EXO-MI

EXO-MI

EXO-MI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Aug 4, 2023	Springview Capital Management	3.9%	5.5%	ATVI, BRK-B, CPRT, EXO.MI, FFH, FMX, HLN.L, HLT, MKL, WRB, WTM	Buybacks, Concentration, insurance, Long/Short, Quality, value	The fund has significant concentration in property/casualty insurance at approximately 29% of assets. Insurance stocks are characterized as cheap, generating substantial cash flow, and run by trusted owner-operators. The competitive landscape remains favorable with firm pricing and rising interest rates enhancing investment income.	WRB FMX HLN.L	View
2024 Q2	Jul 3, 2024	GoodHaven Capital Management	0.0%	18.9%	ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO	Concentration, financials, Long Term, mid cap, value	The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space.	BAC GOOGL TVIFF	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
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
2024 Q1	Apr 29, 2024	Springview Capital Management	11.3%	11.3%	BRK-A, CPRT, CRH, EXO.MI, FFH, FMX, HLN.L, HLT, MSGS, NTDOY, WRB	Concentration, global, insurance, Long/Short, value	The fund holds significant positions in W.R. Berkley and Fairfax Financial, which were top contributors to performance. The manager uses sector ETF shorts to hedge insurance sector exposure, indicating concentrated exposure to this sector.		View
2024 Q1	Apr 15, 2024	Alphyn Capital Management	8.9%	13.5%	AMZN, CCOI, CHTR, CIRA.L, DSGR, ESAB, EXO.MI, FFH.TO, KFS, KKR, LBRDK, OCSL, RACE, STLA	Complexity, Holding Companies, insurance, long-term, private equity, Spin-Offs, value	Manager focuses on identifying undervalued companies whose potential isn't fully recognized by the market, seeking quality companies with high returns on capital. The strategy involves finding opportunities with disproportionate odds to payoff ratios, requiring conviction not shared by most market participants.		View
2025 Q4	Feb 20, 2026	Aquamarine	0.0%	0.0%	1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE	Compounding, global, Health, large cap, liquidation, Quality, value	The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very low chance of permanent loss. He focuses on companies that can rinse, repeat, and grind through, moving away from binary outcomes toward inevitable businesses. The portfolio review demonstrates a value-oriented approach, learning from masters like Warren Buffett and Charlie Munger. The manager reverse-engineered thinking from successful value investors and applied similar principles to find undervalued companies with strong fundamentals across various markets.		View
2024 Q4	Dec 31, 2024	Diamond Hill International	-7.5%	4.0%	005930.KS, 0700.HK, 7999.T, BOLSAA.MX, EXO.MI, GLEN.L, KRN.DE, PRX.AS, QURE, RACE, SPOT, STLA, TSM, UHR.SW	China, Europe, Gene Therapy, India, international, Japan, semiconductors, value	uniQure's Huntington's disease treatment program advanced with FDA accelerating the approval pathway for its gene therapy treatment. The company demonstrates leadership in innovative therapies and ability to navigate gene therapy development complexities. Future royalty streams and broader drug pipeline position it as an attractive long-term opportunity.	KRN.DE 7454.T PRX.AS EXO.MI GLEN.L 005930.KS TSM SPOT QURE	View
2024 Q4	Dec 31, 2024	Zelikovic Investments	-	-	AAPL, AGO, AMZN, ATKR, BN, CNHI, EXO.MI, FFH.TO, GOOGL, IAC, JUVE.MI, KKR, KNSL, MKL, MSFT, NVDA, RACE, STLA, TPL, TSLA	Asset Managers, compounders, insurance, international, long-term, small caps, value	Manager focuses on purchasing financially robust companies at attractive prices compared to their economic value while avoiding popular expensive stocks. Emphasizes finding quality companies trading below their intrinsic value, particularly among small caps and international equities.		View
2023 Q4	Dec 31, 2023	Zelikovic Investments	-	-	AGO, APO, CSU.TO, EXO.MI, FFH.TO, IAC, KKR, MKL, TASE.TA, TPL, TVK.TO	compounders, global, insurance, Japan, Quality, ROE, small caps, value	Manager focuses on buying stocks of financially stable companies at attractive prices compared to their economic value, staying away from popular and expensive stocks. Emphasizes careful selection based on clear economic measures and purchasing at discount prices.	TVK.TO CSU.TO TASE.TA TPL FFH.TO KKR IAC EXO.MI	View
2023 Q3	Dec 10, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L	Buybacks, China, Europe, international, Luxury, value	Luxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact.	DHER.DE KER.PA CFR.SW GLB.L DPG.L	View
2024 Q3	Nov 19, 2024	Springview Capital Management	5.6%	13.6%	AAPL, CR, CRH, CSCO, EXO.MI, FFH, FMX, HLT, MCY, MSFT, NTDOY, NVDA, SEPO, TSLA, WRB, WS, YHOO	Concentration, Mega Cap, small caps, technology, value	Manager believes value-oriented investing is making a comeback as mega-cap stocks face mathematical reality of size constraints and elevated valuations. The fund focuses on smaller, less high-profile companies trading cheaply relative to intrinsic value estimates. Current market offers rich opportunities in small- and mid-cap stocks trading at single-digit earnings multiples or below liquidation value.		View
