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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | City Different Investments – Global Equity | 13.3% | 31.9% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Holding Companies, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with exceptional profit margins due to low production costs of $1560. | View | |
| 2025 Q3 | Sep 30, 2025 | Oldfield Partners Overstone World All Cap Equity Fund | 6.7% | 29.1% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, Holding Companies, value | Central banks now hold more gold than US Treasuries for the first time since 1996, with gold accounting for 25% of reserves and touching $4000. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins. | View | |
| 2025 Q2 | Jun 30, 2025 | Packer & Co | - | - | 0001.HK, 017670.KS, AQN, BABA, BIDU, BKY.AX, CNOOC, DG, INDF.JK, JARDINE.SI, NE, NXE, PBR, PRX.AS, SDRL, SRUUF, VAL, VIPS, YCA.L | Asia, China, Defensive, gold, oil, technology, value | The manager has significantly increased exposure to Chinese technology companies, viewing them as attractively valued compared to US peers. Chinese tech giants trade at roughly half the valuation of US counterparts despite being industry leaders with solid balance sheets and growth potential. | INDF.JK 017670.KS 0001.HK JMHLY PBR CEO 0700.HK BIDU BABA VIPS |
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| 2025 Q2 | Jun 30, 2025 | East72 Dynasty Trust | 8.4% | - | 0001.HK, 0002.HK, 0006.HK, 0013.HK, 0038.HK, 0045.HK, 0215.HK, 2638.HK, 3088.T, 3141.T, 3349.T, 3391.T, CVU.TO, DOU.DE, GALE.SW, ISAT.JK, TPG.AX, WBA, WPRTS.KL | Asia, Beauty, Conglomerates, Europe, Hong Kong, Ports, Telecommunications, value | The fund focuses on companies trading at significant discounts to assessed value, particularly CK Hutchison at 65% discount to NAV. The manager emphasizes value traps as the biggest risk where management doesn't allow real value to emerge. | View | |
| 2026 Q1 | May 13, 2026 | Kopernik Global All-Cap Fund | 6.9% | 6.9% | 0001.HK, 030200 KS, 1605.T, 1662.T, CNC, CVE.TO, DRW3.DE, GLEN.L, IVN.TO, KAP, NAK, NTR, PBR, PDN.AX, RGLD, RRC, RYN, SDF.DE, SDR.L, VALE | commodities, energy, global, materials, Timber, value | View | ||
| 2025 Q1 | Apr 29, 2025 | Kopernik Global All-Cap Fund | 14.4% | 14.4% | 0001.HK, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 375500.KS, AMS.L, ARIS.TO, BIDU, EB5.SI, ELET6.SA, EQX.TO, GAZP.ME, Gold, IMP.L, NAK, NEM, PLZL.ME, RGLD, SBER.ME, SDF.DE, WPM | commodities, diversification, emerging markets, global, Mining, Precious Metals, value | Gold price rose 18% during the quarter with major gold producers performing strongly. Newmont and Barrick, the world's two largest gold producing companies, had total returns of 31.4% and 26.0% respectively. Canadian gold miners Equinox and Aris also contributed positively with strong returns. | View | |
| 2026 Q1 | Apr 14, 2026 | Mittleman Global Value Equity Fund | -4.6% | -2.3% | 0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD | Concentration, global, Opportunistic, small caps, value | AIM.TO AMA.AX |
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| 2026 Q1 | Apr 10, 2026 | East72 Dynasty Trust | -4.6% | -4.6% | 0001.HK, 0066.HK, AKRBP.OL, AVAP.L, AVLT.SW, CG, ELF.TO, FFH.TO, LAGA.PA, ODET.PA, RBT.PA, SDB.PA, VIEL.PA, VIRT | Alternative Assets, Capital markets, ETFs, liquidity, Market Making, oil, private credit, volatility | VIRT |
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| 2025 Q1 | Apr 1, 2025 | Guinness Global Innovators | -6.5% | -6.5% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Mining, technology, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, indicating a significant shift in reserve allocation preferences. | AC.PS 005930.KS Gold |
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| 2023 Q4 | Dec 31, 2023 | McElvaine Value Fund | - | 3.0% | 0001.HK, BLCO, FIH.TO, J36.SI, MXG.TO, ONEX.TO, PSK.TO, WBD, XCO | Canada, Concentration, discount, Intrinsic Value, small caps, value | Manager focuses on finding 50 cent dollars through his ABBA framework, seeking companies selling below intrinsic value. Emphasizes that intrinsic value is a range supported on the downside and open-ended on the upside, preferring straightforward estimates over complex models. Current holdings are viewed as trading at significant discounts to estimated 3-5 year intrinsic values. | View | |
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG | Concentration, discount, global, Quality, value | The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations. | NWBD.L DHER.DE IAC AMAT CNX |
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| 2025 Q3 | Oct 7, 2025 | Oldfield Partners Overstone Global Large Cap | 5.8% | 26.7% | 0001.HK, 005930.KS, BABA, CVE, DIS, EZJ.L, HEIA.AS, MT, SNY | AI, Bubble, Cloud, contrarian, global, semiconductors, value | Markets increasingly dominated by AI with extreme valuations reminiscent of dotcom bubble. Palantir trades at 100x revenue, OpenAI at 40x revenue. Risk of capital misallocation rising with companies like CoreWeave spending $20bn on capex against $5bn revenue. | CKHUY US BABA US 005930 KS |
