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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Polaris Global Equity | 8.4% | 12.8% | 000270.KS, 000660.KS, 005930.KS, 055550.KS, 066570.KS, 8002.T, 8306.T, ABBV, ALSN, BARN.SW, BKT.MC, CAP.PA, COF, CTC.TO, DG.PA, ELE.MC, ELV, GNC.L, IAG.L, IETB.BR, JAZZ, JDEP.AS, JPM, LKQ, LTM, LUN.TO, MKSI, NXT.L, OTEX, SNY, TSN, UNH, YAR.OL | Airlines, diversification, Europe, financials, global, semiconductors, Trade, value | SK Hynix led portfolio performance capitalizing on leadership in high-bandwidth memory chips and disciplined DRAM supply with record-breaking first-quarter results. Samsung Electronics also benefited from DRAM price strength and HBM3E supply to non-Nvidia customers. The sector showed strong fundamentals supported by AI and advanced packaging demand. | UNH GNC LN 000660 KS 8002 JP |
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| 2025 Q2 | Jul 22, 2025 | Polaris International Equity | 12.4% | 18.8% | 000270.KS, 000660.KS, 005930.KS, 055550.KS, 2724.TW, 8002.T, 8306.T, BARN.SW, BKT.MC, BPOP, CAP.PA, CTC.TO, DG.PA, ELE.MC, GNC.L, IAG.L, JAZZ, JDEP.AS, LTM, LUN.TO, MEOH, NOMD.L, NXT.L, SMWT, SNY, YAR.OL | Asia, Europe, Geopolitical, international, semiconductors, South Korea, Trade Policy, Travel | International airlines and travel services are capitalizing on the travel trend away from the U.S. Airlines like International Consolidated Airlines Group and LATAM Airlines posted strong results driven by robust demand and cost management. Airport traffic in Europe has recovered to above 95% of 2019 levels. | GNC LN 000660 KS 8002 JP |
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| 2025 Q2 | Jun 30, 2025 | Thornburg International Equity Fund | 10.8% | 21.8% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | China, Europe, international, Japan, rates, semiconductors, Trade Policy, value | Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty. | View | |
| 2023 Q2 | Jun 30, 2023 | Orbis Global Equity | - | - | 1605.T, 8053.T, 8058.T, 8306.T, 8316.T | Banking, Buybacks, dividends, energy, Japan, value | Japan represents 13% of the portfolio and offers compelling opportunities despite historical poor passive returns. The manager emphasizes Japan's improving corporate governance, structural reforms, and attractive valuations compared to other developed markets. Recent Tokyo Stock Exchange initiatives requiring companies with PBR below 1.0 to explain improvement plans have accelerated positive changes. | 1605.T 8306.T 8316.T |
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| 2025 Q1 | Mar 31, 2025 | Thornburg International Equity Fund | 9.9% | 9.9% | 0027.HK, 6098.T, 6146.T, 6501.T, 8306.T, BNP.PA, CP, EOAN.DE, LIN, NN.AS, NVDA, ORA.PA, RHM.DE, ROG.SW, SAF.PA, SONY, TSM, TTE | active, international, Opportunities, positioning, tariffs, volatility | The manager views volatility as a powerful ally for long-term investors, creating windows of opportunity during market turbulence. They have been actively capitalizing on select opportunities during recent market swings, emphasizing that volatility is not inherently negative but rather creates periods when patience and discipline can lead to positive outcomes. | View | |
| 2025 Q3 | Oct 19, 2025 | Artisan International Fund | 5.0% | 34.0% | 015760.KS, 0700.HK, 300750.SZ, 8306.T, 9988.HK, ABI.BR, AI.PA, AMZN, ARGX, BATS.L, BN.PA, BNP.PA, DB1.DE, DTEGY, LLOY.L, LSE.L, NG.L, REL.L, TSCO.L, UBS | Asia, defense, Electrification, Europe, financials, healthcare, international, technology | Government spending on defense will continue to grow systematically over the next decade as NATO countries have committed to spend 5% of their GDP over that time frame. Companies that offer high-quality defense systems and related components at attractive prices will inevitably grow their business. Several holdings within this theme are seeing their order books building over several years. | 3750 HK 012450 KS UBSG SW UCB BB |
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| 2025 Q3 | Oct 16, 2025 | Polaris Global Equity | 5.0% | 18.5% | 000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS | AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations | The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts. | View | |
| 2025 Q3 | Oct 16, 2025 | Polaris International Equity | 4.8% | 24.5% | 000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, BPOP, CAP.PA, DPW.DE, DTG.DE, IAG.L, JAZZ, LUN.TO, MEOH, MG, MNDI.L, PUB.PA, TEP.PA, VIPS | AI, Energy Transition, Europe, financials, international, Japan, semiconductors, Trade Policy | AI enthusiasm drove market gains with concentration in mega-cap tech stocks. Samsung and SK Hynix benefited from HBM memory progress and AI chip demand. The manager notes frothy AI valuations and warns of potential correction if the AI boom busts. | View | |
| 2025 Q3 | Oct 10, 2025 | Thornburg International Equity Fund | 5.5% | 28.5% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | Bottom-up, Diversified, fundamentals, international, value | Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter. | View | |
