CRH

CRH

CRH

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	YCG Investment	-	-	AAPL, AMZN, BABA, CBRE, CRH, CSGP, EL, GOOGL, MCO, META, MLM, MSFT, NKE, SPGI, VMC	AI, Bubble, Cloud, Data centers, diversification, Quality, risk management, technology	AI is a transformative technology with huge potential to drive global growth and productivity, but the manager warns of bubble-like conditions with excessive concentration in AI-related stocks. The S&P 500's top 8 companies now represent 37.5% of the index, all betting heavily on AI, while 84 AI-related stocks account for 35% of earnings and 50% of market cap.		View
2024 Q2	Aug 12, 2024	Springview Capital Management	-3.2%	7.7%	BRK-A, COKE, CR, CRH, EXO, FFH, FMX, HLT, MCY, NTDOY, WOR, WRB	Concentration, fundamentals, insurance, Long/Short, value	The manager discusses property/casualty insurance cycle concerns and skeptical investor sentiment about near-term profit outlook. Despite market volatility, the manager believes prospects for insurance holdings remain unchanged and reports strong fundamental progress with W.R. Berkley showing 37% Y/Y increase in operating EPS and Fairfax increasing book value per share by 17% Y/Y.		View
2025 Q2	Jul 9, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	8035.T, AEM, AIR.PA, ARGX, AZN, BAESY, CFRUY, CRH, EONGY, LVMUY, MHVYF, MUFG, NRI, NVO, PUBGY, SAF.PA, SMEGF, TCEHY, TKOMY, TSCDY, TSM	AI, defense, energy, Europe, growth, international, Japan	NATO members pledged to increase defense spending to 5% of GDP, with Germany, France and the U.K. committing to raise defense outlays as the U.S. pulls back from its lead military role. Companies tied to increasing defense spending in Europe and Japan were among the Strategy's leading contributors including Mitsubishi Heavy Industries, Safran, Airbus, and BAE Systems.	MC FP AEM CN EOAN GR TSCO LN 7011 JP	View
2025 Q2	Jul 29, 2025	Fidelity Freedom 2045 Fund	10.4%	9.9%	AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM	asset allocation, Bonds, diversification, equities, retirement, Target-Date	Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a major contributor within international growth holdings.		View
2025 Q2	Jul 27, 2025	Fidelity Freedom 2055 Fund	-	-	AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM	asset allocation, emerging markets, equities, global, retirement, Target-Date	Target-date funds are long-term strategies designed to help keep participants on track toward their retirement goals through different market environments. Strategic asset allocation decisions are focused on providing age-appropriate asset allocation throughout participants' changing time horizons. The fund follows a glide path that becomes increasingly conservative as the target date approaches.		View
2025 Q2	Jul 22, 2025	American Century International Growth Fund	12.1%	-	3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY	AI, Asia, defense, E-Commerce, Europe, growth, international, large cap	Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. Alibaba's cloud computing segment has accelerated meaningfully aided by artificial intelligence-related demand. The company is well positioned to benefit from new AI-enabled products featuring complex analysis and efficient deep learning models.		View
2025 Q2	Jul 22, 2025	American Century Equity Income Fund	-0.3%	-	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, Defensive, financials, healthcare, income, Quality, value	The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark.		View
2025 Q2	Jul 14, 2025	L1 Capital International Fund	4.5%	-	AER, AMZN, BKNG, CRH, HCA, ICE, J, MA, MSFT, V	AI, financials, global, healthcare, infrastructure, Quality, technology, Trade Policy	President Trump's Liberation Day Reciprocal Tariffs policy announced on April 2, 2025 created maximum uncertainty. The manager expects the U.S. and world economies will be in a worse position than before the trade war, with higher inflation in the U.S. and lower economic growth globally.	J UNH HCA EXP UNH J	View
2024 Q2	Jul 10, 2024	L1 Capital International Fund	4.7%	0.0%	AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V	Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value	AerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management.	AER	View
2025 Q2	Jun 30, 2025	Munro Global Growth Fund	16.1%	7.7%	1211.HK, AMZN, BAE.L, CEG, CRH, GEV, GOOGL, LLY, MA, META, MSFT, NOC, NVDA, ORCL, SIEGY, TSM, VRT	AI, Climate, defense, energy, global, growth, security, technology	AI infrastructure spending continues to accelerate with hyperscalers committing billions to capex. Nvidia's data centre revenues could potentially double as they address over $500 billion of a trillion-dollar AI infrastructure opportunity. New opportunities emerging in robotics and sovereign AI applications.	SIE.DE MSFT ENR GR MSFT	View
