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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Jun 11, 2024 | Horos Asset Management | 2.9% | 9.8% | ACX.MC, ALD.PA, ALNT.MC, APAM, ATYM.L, AUBAY.PA, CATOC.MC, FFH.TO, GEST.MC, IBG.MC, LNASF, MEL.MC, MIST, NPAPER.ST, NPN, REN.MC, SDE.TO, SEM.LS, TGS, TLGO.MC | active management, ETFs, Europe, financials, Market Efficiency, Steel, value | The letter extensively discusses value investing philosophy and its challenges in current markets. The manager argues that value investing remains viable despite recent underperformance, citing market inefficiencies and the distortive effects of passive investing. They emphasize their focus on fundamental analysis and finding undervalued companies trading below intrinsic value. | AUB.PA LNA.PA ACX.MC |
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| 2025 Q3 | Nov 13, 2025 | Palm Harbour Capital | - | - | 111770.KS, AMZN, ATYM.L, CAL.MI, CNVG.PS, DAN.MI, ESP.MI, GOOGL, INDF.JK, LOMA.BA, META, MSFT, NVDA, RHI.L, UMG.AS, VIV.PA | AI, Asia, Copper, Europe, LatAM, small caps, value | Investor attention remains heavily concentrated on artificial intelligence and a narrow group of related equities, sidelining much of the broader market. The concentration of capital in AI-related stocks is even greater than the technology sector's concentration in 2000. Questions remain about profitability models and sustainability of current AI investment levels. | View | |
| 2025 Q4 | Jan 20, 2026 | Palm Harbour Capital | 4.9% | 16.0% | 001910.KS, 047440.KS, 086280.KS, 6345.T, ASLI.L, ATYM.L, BSRT, BWO.OL, CIR.MI, CNVRG.PS, DAN.MI, DITO.PS, FLRY3.SA, GLO.PS, KRI.AT, LOMA.BA, MDIA3.SA, PTEC.L, SGF.MI, TEL.PS, TRE.OL, VIV.PA, WOSG.L, WWI.OL | Argentina, Broadband, Cash Generation, Copper, global, Governance, Steel, value | Fund focuses on cash-generative businesses trading at sensible valuations with weighted average P/E of 8.1x and FCF/EV yield of 15%. Manager emphasizes being index-agnostic and disciplined in approach amid market conditions reflecting elevated greed and extreme short-termism. Atalaya Mining contributed 84 bps as copper producer benefited from sustained production growth and favorable pricing environment with reportedly the largest annual copper price increase in over a decade. Company showed operational leverage with lower unit costs and stronger cash flows. Loma Negra was top contributor at 122 bps following President Milei's landslide electoral victory and $40 billion US financial support package. Manager maintains positive view on Argentina's leading cement producer with significant upside potential as economic normalization takes hold. Detailed analysis of Converge ICT, Philippines fiber-optic broadband company with extensive network coverage. Company positioned to benefit from low broadband penetration and regulatory changes while transitioning from capex-heavy expansion to cash generation phase. Danieli contributed 63 bps as Italian steel plant maker exceeded expectations with strong Plant Making division performance and major contract wins including €500 million order from Steel Authority of India. Company benefits from potential recovery in Steel Making division. | BRSL VIV FP 284740 KS KRI GA 6345 JP RHIM LN DAN IM 012030 KS ATYM LN LOMA |
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| 2024 Q2 | Aug 31, 2024 | Horos Asset Management | 2.9% | 9.8% | AAPL, AER, AMZN, ATYM.L, BF-B, DEO, ENO.MC, GOOGL, LBTYA, MEL.MC, MSFT, NH.MC, NPN, NVDA, PTON, RI.PA, SEM.LS, TLGO.MC, TSLA, ZM | AI, Concentration, Europe, Margin Of Safety, risk management, technology, value | The fund emphasizes investing with a high margin of safety and finding companies trading at attractive valuations. They focus on situations that offer substantial upside potential compared to current market prices, particularly in areas where other investors may be overlooking opportunities. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||