2023 Q3	Nov 10, 2023	Springview Capital Management	2.5%	8.2%	AAPL, AMZN, BRK-B, CPRT, EXO.MI, FFH, FMX, GOOGL, HLN.L, HLT, META, MKL, MSFT, NVDA, TSLA, V, WRB, WTM	Concentration, insurance, Long/Short, Quality, special situations, value	The fund has intentionally allocated significant capital to property/casualty insurers, which stand to benefit greatly from rising interest rates. Fairfax Financial continues to post exceptional numbers with operating ROE clocking in at 21%. W.R. Berkley staged a welcome recovery with excellent 21% return on equity as both underwriting profits and investment income surpassed expectations.		View
2025 Q3	Oct 20, 2025	Baillie Gifford -International All Cap	1.0%	13.6%	000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L	AI, Asia, Europe, growth, healthcare, international, semiconductors, technology	Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies.		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
2024 Q4	Jan 8, 2025	GoodHaven Capital Management	-	-	ARW, BAC, BRK-B, CB, DVN, EXO.MI, FNMA, GIC, JEF, KKR, OXY, TVK.TO	Capital Allocation, Concentration, energy, ETFs, financials, value	The fund has significant exposure to investment banking through Jefferies, which gained market share and ranked as the world's 6th largest investment bank. Jefferies executed a successful capital allocation strategy with $6.4 billion returned to shareholders over seven years while strengthening its market position.		View
2025 Q4	Jan 5, 2026	East72 Dynasty Trust	-2.3%	8.2%	1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA	Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value	Manager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. Strong underlying environment with 5-7% growth in international passengers, near 100% capacity utilization, and limited aircraft availability. Avation represents asymmetric opportunity trading at 18% discount to NAV despite improved financial position. International travel showing robust 5-7% growth with domestic passengers up 2-3%. Travel retail through Avolta benefits from solid growth and concession wins, while aircraft leasing capitalizes on passenger growth trends.	AVAP LN DIE BB HANA LN	View
2025 Q4	Jan 27, 2026	Diamond Hill International	3.9%	28.4%	000660.KS, 005930.KS, BABA, EXO.MI, ICON, NWG.L	AI, Asia, Banking, defense, Europe, international, semiconductors, value	Strong performance driven by AI infrastructure demand, particularly in memory chips and foundry services. Taiwan's chip foundry and packaging industries saw robust growth with no signs of slowing in 2026. South Korean memory manufacturers benefited from capacity sold out through 2026 and increased demand for high-bandwidth memory used in data centers and AI applications. Military defense and adjacent firms performed well as governments moved toward greater strategic autonomy from the US, expanding confidence in the sectors' future growth prospects. European defense suppliers benefited from multi-year European rearmament trends. European banks were supported by cheap valuations, improved capital positions and a more normalized interest rate environment, helping drive strong stock performance for the year. UK banks like NatWest benefited from simplified operating models and strong capital return potential.	000660 KS	View
2025 Q4	Jan 26, 2026	Harris Associates International Equity Strategy	4.9%	32.9%	005930.KS, 6301.T, AZN, BABA, BAYRY, CNHI, DASTY, DSV.CO, EXO.MI, IMCD.AS, MBG.DE, NVS, SAND.ST, SDR.L, SKF-B.ST, SNY, SY1.DE, UL, WLN.PA	Chemicals, Europe, international, Logistics, Pharmaceuticals, semiconductors, value	The portfolio includes significant pharmaceutical investments including Bayer, AstraZeneca, and Sanofi. Bayer benefited from positive stroke drug trial results and potential Supreme Court hearing on RoundUp litigation. AstraZeneca was added as a new position due to its robust pipeline and attractive valuation following regulatory concerns. Sanofi was initiated based on strong R&D investment and pipeline potential despite vaccine market volatility. Samsung Electronics was a top contributor as earnings recovered due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup continues to improve under new management, positioning it as one of the world's leading semiconductor companies with a long runway for future growth. DSV was a top contributor during the quarter, delivering solid third-quarter results and accelerating the timeline for DB Schenker acquisition synergies. The freight forwarding business is viewed as high-growth and return-generative, benefiting from an asset-lite model with industry-leading management and profitability. IMCD and Symrise were added as new positions in the specialty chemicals space. IMCD is a global leader in marketing and distribution of specialty chemicals with significant pricing power and demand inelasticity. Symrise leads in flavors, fragrances, and specialty ingredients with renewed focus on profitability and cash flow showing early signs of operational inflection. The manager emphasizes value investing approach, noting that for more than a decade value investing in overseas markets witnessed U.S. growth stocks soar unsustainably. In 2025, they witnessed the unraveling of this paradigm as European equities fundamentals improved and valuation spreads began to narrow, benefiting their value-oriented strategy.		View