2024 Q2	Jun 30, 2024	Brown Advisors Global Leaders Strategy	-	-	CRH	Building Materials, Esg, free cash flow, large cap, Quality, Recycling, sustainability, value	The strategy targets companies that generate consistently high levels of free cash flow, exhibit capital discipline through prudent capital structures, and trade at attractive valuations. The manager emphasizes financial flexibility and protecting capital on the downside as key drivers to compounding capital over the long term.	CRH	View
2025 Q1	May 3, 2025	Springview Capital Management	-1.8%	-1.8%	ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS	Compounding, insurance, Long/Short, Quality, value, volatility	Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty.	WS SEG MCY SPOT	View
2024 Q1	May 15, 2024	Merion Road Capital	5.4%	11.2%	BSET, CLH, CRH, GFL, JBHT, RSG, SMC, WCN, WM	Infrastructure Spending, materials, small caps, value, Waste management	Manager built Clean Harbors into top holding, viewing hazardous waste as having similar characteristics to municipal solid waste with essential service nature, regional monopolies, and scarce assets. Industry margins expanding due to consolidation and rational pricing approach, with CLH trading at discount to peers despite market positioning.	BSET CLH	View
2025 Q1	Apr 8, 2025	Merion Road Capital	4.9%	4.9%	BSET, CLH, CRH, GFL, JBHT, RSG, SMC, WCN, WM	Cement, Furniture, Infrastructure Spending, small caps, value, Waste management	Manager built Clean Harbors into top holding, viewing hazardous waste as having similar characteristics to municipal solid waste with essential service nature, regional monopolies, and scarce assets. Industry consolidation and pricing discipline by Republic Services is driving margin expansion across the sector.	BSET CLH	View
2026 Q1	Apr 29, 2026	American Century International Growth Fund	-5.2%	-5.2%	6201.T, ADYEN.AS, ASML, BNP.PA, CRH, ENI.MI, MC.PA, SAP	AI, Automation, Banking, energy, Geopolitical, growth, international		BNP.PA ENI.MI ADYEN.AS	View
2024 Q1	Apr 29, 2024	Springview Capital Management	11.3%	11.3%	BRK-A, CPRT, CRH, EXO.MI, FFH, FMX, HLN.L, HLT, MSGS, NTDOY, WRB	Concentration, global, insurance, Long/Short, value	The fund holds significant positions in W.R. Berkley and Fairfax Financial, which were top contributors to performance. The manager uses sector ETF shorts to hedge insurance sector exposure, indicating concentrated exposure to this sector.		View
2026 Q1	Apr 25, 2026	Fidelity Freedom 2055 Fund	-0.5%	-0.5%	000660 KS, 005930 KS, CRH, CRM, CVX, HEI.DE, NWG.L, RHM.DE, TSM	asset allocation, commodities, diversification, inflation, target date, technology			View
2026 Q1	Apr 22, 2026	L1 Capital Long Short Fund	-0.2%	-0.2%	AZJ.AX, BSL.AX, CRH, JHX.AX, QAN.AX, RMV.L, STO.AX	AI, Australia, Copper, energy, gold, Iran War, Long/Short, volatility		RMV.L JHX.AX QAN.AX AZJ.AX BSL.AX STO.AX	View
2026 Q1	Apr 22, 2026	Platinum Global Fund (Long Only)	-13.3%	-13.3%	AERCF, AMZN, BKNG, CRH, MSFT, TSM	AI, energy, geopolitics, Hyperscalers, software, technology			View
2026 Q1	Apr 22, 2026	Platinum International Fund	-13.1%	-13.1%	AMZN, BKNG, CRH, MSFT, TSM	AI, energy, geopolitics, Hyperscalers, software, technology, Valuations			View
2024 Q2	Apr 22, 2024	Rodrigo Benedetti	-	-	AMC, ASML, AX, CIEN, CLS, COHR, CRH, FCNCA, GME, MBIN, MRX, PFBC, PSTG, QQQ, SPY, TBBK, V	Europe, financials, Long/Short, semiconductors, small caps, value	Manager sees value in financials including traditional banks like MBIN, FCNCA, PFBC and TBBK. There is fear about commercial real estate and credit quality, but the manager believes the Treasury curve cannot get more inverted, which should lead to margin stabilization and improvement for banks. Focus on banks that have suffered from equity raises or bear reports.		View
2024 Q1	Apr 15, 2024	L1 Capital Long Short Fund	2.4%	10.8%	CBA.AX, CRH, CS.TO, CVE.TO, DOW.AX, FLTR.L, FRA.DE, IMD.AX, NXE.TO, QBE.AX, STO.AX, TECK.TO, WGX.AX	Australia, banks, Copper, energy, Long/Short, materials, technology, value	Manager expects copper market deficits to widen due to robust demand from electrification and constrained supply from insufficient new mines. Supply disruptions have highlighted tight market conditions with treatment charges falling significantly. Physical deficits are virtually unavoidable over the medium term.		View
2024 Q1	Apr 15, 2024	Artisan Focus Fund	7.0%	28.7%	ALL, AMZN, BA, CNM, CRH, DKNG, EADSY, GE, LLY, MRVL, MSFT, NVDA, PGR, SAF.PA, SPOT, TDG, TSM	active management, aerospace, earnings, industrials, insurance, technology	Aerospace theme remains a key driver of positive alpha with events continuing to elongate the cycle. Original equipment manufacturers struggle to ramp production due to supply chain challenges and Boeing's engineering issues, while end-demand continues to march higher. The industry is undersupplied with narrowbody aircraft, causing existing fleets to work harder and necessitating higher service levels.		View
