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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Our biggest detractors were Garrett Motion (GTX US), Barclays (BARC LN), and Autotrader Group (AUTO LN). Auto Trader continues...
— Cole Smead
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Other investors who've written on Auto Trader Group plc
Auto Trader Group is the leading UK digital marketplace connecting car buyers with around 14,000 automotive dealerships and private sellers. The fund initiated...
Auto Trader's stock underperformed due to temporary friction from the launch of its Deal Builder tool and ungrounded fears of AI disruption. Despite dealer pushback,...
More institutional theses from Smead International Value Fund
West Fraser Timber Co. Ltd. ($WFG) is held as an out-of-consensus cyclical value position where the market misunderstands long-term compounding potential.
L) is highlighted as an out-of-favor, misunderstood investment where the manager is patiently awaiting market re-rating.
Cenovus Energy Inc. ($CVE) is an integrated Canadian energy company focused on oil sands production, refining, and marketing, representing 10.48% of the fund's portfolio as its largest position. Smead holds a...