AC-PA

AC-PA

AC-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Longleaf Partners International Fund	14.9%	15.7%	035420.KS, 4480.T, AC.PA, CANAL.L, ENT.L, ERF.PA, EXO.MI, GLB, HDB, JFC.PS, MLCO, PFD.L, PHG, PRX.AS, TWE.AX	Asia, Buybacks, China, Europe, tariffs, turnaround, undervaluation, value	Melco Resorts delivered strong Q1 results in Macau, gaining market share from 14.7% to 15.7% despite new supply competition. The company re-launched its popular House of Dancing Water show and bought back $165 million worth of shares despite high leverage, with CEO calling current prices a once in a lifetime opportunity.	6045 JP TWE AU PHG 035420 KS ENT LN MLCO CAN LN GLB ID	View
2024 Q1	May 7, 2024	Longleaf Partners International Fund	11.2%	10.4%	035420.KS, AC.PA, CFR.L, CUERVO.MX, ERF.PA, EXO.MI, GLB, GMAB.MX, HDB, LXS.DE, PFD.L, PRX.AS	Asia, Banking, Chemicals, consumer, Europe, Hotels, value	Accor demonstrated strong operational performance as the hotel industry shifts towards the biggest and most recognized brands globally. The company is well positioned geographically as the market leader in Asia, Latin America, and the Middle East, all structural growth travel markets with strong post-Covid recoveries.	LXS.DE 035420.KS HDFCBANK.NS CUERVO.MX AC.PA GLB.L	View
2025 Q1	Apr 12, 2025	Longleaf Partners International Fund	0.7%	0.7%	1910.HK, AC.PA, CFR.SW, CUERVO.MX, DPZ.L, ERF.PA, GLB, GRUMA.MX, HDFCBANK.NS, HTHT, JFC.PS, LXS.DE, MILC.ST, PFD.L, PRN.L, TCEHY	AI, defense, Europe, geopolitics, international, SMID Cap, tariffs, value	US President Trump announced reciprocal tariffs under the International Emergency Economic Powers Act, with baseline 10% tariffs on all countries and higher rates for specific nations including 34% for China and 20% for the EU. This represents a simultaneous trade war against all key economies globally and has caused sharp selloffs in equity markets. The fund has consciously repositioned to more domestically focused names to avoid geopolitical risks.	1910.HK JFC.PS CUERVO.MX GLB.L CFR.SW LXS.DE PRX TIGO	View
2024 Q4	Dec 31, 2024	Oakmark International Fund	-8.5%	-4.6%	105560.KS, AC.PA, AIR.PA, BAYN.DE, FME.DE, GLEN.L, KER.PA	aerospace, Banking, Europe, international, Luxury, Restructuring, value	Luxury goods businesses continue to be negatively impacted by weak demand in China with poor top-line trends. However, Kering is making progress improving the product offering within its core Gucci brand. Looking out two to three years, margins have potential to be meaningfully higher than current levels.	105560.KS BAYN.DE AIR.PA	View
2024 Q4	Dec 31, 2024	Third Avenue Real Estate Value Fund	0.4%	14.1%	1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY	Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value	Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements.	AC.PA BYG.L BKG.L	View
2023 Q3	Dec 10, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L	Buybacks, China, Europe, international, Luxury, value	Luxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact.	DHER.DE KER.PA CFR.SW GLB.L DPG.L	View
2025 Q3	Oct 21, 2025	Third Avenue Real Estate Value Fund	6.7%	-	AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY	Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value	Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average.	UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS	View
2024 Q3	Oct 16, 2024	Longleaf Partners International Fund	11.2%	10.4%	0700.HK, 1726.HK, 6498.T, AC.PA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TCOM, TIGO, UBER	China, Concentration, Food, international, value, volatility	Chinese government introduced fiscal and monetary measures to support property sector and equity markets, exceeding market expectations. Beijing stepped in with counter-cyclical policy measures as 5% GDP growth target came under pressure. Companies in the region are beginning to re-rate as coiled springs with renewed market optimism.		View
2024 Q3	Sep 30, 2024	Artisan International Fund	5.9%	14.6%	4091.T, 4541.T, 7182.T, 8308.T, 8316.T, AC.PA, AER, AI.PA, AMZN, ARGX, AZN, ENGI.PA, HEIA.AS, LIN, MRO.L, NG.L, RI.PA, UCB.BR, WIZZ.L	Banking, Energy Transition, Europe, healthcare, industrials, international, Japan	The fund purchased National Grid and Engie, both companies leading the energy transition. National Grid announced a £60 billion investment over five years to upgrade, expand, digitize and decarbonize the electric grid. Engie designs, builds and operates low-carbon power plants and uses AI to deliver power to customers more efficiently.		View
