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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 1 | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI's long-term potential, considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | View | |
| 2023 Q3 | Sep 30, 2023 | Latitude Global Fund | - | - | AI.PA, AZO, DEO, GOOGL, JPM, MCK, SONY, V | cash flow, earnings, Quality, relative value, technology, value | Manager emphasizes relative value investing, finding companies with strong fundamentals trading at attractive valuations. Portfolio trades at 12x PE with 8% FCF yield versus cash at 4-5%, offering superior risk-adjusted returns. Focus on businesses with durable competitive advantages at reasonable prices. | View | |
| 2023 Q3 | Sep 30, 2023 | Trojan Fund from Troy Asset Management | - | - | BDX, DEO, GOOGL, MSFT, NESN.SW, PG, UL, V | Bonds, credit, inflation, interest rates, Multi-Asset, Recession | The manager expects inflation to remain higher and less stable than market participants are used to over the next few years. This will be attended by higher nominal rates, uprooting the valuation yardstick of the past fourteen years. They have added to index-linked holdings to protect against ongoing inflationary risks. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 000858.SZ, 0700.HK, 2357.PS, 3405.T, 4182.T, 601009.SS, 6277.T, 6302.T, 6849.T, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, U11.SI, UBI.PA, VRTX, WFC | Asia, Diversified, Europe, international, small cap, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger counterparts. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW | Asia, Diversified, Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 000858.SZ, 2357.PS, 3405.T, 4182.T, 601919.SS, 6277.T, 6302.T, 6849.T, 700.HK, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NOVN.SW, RHM.DE, ROG.SW, RRI.PA, RUI.PA, SAF.PA, SCOR.PA, U11.SI, UBI.PA, VRTX, WFC | dividends, financials, global, industrials, small cap, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger counterparts. | View | |
| 2023 Q2 | Jul 18, 2023 | Sandhill Investment Management | - | 22.3% | 1928.HK, 2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DEO, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, NEM.AX, RI.PA, SHEL, SIE.DE, SNY, SPEC.L, TECK, WYNN | Automation, commodities, Copper, European Banks, gaming, gold, Onshoring, value | European banks are significantly undervalued relative to US and Australian peers, trading at circa 8x earnings. Rising infrastructure and defence spending in Europe could stimulate industrial activity and credit demand, supporting a recovery that could take years to play out fully. | AIBG.L NEM SCCO LYG |
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| 2023 Q2 | Jul 17, 2023 | Kovitz Core Equity | 8.4% | 18.3% | AAPL, DEO, DLTR, GDDY, JPM, KEYS, MSI, SCHW | Banking, Beverages, long-term, Quality, retail, technology, value | Kovitz emphasizes investing like a private owner with dual focus on business quality and margin of safety. The firm seeks companies with sustainable competitive advantages available at attractive valuations, waiting for the valuation gap between perception and reality to close over time. | DLTR SCHW DEO |
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| 2025 Q2 | Jun 30, 2025 | Magellan Global Opportunities Fund No. 1 | 6.2% | - | AAPL, AMD, AMT, AMZN, AVGO, BKNG, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVDA, RB.L, TSM, UNH, ZBH | AI, global, growth, Quality, semiconductors, technology, Trade Policy | AI demand driving semiconductor growth with TSMC benefiting from data center buildouts and AI chip manufacturing. Major AI data centre announcements in the US and Middle East creating upward momentum for the AI trade. | TSM NESN SW SAP MSFT GOOG AMZN DG TSM |
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| 2025 Q2 | Jun 30, 2025 | Latitude Global Fund | - | - | AZO, CPR.MI, DEO, DLTR, FIVE, MCK, NVO, RCO.PA, RI.PA, WMT | Aftermarket, Alcohol, Automotive, consumer, discount, retail, value | Dollar Tree represents a compelling opportunity following the sale of Family Dollar for $1bn, allowing focus on the core Dollar Tree banner with strong same-store sales growth. The business trades at attractive valuations with significant capital return potential. | DEO DLTR AZO |
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| 2024 Q2 | Jun 30, 2024 | Trojan Fund from Troy Asset Management | - | 3.8% | AXP, DEO, GOOGL, HEINY, MSFT, NESN.SW, NVDA, UL, V | AI, Elections, gold, inflation, Multi-Asset, Politics, Uk, US | Markets have risen to new highs driven by excitement around vast investments into Artificial Intelligence, though fatigue is setting in with some questioning the potential return on billions invested into generative AI. The narrowness of returns with Nvidia alone accounting for 30% of the S&P 500 rally is concerning and often occurs late in market cycles. | View | |
| 2023 Q2 | Jun 30, 2023 | Magellan High Conviction Fund | 10.0% | - | AMZN, BABA, BKNG, BN, CMG, CRM, DEO, GOOGL, ICE, META, MSFT, NFLX, SAF.PA, V, WEC, YUM | AI, Cloud, Energy Transition, payments, Quality, Restaurants, technology, Travel | Generative AI represents a transformative step forward in technology that will open up new, exciting possibilities. The technology itself is rapidly evolving and companies are working to understand, invest and adapt to maximize beneficial outcomes. Amazon, Microsoft and Alphabet are all seen as enablers of the acceleration of computing as Generative AI takes hold. | AMZN |
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| 2023 Q2 | Jun 30, 2023 | Trojan Fund from Troy Asset Management | - | 0.6% | BDX, DEO, GOOGL, MSFT, NESN.SW, NVDA, PG, UL, V | AI, asset allocation, credit, interest rates, Multi-Asset, Recession, technology, Valuations | AI represents a significant long-term opportunity for productivity and economic transformation, similar to the internet's impact. However, current market enthusiasm mirrors historical tech bubbles with extreme valuations. The manager expects AI's effects to be wider reaching than current narrow stock price moves suggest, but warns of Pavlovian market responses that will eventually become more nuanced. | GOOGL AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q1 | Jun 25, 2024 | Argosy Investors | 10.6% | 10.6% | DAVA, DEO, NVDA, TBBB | AI, Cash, Discount Retail, IT Services, Mexico, Valuations, value | Manager discusses extensive research in IT services dating back to 2017, highlighting the evolution from low-skilled infrastructure monitoring to customer-facing application development. The sector earns extremely high returns on capital and historically augments organic growth with acquisitions. Current investment in Endava represents exposure to this new generation of IT services focused on custom application development. | DEO TBBB DAVA |
