BSL-AX

BSL-AX

BSL-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Airlie Australian Share Fund	1.4%	-	ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX	Australia, banks, equities, gold, real estate, value, volatility	Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year-to-date. Historical correlation with US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks accelerating reserve diversification away from USD.		View
2024 Q2	Jul 11, 2024	Highwood Value Partners	-	-	ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX	Australia, banks, gold, value, volatility	Gold outperformed the S&P 500 by 30% year-to-date, with the price rising 16% in the quarter. The historical correlation between gold and US real yields has broken down, coinciding with the Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks are accelerating reserve diversification away from the US dollar.	SOL.AX	View
2025 Q2	Jun 30, 2025	Emerald Wealth Partners – Focused Equity Strategy	9.9%	5.9%	ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX	active management, Australia, banks, gold, Valuations, volatility	Gold price outperformed S&P 500 by 30% year-to-date, only happening twice before in history during major market stress periods. Historical correlation between gold price and US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds as central banks accelerate reserve diversification away from USD.	SOL.AX	View
2023 Q2	Jun 30, 2023	PM Capital Global Companies Fund	5.1%	-	ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX	active management, Australian Equities, banks, Concentrated Portfolio, gold, Valuations, volatility	Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year to date. Historical correlation with US real yields has broken down since Russia-Ukraine war. Central banks accelerating reserve diversification away from USD, but manager questions sustainability of current gold price momentum.	SOL.AX	View
2026 Q1	Apr 22, 2026	L1 Capital Long Short Fund	-0.2%	-0.2%	AZJ.AX, BSL.AX, CRH, JHX.AX, QAN.AX, RMV.L, STO.AX	AI, Australia, Copper, energy, gold, Iran War, Long/Short, volatility		RMV.L JHX.AX QAN.AX AZJ.AX BSL.AX STO.AX	View
2025 Q1	Mar 31, 2025	L1 Capital Long Short Fund	1.3%	1.3%	BSL.AX, FLTR.L, FRA.DE, IMD.AX, JD.L, JHX.AX, LLOY.L, MIN.AX, RMV.L, VEA.AX	Australia, Europe, gold, infrastructure, Long/Short, Trade Policy, value, volatility	Gold sector rallied during the quarter as gold prices moved up ~19% amidst market and economic instability. The fund sees a favourable outlook for gold in the medium term supported by central bank buying and elevated macro and geopolitical risks. Gold equities continue to trade at exceptionally low valuations despite gold price increases.		View
2023 Q4	Dec 31, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AZJ.AX, BABA, BSL.AX, CNU.AX, CRH, CVE, FLTR.L, IMD.AX, NEM, NUF.AX, STO.AX, VEA.AX, WGX.AX	Australia, energy, gold, industrials, infrastructure, Long/Short, materials, value	Portfolio maintains significant Energy exposure despite underperformance in 2023. Manager sees positive macro outlook with oil above $70, elevated geopolitical tensions, improving supply/demand dynamics, and multi-decade low inventories. Key positions include Santos with potential structural options and Cenovus generating strong free cash flows.	AZJ.AX CNU.NZ IMD.AX NUF.AX WGX.AX NEM FLTR.L CRH CVE.TO STO.AX	View
2024 Q3	Oct 9, 2024	Mountain Vista Wealth Management	-	-	ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX	Australia, banks, concentrated, equities, gold, real estate, value	Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year to date. Historical correlation with US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks accelerating reserve diversification away from US dollar.	SOL.AX	View
2025 Q4	Jan 15, 2026	L1 Capital Long Short Fund	14.1%	46.8%	ALL.AX, AZJ.AX, BSL.AX, CRH, CTD.AX, FLT.AX, FTT.AX, JHX.AX, LLOY.L, LNW.AX, LSF.AX, MIN.AX, STLD, WGX.AX	Australia, gold, infrastructure, Long/Short, Steel, Travel, value	Gold price continued to rally, up 12% for the quarter and 65% for 2025, driven by large U.S. federal fiscal deficits, dollar devaluation, emerging market central bank accumulation, and global interest rate cutting cycle. Westgold Resources performed strongly with the company releasing a positive 3-year outlook demonstrating transformation into material scale producer. BlueScope Steel received multiple takeover proposals from Steel Dynamics, validating the strategic value of North American steel assets. Trump administration increased steel tariffs to 50% with no exemptions, materially improving profitability and resilience of U.S. steel producers. Steel market has become highly consolidated with competitive tension for independent assets. Aurizon benefited from proposed 10-year extension to regulatory arrangements for Queensland rail network access, enhancing long-term earnings certainty. Above-rail performance supported by robust coal volumes and BHP copper railings. Infrastructure remains a key portfolio exposure with positive outlook on U.S. economic growth and AI capital expenditure spending. Flight Centre shares rallied 30% on earnings-accretive acquisition of Iglu cruise agency and benefited from competitor issues. Travel sentiment and outbound travel from Australia to Europe and United States continues to improve, providing tailwinds to performance. Uranium continues to be a key portfolio exposure alongside infrastructure, gold, and U.S. cyclicals. The manager believes uranium provides some of the best opportunities globally as part of their quality value investment approach. Following significant outperformance of high P/E stocks over the past decade, the manager is finding more attractive opportunities in Value stocks. They believe low P/E stocks are well positioned to strongly outperform high P/E stocks over the coming 1-2 years, with portfolio having stronger than usual Value skew. Continued acceleration in AI-related capital expenditure attracted increased investor attention during the quarter. Estimated cumulative hyperscaler capex between 2025-2028 is substantial, expected to be double their available cash flows, necessitating increased debt funding. This heightened focus contributed to de-rating of speculative AI-exposed stocks. Mineral Resources benefited from lithium spodumene prices moving 92% higher during the quarter, recovering sharply due to upgraded demand outlook from stationary storage batteries and ongoing supply uncertainty from major Chinese operations. Company announced sale of 30% interest in lithium assets to POSCO for A$1.2b at 45% premium to consensus NAV.	FLT AU LLOY LN JHX AU LNW AU FTT CN AZJ AU MIN AU WGX AU BSL AU	View
2024 Q4	Feb 26, 2025	Fawkes Capital Management	2.2%	11.2%	AGX, BE, BSL.AX, CENX, CLS, DUOT, GEV, GOOGL, INOD, LPTH, LRV.AX, MND.TO, MSFT, NVDA, OCC, OSIS, RIO, SKYX, SOLI, VRT, WDC	AI, Border Security, Data centers, energy, infrastructure, Mining, semiconductors, tariffs	AI infrastructure demand continues to surge despite DeepSeek disruption. The rise of AI Agents for autonomous task execution represents a pivotal shift in automation, with NVIDIA emphasizing that achieving AI consistency at scale requires extensive training. Big Tech's strategy for AGI involves expanding from probabilistic text generation to capturing human reasoning patterns.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 24, 2026	Fund Letters	L1 Capital Long Short Fund	BlueScope Steel Limited	Steel	Steel	Bull	Australian Securities Exchange	Industrial, materials, North America, premium, Steel, takeover, Value	View Pitch

BSD Shareholders of BSL-AX

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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