ENEL-MI

ENEL-MI

ENEL-MI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Mondrian Global Equity Fund	-	-	BATS.L, CL, ENEL.MI, IMB.L, KO, PEP, PG, RI.PA, SRG.MI, WMT	Consumer Staples, defensives, global, Risk-adjusted, Utilities, value	Manager emphasizes defensive sectors trading at attractive valuations relative to cyclicals, with MSCI World defensives near historic lows compared to cyclically exposed sectors. Focus on risk-adjusted returns has led to increased exposure to undervalued defensive names.		View
2025 Q3	Sep 30, 2025	Thornburg Equity Income Builder Fund	6.6%	27.2%	005930.KS, AVGO, AZN, BIRG.I, BNP.PA, C, CME, CSCO, DTE.DE, ELE.MC, ENEL.MI, EOAN.DE, GLEN.L, HD, INGA.AS, MRK, NN.AS, PFE, ROG.SW, T, TSCO.L, TSM, TTE, Z74.SI	dividends, financials, global, healthcare, income, Telecom, Utilities, value	The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity portfolio dividend yield of 4.3% significantly exceeds the 1.8% dividend yield of the MSCI Index. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth.		View
2025 Q1	Mar 31, 2025	Mondrian Global Equity Fund	-	-	ABF.L, DG.PA, ENEL.MI, LLOY.L, RI.PA, ROG.SW, SNY	defense, energy, Europe, Germany, infrastructure, valuation	European equities have significantly outperformed US markets in Q1 2025, almost fully unwinding three years of underperformance. The region trades at historically wide discount to US valuations despite many companies generating 60% of revenues outside Europe. Structural challenges exist but temporary drags like Ukraine conflict and restrictive fiscal policy may be easing.		View
2025 Q1	Mar 31, 2025	Mondrian International Equity Value Opportunities	-	-	ABF.L, DG.PA, ENEL.MI, LLOY.L, RI.PA, ROG.SW, SNY	defense, energy, Europe, fiscal policy, geopolitics, infrastructure, valuation	European equities have significantly outperformed US markets in Q1 2025, nearly unwinding three years of underperformance. The region trades at attractive valuations with forward P/E of 13.7x versus 20.5x for US markets. European companies generate nearly 60% of revenues outside the region, reducing dependence on local economic conditions.		View
2024 Q4	Dec 31, 2024	Mondrian Global Equity Fund	-	-	BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS	Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks.		View
2024 Q4	Dec 31, 2024	Mondrian International Equity Value Opportunities	-	-	BF-B, DG.PA, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SNY, SPIE.PA, UL, UPS	Currency, Energy Transition, international, Japan, Utilities, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Valuation discrepancies exist across sectors where fundamentally similar companies trade at significant multiples differences based solely on listing location.		View
2025 Q4	Jan 22, 2026	Thornburg Equity Income Builder Fund	7.0%	37.0%	005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE	dividends, financials, global, healthcare, Telecommunications, Utilities, value	The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The portfolio's weighted average dividend yield of 4.2% significantly exceeds the MSCI Index's 1.7% yield. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. The portfolio trades at attractive valuations with a weighted harmonic average 2025 consensus P/E ratio of 14.3x, well below the MSCI All Country World Index's 21.6x. The manager believes these businesses are valued very attractively relative to their own histories and other assets, incorporating significant intrinsic value. The fund focuses on businesses that occupy important positions in their respective markets and tend to be well capitalized. These firms retain their market positions providing important products and services that generate cash flows. The manager emphasizes resilient businesses with strong capital structures that can maintain operations through various market conditions.		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 ENEL-MI

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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