BUR-L

BUR-L

BUR-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 12, 2025	Symmetry Invest	-	15.6%	ADM.L, BUR.L, CTT.LS, FBD.L, GIG.OL, IAC, IWG.L, JDC.DE, PAR, PROT.OL, SHEL.CO	alpha, Europe, insurance, Long/Short, small caps, value	Manager focuses on cheap European small-cap stocks that experienced strong performance in early 2025 as investors recognized their undervaluation. Strategy involves buying undervalued companies and selling overvalued positions, exemplified by the GiG/Gentoo Media trade where they bought what others didn't want.	JDC.DE CTT.LS JDC GR PAR	View
2025 Q2	Jul 24, 2025	Focus Capital Management	28.5%	-	BUR.L, PTON, YPF	Argentina, Investment Process, Legal, Litigation, valuation, value	The manager emphasizes deep value investing principles, highlighting that valuation always matters regardless of business quality. The Peloton case study demonstrates their commitment to avoiding overvalued investments even with attractive business models.	PTON BUR.L	View
2025 Q2	Jul 15, 2025	Highwood Value Partners	-	4.2%	ALIM.ST, BOL.PA, BORR.OL, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L, TRI.PA	Beverages, Europe, insurance, small caps, SMID Cap, Travel, value	Highwood focuses on finding great businesses at attractive prices trading at significant discounts to intrinsic value. The portfolio trades at 48 cents on the dollar of estimated intrinsic value with a median P/E of 7.6x. The firm's research identified that international small and mid-cap companies have been the happy hunting ground for value investors, with European companies showing the highest base rates for delivering 4x returns.	TRI.PA BORR HFG BOL BUR LN JZCP LN MOTR LN FEVR LN PROT NO TRI FP	View
2025 Q2	Jul 14, 2025	ROCKLINC Partners Fund	8.1%	8.9%	AEM.TO, AMZN, APOG, BIP.TO, BN.TO, BUR.L, CCO.TO, FNV.TO, GROY, META, MKL, MSFT, OR.TO, RGLD, ROP, SAND.TO, TSU.TO, WPM.TO	AI, Canada, energy, gold, Mining, nuclear, Precious Metals, uranium	The nuclear power industry is undergoing a renaissance as nations embrace nuclear energy to address climate challenges. Nuclear provides reliable 24/7 baseload energy with near-zero carbon emissions. The next wave of growth will come from power-hungry data centers, with major tech companies signing long-term nuclear power purchase agreements.	CCO.TO CCO CN	View
2024 Q2	Jul 10, 2024	Alphyn Capital Management	8.9%	13.5%	0700.HK, AMZN, BUR.L, ESAB, EXOR.MI, FFH.TO, GOOGL, KKR, KMX, PHG, PRX.AS, RACE, STLA, TVK.TO	Capital Allocation, compounders, Concentration, Long/Short, portfolio, risk management, technology, value	Alphabet has started incorporating AI Overviews in searches featuring responses from its LLM and Gemini, with improved user satisfaction and click-through rates. The company is exploring new AI features like short product videos and virtual try-on options within shopping ads. Amazon is adopting a primitive services approach to GenAI, developing custom AI chips, training services, and applications like Alexa and shopping AI called Rufus.		View
2023 Q2	Jun 30, 2023	Rozendal Partners	-	13.5%	B4B.DE, BLU.JO, BUR.L, CCO, GEMD.L, HCI.JO, HOLD.IS, MCF.L, MDC.L, META, OCE.JO, PPC.JO, RCL.JO, SDRY.L, SUR.JO, TBS.JO	global, Litigation, South Africa, takeovers, technology, uranium, value	Rozendal invests in litigation funding through RLF, comparing the field to private equity in the 1980s with vast untapped market potential. They have committed 3% of hedge fund assets to litigation funding across five direct matters and two class action suits in South Africa.		View
2024 Q1	May 2, 2024	Capicraft Investment Partners	0.0%	0.0%	BUR.L, F, JMAT.L, MBG.DE, MTN, NVDA, SPP.JO, SSL, TM	AI, commodities, Elections, energy, gold, inflation, Resources, South Africa	Gold continues to rise despite higher bond yields due to US fiscal weakness and structural inflation. Eastern central banks and private sectors are buying gold instead of Western government bonds, representing a shift in the global monetary system. Chinese demand is so strong that gold trades $100/oz higher in Shanghai than Western markets.		View
2024 Q1	May 13, 2024	Greenhaven Road Capital	15.0%	12.0%	ALTG, BUR.L, CLBT, IWG.L, JHX, KKR, LPX, PAR	Litigation Finance, private equity, real estate, SaaS, small cap, technology, value	PAR Technology is transitioning to a recurring revenue model with dramatic growth in ARR per share, from $1.04 in 2018 to expected $10+ in 2025. The company benefits from low churn rates and is adding new products like table service POS and online ordering.		View
