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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Moerus Capital Management | 15.9% | 20.2% | 0388.HK, 1200.HK, 1821.HK, BBDO, CBD, CCO, CPA, CS.TO, DC.TO, DESP, DOUG, EDELWEISS.NS, EFX.TO, FIH.TO, GGAL, TDW, TPK.L, UCG.MI, VAL, WPM | Brazil, Hong Kong, international, Offshore Drilling, Precious Metals, tariffs, value, volatility | Fund focuses on investing in depressed and unpopular businesses at attractive prices, seeking opportunities where low expectations are priced in. Manager emphasizes buying quality businesses at unusually depressed valuations when skies seem darkest. | TDW VAL TPK LN BBD |
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| 2026 Q1 | Apr 1, 2026 | Night Watch Investment Management | 2.7% | 2.7% | AIR, BKD, CPA, MRX.L | catalysts, Counter-cyclical, defense, Geopolitical, global, value, volatility | CPA MRX.L AIR BKD |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner Global Small Companies | 0.9% | 8.1% | 4587.T, 4975.T, 6383.T, 6869.T, 9962.T, 9988.HK, ALFA.ST, ALGN, ALLE, AMBU.CO, APPF, ATE.PA, BCHN.SW, BCPC, BESI.AS, BRN.DE, CKN.L, COO, CPA, CRDA.L, DIA.MI, DPLM.L, ELAN, ENS, EPAM, EVO.DE, EXPO, FELE, FN, FPE.DE, GLOB, HPG.HM, KXS.TO, LEHN.SW, NBIX, NEM.DE, PEN, PFV.DE, RAT.DE, RPY.MI, RUB.PA, SNR.L, SPSC, TECN.SW, TOM.OL, VAISALA.HE, WTS, ZEU.DE | AI, global, healthcare, momentum, Quality, small caps, value | The portfolio targets durable sources of return through quality, growth, and value, emphasizing steady, lower-beta businesses with strong fundamentals over higher-beta momentum plays. Quality companies in the benchmark underperformed lowest quality by more than 1,200 basis points during the quarter. | 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 |
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| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | 002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF | AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology | Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 9, 2026 | Fund Letters | Night Watch Investment Management | Copa Holdings S.A. | Airlines | Airlines | Bear | New York Stock Exchange | Airlines, Fuel Exposure, geopolitical risk, Latin America, oil prices, Travel Normalization, Venezuela | View Pitch |
| Mar 16, 2026 | Substack | Toff Cap Monday Monitor | Copa Airlines | Transportation | Airlines | Bull | New York Stock Exchange | Airlines, Copa Airlines, economic changes, growth potential, hub and spoke model, investment opportunity, travel patterns, Venezuela | View Pitch |
| Aug 13, 2025 | Seeking Alpha | RB Equity | Copa Holdings | Industrials | Airlines | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $476,410 | 0.00% | 3,950 | +0 | +0.00% | 0.0079% |
| Tim Campbell | Baillie Gifford | $120.3B | $331.3M | 0.28% | 2,747,078 | -18,218 | -0.66% | 5.5010% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $987,917 | 0.00% | 8,191 | -78,341 | -90.53% | 0.0164% |
| Ray Dalio | Bridgewater Associates | $27.4B | $5.3M | 0.02% | 43,601 | -20,083 | -31.54% | 0.0873% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $31.1M | 0.04% | 258,251 | +209,381 | +428.44% | 0.5171% |
| Israel Englander | Millennium Management LLC | $233.2B | $14.2M | 0.01% | 117,930 | -335,460 | -73.99% | 0.2362% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $34.3M | 0.05% | 284,691 | +55,615 | +24.28% | 0.5701% |
| Cliff Asness | AQR Capital Management | $190.6B | $301,699 | 0.00% | 2,499 | +2,499 | +100.00% | 0.0050% |
| Oliver Murray | Brandes Investment | $13.1B | $78.9M | 0.60% | 654,255 | +22,126 | +3.50% | 1.3101% |
| John Rogers | Ariel Investment | $9.3B | $1.1M | 0.01% | 8,752 | +8,752 | +100.00% | 0.0175% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $724 | 0.00% | 6 | +0 | +0.00% | 0.0000% |