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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 7, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | AHELQ, AHT.L, ASB, BLDR, FFBB, NBN, TIGO, TVK.TO, UBAB, VTY.L | Banking, Consolidation, Distribution, Homebuilders, small caps, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Focus on high-velocity dealerships with superior inventory turns in markets around the world. | View | |
| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 4.7% | 10.9% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations | AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | View | |
| 2023 Q3 | Sep 30, 2023 | PM Capital Global Companies Fund | 2.5% | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, ORCL, SHEL, TEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk if practical monetizable end-uses don't materialize quickly. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q2 | Jul 15, 2025 | Mayar Capital | 6.5% | 9.6% | 005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L | antifragility, global, long-term, Quality, Resilience, value | The manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises. | NESN SW |
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| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity | 7.9% | 5.4% | ADI, AHT.L, AMZN, BDX, DLTR, FI, FND, HAS, ICE, J, META, MSFT, MSI, ORCL, PM, SCHW, TMO, UMG.AS, V | Cloud, financials, healthcare, tariffs, technology, value | AI sentiment turned negative in Q1 but quickly positive in Q2, with Information Technology sector accounting for 65% of S&P500 returns. The AI theme continues to drive significant market volatility and performance. | FND ADI TMO FI BDX META MSFT ORCL |
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| 2025 Q2 | Jun 30, 2025 | Oakmark Global Fund | 6.0% | - | 3626.T, ADS.DE, AHT.L, AKZA.AS, ALV.DE, BAYN.DE, BDX, BMW.DE, BNP.PA, BUD, COP, DSV.CO, FI, IQV, KDP, LBRDK, LLOY.L, MOH | financials, global, healthcare, industrials, Logistics, Trade Policy, value | President Trump's Liberation Day announcement led to significant market volatility with companies perceived as more impacted by tariffs falling meaningfully while others held up better. The fund used this volatility to trim positions that performed well and buy companies where the discount to intrinsic value widened significantly. | MOH KDP BNP.PA BMW.DE AHT.L ADS.DE BDX DSV.CO |
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| 2025 Q1 | Jun 2, 2025 | Baumann Capital | - | - | AHT.L, AZE.BR, BNR.DE, DPLM.L, FIX, GET.PA, GOOGL, IMCD.AS, POOL, RWH.L, UNVR, URI, WSO | AI, Distribution, durability, Europe, Specialty Chemicals | Manager discusses AI's transformative impact on investment research and business models. While AI tools like ChatGPT-4o enhance research efficiency, they create challenges for traditional software companies and make survival forecasting more difficult. The manager emphasizes that AI cannot replace primary research and human judgment in investment decisions. | AZE.BR |
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| 2026 Q1 | May 12, 2026 | Optimist Fund | -27.3% | -27.3% | AFRM, AHT.L, CVNA, DASH, DSCV.L, DSV.CO, FA, KVYO, MEDP, MNDY, TDUP, TDY, TOST, UBER, W, ZS | AI, dislocation, E-Commerce, growth, opportunity, technology | TOST CVNA W TDUP |
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| 2024 Q1 | Apr 27, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW | Concentration, financials, long-term, Quality, technology, value | Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper. | View | |
| 2025 Q1 | Apr 22, 2025 | Ironvine Capital Partners | - | 0.1% | ADI, AHT.L, AMAT, APH, ENTG, GOOGL, HEI, HON, ODFL, TSM, UNP, URI | activism, aerospace, AI, Onshoring, semiconductors, tariffs, technology, Trade Policy | The United States enacted tariffs on essentially all global trading partners, with the magnitude and scope surprising markets. The Liberation Day announcement on April 2nd suggests significant structural change to global trade is possible for the first time in decades. Trade negotiations remain volatile, creating uncertainty for businesses and consumers about manufacturing costs and pricing. | AHT.L HON APH |
