AJB-L

AJB-L

AJB-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 16, 2025	Liontrust GF Special Situations Fund	3.4%	-	AJB.L, ALPH.L, AZN.L, BNZL.L, BP.L, CRW.L, MAB1.L, RWS.L, SHEL.L, SXS.L	Buybacks, industrials, M&A, small caps, special situations, United Kingdom, value	The fund maintains significant exposure to small and mid-cap companies, which led the market recovery from April lows. Of the 15 small cap and AIM-listed stocks in the portfolio, the average total return in Q2 was 12.6%, significantly outperforming the portfolio average. The fund remains resolute in its conviction that smaller companies retain highly attractive growth compounding potential over the longer term.	RWS.L AZN.L BNZL.L SHEL.L BP.L	View
2025 Q2	Jun 30, 2025	Brown Capital Management International All Company Fund	13.5%	11.7%	AJB.L, AUTO.OL, ICLR, MELI, REA.AX	Automation, E-Commerce, growth, international, marketplaces, technology	The fund focuses on marketplace model companies that provide digital or physical spaces for buyers and sellers to transact. These companies exhibit network effects, defensible market positions, and high profitability with operating margins averaging 25%. The fund owns three marketplace models: REA Group (Australia real estate), MercadoLibre (Latin America e-commerce), and Vend Marketplaces (Nordic classifieds).	VEND.OL AUTO.OL ICLR AJB.L MELI REA.AX	View
2025 Q2	Jun 30, 2025	Castlebay Investments	-	-	AJB.L, CRDA.L, GRG.L, ITRK.L, MSFT, NXT.L, REL.L	Financial Repression, inflation, Quality, switching costs, United Kingdom, value	The fund focuses on quality companies with pricing power that can protect investors in a financial repression age. These businesses exhibit strong switching costs, high returns on equity, stable profit margins, and require less debt to generate superior returns.	AJB.L GRG.L	View
2026 Q1	Apr 8, 2026	Vltava Fund	-	-	AJB.L, BKNG, NVO, RMV.L, URI	AI, Buybacks, Platform, private credit, real estate, Travel, value		RMV.L AJB.L BKNG	View
2025 Q1	Apr 30, 2025	T. Bailey Global Thematic Equity Fund	-0.7%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L	commodities, defense, diversification, Europe, infrastructure, Multi-Asset, tariffs, Trade Policy	President Trump's unpredictable tariff policies unsettled global markets, contributing to heightened volatility and early fears of stagflation. His approach of intermittently announcing tariffs, particularly targeting China and North American trading partners, undermined investor confidence and triggered sharp market swings. The potential 25% tariff on copper imports has driven US copper futures to record highs, as buyers rush to secure supply before the tariffs take effect.		View
2025 Q1	Apr 30, 2025	T. Bailey Multi-Asset Dynamic Fund	2.9%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L	AI, commodities, defense, diversification, Europe, infrastructure, tariffs, Trade Policy	European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity ETF was introduced to access the entire defense value chain and economic impact.		View
2025 Q1	Apr 30, 2025	T. Bailey Multi-Asset Growth Fund	2.2%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, XPS.L	commodities, defense, diversification, Europe, infrastructure, Multi-Asset, Trade Policy, volatility	European defense spending surge driven by policy shifts, US-Ukraine aid deadlock, and NATO pressure to boost military budgets. Germany's €500 billion infrastructure and defense program catalyzing regional confidence and investment opportunities across the defense value chain.		View
2025 Q1	Apr 30, 2025	T. Bailey UK Responsibly Invested Equity Fund	-4.9%	-	AJB.L, AZN, BEZ.L, BTC-USD, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORG.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, TSLA, XPS.L	AI, commodities, defense, diversification, Europe, infrastructure, tariffs, volatility	European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity UCITS ETF was introduced to access the entire defense value chain and economic impact.		View