2024 Q1	Apr 15, 2024	L1 Capital International Fund	4.7%	0.0%	AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH	AI, global, healthcare, inflation, materials, Quality, rates, technology	Core U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities.		View
2026 Q1	Apr 14, 2026	L1 Capital International Fund	-13.1%	-13.1%	AMZN, BKNG, CRH, CRM, GOOGL, HCA, ICE, INTU, J, MA, MSFT, TSM, V, WEIR.L	AI, Cloud, energy, Geopolitical, payments, Quality, software, valuation			View
2026 Q1	Apr 10, 2026	Third Point Partners	-0.6%	-0.6%	AMZN, CASY, COF, CRH, CRS, CSGP, ENR.DE, IDR.MC, KEYS, MTZ	AI, credit, defense, Event-Driven, Long/Short, oil, private credit, Structured Credit		CSGP INDRA.MC	View
2026 Q1	Apr 10, 2026	Third Point Offshore Fund	-0.6%	-0.6%	AMZN, CASY, COF, CRH, CRS, CSGP, ENR.DE, IDR.MC, KEYS, MTZ	AI, credit, defense, Housing, oil, private credit, Shorts		CSGP IDR.MC	View
2025 Q1	Mar 31, 2025	Forager International Shares Fund	-3.0%	-3.0%	4733.T, CAT, CLH, CRH, CROX, FI, FLTR.L, FOUR, INGA.AS, JD.L, LLOY.L, MOTR.L, NUTX, NXT, YETI, ZBRA	Cash, deployment, Europe, healthcare, small cap, tariffs, volatility	Trump's erratic tariff measures represent the largest upheaval to global trade since the Second World War. The unstructured, ad-hoc calculations behind which country gets whacked with what tariffs have erased confidence that there is a grand strategy in mind. These tariffs represent an enormous tax on already-struggling US consumers and are likely to cause a recession.	NUTX	View
2025 Q1	Mar 31, 2025	YCG Investment	-	-	CME, CRH, MLM, MSFT, OR.PA, VMC	Aggregates, AI, Construction, Cyclical, infrastructure, NIMBY, real estate	Initiated positions in CRH, Vulcan Materials, and Martin Marietta Materials - the three largest American aggregates companies. These businesses benefit from physical network effects, NIMBY dynamics that prevent new supply, and uneconomic non-local transportation costs that create local monopolies. Long-term demand growth expected from pent-up demand in residential, commercial, and infrastructure construction.	MLM VMC CRH	View
2024 Q1	Mar 31, 2024	Antero Peak Group	15.6%	15.6%	AAPL, ALL, AMZN, CNM, CP, CRH, DKNG, GE, GOOGL, META, MRVL, MSFT, NVDA, PG, PGR, SAF.PA, SPOT, TDG, TSLA, TSM	aerospace, earnings, growth, insurance, Manufacturing, revisions, semiconductors, technology	Secular growth amplified by cyclical inflection with optimal long duration setup. Global air travel has doubled every fifteen years since 1970, driven by rising middle class globally. Production rates need large ramps but industry will remain undersupplied.		View
2023 Q4	Feb 21, 2024	Springview Capital Management	6.5%	15.3%	BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM	Concentration, insurance, Long/Short, tax efficiency, underperformance, value	Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles.	FMX FFH SUNP IN MKL WRB	View
2024 Q4	Feb 10, 2025	Springview Capital Management	5.4%	19.7%	AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM	Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value	The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns.		View
2024 Q4	Dec 31, 2024	L1 Capital International Fund	11.4%	29.0%	AER, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, INTU, MA, MSFT, NVDA, TSLA, UNH, V	AI, global, healthcare, interest rates, large cap, Quality, technology	AI is viewed as a world-changing General Purpose Technology with immense potential but inherent uncertainty. Microsoft has a leadership position through ChatGPT and other capabilities, investing approximately $80 billion in AI-enabled datacenters. The technology is ground-breaking and unprecedented, with unknowable issues regarding development speed, commercialization costs, and infrastructure requirements.	HCA MSFT	View
2024 Q4	Dec 31, 2024	L1 Capital Long Short Fund	-7.9%	-7.9%	000660.KS, CNU.AX, CRH, CVE, DEG.AX, DOW.AX, FLTR.L, FRA.DE, LSF.AX, LTMAQ, MEG.TO, NEM, NST.AX, NWG.L, QAN.AX, QBE.AX, RMV.L, TESCO.L, TSM, WGX.AX	Australia, cyclicals, Factor, gold, growth, Long/Short, Overvaluation, value	Fund maintains significant long positions in gold equities amid 26% gold price increase in 2024. Central bank demand driven by geopolitical tensions and de-dollarization trends. Gold offers hedge against U.S. fiscal concerns and inflation risks. Asian demand accelerating while Western ETF flows declining.		View
2023 Q4	Dec 31, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AZJ.AX, BABA, BSL.AX, CNU.AX, CRH, CVE, FLTR.L, IMD.AX, NEM, NUF.AX, STO.AX, VEA.AX, WGX.AX	Australia, energy, gold, industrials, infrastructure, Long/Short, materials, value	Portfolio maintains significant Energy exposure despite underperformance in 2023. Manager sees positive macro outlook with oil above $70, elevated geopolitical tensions, improving supply/demand dynamics, and multi-decade low inventories. Key positions include Santos with potential structural options and Cenovus generating strong free cash flows.	AZJ.AX CNU.NZ IMD.AX NUF.AX WGX.AX NEM FLTR.L CRH CVE.TO STO.AX	View