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| 2024 Q1 | Apr 19, 2024 | Longriver Investment Partners | 13.9% | 13.9% | 2020.HK, 600519.SS, AHT.L, AMZN, BFF.MI, EVO.ST, GAW.L, GOOGL, META, NVR, PDD, TSM, VTY.L | AI, Asia, Capital Allocation, global, growth, Homebuilders, technology, value | Manager discusses AI as heralding profound change through deep learning's ability to find relationships across infinite parameters. AI dramatically lowers the cost of interpreting information and creating new content, opening doors to automating vast ranges of white-collar knowledge work requiring business reorganization. | VTY.L |
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| 2024 Q1 | Apr 15, 2024 | Mayar Capital | 7.7% | 9.6% | 005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO | global, Quality, REITs, technology, value | The fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns. | BLND.L |
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| 2024 Q1 | Apr 15, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 1299.HK, 6326.T, 7532.T, ACN, AHT.L, BN, CCO, MC.PA, MGA, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | aerospace, Asia, Europe, gaming, international, Reinsurance, value | Safran benefited from increased narrow-body air traffic above 2019 levels and aging fleet demand for service. The company's LEAP engines reduce fuel consumption and CO2 emissions, with deliveries increasing 38% in 2023. Airlines are upgrading fleets to be more efficient and environmentally friendly. | MUV2.DE SAF.PA 1299.HK 6758.T |
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| 2025 Q1 | Apr 10, 2025 | Sequoia Fund | 4.4% | 4.4% | AHT.L, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, RR.L, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, mid cap, value | View | ||
| 2025 Q1 | Apr 1, 2025 | Lyrical Asset Management | 1.7% | 1.7% | 6723.T, AHT.L, AMP, BERY, ELIS.PA, ENXTPA.PA, FLEX, JCI, LAD, LEA, RXL.PA, SU | global, international, Quality, Recession, tariffs, value | International stocks have been massive underperformers over the past decade due to valuation expansion in US markets, not fundamentals. The EAFE is trading at less than 14x earnings while the S&P 500 trades 25% above its long-term average multiple. The S&P 500 is about 45% more expensive than EAFE despite equally attractive fundamentals. | View | |
| 2025 Q4 | Mar 13, 2026 | Baumann Capital | - | - | AHT.L, AI.PA, LIN, SOL.MI, WIT.MI | AI, Europe, healthcare, Home Health, Industrial Gases, infrastructure, Quality | SOL Group operates one of Europe's leading industrial gas franchises serving 50k customers across 32 countries, with a network of 39 air-separation units and 50+ filling plants that took almost a century to assemble. The business creates regional oligopolies due to expensive logistics of moving gases, with high switching costs from buried pipelines and bulk tanks installed at customer sites. Vivisol has grown from 140k patients in 2010 to 750k by 2024, representing 13% compound annual growth driven by Europe's aging population and healthcare systems moving chronic care from hospitals to patients' homes. The business provides home respiratory therapy, ventilation support, and infusion treatments with 80% recurring revenues and renewal rates above 95%. The fund focuses on super-durable, quality businesses with sustainable competitive advantages, excellent management with aligned interests, and reasonable entry valuations. The manager emphasizes businesses designed to last like Roman aqueducts, with high barriers to entry and exceptionally resilient business models that can compound for decades. The manager acknowledges AI as a main risk requiring early spotting to avoid losing money, particularly challenging for software investments. The strategy tilts towards businesses unlikely to see their daily unit economics negatively affected by AI over the next decades, favoring infrastructure and business services players over software. | View | |
| 2024 Q4 | Mar 10, 2025 | Turtle Creek Fund Test | -2.7% | - | AHT.L, AMCR, ATS.TO, BERY, BF.A, DFS, DOO.TO, KNSL, MGRC, PFB.TO, URBN, URI, WSC | Buybacks, Deregulation, Financial Services, mid cap, Trade Policy, value | Trump administration expected to be more business friendly with push for deregulation and lower corporate taxes. CFPB under Trump widely expected to be more business friendly and less focused on increasing regulatory burden. Proposed cap on credit card late fees may be dropped under new administration. | WSC KNSL AHT.L DOO.TO BERY BFH |
