FEVR-L

FEVR-L

FEVR-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	RGA Investment Advisors	-	-	AVGO, AWE.L, CRSP, FEVR.L, MTN, PTON, PYPL, ROKU, WDAY	Biotechnology, conviction, Enterprise Software, Fitness, Streaming, Trade Policy, volatility	CRISPR Therapeutics represents a first-mover advantage in cell and gene therapy with commercial approval of Casgevy. The company trades at a significant discount with strong cash position and pipeline optionality. Management has balanced capital discipline with R&D ambition, positioning the company to lean into its pipeline while competitors retrench.	MTN AWE PYPL FEVR ROKU WDAY PTON CRSP	View
2025 Q2	Aug 18, 2025	Bonsai Partners	-	7.3%	AMZN, CELH, FEVR.L, KO, MNST, TAP, WISE.L	Beverages, Customer Focus, Distribution, Enduring Economics, Partnerships, Quality	Fever-Tree demonstrates the power of premium positioning in the mixer industry, capitalizing on Schweppes' fragmented ownership structure. The company's partnership with Molson Coors provides guaranteed minimum royalty payments through 2030, offering strong earnings visibility and resolving margin issues through domestic manufacturing.	FEVR.L	View
2025 Q2	Jul 15, 2025	Highwood Value Partners	-	4.2%	ALIM.ST, BOL.PA, BORR.OL, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L, TRI.PA	Beverages, Europe, insurance, small caps, SMID Cap, Travel, value	Highwood focuses on finding great businesses at attractive prices trading at significant discounts to intrinsic value. The portfolio trades at 48 cents on the dollar of estimated intrinsic value with a median P/E of 7.6x. The firm's research identified that international small and mid-cap companies have been the happy hunting ground for value investors, with European companies showing the highest base rates for delivering 4x returns.	TRI.PA BORR HFG BOL BUR LN JZCP LN MOTR LN FEVR LN PROT NO TRI FP	View
2025 Q2	Jul 1, 2025	Langdon Global Smaller Companies	10.5%	10.5%	AGYS, AND.TO, FEVR.L, JLG.AX, TOI.TO	global, healthcare, industrials, Quality, small caps, technology, value	The manager sees attractive opportunities in industrial software and highlights Agilysys as benefiting from structural modernization trends in hospitality. Their software platform is becoming mission-critical for hotels and casinos upgrading property management systems, with the company still in early innings of capturing wallet share globally.	FEVR.L CHA.DE TOI.TO ATG.L AHG.TO AGYS JLG.AX	View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697.T, 8069.TWO, CNM, CWAN, DAVA, EVD.L, FEVR.L, GLOB, JDG.L, PME.AX, REVG, TOI.TO, WIZZ.L	global, growth, infrastructure, IT Services, Quality, SMID Cap, software	The portfolio holds multiple IT services companies including Globant and Endava, both facing headwinds from cautious client spending on digital transformation. Despite near-term challenges, the managers maintain confidence in long-term secular trends driving digital transformation and AI integration.	3697.T DAVA GLOB CNM EVD.DE TOI.TO	View
2025 Q1	May 12, 2025	Langdon Global Smaller Companies	0.0%	-	4658.T, AND.TO, DAL.L, ENX.PA, FEVR.L, JLG.AX, RBREW.CO, SKWD, WOSG.L, YETI	consumer, global, private markets, small caps, tariffs, value, volatility	Manager emphasizes the small cap universe is 10x the size of large caps, providing abundant opportunity. Despite weak IPO activity over the past three years, approximately 1,750 companies have still come to market. The fund maintains focus on building a collection of durable, value-creating businesses that can deliver strong absolute returns across market environments.		View
2025 Q3	Oct 28, 2025	Graham and Doddsville	-	-	AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL	AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing	Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies.		View
2024 Q3	Oct 23, 2024	Langdon Global Smaller Companies	9.0%	16.7%	CSWI, DQ, ESQ, FEVR.L, GSHD, HEINY, JLG.AX, MEDP, NVDA, ROYAL.CO, YETI	Europe, global, Research, small caps, software, Travel	The manager spent 2+ months in Lyon, France testing an extended stay approach to investment research, conducting dozens of meetings across Western Europe. This 'invest like a local' philosophy involves understanding local context through extended presence rather than brief hotel-based visits.	ALSK.PA YETI	View
2024 Q3	Oct 18, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	8112.HK, ALIT, BLD, CWAN, ELF, EXLS, FEVR.L, FIVE, GSHD, KNSL, MPWR, PGNY, REVG, TECH, TME, TTEK	global, growth, portfolio, Quality, SMID Cap	Polen focuses on high-quality companies with solid fundamentals, competitive advantages, and strong business models. The managers emphasize their disciplined approach to selecting companies that meet high hurdles for growth and returns. They maintain conviction in their quality growth-oriented portfolio despite recent volatility.		View
