we are very excited about. Integral is a manager of private equity funds. This business model is similar to that of Blackstone or KKR. Integral raises money with which they acquire Japanese companies. They subsequently improve the acquired […]
Third Point Partners 2025 Q3 (6361 JP)
Pitch Summary: Ebara’s semiconductor division now contributes over half of company profits, primarily through its CMP tools used for wafer planarization in advanced semiconductor manufacturing. As chip structures become more complex—such as the transition to gate-all-around and hybrid bonding—CMP intensity rises sharply. Ebara’s expertise in metal CMP positions it to gain market share from Applied […]
Greenalpha Investment 2025 Q3 (AVGO)
Pitch Summary: Broadcom is a foundational architect of our digital future, engineering the mission-critical hardware and software that enable the global economy to do more with less. By designing the world’s most powerful and energy-efficient chips and software stacks, Broadcom directly addresses the massive resource demands of the AI revolution. Engineering the AI Revolution Responsibly: […]
Starboard Value 2025 Q3 (TRIP)
Pitch Summary: Starboard Value presented a detailed activist thesis on Tripadvisor, arguing that the company remains deeply undervalued at only 6.5x FY26E EBITDA compared to peers trading between 12–17x. Tripadvisor’s transformation into an independent, one-share-one-vote entity in April 2025 removed long-standing governance overhangs tied to Liberty and Barry Diller. The presentation highlights that Tripadvisor now […]
AVI Japan Opportunity Trust 2025 Q3 (6727 JP)
Pitch Summary: Wacom was the largest contributor over the month, adding +121bps to performance as its share price increased +12%. Across all funds, AVI controls over 13% of the vote in Wacom, which is the global leader of digital pen solutions. Our investment is premised on the increased adoption of digital drawing and writing, relative […]
Mondrian International Equity Value (7203 JP)
Pitch Summary: Toyota is referenced as a beneficiary of Japan’s governance reforms, improving capital allocation, and stronger shareholder return policies. The company continues to recover production volumes as semiconductor shortages ease and maintains leadership in hybrid powertrains. Management has demonstrated increasing willingness to improve transparency and engage on cross-shareholdings, which historically depressed valuations. Toyota’s product […]
Merion Road Capital (BELFA)
Pitch Summary: I also established a capital structure arbitrage in Bel Fuse (“BELFA” / “BELFB”). As you may recall, I previously owned BELFB based first on new management improving sales and profitability and subsequently on the acquisition and integration of Enercon. That investment worked out wonderfully for us, though in hindsight I sold too early […]
L1 Capital Long Short Fund (MIN)
Pitch Summary: Mineral Resources (Long +91%) shares rallied strongly during the quarter as lithium prices continued to rebound (+36%) following the closure of a major Chinese producer and expectations of supply cuts. The company announced completion of its Onslow Iron Project Road upgrades, removing the final bottleneck to full production. At full run-rate, Onslow is […]
Baillie Gifford – International Alpha (UOB)
Pitch Summary: UOB benefits from a consolidated Singaporean banking market and a large pool of sticky deposits. Multi-generational family ownership drives conservative credit culture and robust through-cycle profitability. The fund took a new position given rising return potential and attractive valuation. BSD Analysis: United Overseas Bank (UOB) remains one of Southeast Asia’s most defensively positioned […]
Third Point Partners (6361 JP)
Pitch Summary: Ebara’s semiconductor division now contributes over half of company profits, primarily through its CMP tools used for wafer planarization in advanced semiconductor manufacturing. As chip structures become more complex—such as the transition to gate-all-around and hybrid bonding—CMP intensity rises sharply. Ebara’s expertise in metal CMP positions it to gain market share from Applied […]
Greenalpha Investment (AVGO)
Pitch Summary: Broadcom is a foundational architect of our digital future, engineering the mission-critical hardware and software that enable the global economy to do more with less. By designing the world’s most powerful and energy-efficient chips and software stacks, Broadcom directly addresses the massive resource demands of the AI revolution. Engineering the AI Revolution Responsibly: […]
