BFIT-AS

BFIT-AS

BFIT-AS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Platinum International Brands Fund	-4.7%	-	4819.T, ATZ.TO, BFIT.AS, EZGL.T, GSK, JD, MEIT, PNDR.CO, PROSUS.AS	brands, China, consumer, Discretionary, retail	Fund focuses on consumer discretionary and staples companies globally, with particular emphasis on retailers, apparel companies, and consumer brands. Manager discusses weakening consumer spending in developed markets while Chinese consumer spending remains restrained but could recover.		View
2023 Q3	Sep 30, 2023	Farrer 36 Asset Management	-	-	ADYEY, BFIT.AS, DBRG, EDRM.L, EVO.ST, IAC, SE, SPOT, TASK	Alternative Assets, Buybacks, Data centers, E-Commerce, gaming, payments, value	Evolution posted strong revenue growth of 28.2% and EBITDA margins over 70%, but faces challenges with RNG business declining 4% and North American growth slowdown. The pathway to US online gambling legalization is clear with only 6 states currently legal versus 37 with sports betting. Evolution trades at reasonable 18x forward P/E given its financial profile.	DBRG ASAI3.SA IAC EVO.ST	View
2025 Q2	Aug 5, 2025	Asheville Capital Management	17.0%	13.4%	4433.T, 4480.T, 5584.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L	Concentration, global, growth, Japan, Quality, technology, value	Timee operates as a marketplace for on-demand labor or spot work, connecting individuals seeking flexible shift-based jobs with employers needing short-term help across logistics, food service, and retail industries. The company has achieved strong network effects with an 88% job fill rate significantly exceeding competitors at 40-50%, creating a powerful feedback loop where employers stick with what works and workers follow demand.	TIMEE.T	View
2025 Q2	Aug 23, 2025	1 Main Capital	13.3%	9.2%	BFIT.AS, DNTL.TO, IWG.L, MCFT, SSUP, WATR.L	alpha, Concentration, Cyclical, small caps, value	The fund focuses on buying good businesses with aligned management at attractive prices, particularly when the market has given up on names. Small boring businesses are being ignored while large tech commands outsized valuations, creating opportunities for disciplined value investors.	MCFT MCFT	View
2025 Q2	Aug 1, 2025	Van Der Mandele Arar Fund	6.2%	8.1%	000823.SZ, 0327.HK, 1773.HK, 6890.T, BFIT.AS, GRVY, HZO, JFIN, JXN, KEC.TO, ONEW, STLA	Cash Generation, China, deep value, Education, small caps, tariffs	Strong performance from Chinese holdings including Pax Global (+42%) and Ferrotec (+37%) following Xi's domestic consumption boost ambitions. New position in YuHua Education reflects deep value opportunity in devastated private education sector trading at 5x earnings despite regulatory overhang from potential Fifth Plenum reforms.	1969.HK 6169 HK	View
2025 Q1	May 5, 2025	Buckley Capital	-0.5%	-0.5%	BFIT.AS, DNTL.TO, IWG.L, LQDA, UTHR, VRNA	Europe, healthcare, small caps, tariffs, value, volatility	The fund has significant exposure to healthcare companies with best-in-class or first-in-class products, focusing on de-risked assets that don't require molecular-level analysis. Two material positions, Verona Pharma and Liquidia Corp, have grown to 5%+ positions due to strong performance and represent opportunities in COPD and pulmonary arterial hypertension treatments respectively.	LQDA VRNA BFIT.AS DNTL.TO	View
2025 Q1	Apr 30, 2025	1 Main Capital	-3.6%	-3.6%	ARVN, BFIT.AS, CZR, DNTL.TO, ENZ, IWG.L, NVS, PFE, THRD, WATR.L	Biotechnology, Cash, Defensive, small cap, Trade Policy, value, volatility	The Fund made several new biotech investments in Q1, representing a low double-digit percentage of assets. Manager is focusing on simple assets like cash and shareholder incentives rather than deep science understanding. Examples include Arvinas with over $1 billion in cash and significant licensing agreements, and Third Harmonic Bio which announced dissolution and cash return to shareholders.	ENZ THRD ARVN	View
