ACWI

ACWI

ACWI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 27, 2025	Quercus Fund	-	-	0142.HK, 2233.HK, ACWI, ICBP.JK, SPY	Africa, AI, Bonds, catalysts, Cement, China, value	Manager emphasizes finding extremely undervalued securities and waiting for re-rating. Cites Walter Schloss philosophy of buying low enough that something good may happen. Focuses on securities trading at significant discounts to intrinsic value.	3369 HK	View
2024 Q1	Jun 7, 2024	Quercus Fund	0.0%	35.3%	ACWI, BAK, LYB, OTIS, SPY	China, Cyclical, Patience, Services, undervalued, value	Otis China's elevator maintenance portfolio has grown from 210k to 400k units, representing over 50% of Otis' global portfolio growth. With decades-long modernization needs for elevators installed 15+ years ago, the portfolio is expected to continue growing at double-digit rates as China transitions to a more mature, service-focused market.	002110.SZ 1826.HK	View
2025 Q1	May 24, 2025	Quercus Fund	-	6.5%	ACWI, FPP.L, OTIS, SPY, UMG.AS	Asia, Banking, dividends, emerging markets, Petrochemicals, Resilience, value	Portfolio has always been curated with resilience in mind, aiming to withstand most macro developments. Manager believes they continue to be in the resiliency spectrum despite potential impacts from paradigm shifts like tariff changes.	HSBK.L	View
2024 Q4	Feb 6, 2025	Quercus Fund	-	35.8%	0700.HK, ACWI, SPY, UMG.AS	Concentration, Conglomerates, global, Media, Spin-Offs, value	Detailed discussion of Vivendi's split into four independent listed entities including Universal Music Group, Canal+, Havas, and Louis Hachette Group. The manager notes that despite expectations for re-rating post-split, the newly listed companies are trading at lower levels than before the spin-offs.		View
2024 Q3	Oct 22, 2024	Quercus Fund	0.0%	35.3%	0142.HK, 0743.HK, ACWI, SPY	China, Concentration, dividends, Hong Kong, Patience, value	Manager emphasizes buying stocks trading at significant discounts to intrinsic value, with portfolio estimated at 4x market prices. Describes positions as wildly mispriced with high opportunity cost for new ideas. Focus on getting more for less through patient value realization.		View
2025 Q4	Jan 23, 2026	Grey Owl Capital	2.4%	0.0%	ACWI, GLD, GSG, IWM, MAGS, SPY, TLT	commodities, Cyclical, diversification, gold, growth, inflation, risk management, small caps	Small-capitalization equities are significantly outperforming, up 7.6% year-to-date through January 23, 2026, as market leadership expands beyond mega-cap technology. The manager has increased exposure to US small-cap equities, believing conditions now favor cyclical outperformance and broadening equity participation. Commodities are outperforming with 7.4% year-to-date gains through January 23, 2026, supported by accelerating economic growth. The portfolio has added to commodities exposure as part of positioning for meaningful economic growth and cyclical outperformance. Gold delivered exceptional performance with 63.7% gains for full year 2025 and continued strength with 11.5% gains in Q4 2025. The manager has expanded precious metals exposure as part of the all-season framework positioning. Economic growth is accelerating according to Hedgeye's real GDP projection model, gaining significant momentum in Q1 and continuing through much of Q2 2026. This growth acceleration historically supports risk assets, particularly cyclical equities and commodities.		View
2024 Q2	Jul 29, 2024	Grey Owl Capital	3.4%	8.6%	ACWI, GLD, GSG, SPY, TLT	All-Season, gold, India, inflation, Multi-Asset, PMI, volatility	Gold was the best performing primary asset class in Q2 2024, up 7.6%. The forward-gold price continues to point toward increasing inflation over the longer term, suggesting gold's monetary component remains attractive as an inflation hedge.		View
2024 Q4	Jan 24, 2025	Grey Owl Capital	-1.6%	6.7%	ACWI, GLD, GSG, SPY, TLT	commodities, Dollar, growth, inflation, rates, volatility	Manager expects inflation to reaccelerate through first half of 2025, moving from stagflation to quasi-stagflation. 5-Year Breakeven rates point higher though the early fall spike has receded, and monthly inflation nowcast forecasts continued higher consumer price inflation through January.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Vulcan Value Partners - All Cap	Curtiss-Wright Corp.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, Defense, Equity, geopolitical, Mission-Critical, Nuclear, Sole Source, Submarines, Technical Expertise	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Focus	Curtiss-Wright Corp.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, Defense, Defense spending, geopolitical risk, Industrial, Mission-Critical, Niche markets, Nuclear Submarines, Sole Source, Technical Expertise	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Focus Plus	Curtiss-Wright Corp.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, Aircraft Carriers, Defense, Defense spending, geopolitical risk, Mission-Critical, Niche markets, Nuclear Submarines, Sole Source, Technical Expertise	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Large Cap	Curtiss-Wright Corp.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, Defense, geopolitical, Mission-Critical, Niche markets, Nuclear Submarines, Shipbuilding, Sole Source, Technical Expertise	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Small Cap	Curtiss-Wright Corp.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, Aircraft Carriers, Defense, Defense spending, geopolitical risk, Mission-Critical, Niche markets, Nuclear Submarines, Sole Source, Technical Expertise	View Pitch

BSD Shareholders of ACWI

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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