Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 30, 2024 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, ROG.SW, TGA.JO, UCG.MI, WFG.TO, WHC.AX | Banking, energy, inflation, international, rates, value | The fund holds significant positions in energy companies including Meg Energy, Cenovus Energy, and Occidental Petroleum. Coal companies faced pressure from weakened demand factors including China's economic growth and increased coal and gas stock availability. | ROG.SW |
View |
| 2026 Q1 | Apr 21, 2026 | Smead International Value Fund | 14.4% | 14.4% | BARC.L, CVE.TO, FRO, PNDORA.CO, SCR.TO, UCG.MI | concentrated, energy, European Banks, international, Unconventional, value | View | ||
| 2025 Q3 | Oct 19, 2025 | Smead International Value Fund | 9.1% | 28.5% | AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO | Banking, energy, Europe, Mergers, oil, Scale, value | The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations. | UCG MEG SCR CVE |
View |
| 2023 Q3 | Oct 16, 2023 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, BKT.MC, BMW.DE, CVE.TO, FRO, GOOS.TO, IFP.TO, MEG.TO, NXT.L, OXY, P911.DE, PAH3.DE, PNDORA.CO, SMWH.L, TGA.L, UCG.MI, VOW3.DE, WFG.TO, WHC.AX | Banking, Coal, Currency, energy, interest rates, international, value | The fund views rising interest rates as a major risk affecting all asset classes, not just bonds. They believe the 30-year Treasury hitting 5% creates significant interest rate risk that most investors underestimate. The fund seeks to avoid this risk through specific positioning choices. | View | |
| 2024 Q3 | Oct 15, 2024 | Smead International Value Fund | 0.7% | 11.6% | BARC.L, BAWG.VI, BKT.MC, BRK-A, CVE.TO, FRO, G.MI, MEG.TO, NWG.L, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, Compounding, energy, Europe, returns, value | The fund focuses on finding businesses that produce strong double-digit returns where investors are not overpricing them. They seek companies trading at significant discounts to economic value, exemplified by their European bank holdings which continue to be appraised at substantial discounts despite improving fundamentals. | View | |
| 2024 Q2 | Jul 15, 2024 | Smead International Value Fund | 0.7% | 11.6% | CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, energy, Europe, Government Spending, inflation, technology, value | The fund is focused on the reserve life of oil and gas assets in places like Canada with investments like MEG Energy, Cenovus and Strathcona. In a world that is far less interested in investing in energy compared to AI, they believe that the assets' lives need to match the current long lead time capital cycle. | View | |
| 2025 Q1 | Apr 14, 2025 | Smead International Value Fund | 5.7% | 5.7% | BARC.L, BRBY.L, CVE.TO, FRO, GLEN.L, MEG.TO, PNDORA.CO, SCR.TO, UCG.MI | banks, Canada, commodities, energy, international, value | The fund holds significant positions in Canadian oil and gas producers in the tar sands. Energy has been a major detractor through mid-2023 to March 2025. The manager believes these businesses have much less risky capital structures than perceived, with companies like Meg Energy having less than 50% of cash flow in net debt. | View | |
| 2023 Q4 | Jan 16, 2024 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, CVE.TO, FRO, GOOS.TO, IFP.TO, IWG.L, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, Change, Europe, Geopolitical, oil, value | America transformed into an OPEC-sized producer of oil and gas products over the last 20 years. American producers decided to quit drilling new holes in spring 2020, leading to explosive returns for investors as stock buybacks and dividends rained in from operating cash flow. Oil and gas producers are now being rational with their capital allocation. | BAWG.VI |
View |
| 2024 Q4 | Jan 14, 2025 | Smead International Value Fund | -6.2% | 4.7% | 7270.T, BARC.L, BG.VI, BRBY.L, CVE.TO, FRO, G.MI, GLEN.L, IFP.TO, MEG.TO, PNDORA.CO, ROG.SW, SCR.TO, UCG.MI, VOW3.DE, WFG.TO, WHC.AX | Autos, banks, Buybacks, energy, Europe, Japan, value | The letter extensively discusses share buybacks as a key investment strategy, comparing them to Pac-Man gobbling up shares. UniCredit reduced shares outstanding by 19.4% through buybacks, and Japanese companies including Subaru are implementing their first-ever buyback programs. | 7270.T UCG.MI |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $16.7M | 0.03% | 765,166 | -52,200 | -76.54% | 0.2260% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $17.5M | 0.02% | 800,488 | +800,488 | +100.00% | 0.2364% |
| Bill Smead | Smead Capital Management | $4.8B | $12.9M | 0.27% | 586,729 | -3,537 | -0.60% | 0.1751% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $30.5M | 0.04% | 1,396,000 | -851,120 | -37.88% | 0.4123% |
| Michel Massoud | Melqart Asset Management | $1.0B | $2.2M | 0.21% | 100,016 | +80,821 | +421.05% | 0.0295% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.8M | 0.00% | 83,092 | -430,050 | -83.81% | 0.0245% |
| Stephen Selver | Bramshill Investments | $1.8B | $1.0M | 0.06% | 48,065 | +324 | +0.68% | 0.0142% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $16.8M | 0.02% | 769,458 | +715,623 | +1329.29% | 0.2272% |
| Louis Bacon | Moore Capital Management | $6.8B | $6.7M | 0.10% | 307,779 | +68,403 | +28.58% | 0.0911% |
| Rich Handler | Jefferies | $19.3B | $2.0M | 0.01% | 92,098 | -47,795 | -34.17% | 0.0274% |