CCL

CCL

CCL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Aug 22, 2023	First Eagle Investments	0.0%	0.0%	CCL, CNC, MERC, PRAA, SPLS, UNFI	Corporate Bonds, credit, distressed, Federal Reserve, fixed income, high yield, interest rates	The fund highlights increasing distressed exchanges as a forward indicator of trouble, with over $50 billion in bonds and loans defaulting or engaging in distressed exchanges year-to-date. They expect this trend to continue in what they anticipate to be a fairly extended default cycle given high levels of corporate debt and leverage.		View
2023 Q2	Jul 31, 2023	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	8.1%	16.5%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, small cap, value	Cruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows.		View
2024 Q2	Jun 30, 2024	Franklin High Income Fund	1.7%	0.0%	CCL, THC, VST	Corporate Bonds, credit, fixed income, high yield			View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2023 Q2	Jun 30, 2023	Ariel Fund	12.1%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, small cap, value	Cruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jun 30, 2023	Ariel International Fund	7.6%	0.0%	BIDU, CAH, CBRE, CCL, CG, DB1.DE, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Asia, Europe, growth, international, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2023 Q1	Mar 31, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with memories having more value than goods for many consumers.		View
2023 Q1	Mar 31, 2023	Ariel Global Fund	6.9%	0.0%	9984.T, CAH, CBRE, CCL, CG, ELE.MC, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Fed policy, global, growth, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2023 Q1	Mar 31, 2023	Ariel International Fund	7.6%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZBH, ZIMV	Europe, growth, international, liquidity, momentum, technology, value	Manager emphasizes contrarian value approach, avoiding expensive U.S. market while leaning into undervalued opportunities in Europe and Emerging Markets. The fund's deliberate underweight in Technology and overweight in recession-resilient sectors reflects this value orientation.		View
2022 Q4	Jan 31, 2023	Aristotle International Equity Fund	10.5%	13.3%	BN CN, CCL, DSM NA, MIU GR, MUV2 GR, SAF FP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 26, 2026	Seeking Alpha	Seeking Alpha	Carnival Corporation & plc	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Neutral	New York Stock Exchange	Carnival Corporation, Consumer Discretionary, COVID-19 impact, cruise industry, health regulations, portfolio stake, recovery prospects, travel and leisure	View Pitch
Sep 25, 2025	Seeking Alpha	Seeking Alpha	Carnival Corporation & plc		Travel Services	Bear		Carnival Corporation, cruise line, earnings growth, financial health, non-essential business, P/E ratio, pandemic impact, revenue drop, shareholder dilution, value investing	View Pitch
Aug 8, 2025	Seeking Alpha	Howard Jay Klein	Carnival Corporation & plc	Consumer Discretionary	Travel Services	Bull	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Manika Premsingh	Carnival Corporation	Consumer Discretionary	Travel Services	Bull	NYSE	—	View Pitch

BSD Shareholders of CCL

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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