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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 1, 2024 | Citadel Value Fund SICAV | - | - | 3436 JP, MPAC LN | Automotive, CashFlow, Discipline, Intrinsic Value, valuation | Valuation: The portfolio trades at a 33% discount to intrinsic value with a 7% look-through free cash flow yield and ~7x EV/EBITA. Citadel stresses valuation discipline, buying high-quality cash generative businesses at deep discounts. Cashflow: Citadel emphasizes companies able to reinvest at high returns while returning capital via dividends and buybacks. The portfolio maintains strong balance sheets and high free cash flow generation, reinforced by a 23% cash position that provides flexibility in volatile markets. Automotive: Stellantis remains a core investment caseCitadel bought shares when FCF equaled enterprise value. Managements platform consolidation, flexible powertrain strategy, and strong balance sheet support long-term competitiveness despite near-term profit pressure. | View | |
| 2025 Q3 | Oct 15, 2025 | Ariel Global Fund | 5.0% | - | 009150 KS, 3436 JP, 425 HK, 6460 JP, 6981 JP, BTA LN, FDX, FME GR, FSLR, HUM, INFA, INTC, MTB, PUB FP, ROG SW, SYNSY | Artificial Intelligence, diversification, Edge computing, Global Equities, Value Investing | Ariel Global Fund benefited from strong stock selection in solar, semiconductors, and healthcare, and expanded into companies exposed to AI and Edge computing. The team stresses diversification beyond the U.S. amid high valuations and sees global rebalancing as a key tailwind. It focuses on undervalued franchises positioned for cyclical recovery and secular technology adoption. | View | |
| 2025 Q3 | Oct 15, 2025 | Ariel International Fund | 2.3% | - | 009150 KS, 3436 JP, 425 HK, 6460 JP, 6981 JP, APTV, BGAOF, BT/A LN, FME GR, INF LN, PUB FP, SYNSY | Artificial Intelligence, Edge AI, Global Equities, International Rotation, semiconductors | The fund highlights AI adoption as a key growth driver across global technology supply chains, particularly through investments in semiconductor component manufacturers like SUMCO and Murata. Ariel expects the Edge AI cycle to accelerate semiconductor demand and digital infrastructure spending globally. It also sees valuation upside in undervalued international equities as capital rotates from the U.S. to Europe and Asia. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | Rupal J. Bhansali | SUMCO Corporation | Information Technology | Semiconductor Materials | Bull | New York Stock Exchange | Advanced Chips, Capacity, Cyclicality, Free Cash Flow, semiconductor materials | View Pitch |
| Nov 29, 2025 | Fund Letters | Bas Schreuders | Sumco Corporation | Information Technology | Semiconductor Equipment | Bull | NYSE | AI, Contracts, Pricing power, semiconductors, Wafers | 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. | ||||||||