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| 2026 Q1 | Apr 8, 2026 | ByteTree Asset Management | - | - | DEO, UL | commodities, Defensive, diversification, gold, Multi-Asset, oil, Quality, risk management | ULVR.L DGE.L |
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| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity | -2.3% | -2.3% | ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS | AI, financials, Quality, Resilience, technology, Trade Policy, volatility | New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions. | MSFT ASHTY ADBE |
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| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AMT, AMZN, AVGO, CMCSA, DEO, DIS, DTE, GOOGL, HLN.L, KO, KVUE, MA, META, MSFT, NESN.SW, NVDA, ORCL, SAP, TMUS, V | AI, Consumer Staples, diversification, dividends, large cap, technology, Utilities, value | The fund maintains a dividend-focused strategy, adding positions in companies with attractive upfront yields and solid free cash flow generation. They initiated a position in Meta after the company announced its inaugural dividend and expect steady dividend compounding across their holdings. | View | |
| 2026 Q1 | Apr 18, 2026 | Contrarius Global Equity Fund | -11.9% | -11.9% | DEO, GOOGL, SATS, TSLA | AI, Consumer Staples, contrarian, global, long-term, value | DGE.L |
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| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BA.L, BRK-A, CNHI, DEO, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NWLI, RHM.DE, RUI.PA, SAF.PA, SCRYY, TP.PA, TTE, U11.SI, WFC | defense, financials, global, healthcare, industrials, value | Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These holdings were among the top contributors to fund performance. | View | |
| 2025 Q1 | Mar 31, 2025 | BlackRock Global Dividend Fund | 0.7% | 0.7% | ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH | AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy | The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle International Equity Fund | 3.8% | 3.8% | 3064.T, 7532.T, 9983.T, ACN, AZN.L, BN.TO, CCO.TO, D05.SI, DEO, MG.TO, MUV2.DE, NEM.DE, ROG.SW, SAF.PA, SONY | AI, gaming, international, nuclear, Quality, Reinsurance, Trade Policy, value | President Trump announced new tariffs on imports from Canada, Mexico and China, with additional warnings to the EU over imbalanced trade arrangements. The targeted industries included autos, steel and aluminum, reflecting a focus on reshoring and industrial policy. This renewed trade uncertainty prompted central banks to lower growth forecasts and adopt more cautious tones on future rate moves. | 9983.T ACN CCO.TO 6758.T MUV2.DE |
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| 2025 Q1 | Mar 31, 2025 | BNY Mellon Global Equity Income Fund | 7.8% | 7.8% | 1299.HK, AZN, B3SA3.SA, BAE.L, CME, CSCO, DEO, DPSGY, EL, JNJ, MDT, PUB.PA, SIEGY, SNY, STLA, TAP, UMG.AS | defense, dividends, Equity, global, income, inflation, rates, value | NATO members' pledges to significantly increase defense spending due to US pressure boosted defense stocks like BAE Systems, which reported record annual profits for 2024 and huge increase in sales guidance for 2025. | View | |
| 2025 Q1 | Mar 31, 2025 | Magellan Global Opportunities Fund No. 1 | 2.0% | 2.0% | 1211.HK, AMT, AMZN, DEO, DG, ES, F, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RB.L, SPOT, TSLA, TSM, VWAGY | Defensive, disruption, global, innovation, Quality, technology, Transportation | The transition from internal combustion engine vehicles to electric vehicles is no longer a question of if but when. Governments worldwide are setting targets to phase out new ICE vehicle sales, with automakers investing billions into the technology. The EV market opportunity extends beyond automakers to battery manufacturers, charging infrastructure, and electricity utilities. | View | |
| 2023 Q1 | Mar 31, 2023 | Trojan Fund from Troy Asset Management | - | - | BDX, DEO, GOOGL, MSFT, NESN.SW, PG, UL, V | Banking, credit, inflation, Multi-Asset, Passive investing, rates, real estate | Banking failures including SVB, Signature, and Credit Suisse highlight the fragility of the fractional reserve banking model. These events will lead to tighter lending standards and reduced credit availability, particularly affecting small businesses and commercial real estate. | View | |
| 2025 Q4 | Feb 11, 2026 | Latitude Global Fund | 0.0% | 21.0% | AI.PA, ASSA-B.ST, AZO, COR, DEO, DG.PA, DLTR, EIF.PA, GOOGL, ICE, JPM, MCK, RPRX, RYA.L, SHEL, TSCO.L, UNH, V | AI, Buybacks, Europe, growth, healthcare, infrastructure, retail, value | Lower-income Americans continue to feel the squeeze, and local stores like Dollar Tree present unbeatable value and convenience. Their investments in merchandising and distribution are key competitive advantages in a world of tariffs and potential inflation. The company's prospects are bright, especially if we do ever see a rise in unemployment, which tends to benefit discount stores. Healthcare stocks have broadly underperformed the market since the election of President Trump, due to a plethora of regulatory, pricing and tariff risks. However, the distribution model has proven its strong resilience, with companies having meaningfully reduced their dependence on drug pricing. They are in effect a toll road on the US healthcare system and the opposite of economic rent-seeking businesses. Covid, somewhat ironically given the cancellation of so many flights, impacted the industry positively, as around 10% of aircraft were withdrawn from the market due to bankruptcies. Moreover, post-Covid supply chain shocks at Boeing and Airbus mean that the fleet is not going to be replaced any time soon. Ryanair's cost advantage almost doubled from levels in 2019. Google would be best positioned in an AI world, given its vertically integrated model and its pedigree in AI. The AI revenue model is clearly highly uncertain and far from guaranteed, but the likely attributes of winners in this space are data, processing power and distribution. Google dominates all three. Investing in physical assets in a world with an infrastructure deficit, and the potential resurgence of inflation, is very appealing. The requirement for renewed infrastructure investment in Europe is in the early stages, and competition will remain low giving both Vinci and Eiffage a meaningful competitive advantage. Combining low valuations and high cash conversion, our companies will generate around a 7% of their market cap in free cash flow. We expect them to pay an average dividend of 2.6% and are committed to share buybacks of around the same level. This is a 5% annual tailwind to the portfolio's fundamental growth outlook over the coming years. | ICE JPM GOOGL RYAAY RPRX MCK AZO DLTR |