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| 2024 Q3 | Oct 17, 2024 | RVK | - | - | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, semiconductors, value | Gold price touching $4000 reflects market unease, with central banks now holding more gold than US Treasuries for the first time since 1996. Gold accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins. | AC.PS 005930.KS Gold AC.PS 005930.KS |
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| 2025 Q4 | Jan 7, 2026 | Packer & Co | - | 21.5% | 0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS | AI, Asia, Cash, Defensive, energy, gold, value | The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. | CA FP |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Value Fund | 7.4% | 35.2% | 0001.HK, 2603.TW, 6951.T, 6955.T, BIRG.L, BMW.DE, BZU.MI, CMA, CS, DB, HBR.L, HCC, IFP.TO, LUN.TO, SFOR.L, SSUB.OL, SUBCY, TDW, VAL | Banking, Copper, energy, Europe, Mining, Resource Conversion, value | Fund holds significant positions in copper miners Lundin Mining and Capstone Copper, viewing copper as indispensable to modern economies with exceptional supply challenges. Manager believes copper demand growth has evolved from Chinese construction to renewables, electric transportation, and data center construction, while supply increases remain elusive due to aging mines, declining ore quality, and decade-plus timelines for new projects. Warrior Met Coal was the single largest contributor to Fund performance during the quarter, benefiting from early completion of Blue Creek metallurgical coal mine eight months ahead of schedule. The completion portends far higher coal production, much lower capital spending, and likely return to significant cash distributions to shareholders. Manager discusses the materials-intensive nature of renewable energy infrastructure, noting the irony that mining companies producing materials for solar panels, wind turbines, electrical grids, and batteries were deemed global pariahs while renewable energy companies were market darlings. The build out of data centers and electrical infrastructure has become entwined with copper consumption growth. Fund holds offshore oil and gas service providers and one upstream producer, believing more offshore spending is required to maintain current production levels. Manager notes U.S. onshore production growth has slowed significantly due to lower drilling activity, exhaustion of Tier 1 acreage, and water challenges, potentially leading to future production declines that would enhance the importance of long-life offshore production. Manager highlights a profound divergence in U.S. sanctions activity, noting recent seizure of dark fleet oil tankers, arrest of Nicolas Maduro, U.S. claim of control over Venezuela's energy industry, and sanctions on Russia's largest oil producers. This marks a departure from decades of avoiding sanctions that would impact energy flows, with gunboat diplomacy and military embargos returning. Manager emphasizes resource conversion activity including share buybacks as a key component of their investment approach for undervalued, well-financed companies. The Fund focuses on companies where management teams can create shareholder value through buybacks, recapitalizations, special dividends, asset disposals, spin-offs, acquisitions, or sale of the business. | View | |
| 2024 Q4 | Jan 1, 2025 | Stewart Investors | - | - | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, Holding Companies, Philippines, semiconductors, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, driving strong performance in gold miners like Barrick. | View | |
| 2023 Q4 | Jun 1, 2024 | East72 Holdings | 6.3% | 0.0% | 0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX | Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value | Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation. | MFG.AX MANU |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG | concentrated, discount, global, industrials, Logistics, Media, value | Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value. | LUMN MGM FDX TIGO 0GEG LN NWBD.L |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO | Asia, China, concentrated, Europe, international, Luxury, Travel, value | China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly. | KER.PA CFR.SW AC.PA TIGO |
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| 2023 Q1 | Mar 31, 2023 | East72 Holdings | 6.3% | 0.0% | 0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE | Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value | The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats. | VOW3.DE BAIN.PA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Packer & Co | CK Hutchison Holdings Limited | Industrials | Industrial Conglomerates | Bull | HKEX | Asia, conglomerate, Diversified, dividend, infrastructure, Ports, telecommunications, Value | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||