CGEO-L

CGEO-L

CGEO-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 29, 2025	Blue Tower Asset Management	17.7%	27.6%	CGEO.L, TBCG.L	Banking, emerging markets, Fintech, frontier markets, Georgia, Uzbekistan, value	Blue Tower is capitalizing on the reversal of the pullback from frontier market investments that began in 2018. The firm sees attractive opportunities in frontier markets like Georgia and Uzbekistan, where they can access emerging market growth prospects with developed market corporate governance standards.	TBCG.L	View
2026 Q1	Apr 11, 2026	Blue Tower Asset Management	1.6%	1.6%	ACDVF, CGEO.L, CMT, PBR, SM, TFII	commodities, energy, Fertilizers, Geopolitical, Iran, LNG, oil, Supply Chain		PBR SM PBR	View
2025 Q3	Oct 25, 2025	Blue Tower Asset Management	6.0%	35.3%	CGEO.L	Deficit, Dollar, global, gold, international, value, volatility	The manager discusses weakening USD appeal as global reserve asset due to sanctions, tariffs, and large federal deficit. USD reserves as percentage of global reserves have declined to mid-1990s levels while gold increases as reserve asset.	CGEO LN CGEO LN	View
2025 Q4	Jan 23, 2026	AVI Worldwide Opportunities Fund	2.9%	10.8%	AERI.L, BSIF.L, BSRT.L, CGEO.L, CHRY.L, GABI.L, GCP.L, GRID.L, HVPE.L, PIN.L, RMII.L, RNEW.L, USF.L, VH.L	Capital Allocation, Discount Arbitrage, Energy Storage, Investment Trusts, private equity, Renewables, Uk, Value Investing	GRID is the largest owner of operational battery storage projects in the UK with over 1GW of capacity and substantial pipeline. Additional tolling agreements and long-term refinancing enable CAPEX programme for augmentation and new capacity. Expected to generate material free cash flow for buybacks or dividends. Discounts for funds of funds are still far too wide and persistently so. Stark arbitrage available from selling underlying third-party fund interests at tight discounts in secondary market to fund share buybacks at much wider discounts. HVPE announced $300m sale at 6% discount to fund debt repayment and buybacks. Multiple renewable-focused investment companies were detractors due to depressed sentiment towards UK renewables and government consultation on ROCs and FiTs modifications. Several funds in managed run-off processes experiencing generation shortfalls and challenging asset sale environments. Georgia Capital demonstrates best-in-class capital allocation with no new investments while discount remains wide and proceeds from divestments used to fund share buybacks. This approach is highlighted as a key investment thesis driver.	GABI LN BSRT LN GRID LN CGEO LN	View
2025 Q4	Jan 2, 2026	The Oak Bloke	-	-	ANIC.L, AUGM.L, BSRT.L, CGEO.L, DEC.L, DGI9.L, FAIR.L, IPO.L, KZG.L, PINE.L, POW.L, PTAL.L, TCAP.L, TMT.L	Biotechnology, Discounts, energy, Fintech, Mining, small caps, United Kingdom, value	Multiple mining holdings across metals including copper, gold, silver, tin, and uranium. Baker Steel Resources Trust contains significant exposure to copper developers, gold royalties, and tungsten projects. Power Metal Resources holds uranium and copper projects with royalties and blockchain mining ventures. Diversified Energy Company provides natural gas exposure positioned for data center energy needs and LNG growth. PetroTal offers oil production exposure at significant discount to NAV despite operational challenges. Energy transition themes present across multiple holdings. Agronomics provides exposure to cellular agriculture and alternative protein production. BlueNalu focuses on cultured seafood with commercial launch expected in 2026. Liberation Bioindustries opening first commercial factory for alternative protein production. Augmentum Fintech holds UK challenger banks including Iwoca, Zopa, and Tide showing strong revenue and profit growth. These fintech companies are outpacing traditional UK banks despite share price underperformance. Digital 9 Infrastructure holds telecom infrastructure assets including Arqiva stake. Despite poor 2025 performance, potential capital returns and asset sales could unlock value. Infrastructure assets provide defensive characteristics.	KZG LN AUGM LN TMT LN POW LN IPO LN PTAL CN DEC LN FAIR LN ANIC LN CGEO LN	View
2025 Q4	Jan 12, 2026	Blue Tower Asset Management	13.2%	53.1%	4028.T, BELFB, CGEO.L, ENVA, WCC	AI, Banking, Buybacks, Fintech, growth, international, productivity, value	Blue Tower focuses on value investing with international diversification. The manager notes that the valuation spread between cheap and expensive stocks is one of the greatest in market history, creating a favorable environment for their value-oriented approach. Enova has been aggressively repurchasing shares, reducing share count by more than 5% over 12 months and from 36.87M shares in Q3 2021 to 24.88M shares in Q3 2025. Georgia Capital also pursued aggressive share repurchases, reducing shares outstanding by 8.8% in the first nine months of 2025. The manager believes AI represents true innovation with measurable impacts on businesses and worker productivity. A Federal Reserve study found AI usage translated to roughly 1.1% aggregate productivity gains, with expectations for higher quality tools to drive further improvements. Enova represents a rapidly growing fintech company with machine learning-driven underwriting algorithms that are retrained frequently. The acquisition of Grasshopper Bank will create a more vertically integrated financial services platform with new banking and lending products.	CGEO LN ENVA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Blue Tower Asset Management	Georgia Capital	Financials	Diversified Financial Services	Bull	London Stock Exchange	conglomerate, diversified portfolio, Frontier Markets, Georgia, Management Quality, NAV discount, Share Buybacks, Value Realization	View Pitch
Apr 13, 2026	Fund Letters	Blue Tower Asset Management	Georgia Capital PLC	Financials	Diversified Financial Services	Bull	London Stock Exchange	banking, conglomerate, contrarian, Emerging markets, Georgia, NAV discount, political risk, Share Buybacks, Value	View Pitch

BSD Shareholders of CGEO-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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: