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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 27, 2025 | Quercus Fund | - | - | 0142.HK, 2233.HK, ACWI, ICBP.JK, SPY | Africa, AI, Bonds, catalysts, Cement, China, value | Manager emphasizes finding extremely undervalued securities and waiting for re-rating. Cites Walter Schloss philosophy of buying low enough that something good may happen. Focuses on securities trading at significant discounts to intrinsic value. | 3369 HK |
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| 2025 Q4 | Dec 31, 2025 | Quercus Fund | 0.0% | 24.5% | 0142.HK, 1208.HK, 3301.HK, HLYB.L | Banking, China, Conglomerates, Petrochemicals, small caps, value | Fund focuses on buying assets at extremely low prices versus their value, targeting price-to-value ratios below 0.3x with look-through P/E of approximately 3.5x. The approach emphasizes finding mispriced securities in unconventional places including complex structures, small caps, low free float, overlooked geographies, spin-offs, and distressed industries. Portfolio concentrates on small capitalization companies that institutions would not touch but retail cannot access. The fund specifically targets companies in unconventional places with little institutional following, leveraging the manager's ability to access securities that have structural barriers to broader ownership. Significant exposure to Chinese companies including Tianjin Development Holdings and China Sanjiang Fine Chemicals. The fund sees opportunities in Chinese markets where complex structures and regulatory environments create pricing inefficiencies that can be exploited by patient capital. Major position in China Sanjiang Fine Chemicals, which is expanding ethylene capacity and shifting feedstock from methanol to naphtha and eventually ethane. The company is positioned to benefit from improved margins as it moves down the cost curve with more efficient feedstock utilization. | View | |
| 2023 Q3 | Oct 31, 2023 | Quercus Fund | - | 4.6% | 0142.HK, 6425.T, ICBP.JK, INDF.JK, IOG.L, MPI.PS, TEL | Asia, circle of competence, Conglomerates, Post-mortems, value | Manager invested in SPAC warrants to gain exposure to Okada Manila casino but lost 100% when the deal was canceled due to legal disputes. The investment highlighted the risks and complexities of SPAC structures despite the underlying asset quality. | 0142.HK |
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| 2024 Q3 | Oct 22, 2024 | Quercus Fund | 0.0% | 35.3% | 0142.HK, 0743.HK, ACWI, SPY | China, Concentration, dividends, Hong Kong, Patience, value | Manager emphasizes buying stocks trading at significant discounts to intrinsic value, with portfolio estimated at 4x market prices. Describes positions as wildly mispriced with high opportunity cost for new ideas. Focus on getting more for less through patient value realization. | View | |
| 2024 Q1 | Apr 24, 2024 | East72 Dynasty Trust | 6.3% | 0.0% | 0045.HK, 0142.HK, 0700.HK, 9984.T, CAT.AX, CGI.TO, DIE.BR, ELF.TO, FFH.TO, FIH-U.TO, HWG.L, MANU, MFF.AX, OCDO.L, OXY, RBT.PA, SPHR, UHR.SW, VIRT | Airports, Asia, Conglomerates, Europe, Hotels, infrastructure, value | Focus on controlled companies trading at significant discounts to NAV, particularly family-controlled entities with hidden gems. The manager emphasizes that strong NAV/NAV growth is more prevalent than discount closure, citing examples like Exor trading at 40% discount despite Ferrari and Bolloré galaxy at 50%+ discounts despite Universal Music Group growth. | 0045.HK FIH-U.TO DIE.BR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Quercus Fund | First Pacific Company | Industrials | Industrial Conglomerates | Bull | Hong Kong Stock Exchange | conglomerate, consumer staples, Emerging markets, Food Manufacturing, Indonesia, infrastructure, Noodles, Philippines, Power generation, Southeast Asia, Sum-of-parts, 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. | ||||||||