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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 1, 2025 | Night Watch Investment Management | 23.3% | 20.7% | 1126.HK, AAR, CWH, HAYPP.ST, MRX.L, RELY, XFAB.PA | catalysts, E-Commerce, global, semiconductors, tariffs, value, volatility | X-FAB Silicon Foundries manufactures analog semiconductors for automotive, industrial and medical applications. The company is recovering from automotive destocking cycle and has completed $1B capex program that should materially add to earnings in 2026. Management owns 25% and has been buying shares. | 1126.HK XFAB.PA HAYPP.ST MRX.L 1126 HK MRX LN CWH RELY |
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| 2024 Q3 | Oct 1, 2024 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, ATRO, BC, BLDR, DSGR, JOE, LEG, SEG, VAL, XFAB.PA | Automotive, catalysts, energy, global, Offshore, semiconductors, value | X-FAB is positioned to benefit from the expected bottoming of the semiconductor cycle after 4-6 quarters of downturn. Order intake has turned sharply higher since Q1 with book-to-bill of 1.2x in both quarters. The automotive sector is expected to return to growth in Q4 with industrial and medical recovering during 2025. | XFAB.PA |
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| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, AER, AL, ALLFG.AS, AMRK, ATRO, DSGR, JOE, MELE.BR, MRX.L, RELY, UAL, VAL, XFAB.PA | aerospace, catalysts, China, energy, Europe, global, Onshoring, value | Offshore energy exposure was the largest detractor in 2024, but the thesis remains unchanged. The move from oil & gas production in Western countries to offshore regions like Brazil and Western Africa creates supply/demand mismatch. Day rates for floating rigs have increased from $200k to $500k, though H2 2024 saw a pause due to shortages in subsea equipment and FPSOs. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Night Watch Investment Management | Dream International | Consumer Discretionary | Leisure Products | Neutral | Hong Kong Stock Exchange | collectibles, Cost advantage, Disney, dividend yield, Funko, Hong Kong, net cash, Toy Manufacturing, Value, Vietnam | View Pitch |
| Apr 13, 2026 | Fund Letters | Bilbel Capital | Dream International Limited | Consumer Discretionary | Leisure Products | Bull | Hong Kong Stock Exchange | Consumer Discretionary, Cyclical, deep value, Disney Partnership, high dividend yield, manufacturing, Toy Manufacturing, Vietnam | 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. | ||||||||