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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | Mondrian Global Equity Fund | - | - | 6201 JP | Debt, Governance, Japan, tariffs, volatility | Tariffs: The report opens with the shock of Trumps Liberation Day tariff regime, which triggered a 10%+ global selloff before partial reversals. Despite negotiations, effective tariff levels remain high, posing a drag on global growth and a source of ongoing volatility. Debt: U.S. long-term yields hit 25-year highs, with debt-service costs surpassing defense spending for the first time. High deficits, worsening fiscal discipline, and rising servicing burdens constrain economic flexibility. Japan: Japan faces rising JGB yields and long-term fiscal pressures, but Japanese corporates possess strong, overcapitalized balance sheets, producing attractive skewed outcomes. Governance reforms, buybacks, and unwinding cross-shareholdings continue to unlock value. | View | |
| 2025 Q2 | Jun 30, 2025 | Mondrian International Equity Value Opportunities | - | - | 6201 JP | Debt, Governance, Japan, tariffs, volatility | Tariffs: The quarter opened with President Trumps Liberation Day, introducing the largest US tariff shock in a century and triggering a >10% global selloff. Even after partial reversals, effective tariff levels remain materially higher than before, posing a meaningful drag on global growth and sustaining volatility. Debt: Long-term US rates surged, with 30-year yields passing 5% and debt-servicing costs exceeding defense spending for the first time. Fiscal deterioration intensified after the passage of the Big, Beautiful Bill, pushing deficits to historically extreme levels and limiting future fiscal flexibility. Japan: Japan faces rising JGB yields, aging-related fiscal pressures, and a steepening yield curve, but Japanese corporates possess exceptionally strong balance sheets, improving governance, and attractive valuations. These features create a positively skewed range of outcomes for bottom-up value investors. | View | |
| 2025 Q1 | Apr 30, 2024 | AVI Global Trust | - | - | 6201 JP, GXI GR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Paul Singer | Toyota Industries Corporation | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Activism, Governance, Sum-of-the-Parts, Takeovers, Under valuation | 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. | ||||||||