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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Thornburg Global Opportunities Fund | 11.3% | 32.2% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE | Communications, financials, global, growth, semiconductors, technology, Telecom, value | The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance. | View | |
| 2025 Q2 | Aug 11, 2025 | VGI Partners | - | - | 000660.KS, 7282.T, A5G.L, AMZN, BIRG.L, CABK.MC, ENT.L, FLTR.L, LLOY.L, META, RMV.L, TSM | AI, Asia, Energy Transition, Europe, financials, gaming, semiconductors, technology | Portfolio benefited from large-scale ongoing investment into artificial intelligence infrastructure and hardware, particularly through semiconductor positions in SK Hynix and TSMC. AI represents a key structural growth trend the team continues to focus on. | ENT LN |
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| 2025 Q2 | Jul 22, 2025 | Third Avenue Value Fund | 9.4% | 12.7% | 1418.T, 5233.T, 6856.T, 7270.T, 8283.T, BIRG.L, BMW.DE, BZU.MI, CKH.L, CMCL.L, CRE.L, DB, EZJ.L, HCC, IFP.TO, ORI, SFOR.L, TDW | Copper, diversification, Japan, Reinsurance, small caps, valuation, value | Manager emphasizes price-conscious investing approach, seeking securities at meaningful discounts to business value. Criticizes current U.S. mega-cap valuations and advocates for diversification away from expensive stocks toward undervalued opportunities. | CDRE.L CRE LN |
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| 2024 Q2 | Jun 30, 2024 | Orbis International Equity | - | - | 7974.T, AIBG.L, BIRG.L, RR.L | aerospace, Banking, contrarian, defense, gaming, international, value | Nintendo represents an idiosyncratic investment opportunity as it transforms from a cyclical hardware company to a multimedia juggernaut. The Switch platform enables more game development and digital monetization, while expansion into theme parks and movies strengthens the core business through IP licensing deals. | 7974.T RR.L |
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| 2024 Q1 | May 7, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | 6856.T, BIRG.L, BMW.DE, BZU.MI, C6B.SI, CAPS.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, IFP.TO, LUN.TO, MBG.DE, ORI, SFOR.L, SUBC.OL, TDW, VAL | Banking, Buybacks, contrarian, Copper, dividends, Europe, value | Fund focuses on buying significantly undervalued, well-financed businesses run by honest and competent people. Manager emphasizes price-conscious, fundamental value investing approach that has become less competitive due to industry shift toward growth strategies. | HBR.L BOIG.L |
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| 2025 Q1 | Mar 31, 2025 | Pzena Investment Management | - | - | 005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS | AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value | Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs. | 005930.KS |
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| 2025 Q1 | Mar 31, 2025 | Pzena Global Small Cap Focused Value Strategy | -4.4% | -4.4% | 3401.T, 6481.T, ADNT, BIRG.L, CNO, CNXC, DAN, GCO, NVST | Cyclical, financials, global, small caps, tariffs, underperformance, value | Small cap stocks globally continued to underperform large-cap peers, widening the valuation gap between cohorts. The period remained particularly challenging for small caps, with US small caps declining markedly while non-US small caps were largely flat. Tariffs and economic impact drove weak sentiment particularly for small cap companies. | View | |
| 2023 Q3 | Oct 25, 2023 | Third Avenue Value Fund | 1.2% | 0.0% | BIRG.L, BMW.DE, CS.TO, DB, EZJ.L, HCC, SUBCY, TDW, UGP, VAL | Coal, contrarian, Cyclical, distressed, energy, Offshore, value | The fund focuses on identifying companies trading at distressed valuations without actual operating or financial distress. The manager emphasizes buying companies at low multiples when earnings are temporarily depressed, creating positive asymmetry where operating performance is more likely to improve than deteriorate. | View | |