2025 Q1	Apr 3, 2025	Van Der Mandele Arar Fund	-1.0%	-1.0%	BFIT.AS, GOOGL, GRVY, JFIN, JXN, STLA	Autocracy, China, European Markets, Geopolitical Risk, Portfolio Management, tariffs, Trump, value	Manager views tariffs as one of four grey swan risks facing markets, though considers it the most manageable. Compares Trump's tariff obsession to historical autocratic economic policies like Mao's Great Sparrow Campaign. Sees tariffs as part of broader economic experiment that could impact profits but believes risks are costly but not lethal.	GOOGL JFIN.HK JFIN BFIT.AS	View
2024 Q1	Apr 19, 2024	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, JXN, ONEW, PLNT, STLA	energy, Europe, Fitness, industrials, small caps, value	Basic Fit faces competitive pressures from Planet Fitness entering Spain and pricing challenges with 20 euro memberships returning in France. The company is slowing expansion pace from 200 to 175 clubs annually, indicating market saturation concerns. Despite 40% year-over-year decline, the manager sees opportunity in improved cash flows as mature clubs increase.	BFIT.AS	View
2025 Q1	Mar 31, 2025	Farrer 36 Asset Management	-	-	APO, BFIT.AS, EDRE.MC, EVO.ST, FNV.TO, GOOGL, HWDN.L, SE	Concentration, gaming, gold, private credit, tariffs, technology, Travel	Sea Limited continues to grow each of its three business lines at double-digit rates, with Shopee and Sea Money growing market share in the region despite macro weakness in Indonesia. The company has no exposure to potential tariffs as it does not export to America.	FNV.TO	View
2024 Q1	Mar 31, 2024	Platinum International Brands Fund	0.7%	0.7%	0700.HK, 3690.HK, BFIT.AS, GOOGL, HEIA.AS, HLN.L, JD, TCOM, TM, V	China, Consumer Brands, global, positioning, underperformance, value	The fund holds significant positions in Chinese consumer internet businesses including JD.com, Trip.com, and Meituan. These companies benefit from powerful network effects and strong market positions. Recent earnings reports suggest stabilization in the Chinese e-commerce sector.		View
2024 Q1	Mar 31, 2024	Farrer 36 Asset Management	-	-	APO, BFIT.AS, BX, DBRG, EVO.ST, GOOGL, HWDN.L, MSFT, NVDA, TSM	AI, Asset Management, Predictable, private credit, Recovery, value	Apollo Global Management represents a differentiated approach to private credit through its retirement services business model. The company benefits from steady capital inflows through annuity premiums, providing more predictable AUM growth compared to traditional fundraising cycles. Apollo's origination platform across 16 businesses manages $130 billion in credit verticals, positioning it well in the expanding private credit market as banks face tighter regulatory requirements.		View
2023 Q1	Mar 31, 2023	Platinum International Brands Fund	6.6%	6.6%	0700.HK, 1448.HK, 2502.T, 3690.HK, 5938.T, BFIT.AS, BMW.DE, GOOGL, HLN.L, JD, META, MWG.HM, NIEN.TW, PNDORA.CO, SMCP.PA, TCOM	China, Consumer Brands, demographics, E-Commerce, Reopening, Travel	Chinese holdings experienced weakness through most of the quarter after initial strength, with concerns about competitive intensity in e-commerce and weaker-than-hoped economic data. The manager remains constructive about the reopening opportunity and expects recovery in birth rates and travel to drive demand for baby-related products and tourism services.		View
2025 Q4	Feb 3, 2026	Van Der Mandele Arar Fund	11.7%	0.0%	000660.KS, BFIT.AS, GRVY, IMB.L, JXN, ONEW, STLA, XLY.TO	Cannabis, gaming, Gold Miners, semiconductors, tariffs, Trump, value	Gold miners comprise 21% of portfolio and appreciated 30% as gold rose 17%. Manager continues adding despite 50% gold price appreciation, citing strong production growth and attractive valuations relative to earnings potential. SK Hynix benefits from chip shortages in graphics processors, with 70-100% price hikes in a cyclical market. Company is one of three prominent producers of frontier chips alongside TSMC and Samsung. Gravity produces bestsellers in home markets and benefits from activist pressure on controlling shareholder GungHo Entertainment to increase dividends from Gravity's large cash reserves.	JXN GRVY 000660 KS XLY CN	View
