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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | Global High Dividend ADR | 8.6% | 17.3% | 2899.HK, 8766.T, AVGO, BA.L, BTI, CVX, DUK, ET, IBE.MC, JCI, JNJ, JPM, MRK, MS, NVS, SGO.PA, SIE.DE, TSCO.L, UCG.MI, ZURN.SW | dividends, Dollar, Europe, financials, international, long-term, Quality, value | Global value has outperformed growth over the last one, three, five and seven years. Value remains more out of favor today over a trailing 10-year basis than during the peak of the Dot-Com Bubble. Key drivers include strong performance of financial companies benefiting from rising interest rates and industrial companies exposed to long-term secular tailwinds. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW | Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW | Asia, Diversified, Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. | View | |
| 2025 Q2 | Jul 8, 2025 | Mawer International Equity Fund | 6.9% | 17.5% | 267270.KS, BA.L, BDX, FTT.TO, PNG.V, RHM.DE, TVK.TO, UNH | Canada, defense, diversification, Geopolitical, infrastructure, Trade Policy | Defense contractors benefited significantly from heightened geopolitical risks and rising defense spending. Rheinmetall surged over 40% in the quarter, BAE appreciated considerably, and South Korea-based LIG Nex1 saw substantial share price gains due to its strength in precision-guided missile systems. | View | |
| 2025 Q2 | Jul 20, 2025 | BNY Mellon Global Equity Income Fund | 5.3% | 13.6% | 1299.HK, 8035.T, BA.L, BMY, CME, CSCO, D, ITX.MC, JCI, MDT, PHG, SBUX, SIEGY, SNY | defense, global, healthcare, income, tariffs, technology, valuation | The fund employs an income strategy with strict yield discipline, positioning it differently from the global equity market. Income stocks continue to trade at a discount to low-income stocks, with valuations remaining compelling despite recent market recognition of this opportunity. | View | |
| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 15, 2025 | BNY Mellon Appreciation Fund | 8.8% | 5.2% | AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V | AI, earnings, large cap, tariffs, technology, Trade Policy, volatility | President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans. | View | |
| 2026 Q1 | May 6, 2026 | BlackRock Global Dividend Fund | -2.4% | -2.4% | AMAT, BA.L, BABA, UNH, WMB | AI, defense, dividends, global, Quality, volatility | View | ||
| 2025 Q1 | May 2, 2025 | Tweedy, Browne International Value II | 7.4% | 7.4% | BA.L, CNHI, DGE.L, DHL.DE, GOOGL, HEIA.AS, IONS, KOF, NA.TO, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, ZURN.SW | defense, Europe, Hedging, international, tariffs, value | Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments. | View | |
| 2025 Q1 | May 2, 2025 | Tweedy, Browne International Value II | 8.5% | 8.5% | 086280.KS, 2531.T, 4091.T, 7988.T, AKE.PA, BA.L, CCC.L, CNHI, DGE.L, DHL.DE, HEIA.AS, IONS, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TTE, U11.SI | Currency, defense, Europe, international, tariffs, value | Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments. | View | |
| 2025 Q1 | May 2, 2025 | Tweedy, Browne Value Fund | 6.3% | 6.3% | 0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW | defense, Europe, healthcare, Hedging, industrials, international, value | Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2025 Q1 | May 2, 2025 | Tweedy, Browne Worldwide High Dividend | 7.2% | 7.2% | 0220.HK, AAPL, ARKM.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, HEIN.AS, HTO.PA, INCH.L, JNJ, KEF1V.HE, KO, MSFT, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, ZURN.SW | defense, dividends, Europe, industrials, international, value | Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments. Their bottom-up, fundamentally driven investment process focuses on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2025 Q1 | Apr 9, 2025 | Mawer International Equity Fund | 9.9% | 9.9% | AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO | AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy | Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages. | View | |
| 2024 Q1 | Apr 26, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | AMZN, ASMIY, ASML, BA.L, BWXT, CTS.TO, ESL.TO, GOOGL, MSFT, RHM.DE, SCT.L, SFTC.TO, TEP.PA, TSM | AI, defense, Equity, global, semiconductors, technology | Technology companies positioned to benefit from artificial intelligence and semiconductor demand performed strongly. TSMC, ASML, and ASM International benefited from explosive growth in demand expectations for the semiconductor industry. Value-added resellers are positioned to benefit from exploration and deployment of artificial intelligence technologies by their customers. | View | |
| 2026 Q1 | Apr 23, 2026 | Montaka Global Investments | - | - | BA.L, CRM, ICE, KKR, META, MSFT, SPGI, TSM, UBER | AI, Cloud, defense, geopolitics, semiconductors, software, Valuations | ICE UBER TSM BA.L |
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| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 6302.T, AALB.AS, BA.L, BRK-A, ENVS, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, Diversified, global, industrials, international, value | Defense companies led industrial returns with strong performance from BAE Systems, Safran, and Rheinmetall AG. The aerospace and defense sector was among the leading industries during the quarter. | View | |
| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BA.L, BRK-A, CNHI, DEO, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NWLI, RHM.DE, RUI.PA, SAF.PA, SCRYY, TP.PA, TTE, U11.SI, WFC | defense, financials, global, healthcare, industrials, value | Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These holdings were among the top contributors to fund performance. | View | |
| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 6302.T, AALB.AS, BA.L, BRK-A, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, NVTA, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, dividends, global, High Dividend, value | Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. Defense companies were among the top contributors to fund performance. | View | |
| 2026 Q1 | Apr 13, 2026 | Harding Loevner International Equity | 1.1% | 1.1% | 005930 KS, 035420 KS, 2308.TW, 2371.T, 300750.SZ, 6146.T, 6758.T, ADYEN.AS, ASML, BA.L, HDFCBANK.NS, SE, SHEL, TSM | AI, diversification, energy, Geopolitical, international, Quality, semiconductors, technology | View | ||
| 2026 Q1 | Mar 31, 2026 | Orbis Global Equity | - | - | 005930 KS, ALNY, BA.L, BRKR, CSU.TO, EQT, EXPN.L, GMAB, ICON, INSM, IQV, NTES, SE, SHEL, TSM, TTI, UNH, WLK, XPO | AI, energy, Global Equity, healthcare, semiconductors, technology, value | View | ||
| 2025 Q1 | Mar 31, 2025 | BlackRock Global Dividend Fund | 0.7% | 0.7% | ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH | AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy | The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2045 Fund | 0.1% | 0.1% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, policy, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2055 Fund | 0.0% | 0.0% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, Policy Uncertainty, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | View | |
| 2025 Q1 | Mar 31, 2025 | BNY Mellon Appreciation Fund | -3.3% | -3.3% | AAPL, AMZN, BA.L, BRK-B, CVX, GOOGL, META, MSFT, NVDA, PGR, TXN, V | AI, large cap, Quality, tariffs, technology, Trade Policy, value | The Trump administration announced 25% tariffs on Mexico and Canada, 20% on China, and 25% on foreign automobiles, with future reciprocal tariffs telegraphed. This created uncertainty over trade relationships and pressured equities as investors feared higher consumer costs and slower growth. | View | |
| 2025 Q4 | Mar 2, 2026 | TYME Advisors | - | - | AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM | Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties | The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. Gold is positioned as a superior store of value with reliable scarcity and the highest stock-to-flow ratio of any physical commodity. The manager created a magnified gold exposure called Gresham's Wrath that generates income while providing 1.5X exposure to gold prices. Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. High Quality US Large Companies exposure filters out junk companies by avoiding high external financing, wealth destroyers, and value traps. This approach seeks superior long-term returns with lower downside risk. Precious metal royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They offer asymmetric optionality and inflation protection. | View | |
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne International Value II | 4.2% | 23.8% | 005930.KS, 6869.T, 7958.T, BA.L, BRK-B, CNHI, CVSG.L, DGE.L, GOOGL, IONS, JNJ, JSG.L, NESN.SW, NOVN.SW, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, WFC | defense, Europe, Hedging, international, Japan, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The firm continues to focus on financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. They believe a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne International Value II | 2.8% | 26.6% | 005930.KS, 6869.T, 7958.T, BA.L, CNHI, CVSG.L, DHL.DE, GOOGL, HEIA.AS, IONS, JSG.L, NESN.SW, NOVN.SW, PRU.L, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, U11.SI | Asia, defense, Europe, Hedging, international, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The firm continues to focus on financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. They believe a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan International Fund | - | 10.6% | 2579.T, 4091.T, AER, AI.PA, AMZN, AON, ARGX, AZN, BA.L, BUD, FLTR, LIN, MRO.L, NG.L, NVO, RHM.DE, SHOP, UCB.BR, UCG.MI | Biotechnology, Cloud, defense, Energy Transition, healthcare, Industrial Gases, international, value | Healthcare holdings delivered robust performance with UCB's Bimzelx approval for chronic inflammatory skin conditions adding $1.8 billion in peak sales potential. Argenx advanced VYVGART to phase 3 trials for myositis treatment, potentially adding $2 billion to peak sales. The VYVGART franchise grew 20% with total peak sales projected to exceed $10 billion. | View | |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 2.1% | 18.8% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC | Currency, dividends, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 1.4% | 23.2% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW | Currency, dividends, ETFs, Europe, Hedging, international, Japan, value | The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Value Fund | 3.8% | 16.0% | 003550.KS, 005930.KS, 0116.HK, 0590.HK, 2531.T, 4368.T, 6302.T, 6777.T, 7270.T, 7276.T, 7709.T, 7716.T, 7988.T, AKE.PA, AZE.BR, BA.L, BAB.L, BKG.L, BREE.L, CNHI, D05.SI, DGE.L, GRAF.L, HEIA.AS, IONS, JSG.L, NA.TO, NESN.SW, PETS.L, RHM.DE, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TEP.PA | Currency, dividends, ETF, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | IONS GOOG |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Worldwide High Dividend | 1.0% | 18.9% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC | Buybacks, Currency, dividends, Europe, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | SUBARU DBS SWAN RUI NESN |