| 2025 Q4 | Jan 29, 2026 | Pzena Global Small Cap Focused Value Strategy | -1.0% | 12.8% | 240810.KS, 9065.T, AAP, ADNT, BIRG.L, BPE.MI, MRC, NOKBF, RCO.PA, REZI, SCS, ST, TEP.PA, TPK.L, UMI.BR, UNI.MC, WGO | consumer discretionary, financials, global, small cap, underperformance, valuation, value | The portfolio remains attractively valued and is currently among the most inexpensive across the geographies and market cap ranges managed by Pzena. Small-cap stocks remain particularly depressed relative to larger companies. Small-cap stocks remain particularly depressed relative to larger companies, with the portfolio's relative performance being challenged. U.S. small caps modestly underperformed large caps during the quarter. | WGO KNX |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Value Fund | 7.4% | 35.2% | 0001.HK, 2603.TW, 6951.T, 6955.T, BIRG.L, BMW.DE, BZU.MI, CMA, CS, DB, HBR.L, HCC, IFP.TO, LUN.TO, SFOR.L, SSUB.OL, SUBCY, TDW, VAL | Banking, Copper, energy, Europe, Mining, Resource Conversion, value | Fund holds significant positions in copper miners Lundin Mining and Capstone Copper, viewing copper as indispensable to modern economies with exceptional supply challenges. Manager believes copper demand growth has evolved from Chinese construction to renewables, electric transportation, and data center construction, while supply increases remain elusive due to aging mines, declining ore quality, and decade-plus timelines for new projects. Warrior Met Coal was the single largest contributor to Fund performance during the quarter, benefiting from early completion of Blue Creek metallurgical coal mine eight months ahead of schedule. The completion portends far higher coal production, much lower capital spending, and likely return to significant cash distributions to shareholders. Manager discusses the materials-intensive nature of renewable energy infrastructure, noting the irony that mining companies producing materials for solar panels, wind turbines, electrical grids, and batteries were deemed global pariahs while renewable energy companies were market darlings. The build out of data centers and electrical infrastructure has become entwined with copper consumption growth. Fund holds offshore oil and gas service providers and one upstream producer, believing more offshore spending is required to maintain current production levels. Manager notes U.S. onshore production growth has slowed significantly due to lower drilling activity, exhaustion of Tier 1 acreage, and water challenges, potentially leading to future production declines that would enhance the importance of long-life offshore production. Manager highlights a profound divergence in U.S. sanctions activity, noting recent seizure of dark fleet oil tankers, arrest of Nicolas Maduro, U.S. claim of control over Venezuela's energy industry, and sanctions on Russia's largest oil producers. This marks a departure from decades of avoiding sanctions that would impact energy flows, with gunboat diplomacy and military embargos returning. Manager emphasizes resource conversion activity including share buybacks as a key component of their investment approach for undervalued, well-financed companies. The Fund focuses on companies where management teams can create shareholder value through buybacks, recapitalizations, special dividends, asset disposals, spin-offs, acquisitions, or sale of the business. | View | |
| 2025 Q4 | Jan 18, 2026 | Ariel Global Fund | 2.9% | 23.3% | 000660.KS, 1024.HK, 4751.T, 6367.T, 6460.T, 6762.T, 6856.T, 7832.T, BIRG.L, BMPS.MI, BMY, FME.DE, FORTUM.HE, FSLR, HPE, LREN3.SA, SAN, T, WBS, WCH.DE | AI, Banking, Data centers, Energy Transition, global, international, semiconductors, value | The fund sees strong opportunities in semiconductor equipment and memory companies. Lasertec is positioned for growth as it transitions toward high-volume manufacturing with its new APMI tool for EUV processes. SK Hynix benefits from accelerating AI inference demand for high-bandwidth memory and NAND solutions, maintaining a commanding lead with Nvidia. European banking presents compelling opportunities through consolidation and operational improvements. BMPS transformed into Italy's third-largest bank through Mediobanca acquisition, while Santander offers efficiency gains and stronger profitability through streamlined operations. Bank of Ireland provides upside through cost restructuring and strategic decisions. Solar and renewable energy infrastructure offer attractive growth prospects. First Solar's new U.S. facility aims to reduce tariff costs and capture domestic tax incentives in an increasingly tight utility-scale solar market. Fortum provides exposure to data center power demand through above-market purchase agreements in the Nordic region. Artificial intelligence drives demand across multiple sectors from memory semiconductors to content platforms. SK Hynix benefits from AI inference workloads requiring high-bandwidth memory, while Kuaishou leverages AI-driven video tools to enhance content recommendation and advertising targeting capabilities. Growing data center demand creates opportunities in power and infrastructure. Fortum is positioned for upward earnings revisions through power purchase agreements with data center operators in the Nordic region, benefiting from low-cost power and favorable climate conditions. | ES WBS WCH GR 1024 HK 6367 JP 4751 JP BMY T 000660 KS 6920 JP FSLR |
