BZU-MI

BZU-MI

BZU-MI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 7, 2023	Ennismore Global Equity Fund	0.8%	2.4%	5122.T, 7974.T, ADM.L, ATLC, BZU.MI, DIE.BR, MONY.L, MRO.L, OCDO.L, ROO.L, RR.L, SBB-B.ST, SCHE.OL, SPR, TKA.DE, UPST	aerospace, AI, Japan, Long/Short, Spin-Offs, value	Detailed analysis of Melrose Industries and GKN aerospace business model, focusing on engine components with long-term revenue sharing partnerships. The aerospace engine business offers captive aftermarket revenues over 40-year cycles, with GKN positioned across multiple engine programs including CFM56, GTF, and next-generation RISE programs.	MRO.L	View
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	View
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	View
2024 Q1	Apr 9, 2024	Ennismore Global Equity Fund	2.1%	2.1%	9404.T, ADM.L, AUTO.L, BZU.MI, CUERVO.MX, DIE.BR, FLTR.L, IDS.L, MONY.L, NNI, PHLL.L, ROO.L, SCHA.OL, SOUN, TCX	Balance Sheet, Buybacks, Capital markets, global, Long/Short, value	Fund focuses on finding undervalued businesses trading at attractive valuations, including cigar butts at discounts and high-quality companies with defensible moats when available at reasonable prices. The portfolio emphasizes balance sheet strength with 14 of top 17 positions having net cash or modest debt.	PHLL.L	View
2023 Q1	Apr 12, 2023	Ennismore Global Equity Fund	1.6%	1.6%	ADM.L, ASC.L, BZU.MI, DIE.BR, DLG.L, MONY.L, RIOT, ROO.L, SCHA.OL, SI, STO.DE, TCX, TKA.DE	Credit Cycle, Europe, industrials, Long/Short, materials, small caps, value	Manager sees emerging signs of credit cycle stress including bank failures, rising consumer delinquencies, and tightening lending conditions. Views this as characteristic of familiar credit cycle patterns where excesses built during easy credit periods eventually lead to cracks that spread throughout the economy.	DIEPA.BR	View
2025 Q1	Apr 10, 2025	Ennismore Global Equity Fund	1.8%	1.8%	ADM.L, AUTO.L, BLTG.L, BZU.MI, CLMT, FLTR.L, FORY.PA, FR, GNS.L, LTO.MI, META, MRO.L, NNI, PM, SCHA.ST, STO.DE, TKA.DE, TSLA, WISE.L, XRX	defense, Europe, Gambling, geopolitics, Long/Short, tariffs, Trade Policy, Valuations	The Trump administration implemented extensive tariffs targeting key trading partners, with rates often surpassing 50% and creating unprecedented policy uncertainty. This has triggered retaliatory measures from multiple countries and forced a sharp reassessment of relative regional equity valuations, benefiting European equities while pressuring US markets.	LTO.MI	View
2023 Q3	Oct 6, 2023	Ennismore Global Equity Fund	8.3%	10.9%	9404.T, ADEV.OL, ADM.L, ATLC, AUTO.L, BAX, BSX, BZU.MI, CAR.AX, CUERVO.MX, DIE.BR, GOOGL, IDS.L, IRTC, MRO.L, PHIA.AS, REA.AX, RMV.L, SCHIBSTED-B.OL, STRX.L, TCX	Classifieds, European Equities, healthcare, Long/Short, Medical Devices, technology, value	The fund has significant exposure to online classifieds businesses through Schibsted and Adevinta, which operate property, car, and job listing platforms across Europe. These businesses have strong market positions but have been under-monetized due to poor operational management and fragmented technology platforms. New management teams are implementing verticalisation strategies and tech stack simplification to improve margins and monetization.		View
2025 Q3	Oct 21, 2025	Third Avenue Value Fund	11.9%	-	7270.T, AC.TO, BCC, BIRG, BMW.DE, BZU.MI, CBG.L, CSTCF, DB, EZJ.L, HCC, HEI, IFP.TO, LUN.TO, MBG.DE, ORI, ROG, S4C.L, UGPA3.SA	Banking, contrarian, Copper, Europe, Forecasting, Mining, value	Copper prices have benefited from increasingly tight global supplies, a weak U.S. dollar, breakdown of trust in global trading norms, and operational disruptions at several large copper mines. These dynamics have benefited holdings like Capstone Copper and Lundin Mining, with rising gold prices also helping copper miners that produce gold as a byproduct.	AC ROG BOISE DBK OR HBR LUN CS	View
2023 Q4	Jan 9, 2024	Ennismore Global Equity Fund	1.1%	11.4%	ADM.L, ASCL.L, AUTO.L, BZU.MI, DIE.BR, IDS.L, MONY.L, SCHA.OL, STO.DE, TCX.TO	Europe, Long/Short, marketplaces, small cap, SPACs, value	Schibsted is transforming into a pureplay marketplaces company after disposing of news media businesses and reducing its Adevinta stake. The company will focus on wholly owned Scandinavian marketplace operations with faster growth and higher profitability. Auto Trader dominates UK automotive classifieds with 75% market share and is expanding into digital retailing solutions.	AUTO.L	View
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
2024 Q3	Sep 30, 2024	Third Avenue Value Fund	1.2%	0.0%	6856.T, 7270.T, BIRG, BMW.DE, BZU.MI, CKHUY, CMA, CPSCF, DB, EZJ.L, LAZ, MBG.DE, SUBCY, TDW, TM, VAL, WMC	Autos, Buybacks, global, Offshore Energy, undervaluation, value	Manager discusses the persistent valuation chasm between cheap and expensive companies in U.S. equity markets, noting that multiples assigned to the least expensive quartile actually declined from 2014-2024. The fund continues to find attractive value in several automotive industry OEMs and other sectors despite the challenging environment for value investing.	7270.T	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	View
2025 Q1	Apr 15, 2025	Apis Flagship Fund	3.3%	3.3%	3662.TW, BZU.MI, CEMI.MI, MRNA, SMA.DE, TITK.AT, WIE.VI	Asia, Building Materials, Cement, Consolidation, Cyclical, defense, Europe, Long/Short	Defense stocks were key drivers of performance, especially those linked to European initiatives aimed at bolstering defense spending. The fund continues to uncover new opportunities in defense supply chains, focusing on names that are less well understood and have potential for discovery.	WIE.VI TITK.AT CEM.MI BZU.MI	View
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	View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Apis Flagship Fund	Buzzi	Materials	Construction Materials	Bull	Borsa Italiana	Building materials, carbon emissions, Cement, consolidation, construction, Cyclical Recovery, Equity, Europe, infrastructure, Value	View Pitch

BSD Shareholders of BZU-MI

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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