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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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 |
| 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. | ||||||||