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| 2025 Q4 | Jan 18, 2026 | Ariel International Fund | 2.3% | 31.5% | 1024.HK, 3436.T, 4751.T, 6367.T, 6762.T, 6856.T, 6920.T, 7832.T, BARC.L, BIRG.L, BMPS.MI, BWG.VI, FME.DE, FORTUM.HE, LREN3.SA, SAN, WCH.DE | Banking, Europe, financials, international, Japan, semiconductors, technology, value | The fund initiated multiple new banking positions including Banca Monte dei Paschi di Siena, Banco Santander, and Bank of Ireland, while existing holdings like Barclays and BAWAG performed well. Banks are benefiting from improving market conditions, efficiency gains, and strategic positioning for profitability growth. Strong performance from Lasertec Corporation driven by solid earnings and management commentary about gaining momentum in deal activity. The company is positioned for a pivotal inflection point in process control intensity as it transitions toward high-volume manufacturing with new APMI tools. Fortum is positioned as a compelling opportunity to benefit from data center expansion, particularly through above-market power purchase agreements. The Nordic region offers advantages including low-cost power, cooler climates, and strong fiber infrastructure for rapid energy access. Multiple companies are positioned to benefit from AI adoption including TDK Corporation through higher density battery needs and Edge AI demand, and Kuaishou Technology through AI-driven video tools that enhance content recommendation and ad targeting capabilities. | WCH GR 6762 JP 1024 HK 6856 JP 6367 JP 4751 JP BIRG LN SAN SM 3436 JP FME GR 7832 JP BG AV BARC LN 6920 JP |
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| 2025 Q4 | Jan 11, 2026 | Thornburg Global Opportunities Fund | 6.5% | 41.1% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE | Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value | The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies. | View | |
| 2024 Q2 | Jul 19, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | 6856.T, 7433.T, BIRG.L, BMW.DE, BZU.MI, CBG.L, CSAV.SN, CSTCF, DB, EZJ.L, HA, HBRG.L, HCC, LUMI.TO, SFOR.L, SUBCY, TDW, UGP, VAL | Balance Sheet, Banking, Financial Wherewithal, Japan, rates, value | The fund employs a balance sheet-focused value investing approach emphasizing financial wherewithal, seeking companies that can endure challenges without value-destructive activities. This approach has produced 220 basis points of outperformance relative to the MSCI World Index since inception 34 years ago. | CBG.L 7433.T |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Value Fund | 2.9% | 2.9% | 5285.T, 6856.T, 6951.T, 7270.T, BIRG.L, BMW.DE, CBG.L, CSCU.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, ORI, SFOR.L, SUBC.OL, TDW, VAL | defense, energy, Europe, inflation, Japan, tariffs, Trade Policy, value | The manager extensively discusses the global tariff war initiated on Liberation Day (April 2, 2025), describing it as an economic mistake with lasting negative implications. He analyzes the reciprocal tariff structure, challenges of eliminating trade deficits, and the breakdown of trust and predictability affecting corporate investment decisions. | 6951.T |
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| 2023 Q4 | Jan 31, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | ASHM.L, BIRG.L, BMW.DE, BOLSAA.MX, BZU.MI, CMA, CS.TO, DB, EZJ.L, HMC.T, HMT, HTHPF, SFOR.L, SUBCY, TDW, UGPA3.SA, VAL | Banking, Buybacks, Electric Vehicles, global, interest rates, value | The Fund carried a weighted average price to earnings ratio of approximately 8.2x as of year-end, positioning in attractive businesses without relaxing criteria for balance sheet strength or liquidity. The manager highlights how cheap stocks have become even cheaper while expensive stocks experienced valuation expansion. | BOLSAA.MX BMW.DE CMA S4C.L |
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| 2024 Q4 | Jan 28, 2025 | Third Avenue Value Fund | -9.6% | -2.5% | 6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP | Active Share, Autos, Concentration, global, small caps, value | The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals. | 7270.T MBG.DE BMW.DE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| No pitches found. | |||||||||
| 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 |
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| No investor data available. | ||||||||