3918-HK-2

3918-HK-2

3918-HK-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 4, 2025	Kathmandu Capital	16.6%	14.6%	3918.HK, 688082.SS, ACMR, GCT, KSPI, OMAB, UI, VU.PA	Airports, China, international, Onshoring, semiconductors, technology, Trade Policy, value	Manager emphasizes China's semiconductor supply chain localization amid trade tensions, with ACM Research positioned to benefit from domestic market share gains. Also highlights nearshoring opportunities in Mexico through airport operator OMAB as manufacturers seek to mitigate tariff risks.	OMAB ACMR OMAB ACMR UI GCT KSPI 3918 HK	View
2025 Q1	May 26, 2025	Kathmandu Capital	-1.7%	-1.7%	3918.HK, GCT, KSPI, SEG, UI, VU.PA	Asia, diversification, Europe, risk management, tariffs, value	Tariff concerns have overshadowed global economic prospects this quarter, with markets becoming increasingly policy-driven and volatile. The U.S. surprise tariff on Vietnam has cast uncertainty over the furniture industry, affecting Chinese suppliers routing shipments through Vietnam. Tariffs are likely to pressure margins for companies without U.S. manufacturing facilities.	SEG VU.PA KSPI UI GCT 3918.HK	View
2024 Q1	Apr 20, 2024	Kathmandu Capital	-15.0%	-0.3%	3918.HK, KSPI, VU.PA	emerging markets, energy, gaming, oil, small caps, value	The fund increased oil and gas exposure from 50% to 60% of portfolio in Q4 2023, driven by thesis that secular supply shortages will support strong oil prices. Manager expects WTI crude to stay range-bound with $80 at the low end, enabling companies to maintain strong profitability and reward investors with share repurchases and dividend hikes.	VU.PA KSPI 3918.HK	View
2024 Q3	Dec 18, 2024	Kathmandu Capital	-15.0%	-0.3%	3918.HK, GCT, GLD, KSPI, VU.PA	Asia, Cyclical, Drawdown, E-Commerce, oil, value	The fund holds positions in cross-border e-commerce companies like Gigacloud Technology, which specializes in furniture and bulky items logistics, and Kaspi.KZ, which operates in Kazakhstan's e-commerce ecosystem. The manager sees significant opportunities in specialized e-commerce niches with strong barriers to entry.	VU.EPA KSPI GCT 3918.HK	View
2023 Q3	Oct 17, 2023	Kathmandu Capital	-15.0%	-0.3%	3918.HK, KSPI.L, SESL.PA	Concentration, deep value, emerging markets, Fintech, gaming, global, oil, value	Manager holds a Canadian E&P company and U.S. offshore servicing company representing over half the portfolio. Thesis centers on structural supply constraints creating powerful commodity bull markets, with permanent capacity loss from bankruptcies, ESG considerations limiting capital spending, and OPEC cuts constraining supply while demand remains resilient.	3918.HK	View
2023 Q4	Oct 2, 2024	Kathmandu Capital	-15.0%	-0.3%	3918.HK, KSPI.L, SESL.PA	Concentration, deep value, emerging markets, oil, Quality, value	The fund holds a significant oil and gas basket representing more than half the portfolio, betting on structural supply constraints. Following the Great Financial Crisis, permanent capacity loss and ESG considerations have created supply-demand imbalances, with major discoveries at multi-decade lows while demand remains resilient around 100 million barrels per day.	3918.HK	View
2024 Q2	Jul 23, 2024	Kathmandu Capital	-15.0%	-0.3%	3918.HK, KSPI, VU.PA	Asia, Casinos, concentrated, emerging markets, oil, small caps, value	Portfolio affected by oil price volatility following OPEC+ announcement to phase out production cuts. WTI dropped from $86.91 to $73.25 before recovering. Manager sees potential exit point post-election due to possible Trump drill baby drill scenario disrupting supply-demand dynamics.	VU.PA KSPI 3918.HK	View
2024 Q4	Mar 17, 2025	Kathmandu Capital	-10.7%	-11.0%	3918.HK, GCT, KSPI, SEG, UI, VU.PA	Concentration, international, long-term, small caps, underperformance, value, volatility	The fund focuses on high-quality, undervalued companies that have become available at reasonable valuations due to market turmoil. The manager emphasizes finding deep value gems and quality compounders trading below intrinsic value, with specific examples like Gigacloud trading at less than 5x P/E.	SEG VU.PA KSPI UI GCT 3918.HK	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Kathmandu Capital	Nagacorp	Consumer Discretionary	Casinos & Gaming	Bull	Hong Kong Stock Exchange	Asia, Cambodia, Casinos, deep value, Emerging markets, Equity, Gaming, Monopoly, Real Estate, Tourism	View Pitch
Apr 28, 2026	Fund Letters	Kathmandu Capital	Nagacorp	Consumer Discretionary	Casinos & Gaming	Bull	Hong Kong Exchange	Cambodia, casino, China, deep value, Emerging markets, Equity, Gaming, Monopoly, Real Estate, Tourism	View Pitch
Apr 13, 2026	Fund Letters	Kathmandu Capital	NagaCorp	Consumer Discretionary	Casinos & Gaming	Bull	Hong Kong Stock Exchange	Asia, business model transformation, Cambodia, Casinos, debt refinancing, Gaming, Monopoly, Tourism, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Kathmandu Capital	NagaCorp	Consumer Discretionary	Casinos & Gaming	Bull	Hong Kong Stock Exchange	Cambodia, Casinos, Emerging markets, Gaming, post-COVID recovery, Regional Monopoly, Tourism Recovery, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Kathmandu Capital	NagaCorp	Consumer Discretionary	Casinos & Gaming	Neutral	Hong Kong Stock Exchange	Cambodia, casino, China, Emerging markets, Equity, Gaming, recovery	View Pitch
Apr 13, 2026	Fund Letters	Kathmandu Capital	NagaCorp	Consumer Discretionary	Casinos & Gaming	Neutral	Hong Kong Stock Exchange	Cambodia, Casinos, Chinese Consumers, entertainment, Gaming, recovery, Stimulus, Tourism	View Pitch
Apr 13, 2026	Fund Letters	Kathmandu Capital	NagaCorp	Consumer Discretionary	Casinos & Gaming	Bull	Hong Kong Stock Exchange	Cambodia, casino, Discount to peers, Gaming, Infrastructure catalyst, Mass market transition, Tourism, Value	View Pitch

BSD Shareholders of 3918-HK-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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