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| 2024 Q4 | Dec 31, 2024 | Lansdowne Partners European Fund | -1.6% | 7.3% | AHT.L, ASML.AS, CAP.PA, CFR.SW, CPG.L, EL.PA, FER.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NOVO-B.CO, REL.L, RTO.L, SAMPO.HE, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST, WTB.L | concentrated, Europe, industrials, materials, value | The fund holds significant exposure to industrial companies including Compass Group, Leonardo, Schneider Electric, and RELX. These companies are experiencing varying performance driven by operational improvements, cost efficiency programs, and market share gains despite challenging end markets. | ML.PA LIN CAP.PA SIKA.SW LDO.MI EL.PA CPG.L |
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| 2024 Q3 | Dec 15, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT.L, ARW, BLDR, FFBB, LOTTE.KS, NBN, NOA.TO, TIGO, TVK.TO, UBAB, VST.L | Asia, banks, Buybacks, Consolidation, Construction, Distribution, growth, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 51.6% of portfolio. Focus on highest-velocity distributors with strong inventory turns in markets worldwide. Arrow Electronics exemplifies the model with modest earnings growth and aggressive buybacks. | View | |
| 2023 Q3 | Dec 10, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC | China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value | Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity. | SUNP IN AHT.L ANDURIL MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2023 Q3 | Nov 21, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, BUR.L, CRTA.L, ENOV, FFH.TO, IAC, KFS, KKR, KMX, LBRDK, PRX.AS | Concentration, insurance, Long Term, Patience, value | Fairfax Financial demonstrates the benefits of a hard insurance market, with its insurance business now writing almost $30bn in premiums per year and capable of delivering over $3bn in operating profits from insurance, interest, and dividends. The company has systematically harvested investments at significant gains to fund doubling down on its insurance business. | View | |
| 2023 Q3 | Oct 9, 2023 | Longriver Investment Partners | -10.7% | - | AHT.L, AMZN, BRK-B, EVO.ST, FUTU, GAW.L, GOOGL, HDB, NTES, TSM | Asia, gaming, global, Long/Short, semiconductors, technology, value | The gaming industry pendulum has swung from distribution control to content creation excellence. Netease demonstrates superior creative capabilities and IP development compared to Tencent, with successful releases like Eggy Party and Justice Online Mobile featuring AI-powered dialogue. | View | |
| 2025 Q3 | Oct 31, 2025 | Turtle Creek Fund Test | 0.4% | - | AHT.L, ATD.TO, BFH, DOL.TO, DOO.TO, GIL.TO, KNSL, PFB.TO, SCI, SYF, TFII.TO, URI, WSC | Canada, Concentration, growth, mid cap, Quality, value | Portfolio trades at 10.4x earnings, below historical median range of 9x-13x, while S&P 500 trades at elevated 22x earnings in top fifth percentile of 20-year range. Manager emphasizes valuation discipline and relative attractiveness versus broad market multiples. | CTAS KNSL WSC CTAS KNSL WSC |
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| 2025 Q3 | Oct 23, 2025 | Semper Augustus | 3.3% | 19.7% | AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER | AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing | AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers. | NESN SW PM GOOG |
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| 2024 Q3 | Oct 21, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AHT.L, AMZN, ANET, BRK.A, CSU.TO, FND, GOOG, GOOGL, HEI.A, IBP, KMX, MEDP, META, MSFT, NVDA, PGR, SCHW, TSLA | earnings, growth, Quality, US, value | Manager emphasizes owning highest-quality businesses helmed by owner-managers with deeply rooted interest in enterprise success. US corporate America has achieved exceptional returns on equity around 20% and profit margins exceeding 16%, compared to historical norms of 14% ROE and 10% margins. | MEDP |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2025 Q3 | Oct 14, 2025 | Mayar Capital | -0.4% | 9.1% | 005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO | AI, contrarian, Discipline, global, Speculation, technology, value | The manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom. | SOLV US |
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| 2024 Q3 | Oct 10, 2024 | Skybound Wealth Management | 3.5% | 37.8% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | MDT HTHT 1211.HK BABA |
