DFS-L

DFS-L

DFS-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	EQUAM Global Value Fund	-3.9%	-	ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE	discount, Europe, Patience, Quality, small caps, value	Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.	RIEN SW DOM LN	View
2024 Q2	Jul 23, 2024	Biondo Investment Advisors	-	-	ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DPZ.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE	discount, Europe, Patience, Quality, small caps, value	Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.	RIEN.SW DPZ.L	View
2025 Q2	Jun 30, 2025	EQUAM Global Value Fund	8.4%	-	ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXRO, INCH.L, KIN.BR, MOND.MI, MRL.L, MTO.L, NOEJ.DE, OGN.L, PSG.MC, RHIM.L, SESA.MI, STM.DE, TGS.OL	Entertainment, Europe, small caps, Trade Policy, undervaluation, value	The fund continues to focus on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager emphasizes buying companies at significant discounts to intrinsic value with strong long-term prospects.	KIN.BR	View
2025 Q2	Jun 30, 2025	Baron Fifth Avenue Growth Fund	24.9%	8.0%	ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE	discount, Europe, Patience, Quality, small caps, value	Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.	RIEN.SW DPZ.L	View
2023 Q1	Apr 6, 2023	Regency Wealth Management	-	-	ACAD.ST, ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXPG, HEAD.L, INCH.L, LDC.PA, MIDW.L, MONDADORI.MI, NOEJ.DE, OIE.L, PSG.MC, RHI.L, RITN.SW, SESA.MI, TGS.OL	discount, Europe, Patience, Quality, small caps, value	Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.	RIEN.SW DPZ.L	View
2026 Q1	Apr 25, 2026	EQUAM Global Value Fund	-3.4%	-3.4%	ACAD.ST, BEFG.DE, BME.L, CIEP.PA, CVS.L, DCC.L, DFS.L, DOM.L, EDEN.PA, EXRO, INCH.L, KLXE, MACF.L, NOEJ.DE, NVR.L, RHI.L, RST.L, SESA.MI, STM.DE, TGS.OL, VERISURE.ST	discount, energy, Europe, Geopolitical, Quality, small cap, value		VERISURE.ST DCC.L EDEN.PA	View
2024 Q1	Apr 23, 2024	Biondo Investment Advisors	-	-	ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPRO, INCH.L, KIN.BR, MOND.MI, MRL.L, MTO.L, NRMN.DE, OGN.L, PSG.MC, RHI.L, SESA.MI, STM.DE, TGS.OL	Cinema, Europe, Hotels, Oil Services, small caps, Trade Policy, undervaluation, value	The fund focuses on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager believes this valuation disconnect will eventually reverse, creating significant upside potential of around 100%.	KINP.BR	View
2025 Q1	Mar 31, 2025	Peapack Private	-	-	ACAD.ST, ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DOM.L, EBRO.MC, EXPG, HEAD.L, INCH.L, MIDW.L, MON.MI, NRMG.DE, ORG.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, TGS.OL, WTB.L	Banking, Cyclical, Europe, oil, small caps, undervalued, value	Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises companies with solid businesses acquired at attractive multiples with low debt levels.	RIEN.SW DPZ.L	View
2025 Q1	Mar 31, 2025	Baron Fifth Avenue Growth Fund	-13.5%	-13.5%	ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPO, INCH.L, KIN.BR, MRL.L, MTO.L, NOEJ.DE, OGN.L, RHI.L, SESA.MI, STM.DE, TGS.OL	Entertainment, Europe, small cap, Trade Policy, undervaluation, value	The fund continues to focus on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager believes this valuation disconnect will eventually reverse, though timing remains uncertain.	KIN.BR	View
2025 Q3	Dec 31, 2025	AMG Frontier Small Cap Growth	7.5%	4.8%	ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE	discount, Europe, Patience, Quality, small caps, value	Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.		View
2025 Q4	Dec 31, 2025	EQUAM Global Value Fund	0.0%	6.6%	ACAD.ST, ALLFG.L, AMREST.WA, BFSA.MC, CELL.MI, DALATA.I, DFS.L, DOM.L, HOTEL.MC, IBER.LS, INCH.L, MN.MI, NOEJ.DE, OIZ.L, PSG.MC, RHI.L, SESA.MI, TGS.OL, XPRO	Europe, oil, Restructuring, small caps, underperformance, value	European small-cap segment continues to be forgotten by investors despite historically generating superior returns. The fund focuses on European Small & Mid Cap arena where many companies trade at valuations significantly below intrinsic value due to limited capital flows and lack of investor interest. Fund employs value investing methodology, seeking to compound capital through long-term investment in companies with solid businesses acquired at discount to intrinsic value. Portfolio trades at very attractive valuations significantly below main European and US indices with estimated upside potential of 106%. Oil sector maintains approximate 10% weighting in portfolio but has performed poorly due to doubts about future oil demand evolution. Companies in this sector continue showing solid financial performance and robust balance sheets while trading at very attractive valuations.	EAT WSE	View
2024 Q4	Dec 31, 2024	Peapack Private	-	-	ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPRO, INCH.L, KINE.BR, MRL.L, NOEJ.DE, OGN.L, RHI.L, SESA.MI, STM.DE, TGS.OL	Entertainment, Europe, small caps, Trade Policy, undervaluation, value	European small and mid-cap companies continue to trade at unusually low valuations despite good business fundamentals. The fund's portfolio trades at a steep discount to indices and conservative business valuations, creating significant upside potential of around 100%.	KINP.BR	View
2025 Q2	Nov 19, 2025	Century Management	-	-	ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE	discount, Europe, Patience, Quality, small caps, value	Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.	RIEN.SW DPZ.L	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 DFS-L

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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