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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 25, 2025 | Oldfield Partners Overstone Global Large Cap | 8.7% | 19.7% | 6971.T, 9433.T, BABA, BNZL.L, BT-A.L, CB, DIS, FRE.DE, NOV, SSNC, WTB.L | Bubble, diversification, Dollar, global, valuation, value | The portfolio trades at only 11x earnings, a 15% discount to its historical average, while the S&P 500 appears expensive at 22x forward earnings representing a 40% premium to its 20-year average. The Shiller price-to-earnings ratio currently stands at 38x, a level historically associated with near-zero real returns over the subsequent decade. | BNZL.L 6971.T |
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| 2025 Q2 | Jul 2, 2025 | AVI Global Trust | - | - | 3608.T, 4527.T, 6201.T, 6727.T, 6971.T, 7912.T, 7984.T, 8802.T, 9301.T, 9531.T, AKRBF, APO, BOL.PA, CDI.PA, ENT.L, EXOR.MI, FRAS.L, GXIIF, IAC, NWSA, RKT | activism, Buybacks, Discounts, dividends, global, Japan, value | Eight years into Japan journey, managers are as optimistic as ever with developing market for corporate control, increasingly proactive management teams, and governance reform agenda permeating both small and large cap stocks. Combined with low valuations, Japan stacks up very attractively as a market where constructive approach to active engagement can yield real results. Japan exposure now accounts for 23% of NAV compared to 16% a year ago. | View | |
| 2023 Q4 | Dec 31, 2023 | AVI Global Trust | - | 18.8% | 6201.T, 6861.T, 6971.T, 9009.T, AKER.OL, APO, FMSA, KKR, NWSA, SCHA.OL, TM | activism, Conglomerates, Corporate Governance, discount, Japan, Reform, value | 2023 was a seminal moment in unlocking enormous value trapped in Japanese companies through corporate governance reform. The Tokyo Stock Exchange now requires companies to disclose capital efficiency improvement plans, especially if trading below 1x book value. Toyota Motors partially unwound cross shareholdings in Denso, and the TSE announced further pressure on parent-subsidiary relationships. AGT has consistently maintained about 25% portfolio allocation to Japan with an engaged activist approach, generating +84% JPY total return versus +51% and +67% for MSCI Japan Small and TOPIX respectively since 2017. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Oldfield Partners Overstone Global Large Cap | Kyocera Corporation | Information Technology | Electronic Equipment, Instruments & Components | Bull | Tokyo Stock Exchange | Corporate Restructuring, Industrial, Japan, Japanese Conglomerate, price-to-book, Printing Solutions, semiconductors, turnaround, Value | 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. | ||||||||