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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 9, 2025 | Ennismore Global Equity Fund | - | 7.5% | 0LQG LN, CLNX SM, FLUT, KAR SS, KWS GR, TIGO | Capital discipline, global, Governance, Long/Short, Quality | The commentary focuses on a global long-short strategy emphasizing quality longs and selective shorts in structurally weak businesses. Controlled companies with long-term owners are highlighted as a key source of resilience and compounding. Risk management and capital discipline anchor portfolio construction. | TIGO KAR SS FLUT |
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| 2025 Q2 | Jul 27, 2025 | Forager International Shares Fund | 17.6% | 14.1% | 3769 JP, 4194 CN, 4733 JP, APG, CROX, FIX, FLUT, GLEN LN, JD/ LN, MTX GR, PSI CN, TKO, WISE LN, ZETA | contrarian, fundamentals, global value, valuation gaps, volatility | The commentary highlights global value opportunities outside crowded U.S. markets, with an emphasis on idiosyncratic situations and underfollowed companies. Management stresses patience and fundamental analysis as key to exploiting valuation gaps. Market volatility is viewed as a tailwind for disciplined value investors. | ZETA APG TKO FLUT MTX GR FIX WISE LN 4194 CN 4733 JP 3769 JP PSI CN |
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| 2024 Q1 | Apr 15, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | CRH, CS CN, CVE, DOW AU, FLUT, FRA GR, IMD AU, NXE CN, QBE AU, TECK | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Harris Associates International Equity Strategy | 7.7% | 7.7% | 2502 JP, 8802 JP, BNP FP, FLUT, GLEN LN, KER FP, MC FP, RTO LN, TKA GR, WPP LN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | CEG, FLUT, GE, NFLX, SBUX, TSM, VRTX | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Touchstone Sands Capital International Growth Equity Fund | 1.1% | 1.1% | 6098 JP, EVD GR, FLUT, HDFCB IN, MELI, SE, SHOP, SPOT, TSM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | L1 Capital Long Short Fund | -7.9% | -7.9% | BSL AU, DEG AU, FLT AU, FLUT, FRA GR, JD/ LN, MIN AU, QAN AU, WGX AU | - | View | ||
| 2023 Q4 | Dec 31, 2023 | L1 Capital Long Short Fund | 2.4% | 10.8% | BH5 GR, CNU AU, CRH, CVE, FLUT, IDG GR, NEM, NUF GR, QRL GR, STS GR, VEA AU, WGX AU | - | View | ||
| 2024 Q3 | Oct 14, 2024 | Ennismore Global Equity Fund | 0.8% | 5.8% | 9404 JP, ADM LN, ASCL LN, AUTO LN, BCG LN, DIE BB, FLUT, NNI, PM, RYA ID, TGS NO, WISE LN | - | View | ||
| 2025 Q4 | Jan 22, 2026 | Sands Capital Global Growth Fund | 6.2% | 10.2% | 6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V | AI, defense, energy, global, growth, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions. | ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Touchstone Sands Capital International Growth Equity Fund | -4.2% | 10.9% | 6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA | AI, defense, energy, growth, international, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue. | EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW |
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| 2025 Q4 | Jan 19, 2026 | Forager International Shares Fund | -2.0% | 15.0% | AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L | AI, global, Quality, small caps, technology, Travel, value | AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating. | ARX AU ZEG LN NXT NUTX FISV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 6, 2025 | Fund Letters | Steve Johnson | Flutter Entertainment plc | Consumer Discretionary | Gambling | Bull | NYSE | Betting, Gaming, growth, Online, Regulation | View Pitch |
| Dec 5, 2025 | Fund Letters | Margaret Webb | Flutter Entertainment Plc | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | growth, leadership, Margins, Online-Gaming, Regulation | View Pitch |
| Oct 6, 2025 | Value Investors Club | baileyb906 | Flutter Entertainment PLC | Consumer Discretionary | Casinos & Gaming | Bull | NYSE | FanDuel, duopoly, parlay mix, CAC/LTV, regulation/tax, buybacks, iCasino optionality, global scale | View Pitch |
| 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. | ||||||||