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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 22, 2025 | Shelton International Select Equity Fund | 13.7% | - | 7751.T, 9766.T, 9962.T, STN.TO | Dollar, Europe, gaming, international, Japan, Outperformance, Trade Policy | The U.S. Dollar Index declined further in Q2, falling an additional 7% during the quarter and finishing down over 10% year-to-date. This provided significant tailwinds for international equity returns when measured in USD terms. The dollar's structural weakening trend appears likely to continue, supported by narrowing growth differentials and Federal Reserve policy accommodation. | 7751.T 9962.T 9766.T STN.TO 9766 JP |
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| 2025 Q2 | Aug 2, 2025 | Tweedy, Browne Worldwide High Dividend | 9.8% | 17.7% | 003550.KS, 086790.KS, 7751.T, 7779.T, AKE.PA, ALT.PA, BAES.L, CVS.L, DGE.L, KEMIRA.HE, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, WFC | Currency, defense, dividends, Europe, Hedging, international, small caps, value | Performance was driven by aerospace & defense companies including BAE Systems, Rheinmetall, and Safran, benefiting from ongoing geopolitical tensions and robust demand for defense spending. These companies contributed positively across all funds amid increased order flow and strong fundamentals. | View | |
| 2025 Q2 | Jul 16, 2025 | Apis Flagship Fund | 23.7% | - | 064350.KS, 103140.KS, 103590.KS, 4403.T, 7513.T, 7751.T, GEO, MGNI | Ad Tech, Asia, defense, gold, infrastructure, Korea, nuclear, Space | Defense remains one of the most structurally supported sectors globally following decades of underinvestment. Defense budgets are expanding meaningfully across regions while next-generation technologies like drones, counter-drone systems, and directed-energy weapons are creating new markets for specialized companies. The fund holds positions in Korean defense names including Poongsan and Hyundai Rotem. | 4403.T MGNI 4406 JP MGNI |
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| 2024 Q1 | Mar 31, 2024 | Orbis International Equity | - | - | 000810.KS, 005930.KS, 012450.KS, 055550.KS, 086790.KS, 105560.KS, 7751.T | Asia, banks, Corporate Governance, Japan, Reform, South Korea, value | Japan has undergone remarkable transformation with corporate governance reforms, stewardship codes, and improved capital allocation. Japanese companies now have formal ROE targets and face activist pressure. Japan accounts for roughly a quarter of the strategy's outperformance over the past decade. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Shelton International Select Equity Fund | Canon Inc | Technology | Technology Hardware, Storage & Peripherals | Bear | Tokyo Stock Exchange | Equity, Imaging Equipment, Japan, Optical Products, Share Buyback, technology hardware, 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. | ||||||||