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| 2024 Q4 | Jan 9, 2025 | Mountain Vista Wealth Management | - | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations | AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. | MDT HTHT 1211.HK BABA |
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| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
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| 2024 Q4 | Jan 17, 2025 | Baumann Capital | - | - | AHT.L, AMZN, ATLN.L, BOKA.AS, DEME.BR, FGR.PA, FTI.PA, SAPM.MI, SUBC.PA, URI | Concentration, energy, Equipment Rental, Offshore, Primary Research, Quality, value | Offshore wind installations are projected to grow substantially with global capacity expected to increase several times over by the 2030s. The growing number of wind farm installations and mounting complexity create long-term positives for subsea equipment rental. Floating wind farms require even more maintenance due to heavy winds and essential cables and mooring systems. | View | |
| 2023 Q4 | Jan 15, 2025 | Longriver Investment Partners | 9.3% | 10.0% | 0700.HK, 600519.SS, 9988.HK, AHT.L, AMD, AMZN, BRK-B, EVO.ST, GAW.L, HD, HDB, KNSL, META, NFLX, NTES, PDD, SHOP, SQ, TSM, VTY.L, X | China, efficiency, global, Homebuilders, real estate, technology, value | 2023 was remarkable for how decisively corporate leaders confronted bloat, with Meta's Year of Efficiency as the poster child. Zuckerberg reduced headcount by almost a quarter and operating expenses by fifteen percent, leading to exploding margins. Amazon under Jassy is also focusing on efficiency by reducing headcount, shutting down middling projects, and creating new business models like Amazon 3PL. | VTY.L AHT.L AMZN |
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| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Focused Equity Strategy | 2.1% | 13.2% | 1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO | AI, China, Quality, semiconductors, technology, Trade Policy, value | AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows. | View | |
| 2024 Q4 | Jan 11, 2025 | Alphyn Capital Management | 2.6% | 16.9% | AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS | AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value | AI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 005930.KS, 3064.T, 4578.T, 6758.T, 7532.T, 9433.T, ACN, AHT.L, BN, CCO, DEO, GSK, HEIA.AS, NEM.DE, ROG.SW, RTO.L, SAF.PA, TTE | Asia, Diversified, Europe, international, Quality, value | MonotaRO operates a B2B e-commerce platform selling 20 million items to over 8 million customers, primarily in Japan. The company serves as a one-stop solution with transparent pricing and same-day shipment capabilities. Its unique profile with over 95% of sales online provides customers a distinct value proposition in the fragmented MRO market. | 3064.T DGE.L 9681.T RTO.L BN.TO |
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| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA | AI, Concentration, Quality, small caps, technology, value | AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market. | KMX ERF.PA FIVE |
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| 2023 Q1 | Jun 23, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | AHT.L, CNSL, TIGO, TIM.MI, TVK.TO | Consolidation, Distribution, energy, Korea, special situations, Telecom, value | Portfolio includes car dealerships, branded capital equipment dealerships, convenience stores, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns. Holdings include some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | TVK.TO TIGO AHT.L CNSL 003550.KS |
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| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, ALVO, AMZN, BN, CCOI, EXO.MI, FFH.TO, IAC, KMX, PRX.AS, W | E-Commerce, infrastructure, long-term, Portfolio Rebalancing, real estate, Telecommunications, value | Initiated position in Cogent Communications, led by founder-operator Dave Schaeffer. The company is acquiring Sprint's former wireline business for $1 with $760m in payments from T-Mobile over 4.5 years. This transformational deal opens potential new revenue streams in optical wavelength services, targeting a $2 billion addressable market growing 7% annually. | CCOI |