2025 Q4	Jan 15, 2026	Baillie Gifford -International All Cap	-	19.0%	005930.KS, 3317.T, 4519.T, 6869.T, 8035.T, ASML, AUTO.L, DSV.CO, EXO.MI, GAW.L, MC.PA, MELI, NMET.DE, RMV.L, ROG.SW, TSM	AI, growth, healthcare, international, Luxury, Quality, semiconductors, technology	AI continues to drive robust demand for advanced chips, particularly benefiting TSMC and related semiconductor equipment companies. However, AI tools and functionality create uncertainty for online platforms like Rightmove and Autotrader, as markets take a cautious stance on potential position erosion or increased investment needs. The impact appears mixed across sectors with clear benefits for chip manufacturers but concerns for consumer-facing platforms. Semiconductor companies were among the most significant contributors to performance, driven by robust demand for advanced chips used in artificial intelligence. TSMC benefited from AI chip demand, Samsung was supported by improving memory market conditions particularly high bandwidth memory, and related equipment companies like ASML, Tokyo Electron and Chroma also performed well during the quarter. The portfolio maintains a structural bias towards high-quality growth businesses, though this created headwinds during the quarter as quality stocks underperformed the broader international market by a margin rarely seen in recent years. The manager emphasizes focus on exceptional businesses with durable competitive advantages, strong balance sheets, and compelling long-term growth opportunities. LVMH contributed positively to performance in the quarter, supported by improving trends in Asia and the resilience of its leading brands after a period of weaker demand for luxury goods. The recovery suggests stabilization in the luxury sector following previous weakness.		View
2025 Q4	Jan 14, 2026	Longleaf Partners Fund	-0.3%	-0.4%	ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN	Buybacks, Cash, Defensive, Leverage, Quality, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property.	ANGI PVH PYPL MGM IAC REGN MAT DINO KHC	View
2025 Q4	Jan 11, 2026	Oldfield Partners Overstone Global Large Cap	6.3%	34.7%	005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW	AI, diversification, global, Luxury, semiconductors, technology, value	AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures.		View
2024 Q4	Jan 11, 2025	Alphyn Capital Management	2.6%	16.9%	AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS	AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value	AI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective.		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
2023 Q2	Jul 19, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO	Asia, Buybacks, China, concentrated, Europe, international, value	Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value.	4613.T 1999.HK LXS.DE AC.PA APPS.MC	View
2024 Q2	Jun 30, 2024	Moerus Capital Management	-	7.9%	0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO	Argentina, Corporate Activity, emerging markets, real estate, Turkey, value	Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration.		View
2023 Q2	Jun 7, 2023	Alphyn Capital Management	8.9%	13.5%	AHT.L, ALVO, AMZN, BN, CCOI, EXO.MI, FFH.TO, IAC, KMX, PRX.AS, W	E-Commerce, infrastructure, long-term, Portfolio Rebalancing, real estate, Telecommunications, value	Initiated position in Cogent Communications, led by founder-operator Dave Schaeffer. The company is acquiring Sprint's former wireline business for $1 with $760m in payments from T-Mobile over 4.5 years. This transformational deal opens potential new revenue streams in optical wavelength services, targeting a $2 billion addressable market growing 7% annually.	CCOI	View
2023 Q1	Mar 31, 2023	East72 Holdings	6.3%	0.0%	0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE	Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value	The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.	VOW3.DE BAIN.PA	View
2023 Q4	Jan 17, 2024	Longleaf Partners International Fund	11.2%	10.4%	035420.KS, 1999.HK, 4612.T, AC.PA, BABA, CFR.SW, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB, GMAB, MLCO, PFD.L, PRX.AS, WHG	Asia, Buybacks, Casinos, China, Europe, Food, Hotels, value	Portfolio focused on high-quality businesses trading at single-digit normalized FCF multiples with strong pricing power. Management emphasizes P/V ratios in high-60s% and disciplined approach to buying discounted companies with margin of safety.		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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Zelikovic Investments	EXOR N.V.	Financials	Multi-Sector Holdings	Bull	Borsa Italiana	automotive, diversified portfolio, family-controlled, holding company, Industrial Equipment, Italy, long-term investment, Luxury goods, value creation	View Pitch
Apr 13, 2026	Fund Letters	Diamond Hill International	EXOR N.V.	Financials	Diversified Financial Services	Bull	Borsa Italiana	automotive, capital allocation, Europe, Ferrari, holding company, NAV discount, Stellantis, Value	View Pitch

BSD Shareholders of EXO-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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