ERF-PA

ERF-PA

ERF-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Sequoia Fund	14.4%	19.7%	CACC, COF, CSU.TO, ERF.PA, FWONA, GOOGL, ICE, ICON, J, LBRDK, META, RR.L, SAP.DE, SCHW, UMG.AS, UNH	financials, global, Portfolio Management, technology, value			View
2025 Q2	Jul 22, 2025	Longleaf Partners Global Fund	10.5%	8.1%	AMG, ANGI, BIO, CNX, DINO, ERF.PA, EXO.MI, FDX, GLB.L, IAC, KHC, MAT, PHG, PVH, REGN, RKT.L	Buybacks, global, healthcare, Spin-Offs, Trade Policy, undervalued, value	Portfolio trades at high-50s% price-to-value ratio with P/FCF below 10x versus broader market at 20x. Manager continues to avoid popular favorites and tilts toward emotional mispricings. Securities owned have stock-specific undervaluation reasons.	FDX REGN KHC LH.PA GLB.L CANAL.PA CAN LN	View
2025 Q2	Jul 22, 2025	Longleaf Partners International Fund	14.9%	15.7%	035420.KS, 4480.T, AC.PA, CANAL.L, ENT.L, ERF.PA, EXO.MI, GLB, HDB, JFC.PS, MLCO, PFD.L, PHG, PRX.AS, TWE.AX	Asia, Buybacks, China, Europe, tariffs, turnaround, undervaluation, value	Melco Resorts delivered strong Q1 results in Macau, gaining market share from 14.7% to 15.7% despite new supply competition. The company re-launched its popular House of Dancing Water show and bought back $165 million worth of shares despite high leverage, with CEO calling current prices a once in a lifetime opportunity.	6045 JP TWE AU PHG 035420 KS ENT LN MLCO CAN LN GLB ID	View
2025 Q2	Jun 30, 2025	Centerstone Investors Fund	-	-	AI.PA, ERF.PA, ISS.CO, LOOM-B.ST	Cash, Currency, Europe, Foreign, gold, uncertainty, value	Gold serves as a hedge against uncertainty in the portfolio. The manager notes that uncertainty manifests in various forms including inflation, deflation, and currency devaluations, and while the specific reasons for gold's movements are only clear in hindsight, uncertainty will always persist making gold a permanent portfolio component.	AI FP ISS DC	View
2024 Q1	May 7, 2024	Longleaf Partners International Fund	11.2%	10.4%	035420.KS, AC.PA, CFR.L, CUERVO.MX, ERF.PA, EXO.MI, GLB, GMAB.MX, HDB, LXS.DE, PFD.L, PRX.AS	Asia, Banking, Chemicals, consumer, Europe, Hotels, value	Accor demonstrated strong operational performance as the hotel industry shifts towards the biggest and most recognized brands globally. The company is well positioned geographically as the market leader in Asia, Latin America, and the Middle East, all structural growth travel markets with strong post-Covid recoveries.	LXS.DE 035420.KS HDFCBANK.NS CUERVO.MX AC.PA GLB.L	View
2025 Q1	Apr 12, 2025	Longleaf Partners International Fund	0.7%	0.7%	1910.HK, AC.PA, CFR.SW, CUERVO.MX, DPZ.L, ERF.PA, GLB, GRUMA.MX, HDFCBANK.NS, HTHT, JFC.PS, LXS.DE, MILC.ST, PFD.L, PRN.L, TCEHY	AI, defense, Europe, geopolitics, international, SMID Cap, tariffs, value	US President Trump announced reciprocal tariffs under the International Emergency Economic Powers Act, with baseline 10% tariffs on all countries and higher rates for specific nations including 34% for China and 20% for the EU. This represents a simultaneous trade war against all key economies globally and has caused sharp selloffs in equity markets. The fund has consciously repositioned to more domestically focused names to avoid geopolitical risks.	1910.HK JFC.PS CUERVO.MX GLB.L CFR.SW LXS.DE PRX TIGO	View
2025 Q1	Apr 10, 2025	Sequoia Fund	4.4%	4.4%	AHT.L, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, RR.L, SCHW, UMG.AS, UNH	concentrated, domestic, large cap, mid cap, value			View
2023 Q4	Dec 31, 2023	Centerstone Investors Fund	-	-	4958.T, 6501.T, ERF.PA, RYA.L	cycle, Franchise, global, Non-US, value	Manager discusses the evolution of value investing from a niche pursuit in the 1990s to mainstream status, leading to reduced opportunities. The value world became somewhat efficient as assets, talent, and information accessibility increased. The manager believes the industry is returning to its niche status with a robust opportunity set of high-quality companies trading at discounts to intrinsic values.	RYA.L ERF.PA 6501.T 4958.T	View
2023 Q3	Dec 10, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC	China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value	Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity.	SUNP IN AHT.L ANDURIL MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2024 Q3	Oct 16, 2024	Longleaf Partners International Fund	11.2%	10.4%	0700.HK, 1726.HK, 6498.T, AC.PA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TCOM, TIGO, UBER	China, Concentration, Food, international, value, volatility	Chinese government introduced fiscal and monetary measures to support property sector and equity markets, exceeding market expectations. Beijing stepped in with counter-cyclical policy measures as 5% GDP growth target came under pressure. Companies in the region are beginning to re-rate as coiled springs with renewed market optimism.		View
2024 Q3	Oct 16, 2024	Longleaf Partners Global Fund	14.8%	18.4%	0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG	Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value	The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally.	MGM FDX PRX.AS ERF.PA CNX K DHER.DE	View
2025 Q3	Oct 14, 2025	Sequoia Fund	1.6%	21.6%	COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, J, META, RR.L, SCHW, TSM, UMG.AS	financials, healthcare, Media, semiconductors, technology			View
2023 Q2	Oct 7, 2023	Sequoia Strategy	7.1%	20.8%	CACC, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, J, KMX, LBRDK, LMCA, META, MU, NFLX, SCHW, UMG.AS, UNH	concentrated, domestic, large cap, Portfolio Management, value			View
