AKER-OL

AKER-OL

AKER-OL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	AVI Global Trust	-	9.8%	3639.T, AKER.OL, APO, BN, CDI.PA, DIE.BR, FMX, GODI.NS, GROW.L, IAC, KKR, OCI.L, PEY.L, PIN.L, SCHB.OL, SYIP.L	Alternative Assets, Capital markets, discount, global, NAV, value	The fund focuses on companies trading at discounts to estimated underlying net asset value. Performance has been driven by stock selection with high conviction holdings like Apollo, KKR, FEMSA and Schibsted performing better on average.	SCHB.OL	View
2023 Q2	Jun 30, 2023	AVI Global Trust	-	6.5%	AKER.OL, ANGI, APO, BN, FMX, IAC, KKR, MGM, PSH.L, SCBFF	banks, discount, Holding Companies, Japan, Media, NAV, value	AVI focuses on companies trading at discounts to estimated underlying net asset value. The fund targets holding companies and complex structures where market pricing creates opportunities for value extraction through discount narrowing and NAV growth.	IAC	View
2026 Q1	May 4, 2026	Moerus Capital Management	5.2%	5.2%	AKER.OL, IPCO-TO, NATU3.SA, TDW, VAL	energy, Geopolitical, international, Offshore Drilling, oil, value, volatility		AKER.OL TDW IPCO.TO NATU3.SA VAL	View
2025 Q1	Apr 30, 2024	AVI Global Trust	-	-	4527.T, AKER.OL, ENT.L, IAC, NWSA, VIV.PA	activism, Corporate Governance, discount, Japan, Take-private, value	Toyota Industries take-private deal represents seismic shift in Japanese corporate governance. Foreign shareholders increasing presence, corporate governance reform pressures mounting, and cross-shareholding unwinding accelerating. This transaction dissolves symbolic resistance to governance reform and opens floodgates for broader market transformation.	GXI.DE 6201.T	View
2024 Q1	Mar 31, 2024	AVI Global Trust	-	-	9009.T, AKER.OL, BOL.PA, CHRY.L, DIE.BR, ENT.L, FMX, IAC, NWSA, OAKL.L, PEY.L, PIN.L, SCHB.OL, SONG.L	Auto, discount, Europe, Media, private equity, value	The fund focuses on companies trading at discounts to estimated underlying net asset value. News Corp trades at a 38% discount to estimated NAV, while D'Ieteren trades at a 33% discount despite strong earnings growth prospects.	DIE.BR NWSA	View
2024 Q4	Dec 31, 2024	AVI Global Trust	-	10.4%	4527.T, 7203.T, AKER.OL, CDI.PA, ENT.L, FRAS.L, NWSA, RKT.L, SBG	discount, Europe, Holding Companies, NAV, value	D'Ieteren announced an extraordinary €74 per share special dividend, equivalent to 39% of the company's market cap. AGT received proceeds of £35m, equivalent to 3.1% of NAV after 10% tax.	VIV.PA BOL.PA DIE.BR	View
2023 Q4	Dec 31, 2023	AVI Global Trust	-	18.8%	6201.T, 6861.T, 6971.T, 9009.T, AKER.OL, APO, FMSA, KKR, NWSA, SCHA.OL, TM	activism, Conglomerates, Corporate Governance, discount, Japan, Reform, value	2023 was a seminal moment in unlocking enormous value trapped in Japanese companies through corporate governance reform. The Tokyo Stock Exchange now requires companies to disclose capital efficiency improvement plans, especially if trading below 1x book value. Toyota Motors partially unwound cross shareholdings in Denso, and the TSE announced further pressure on parent-subsidiary relationships. AGT has consistently maintained about 25% portfolio allocation to Japan with an engaged activist approach, generating +84% JPY total return versus +51% and +67% for MSCI Japan Small and TOPIX respectively since 2017.		View
2025 Q3	Oct 1, 2025	East72 Dynasty Trust	1.6%	-	1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY	Europe, Family, Holdings, Luxury, value	Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations.	UHR SW	View
2023 Q2	May 31, 2023	Moerus Capital Management	-	2.7%	AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO	Banking, Buybacks, energy, growth, inflation, Latin America, technology, value	Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward.		View
2023 Q1	Apr 14, 2023	Distillate Capital International	0.0%	10.9%	005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU	Banking, international, Leverage, Quality, rates, selectivity, value	Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 5, 2026	Fund Letters	Moerus Capital Management	Aker ASA	Conglomerates	Oil & Gas Exploration & Production	Bull		Aker BP, holding company, industrial assets, Norwegian Energy, Portfolio Management, Strategic Transactions, value creation	View Pitch
Apr 27, 2026	Fund Letters	AVI Global Trust	Aker ASA	Energy	Oil, Gas & Consumable Fuels	Bull	Oslo Stock Exchange	diversification, Dividend Growth, Energy Investment Company, Norway, Oil & Gas, OPEC, production growth, value creation	View Pitch

BSD Shareholders of AKER-OL

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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