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| 2024 Q4 | Dec 31, 2024 | Oakmark Global Select Fund | -5.0% | 4.7% | 005930.KS, BAC, BAYRY, CNC, COF, DEO, ELV, FI, GOOGL, IQV, SCHW | Beverages, consumer, financials, global, healthcare, regulation, value | The fund holds multiple financial services companies including Capital One Financial, Charles Schwab, and Elevance Health. Capital One benefited from improved credit outlook and post-election optimism about looser regulations. Schwab faces temporary headwinds from deposit outflows but offers long-term value through its scale advantages. | ELV DEO SCHW BAYRY COF |
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| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | 0700.HK, AAPL, ADBE, AMZN, ANET, AVGO, BESI.AS, DEO, EL, FI, GOOGL, LULU, MSFT, NESN.SW, NESTE.HE, NVDA, NVO, PEP, RMS.PA, UNH | AI, Global Equities, Performance Attribution, Quality, small caps, technology | Alphabet continues to be attractively valued with double-digit growth underwritten by advancements in AI and supercomputing, enabling the company to remain at the leading-edge of search. Broadcom is a key player in the booming AI market where they develop custom chips used in data centres tailored to specific customer needs. | CLH AVGO UNH LULU GOOGL |
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| 2024 Q4 | Dec 31, 2024 | Latitude Global Fund | - | - | AI.PA, AZO, BAC, BP, COR, DEO, DG.PA, DLTR, FGR.PA, GOOGL, GS, HEIA.AS, IBKR, IMB.L, JPM, KO, MCK, RYA.L, SHEL, SONY, TSCO.L, UL, UNH, V, WEC | Banking, Consumer Staples, Defensive, energy, global, healthcare, value | Strong performance from US banks with Goldman Sachs +52%, JP Morgan +44%, and Bank of America +34%. Banks benefiting from consolidation, technology investments, and potential regulatory improvements under Trump administration. Credit risks remain low with income-driven rather than credit-driven economic expansion. | View | |
| 2024 Q4 | Dec 31, 2024 | Trojan Fund from Troy Asset Management | - | 6.7% | AAPL, AMZN, COST, DEO, GOOGL, HEINY, META, MSFT, NESN.SW, NVDA, TSLA, UL, V, VRSN | AI, Bubbles, gold, infrastructure, Multi-Asset, rates, technology, Valuations | AI's potential is facilitating huge infrastructure investment and laying foundations for technology with profound significance. The adoption and monetisation of AI is occurring faster than previous technological shifts thanks to pre-existing internet infrastructure. Large language models are already impressive across applications, with a step change in cost of training and consuming models occurring. | View | |
| 2023 Q4 | Dec 31, 2023 | Magellan Global Fund | - | 20.6% | AAPL, AMZN, ASML, BN, CCI, CMG, DEO, GOOGL, HCA, ICE, INTU, LOW, MSFT, NFLX, SAP, TT, UNH, USB, V, YUM | AI, global, growth, inflation, Quality, Recession, technology | Generative AI represents a period of extraordinary progress with lasting impacts. The managers are focused on understanding how AI will create new addressable markets and earning streams while being thoughtful about disruption risks. They see clear commercial applications for some portfolio holdings as enablers of the new AI era. | AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Dec 31, 2023 | Latitude Global Fund | - | - | AAP, AI.PA, AZO, BAC, DEO, DG.PA, EIFFAGE.PA, EQNR, GOOGL, GS, JPM, MCK, SHEL, SONY, TSCO.L, V, WEC | Buybacks, Consumer Staples, dividends, earnings, energy, global, Utilities, value | Manager holds significant allocation to consumer staples companies including Tesco, Unilever, Diageo, Imperial Brands, Heineken, and Coca-Cola. Sector trades at lowest valuation relative to market in 30 years aside from dot-com bubble. Expects earnings growth of 5-10% with potential for 20-50% valuation improvement as margins expand following input cost pressures. | View | |
| 2023 Q4 | Dec 31, 2023 | Evolve Private Wealth | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI monetizing its limited current revenue base, creating increasing risks to the market. | ADS.DE |
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| 2023 Q4 | Dec 31, 2023 | Trojan Fund from Troy Asset Management | - | 2.7% | BDX, DEO, GOOGL, HEIA.AS, MSFT, NESN.SW, PG, UL, V | Government Spending, inflation, Multi-Asset, Onshoring, rates, Recession, Valuations | Manager expects persistent inflation driven by increased government spending and fiscal response to future recessions. Real rates likely to fall but nominal rates to stay above 2010s levels. Inflation for goods and services expected on top of asset price inflation. | HEIA.AS |
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| 2025 Q3 | Nov 13, 2025 | Auxier Asset Management | 5.4% | - | BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO | AI, Banking, credit, defense, energy, infrastructure, Speculation, technology | Robust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions. | View | |
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AVGO, CMCSA, DEO, GOOGL, KO, LHX, META, MMC, NESN.SW, NOC, NSC, ODFL, ORCL, RTX, SRE, TEL, TMUS, TRV, UNH, UNP | AI, defense, dividends, large cap, Quality, risk management, technology, valuation | AI enthusiasm continued to propel the S&P 500 higher with sizable gains in IT and tech proxy sectors. The Strategy profited from AI exposure through holdings like TE Connectivity, Broadcom, and Oracle, though maintained disciplined risk management approach. | ODFL MARSH LHX TEL ORCL AVGO |
