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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | Packer & Co | - | - | 0001.HK, 017670.KS, AQN, BABA, BIDU, BKY.AX, CNOOC, DG, INDF.JK, JARDINE.SI, NE, NXE, PBR, PRX.AS, SDRL, SRUUF, VAL, VIPS, YCA.L | Asia, China, Defensive, gold, oil, technology, value | The manager has significantly increased exposure to Chinese technology companies, viewing them as attractively valued compared to US peers. Chinese tech giants trade at roughly half the valuation of US counterparts despite being industry leaders with solid balance sheets and growth potential. | INDF.JK 017670.KS 0001.HK JMHLY PBR CEO 0700.HK BIDU BABA VIPS |
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| 2023 Q3 | Oct 31, 2023 | Starboard Value | 0.0% | 0.0% | AQN, BLMN, CRM, DRI, FTRE, GDDY, ICLR, IQV, NWSA, NYT, REA.AX, SPLK, TXRH, VRT, WIX | activism, Media, Operational, Restaurants, technology, Utilities, value | Starboard focuses on identifying undervalued companies with operational improvement opportunities. The firm targets companies trading at discounts to peers due to execution issues or temporary challenges, believing these can be addressed through better management and strategic changes. | View | |
| 2025 Q4 | Jan 7, 2026 | Packer & Co | - | 21.5% | 0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS | AI, Asia, Cash, Defensive, energy, gold, value | The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. | CA FP |
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| 2025 Q1 | Mar 31, 2025 | Ariel Global Fund | 6.3% | 6.3% | 0002.HK, 2474.TW, 7832.T, AQN, BAC, BBNI.JK, BIDU, CHKP, CVS, DVA, ELE.MC, ISP.MI, LEN, NTAP, OC, TDC, TSM | AI, financials, global, tariffs, value, volatility | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund's international and global holdings currently trade at compelling valuations relative to their growth prospects, while maintaining the financial strength needed for operational resilience. | View | |
| 2025 Q1 | Mar 31, 2025 | Ariel International Fund | 11.7% | 11.7% | 0002.HK, 7832.T, AQN, BBNI.JK, BIDU, CHKP, ELE.MC, ISP.MI, NOKIA.HE, ORA.PA, PUB.PA, SRG.MI, TSCO.L, TSM, V03.SI | AI, Banking, international, tariffs, technology, Utilities, value | The quarter tested American leadership in Artificial Intelligence as the Magnificent Seven fell nearly 15% amid questions about U.S. AI dominance. TSMC shares decreased on weakening sentiment regarding AI growth, though the company is expected to benefit from secular AI growth trends longer-term. | ISP.MI BBNI.JK AQN.TO TSM PUB.PA TSCO.L ORA.PA CHKP 7832.T |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 13, 2025 | Seeking Alpha | Moretus Research | Algonquin Power & Utilities Corp. | Utilities | Utilities - Diversified | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Keith Meister | Corvex Management | $3.3B | $38.0M | 1.16% | 6,183,855 | +0 | +0.00% | 0.7352% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $61,844 | 0.00% | 10,056 | +10,056 | +100.00% | 0.0012% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $11.4M | 0.01% | 1,859,307 | +1,575,586 | +555.33% | 0.2210% |
| Jeffrey Smith | Starboard Value | $5.3B | $390.5M | 7.40% | 63,489,420 | +0 | +0.00% | 7.5478% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $3.9M | 0.01% | 640,354 | -1,593 | -0.25% | 0.0761% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.0M | 0.00% | 1,145,029 | +994,720 | +661.78% | 0.1362% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $227,550 | 0.01% | 37,000 | +0 | +0.00% | 0.0044% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.4M | 0.01% | 718,039 | +216,439 | +43.15% | 0.0854% |
| Cliff Asness | AQR Capital Management | $190.6B | $69,200 | 0.00% | 11,252 | -19,757 | -63.71% | 0.0013% |
| Mario Gabelli | GAMCO Investors | $10.4B | $20.2M | 0.19% | 3,286,322 | +256,437 | +8.46% | 0.3907% |
| John Rogers | Ariel Investment | $9.3B | $97.9M | 1.06% | 15,920,654 | -424,952 | -2.60% | 1.8927% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $4.8M | 0.58% | 930,945 | -4,505 | -0.48% | 0.0925% |