2023 Q4	Dec 31, 2023	L1 Capital International Fund	4.7%	0.0%	ADI, AMD, AMZN, BKNG, CME, CRH, EXP, GOOGL, GPK, HCA, ICE, INTU, MA, MSFT, NRP, UNH	healthcare, inflation, infrastructure, Quality, technology, value	Manager expects inflation to continue declining with core PCE falling to 3.2% in November 2023. Goods are already deflationary while services inflation is no longer driving up headline rates. Housing inflation has peaked but remains sticky.	HCA	View
2024 Q4	Dec 30, 2024	Munro Global Growth Fund	10.4%	37.2%	AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER	AI, growth, large cap, semiconductors, technology, US	Artificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips.	AXON AVGO	View
2024 Q3	Dec 18, 2024	Munro Global Growth Fund	0.0%	0.0%	000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT	AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump	The emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time.		View
2023 Q3	Nov 6, 2023	Voss Value Fund	-8.3%	-0.2%	AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA	Building Materials, consumer, Homebuilders, infrastructure, interest rates, Long/Short, small caps, value	CRH positioned as major beneficiary of unprecedented government infrastructure programs including IIJA, CHIPS, and IRA. Highway funding alone increases 50% above baseline, with CRH being the #1 road paver. Manufacturing onshoring creates $200B+ in mega projects through 2030.		View
2024 Q3	Nov 19, 2024	Springview Capital Management	5.6%	13.6%	AAPL, CR, CRH, CSCO, EXO.MI, FFH, FMX, HLT, MCY, MSFT, NTDOY, NVDA, SEPO, TSLA, WRB, WS, YHOO	Concentration, Mega Cap, small caps, technology, value	Manager believes value-oriented investing is making a comeback as mega-cap stocks face mathematical reality of size constraints and elevated valuations. The fund focuses on smaller, less high-profile companies trading cheaply relative to intrinsic value estimates. Current market offers rich opportunities in small- and mid-cap stocks trading at single-digit earnings multiples or below liquidation value.		View
2025 Q3	Oct 9, 2025	Forager Australian Shares Fund	15.1%	-	4194.T, 5038.T, BVS.AX, CAT.AX, CCL.AX, CLH, CRH, CTD.AX, FI, FIX, HPG.AX, IEL.AX, INCH.L, INGA.AS, LLOY.L, MTX.DE, NUTX, PPE.AX, TSCO.L, ZEG.L	Australia, Discipline, gold, Japan, small caps, value	Small companies are finally showing signs of strong, broad-based recovery after years of struggling against high interest rates and passive flows into larger companies. The Australian S&P/ASX Small Ordinaries Index is up 22.8% for the calendar year, well in excess of the 11.5% return from the All Ordinaries. Global small-cap strength is also evident with the MSCI World Micro Cap Index up 18.8% in Australian dollars.	PPE AU CCL AU IEL AU CAT AU	View
2025 Q3	Oct 9, 2025	Forager International Shares Fund	2.9%	-	4194.T, 5038.T, BVS.AX, CAT.AX, CCL.AX, CLH, CRH, CSL.AX, CTD.AX, DMP.AX, EML.AX, FI, FIX, GTK.AX, HPG.AX, IEL.AX, INCH.L, INGA.AS, JHX.AX, LLOY.L, MTX.DE, NUTX, PPE.AX, PPS.AX, REH.AX, RUL.AX, TSCO.L, TSLA, ZEG.L	Australia, Discipline, gold, Japan, small caps, value	Small companies are finally showing signs of a strong, broad-based recovery after years of struggling against high interest rates and passive flows into larger companies. The Australian S&P/ASX Small Ordinaries Index is up 22.8% for the calendar year, well in excess of the 11.5% return from the All Ordinaries. This small cap outperformance is supported by global small-cap strength, with the MSCI World Micro Cap Index up 18.8% in Australian dollars.	INCH LN VIS JP FI US ZEG LN CRH US FIX US	View
2025 Q3	Oct 31, 2025	Third Point Partners	3.2%	-	000660.KS, 005930.KS, 402340.KS, 6361.T, AMAT, CRH, DSV.CO, FIX, FLTR.L, GOOGL, KVUE, LSEG.L, MIK, MSFT, MU, NVDA, PCG, PRMB, TSLA, TSM	AI, Asia, credit, distressed, Event-Driven, Memory, semiconductors, technology	AI compute demand has accelerated beyond efficiency gains, driven by reasoning-based models and post-training techniques that are orders of magnitude more compute-intensive. OpenAI's recent deals to grow compute capacity by 20x over five years highlight the compute-constrained environment. Third Point maintains investments in TSMC and NVIDIA as integral pieces of this buildout while watching for potential corrections.	CRH LN NVDA TSM 6361 JP 000660 KS CRH LN NVDA TSM 6361 JP 000660 KS	View
2025 Q3	Oct 24, 2025	Fidelity Freedom 2055 Fund	7.0%	19.2%	AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM	asset allocation, Bonds, diversification, equities, global, retirement, Target-Date	Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a key contributor within the materials sector.		View