2024 Q3	Sep 30, 2024	Hotchkis & Wiley Global Value Fund	5.6%	12.8%	005930.KS, AC.PA, CVS, ELV, ERIC, FFIV, GOOGL, MDT, QAN.AX, SIE.DE, WDAY, WLN.PA, WPP	energy, financials, global, semiconductors, technology, Utilities, value	The fund focuses on identifying undervalued assets with durable balance sheets, sustainable returns on equity, stable free cash flow, and attractive valuations relative to expected earnings. The strategy centers on effective risk management and seeking better risk-adjusted returns.	GOOGL WLN.PA 005930.KS QAN.AX ERIC FFIV	View
2024 Q2	Jul 23, 2024	Longleaf Partners International Fund	11.2%	10.4%	AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM	Concentration, Elections, fundamentals, international, Quality, value	The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach.	DHER ERF CUERVO PRX HDB TIGO	View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD	Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value	The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level.	DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST	View
2023 Q2	Jul 19, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO	Asia, Buybacks, China, concentrated, Europe, international, value	Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value.	4613.T 1999.HK LXS.DE AC.PA APPS.MC	View
2023 Q1	Apr 20, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG	concentrated, discount, global, industrials, Logistics, Media, value	Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value.	LUMN MGM FDX TIGO 0GEG LN NWBD.L	View
2023 Q1	Apr 20, 2023	Longleaf Partners International Fund	11.2%	10.4%	0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO	Asia, China, concentrated, Europe, international, Luxury, Travel, value	China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly.	KER.PA CFR.SW AC.PA TIGO	View
2023 Q4	Jan 17, 2024	Longleaf Partners International Fund	11.2%	10.4%	035420.KS, 1999.HK, 4612.T, AC.PA, BABA, CFR.SW, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB, GMAB, MLCO, PFD.L, PRX.AS, WHG	Asia, Buybacks, Casinos, China, Europe, Food, Hotels, value	Portfolio focused on high-quality businesses trading at single-digit normalized FCF multiples with strong pricing power. Management emphasizes P/V ratios in high-60s% and disciplined approach to buying discounted companies with margin of safety.		View
2024 Q4	Jan 16, 2025	Longleaf Partners International Fund	-11.2%	-2.0%	035420.KS, AC.PA, CUERVO.MX, DHER.DE, DOM.L, ERF.PA, EXO.MI, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TIGO, VIV.PA	Asia, Europe, Food, international, Media, Travel, undervalued, value	Fund emphasizes investing in high-quality companies at heavily discounted valuations. Portfolio companies remain materially undervalued with P/V ratio in high-60s%, offering both downside protection and attractive prospective returns. Market inefficiencies create opportunities to invest in exceptional companies at deeply discounted prices.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG	Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value	Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Longleaf Partners International Fund	Accor	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	Euronext Paris	Asia, cost savings, Europe, franchise, hospitality, Hotels, Latin America, Luxury, post-COVID recovery, restructuring, RevPAR	View Pitch
Apr 27, 2026	Fund Letters	Longleaf Partners International Fund	Accor S.A.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	Euronext Paris	asset monetization, business separation, france, franchise model, hospitality, Hotels, undervalued, value creation	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners International Fund	Accor	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	Euronext Paris	brand portfolio, Emerging markets, Geographic Diversification, hospitality, Hotels, investment grade, post-COVID recovery, Share Buybacks	View Pitch
Apr 13, 2026	Fund Letters	Third Avenue Real Estate Value Fund	Accor SA	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	Euronext Paris	asset-light, capital allocation, Europe, franchise, Global Hospitality, Hotel Management, transformation, Value	View Pitch
Apr 13, 2026	Fund Letters	Third Avenue Real Estate Value Fund	Accor SA	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	Euronext Paris	asset-light, Europe, franchise, Hospitality Platform, Hotel Management, Luxury Brands, transformation, Value	View Pitch

BSD Shareholders of AC-PA

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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
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