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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 5, 2024 | Ennismore Global Equity Fund | 3.0% | 5.1% | 9404.T, ADM.L, AUTO.L, AZE.BR, BECLE.MX, CLNX.MC, DIE.BR, IDS.L, KWS.L, MRO.L, NNI, PHLL.L, RYA.L, SCHA.OL, VVV | Airlines, Cost Leadership, Crisis Opportunities, insurance, Long/Short, SMID Cap, value | Ryanair represents a cost leadership opportunity in a commodity industry. The company has material cost advantages from low-priced aircraft purchases, higher fleet utilization, and lower airport costs. Current fare weakness presents a buying opportunity as the company will emerge stronger from industry challenges, similar to how it benefited from Covid disruptions. | RYA.L ADM.L |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Small-Cap Fund | 2.0% | 6.4% | BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM | Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value | Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value. | TRIP US MAT US WFG US CNX US |
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| 2024 Q4 | Jan 9, 2025 | Ennismore Global Equity Fund | - | 6.4% | 9404.T, AML.L, AUTO.L, BCG.L, BECLE.MX, DIE.BR, EA, JUST.L, PDXDF, PM, WISE.L | Europe, gaming, Long/Short, Network Effects, small cap, special situations, stock selection | The fund has established a position in Paradox Interactive, a Swedish video game publisher specializing in grand strategy games. The manager believes the video game industry has evolved from hit-driven entertainment to sustainable franchises with network effects and recurring monetization. Paradox dominates the grand strategy niche with games that create extraordinary engagement and pricing power. | PDX.ST |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | Becle | Consumer Staples | Distillers & Vintners | Bull | Mexican Stock Exchange | family ownership, Heritage Brands, market share, Mexican Company, Spirits, tequila, US Market Exposure | 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. | ||||||||