| 2025 Q4 | Jan 30, 2026 | Motiwala Capital | - | 31.7% | 4832.T, 6201.T, 6489.T, 7203.T, 8001.T, 8002.T, 8031.T, 8053.T, 8306.T, 8593.T, 9658.T, 9687.T | Buybacks, Corporate Governance, dividends, Japan, technology, Trading Houses, value | Japan offers tremendous value opportunities with one-third of companies trading below book value. Corporate governance reforms, record shareholder returns, and structural changes like unwinding cross-holdings are unlocking value. The investment opportunity is in early innings and could last several years. Japanese companies paid record dividends of ¥18 trillion for fiscal year ending March 2025, a 13.8% year-over-year increase. Many major firms have adopted progressive dividend policies guaranteeing dividends will never be cut, only maintained or increased. Share repurchases in 2024 and 2025 hit consecutive records as companies raced to meet Tokyo Stock Exchange capital efficiency mandates. Buybacks were a primary driver of the market's 20% climb in the first half of FY2025. Approximately 33-44% of companies on Tokyo Stock Exchange still trade below book value, compared to only 3-5% in the US. The portfolio focuses on profitable companies with attractive valuations, net cash positions, and growing dividends. | 4832 JP 9658 JP 4746 JP |
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| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
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| 2025 Q4 | Jan 15, 2026 | East Capital | 0.0% | 0.0% | 000660.KS, 005930.KS, 8306.T, NVDA | AI, China, emerging markets, frontier markets, Korea, Memory, Outperformance, Valuations | China's Deep Seek moment demonstrated competitive AI capabilities potentially more cost-efficient than US hyperscalers. Chinese technological prowess remains underappreciated in AI, driving memory demand from data centers that vastly outstrips supply. This theme expected to be primary catalyst for Chinese and emerging market returns for many years. Memory stocks Samsung and SK Hynix returned 130% and 278% respectively, driven by AI data center demand vastly outstripping supply. SK Hynix expected to increase server DRAM prices 60-70% quarter-on-quarter in Q1 2026, driving earnings upgrades while stocks remain attractively valued at 8.4x P/E versus Nvidia's 21.4x. Emerging markets returned 34% for 2025, outperforming S&P 500 by 16.5% - strongest relative performance since 2008. Driven by weakening USD, concerns about US over-concentration, and strong country-specific drivers. Markets offer higher earnings growth and lower valuations with 18% EPS growth and 0.8x PEG ratio versus S&P 500's 16% and 1.5x. Frontier markets returned 47% in 2025, delivering attractive risk-adjusted returns supported by low correlations across diverse universe of 20 markets. Expected 4-4.5% structural growth supported by large young populations and reform momentum, with easing monetary conditions supporting domestic investment and consumption. | 000660 KS |
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| 2025 Q4 | Jan 11, 2026 | Thornburg International Equity Fund | 4.5% | 34.2% | 005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE | China, Europe, fundamentals, international, Japan, value | Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union. Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism during the fourth quarter. The U.S. Federal Reserve cut its target rate 25 basis points in December. The Bank of Japan lifted its rate a quarter point while the ECB stood pat, creating rate differentials that played out in currency markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Prosper Global Macro | 1.0% | 1.0% | 6501.T, 8306.T, ADBE, AM.PA, ANF, BN.PA, C, CBZ.DE, DHI, FNV, GOOGL, IAG.L, KGC, KOG.OL, LLY, NFLX, ROG.SW, RR.L | defense, gold, inflation, Multi-Asset, tariffs, TIPS, Trade Policy | Trump's tariffs of 25% on imports from Mexico and Canada, plus hikes on Chinese goods, triggered fears of trade war, recession, and stagflation. The manager views these tariffs as a strategy to create leverage for better trade balances, expecting volatility but anticipating rollback on many tariffs during April following concessions. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1810.HK, 4507.T, 4519.T, 6301.T, 6383.T, 8306.T, ADYEY, ALFVY, ATD, ATLKY, BAC, BBVA, BHP, D05.SI, DASTY, ENNEF, FMX, IFX.DE, KRYAY, LOGI, MFC, NZYMF, OR.PA, PNGAY, RIO, SAP, SBGSY, SYSMF, TSM | emerging markets, Europe, financials, growth, industrials, international, Quality, technology | The manager emphasizes their focus on high-quality companies that provide stability against market turbulence. They seek quality combined with high growth, noting that quality companies often generate higher risk-adjusted returns due to more predictable profitability and earnings growth. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Orbis Global Equity | Mitsubishi UFJ Financial Group | Financials | Banks | Bull | Tokyo Stock Exchange | capital allocation, Corporate Governance, cross-holdings, dividend policy, financial services, Japan, Megabank, Share Buybacks | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The Value Pendulum | Mitsubishi UFJ Financial Group, Inc. | Financials | Banks - Diversified | Bull | TSE | — | 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. | ||||||||