2023 Q4	Dec 31, 2023	Platinum International Brands Fund	-4.1%	-5.9%	1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA	Beverages, brands, China, consumer, Defensive, Valuations	The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment.		View
2025 Q3	Oct 7, 2025	1 Main Capital	6.3%	16.1%	BFIT.AS, DNTL.TO, IWG.L, KKR, LMB, MBUU, MCFT, RICK, RLGT	Capital Allocation, Concentration, cyclicals, fundamentals, Logistics, small caps, value	1MC invests in good businesses with aligned management at low multiples that have slowly de-rated but continued to execute over long periods. The fund seeks companies that have endured stagnant periods despite healthy underlying cash generation and growth, with poor investor sentiment signaling attractive entry points.	RLGT	View
2024 Q3	Oct 4, 2024	Van Der Mandele Arar Fund	-5.9%	0.5%	066570.KS, BFIT.AS, JXN, NMM, ONEW, PYFA.TO, STLA	cyclicals, gaming, global, shipping, small caps, value	Gravity is a gaming company with a large cash pile, low P/E, and beautiful IP in their Ragnarok franchise. The key catalyst is rollout of games into China through local distributors, though initial revenue contribution was disappointing as Gravity gave away larger profit percentages to incentivize distributors.	NMM	View
2025 Q4	Jan 24, 2026	1 Main Capital	3.4%	20.1%	BFIT.AS, DNTL, IWG.L, LMB, MBUU, MCFT, PRKR, RLGT, SUP, WATR	Building Systems, concentrated, FCF, Industrial Services, small caps, value	The fund focuses on finding attractive opportunities where high quality meets low valuation, particularly in smaller, old-economy businesses that remain ignored and mispriced. Many top holdings generate double-digit FCF yields while trading at bargain multiples. The fund capitalizes on smaller companies consistently underperforming larger companies since inception, providing opportunities to acquire high-quality businesses at attractive multiples. The portfolio is concentrated in smaller, overlooked businesses.	LMB	View
2023 Q4	Aug 2, 2024	Van Der Mandele Arar Fund	-5.9%	0.5%	AAPL, ALOKW.PA, AMZN, AWE.L, BFIT.AS, GOOGL, JXN, META, MSFT, NVDA, ONEW, STLA, TSLA	AI, Europe, growth, small caps, Solar, technology, value	Fund discusses AI/datacenter boom as a major growth driver for portfolio company Alphawave, which is positioned to benefit enormously from this trend. The manager notes Alphawave continues to grow exponentially and is positioned for the upcoming AI/datacenter boom despite trading at attractive valuations.	ALOKW.PA ONEW AWE.L	View
2023 Q2	Jul 8, 2023	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, GASS, JXN, KEC.TO, MHO, ONEW, STLA	cyclicals, earnings, Europe, oil, value	Manager holds multiple oil companies including Kiwetinohk Energy Corp as a top 5 position. Discusses how shale companies now trade at very low P/E ratios despite improved balance sheets and more conservative management. Views ESG concerns as creating opportunities in undervalued energy names.	KEC.TO	View
2025 Q1	Apr 22, 2025	Asheville Capital Management	-3.0%	-3.0%	4480.T, 9442.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L	Concentration, Fintech, global, Japan, Quality, tariffs, value, volatility	Trump Administration's Liberation Day tariff announcement triggered significant market volatility and uncertainty. Tariff policies have injected uncertainty into global markets, potentially reshaping global trade, capital flows, and corporate strategy for years to come.	WISE.L 3154.T	View
2023 Q3	Apr 10, 2023	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, ESTE, IFP.TO, JXN, ONEW, PR, STLA	Autos, energy, Europe, rates, semiconductors, small caps, value	Manager emphasizes finding stocks with low P/E ratios and attractive balance sheets, particularly in the value segment of the market. Stellantis highlighted as trading at P/E under 3 despite solid fundamentals.	STLA	View