2025 Q3	Oct 1, 2025	Vela International Fund	7.4%	-	AGI.TO, ALLFG.L, ARCO, ARGX, BAP.AX, COA.L, FEVR.L, FIE.DE, FUC.DE, GLOB, HIK.L, IFX.DE, INDV.L, JEL.HK, KRKA.L, NOMD.L, OGC, SRP.L, TECN.SW, WIE.VI	Cash, gold, healthcare, international, tariffs, value	Gold serves as insurance against credit destruction and declining confidence in financial authorities. Current environment supports gold due to high US debt levels, potential Federal Reserve independence threats, and geopolitical tensions from Russia sanctions. Gold miners provide leveraged exposure with focus on low-risk jurisdictions and organic growth.	GLOB COA LN FEVR LN TECN SW HIK LN	View
2024 Q4	Jan 30, 2025	Langdon Global Smaller Companies	3.6%	19.8%	ATG.L, ESQ, FEVR.L, GSHD, RBREW.DC, SFE.L, SKWD, WOSG.L	Beverages, global, insurance, private credit, small caps, value	Westaim's successful exit from Skyward Specialty Insurance delivered approximately 2.5-3x multiple of capital with 13% gross annualized return. CC Capital's investment brings insurance platform expertise to create an insurance-led asset management model similar to Apollo/Athene and Ares/Aspida.	RBREW.DC FEVR.L WED.TO	View
2025 Q4	Jan 20, 2026	Highwood Value Partners	5.7%	10.2%	2333.HK, ALIM-B.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, JZC.L, MOT.L, ODET.PA, PROT.OL, RYA.L, STDRL.OL, SYY, TAP, TGO.PA, UMG.AS, VIV.PA, VWS.CO	Capital Cycle, Concentration, energy, Europe, Litigation Finance, special situations, value	Manager emphasizes concentrated value investing approach, buying companies at significant discounts to fair value. Portfolio trades at 48 cents on the dollar of estimated intrinsic value with median P/E of 7.5x. Focus on fundamental bottom-up analysis with 5+ year holding periods. Burford Capital represents the largest position as a litigation finance leader. The business generates returns by funding commercial litigation claims and managing third-party capital. YPF case represents major catalyst with clear judgment in favor. Borr Drilling is a special situation in shallow water drilling rigs. The capital cycle investment thesis centers on industry oversupply working through the system, with rig rates recovering from current levels toward long-run averages as old rigs retire.	RYAAY FEVR LN GETB LN BORR NO BUR LN	View
2024 Q4	Jan 23, 2025	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	8112.T, ALIT, BLD, CWAN, ELF, EXLS, FEVR.L, FIVE, GSHD, KNSL, MPWR, PGNY, REVG, TECH, TME, TTEK	global, growth, Quality, SMID Cap, underperformance, volatility	Initiated position in elf Beauty, a cosmetics company with reputation for quality and innovation at considerably lower prices than other mass cosmetics brands. The company has robust growth potential with low brand awareness, expanding shelf space, growing product portfolio, and early international expansion opportunities.		View
2024 Q4	Jan 15, 2025	Highwood Value Partners	-	4.6%	ALIM.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L	Europe, Long Term, Quality, SMID Cap, valuation, value	Manager emphasizes buying great businesses at attractive valuations as the core investment approach. Portfolio trades at 0.47x intrinsic value with median P/E of 8.1x versus US markets at historically high valuations. European markets offer compelling value opportunities with select markets at all-time low valuations.	HFG.DE FEVR.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Langdon Global Smaller Companies	Fever-Tree	Consumer Staples	Soft Drinks	Bull	LSE	asset-light, Brand Marketing, Joint venture, Molson Coors, Premium Mixers, turnaround, UK	View Pitch
Apr 13, 2026	Fund Letters	Bonsai Partners	Fever-Tree Drinks	Consumer Staples	Soft Drinks	Bull	London Stock Exchange	asset-light, Beverage, Brand, consumer staples, Distribution Partnership, Margin recovery, Premium Mixers, royalty model, supply chain, turnaround, UK	View Pitch
Apr 13, 2026	Fund Letters	Highwood Value Partners	Fever-Tree Drinks PLC	Consumer Staples	Soft Drinks	Bull	London Stock Exchange	Branded Consumer, debt-free, Europe, founder-led, Ginger Beer, M&A Target, Margin recovery, Mixers, Premium Beverages, Tonic Water, turnaround, UK, US	View Pitch
Apr 13, 2026	Fund Letters	Langdon Global Smaller Companies	Fevertree Drinks PLC	Consumer Staples	Soft Drinks	Bull	LSE	Beverages, consumer staples, defensive, Margin recovery, Premium Mixers, Revenue Growth, UK, valuation discount, Value	View Pitch

BSD Shareholders of FEVR-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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