BWY-L

BWY-L

BWY-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 3, 2024	Vltava Fund	0.0%	0.0%	BWY.L, CRST.L, CVS, OSB.L	Banking, Portfolio Management, Position Sizing, small caps, United Kingdom, value	The fund focuses on finding undervalued companies trading below intrinsic value, particularly in segments ignored by passive investors. OSB Group exemplifies this approach, trading at 0.8 times book value with a P/E near 5 despite strong fundamentals. The manager emphasizes preferring investments with lower expected returns but higher probability of success over speculative higher-return opportunities.	OSB.L CVS	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
2024 Q4	Dec 31, 2024	Polaris International Equity	-8.7%	0.5%	000660.KS, 005930.KS, 055550.KS, 066570.KS, 1878.T, 5871.TW, 6758.T, ANTO.L, BARRY.SW, BWY.L, FTK.DE, JAZZ, LTM, LUN.TO, MEOH, ML.PA, SAN.PA, SVEG.OL, SW, TGLS, U11.SI, VIPS, YAR.OL	Cocoa, Geopolitical, international, semiconductors, Trade Policy, value	Substantial geopolitical tensions in France, South Korea and other global economies, along with protracted Ukraine-Russia and Israel-Hamas conflicts. Political instability in Germany and France suffered poor performance. South Korean market sold off after martial law declaration and impeachment proceedings.		View
2024 Q3	Oct 30, 2024	T. Bailey Global Thematic Equity Fund	1.9%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value	The fund introduced VT Gravis UK Infrastructure Fund, recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey Multi-Asset Dynamic Fund	3.4%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, gold, infrastructure, interest rates, Multi-Asset, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey Multi-Asset Growth Fund	3.1%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, MSIN.L, OGN.L, OXIG.L	AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey UK Responsibly Invested Equity Fund	1.9%	-	AZN.L, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, diversification, gold, infrastructure, Multi-Asset, REITs, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 18, 2024	Olesen Value Fund	9.8%	8.9%	BWY.L, CRST.L, HIFS	Banking, Europe, Homebuilders, Recovery, small cap, undervaluation, value	Small cap value stocks regained favor after underperforming large tech/growth stocks in 2023 and first half of 2024. The divergence partially reversed in July as investors questioned whether it had gone too far, positively impacting portfolio companies.	BWY.L HIFS	View
2025 Q4	Jan 16, 2026	Janus UK Smaller Companies Fund	-0.1%	2.4%	BBY.L, BWY.L, CHG.L, CVSG.L, DOM.L, MTO.L, OSB.L, QQ.L	Construction, defense, Government Policy, small caps, Uk, Valuations	Defence companies Qinetic and Chemring were key detractors as share prices fell amid news of potential peace agreement between Russia and Ukraine. UK defence contractors are waiting for publication of government's Defence Investment Plan, which is slowing decision making. Housebuilder Bellway and construction company Balfour Beatty were positive contributors. Bellway rallied following benign UK budget outcome and reported encouraging preliminary full-year results. Balfour Beatty continued to rally on strong order-book momentum and cash generation. UK smaller companies experienced challenging conditions with government handling of Autumn Budget destroying corporate and consumer confidence. However, valuations remain attractive and sit well below long-term averages, with persistent M&A activity suggesting market players are taking notice.		View
2024 Q3	Sep 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 3132.T, 8002.T, 8591.T, 9433.T, AD.AS, ANTO.L, BARN.SW, BPOP, BWY.L, CTC.TO, DTE.DE, GNC.L, HNR1.DE, LIN, LOOM.ST, LUN.TO, MEOH, MUV2.DE, NXT.L, YAR.OL	cyclicals, financials, international, rates, semiconductors, value	Interest rates finally peaked with most central banks globally initiating easing cycles. The manager expects rates to remain higher than previous cycles at neutral levels of 1.2% to 1.4%. This normalized rate environment should benefit value stocks and global economic recovery.		View
2023 Q4	Jan 18, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL	AI, Banking, financials, global, interest rates, value	Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns.		View
2023 Q4	Jan 18, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 2338.HK, 6758.T, 7267.T, 8001.T, AD.AS, AMC.L, ANTO.L, BPOP, BWY.L, DG.PA, DTG.DE, ENI.MI, FTK.DE, HNR1.DE, IPS.PA, JAZZ, KGX.DE, LUN.TO, MEOH, MUV2.DE, NVS, NXT.L, PUB.PA, SDZ.SW, SKF-B.ST, SKG.L, TEP.PA, TW.L, YAR.OL	AI, consumer discretionary, industrials, international, rates, value	Manager emphasizes purchasing cash-flow generative companies at excellent values, noting that more appropriately priced cost of capital is particularly beneficial for value stocks. The gale force headwind of growth over value stocks for the past decade is shifting, especially in international markets.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Olesen Value Fund	Bellway plc	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	cash generation, Cyclical Recovery, homebuilder, Land Position, Planning Permission, strong balance sheet, UK housing, Value	View Pitch

BSD Shareholders of BWY-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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