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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | AVI Global Trust | - | 9.8% | 3639.T, AKER.OL, APO, BN, CDI.PA, DIE.BR, FMX, GODI.NS, GROW.L, IAC, KKR, OCI.L, PEY.L, PIN.L, SCHB.OL, SYIP.L | Alternative Assets, Capital markets, discount, global, NAV, value | The fund focuses on companies trading at discounts to estimated underlying net asset value. Performance has been driven by stock selection with high conviction holdings like Apollo, KKR, FEMSA and Schibsted performing better on average. | SCHB.OL |
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| 2025 Q2 | Jul 2, 2025 | AVI Global Trust | - | - | 3608.T, 4527.T, 6201.T, 6727.T, 6971.T, 7912.T, 7984.T, 8802.T, 9301.T, 9531.T, AKRBF, APO, BOL.PA, CDI.PA, ENT.L, EXOR.MI, FRAS.L, GXIIF, IAC, NWSA, RKT | activism, Buybacks, Discounts, dividends, global, Japan, value | Eight years into Japan journey, managers are as optimistic as ever with developing market for corporate control, increasingly proactive management teams, and governance reform agenda permeating both small and large cap stocks. Combined with low valuations, Japan stacks up very attractively as a market where constructive approach to active engagement can yield real results. Japan exposure now accounts for 23% of NAV compared to 16% a year ago. | View | |
| 2024 Q2 | Jun 30, 2024 | TMR Partners Long Only | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | Discounts, Governance, Korea, Media, Unlisted Assets, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of the KOSPI index still trading below book value and 61% without any sell-side coverage. | NWSA |
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| 2025 Q1 | May 6, 2025 | Brookfield Asset Management | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value with 61% without sell-side coverage. | NWSA |
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| 2024 Q1 | Apr 12, 2024 | Firebird US Value Fund | - | - | 004800.KS, 028260.KS, 090430.KS, 267250.KS, 4527.T, 9301.T, CDI.PA, CHRY.L, CORD.L, DIE.BR, ENT.L, GXI.DE, HVPE.L, J36.SI, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q1 | Mar 31, 2023 | AVI Global Trust | 0.3% | 0.3% | AKERB.OL, APO, BN, CDI.PA, EXOR.MI, FMSAUBD, GROW.L, KKR, SCHJF | Banking, Discounts, marketplaces, oil, value, volatility | Apollo Global Management discussed extensively as a top holding, with detailed analysis of its insurance business through Athene merger. Manager views Apollo as well-positioned to benefit from market volatility despite recent weakness. | AKER.OL APO |
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| 2023 Q4 | Mar 31, 2023 | Caledonia Investment | - | - | 004020.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C011.HK, CDI.PA, ENT.L, GXI.DE, MC.PA, NWSA, REA.AX, VIV.PA | discount, Governance, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q1 | Mar 31, 2023 | Airlie Australian Share Fund | 3.5% | 3.5% | 000660.KS, 004800.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, G.DE, LVMH.PA, NWSA, REA.AX, VIV.PA | Discounts, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2024 Q4 | Dec 31, 2024 | AVI Global Trust | - | 10.4% | 4527.T, 7203.T, AKER.OL, CDI.PA, ENT.L, FRAS.L, NWSA, RKT.L, SBG | discount, Europe, Holding Companies, NAV, value | D'Ieteren announced an extraordinary €74 per share special dividend, equivalent to 39% of the company's market cap. AGT received proceeds of £35m, equivalent to 3.1% of NAV after 10% tax. | VIV.PA BOL.PA DIE.BR |
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| 2025 Q3 | Nov 13, 2025 | AVI Global Trust | - | 12.4% | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA 028260 KS |
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| 2023 Q4 | Jan 1, 2024 | Provident Financial Articles | - | - | 004800.KS, 005930.KS, 009540.KS, 090430.KS, CDI.PA, NWSA, REA.AX, VI.PA | asset value, discount, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2024 Q3 | Sep 30, 2024 | Stenham Asset Management | 3.7% | 14.0% | ADYEN.AS, AMAT, ASML, CDI.PA, CLNX.PA, GOOGL, MC.PA, RMS.PA, TMO, UMG.AS | global, large cap, Luxury, payments, Quality, semiconductors | The luxury sector is undergoing normalization from post-pandemic euphoria, with polarization between high and lower desirability brands intensifying. China's stimulus measures provide relief as investors view them as commitment to addressing economic challenges. The fund initiated a position in Hermès, viewing it as uniquely positioned to balance desirability and exclusivity through structural undersupply of iconic products. | RMS.PA ADYEN.AS |
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| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | East72 Dynasty Trust | Compagnie de L'Odet | Financials | Diversified Financial Services | Bull | Euronext Paris | Cash Optionality, Corporate Restructuring, Cross-shareholding, discount to NAV, Equity, france, holding company, Value | View Pitch |
| 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. | ||||||||