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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 10, 2025 | Kernow Asset Management | - | - | CARD.L, FRAS.L, GFRD.L, MTRO.L, SAGA.L, SMDS.L, STB.L | Banking, contrarian, regulation, retail, Short Selling, UK Equities | Manager is long Metro Bank following regulatory signals that may allow exit from MREL band, potentially unlocking £500m in capital. Also long Secure Trust Bank after favorable UK car finance court ruling, though provisions may rise from £6m to £20m. Simultaneously short another bank where similar provision escalation would be terminal. | STB.L WHSM.L MTRO.L STB LN MTRO LN SMWH LN |
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| 2024 Q2 | Aug 31, 2024 | Kernow Asset Management | - | 16.2% | CMCX.L, FRAS.L, GFRD.L, HSX.L, JET2.L, MTRO.L, RMV.L | contrarian, Long/Short, tax policy, United Kingdom, value, volatility | Global markets experienced extreme volatility in August with the VIX spiking from 12 to 65, its highest level since COVID-19. Japan dropped 12% in a single session, yet markets recovered within a week. The manager views this volatility as opportunity, increasing their CMC Markets position during the panic. | RMV.L JET2.L CMCX.L |
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| 2025 Q2 | Jul 2, 2025 | AVI Global Trust | - | - | 3608.T, 4527.T, 6201.T, 6727.T, 6971.T, 7912.T, 7984.T, 8802.T, 9301.T, 9531.T, AKRBF, APO, BOL.PA, CDI.PA, ENT.L, EXOR.MI, FRAS.L, GXIIF, IAC, NWSA, RKT | activism, Buybacks, Discounts, dividends, global, Japan, value | Eight years into Japan journey, managers are as optimistic as ever with developing market for corporate control, increasingly proactive management teams, and governance reform agenda permeating both small and large cap stocks. Combined with low valuations, Japan stacks up very attractively as a market where constructive approach to active engagement can yield real results. Japan exposure now accounts for 23% of NAV compared to 16% a year ago. | View | |
| 2024 Q1 | Apr 30, 2024 | Kernow Asset Management | 8.0% | 22.7% | FRAS.L, GFRD.L, HSX.L, IP, ITV.L, MNDI.L, MTRO.L, SAGA.L, SMDS.L | Buybacks, contrarian, Long/Short, Mid Caps, UK Equities, value, water | Multiple UK companies are engaging in substantial share buybacks, including ITV returning £235m (10% of market cap) and Hiscox announcing a new US$150m buyback program. This demonstrates intelligent capital allocation amid compelling company valuations. | MTRO.L MNDI.L HSX.L ITV.L |
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| 2024 Q4 | Dec 31, 2024 | AVI Global Trust | - | 10.4% | 4527.T, 7203.T, AKER.OL, CDI.PA, ENT.L, FRAS.L, NWSA, RKT.L, SBG | discount, Europe, Holding Companies, NAV, value | D'Ieteren announced an extraordinary €74 per share special dividend, equivalent to 39% of the company's market cap. AGT received proceeds of £35m, equivalent to 3.1% of NAV after 10% tax. | VIV.PA BOL.PA DIE.BR |
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| 2025 Q3 | Nov 4, 2025 | VT Holland Advisors Equity Fund | - | - | 1211.HK, AMZN, BH, BOL.PA, CACC, CVNA, FRAS.L, GRBK, JDW.L, META, NFLX, NU, NXT.L, PDD, RYA.L, RYM.NZ, SUM.NZ, TSM, WISE.L | Compounding, Fintech, global, growth, Owner-Managers, Quality, technology, value | Fund targets companies that can compound capital at sustainably high rates, seeking businesses with huge runways of growth ahead. Manager emphasizes finding tomorrow's supernatural compounders with visionary founders who rethink their industries and have massive growth potential. | RYM NZ JET2 LN META NU WISE LN |
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| 2025 Q3 | Oct 7, 2025 | Kernow Asset Management | 5.2% | 12.1% | BRBY.L, CARD.L, DRX.L, FRAS.L, GFRD.L, KIST.L, MTRO.L, PETS.L, SAGA.L, W7L.L, WISE.L, WIZZ.L | contrarian, Copper, energy, Long/Short, Luxury, Travel, UK Equities, value | Drax has executed a herculean shift from fossil fuels to become the UK's largest renewable energy provider, supplying around 5% of the nation's power. The company faces burning questions about new favorable contracts for its assets, as current arrangements involving shipping Canadian forests to burn in Yorkshire upset environmentalists, fossil fuel loyalists, and trees alike. Despite policy uncertainty, Drax has demonstrated its ability to adapt. | DRX LN WISE LN SAGA LN |
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| 2024 Q3 | Oct 30, 2024 | Kernow Asset Management | - | 16.0% | CARD.L, CMCX.L, FRAS.L, GFRD.L, HOL.L, HSX.L, HTG.L, MTRO.L, SAGA.L, VID.L, WISE.L | contrarian, infrastructure, Long/Short, small caps, Uk, value | Manager identifies significant value opportunities in UK equities, particularly noting Metro Bank and other holdings trading at attractive valuations. Emphasizes asymmetric return characteristics where investment thesis differs from consensus. | View | |
| 2025 Q4 | Jan 13, 2026 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
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| 2023 Q3 | Sep 30, 2023 | Kernow Asset Management | 8.0% | 22.7% | CEY.L, FRAS.L, GFRD.L, HSX.L, MNDI.L, MTRO.L, VID.L | contrarian, Elections, Long/Short, takeovers, Uk, value | UK-listed companies continued to attract takeover interest with eight businesses receiving bids in November, including Hotel Chocolat which received an offer 170% above the previous day's closing price from Mars. This takeover activity demonstrates the value available in UK equities and provides opportunities for the portfolio. | VID.L |
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| 2024 Q2 | Jul 17, 2024 | VT Holland Advisors Equity Fund | 0.0% | 9.8% | AMZN, COST, FRAS.L, JDW.L, JET2.L, NVDA, RYAAY, TSM | Airlines, E-Commerce, Owner Managers, Scale Economy, semiconductors, technology | Amazon represents a powerful Scale-Economy-Shared model that the fund seeks globally. The manager sees huge potential for AWS in B2B services, particularly AI deployment, where Amazon's trusted relationships and efficiency-sharing approach could drive significant growth. | AMZN TSM FRAS.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | VT Holland Advisors Equity Fund | Frasers Group plc | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | contrarian, market consolidation, Owner-manager, retail, Specialty retail, UK, Value | 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. | ||||||||