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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q4 | Dec 21, 2023 | Citadel Value Fund SICAV | - | - | 1005930 KS, BKNG, VTSC GR | Automotive, CashFlow, Intrinsic Value, risk, valuation | Valuation: The portfolio trades at a 36% discount to intrinsic value with a 7% look-through FCF yield and 6.9x EV/EBITA. Citadel emphasizes margin of safety, disciplined buying at deep discounts, and long-term normalized earnings as anchors for valuation. Risk: The letter argues that volatility is not risk, defining true risk as permanent capital loss. Citadel mitigates risk by avoiding leverage, weak business models, and poor management, while using conservative intrinsic value estimates and disciplined purchase prices. Automotive: Vitescos electrification strength, 60bn order book, and robust 2023 performance made it the largest contributor. Stellantis also contributed significantly with strong margins and capital discipline. Despite being undervalued, Vitesco was effectively forced into a takeover at a price below intrinsic value. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||