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| 2025 Q3 | Oct 31, 2025 | Castlebay Investments | - | - | AZO, BA.L, BATS.L, BRBY.L, DGE.L, DNLM.L, DOM.L, HSBA.L, IMB.L, ITRK.L, LSEG.L, NVO, NXT.L, REL.L, RKT.L, RR.L, SHEL.L, ULVR.L | Banking, Branding, Quality, ROE, underperformance, United Kingdom, valuation, value | The fund focuses on Quality companies with high returns on equity (35% vs market 12%) and superior operating margins (21% vs market 16%). The manager emphasizes investing only in Quality companies within their investment universe, avoiding lower quality businesses despite market performance. | View | |
| 2025 Q4 | Jan 26, 2026 | First Eagle Global Fund | 5.4% | 31.6% | 005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS | AI, defense, Geopolitical, global, gold, Resilience, technology | Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues. | BA LN BABA META ORCL CHRW 005930 KS GOOG |
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| 2025 Q4 | Jan 18, 2026 | BNY Mellon Appreciation Fund | 1.3% | 10.2% | AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V | AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility | Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk. | View | |
| 2025 Q4 | Jan 13, 2026 | Mawer International Equity Fund | -1.8% | 18.4% | 000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT | AI, defense, equities, global, gold, Quality, semiconductors, Valuations | AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors. | View | |
| 2024 Q2 | Jul 26, 2024 | Deep Sail Capital Partners | 13.8% | 23.5% | ACHR, AFRM, ANET, ARM, BA, BA.L, CAVA, CREX, ESTC, KOG.OL, NVDA, OII, PNG.TO, SAAB-B.ST | defense, Long/Short, Robotics, small caps, technology, value | Kraken Robotics positioned to benefit from autonomous underwater vehicle demand from global navies. Anduril partnership for Dive-LD and Ghost Shark programs represents significant revenue opportunity. XL-AUVs being developed globally by defense contractors to replace submarines. | PNG.TO |
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| 2023 Q1 | Apr 14, 2023 | Mawer International Equity Fund | 6.9% | 16.0% | AMZN, BA.L, FBK.MI, GOOGL, HO.PA, MC.PA, MSFT, REL.L, RHM.DE, SHB-A.ST, TD.TO, WKL.AS | Banking, Bonds, Canada, defense, Europe, global, technology | Defense companies performed well in the quarter reflecting expectations for structurally higher defense spending by NATO countries. Holdings in defense companies such as Rheinmetall, Thales, and BAE Systems had strong returns. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DGE.L, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, small caps, value | The fund continues to focus on companies meeting investment criteria with competitive moats, pricing power, and strong balance sheets. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about the future for price-sensitive strategies. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NVS, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, rates, value | The fund continues to focus on companies purchased at significant discounts to intrinsic value estimates. The managers believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about price-sensitive strategies like theirs. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0010.HK, 1882.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, ROG.SW, SAF.PA, SCOR.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | global, industrials, inflation, interest rates, value | The fund continues to focus on companies meeting their investment criteria that they believe have competitive moats, pricing power, and strong balance sheets, purchased at prices representing attractive value. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, SAF.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | dividends, global, High Dividend, industrials, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.84% on fund stocks alone versus 1.97% for the MSCI World Index. The fund specifically targets companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. | View | |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne International Value II | -9.9% | -2.4% | 3405.T, ATE.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, INCH.L, IONS, JNJ, KEMIRA.HE, NESN.SW, NVS, RHM.DE, ROG.SW, SAF.PA, TTE, UOB.SI, WPK.TO | financials, industrials, international, Japan, valuation, value | The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. The manager notes their rigorous valuation requirements have kept them out of dominant technology companies that have driven market returns. | View | |
| 2023 Q3 | Jan 11, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | BA.L, BRK-A, CNHI, D05.SI, DGE.L, DHLG.DE, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NOVN.SW, ROG.SW, SAF.PA, TREL-B.ST, TTE, U11.SI, ZURN.SW | Diversified, Hedged, international, Multinational, value | View | ||
| 2023 Q3 | Jan 11, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | BA.L, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMS.DE, GOOGL, INP.L, IONS, JNJ, MEGACPO.MX, NESN.SW, NVS, RMS.PA, ROG.SW, SAF.PA, TREL-B.ST, TTE, U11.SI | Currency, Diversified, international, value | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 26, 2026 | Fund Letters | Montaka Global Investments | BAE Systems | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, AUKUS, backlog visibility, countercyclical, Defense Contractor, Equity, Geographic Diversification, geopolitical, NATO, Rearmament, UK | 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. | ||||||||