CS-TO

CS-TO

CS-TO

Letters With This Ticker

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	View
2024 Q2	Jun 30, 2025	Barometer Capital Management	-	-	AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC	AI, Canada, Consumer Staples, energy, healthcare, materials, technology	The firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business.		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
2023 Q3	Oct 25, 2023	Third Avenue Value Fund	1.2%	0.0%	BIRG.L, BMW.DE, CS.TO, DB, EZJ.L, HCC, SUBCY, TDW, UGP, VAL	Coal, contrarian, Cyclical, distressed, energy, Offshore, value	The fund focuses on identifying companies trading at distressed valuations without actual operating or financial distress. The manager emphasizes buying companies at low multiples when earnings are temporarily depressed, creating positive asymmetry where operating performance is more likely to improve than deteriorate.		View
2025 Q4	Jan 12, 2026	Devon Alpha Fund	0.0%	2.6%	CNI.NZ, CS.TO, FWD.AX, IFT.NZ, MET.NZ, OML.AX, SIQ.AX, SUM.NZ, VGL.NZ, WFD.AX	alpha, Australia, concentrated, Copper, infrastructure, New Zealand	Copper price continues to shift higher with structural advantages including challenges bringing new supply to market and degradation of mining grades at major mines. Global demand outlook strengthens from electric vehicles, renewable energy, digital infrastructure, and electricity grid upgrades.		View
2023 Q2	Jul 25, 2023	Diamond Hill International	5.7%	12.4%	7974.T, ASHM.L, BABA, CS.TO, DNP.L, EPOKY, FERG.L, FFH.TO, FM.TO, FMX, SPOT, TCEHY, UHR	China, Copper, emerging markets, inflation, international, Mining, value	The fund initiated positions in two copper mining companies, First Quantum Minerals and Capstone Copper, anticipating meaningful long-term supply challenges in copper due to its heavy use in alternative energy sources. There has been a recent trend toward consolidation and M&A in the copper industry, and both companies could present attractive acquisition candidates for large mining companies seeking to increase their copper exposure.	CCS.TO AFM.TO FERG.L EPIA.ST DNP.WA ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA	View
2023 Q2	Jun 30, 2023	Barometer Capital Management	-	-	AGI.TO, AVGO, CNQ.TO, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC	AI, Canada, Consumer Staples, energy, healthcare, materials, Tactical, technology	NVIDIA and Broadcom continued to deliver excellent performance as investors demonstrated voracious appetite for any stocks with generative AI exposure. NVIDIA's explosive growth demonstrated both the strength of demand for generative AI hardware and a more robust supply picture. Thomson Reuters has emerged as an AI darling in Canada as the company continues to seek ways to integrate AI product offerings to help their clients drive efficiencies.		View
2023 Q1	Mar 31, 2023	Barometer Capital Management	-	-	AVGO, AXON, CROX, CS.TO, JPM, MSFT, NVDA, ORCL, STLC, STN	AI, asset allocation, Banking, energy, financials, semiconductors, Tactical, technology	Increased investor enthusiasm around generative AI fueled strength in the semiconductor industry. NVIDIA Corp. and Broadcom Inc. significantly contributed to pool gains as funds capitalized on this trend by increasing technology sector exposure.		View
2023 Q4	Jan 31, 2024	Third Avenue Value Fund	1.2%	0.0%	ASHM.L, BIRG.L, BMW.DE, BOLSAA.MX, BZU.MI, CMA, CS.TO, DB, EZJ.L, HMC.T, HMT, HTHPF, SFOR.L, SUBCY, TDW, UGPA3.SA, VAL	Banking, Buybacks, Electric Vehicles, global, interest rates, value	The Fund carried a weighted average price to earnings ratio of approximately 8.2x as of year-end, positioning in attractive businesses without relaxing criteria for balance sheet strength or liquidity. The manager highlights how cheap stocks have become even cheaper while expensive stocks experienced valuation expansion.	BOLSAA.MX BMW.DE CMA S4C.L	View
2024 Q4	Jan 28, 2025	Third Avenue Value Fund	-9.6%	-2.5%	6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP	Active Share, Autos, Concentration, global, small caps, value	The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals.	7270.T MBG.DE BMW.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 CS-TO

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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