CFR-SW-2

CFR-SW-2

CFR-SW-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Jan 22, 2026	GCQ Flagship Fund	0.0%	2.0%	CFR.SW, FICO, GOOGL, HEMN.ST, MC.PA, NFLX	AI, Monopolies, Quality, real estate, Sweden, value	The fund focuses on high-quality businesses with durable competitive advantages, monopolies and oligopolies, and irreplaceable brands. Quality stocks underperformed in 2025 but the manager believes the long-term advantages of investing in durable, high-quality, cash-generating businesses remains unchanged. The broader market's strength in 2025 was driven by large stocks exposed to the AI thematic. Many AI companies do not pass the fund's quality checklist. The manager expects both market excitement for AI and fears of AI-related disruption will eventually subside. Hemnet operates the dominant real estate advertising portal in Sweden with approximately 90% market share. The Swedish housing market has experienced declining transaction volumes due to rising interest rates and changes in lending practices for bridging loans.	HEM.ST	View
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	1.2%	19.6%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality.	2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of CFR-SW-2

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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