2025 Q3	Oct 21, 2025	Fidelity Freedom 2045 Fund	7.0%	19.4%	AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM	asset allocation, Bonds, diversification, equities, retirement, Target-Date	Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a key contributor within the materials sector positioning.		View
2025 Q3	Oct 21, 2025	Baron Real Estate Fund	10.2%	6.4%	AAON, ABNB, AMH, AMT, BN, BX, CBRE, CRH, CSGP, EQIX, FND, HLT, IRM, IRT, JLL, TOL, VMC, VNO, WELL, WYNN	Commercial, Data centers, Homebuilders, real estate, Recovery, REITs, Travel, value	Fund believes commercial real estate services companies like CBRE and JLL will benefit from structural tailwinds including outsourcing and institutionalization of commercial real estate. Early days of rebound in sales and leasing activity expected with potential for 20%+ annual earnings growth.	FND AAON WYNN FND AAON WYNN	View
2025 Q3	Oct 20, 2025	L1 Capital Long Short Fund	13.3%	-	CNU.AX, CRH, FRA.DE, HBM.TO, IMD.AX, LSF.AX, MIN.AX, NXE.TO, STO.AX, WGX.AX	AI, Australia, Copper, gold, Long/Short, Mining, uranium, value	Nuclear energy is experiencing a resurgence driven by AI data center power demands and policy support from governments and hyperscalers. Uranium markets face structural deficits as production has lagged consumption for decades while new nuclear capacity targets require 3-4x increases. Supply is concentrated in geopolitically sensitive regions with limited Western alternatives.	WTG AU MIN HBM NXE CN WTG AU MIN HBM NXE CN	View
2025 Q3	Oct 20, 2025	L1 Capital International Fund	2.6%	-	AAPL, AERCF, AMZN, BKNG, CRH, DHR, GOOGL, HCA, ICE, INTU, J, MA, META, MSFT, NVDA, TSLA, TSM, UBER, V, WEIR.L	AI, global, gold, Quality, tariffs, technology, Trump, value	AI development is accelerating with significant investment in datacenter infrastructure and companies incorporating AI into products and services. Leading AI models are approaching parity with industry experts across multiple sectors. However, uncertainty remains around development costs, power requirements, and whether current valuations are justified.		View
2025 Q3	Oct 19, 2025	American Century International Growth Fund	-	-	3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY	AI, Asia, Europe, financials, growth, healthcare, international, large cap, technology	Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. AI-related demand is accelerating cloud computing segments and enabling new AI-enabled products with complex analysis and efficient deep learning models.		View
2025 Q3	Oct 19, 2025	American Century Equity Income Fund	5.3%	-	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value	The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions.		View
2025 Q3	Oct 12, 2025	Munro Global Growth Fund	4.9%	-	300750.SZ, AMZN, ARES, AVGO, BSX, CLS.TO, CRH, FWONA, GEV, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, ORCL, TKO, TSM, UBER	AI, Cloud, Energy Storage, growth, technology	AI adoption is showing clear signs among corporates globally, with the Magnificent 7 demonstrating significant operational efficiencies through reduced hiring. Oracle's massive backlog demonstrates insatiable demand for AI computing infrastructure, with companies like OpenAI committing to multi-billion dollar contracts. The AI spending roadmap is expected to continue over the medium term with clear return on investment from billions in capex.	ORCL	View
2025 Q4	Jan 21, 2026	Platinum International Fund	3.0%	13.0%	AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V	AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology	Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or AI Loser, which the manager views as a shallow distinction. Almost every industry will need to incorporate and adapt AI, creating both opportunities and disruption across sectors. AerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. TSMC contributed 0.7% to Fund performance and is highlighted as the leading manufacturer of semiconductor chips used in AI, mobile phone and other applications. The company benefits from extremely strong demand, has industry-leading manufacturing capabilities, and continues to exceed financial performance expectations with a long runway for future growth. The Fund maintains significant exposure to payments companies including Mastercard and Visa as top 10 holdings, representing 12% of the portfolio allocation. These companies benefit from the ongoing digitization of payments and strong network effects in the global payments ecosystem.		View
