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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne International Value II | 4.2% | 23.8% | 005930.KS, 6869.T, 7958.T, BA.L, BRK-B, CNHI, CVSG.L, DGE.L, GOOGL, IONS, JNJ, JSG.L, NESN.SW, NOVN.SW, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, WFC | defense, Europe, Hedging, international, Japan, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The firm continues to focus on financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. They believe a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 2025 Q4 | Jan 9, 2026 | Castlebay Investments | - | - | ADM.L, AJB.L, AZO, BATS.L, CPG.L, DGE.L, GRG.L, NXT.L | brands, Cornered Resource, Quality, regulation, United Kingdom, value | The fund focuses on high-quality companies with superior returns on equity (35% vs market 14%), higher operating profit margins (24% vs market 16%), and strong cash conversion (97%). These quality metrics remain intact despite recent underperformance, with the fund trading at attractive valuations with a 5.5% free cashflow yield versus 4.6% for the market. The fund has become increasingly attractive from a valuation perspective, with a 5.5% free cashflow yield compared to 4.6% for the market. Despite operational outperformance, share price performance has diverged materially from underlying fundamentals, creating compelling value opportunities as quality companies trade at discounted valuations. BAT represents a cornered resource through the intersection of brands, regulation and distribution. Regulatory barriers, licensing regimes and advertising restrictions create extraordinary barriers for new entrants, while incumbents retain rights to distribute, price and innovate within defined boundaries, transforming brand equity into a scarce economic asset. Diageo exemplifies brands crystallizing into cornered resources through production realities competitors cannot accelerate, including long-dated aging inventories and protected geographic distribution areas. Recent demand has softened following Covid-led surge, particularly in South America, requiring cost discipline under new leadership. | View | |
| 2025 Q4 | Jan 29, 2026 | Rozendal Worldwide Flexible Prescient Qualified Investor Hedge Fund | 0.0% | 21.7% | 6586.T, AENA.MC, AMS.JO, BAYN.DE, BLU.JO, CGR.JO, COH.JO, DGE.L, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | gold, Long/Short, materials, Mining, Precious Metals, South Africa, value | Gold has reached unprecedented inflation-adjusted levels and appears extraordinarily expensive relative to historical measures. The manager believes there is a fair price for every asset including gold, and current prices don't make sense despite gold's value as an alternative currency and tail risk hedge. The precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. The Materials sector experienced a sharp turnaround in 2025 with 32.3% returns, fueled by the unstoppable gold price. This represented diametrically opposite fortunes compared to the preceding decade when Materials underperformed significantly. The manager's investment philosophy centers on exploiting myopia through long-term value investing. Research shows stocks with less shareholder turnover deliver excess returns, particularly those uncomfortable for myopic shareholders to hold due to volatility or poor recent performance. | 6586 JP AENA SM TBS SJ |
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| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
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| 2025 Q4 | Jan 15, 2026 | Liontrust GF Special Situations Fund | 0.0% | 0.0% | AJB.L, COA.L, DGE.L, NXT.L | compounders, Quality, rates, small caps, Uk, value | The Fund focuses on high-quality compounders with superior financial metrics including 16.3% cash flow return on invested capital, 19.7% operating margins, and low leverage. Despite reliable underlying trading performance, these quality stocks have experienced extreme valuation compression, trading at 26% discount to historic averages. Quality companies are trading at significant discounts with weighted average free cash flow yield over 8%, cheaper than the wider UK market despite superior characteristics. The portfolio looks cheaper than any time except the Global Financial Crisis of 2008/2009. | IHP LN AJB LN BIG LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 27, 2025 | Substack | Winter Gems | Diageo plc | Consumer Staples | Beverages - Wineries & Distilleries | Neutral | Canadian Whisky, Captain Morgan, Diageo, Inventory Adjustments, Johnnie Walker, Scotch Segment, Smirnoff, tariffs, tequila, U.S. market | 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. | ||||||||