AD-AS

AD-AS

AD-AS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 6, 2023	Citadel Value Fund	-	-	005930.KS, 6208.T, 7248.T, AD.AS, AEO, BKNG, CON.DE, LIGHT.AS, NOV, SOL.MI, STLA, UHR.SW, VLGEA, VTSC.DE	Automotive, Europe, Fundamental Analysis, Industrial, small caps, value	Fund focuses on fundamental company analysis to estimate intrinsic value and achieve margin-of-safety by paying much less than intrinsic value. Portfolio trading at 44% discount to estimated intrinsic value with weighted free cash flow yield of 8%.	STLA LIGHT.AS APA\|C\|FFIV\|KHC\|NOV\|UNH VTSC.DE SOL.MI	View
2023 Q4	Dec 21, 2023	Citadel Value Fund	-	-	005930.KS, 6201.T, 7932.T, AD.AS, AEO, BKNG, CON.DE, DEW.L, LIGHT.AS, MPAC.L, NOV, SOL.MI, STLA, TGS.OL, UHR.SW, VLGEA, VTSCY, ZWACK.BD	Automotive, Europe, semiconductors, small caps, technology, value	Fund emphasizes fundamental value investing approach with focus on margin of safety and intrinsic value estimation. Portfolio trading at 36% discount to estimated intrinsic value with 7% free cash flow yield. Manager discusses risk as permanent capital loss rather than volatility.	005930.KS	View
2024 Q4	Jan 28, 2025	Citadel Value Fund	-	-	005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA	Automotive, Industrial, Luxury, semiconductors, small caps, technology, value	The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit.	STLA BC KER.PA JOST.DE	View
2024 Q3	Sep 30, 2024	Ariel Global Fund	6.9%	0.0%	005930.KS, 7270.T, AD.AS, CHKP, CMA, DANSKE.CO, DLG.L, JD, PUB.PA, SNY, STLA, TFC, TSCO.L, USB, WAL	Automotive, Banking, China, cybersecurity, global, Pharmaceuticals, Stimulus, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund believes growth stocks are trading at elevated valuations, whereas value stocks remain cheap. They strongly believe reasonably priced, higher quality companies offering sustainable, profitable growth and robust balance sheets will be the drivers of future outperformance.	WAL TSCDY PUB.PA CMA STLA 7270.T 005930.KS SNY CHKP JD	View
2024 Q3	Sep 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 3132.T, 8002.T, 8591.T, 9433.T, AD.AS, ANTO.L, BARN.SW, BPOP, BWY.L, CTC.TO, DTE.DE, GNC.L, HNR1.DE, LIN, LOOM.ST, LUN.TO, MEOH, MUV2.DE, NXT.L, YAR.OL	cyclicals, financials, international, rates, semiconductors, value	Interest rates finally peaked with most central banks globally initiating easing cycles. The manager expects rates to remain higher than previous cycles at neutral levels of 1.2% to 1.4%. This normalized rate environment should benefit value stocks and global economic recovery.		View
2023 Q3	Mar 10, 2023	Ariel International Fund	7.6%	0.0%	7270.T, AD.AS, DLG.L, ML.PA, O2D.DE, ROG.SW, V03.SI	Consumer Staples, healthcare, insurance, international, Pharmaceuticals, undervalued, Utilities, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor, franchise-quality companies that are misunderstood and mispriced. The fund focuses on companies trading below their normalized earnings power and intrinsic worth over a three-to-five year horizon.	V03.SI AD.AS ROG.SW O2D.DE 7270.T ML.PA	View
2023 Q4	Jan 31, 2024	Ariel International Fund	7.6%	0.0%	005930.KS, 105560.KS, 7270.T, AAPL, AD.AS, AMZN, BIDU, DBOEY, FMC, GFNORTEO.MX, GOOGL, META, ML.PA, MSFT, NVDA, TEF2.DE, TSLA, TSM, WIZZ.L	AI, financials, international, semiconductors, technology, undervalued, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund is finding many mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong.	WIZZ.L AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM 005930.KS 105560.KS GFNORTEO.MX FMS.DE DANSKE.CO AD.AS 7270.T BIDU	View
2023 Q4	Jan 18, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL	AI, Banking, financials, global, interest rates, value	Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns.		View
2023 Q4	Jan 18, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 2338.HK, 6758.T, 7267.T, 8001.T, AD.AS, AMC.L, ANTO.L, BPOP, BWY.L, DG.PA, DTG.DE, ENI.MI, FTK.DE, HNR1.DE, IPS.PA, JAZZ, KGX.DE, LUN.TO, MEOH, MUV2.DE, NVS, NXT.L, PUB.PA, SDZ.SW, SKF-B.ST, SKG.L, TEP.PA, TW.L, YAR.OL	AI, consumer discretionary, industrials, international, rates, value	Manager emphasizes purchasing cash-flow generative companies at excellent values, noting that more appropriately priced cost of capital is particularly beneficial for value stocks. The gale force headwind of growth over value stocks for the past decade is shifting, especially in international markets.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Ariel International Fund	Koninklijke Ahold Delhaize NV	Consumer Staples	Food Retail	Bull	Euronext Amsterdam	Dutch Grocer, e-commerce, Food inflation, Food Retail, market share, Online Platform, Share Buyback	View Pitch
Apr 28, 2026	Fund Letters	Ariel International Fund	Koninklijke Ahold Delhaize N.V.	Consumer Staples	Food Retail	Bull	Euronext Amsterdam	Dutch Grocer, e-commerce, Food inflation, Food Retail, market share, Online Channel, Solid Balance Sheet, Stable Business Model	View Pitch

BSD Shareholders of AD-AS

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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