2025 Q4	Jan 21, 2026	Platinum Global Fund (Long Only)	3.0%	16.0%	AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V	Diversified, global, large cap, payments, technology	Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related leaders. Many high-quality global businesses lagged despite solid fundamentals, creating opportunities for disciplined stock selection and valuation-driven investing. The manager remains focused on owning resilient, high-return businesses at reasonable prices while avoiding speculative excess and market fads.		View
2025 Q4	Jan 19, 2026	Forager Australian Shares Fund	-1.9%	24.8%	ARX.AX, BVS.AX, CAT.AX, CCL.AX, CRH, EML.AX, FISV, FIX, IEL.AX, INCH.L, INGA.AS, LNR.TO, MAH.AX, NUTX, NXT, NZX.NZ, OFX.AX, PLT.AX, PPS.AX, WISE.L, ZEG.L	Australia, dispersion, Mining, Quality, small caps, technology, Tourism, value	Small cap stocks significantly outperformed large caps in 2025, with the Small Ordinaries returning almost 25% versus 10% for the All Ordinaries. Small resources companies drove much of this outperformance with a 73% return, while small industrials delivered a more modest 9% return. Mining services investments like Macmahon benefited from enthusiasm for gold, silver and copper, with the company's share price almost doubling in 2025 after almost a decade of mediocre returns. New contracts for civil infrastructure acquisition Decmil position the company well for future revenue guidance. Australian tourism is finally showing signs of recovery with international arrivals hitting 97% of 2019 levels in recent months. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Tourism stocks remain very cheap on recovered earnings expectations. AI enthusiasm drove strong performance in tech-heavy indices, but also created concerns about software companies' competitive moats. The theory that AI diminishes software value through 'vibe coding' is one the manager is willing to bet against at the right price, particularly for established platforms with security and reliability advantages. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became problematic even for the best businesses, resulting in years of no returns while earnings catch up or significant derating if both earnings and multiples come into question.	MAH AU PLT AU OFX AU ARX AU	View
2025 Q4	Jan 19, 2026	Forager International Shares Fund	-2.0%	15.0%	AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L	AI, global, Quality, small caps, technology, Travel, value	AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating.	ARX AU ZEG LN NXT NUTX FISV	View
2025 Q4	Jan 15, 2026	L1 Capital Long Short Fund	14.1%	46.8%	ALL.AX, AZJ.AX, BSL.AX, CRH, CTD.AX, FLT.AX, FTT.AX, JHX.AX, LLOY.L, LNW.AX, LSF.AX, MIN.AX, STLD, WGX.AX	Australia, gold, infrastructure, Long/Short, Steel, Travel, value	Gold price continued to rally, up 12% for the quarter and 65% for 2025, driven by large U.S. federal fiscal deficits, dollar devaluation, emerging market central bank accumulation, and global interest rate cutting cycle. Westgold Resources performed strongly with the company releasing a positive 3-year outlook demonstrating transformation into material scale producer. BlueScope Steel received multiple takeover proposals from Steel Dynamics, validating the strategic value of North American steel assets. Trump administration increased steel tariffs to 50% with no exemptions, materially improving profitability and resilience of U.S. steel producers. Steel market has become highly consolidated with competitive tension for independent assets. Aurizon benefited from proposed 10-year extension to regulatory arrangements for Queensland rail network access, enhancing long-term earnings certainty. Above-rail performance supported by robust coal volumes and BHP copper railings. Infrastructure remains a key portfolio exposure with positive outlook on U.S. economic growth and AI capital expenditure spending. Flight Centre shares rallied 30% on earnings-accretive acquisition of Iglu cruise agency and benefited from competitor issues. Travel sentiment and outbound travel from Australia to Europe and United States continues to improve, providing tailwinds to performance. Uranium continues to be a key portfolio exposure alongside infrastructure, gold, and U.S. cyclicals. The manager believes uranium provides some of the best opportunities globally as part of their quality value investment approach. Following significant outperformance of high P/E stocks over the past decade, the manager is finding more attractive opportunities in Value stocks. They believe low P/E stocks are well positioned to strongly outperform high P/E stocks over the coming 1-2 years, with portfolio having stronger than usual Value skew. Continued acceleration in AI-related capital expenditure attracted increased investor attention during the quarter. Estimated cumulative hyperscaler capex between 2025-2028 is substantial, expected to be double their available cash flows, necessitating increased debt funding. This heightened focus contributed to de-rating of speculative AI-exposed stocks. Mineral Resources benefited from lithium spodumene prices moving 92% higher during the quarter, recovering sharply due to upgraded demand outlook from stationary storage batteries and ongoing supply uncertainty from major Chinese operations. Company announced sale of 30% interest in lithium assets to POSCO for A$1.2b at 45% premium to consensus NAV.	FLT AU LLOY LN JHX AU LNW AU FTT CN AZJ AU MIN AU WGX AU BSL AU	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