2026 Q1	Apr 29, 2026	ROCKLINC Partners Fund	0.3%	0.3%	AEM.TO, BUR.L, CCO.TO, CSL, KNSL, MELI, NOW, PLD, ROP, ROYP, SII.TO	deficits, energy, Fiscal, gold, materials, Precious Metals, royalties, Silver		CSL	View
2026 Q1	Apr 27, 2026	Focus Capital Management	0.8%	0.8%	BUR.L, VLE.TO	energy, geopolitics, Litigation, oil, value		BUR.L VLE.TO	View
2026 Q1	Apr 15, 2026	Janus UK Smaller Companies Fund	-7.0%	-7.0%	BBY.L, BUR.L, BWY.L, GNC.L, OXIG.L, SQZ.L	energy, Geopolitical, inflation, infrastructure, small caps, United Kingdom, value			View
2025 Q1	Apr 10, 2025	ROCKLINC Partners Fund	0.7%	0.7%	AAPL, AEM.TO, AMZN, BIP.TO, BN.TO, BUR.L, FNV.TO, GROY, KPGHF, MEG.TO, MKL, OR.TO, PGR, RGLD, ROP, SSL.TO, SU.PA, TSU.TO, WPM.TO	Canada, gold, inflation, Precious Metals, royalties, tariffs, value	Gold increased 19% during the quarter and 40.7% over the past twelve months, finishing at $3,124. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Gold has outpaced the S&P 500 over the past 25 years with 9.87% annual compound growth versus 7.76% for the S&P 500.	KPGHF	View
2023 Q3	Nov 21, 2023	Alphyn Capital Management	8.9%	13.5%	AHT.L, BUR.L, CRTA.L, ENOV, FFH.TO, IAC, KFS, KKR, KMX, LBRDK, PRX.AS	Concentration, insurance, Long Term, Patience, value	Fairfax Financial demonstrates the benefits of a hard insurance market, with its insurance business now writing almost $30bn in premiums per year and capable of delivering over $3bn in operating profits from insurance, interest, and dividends. The company has systematically harvested investments at significant gains to fund doubling down on its insurance business.		View
2024 Q3	Nov 10, 2024	Greenhaven Road Capital	15.0%	12.0%	BUR.L, CLBT, HGTY, KKR, LFCR, LLY, NVO, PAR, SOC, XOM	Concentration, energy, healthcare, PIPE, self-help, technology, value	LifeCore is positioned to benefit from GLP-1 drug manufacturing capacity constraints. While they don't currently manufacture Ozempic or Wegovy, they are equipped to do so and management has hinted at GLP-1 conversations. Eli Lilly and Novo Nordisk are severely capacity-constrained with 41 countries where GLP drugs are approved but haven't launched due to manufacturing constraints.		View
2023 Q3	Nov 10, 2023	Capicraft Investment Partners	0.0%	0.0%	BUR.L, CCO.TO	Anti-fragile, energy, Geopolitical, South Africa, special situations, uranium, value	South African shares have been in a bear market since 2015 with massive foreign outflows totaling R577 billion since 2019. After eight years of underperformance, many JSE companies now trade at 5x P/E ratios with earnings already reflecting local challenges. The manager sees sufficient compensation for risks and has increased South African exposure significantly.		View
2023 Q3	Oct 29, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, BUR.L, CLBT, KKR, LFCR, PAR	growth, Litigation, private equity, small caps, technology, value	PAR Technology's exclusive partnership with Burger King North America represents a major validation of their unified commerce strategy. The restaurant technology stack has become increasingly complex, requiring seamless integration between POS systems, mobile apps, delivery services, and loyalty programs. Large QSR chains that attempt to build these systems internally face significant execution risks.		View
2025 Q3	Oct 28, 2025	Alphyn Capital Management	3.0%	11.2%	BN, BUR.L, CCOI, FFH.TO, GLD, GOOGL, MRO.L, PRX.AS, ROKO.ST, TVK.TO	AI, Capital Allocation, Compounding, gold, insurance, Serial Acquisition, technology	Alphabet benefits from vertically integrated AI stack spanning proprietary infrastructure, leading models, and scaled distribution platforms. Google's AI advantage includes twice the power efficiency of competitors and 33x efficiency in inference. AI enhances Search utility through features like AI Overviews and Lens, driving increased user engagement.	CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL	View
2025 Q3	Oct 27, 2025	Focus Capital Management	25.3%	61.9%	BUR.L, KCN.AX, SIMO	deep value, gold, Litigation Finance, Mining, semiconductors, technology, value	The manager emphasizes deep value investing principles throughout the letter, stating that valuation always matters and that they seek deeply undervalued opportunities. They passed on Burford Capital initially due to valuation concerns despite its attractive business model, only investing when the price became more attractive after the Muddy Waters short report.	SIMO KCN AU SIMO KCN AU	View