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| 2025 Q3 | Oct 5, 2025 | Bytetree | - | - | DEO, SMWH.L | Bitcoin, diversification, global, gold, Hard assets, Multi-Asset, Outperformance, Quality | Gold led the world in 2025 with a 19.3% rally in Q3, closely followed by Bitcoin. The manager views hard assets as more likely to slow than reverse, with the risk being balanced government budgets that would stop investors from trying to exit the system. | View | |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 2.1% | 18.8% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC | Currency, dividends, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 28, 2025 | The London Company Income Equity | 5.8% | 15.4% | AAPL, CMI, DEO, FIS, GLW, NSGRY, NTDOY, PM, TEL, UNH | AI, dividends, healthcare, large cap, Quality, technology, value | AI spending is driving performance across multiple holdings, with TE Connectivity benefiting from AI-related demand and Corning seeing strong demand in GenAI-related optical communications products. Data speed and bandwidth requirements both inside and outside data centers are boosting demand for AI infrastructure components. | UNH TEL GLW UNH TEL GLW |
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| 2024 Q3 | Oct 18, 2024 | Titan Wealth | - | - | 1972.HK, 300750.SZ, 3690.HK, ABNB, BIO, BMW.DE, CRM, DEO, DIS, EBAY, EL, EW, GOOGL, HEIA.AS, HLN.L, LVMH.PA, MA, META, MSFT, NFLX, NVDA, ORCL, PYPL, SNY, STLA, TMO, UL | emerging markets, global, healthcare, income, Multi-Manager, Rate Cuts, technology | Long-term theme of emerging global middle class remains intact despite recent underperformance. Emerging economies outpacing developed world on output-per capita basis with faster earnings expansion, better margins, less debt, and cheaper valuations. Chinese stimulus measures helping lift emerging market positions. | View | |
| 2023 Q3 | Oct 17, 2023 | Kovitz Core Equity | -3.0% | 14.8% | AXP, BX, DEO, DIS, EXPE, HAS, KEYS, KMX, PM, SPLK | credit, Economic Resilience, inflation, interest rates, long-term, Portfolio Management, value | Federal Reserve raised rates from 0.00%-0.25% to 5.25%-5.50% over 14 months in the fastest tightening cycle in history. Long-term bond yields surged with 10-year Treasury rising from 3.8% to 4.6%. Higher rates creating challenges for borrowers but opportunities for bond investors with real returns now exceeding 2%. | 0PMJ LN KEYS ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO DEO AXP |
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| 2025 Q3 | Oct 16, 2025 | Magellan Global Opportunities Fund No. 1 | 3.0% | - | ADS.DE, AMD, AMT, AMZN, AVGO, DEO, DISH, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, SATS, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given limited current revenue. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation. | View | |
| 2024 Q3 | Oct 11, 2024 | Horizon Investment | - | - | 2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, DEO, EDV.AX, FCX, FDV.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SHEL, SIE.DE, SNY, SPEC.L, TECK.TO, WYNN | Automation, commodities, Copper, European Banks, gaming, gold, Onshoring | European banks are significantly undervalued relative to US and Australian peers, trading at circa 8x earnings. Expected to benefit from rising infrastructure and defense spending in Europe stimulating industrial activity and credit demand. Holdings include Lloyds Banking Group, CaixaBank, ING Groep, and Bank of Ireland. | View | |
| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | Concentration, discount, healthcare, Hotels, Quality, semiconductors, Spirits, value | Vulcan focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value. The firm emphasizes companies with sustainable competitive advantages and superior returns on capital. Price-to-value ratios are at historically attractive levels across their strategies. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | DEO, ISS.CO, ITRN, MAR, MLKN, SEE, SMRT, TXN, UNH | Concentration, free cash flow, large cap, Margin Of Safety, Quality, value | Diageo is a global spirits and beer producer with over 200 brands. The spirits segment generates more than 80% of revenue and has been taking share from beer and wine. The premiumization trend has been a tailwind driven by an expanding global middle class and preference for higher quality spirits. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | healthcare, Hospitality, large cap, Quality, semiconductors, Spirits, value | The firm focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value with sustainable competitive advantages. They target companies with pricing power, strong margins, and high returns on invested capital across multiple strategies. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | Competitive Advantage, large cap, Margin Of Safety, Quality, value | The firm focuses on purchasing securities with substantial margin of safety in terms of value over price, targeting companies trading well below fair value. They emphasize reducing portfolio price-to-value ratios through disciplined buying and selling decisions. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | concentrated, discount, large cap, Quality, small cap, value | Vulcan focuses on purchasing high-quality businesses at substantial discounts to intrinsic value with sustainable competitive advantages. The firm emphasizes price-to-value ratios and margin of safety as key investment criteria. They recently reopened Small Cap and All Cap strategies due to historically attractive price-to-value ratios. | DEEPSEEK SMRT EDELWEISS ITRN MLKN AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q4 | Jan 9, 2024 | Guinness China | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, global, large cap, Quality, semiconductors, technology, Trade Policy | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. Considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | ADS.DE |
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| 2025 Q4 | Jan 7, 2026 | Bytetree | 0.0% | 0.0% | BARRY.SW, BHMG.L, BRWM.L, DEO, NESN.SW, PHP.L, RCP.L | commodities, diversification, Dollar, global, gold, Japan, Quality, value | Gold beat all major equity markets in 2025, driven primarily by geopolitical concerns and record purchases by the People's Bank of China seeking neutral reserve assets. The Whisky Portfolio held significant exposure to gold mining stocks and silver, which was reduced from 38% in October to 20.6% as precious metals enter a more volatile phase. The manager emphasizes finding value across countries, asset classes, and sectors, focusing on deep value opportunities. GMO forecasts favor deep value investing, especially in small-caps in Japan and emerging markets. The approach consistently seeks opportunities backed by fundamental value rather than following momentum. The dollar had a weak year in 2025, with the Euro rising 13.4%, Pound 7.6%, and Renminbi 4.4% against it. This weak dollar was a tailwind for stockmarkets and particularly beneficial for gold prices, while Bitcoin fell despite normally being inversely sensitive to dollar strength. Japan remains a high-conviction overweight position. The normalisation of the bond market with a cheap currency should lead to strong long-term performance. Japanese equities have been the worst place to invest since 1990, and this should change as yields rise at the fastest pace in years. The manager is focused on broadening exposure to industrial metals and eventually other commodities including energy and agriculture. Commodities tend to move as a group, and this cycle is expected to be no different. The BlackRock Mining Trust returned 67% as mining stocks had their best run since 2016. The ByteTree Quality Portfolio focuses on the highest quality companies with very high conviction in their future performance that could reasonably be held for decades. The discipline of what not to invest in is just as important as what to invest in, especially given current market valuations. | View | |
| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMZN, APO, AVGO, DEO, EQT, GOOGL, HLN.L, JPM, KVUE, MDLZ, MET, META, MSFT, NESN.SW, NVDA, ORCL, TSLA, UPS, WMB | diversification, dividends, Natural Gas, Quality, technology, value | The strategy focuses on high-quality dividend payers with three key attributes: downside protection, current income, and growth. Dividend growers help combat inflation and provide 40% of total return over the long term. The fund initiated positions in Alphabet and Meta when they announced regular dividend policies. | View | |
| 2025 Q4 | Jan 29, 2026 | Rozendal Global Fund | 0.0% | 42.8% | 6586.T, AENA.MC, AMS.JO, BAYRY, BLU.JO, CGR.JO, COH.JO, DEO, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | emerging markets, Europe, gold, long-term, materials, Precious Metals, trade war, value | Materials sector experienced sharp turnaround in 2025 with 32.3% returns, driven by unstoppable gold price and precious metals boom. Platinum group metals prices materially higher than incentive prices after years of low investment. Gold reached unprecedented inflation-adjusted levels, driven by geopolitical concerns, government debt fears, and record central bank purchases. Currently trading at all-time highs versus copper and production costs, appearing extraordinarily expensive on long-term value measures. 2025 marked the launch of the greatest trade war in modern times, yet global equity markets still delivered strong returns around 20%, demonstrating short-term market unpredictability despite major policy disruptions. Bayer showed positive developments with new drug sales growing strongly and favorable litigation judgments in agriculture business. Patent cliff concerns in pharmaceutical business showed improvement with pipeline developments. JD.com faced challenges from heavy investment in new food delivery venture competing against well-capitalized incumbents like Meituan and Alibaba. Core retail business showed strong revenue and profitability growth despite share price decline. | BAYN GR |
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| 2025 Q4 | Jan 26, 2026 | Cambiar International Equity Fund | 3.1% | 26.2% | DEO, KYGA.L, LSEG.L, SW, TSM | AI, Currency, Europe, financials, international, semiconductors, staples, value | International equities offer attractive valuations relative to richly priced U.S. markets, with many international companies trading at relatively attractive valuations that should allow for continued re-rating. The fund focuses on identifying high-quality businesses at great prices, with valuation remaining a paramount input to buy decisions. European markets benefited from announced stimulus after years of underinvestment in defense spending and infrastructure. The stimulus is poised to create positive ripple effects on job growth and financing, feeding into economic expansion and providing meaningful earnings boosts to regional operators. Taiwan Semiconductor was sold after delivering over 400% cumulative returns since 2020 as a key beneficiary of artificial intelligence buildout and surge in demand for advanced semiconductors. The fund questions whether massive AI capex can translate into expected productivity gains going forward. | SW |
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| 2025 Q4 | Jan 18, 2026 | Troy Multi-Asset Strategy | 0.0% | 0.0% | AMZN, DEO, EXPN.L, FI, GOOGL, LSEG.L, META, MSFT, NVDA | AI, Cloud, Data, global, Quality, technology, value | AI disruption is more imagined than real at this point, with earnings for companies in the crosshairs remaining sound. The Strategy sees significant opportunity as several portfolio companies are temporarily misjudged in debates about AI's potential impact. Capital expenditure estimates for major tech companies are over 50% above where they were 18 months ago, but scaling laws continue to hold and AI demand currently outstrips supply. Data and information service providers face hypothetical challenges focused on AI's potential to change competitive dynamics, leading to valuation de-rating despite solid operating results. Companies like Experian and LSEG have proprietary datasets that cannot be easily replicated by AI, with deep regulatory moats and embedded customer relationships providing protection. Cloud service revenues are accelerating as capacity comes online, with contracted backlogs growing substantially faster than revenues. Despite enormous scale, revenue growth has accelerated across major cloud providers including Azure, Google Cloud, and AWS, driven by AI demand that currently outstrips supply. | EXPN LN LSEG LN DGE LN FISV |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 1 | 1.3% | 13.0% | AMT, AMZN, DEO, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, SAP, TSM, UNH, ZBH | AI, Cloud, Consumer Staples, global, large cap, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership via OpenAI relationship. Meta investing heavily in superintelligence initiatives though scaling back Metaverse investments. Amazon AWS showing acceleration in Q3 growth as increased capex delivers returns. Microsoft Azure growth moderating but all incumbent cloud providers viewed as long-term winners. Cloud computing remains structural growth driver. Amazon well-positioned to benefit from structural growth in e-commerce with better-than-feared US consumption trends in December quarter. E-commerce remains key growth driver alongside cloud computing. Nestlé's coffee portfolio through Nescafé and Nespresso brands well-positioned to capture spending shifts across price points. Coffee viewed as attractive category due to experiential nature and brand loyalty, with Nestlé delivering positive volume growth despite high single-digit price increases. Nestlé's Purina line offers products from premium to budget in attractive pet care category. Pet foods benefit from brand preferences and nutrition focus rather than just price, with scale advantages in R&D and feed trials driving innovation. | View | |
