CUERVO-MX

CUERVO-MX

CUERVO-MX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Longleaf Partners Small-Cap Fund	2.7%	4.2%	BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM	Alcohol, Buybacks, real estate, small caps, undervalued, value	The fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations.	PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR	View
2024 Q1	May 7, 2024	Longleaf Partners International Fund	11.2%	10.4%	035420.KS, AC.PA, CFR.L, CUERVO.MX, ERF.PA, EXO.MI, GLB, GMAB.MX, HDB, LXS.DE, PFD.L, PRX.AS	Asia, Banking, Chemicals, consumer, Europe, Hotels, value	Accor demonstrated strong operational performance as the hotel industry shifts towards the biggest and most recognized brands globally. The company is well positioned geographically as the market leader in Asia, Latin America, and the Middle East, all structural growth travel markets with strong post-Covid recoveries.	LXS.DE 035420.KS HDFCBANK.NS CUERVO.MX AC.PA GLB.L	View
2024 Q1	Apr 9, 2024	Ennismore Global Equity Fund	2.1%	2.1%	9404.T, ADM.L, AUTO.L, BZU.MI, CUERVO.MX, DIE.BR, FLTR.L, IDS.L, MONY.L, NNI, PHLL.L, ROO.L, SCHA.OL, SOUN, TCX	Balance Sheet, Buybacks, Capital markets, global, Long/Short, value	Fund focuses on finding undervalued businesses trading at attractive valuations, including cigar butts at discounts and high-quality companies with defensible moats when available at reasonable prices. The portfolio emphasizes balance sheet strength with 14 of top 17 positions having net cash or modest debt.	PHLL.L	View
2026 Q1	Apr 18, 2026	Longleaf Partners Small-Cap Fund	-2.7%	-2.7%	ALX, CNX, CUERVO.MX, ESRT, GLIBA, MAT, RYN, SAM, SHEN, TRIP	Alcohol, energy, private credit, real estate, small cap, Travel, value		TRIP MAT BECLE RYN ESRT SHEN SAM	View
2025 Q1	Apr 12, 2025	Longleaf Partners International Fund	0.7%	0.7%	1910.HK, AC.PA, CFR.SW, CUERVO.MX, DPZ.L, ERF.PA, GLB, GRUMA.MX, HDFCBANK.NS, HTHT, JFC.PS, LXS.DE, MILC.ST, PFD.L, PRN.L, TCEHY	AI, defense, Europe, geopolitics, international, SMID Cap, tariffs, value	US President Trump announced reciprocal tariffs under the International Emergency Economic Powers Act, with baseline 10% tariffs on all countries and higher rates for specific nations including 34% for China and 20% for the EU. This represents a simultaneous trade war against all key economies globally and has caused sharp selloffs in equity markets. The fund has consciously repositioned to more domestically focused names to avoid geopolitical risks.	1910.HK JFC.PS CUERVO.MX GLB.L CFR.SW LXS.DE PRX TIGO	View
2023 Q3	Oct 6, 2023	Ennismore Global Equity Fund	8.3%	10.9%	9404.T, ADEV.OL, ADM.L, ATLC, AUTO.L, BAX, BSX, BZU.MI, CAR.AX, CUERVO.MX, DIE.BR, GOOGL, IDS.L, IRTC, MRO.L, PHIA.AS, REA.AX, RMV.L, SCHIBSTED-B.OL, STRX.L, TCX	Classifieds, European Equities, healthcare, Long/Short, Medical Devices, technology, value	The fund has significant exposure to online classifieds businesses through Schibsted and Adevinta, which operate property, car, and job listing platforms across Europe. These businesses have strong market positions but have been under-monetized due to poor operational management and fragmented technology platforms. New management teams are implementing verticalisation strategies and tech stack simplification to improve margins and monetization.		View
2024 Q3	Oct 16, 2024	Longleaf Partners International Fund	11.2%	10.4%	0700.HK, 1726.HK, 6498.T, AC.PA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TCOM, TIGO, UBER	China, Concentration, Food, international, value, volatility	Chinese government introduced fiscal and monetary measures to support property sector and equity markets, exceeding market expectations. Beijing stepped in with counter-cyclical policy measures as 5% GDP growth target came under pressure. Companies in the region are beginning to re-rate as coiled springs with renewed market optimism.		View
2025 Q4	Jan 14, 2026	Longleaf Partners Small-Cap Fund	1.1%	7.6%	ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM	Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround.	PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA	View
2024 Q2	Jul 23, 2024	Longleaf Partners International Fund	11.2%	10.4%	AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM	Concentration, Elections, fundamentals, international, Quality, value	The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach.	DHER ERF CUERVO PRX HDB TIGO	View
2023 Q1	Apr 20, 2023	Longleaf Partners International Fund	11.2%	10.4%	0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO	Asia, China, concentrated, Europe, international, Luxury, Travel, value	China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly.	KER.PA CFR.SW AC.PA TIGO	View
2024 Q4	Jan 16, 2025	Longleaf Partners International Fund	-11.2%	-2.0%	035420.KS, AC.PA, CUERVO.MX, DHER.DE, DOM.L, ERF.PA, EXO.MI, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TIGO, VIV.PA	Asia, Europe, Food, international, Media, Travel, undervalued, value	Fund emphasizes investing in high-quality companies at heavily discounted valuations. Portfolio companies remain materially undervalued with P/V ratio in high-60s%, offering both downside protection and attractive prospective returns. Market inefficiencies create opportunities to invest in exceptional companies at deeply discounted prices.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Longleaf Partners International Fund	Becle S.A.B. de C.V.	Consumer Staples	Distillers & Vintners	Bull	Mexican Stock Exchange	Beverages, capital allocation, growth, Mexico, Private Market Value, tariffs, tequila, USMCA	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners International Fund	Becle	Consumer Staples	Distillers & Vintners	Bull	Mexican Stock Exchange	Agave Pricing, family ownership, margin expansion, Mexico, premiumization, Spirits, tequila, undervalued	View Pitch
Nov 7, 2025	Substack	Winter Gems	Jose Cuervo	Consumer Staples	Beverages - Wineries & Distilleries	Bull		Beverages, Bolsa Mexicana de Valores, Jose Cuervo, Market expansion, tequila	View Pitch
Oct 30, 2025	Substack	Winter Gems	Jose Cuervo	Consumer Staples	Beverages - Wineries & Distilleries	Bull		capital allocation, Financial metrics, Jose Cuervo, leverage, market growth, Mexican market, premium brands, Spirits industry, tequila, US market challenges	View Pitch

BSD Shareholders of CUERVO-MX

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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