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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Palm Harbour Capital | - | 9.2% | 021240.KS, 086280.KS, 192400.KS, 284740.KS, 5336.KL, 7965.T, HAN.L, HANA.L, PNDXB.ST, PORT3.SA, SHOT.ST | gaming, global, inflation, NAV, small caps, tariffs, value | Portfolio trading at weighted average P/E of 8.9x with more than 97% upside to estimated NAV. Manager emphasizes finding global opportunities at good to great valuations while avoiding overvalued markets. Focus on undervalued companies with strong fundamentals. | 192400.KS |
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| 2025 Q2 | Jul 22, 2025 | Brandes International Equity Fund | 10.4% | 22.3% | 005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, industrials, international, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds. | 6273.T |
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| 2025 Q1 | May 2, 2025 | Tweedy, Browne International Value II | 8.5% | 8.5% | 086280.KS, 2531.T, 4091.T, 7988.T, AKE.PA, BA.L, CCC.L, CNHI, DGE.L, DHL.DE, HEIA.AS, IONS, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TTE, U11.SI | Currency, defense, Europe, international, tariffs, value | Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments. | View | |
| 2025 Q1 | May 2, 2025 | Tweedy, Browne Value Fund | 6.3% | 6.3% | 0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW | defense, Europe, healthcare, Hedging, industrials, international, value | Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2025 Q3 | Oct 24, 2025 | Brandes International Equity Fund | 8.1% | 32.2% | 005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, international, Outperformance, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery. | SMC JP SMC JP |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -Emerging Markets | 13.3% | 33.1% | 000660.KS, 000858.SZ, 005930.KS, 035420.KS, 086280.KS, 2313.HK, 6690.HK, B3SA3.SA, BABA, BIDU, BZ, ELET3.SA, FPT.VN, MELI, TSM, WNS | AI, Asia, Battery, China, emerging markets, semiconductors, South Korea, technology | Artificial Intelligence has proved a helpful tailwind, initially benefiting hardware makers like TSMC and SK Hynix, but now emerging through much of the supply chain with numerous Asian beneficiaries. China's ambitions and capabilities in large language models are being appreciated, with companies like Alibaba and Baidu investing heavily in AI and beginning to enjoy something like the halo of the 'Mag7'. | Hyundai Glovis B3 SA MercadoLibre Samsung Electronics CATL CN |
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| 2025 Q4 | Jan 20, 2026 | Palm Harbour Capital | 4.9% | 16.0% | 001910.KS, 047440.KS, 086280.KS, 6345.T, ASLI.L, ATYM.L, BSRT, BWO.OL, CIR.MI, CNVRG.PS, DAN.MI, DITO.PS, FLRY3.SA, GLO.PS, KRI.AT, LOMA.BA, MDIA3.SA, PTEC.L, SGF.MI, TEL.PS, TRE.OL, VIV.PA, WOSG.L, WWI.OL | Argentina, Broadband, Cash Generation, Copper, global, Governance, Steel, value | Fund focuses on cash-generative businesses trading at sensible valuations with weighted average P/E of 8.1x and FCF/EV yield of 15%. Manager emphasizes being index-agnostic and disciplined in approach amid market conditions reflecting elevated greed and extreme short-termism. Atalaya Mining contributed 84 bps as copper producer benefited from sustained production growth and favorable pricing environment with reportedly the largest annual copper price increase in over a decade. Company showed operational leverage with lower unit costs and stronger cash flows. Loma Negra was top contributor at 122 bps following President Milei's landslide electoral victory and $40 billion US financial support package. Manager maintains positive view on Argentina's leading cement producer with significant upside potential as economic normalization takes hold. Detailed analysis of Converge ICT, Philippines fiber-optic broadband company with extensive network coverage. Company positioned to benefit from low broadband penetration and regulatory changes while transitioning from capex-heavy expansion to cash generation phase. Danieli contributed 63 bps as Italian steel plant maker exceeded expectations with strong Plant Making division performance and major contract wins including €500 million order from Steel Authority of India. Company benefits from potential recovery in Steel Making division. | BRSL VIV FP 284740 KS KRI GA 6345 JP RHIM LN DAN IM 012030 KS ATYM LN LOMA |
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| 2025 Q4 | Jan 14, 2026 | Apis Flagship Fund | 10.0% | 55.1% | 012450.KS, 086280.KS, 103140.KS, AI, CELC, GTX, QURE | Asia, defense, global, healthcare, Memory, Mining, small caps, technology | Defense exposure continued from 2024 but evolved toward smaller companies with niche intellectual property. Korean defense holdings including Hyundai Rotem, Poongsan, and Hanwha Aerospace were among top contributors for the year, collectively adding over 11% to annual performance despite some Q4 weakness attributed to technical pause. New theme emerged in 2025 with exposure to memory within the semiconductor complex. Memory semiconductor companies were notable source of strength, contributing more than 5% to Q4 returns, led by Japan-based Kioxia Holdings which was highlighted in Q3 letter. Mining and mining equipment emerged as new theme in 2025. Represents bombed out cyclical exposure where valuations remain cheap and expectations modest, yet early signs of demand are emerging supported by fiscal stimulus programs. European building materials represents another area of bombed out cyclical exposure beyond mining where exposure was added. Valuations remain cheap and expectations modest with early signs of demand emerging supported by fiscal stimulus programs. Resolution to Ukraine war could further enhance long-term growth outlook. | AI QURE CELC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
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| 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 |
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| No investor data available. | ||||||||