FMX

FMX

FMX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	AVI Global Trust	-	9.8%	3639.T, AKER.OL, APO, BN, CDI.PA, DIE.BR, FMX, GODI.NS, GROW.L, IAC, KKR, OCI.L, PEY.L, PIN.L, SCHB.OL, SYIP.L	Alternative Assets, Capital markets, discount, global, NAV, value	The fund focuses on companies trading at discounts to estimated underlying net asset value. Performance has been driven by stock selection with high conviction holdings like Apollo, KKR, FEMSA and Schibsted performing better on average.	SCHB.OL	View
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	Aug 12, 2024	Springview Capital Management	-3.2%	7.7%	BRK-A, COKE, CR, CRH, EXO, FFH, FMX, HLT, MCY, NTDOY, WOR, WRB	Concentration, fundamentals, insurance, Long/Short, value	The manager discusses property/casualty insurance cycle concerns and skeptical investor sentiment about near-term profit outlook. Despite market volatility, the manager believes prospects for insurance holdings remain unchanged and reports strong fundamental progress with W.R. Berkley showing 37% Y/Y increase in operating EPS and Fairfax increasing book value per share by 17% Y/Y.		View
2025 Q2	Jul 9, 2025	Firebird US Value Fund	-	-	000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors	The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.		View
2025 Q2	Jul 31, 2025	Aikya	-	-	1299.HK, 2395.TW, 3690.HK, BBCA.JK, FMX, HDB, NTES, RDY, UL	AI, emerging markets, Korea, Quality, semiconductors, Taiwan, valuation	Aikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when they are available at sensible valuations. The fund objective emphasizes investing in high quality companies that make a positive contribution to sustainable development.		View
2025 Q2	Jul 22, 2025	Harris Associates International Equity Strategy	12.8%	21.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	AI, Copper, Europe, international, Luxury, Mining, technology, value	Manager emphasizes value investing approach and notes the unraveling of the U.S. growth/momentum paradigm that dominated for over a decade. European equities fundamentals have improved, driving more investor interest as valuation spreads compress.	6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS	View
2025 Q2	Jul 16, 2025	Harding Loevner International Equity	9.2%	14.8%	002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM	aerospace, AI, defense, Europe, Health Care, international	Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies.		View
2025 Q2	Jul 1, 2025	LMN Capital	-	16.3%	ABYY.DE, BNTX, FMX, IBKR, MELI, MTX.DE, PYPL, RR.L, SPR.DE, STNE, TCX, UTDI.DE	Compounding, Europe, growth, long-term, Quality, value	The fund focuses on investing in companies trading below intrinsic value as one of three core investment criteria. The manager evaluates whether the price is clearly below intrinsic value, defined as the price a well-informed investor would pay to own the entire company. This value-oriented approach has contributed to the fund's strong performance with 17 out of 26 exited investments generating returns above 16% annually.	IBKR MELI	View
2024 Q2	Jul 1, 2024	Provident Financial Articles	-	-	000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors, valuation	The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.		View
2025 Q2	Jun 30, 2025	Green Ash Partners	-	8.6%	000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors, valuation	The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.		View
2024 Q2	Jun 30, 2024	LMN Capital	-	0.5%	ABYY.DE, ARL.DE, BNTX, FMX, IBKR, MTX.DE, PYPL, TCX.TO, WINE.L	Concentration, Europe, Long Term, Owner Managed, value	Aareal Bank faced market stress due to exposure to US office properties, creating a mispricing opportunity. The bank held EUR 3.2 billion in US office loans representing 10% of total portfolio, with strong equity ratios and defensive positioning making the stress temporary rather than systemic.	MTX.DE FMSAUBD.MX AAREAL.DE	View