2025 Q1	Mar 31, 2025	Brown Capital Management International All Company Fund	-1.5%	-1.5%	AFX.DE, AJB.L, COH.AX, GIVN.SW, ICLR, MELI, NVO	E-Commerce, growth, healthcare, international, Pharmaceuticals, technology	MercadoLibre operates the leading e-commerce platform in Latin America with significant barriers to entry through rapid-shipping solutions. The company ships about half of its orders with same-day or next-day arrival to more than 100 million unique buyers. Latin America remains a large market with low e-commerce penetration compared to developed markets.	NVO ICLR AFX.DE MELI AJB.L NZYM-B.CO COH.AX GIVN.SW	View
2025 Q4	Jan 9, 2026	Castlebay Investments	-	-	ADM.L, AJB.L, AZO, BATS.L, CPG.L, DGE.L, GRG.L, NXT.L	brands, Cornered Resource, Quality, regulation, United Kingdom, value	The fund focuses on high-quality companies with superior returns on equity (35% vs market 14%), higher operating profit margins (24% vs market 16%), and strong cash conversion (97%). These quality metrics remain intact despite recent underperformance, with the fund trading at attractive valuations with a 5.5% free cashflow yield versus 4.6% for the market. The fund has become increasingly attractive from a valuation perspective, with a 5.5% free cashflow yield compared to 4.6% for the market. Despite operational outperformance, share price performance has diverged materially from underlying fundamentals, creating compelling value opportunities as quality companies trade at discounted valuations. BAT represents a cornered resource through the intersection of brands, regulation and distribution. Regulatory barriers, licensing regimes and advertising restrictions create extraordinary barriers for new entrants, while incumbents retain rights to distribute, price and innovate within defined boundaries, transforming brand equity into a scarce economic asset. Diageo exemplifies brands crystallizing into cornered resources through production realities competitors cannot accelerate, including long-dated aging inventories and protected geographic distribution areas. Recent demand has softened following Covid-led surge, particularly in South America, requiring cost discipline under new leadership.		View
2025 Q4	Jan 15, 2026	Liontrust GF Special Situations Fund	0.0%	0.0%	AJB.L, COA.L, DGE.L, NXT.L	compounders, Quality, rates, small caps, Uk, value	The Fund focuses on high-quality compounders with superior financial metrics including 16.3% cash flow return on invested capital, 19.7% operating margins, and low leverage. Despite reliable underlying trading performance, these quality stocks have experienced extreme valuation compression, trading at 26% discount to historic averages. Quality companies are trading at significant discounts with weighted average free cash flow yield over 8%, cheaper than the wider UK market despite superior characteristics. The portfolio looks cheaper than any time except the Global Financial Crisis of 2008/2009.	IHP LN AJB LN BIG LN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Castlebay Investments	AJ Bell	Financials	Investment Banking & Brokerage	Bull	London Stock Exchange	Capital-light, Culture, customer retention, Demographics, High returns, Investment-platform, technology, UK, wealth management	View Pitch
Apr 13, 2026	Fund Letters	Brown Capital Management International All Company Fund	AJ Bell	Financials	Investment Banking & Brokerage	Bull	LSE	Equity, financial services, growth, high margins, platform, UK, wealth management	View Pitch
Apr 13, 2026	Fund Letters	Brown Capital Management International All Company Fund	AJ Bell	Financials	Investment Banking & Brokerage	Bull	London Stock Exchange	Dual Channel, high margins, market share, platform, Retirement Assets, ROE, UK, wealth management	View Pitch
Apr 13, 2026	Fund Letters	Brown Capital Management International All Company Fund	AJ Bell plc	Financials	Investment Banking & Brokerage	Bull	London Stock Exchange	asset management, Fintech, growth, Investment-platform, Pensions, UK	View Pitch
Apr 9, 2026	Fund Letters	Vltava Fund	AJ Bell	Asset Management	Investment Banking & Brokerage	Bull	New York Stock Exchange	asset management, digital platform, Fee Based, Fintech, investment management, Scalable, Self directed investing, UK	View Pitch

BSD Shareholders of AJB-L

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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