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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 29, 2026 | Pzena International Value ADR Strategy | 6.3% | 35.3% | 0027.HK, 2587.T, 6301.T, 6326.T, 6367.T, 6981.T, ABEV, ACN, BABA, BAYRY, CABK.MC, ML.PA, MT, NOK, PUB.PA, VALE | AI, cyclicals, financials, international, materials, value | International value equities benefited from easing trade tensions, improved investor risk appetite, and strong performance across European cyclical sectors. Financials, materials, and selected industrials drove returns as valuation gaps narrowed and earnings expectations improved. The manager continues to exploit market volatility and exaggerated disruption fears, particularly around artificial intelligence, to accumulate high quality international franchises at attractive prices. | VALE ACN 6326 JP |
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| 2025 Q4 | Jan 23, 2026 | FCL Capital | 0.0% | 4.1% | 0700.HK, 1211.HK, 6367.T, AAPL, FCX, GLEN.L, HBM.TO, HDB, KGH.WA, KWEB, MSFT, NVDA, SCCO, TSLA | AI, Brazil, Copper, crypto, emerging markets, Energy Transition, technology, value | FCL has built a position in copper miners as an indirect play on AI, energy transition, and urbanization. The fund views copper as undervalued relative to its role in data centers, electric vehicles, and renewable energy infrastructure, while copper mining stocks trade at traditional commodity multiples despite exposure to revolutionary trends. The letter discusses AI's massive energy requirements for data centers, estimating 500-700 thousand tonnes of copper demand by 2028-2030. FCL sees AI as driving fundamental changes in commodity demand while noting that direct AI investments trade at expensive valuations compared to indirect plays through commodities. Renewable energy systems are highly copper-intensive, requiring much more copper per unit of capacity than fossil fuel generation. Wind turbines need 8 tonnes of copper per MW offshore and 2.5-3 tonnes onshore, while solar requires 2-5 tonnes per MW, driving substantial copper demand growth. FCL revisits their 2017 crypto thesis, highlighting tokenization of real-world assets and prediction markets as the next evolution. They see tokenization enabling 24/7 global trading of traditionally illiquid assets, while prediction markets like Polymarket demonstrate superior forecasting ability compared to traditional polling. Brazilian investors have developed a false belief in risk-free returns through CDI investments due to high interest rates. FCL argues this creates a paradox where avoiding risk actually increases long-term purchasing power risk, as CDI has delivered near-zero returns in USD terms over the past decade. The fund emphasizes valuation disparities between expensive US tech stocks and cheaper alternatives in emerging markets and commodities. They highlight that copper miners trade at traditional multiples despite exposure to AI and energy transition themes, presenting attractive risk-adjusted opportunities. | View | |
| 2025 Q4 | Jan 18, 2026 | Ariel Global Fund | 2.9% | 23.3% | 000660.KS, 1024.HK, 4751.T, 6367.T, 6460.T, 6762.T, 6856.T, 7832.T, BIRG.L, BMPS.MI, BMY, FME.DE, FORTUM.HE, FSLR, HPE, LREN3.SA, SAN, T, WBS, WCH.DE | AI, Banking, Data centers, Energy Transition, global, international, semiconductors, value | The fund sees strong opportunities in semiconductor equipment and memory companies. Lasertec is positioned for growth as it transitions toward high-volume manufacturing with its new APMI tool for EUV processes. SK Hynix benefits from accelerating AI inference demand for high-bandwidth memory and NAND solutions, maintaining a commanding lead with Nvidia. European banking presents compelling opportunities through consolidation and operational improvements. BMPS transformed into Italy's third-largest bank through Mediobanca acquisition, while Santander offers efficiency gains and stronger profitability through streamlined operations. Bank of Ireland provides upside through cost restructuring and strategic decisions. Solar and renewable energy infrastructure offer attractive growth prospects. First Solar's new U.S. facility aims to reduce tariff costs and capture domestic tax incentives in an increasingly tight utility-scale solar market. Fortum provides exposure to data center power demand through above-market purchase agreements in the Nordic region. Artificial intelligence drives demand across multiple sectors from memory semiconductors to content platforms. SK Hynix benefits from AI inference workloads requiring high-bandwidth memory, while Kuaishou leverages AI-driven video tools to enhance content recommendation and advertising targeting capabilities. Growing data center demand creates opportunities in power and infrastructure. Fortum is positioned for upward earnings revisions through power purchase agreements with data center operators in the Nordic region, benefiting from low-cost power and favorable climate conditions. | ES WBS WCH GR 1024 HK 6367 JP 4751 JP BMY T 000660 KS 6920 JP FSLR |
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| 2025 Q4 | Jan 18, 2026 | Ariel International Fund | 2.3% | 31.5% | 1024.HK, 3436.T, 4751.T, 6367.T, 6762.T, 6856.T, 6920.T, 7832.T, BARC.L, BIRG.L, BMPS.MI, BWG.VI, FME.DE, FORTUM.HE, LREN3.SA, SAN, WCH.DE | Banking, Europe, financials, international, Japan, semiconductors, technology, value | The fund initiated multiple new banking positions including Banca Monte dei Paschi di Siena, Banco Santander, and Bank of Ireland, while existing holdings like Barclays and BAWAG performed well. Banks are benefiting from improving market conditions, efficiency gains, and strategic positioning for profitability growth. Strong performance from Lasertec Corporation driven by solid earnings and management commentary about gaining momentum in deal activity. The company is positioned for a pivotal inflection point in process control intensity as it transitions toward high-volume manufacturing with new APMI tools. Fortum is positioned as a compelling opportunity to benefit from data center expansion, particularly through above-market power purchase agreements. The Nordic region offers advantages including low-cost power, cooler climates, and strong fiber infrastructure for rapid energy access. Multiple companies are positioned to benefit from AI adoption including TDK Corporation through higher density battery needs and Edge AI demand, and Kuaishou Technology through AI-driven video tools that enhance content recommendation and ad targeting capabilities. | WCH GR 6762 JP 1024 HK 6856 JP 6367 JP 4751 JP BIRG LN SAN SM 3436 JP FME GR 7832 JP BG AV BARC LN 6920 JP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||