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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Jun 7, 2024 | Lindsell Train | 2.9% | 9.3% | 4503.T, PEP, TKO | Compounding, long-term, Patience, Quality, turnover | The fund focuses on high-returning businesses that compound earnings and dividends at above-market rates. Their portfolio companies have sustained an internal rate of compounding at nearly double the rate of the average company, with dividends per share compounding at approximately 11% versus the wider market average of 6%. | TKO 4503.T PEP |
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| 2026 Q1 | Apr 21, 2026 | Brandes International Equity Fund | 2.6% | 2.6% | 005930 KS, 4502.T, 4503.T, CAP.PA, ENGI.PA, F34.SI, KER.PA, OTEX, PBR, PUB.PA, SAP, STM, SW.PA, WPP.L | AI, emerging markets, energy, Europe, international, Pharmaceuticals, semiconductors, value | View | ||
| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
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| 2023 Q4 | Jan 2, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930.KS, 4503.T, 8058.T, ASHM.L, ASSA-B.ST, BABA, CVE.TO, DNP.WA, ERII, FCX, FM.TO, GLEN.L, SPOT, UBI.PA, UCB.BR | Asia, emerging markets, Europe, international, Japan, Non-US, value | The fund initiated a position in Glencore, which is well-positioned for uncertainty surrounding the energy transition as one of the world's largest copper producers and a large coal producer. The company can take healthy cash flows from its coal business and invest them in copper and other future-facing metals, while coal cash flows provide an attractive hedge if the energy transition takes longer than expected. | UCB.BR 8058.T GLEN.L DNP.WA ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Lindsell Train | Astellas Pharma | Health Care | Pharmaceuticals | Bull | Tokyo Stock Exchange | Dividend Growth, healthcare, Japan, Long-Term Compounding, pharmaceuticals, Quality, Valuation Cycles | 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. | ||||||||