2023 Q2	Jun 30, 2023	AVI Global Trust	-	6.5%	AKER.OL, ANGI, APO, BN, FMX, IAC, KKR, MGM, PSH.L, SCBFF	banks, discount, Holding Companies, Japan, Media, NAV, value	AVI focuses on companies trading at discounts to estimated underlying net asset value. The fund targets holding companies and complex structures where market pricing creates opportunities for value extraction through discount narrowing and NAV growth.	IAC	View
2025 Q1	May 30, 2025	Argosy Investors	-	-	CELH, FMX, HOV, TRRSF, W	Beverages, Debt, E-Commerce, Fiscal, Homebuilders, inflation, tariffs, value	Manager purchased Hovnanian Enterprises at 3.2x earnings, believing it could trade at 10x through-the-cycle earnings. The company has reduced debt from $2.2B to $0.9B since the financial crisis, with opportunity for further balance sheet improvement worth $2 per share.	FMX CELH HOV W	View
2024 Q1	May 15, 2024	Broyhill Asset Management	6.0%	0.0%	AAPL, AVTR, FIS, FISV, FMX, SPOT, UMG.AS, WMG	Buybacks, Fintech, Music, payments, Recovery, value	Multiple portfolio companies are executing significant share repurchase programs. Fiserv reported its fifth straight quarter of buybacks over $1 billion, while FIS increased its buyback goal for 2024 after completing the Worldpay sale.	WMG FIS AVTR FISV	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
2025 Q1	Mar 31, 2025	BESTINVER	-1.9%	-1.9%	000660.KS, 005930.KS, 1216.TW, 1299.HK, 2330.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, China, emerging markets, Quality, semiconductors, valuation	The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While Aikya believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.		View
2024 Q1	Mar 31, 2024	AVI Global Trust	-	-	9009.T, AKER.OL, BOL.PA, CHRY.L, DIE.BR, ENT.L, FMX, IAC, NWSA, OAKL.L, PEY.L, PIN.L, SCHB.OL, SONG.L	Auto, discount, Europe, Media, private equity, value	The fund focuses on companies trading at discounts to estimated underlying net asset value. News Corp trades at a 38% discount to estimated NAV, while D'Ieteren trades at a 33% discount despite strong earnings growth prospects.	DIE.BR NWSA	View
2023 Q4	Feb 21, 2024	Springview Capital Management	6.5%	15.3%	BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM	Concentration, insurance, Long/Short, tax efficiency, underperformance, value	Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles.	FMX FFH SUNP IN MKL WRB	View
2024 Q4	Feb 10, 2025	Springview Capital Management	5.4%	19.7%	AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM	Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value	The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns.		View
2024 Q4	Dec 31, 2024	LMN Capital	-	16.9%	ABYY.DE, ARL.DE, BNTX, FMX, IBKR, MTX.DE, PYPL, ROVI.MC, TCX, UTDI.DE	Europe, Long Term, Owner Led, Pharmaceuticals, technology, Telecommunications, value	Rovi operates contract manufacturing for pharmaceutical companies, with many well-known drug manufacturers outsourcing production to specialized providers. Regulatory oversight makes switching CMO partners lengthy and complex, creating competitive moats. Rovi announced a major new client with production starting in 2026.	UTDI.DE ROVI.MC	View
2024 Q4	Dec 31, 2024	Financial Synergies Wealth Advisors	-	-	000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors	The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.		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
2024 Q3	Oct 31, 2024	African Lions Fund	-	11.2%	000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, China, emerging markets, Indonesia, Quality, semiconductors	The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.		View
2025 Q3	Oct 29, 2025	Aikya	3.9%	-	000660.KS, 005930.KS, 1216.TW, 1299.HK, 2330.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, China, emerging markets, Indonesia, Quality, semiconductors, valuation	The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwan and Korea at record highs. While Aikya believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.		View