2025 Q3	Oct 16, 2025	ROCKLINC Partners Fund	9.7%	-	AEM.TO, AMZN, BN, BUR.L, CCO.TO, FNV.TO, GROY, HCU.V, KPG.AX, MKL, OR.V, RGLD, ROP, SSL.TO, TSU.TO, WPM.TO	Canada, ETFs, gold, Mining, Resources, royalties, value	Gold hit record highs over $4,200 in 2025, increasing 55% year-to-date and outperforming major indices. Driven by profligate government spending, unprecedented global debt levels of $337 trillion, inflationary money printing, and heightened geopolitical risk. Central banks have aggressively accumulated over 1,300 tonnes in 2025, the most since the 1970s.	SSL RGLD SSL RGLD	View
2023 Q4	Jan 29, 2024	Rozendal Partners	-	21.6%	B4B.DE, BAYN.DE, BUR.L, CCJ, CCOLA.IS, COH.JO, MTN.JO, NVDA, PPCT.JO, RCL.JO, TBS.JO	emerging markets, global, South Africa, technology, Turkey, uranium, value	The uranium market has finally come to life after being moribund for a decade following Fukushima. Disruptions from the Russian invasion of Ukraine, slow return to production of mothballed mines, steady continuation of new reactors being built in China, and greater recognition of uranium's clean energy benefits have contributed to dramatic price surges reaching levels last seen in 2007.		View
2024 Q4	Jan 28, 2025	Rozendal Partners	-	-3.0%	AFE.JO, BLU.JO, BUR.L, GDR.JO, HCI.JO, JD, MDIA3.SA, META, NE, PIK.JO, PPC.JO, SESG.PA, SHP.JO, TBS.JO, TSCO.L	global, retail, stock selection, technology, underperformance, value	Burford Capital operates in the litigation funding market, which offers attractive long-term growth prospects and favorable economics. The business provides capital to fund legal expenses in return for a share of proceeds, with returns typically around 30% internal rates of return. However, the company's high cost structure limits profitability of third-party asset management.		View
2025 Q4	Jan 20, 2026	Highwood Value Partners	5.7%	10.2%	2333.HK, ALIM-B.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, JZC.L, MOT.L, ODET.PA, PROT.OL, RYA.L, STDRL.OL, SYY, TAP, TGO.PA, UMG.AS, VIV.PA, VWS.CO	Capital Cycle, Concentration, energy, Europe, Litigation Finance, special situations, value	Manager emphasizes concentrated value investing approach, buying companies at significant discounts to fair value. Portfolio trades at 48 cents on the dollar of estimated intrinsic value with median P/E of 7.5x. Focus on fundamental bottom-up analysis with 5+ year holding periods. Burford Capital represents the largest position as a litigation finance leader. The business generates returns by funding commercial litigation claims and managing third-party capital. YPF case represents major catalyst with clear judgment in favor. Borr Drilling is a special situation in shallow water drilling rigs. The capital cycle investment thesis centers on industry oversupply working through the system, with rig rates recovering from current levels toward long-run averages as old rigs retire.	RYAAY FEVR LN GETB LN BORR NO BUR LN	View
2024 Q4	Jan 17, 2025	ROCKLINC Partners Fund	4.7%	17.4%	AAPL, ADSK, AEM, AMZN, BN, BRK-B, BUR.L, CCO, DHR, FNV, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SAND, SE, TSU.TO, WPM	Canada, gold, inflation, insurance, Precious Metals, Quality, royalties, value	Gold finished up 27% over the past twelve months, continuing to power ahead despite the strong USD, indicating all fiat currencies are losing ground to hard assets. Many precious metals mining companies and royalty businesses are undervalued relative to the price of gold and silver, trading at discounts to intrinsic value.	MKL	View
2025 Q4	Jan 15, 2026	ROCKLINC Partners Fund	0.7%	20.3%	AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO	active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value	Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure.	SII	View
