AC-TO

AC-TO

AC-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Jemekk Hedge Fund	5.5%	15.8%	AC.TO, AEM, AMZN, ATD.TO, BTG, CRM, EFN.TO, FFH.TO, FNV, GDXJ, GS, MEG.TO, SSL.TO, V, WMT, ZZZ.TO	Canada, financials, gold, Hedging, materials, rates, Resilience	The Gold and Silver theme has begun to play out after years of unsuccessful positioning. A weaker USD, inflationary fears, flow of funds, and rising demand from both Central Banks and retail have pushed prices to all-time highs, significantly rewarding participants.		View
2025 Q3	Sep 30, 2025	City Different Investments – Global Equity	13.3%	31.9%	0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L	AI, Asia, Discounts, gold, Holding Companies, value	Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with exceptional profit margins due to low production costs of $1560.		View
2025 Q3	Sep 30, 2025	Oldfield Partners Overstone World All Cap Equity Fund	6.7%	29.1%	0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L	AI, Asia, Conglomerates, gold, Holding Companies, value	Central banks now hold more gold than US Treasuries for the first time since 1996, with gold accounting for 25% of reserves and touching $4000. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins.		View
2025 Q1	Apr 1, 2025	Guinness Global Innovators	-6.5%	-6.5%	0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L	AI, Asia, Discounts, gold, Mining, technology, value	Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, indicating a significant shift in reserve allocation preferences.	AC.PS 005930.KS Gold	View
2023 Q4	Dec 31, 2023	Platinum Asia Fund	-2.3%	-1.1%	000660.KS, 005930.KS, 0700.HK, 1109.HK, 2269.HK, AC.TO, INTC, JD, TSM	AI, Asia, China, Elections, Recovery, semiconductors, technology	After a tough period, prospects for the semiconductor sector appear bright as recovering demand for smartphone and PC chips coincides with soaring demand for high-end chips needed by AI-focused technologies. Memory chip makers Samsung and SK Hynix benefit from production cuts and stabilizing pricing, while TSMC profits from both cyclical recovery and structural AI tailwinds.		View
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	View
2024 Q3	Oct 17, 2024	RVK	-	-	0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L	AI, Asia, Conglomerates, gold, semiconductors, value	Gold price touching $4000 reflects market unease, with central banks now holding more gold than US Treasuries for the first time since 1996. Gold accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins.	AC.PS 005930.KS Gold AC.PS 005930.KS	View
2025 Q4	Jan 11, 2026	Oldfield Partners Overstone World All Cap Equity Fund	12.5%	45.2%	005930.KS, AC.TO, FFH.TO, Gold, J36.SI, LLOY.L, MT	AI, Asia, Conglomerates, diversification, global, gold, Steel, value	The fund focuses on traditional companies trading at attractive valuations while markets have been distracted by AI and tech excitement. Average price-earnings ratio of holdings is less than twelve and average price-book value is well under one, representing opportunities among essentially sound businesses at moderate valuations. Despite being the year of AI, it has been highly successful for this value manager. The fund has AI exposure through companies in the SK group, Samsung, and Curiosity Stream, with Samsung and SK being major contributors to performance in 2025. Barrick Mining has been the outstanding contributor to fund performance. At the current level of the gold price, it remains highly attractive as an investment opportunity. ArcelorMittal, the European and Indian steel company, has been a major contributor to the fund's performance in 2025 and continues to be held in the portfolio.		View
2024 Q4	Jan 1, 2025	Stewart Investors	-	-	0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L	AI, Asia, Conglomerates, gold, Holding Companies, Philippines, semiconductors, value	Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, driving strong performance in gold miners like Barrick.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of AC-TO

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
No investor data available.

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