CGR-JO

CGR-JO

CGR-JO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 30, 2024	Rozendal Partners	-	5.5%	0700.HK, B4B.DE, BAYN.DE, CGR.JO, HCI.JO, HL.L, KSPI, MDIA3.SA, META, MTN.JO, NPK.JO, NPN.JO, PPC.JO	global, Market Efficiency, Passive investing, technology, Turnarounds, value	The letter extensively discusses value investing philosophy and challenges, including David Einhorn's assertion that market structures are broken and value investing is dead due to passive investing. The managers defend value investing, arguing that patient fundamental investors can still profit through cash flow generation rather than just multiple re-rating.		View
2024 Q3	Oct 17, 2024	Desert Lion Capital	19.3%	36.6%	CGR.JO	Development, Housing, Property, South Africa, value	Calgro is a residential property developer focused on affordable housing in South African metropolitan areas of Gauteng and Cape Town. The company benefits from solid demand due to an affordable housing backlog and improved economic outlook.	CGR.JO	View
2025 Q4	Jan 29, 2026	Rozendal Global Fund	0.0%	42.8%	6586.T, AENA.MC, AMS.JO, BAYRY, BLU.JO, CGR.JO, COH.JO, DEO, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO	emerging markets, Europe, gold, long-term, materials, Precious Metals, trade war, value	Materials sector experienced sharp turnaround in 2025 with 32.3% returns, driven by unstoppable gold price and precious metals boom. Platinum group metals prices materially higher than incentive prices after years of low investment. Gold reached unprecedented inflation-adjusted levels, driven by geopolitical concerns, government debt fears, and record central bank purchases. Currently trading at all-time highs versus copper and production costs, appearing extraordinarily expensive on long-term value measures. 2025 marked the launch of the greatest trade war in modern times, yet global equity markets still delivered strong returns around 20%, demonstrating short-term market unpredictability despite major policy disruptions. Bayer showed positive developments with new drug sales growing strongly and favorable litigation judgments in agriculture business. Patent cliff concerns in pharmaceutical business showed improvement with pipeline developments. JD.com faced challenges from heavy investment in new food delivery venture competing against well-capitalized incumbents like Meituan and Alibaba. Core retail business showed strong revenue and profitability growth despite share price decline.	BAYN GR	View
2025 Q4	Jan 29, 2026	Rozendal Worldwide Flexible Prescient Qualified Investor Hedge Fund	0.0%	21.7%	6586.T, AENA.MC, AMS.JO, BAYN.DE, BLU.JO, CGR.JO, COH.JO, DGE.L, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO	gold, Long/Short, materials, Mining, Precious Metals, South Africa, value	Gold has reached unprecedented inflation-adjusted levels and appears extraordinarily expensive relative to historical measures. The manager believes there is a fair price for every asset including gold, and current prices don't make sense despite gold's value as an alternative currency and tail risk hedge. The precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. The Materials sector experienced a sharp turnaround in 2025 with 32.3% returns, fueled by the unstoppable gold price. This represented diametrically opposite fortunes compared to the preceding decade when Materials underperformed significantly. The manager's investment philosophy centers on exploiting myopia through long-term value investing. Research shows stocks with less shareholder turnover deliver excess returns, particularly those uncomfortable for myopic shareholders to hold due to volatility or poor recent performance.	6586 JP AENA SM TBS SJ	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Desert Lion Capital	Calgro M3 Holdings Limited	Real Estate	Real Estate Development	Bull	Johannesburg Stock Exchange	affordable housing, Equity, Housing shortage, Management Change, margin expansion, real estate development, Share Buybacks, South Africa, turnaround, Value	View Pitch

BSD Shareholders of CGR-JO

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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