2025 Q4	Jan 14, 2026	Langdon Global Smaller Companies	-0.5%	6.9%	BUR.L, CSWI, WOSG.L, YETI	Concentration, consumer, global, Luxury, Quality, small caps, value, volatility	The portfolio focuses on global smaller companies with elevated volatility, sharp sentiment shifts, and frequent disconnects between short-term price movements and long-term business value. These characteristics are viewed as necessary preconditions to generate material outperformance in the asset class. The portfolio consists of businesses with durable competitive positions, strong balance sheets, and management teams capable of compounding intrinsic value at high rates through cash earnings growth. Quality characteristics provided downside protection during market stress. Watches of Switzerland operates as a leading retailer of highly desirable luxury watch brands, benefiting from strong client relationships and disciplined inventory management. The company has gained exclusive retailer status for pre-owned Rolex timepieces, creating additional revenue streams.	BUR LN WOSG LN YETI	View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR	catalysts, growth, long-term, small caps, SPACs, value	Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion.		View
2023 Q4	May 1, 2024	Vltava Fund	0.0%	0.0%	ABG, ATD.TO, BRK-A, BUR.L, CVS, JPM, LH	Banking, Concentration, Japan, Quality, small caps, value	Manager emphasizes investing in high-quality companies trading at attractive valuations while avoiding expensive large-cap stocks. Portfolio trades at 9.3x P/E despite 26% average ROE, creating significant value opportunity compared to overvalued mega-cap stocks.		View
2023 Q1	Apr 30, 2023	Alphyn Capital Management	8.9%	13.5%	3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L	Concentration, Fraud, insurance, Litigation, technology, turnaround, value	CarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins.		View
2023 Q1	Apr 14, 2023	Capicraft Investment Partners	0.0%	0.0%	BUR.L	Banking Crisis, China, Defensive, energy, gold, Multi-Asset	Energy exposure represents about 20% of the Global Creator fund. OPEC announced production cuts of 1.5 million barrels per day in April 2023, with oil inventories at 17-year lows. The manager sees asymmetric upside in energy positions like Imperial Oil, which could generate 13% free cash flow yield even at $60 oil.	IMO.TO BUR.L	View
2024 Q4	Mar 26, 2025	Silver Beech Capital	-	23.9%	BN, BUR.L, DNTL.TO, ET, FFH.TO, GFR.TO, MHC, PRKS, RTO, WSC	Consolidation, energy, financials, real estate, Turnarounds, value	Silver Beech focuses on durable companies priced at attractive multiples of free cash flow, contrasting with the S&P 500's near-record multiples. The fund targets out-of-favor areas including real estate, finance companies, banks, insurers, and companies with misunderstood asset-rich balance sheets that feature attractive valuations conducive to strong forward returns.	RTO	View
2024 Q4	Feb 28, 2025	Greenhaven Road Capital	13.0%	27.0%	AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L	AI, Concentration, growth, small caps, value	AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications.		View
2024 Q4	Jan 15, 2025	Highwood Value Partners	-	4.6%	ALIM.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L	Europe, Long Term, Quality, SMID Cap, valuation, value	Manager emphasizes buying great businesses at attractive valuations as the core investment approach. Portfolio trades at 0.47x intrinsic value with median P/E of 8.1x versus US markets at historically high valuations. European markets offer compelling value opportunities with select markets at all-time low valuations.	HFG.DE FEVR.L	View
2023 Q4	Jan 15, 2024	Capicraft Investment Partners	0.0%	0.0%	BUR.L, CCJ	Elections, inflation, oil, South Africa, Stagflation, uranium, value	Manager discusses persistent inflation above Fed targets, with core and super-core inflation between 3-4%, wage inflation above 5%, and questions whether soft landing is achievable without hurting labor markets. Expects stagflation as the price for manufactured soft landing.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Focus Capital Management	Burford Capital Limited	Asset Management	Specialized Finance	Bull	New York Stock Exchange	antitrust, International Arbitration, Legal Investment, Litigation Finance, portfolio valuation, Specialized Finance, turnaround, Value	View Pitch
Apr 27, 2026	Fund Letters	Capicraft Investment Partners	Burford Capital	Financials	Specialized Finance	Bull	London Stock Exchange	Argentina Recovery, Catalyst, Court Ruling, High returns, Litigation Finance, Special situations, turnaround, Uncorrelated Returns	View Pitch
Apr 13, 2026	Fund Letters	Focus Capital Management	Burford Capital Limited	Financials	Specialized Finance	Bull	London Stock Exchange	Argentina, Asset Recovery, Court Order, Judgment Enforcement, Legal Assets, Litigation Finance, settlement, Sovereign Debt, Specialized Finance, YPF	View Pitch

BSD Shareholders of BUR-L

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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