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, BVS.PA, CBRE, CG, CIGI, CRM, CWK, DEO, DNB, FORT.L, IBTX.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VCP.L, VRTS | AI, Alternative Assets, Cloud, Commercial real estate, Concentration, large cap, value | Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value with margins of safety. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. | DNB LFUS FORT.L IBTX.L DEO |
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| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2025 Q4 | Jan 15, 2026 | Contrarius Global Equity Fund | 6.5% | 54.4% | 000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW | AI, contrarian, disruption, global, Satellites, Space, technology, value | The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries. | SATS |
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| 2024 Q4 | Jan 15, 2025 | Brighton Jones | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUMA.DE, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Focused Equity Strategy | 2.1% | 13.2% | 1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO | AI, China, Quality, semiconductors, technology, Trade Policy, value | AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows. | View | |
| 2023 Q4 | Jan 1, 2024 | Oak Ridge investment | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetizing its user base given limited current revenue. While positive on GenAI long-term potential, considerable uncertainty remains on pace and degree of monetization. | ADS.DE |
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| 2024 Q3 | Sep 30, 2024 | Oakmark International Fund | 8.8% | 0.0% | 005930.KS, BABA, BAYRY, CFR.SW, DEO, FMS.DE, FR.PA, INF.L, RI.PA, RMS.PA, SAP, UHR.SW, WLN.PA | China, Europe, international, Luxury, Spirits, value | The fund holds positions in luxury goods companies including Kering, Richemont, and Swatch. Despite near-term challenges from weak macro developments in China affecting store traffic and new client recruitment, managers believe companies are making correct long-term decisions for brand health and see attractive upside potential. | RI.PA DGE.L KER.PA BABA |
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| 2024 Q3 | Sep 30, 2024 | Oakmark Global Fund | 7.5% | 0.0% | 005930.KS, 3739.T, AKZA.AS, BABA, BAYN.DE, CSCO, DEO, GOOGL, KER.PA, SAP, SJP.L, TPK.L | Coatings, financials, global, healthcare, Luxury, technology, value | Kering faced challenges as revenue trends deteriorated in the final weeks of Q2 2024, with store traffic hurt by lack of new client recruitment amplified by challenging macro environment, particularly in China. Despite new Gucci Creative Director's collections resonating with existing customers, the company issued weak guidance for remainder of 2024. | 9751.T DGE.L AKZA.AS KER.PA SJP.L |
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| 2024 Q3 | Sep 30, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 005930.KS, 3064.T, 4578.T, 6758.T, 7532.T, 9433.T, ACN, AHT.L, BN, CCO, DEO, GSK, HEIA.AS, NEM.DE, ROG.SW, RTO.L, SAF.PA, TTE | Asia, Diversified, Europe, international, Quality, value | MonotaRO operates a B2B e-commerce platform selling 20 million items to over 8 million customers, primarily in Japan. The company serves as a one-stop solution with transparent pricing and same-day shipment capabilities. Its unique profile with over 95% of sales online provides customers a distinct value proposition in the fragmented MRO market. | 3064.T DGE.L 9681.T RTO.L BN.TO |
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| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA | AI, global, large cap, Pharmaceuticals, Quality, technology, value | Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance. | View | |
| 2024 Q2 | Aug 31, 2024 | Horos Asset Management | 2.9% | 9.8% | AAPL, AER, AMZN, ATYM.L, BF-B, DEO, ENO.MC, GOOGL, LBTYA, MEL.MC, MSFT, NH.MC, NPN, NVDA, PTON, RI.PA, SEM.LS, TLGO.MC, TSLA, ZM | AI, Concentration, Europe, Margin Of Safety, risk management, technology, value | The fund emphasizes investing with a high margin of safety and finding companies trading at attractive valuations. They focus on situations that offer substantial upside potential compared to current market prices, particularly in areas where other investors may be overlooking opportunities. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0700.HK, AAPL, AMZN, BABA, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. The portfolio bears little resemblance to benchmark indices as the team maintains their value-oriented approach in international markets. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | AAPL, AMZN, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL.ST, TSLA, VRTX | Currency, industrials, insurance, international, Pharmaceuticals, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. New positions were established in companies that were financially strong and had attractive runways for potential future growth, all purchased at prices representing significant discounts from intrinsic value estimates. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0169.HK, AAPL, AMZN, DEO, FMC, GOOGL, HEIA.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The firm continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. They emphasize price sensitivity and stock selection in an environment where active management should be rewarded over time. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, APD, AVB, CMCSA, DEO, GOOGL, HLN.L, INTC, MA, MDLZ, META, MSFT, NESN.SW, NVDA, ORCL, PXD, SRE, TRV, V, VMC, WMB, XOM | Concentration, diversification, dividends, Passive investing, technology, valuation | The strategy focuses on companies with nicely growing dividends that provide cushion amid volatility and preserve purchasing power. Recent additions of Alphabet and Meta reflect the benefits of their flexible dividend approach, enabling quick moves after dividend announcements. They expect continued robust dividend growth from their companies. | View | |
