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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 20, 2025 | Meditation Capital | - | - | BGEO.L, KASPI.L, LOTO.MI, NU, PDD, TBCG.L | Europe, Gambling, Italy, Long-only, management, valuation, volatility | Lottomatica is the #1 online & offline B2C gambling operator in Italy with 31% market share online and 30-40% share offline. The investment opportunity lies in Italy's low online gambling penetration at 31% versus 63% in the UK and 75%+ in Scandinavia. Online casino penetration is only 26% in Italy, up from 8% in 2019, with each euro of offline casino gambling that moves online generating 2.6x the EBITDA for Lottomatica. | LTO.MI |
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| 2024 Q3 | Dec 17, 2024 | Meditation Capital | - | - | BGEO.L, HEPS.IS, KSPI, TBCG.L | Banking, emerging markets, Fintech, IRR, long-term, valuation | Manager emphasizes how high multiples significantly damage medium/long-term IRRs, constraining their opportunity set. They focus heavily on valuation as key input for underwriteable returns and downside protection, assuming conservative exit multiples rather than relying on market sentiment. | HLYB TBCG.L BGEO.L KSPI |
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| 2023 Q2 | Aug 28, 2023 | Meditation Capital | - | - | BGEO.L, SMAR | Banking, Currency Risk, emerging markets, Georgia, small caps, value | Focus on Bank of Georgia, a dominant bank in a consolidated Georgian market with 80% market share between top two banks. The bank generates exceptional 24-29% ROEs due to limited competition and strong digital offerings. Management quality is excellent with Western-educated CEOs and conservative capital ratios. | BGEO.L |
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| 2024 Q2 | Jul 13, 2022 | Blue Tower Asset Management | 8.8% | 0.0% | AAPL, ACDVF, AMZN, BELFB, BGEO.L, CMT, GOOGL, MASI, META, MSFT, NVDA, RGEN, TFII, TSLA | AI, Concentration, Georgia, Russia, Sanctions, small caps, value | Russian investments frozen due to escalating sanctions regime. TCS Group became further sanctioned and segregated to OFAC escrow accounts. Risk of expropriation increases as war continues. | CGEO.L |
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| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | 002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF | AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology | Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Meditation Capital | Bank of Georgia | Financials | Banks | Bull | London Stock Exchange | banking, digital banking, Emerging markets, Fintech, Georgia, high ROE, market consolidation, Mobile Banking, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Meditation Capital | Bank of Georgia Group PLC | Financials | Banks | Bull | London Stock Exchange | acquisition, Armenia, banking, digital banking, Emerging markets, Georgia, market share, ROE, super app, Value | 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. | ||||||||