2025 Q4	Jan 30, 2026	Sequoia Fund	0.4%	22.1%	ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH	AI, Concentration, defense, healthcare, long-term, Quality, technology, value	Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years.	ELV UNH GOOG RR LN ALGN ACN MSA	View
2024 Q3	Sep 30, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	BKNG, ERF.PA, FYBR, GOOGL, LSEG.L, NFLX, RSG, RTO.L, TKO, V, VZ	Global Equities, healthcare, long-term, Media, Quality, Telecommunications, Value Investing	Frontier Communications is converting its legacy copper network into future-proof fibre infrastructure. The completed network is likely to produce highly resilient cash flows which may be worth multiples of the company's current market value. Frontier began its multi-billion dollar network upgrade in 2021 and is expected to complete the build in mid-2026.		View
2024 Q2	Jul 23, 2024	Longleaf Partners International Fund	11.2%	10.4%	AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM	Concentration, Elections, fundamentals, international, Quality, value	The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach.	DHER ERF CUERVO PRX HDB TIGO	View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD	Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value	The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level.	DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST	View
2023 Q2	Jul 19, 2023	Longleaf Partners Global Fund	14.8%	18.4%	AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG	Buybacks, concentrated, discount, global, Media, value	The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023.	NWBD.L TIGO IAC LLYVA	View
2024 Q2	Jul 16, 2024	Giverny Capital Asset Management	7.0%	20.2%	AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA	AI, Concentration, Quality, small caps, technology, value	AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market.	KMX ERF.PA FIVE	View
2024 Q2	Jul 15, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC	AI, global, growth, Quality, semiconductors, value	Portfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging.		View
2023 Q1	Apr 20, 2023	Longleaf Partners International Fund	11.2%	10.4%	0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO	Asia, China, concentrated, Europe, international, Luxury, Travel, value	China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly.	KER.PA CFR.SW AC.PA TIGO	View
2023 Q1	Apr 18, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	7741.T, AON, APG, BKNG, CRH, CRM, DHR, ERF.PA, FERG.L, FTR, LSEG.L, RTO.L, SNPS, SONY	global, semiconductors, Stalwarts, technology, Travel, value	Cooper Investors focuses on Risk Adjusted Value Latency opportunities, particularly in businesses trading at reasonable valuations relative to their fundamentals. The fund has identified Value Latency-rich opportunities created by market volatility and pricing inefficiency as markets adjust to higher interest rates.	LSEG.L RTO.L BKNG	View
2023 Q4	Jan 31, 2024	Sequoia Strategy	7.1%	20.8%	AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH	Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value	Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue.		View
2023 Q4	Jan 17, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD	Banking, Buybacks, global, portfolio, Quality, returns, value	Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized.		View
2024 Q4	Jan 16, 2025	Longleaf Partners International Fund	-11.2%	-2.0%	035420.KS, AC.PA, CUERVO.MX, DHER.DE, DOM.L, ERF.PA, EXO.MI, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TIGO, VIV.PA	Asia, Europe, Food, international, Media, Travel, undervalued, value	Fund emphasizes investing in high-quality companies at heavily discounted valuations. Portfolio companies remain materially undervalued with P/V ratio in high-60s%, offering both downside protection and attractive prospective returns. Market inefficiencies create opportunities to invest in exceptional companies at deeply discounted prices.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG	Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value	Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment.		View
2024 Q4	Jan 14, 2025	Cooper Investors Global Equities Fund (Unhedged)	11.1%	20.6%	AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V	global, growth, insurance, Sports, Travel, value	BKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business.	RYAN AHT ERF FWONK BKNG	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Centerstone Investors Fund	Eurofins	Health Care	Life Sciences Tools & Services	Bull	Euronext Paris	Europe, Food Testing, Free Cash Flow, Hub-and-spoke, infrastructure, Laboratory Testing, market leader, Pharmaceutical Testing	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Global Fund	Eurofins Scientific SE	Health Care	Life Sciences Tools & Services	Bull	Euronext Paris	global leader, Laboratory Testing, Management Conviction, Muddy Waters, related party transactions, Share Buybacks, Short Attack, value opportunity	View Pitch
Apr 13, 2026	Fund Letters	Giverny Capital Asset Management	Eurofins Scientific SE	Health Care	Life Sciences Tools & Services	Bull	Euronext Paris	contrarian, Europe, governance issues, Laboratory Testing, life sciences, Margin recovery, Share Buyback, Short-Seller Attack	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Global Fund	Eurofins	Health Care	Life Sciences Tools & Services	Bull	Euronext Paris	biopharma, Defensive growth, Environmental Testing, Food Safety, Laboratory Testing, life sciences, margin expansion, market leader	View Pitch

BSD Shareholders of ERF-PA

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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