2023 Q1	Apr 4, 2023	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, GOOGL, JXN, KEC.TO, ONEW	cyclicals, energy, Europe, small caps, value	The fund shows significant skew towards small-caps, which aligns with the theory that smaller companies are less looked at and tend to provide more opportunity. The manager notes this positioning is not due to bias since around 50% of all listed stocks are small-caps.	AWE.L	View
2023 Q4	Jan 28, 2024	Gehlen Brautigam	0.7%	6.8%	ANIM.MI, BFIT.AS, BIJ.DE, GYM.L, KAMUX.HE, KSB.DE, MAB1.L, PHLL.L, SAF.DE, STO3.DE	consumer, dividends, Europe, industrials, small caps, value	The fund is invested in around 20 selected European and UK small and micro caps. The managers believe many European and UK small and micro caps are priced below intrinsic value and historically inexpensive compared to large and mid caps, which could lead to above average returns over the medium to longer term.	BHARATBIJ.NS	View
2024 Q4	Jan 21, 2025	Asheville Capital Management	-	0.8%	4480.T, 7379.T, 9416.T, ACAST.ST, BFIT.AS, INPST.WA, NU, TPW.AX, VTY.L, WISE.L	capital efficiency, Concentration, global, ROIC, small caps, value	InPost dominates Polish e-commerce logistics with 50% market share and 80% customer preference. The company benefits from significant economies of scale and network effects with over 52,000 merchant integrations. International expansion shows strong momentum with 14-month payback periods on assets.	NU VTY.L INPST.WA	View
2024 Q4	Jan 20, 2025	Optimist Fund	11.6%	66.5%	ACVA, BFIT.AS, CRCT, CVNA, DASH, DSV.CO, FIGS, HFG.DE, LATM, MNDY, REVL, TDUP, TDY, UBER, W, XPOF	consumer, E-Commerce, growth, Logistics, mid cap, profitability, technology	Multiple e-commerce holdings including Carvana (used car retail), DoorDash (food delivery), Revolve (fashion), and Wayfair (home goods) represent core portfolio positions. The manager sees significant growth potential as these companies gain market share and improve profitability despite challenging market conditions.	TDUP W POOL RVLV HFG.DE DASH CVNA	View
2023 Q2	Jan 7, 2023	Immersion Investment Partners	9.6%	9.6%	BFIT.AS, FC, IDT, MPAA, PBPB	Auto Aftermarket, Fitness, Restaurants, small caps, special situations, turnaround, value	Small caps are at their largest relative discount to large caps since the dot-com bubble. The five years following the dot-com bubble produced some of the best returns in the history of public small cap investing. Investors have decided that all small cap stocks are risky regardless of prospective earnings/cash flow generation, quality of management, and cheap valuations.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Asheville Capital Management	Basic-Fit	Consumer Discretionary	Leisure Facilities	Bull	Euronext Amsterdam	Cluster Strategy, Europe, Fitness Centers, Low-Cost Model, market penetration, ROIC, Unit economics, Value	View Pitch
Apr 13, 2026	Fund Letters	Van Der Mandele Arar Fund	Basic Fit	Consumer Discretionary	Leisure Facilities	Bull	Euronext Amsterdam	acquisition target, Cash Flow Improvement, European expansion, Fitness Centers, Franchise Competition, Mature Club Economics, Pricing power	View Pitch
Apr 13, 2026	Fund Letters	Buckley Capital	Basic-Fit N.V.	Consumer Discretionary	Leisure Facilities	Bull	Euronext Amsterdam	double-digit growth, Europe, Fitness Centers, Low-Cost Operator, market leader, Misunderstood Investment, Operational Leverage, regulatory catalyst	View Pitch
Apr 13, 2026	Fund Letters	Van Der Mandele Arar Fund	Basic Fit	Consumer Discretionary	Leisure Facilities	Bull	Euronext Amsterdam	capital allocation, Equity, European markets, Fitness Centers, margin pressure, membership growth, Share Buyback, Value	View Pitch
Aug 7, 2025	Substack	The Finance Corner	Basic-Fit N.V.	Consumer Discretionary	Leisure	Bull	Euronext Stock Exchange	—	View Pitch

BSD Shareholders of BFIT-AS

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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