2025 Q3	Oct 28, 2025	Harris Associates International Equity Strategy	4.1%	26.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Europe, fundamentals, growth, international, Quality, technology, valuation, value	Manager emphasizes investing in high-quality companies trading at attractive valuations below intrinsic value. Multiple positions initiated due to stocks trading at decade-low multiples despite solid fundamentals.	GLEN LN BABA GLEN LN BABA	View
2025 Q3	Oct 10, 2025	Oakmark International Fund	3.9%	26.3%	035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value	Kering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth.	SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN	View
2025 Q4	Jan 18, 2026	Distillate Capital International	0.0%	41.5%	005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX	cash flow, fundamentals, international, Quality, valuation, value	U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks.		View
2023 Q2	Jul 25, 2023	Diamond Hill International	5.7%	12.4%	7974.T, ASHM.L, BABA, CS.TO, DNP.L, EPOKY, FERG.L, FFH.TO, FM.TO, FMX, SPOT, TCEHY, UHR	China, Copper, emerging markets, inflation, international, Mining, value	The fund initiated positions in two copper mining companies, First Quantum Minerals and Capstone Copper, anticipating meaningful long-term supply challenges in copper due to its heavy use in alternative energy sources. There has been a recent trend toward consolidation and M&A in the copper industry, and both companies could present attractive acquisition candidates for large mining companies seeking to increase their copper exposure.	CCS.TO AFM.TO FERG.L EPIA.ST DNP.WA ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA	View
2025 Q1	Apr 18, 2025	Baillie Gifford -Emerging Markets	5.9%	5.9%	0700.HK, BIDU, FMX, GLOB, MELI, SE, TSM	AI, China, emerging markets, growth, innovation, tariffs, technology, Valuations	China has been a frustrating market for many years but the tide seems to be turning with policy headwinds becoming tailwinds. Xi Jinping's meeting with tech entrepreneurs marks an important inflection point showing government commitment to growth and private companies. The main move in portfolios during the quarter has been to add to China exposure.	FEMSA GLOB MELI	View
2023 Q4	Jan 31, 2024	Harding Loevner International Equity	9.5%	11.5%	005930.KS, 1810.HK, 4507.T, 4519.T, 6301.T, 6383.T, 8306.T, ADYEY, ALFVY, ATD, ATLKY, BAC, BBVA, BHP, D05.SI, DASTY, ENNEF, FMX, IFX.DE, KRYAY, LOGI, MFC, NZYMF, OR.PA, PNGAY, RIO, SAP, SBGSY, SYSMF, TSM	emerging markets, Europe, financials, growth, industrials, international, Quality, technology	The manager emphasizes their focus on high-quality companies that provide stability against market turbulence. They seek quality combined with high growth, noting that quality companies often generate higher risk-adjusted returns due to more predictable profitability and earnings growth.		View
2023 Q4	Jan 24, 2024	Distillate Capital International	0.0%	10.9%	6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM	Concentration, free cash flow, international, Mega-caps, Quality, value	The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Springview Capital Management	Fomento Economico Mexicano S.A.B. de C.V.	Consumer Staples	Food Distributors	Bull	NYSE	capital return, convenience stores, dominant market position, double-digit growth, Excess Capital, Mexico, OXXO, restructuring	View Pitch
Apr 28, 2026	Fund Letters	Springview Capital Management	Fomento Economico Mexicano SAB de CV	Consumer Staples	Food & Staples Retailing	Bull	NYSE	asset sales, Coca-Cola Bottler, convenience stores, holding company, Mexican, restructuring, shareholder returns, value unlock	View Pitch
Apr 13, 2026	Fund Letters	Argosy Investors	Fomento Economico Mexicano SAB de CV	Consumer Staples	Food Distributors	Bull	NYSE	Coca-Cola, conglomerate, convenience stores, Latin America, Store growth, synergies, Value	View Pitch
Aug 7, 2025	Seeking Alpha	Ian Bezek	Fomento Económico Mexicano, S.A.B. de C.V.	Consumer Staples	Beverages - Brewers	Bull	NYSE	—	View Pitch

BSD Shareholders of FMX

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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