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	-1.7%	17.5%	ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM	AI, global, growth, long-term, Quality, technology	AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity.	IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE	View
2025 Q4	Jan 14, 2026	L1 Capital International Fund	2.2%	9.8%	AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V	AI, consumer, Global Equities, Macro, Quality, technology, valuation	AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers.	ICE LSEG LN INTU CRM TSM AER UBER J	View
2025 Q4	Jan 12, 2026	Munro Global Growth Fund	-0.7%	12.2%	300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout.	CIEN GOOGL	View
2024 Q3	Sep 30, 2024	L1 Capital Long Short Fund	2.4%	10.8%	BKR, CBA.AX, CNU.TO, CRH, CVE.TO, FLTR.L, FRA.DE, HAL, MEG.TO, MIN.AX, NWG.L, NXE.TO, OXY, QAN.AX, REA.AX, RMV.L, TSCO.L, WOR.AX, WOW.AX, XOM	Australia, Banking, energy, gold, Long/Short, Travel, United Kingdom, value	The fund continues to focus on quality, lower P/E stocks with strong cash flow generation and solid earnings growth outlooks. They see extreme crowding and overvaluation in domestic banks and several ASX20 stocks, while many cyclical stocks trade at both depressed P/E multiples and depressed earnings bases, providing opportunity for large, medium-term upside for patient investors.		View
2024 Q3	Sep 30, 2024	L1 Capital International Fund	4.7%	0.0%	AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM	AI, large cap, Quality, rates, technology, US, value	The fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments.		View
2023 Q3	Sep 30, 2023	L1 Capital International Fund	4.7%	0.0%	AMZN, BKNG, CRH, GOOGL, GPK, INTU, MA, MCO, MMC, MSFT, NRP, NVDA, UNH, V	AI, Cloud, global, healthcare, Quality, technology, Travel, valuation	AI is described as a revolutionary step change in computing with broad implications across industries. The fund sees early commercial applications at companies like Intuit and Microsoft, with the Big Three cloud providers exceptionally well positioned to provide AI infrastructure as a service.		View
2024 Q2	Jul 15, 2024	L1 Capital Long Short Fund	2.4%	10.8%	000660.KS, AAPL, AGL.AX, AMZN, CBA.AX, CRH, CVE.TO, GOOGL, HBM, MEG.TO, META, MIN.AX, MSFT, NEM, NVDA, NXE.TO, QAN.AX, TESCO.L, TSLA, TSM	AI, Australia, Banking, Copper, energy, gold, Long/Short, value	The fund is positioned in AI supply chain companies including Taiwan Semiconductor and SK Hynix. Meetings indicate companies are in early stages of AI investment with capital expenditure on AI computing hardware expected to increase from 5% to 14.5% of IT budgets over three years. The fund sees continued strong growth for key AI positions.		View
2024 Q2	Jun 30, 2024	Munro Global Growth Fund	0.0%	0.0%	000660.KS, AAPL, AIR.PA, AMAT, AMZN, ARM, ASML, CEG, CRH, FIX, MA, META, MSFT, NEE, NOW, NVDA, SN, TSM, V, WISE.L	AI, Data centers, energy, global, growth, semiconductors, technology	AI was a dominant theme driving performance across multiple Areas of Interest. High Performance Computing led by Nvidia saw significant earnings upgrades, while Connectivity benefited from device refresh cycles in smartphones and PCs. The fund sees AI as the beginning of a multi-year growth runway with hyperscalers continuing to accelerate capex spending.	SN TSM	View
2024 Q2	Jun 30, 2024	American Century International Growth Fund	6.6%	0.0%	1299.HK, 4063.T, 6861.T, ADYEN.AS, AI.PA, AIR.PA, AKE.PA, ASML, AZN, CRH, EDEN.PA, IFX.DE, JHX, LSEG.L, MC.PA, NESN.SW, NVO, RELX.L, SAP, SRT3.DE, SU.PA, TM, TSM, UBS, UL	Asia, Energy Transition, Europe, healthcare, infrastructure, international, semiconductors, technology	The world's move away from fossil fuels creates opportunities across sectors. Increased demand for electric vehicles and large-scale renewable energy infrastructure projects creates inflection points for well-positioned businesses. AI investment is leading to significant increases in electricity demand to power data centers.		View
