FILA-MI

FILA-MI

FILA-MI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 6, 2025	O’Keefe Stevens Advisory, Inc	-	-	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, small cap, Specialty Pharma, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value while maintaining profitability. Corporate reforms underway over the past 2 years are helping unlock value, and many companies provide downside protection through excess cash or undervalued real estate. The manager has identified approximately 400 Japanese equities on his watchlist, with many trading under book value.		View
2025 Q2	Aug 15, 2025	Smoak Capital Management	-	10.6%	FILA.MI, IGR.L	capital efficiency, global, Japan, small caps, Trade Policy, value	Capital efficiency reforms and policies have continued to build momentum in Japan. Buybacks have more than doubled since 2022 and dividends are up over 70%. M&A has also picked up considerably. The manager is eager to continue researching small Japanese companies leading the way in capital efficiency improvements.	IGR.L FILA.MI IGR LN	View
2025 Q2	Jul 9, 2025	Alphyn Capital Management	12.4%	8.0%	AMZN, BN, CCOI, FFH.TO, FILA.MI, KFS, KKR, KMX, OCSL	Asset Management, cash flow, Compounding, Concentration, insurance, technology, value	Fairfax Financial demonstrates textbook compounding through hard-market pricing, expanding float to $33 billion, and growing interest income from $0.6 billion to $2.5 billion. The company is positioned to earn over $165 per share in 2025, triple the 2019 run rate, driven by disciplined underwriting, growing float, higher yields, and associate contributions.	CCOI AMZN KFS KKR BN FFH.TO OCSL KMX CCOI AMZN KFS KKR BN FFH	View
2025 Q2	Jul 22, 2025	Curreen Capital	14.1%	8.7%	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, small cap, Specialty Pharma, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition.	VFC ENR GR GETB LN FTDR FTRE CACC AAP	View
2025 Q2	Jul 11, 2025	HalvioCapital	6.7%	-	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, REITs, small caps, Specialty Pharma, spinoffs, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with diverse business segments and strong cash positions. Corporate reforms underway over the past 2 years are helping unlock value, while companies maintain profitability and pay dividends during the value realization period.	NLOP CPH CN 6249 JP 7952 JP 8291 JP	View
2025 Q2	Jun 30, 2025	Distillate Capital Large Cap Value	-	1.9%	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, REIT, small cap, Specialty Pharma, spinoffs, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition.		View
2024 Q4	Feb 10, 2025	Smoak Capital Management	-	32.4%	FILA.MI, HD, NWL, QEPC, SWK	brands, consumer, M&A, small caps, Tools, turnaround, value	Manager focuses on undervalued companies trading below intrinsic value, particularly small and underfollowed companies where significant changes create pricing inefficiencies. FILA trades at only 3.2x core EBITDA when assigning reasonable valuation to DOMS subsidiary. QEP trades at 4.5x EV/EBIT despite improved operations after divestitures.	QEPC FILA.MI	View
2025 Q4	Jan 7, 2026	HalvioCapital	5.6%	0.0%	BKM.SI, CPH.TO, EDU.AX, FILA.MI, LNF.TO, MCCK, MYX.AX, NLOP	international, Japan, Merger Arbitrage, real estate, small caps, value	Manager focuses on undervalued securities across multiple markets, highlighting companies trading below intrinsic value such as TOC Co. with real estate worth ¥184B against ¥75B market cap, and FILA trading at attractive enterprise value multiples. The approach emphasizes finding bargains in less picked-over international markets. Japan basket represents a significant holding with focus on corporate governance reforms under new Prime Minister Sanae Takaichi. Manager sees opportunity in companies with excess cash being forced to improve capital allocation, with ¥83 trillion in corporate cash providing catalyst for shareholder returns. Portfolio concentrated in smaller companies across multiple geographies including Australian micro-caps, Canadian small caps, and niche industrial businesses. Manager seeks opportunities in less efficient markets where smaller companies may be mispriced or overlooked by institutional investors.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Smoak Capital Management	F.I.L.A. S.p.a.	Consumer Discretionary	Leisure Products	Bull	Borsa Italiana	Art Materials, Consumer Discretionary, dividend, Italy, manufacturing, stationery, strategic stake, Value	View Pitch
Apr 13, 2026	Fund Letters	Smoak Capital Management	F.I.L.A. S.p.a.	Consumer Discretionary	Leisure Products	Bull	Borsa Italiana	art supplies, brand portfolio, debt reduction, dividend, EBITDA multiple, India, Italy, market leader, spin-off, stationery, Sum-of-parts, undervalued, Value	View Pitch
Jan 8, 2026	Substack	Alluvial	Fabbrica Italiana Lapis ed Affini	Consumer Goods	Stationery and Office Supplies	Bear	Borsa Italiana	Acquisitions, consumer goods, debt, DOMS Industries, FILA, India, IPO, market strategy, stationery, valuation	View Pitch

BSD Shareholders of FILA-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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