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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 2, 2025 | Tweedy, Browne International Value II | 8.4% | 16.4% | 003550.KS, 086790.KS, 7202.T, 7270.T, 7716.T, ATE.PA, AZEG.BR, BAES.L, CVSG.L, DGE.L, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE.PA, WFC | Currency, defense, dividends, Europe, international, small caps, value | Performance was driven by aerospace & defense companies including BAE Systems, Rheinmetall, and Safran amid ongoing geopolitical tensions and robust demand for defense spending. These companies benefited from increased order flow and strong fundamentals. | View | |
| 2025 Q2 | Aug 2, 2025 | Tweedy, Browne Value Fund | 5.1% | 11.7% | 066570.KS, 086790.KS, 7270.T, 7942.T, AKE.PA, ALT.PA, BAES.L, CVSG.L, DGE.L, KRA1V.HE, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE.PA, WFC | Currency Hedging, defense, dividends, Europe, international, small caps, value | Defense contractors led performance with BAE Systems, Rheinmetall, and Safran benefiting from ongoing geopolitical tensions and robust demand for defense spending. The sector continues to see increased order flow and strong fundamentals amid global security concerns. | View | |
| 2025 Q2 | Jul 22, 2025 | Third Avenue Value Fund | 9.4% | 12.7% | 1418.T, 5233.T, 6856.T, 7270.T, 8283.T, BIRG.L, BMW.DE, BZU.MI, CKH.L, CMCL.L, CRE.L, DB, EZJ.L, HCC, IFP.TO, ORI, SFOR.L, TDW | Copper, diversification, Japan, Reinsurance, small caps, valuation, value | Manager emphasizes price-conscious investing approach, seeking securities at meaningful discounts to business value. Criticizes current U.S. mega-cap valuations and advocates for diversification away from expensive stocks toward undervalued opportunities. | CDRE.L CRE LN |
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| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 033780.KS, 7270.T, 7832.T, ADM.L, APTV, BIDU, COF, CVS, DOX, DTG.DE, DVA, ELE.MC, INTC, JD, MUV2.DE, NESN.SW, PM, SIE.DE, SRG.MI, STLA, TDC | Automotive, global, healthcare, long-term, technology, undervalued, value | Artificial intelligence is driving investor enthusiasm and market performance. Companies like Baidu are investing heavily in AI with their Ernie Bot launch, while Capital One is rated as a leading bank in AI implementation. | View | |
| 2026 Q1 | Apr 14, 2026 | Mittleman Global Value Equity Fund | -4.6% | -2.3% | 0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD | Concentration, global, Opportunistic, small caps, value | AIM.TO AMA.AX |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 1.4% | 23.2% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW | Currency, dividends, ETFs, Europe, Hedging, international, Japan, value | The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Value Fund | 3.8% | 16.0% | 003550.KS, 005930.KS, 0116.HK, 0590.HK, 2531.T, 4368.T, 6302.T, 6777.T, 7270.T, 7276.T, 7709.T, 7716.T, 7988.T, AKE.PA, AZE.BR, BA.L, BAB.L, BKG.L, BREE.L, CNHI, D05.SI, DGE.L, GRAF.L, HEIA.AS, IONS, JSG.L, NA.TO, NESN.SW, PETS.L, RHM.DE, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TEP.PA | Currency, dividends, ETF, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | IONS GOOG |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Worldwide High Dividend | 1.0% | 18.9% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC | Buybacks, Currency, dividends, Europe, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | SUBARU DBS SWAN RUI NESN |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Value Fund | 11.9% | - | 7270.T, AC.TO, BCC, BIRG, BMW.DE, BZU.MI, CBG.L, CSTCF, DB, EZJ.L, HCC, HEI, IFP.TO, LUN.TO, MBG.DE, ORI, ROG, S4C.L, UGPA3.SA | Banking, contrarian, Copper, Europe, Forecasting, Mining, value | Copper prices have benefited from increasingly tight global supplies, a weak U.S. dollar, breakdown of trust in global trading norms, and operational disruptions at several large copper mines. These dynamics have benefited holdings like Capstone Copper and Lundin Mining, with rising gold prices also helping copper miners that produce gold as a byproduct. | AC ROG BOISE DBK OR HBR LUN CS |
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| 2024 Q3 | Sep 30, 2024 | Ariel Global Fund | 6.9% | 0.0% | 005930.KS, 7270.T, AD.AS, CHKP, CMA, DANSKE.CO, DLG.L, JD, PUB.PA, SNY, STLA, TFC, TSCO.L, USB, WAL | Automotive, Banking, China, cybersecurity, global, Pharmaceuticals, Stimulus, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund believes growth stocks are trading at elevated valuations, whereas value stocks remain cheap. They strongly believe reasonably priced, higher quality companies offering sustainable, profitable growth and robust balance sheets will be the drivers of future outperformance. | WAL TSCDY PUB.PA CMA STLA 7270.T 005930.KS SNY CHKP JD |
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| 2024 Q3 | Sep 30, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | 6856.T, 7270.T, BIRG, BMW.DE, BZU.MI, CKHUY, CMA, CPSCF, DB, EZJ.L, LAZ, MBG.DE, SUBCY, TDW, TM, VAL, WMC | Autos, Buybacks, global, Offshore Energy, undervaluation, value | Manager discusses the persistent valuation chasm between cheap and expensive companies in U.S. equity markets, noting that multiples assigned to the least expensive quartile actually declined from 2014-2024. The fund continues to find attractive value in several automotive industry OEMs and other sectors despite the challenging environment for value investing. | 7270.T |
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| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 005930.KS, 220.HK, 7003.T, 7270.T, 7276.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C6L.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO | dividends, Europe, Hedging, international, undervalued, value | The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the letter. | View | |
| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 005930.KS, 0220.HK, 4368.T, 7003.T, 7270.T, 7276.T, 7958.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C07.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, P911.DE, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO | dividends, global, high yield, international, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.80% on fund stocks versus 1.76% for the MSCI World Index. The fund seeks companies with sustainable and persistent dividend characteristics. | View | |
| 2024 Q2 | Jul 31, 2024 | Ariel International Fund | 7.6% | 0.0% | 7270.T, BAWG.VI, CS.PA, DTG.DE, EMAAR.DU, IFX.DE, STLA, TSM, VOD.L | AI, Asia, Autos, Europe, financials, international, semiconductors, value | AI investment boom is driving significant demand for semiconductor hardware. Apple's announcement on Apple Intelligence kickstarted an Edge AI race which will likely drive greater than expected semiconductor growth in smartphones. | IFX.DE EMAAR.DU BAWG.VI CS.PA 7270.T DTG.DE STLA 105560.KS TRE.MC TSM |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Value Fund | 2.9% | 2.9% | 5285.T, 6856.T, 6951.T, 7270.T, BIRG.L, BMW.DE, CBG.L, CSCU.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, ORI, SFOR.L, SUBC.OL, TDW, VAL | defense, energy, Europe, inflation, Japan, tariffs, Trade Policy, value | The manager extensively discusses the global tariff war initiated on Liberation Day (April 2, 2025), describing it as an economic mistake with lasting negative implications. He analyzes the reciprocal tariff structure, challenges of eliminating trade deficits, and the breakdown of trust and predictability affecting corporate investment decisions. | 6951.T |
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| 2023 Q3 | Mar 10, 2023 | Ariel International Fund | 7.6% | 0.0% | 7270.T, AD.AS, DLG.L, ML.PA, O2D.DE, ROG.SW, V03.SI | Consumer Staples, healthcare, insurance, international, Pharmaceuticals, undervalued, Utilities, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor, franchise-quality companies that are misunderstood and mispriced. The fund focuses on companies trading below their normalized earnings power and intrinsic worth over a three-to-five year horizon. | V03.SI AD.AS ROG.SW O2D.DE 7270.T ML.PA |
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| 2023 Q4 | Jan 31, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930.KS, 105560.KS, 7270.T, AAPL, AD.AS, AMZN, BIDU, DBOEY, FMC, GFNORTEO.MX, GOOGL, META, ML.PA, MSFT, NVDA, TEF2.DE, TSLA, TSM, WIZZ.L | AI, financials, international, semiconductors, technology, undervalued, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund is finding many mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong. | WIZZ.L AIR FP|ICLR|LIN|MRVL|NOW|TSM 005930.KS 105560.KS GFNORTEO.MX FMS.DE DANSKE.CO AD.AS 7270.T BIDU |
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| 2024 Q4 | Jan 28, 2025 | Third Avenue Value Fund | -9.6% | -2.5% | 6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP | Active Share, Autos, Concentration, global, small caps, value | The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals. | 7270.T MBG.DE BMW.DE |
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| 2024 Q4 | Jan 14, 2025 | Smead International Value Fund | -6.2% | 4.7% | 7270.T, BARC.L, BG.VI, BRBY.L, CVE.TO, FRO, G.MI, GLEN.L, IFP.TO, MEG.TO, PNDORA.CO, ROG.SW, SCR.TO, UCG.MI, VOW3.DE, WFG.TO, WHC.AX | Autos, banks, Buybacks, energy, Europe, Japan, value | The letter extensively discusses share buybacks as a key investment strategy, comparing them to Pac-Man gobbling up shares. UniCredit reduced shares outstanding by 19.4% through buybacks, and Japanese companies including Subaru are implementing their first-ever buyback programs. | 7270.T UCG.MI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ariel International Fund | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | currency impact, Electric Vehicles, Japanese Automaker, market share, North America, Raw Materials | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel International Fund | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | Business fundamentals, Electric Vehicle Strategy, EV Roadmap, Japanese Automaker, market share growth, Semiconductor Shortage, US Production Capacity | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel International Fund | Subaru Corporation | Consumer Discretionary | Automobiles | Bull | Tokyo Stock Exchange | cash generation, Currency, EV Roadmap, Japanese Auto, North America, semiconductors, Share Buyback | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel International Fund | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | automotive, Electric Vehicles, Japanese, North America, Production Recovery, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Smead International Value Fund | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | brand loyalty, capital allocation, Crossover SUVs, Free Cash Flow, Japanese Automotive, net cash, Share Buybacks, value opportunity | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Value Fund | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | Affluent Customers, Equity, Japanese Automaker, Mass Market Pricing, Niche Producer, North America Focus, Toyota Partnership, Value Investment | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Global Fund | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | automotive, Electric Vehicles, foreign exchange, fundamentals, Incentives, Japan, market share | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Value Fund | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | All-Wheel Drive, Automobile Manufacturer, brand loyalty, cash flow generation, Electric Vehicle Strategy, Japan, net cash, Toyota Partnership, 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. | ||||||||