| 2024 Q2 | Jun 30, 2024 | Bell Global Equities Fund | -3.5% | 5.8% | 3064.T, AAPL, ADBE, AMZN, CRDA.L, DEO, FI, GOOGL, MA, MSFT, NESN.SW, NESTE.HE, NKE, ORCL, POOL, QCOM, ROG.SW, ULTA, UNH, V | AI, global, Quality, software, technology, value | Strong demand for AI large language model training and inferencing drove Oracle's cloud infrastructure growth, with management guiding 50%+ OCI growth in FY25. Oracle signed IaaS contracts totaling US$12.5 billion with 43% YoY growth, including partnerships with Google, Microsoft, and OpenAI. The AI theme continues to propel technology-related names higher across semiconductors, software, and hardware segments. | 4768.T NKE ADBE ORCL |
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| 2024 Q2 | Jun 30, 2024 | BNY Mellon Global Equity Income Fund | -2.4% | 1.4% | 005930.KS, AAPL, AZN, B3SA3.SA, BBRI.JK, CME, CSCO, D, DEO, GOOGL, IP, MDT, NEM, NVDA, PAYX, PEP, PG, SGO.PA, SMDS.L, SNY | dividends, global, income, rates, technology, value | The fund maintains strict yield discipline and cannot invest in stocks with insufficient yields, including the Magnificent Seven technology stocks. Income stocks continue to trade at substantial discounts to low-income stocks, with valuations at levels equivalent to the 2000 technology bubble burst. | View | |
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, APO, AVGO, COF, DEO, DIS, MSFT, ORCL, PFE, PSA, SAP, SRE, UPS, VMC | AI, dividends, energy, financials, inflation, rates, technology, value | Managers acknowledge AI's transformative potential but express caution about the narrow market rally driven by AI enthusiasm. They note AI could displace workers and create economic disruption, with progress likely to be bumpy despite long-term potential. | COF PSA |
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| 2025 Q1 | Mar 31, 2025 | Oakmark Global Select Fund | 8.5% | 8.5% | AIG, AMZN, BABA, DEO, GOOGL, HLT, IQV, LLOY.L, MOH, PHM, SYY | AI, Banking, global, growth, healthcare, technology, undervalued, value | The fund focuses on undervalued securities trading at meaningful discounts to intrinsic value. Examples include Alphabet trading at just 15x next year's earnings estimate and Sysco purchased at a discount to peers and historical multiples. | SYY MOH GOOGL LLOY.L |
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| 2025 Q1 | Mar 31, 2025 | Oakmark Global Fund | 4.4% | 4.4% | ABNB, AIG, BNR.DE, DEO, ETSY, GOOGL, KER.PA, KR, LYG, NVS, PHM, PUK, RI.PA, SYY | discount, Europe, financials, global, Quality, undervalued, value | The fund focuses on purchasing shares at discounts to intrinsic value estimates, with multiple examples of buying companies below fair value including Airbnb, Brenntag, Pernod Ricard, and Sysco. Management emphasizes finding above-average companies at below-average prices. | SYY RI.PA BNR.DE ABNB |
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| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AIG, AMZN, BAC, COF, DEO, GOOGL, JNJ, JPM, LIN, MET, META, MSFT, NVDA, ORCL, PFE, PNC, SAP, TSLA, UNH, USB | Banking, dividends, financials, interest rates, Quality, value | The strategy emphasizes high-quality dividend compounders as particularly well-suited for the current environment of potentially higher interest rates for longer. Healthy dividends provide cushion in volatile markets and can benefit from dividend growth to offset inflation and preserve purchasing power. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NVS, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, rates, value | The fund continues to focus on companies purchased at significant discounts to intrinsic value estimates. The managers believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about price-sensitive strategies like theirs. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0010.HK, 1882.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, ROG.SW, SAF.PA, SCOR.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | global, industrials, inflation, interest rates, value | The fund continues to focus on companies meeting their investment criteria that they believe have competitive moats, pricing power, and strong balance sheets, purchased at prices representing attractive value. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, SAF.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | dividends, global, High Dividend, industrials, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.84% on fund stocks alone versus 1.97% for the MSCI World Index. The fund specifically targets companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. | View | |
| 2024 Q4 | Jan 27, 2025 | RGA Investment Advisors | - | - | AMZN, AVGO, COST, DBX, DEO, GEV, NVDA, PLTR, TSLA, UBER, VST, WMT | AI, large cap, market breadth, rates, technology, valuation | AI enthusiasm drove significant gains in 2024, with AI names like Nvidia, Broadcom, and Palantir among the top performers. AI fueled gains extended to companies like Vistra Corp and GE Vernova on expectations that datacenter investments will require acceleration of power supply development. AWS is investing aggressively to adapt its infrastructure from CPU-optimized to GPU-dominant for AI demands. | View | |
| 2023 Q4 | Jan 23, 2024 | The London Company Income Equity | 10.4% | 14.6% | APD, BLK, CVX, DEO, NSC, SCHW | dividends, income, large cap, Quality, US, value | The manager emphasizes balance sheet strength and quality as a core value proposition, believing it will become a tangible advantage in years ahead with economic slowdown and higher cost of capital. They focus on companies with sustainably high returns on capital, flexible balance sheets, and consistent cash flow generation. | DEO CVX APD NSC SCHW BLK |
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| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne International Value II | -5.3% | 2.5% | BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, TX.SW, UOB.SI, VRTX, WFC | financials, industrials, international, Japan, valuation, value | The fund maintains rigorous valuation requirements that have excluded dominant technology companies from portfolios. Management believes they are positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. | View | |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne Worldwide High Dividend | -8.7% | 0.2% | 005930.KS, 2531.T, 3105.T, 7203.T, ALTEN.PA, BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, P911.DE, RHM.DE, ROG.SW, TEP.PA, TX.SW, UOB.SI, UPI.HK, VRTX, WFC | dividends, financials, global, high yield, value | The fund remains positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. The managers believe their attractive positioning has not produced good relative returns but gives reason to believe they are close to an inflection point in equity markets. | View | |