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| 2025 Q1 | Apr 14, 2025 | FMI All Cap Equity | - | - | AHT.L, ALLE, D05.SI, FCFS, LLOY.L, SW.PA | defense, Europe, financials, tariffs, technology, value, volatility | FMI emphasizes holding portfolios of durable businesses trading at discount valuations with strong cash flow generation. They welcome increased market volatility as it creates opportunities for value investors after a period where momentum dominated and individual security selection was an afterthought. | SW.PA ALLE FCFS |
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| 2025 Q1 | Apr 14, 2025 | FMI International Equity | - | - | AHT.L, ALLE, D05.SI, EDEN.PA, FCFS, LLOY.L, SW.PA | defense, Europe, financials, tariffs, technology, value | FMI emphasizes value investing approach, noting they are encouraged to see value stocks outperforming growth stocks in both the U.S. and abroad in 2025. They take comfort holding portfolios of durable businesses trading at discount valuations. | SW.PA ALLE FCFS |
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| 2025 Q1 | Apr 14, 2025 | FMI Large Cap Equity | - | - | AHT.L, ALLE, D05.SI, EDEN.PA, FCFS, LLOY.L, SW.PA | Banking, defense, Europe, Quality, tariffs, technology, value, volatility | FMI emphasizes value investing approach, holding portfolios of durable businesses trading at discount valuations. They welcome increased market volatility as it creates opportunities for value investors after momentum-driven markets. | SW.PA ALLE FCFS |
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| 2025 Q1 | Apr 14, 2025 | FMI Small Cap Equity | - | - | AHT.L, ALLE, D05.SI, FCFS, LLOY.L, SW.PA | defense, Europe, small cap, tariffs, technology, value, volatility | FMI takes comfort holding portfolios of durable businesses trading at discount valuations with strong cash flow. They welcome increased market volatility as it creates opportunities for value investors after a period where momentum dominated and individual security selection was an afterthought. | SW.PA ALLE FCFS |
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| 2025 Q1 | Mar 31, 2025 | Mayar Capital | 2.9% | 2.9% | 005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO | AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value | Capgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide. | NKE NVO CAP.PA |
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| 2024 Q1 | Mar 31, 2024 | Lansdowne Partners European Fund | 7.0% | 7.0% | AHT.L, ASML, BOL.ST, CAP.PA, CFR.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO.CO, REL.L, RYA.L, SAMPO.HE, SE.PA, SHEL.L, SIK.SW, TELE2-B.ST, UPM.HE | defense, Europe, financials, growth, healthcare, technology, value | European defense spending expected to experience major up-cycle with potential to add over EUR 80bn to regional defense budgets to meet NATO 2% GDP requirement. Leonardo positioned to benefit from increased equipment procurement and electronic content trends. | EL.PA REL.L LDO.MI KBC.BR ASML.AS |
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| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value | Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue. | View | |
| 2024 Q4 | Jan 30, 2025 | Aristotle International Equity Fund | -7.1% | 5.1% | 005930.KS, 3064.T, 7532.T, ACN, AHT.L, BN, CCJ, D05.SI, DSNKY, EBS.VI, ML.PA, NEM.DE, SAF.PA, SONY, SY1.DE | gaming, geopolitics, international, long-term, nuclear, Quality, value | Demand for nuclear energy remained robust driven by AI and clean energy focus. Major tech companies like Amazon, Google and Meta announced nuclear-power agreements. Cameco is uniquely positioned to benefit as industries and governments pursue clean, reliable and scalable energy sources. | DSM.AS AHT.L 6758.T CCO.TO |
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| 2024 Q4 | Jan 24, 2025 | Giverny Capital Asset Management | 0.8% | 21.1% | AHT.L, ALGN, ANET, BRK-A, CACC, CSU.TO, FERG, FI, FIVE, GOOGL, HEI.A, IBP, JPM, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Concentration, growth, mid cap, technology, value | Artificial Intelligence data centers are driving massive investment in networking equipment, with Arista Networks benefiting as the leader in that sector. The market appears to see that AI data centers will require robust investment in networking equipment. | MEDP ALGN KNSL FERG FI IBP AHT MTB |