2023 Q3	Jun 11, 2023	Voss Value Offshore Fund	7.4%	8.9%	AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA	Aggregates, Construction, Homebuilders, infrastructure, materials, small caps, value	Small cap stocks are experiencing their 3rd worst bear market by duration and 4th worst by magnitude in 40+ years, with the Russell 2000 down 33% from peak. The manager believes this creates exceptional opportunity as small caps have historically been higher 99% of the time over rolling 6-year periods. Current valuations at 12x P/E excluding negative earners represent significant discount to historical levels.		View
2023 Q1	Apr 18, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	7741.T, AON, APG, BKNG, CRH, CRM, DHR, ERF.PA, FERG.L, FTR, LSEG.L, RTO.L, SNPS, SONY	global, semiconductors, Stalwarts, technology, Travel, value	Cooper Investors focuses on Risk Adjusted Value Latency opportunities, particularly in businesses trading at reasonable valuations relative to their fundamentals. The fund has identified Value Latency-rich opportunities created by market volatility and pricing inefficiency as markets adjust to higher interest rates.	LSEG.L RTO.L BKNG	View
2025 Q1	Apr 14, 2025	L1 Capital International Fund	0.1%	0.1%	AER, AMZN, BKNG, CRH, GOOGL, HCA, ICE, MA, MMC, MSFT, V, VIE.PA	AI, global, healthcare, Quality, tariffs, Trade Policy, valuation	Trump's Reciprocal Tariffs framework is deeply flawed, based on trade deficits rather than actual tariffs or unfair practices. The policy creates significant economic uncertainty and potential for global trade disruption. Liberation Day policies have been partially paused but tensions with China remain at unprecedented levels.	VIE.PA GOOGL MSFT AMZN HCA	View
2025 Q1	Apr 13, 2025	Munro Global Growth Fund	-7.3%	-7.3%	AMZN, AVGO, AXON, BSX, CEG, CRH, FWONK, GOOGL, LLY, MA, META, MSFT, NFLX, NOW, NVDA, ORCL, RHM.DE, TSM, UBER	AI, Cash, defense, global, growth, tariffs, technology, volatility	Despite DeepSeek concerns, hyperscalers continue aggressive AI infrastructure spending with combined capex approaching $350 billion in 2025. The fund maintains conviction in multi-year structural earnings growth for AI enablers, while increasing exposure to AI application companies like Axon and ServiceNow that are showing strong adoption.	NVDA RHM.DE	View
2023 Q1	Mar 31, 2023	L1 Capital International Fund	4.7%	0.0%	BKNG, CRH, GPK	-			View
2024 Q4	Jan 31, 2025	Merion Road Capital	5.5%	17.4%	AMZN, BELFB, CLH, CRH, GOOG, IBKR, MCEM, UBAB, VCTR	Banking, Buybacks, Cement, defense, small caps, technology, value	Manager holds two cement positions - Clean Harbors and Monarch Cement. Clean Harbors benefits from structural improvements to specialty waste sector with multi-year runway for organic growth and margin expansion. Monarch Cement offers opportunity to own fantastic asset at reasonable price due to illiquidity and dual shareholder structure.	BELFB MCEM UBAB GOOG VCTR CLH	View
2023 Q4	Jan 13, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0700.HK, 4911.T, 6098.T, 6273.T, 7741.T, 8035.T, 9449.T, ACN, ADYEN.AS, ASML, CLNX.MC, CRH, III.L, NVO, RELX, RTO.L, SAP, SEDG, SHOP.TO, TRI	AI, Europe, growth, international, Japan, semiconductors	Recognition of generative artificial intelligence opportunities for companies outside the U.S. Semiconductor equipment makers ASML and Tokyo Electron are considered enablers of AI, while enterprise software maker SAP and IT consultant Accenture are seen as facilitators of AI adoption. RELX and Thomson Reuters own large proprietary data sets and stand to become key beneficiaries of the processing power of large language models that drive generative AI.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	L1 Capital Long Short Fund	CRH plc	Materials	Construction Materials	Bull	NYSE	construction materials, growth, infrastructure, market leader, North America, undervalued	View Pitch
Apr 13, 2026	Fund Letters	Brown Advisors Global Leaders Strategy	CRH plc	Materials	Construction Materials	Bull	NYSE	Building materials, capital allocation, EBITDA Margin Expansion, Free Cash Flow, North America, Recycling, Sustainability, Value	View Pitch
Apr 13, 2026	Fund Letters	YCG Investment	CRH plc	Materials	Construction Materials	Bull	NYSE	aggregates, Building materials, construction materials, Cyclical, infrastructure, Local Monopolies, Mining, Nimby, Physical Network Effects, Pricing power	View Pitch
Feb 21, 2026	Seeking Alpha	Seeking Alpha	CRH plc	Construction Materials	Building Materials	Bear	New York Stock Exchange	Building materials, CRH plc, cyclical market, Emerging markets, infrastructure projects, North America, Overvaluation, public sector, valuation inflation, vertical integration	View Pitch
Jan 8, 2026	Substack	Voss Capital	CRH plc	Construction Materials	Construction Materials	Bull	New York Stock Exchange	aggregates, cash generation, Cement, construction materials, CRH, infrastructure spending, NYSE relisting, US market, valuation discount, vertical integration	View Pitch

BSD Shareholders of CRH

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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