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CIGI, CWK, DEO, FORT.L, IBST.L, ISS.CO, LFUS, MEDP, PK, SDIP.ST, VIC.L, VRTS | Commercial real estate, Concentration, infrastructure, interest rates, Margin Of Safety, small cap, value | Multiple small cap holdings are exposed to commercial real estate services and REITs. Interest rate declines in Q4 2023 drove outperformance across real estate-oriented companies. The sector faces challenges from higher rates and weak economic conditions but should benefit from Fed rate cuts expected in 2024. | LFUS FORT.L IBTX.L DEO |
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| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, BVS.PA, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, VRTS | Alternative Assets, Concentration, large cap, Margin Of Safety, real estate, technology, value | Manager follows disciplined value approach, reallocating capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. Focus on businesses trading at discount to estimated intrinsic value with inherently stable values and competitive advantages. | LFUS FORT.L IBTX.L DEO |
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| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, CBRE, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VRTS | AI, Alternative Assets, Cloud, Concentration, large cap, real estate, technology, Value Investing | Microsoft is benefiting from its investments in artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. Salesforce is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business. | DEO |
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| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, AMZN, ATCO-A.ST, BF-B, DEO, GOOGL, IDXX, LLY, META, MKC, MSFT, NKE, NVDA, NVO, OR.PA, PM, SAP.DE, SYK, TXN | AI, Concentration, long-term, Quality, technology, volatility | The AI boom continued in 2024 with focused attention on fewer real beneficiaries like Nvidia. Tech companies are racing to build AI capacity through GPU chips and data centers, though whether this arms race produces adequate returns remains an open question. The AI enthusiasm contains hype similar to the Dotcom era, but key differences include current profitability of leading companies like Nvidia. | View | |
| 2023 Q3 | Jan 11, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | BA.L, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMS.DE, GOOGL, INP.L, IONS, JNJ, MEGACPO.MX, NESN.SW, NVS, RMS.PA, ROG.SW, SAF.PA, TREL-B.ST, TTE, U11.SI | Currency, Diversified, international, value | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | Diamond Hill International | Diageo | Beverages - Wineries & Distilleries | Beverages | Bull | New York Stock Exchange | Beverages, consumer staples, Global Brands, premium brands, Spirits, turnaround, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company Income Equity | Diageo | Consumer Staples | Distillers & Vintners | Bull | NYSE | brand portfolio, consumer staples, Equity, Global, Latin America, Marketing Investment, premium brands, Spirits | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | consumer staples, Cyclical Recovery, Free Cash Flow, Global distribution, premium brands, Pricing power, Spirits, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | consumer staples, Cyclical Recovery, Free Cash Flow, Global distribution, premium brands, Pricing power, Spirits, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | consumer staples, Free Cash Flow, Global distribution, premium brands, Pricing power, Spirits, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Focus | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | consumer staples, Equity, Free Cash Flow, Global distribution, premium brands, Pricing power, Spirits, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | LSE | consumer staples, Free Cash Flow, Global distribution, premium brands, Pricing power, Regulated Industry, Spirits, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | brand portfolio, consumer staples, defensive, Global, high margins, premium brands, premiumization, Pricing power, Spirits | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Focus | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | LSE | brand portfolio, Global-consumer, high-ROIC, premium brands, premiumization, Pricing power, Recession-resistant, Spirits | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | LSE | brand portfolio, consumer staples, Global, premium brands, premiumization, Pricing power, Recession-resistant, Spirits | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | LSE | brand portfolio, consumer staples, Global, market share gains, premium brands, premiumization, Pricing power, Recession-resistant, Spirits | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | NYSE | brand portfolio, consumer staples, Global, premium brands, premiumization, Pricing power, Recession-resistant, Spirits | View Pitch |
| Apr 28, 2026 | Fund Letters | Kovitz Core Equity | Diageo | Consumer Staples | Distillers & Vintners | Bull | NYSE | consumer staples, Global, inventory management, margin expansion, market share, premium brands, Spirits, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Kovitz Core Equity | Diageo | Consumer Staples | Distillers & Vintners | Bull | NYSE | consumer staples, defensive, Global, market share gains, premium brands, Recession-resistant, Resource Scarcity, Spirits | View Pitch |
| Apr 13, 2026 | Fund Letters | Latitude Global Fund | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | NYSE | Beverages, brand portfolio, consolidation, Cyclical, Inventory Cycle, market share, Pricing power, Spirits, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Argosy Investors | Diageo plc | Consumer Staples | Beverages | Bull | NYSE | defensive, dividend yield, Global Brands, premium brands, risk management, Spirits, Stable Earnings, Value Investment | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Select Fund | Diageo | Consumer Staples | Distillers & Vintners | Bull | NYSE | Beverages, Destocking, Distribution, Geographic Diversification, Global Brands, Marketing Scale, premium spirits, UK | View Pitch |
| Jan 10, 2026 | Substack | Winter Gems | Diageo plc | Beverages | Distillers & Vintners | Bull | London Stock Exchange | competitive position, Diageo, Guinness, Johnnie Walker, Spirits, Supreme Court, tariff, trade environment, UK, US market | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Alan Galecki | Diageo | Consumer Staples | Beverages - Wineries & Distilleries | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||