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| 2024 Q4 | Jan 18, 2025 | Mayar Capital | -10.0% | -1.5% | 005930.KS, AHT.L, BNR.DE, CAP.PA, CFR.SW, EA, FIMK.L, GOOGL, JNJ, JSG.L, LH, NESN.SW, OR.PA, PYPL, SAP, SOLV, UL, UPS, V, VRS.L | Concentration, global, Quality, technology, Valuations, value | Manager emphasizes investing in high-quality businesses trading at significant discounts to intrinsic value. The fund focuses on boring companies with strong fundamentals and attractive long-term growth prospects at reasonable valuations, contrasting with overvalued technology stocks. | AHT.L MSTR NVDA CSCO |
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| 2024 Q4 | Jan 14, 2025 | Mawer International Equity Fund | -1.2% | 14.6% | AAPL, AHT.L, AON, APH, ASM.AS, ASML, AVGO, BAM, CME, CPG.L, CTS.TO, IAG.TO, META, NFLX, NVDA, TSLA, TSM, TVK.TO, V, WKL.AS | AI, financials, global, long-term, Quality, semiconductors, value | Mawer believes they are in the earlier stages of AI deployment and therefore long-term winners and losers are too difficult to predict. They maintain diversified exposure toward companies that benefit from AI use cases as well as those focused on building AI infrastructure. Taiwan Semiconductor Manufacturing Co. performed well on strong AI-driven demand and advanced chip technologies, while Amphenol continued its positive trajectory with AI-related products driving significant growth. | View | |
| 2024 Q4 | Jan 14, 2025 | Cooper Investors Global Equities Fund (Unhedged) | 11.1% | 20.6% | AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V | global, growth, insurance, Sports, Travel, value | BKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business. | RYAN AHT ERF FWONK BKNG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Giverny Capital Asset Management | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | LSE | Bull, construction, Equipment Rental, Industrial, infrastructure, Scale Advantages, semiconductors | View Pitch |
| Apr 28, 2026 | Fund Letters | Cooper Investors Global Equities Fund (Unhedged) | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | LSE | consolidation, Cyclical, Equipment Rental, Equity, Industrials, infrastructure, market share, Reindustrialization, Scale Advantages | View Pitch |
| Apr 28, 2026 | Fund Letters | Longriver Investment Partners | Ashtead | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Capital Cycle, Equipment Rental, high-ROIC, Industrial, secular tailwinds, Share Buybacks, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Bonhoeffer Capital Management | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Clustering Strategy, Equipment Rental, M&A, Operational Leverage, Share Buybacks, specialty equipment, UK, Unit economics | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Fund | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Construction Equipment, Equipment Rental, market share, North America, oligopoly, Reshoring, tariffs, UK, value creation | View Pitch |
| Apr 13, 2026 | Fund Letters | Ironvine Capital Partners | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | LSE | asset-light model, cyclical business, Equipment Rental, Fragmented Industry, market consolidation, network effects, Scale Advantages, UK Listed | View Pitch |
| Apr 13, 2026 | Fund Letters | Mayar Capital | Ashtead Group plc | Capital Goods | Trading Companies & Distributors | Bull | London Stock Exchange | Capital Goods, construction, Equipment Rental, infrastructure, scale, secular growth, Unit economics, US listing | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle International Equity Fund | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | capital allocation, construction, Equipment Rental, HVAC, industry consolidation, market share gains, Scaffolding, Share Buybacks, UK, US Markets | View Pitch |
| Apr 13, 2026 | Fund Letters | Turtle Creek | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | LSE | Construction Equipment, Equipment Rental, index inclusion, North America, Redomiciliation, S&P 500 inclusion, Sunbelt Rentals | View Pitch |
| Nov 6, 2025 | Substack | Wonderstcks | Ashtead Group Plc | Industrials | Rental & Leasing Services | Bull | capital-intensive, Competition, digital platform, economic cycles, Equipment Rental, financial management, infrastructure projects, supply chain constraints, Sustainability, US market expansion | 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. | ||||||||