CON-DE

CON-DE

CON-DE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 6, 2023	Citadel Value Fund	-	-	005930.KS, 6208.T, 7248.T, AD.AS, AEO, BKNG, CON.DE, LIGHT.AS, NOV, SOL.MI, STLA, UHR.SW, VLGEA, VTSC.DE	Automotive, Europe, Fundamental Analysis, Industrial, small caps, value	Fund focuses on fundamental company analysis to estimate intrinsic value and achieve margin-of-safety by paying much less than intrinsic value. Portfolio trading at 44% discount to estimated intrinsic value with weighted free cash flow yield of 8%.	STLA LIGHT.AS APA\|C\|FFIV\|KHC\|NOV\|UNH VTSC.DE SOL.MI	View
2025 Q2	Jul 31, 2025	Pzena International Value ADR Strategy	7.3%	19.4%	6367.T, 6479.T, 6981.T, 7733.T, BABA, CON.DE, DTG.DE, EVK.DE, RXL.PA, SBRY.L, SHEL, SNY	Currency, Europe, international, Japan, Restructuring, tariffs, value, volatility	The portfolio focuses on undervalued companies with characteristics for improved valuations, establishing new positions in Japanese companies at attractive entry points and adding to positions on relative weakness.	6367.T 6981.T	View
2024 Q2	Jul 1, 2024	Citadel Value Fund	-	-	005930.KS, 3436.T, 6222.T, 7248.T, AD, AEO, CON.DE, NOV, STLA, UHR.SW	Autos, Cash Generation, global, semiconductors, small cap, value	Citadel focuses on businesses that are highly cash generative relative to their purchase price, buying them at a discount to intrinsic value. The portfolio trades at a 33% discount to estimated intrinsic value with a 7% free cash flow yield. This approach has delivered solid returns and remains robust despite market anomalies.	STLA 3436.T	View
2025 Q2	Jun 30, 2025	Oakmark International Fund	12.6%	-	6273.T, 9434.HK, ABI.BR, ASML, ASRNL.AS, BABA, BAYN.DE, BXB.AX, CON.DE, CPG.L, HEN3.DE, HOLN.SW, MC.PA, SCHP.SW, WLN.PA	Asia, Automation, Banking, Europe, insurance, international, semiconductors, value	ASML represents a dominant position in lithography equipment with an effective monopoly in EUV technology. The company benefits from structural demand growth driven by AI and data centers, despite recent customer capex cuts creating attractive entry valuations.	6273.T ASR.AS ASML	View
2024 Q1	Apr 15, 2024	Harris Associates International Equity Strategy	0.2%	0.2%	BAYN.DE, BXB.AX, CON.DE, DTG.DE, ISP.MI, MBG.DE, PRU.L, SKG.L, SN.L	Autos, Europe, financials, healthcare, international, value	The fund invests in businesses priced at substantial discounts to intrinsic value estimates. Multiple new positions were initiated at discounts to intrinsic value including Brambles, Smurfit Kappa, and Smith & Nephew. The strategy focuses on finding value regardless of what is in favor at any given moment.		View
2023 Q4	Dec 21, 2023	Citadel Value Fund	-	-	005930.KS, 6201.T, 7932.T, AD.AS, AEO, BKNG, CON.DE, DEW.L, LIGHT.AS, MPAC.L, NOV, SOL.MI, STLA, TGS.OL, UHR.SW, VLGEA, VTSCY, ZWACK.BD	Automotive, Europe, semiconductors, small caps, technology, value	Fund emphasizes fundamental value investing approach with focus on margin of safety and intrinsic value estimation. Portfolio trading at 36% discount to estimated intrinsic value with 7% free cash flow yield. Manager discusses risk as permanent capital loss rather than volatility.	005930.KS	View
2025 Q3	Oct 24, 2025	Pzena International Value ADR Strategy	6.6%	27.3%	6367.T, 6762.T, 8795.T, AKE.PA, BABA, CON.DE, DTG.DE, INGA.AS, ML.PA, NWG.L, RXL.PA, TEP.PA	AI, Asia, Europe, financials, international, Recovery, value	The manager emphasizes investing in cheap company valuations when assessed against fundamentals, with portfolios weighted toward businesses in profit recovery mode. Recent uncertainty has created opportunities for long-term value investors.	ARK FP DTG GR 6762 JP BABA ARK FP DTG GR BABA	View
2024 Q4	Jan 28, 2025	Citadel Value Fund	-	-	005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA	Automotive, Industrial, Luxury, semiconductors, small caps, technology, value	The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit.	STLA BC KER.PA JOST.DE	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 CON-DE

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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