FTC-L

FTC-L

FTC-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Rockwood Strategic	0.9%	22.5%	AGFX.L, CAPD.L, CAU.L, CPI.L, FLO.L, FSJ.L, FTC.L, FUND.L, GFRD.L, NWBD.L, PRES.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VANL.L	Engagement, Recovery, small caps, turnaround, United Kingdom, value	Fund targets severely discounted UK small cap valuations with significant margin of safety. Portfolio companies trading at depressed multiples with material recovery potential through operational improvements and management changes.		View
2024 Q2	Jun 30, 2024	Rockwood Strategic	21.6%	21.5%	CAU.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, NWOR.L, PRES.L, RKW.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRI.L, VANL.L	Engagement, Recovery, small caps, turnaround, Uk, value	Fund employs a value investor mindset focused on free cash flow and margin of safety principles. Portfolio targets companies trading at significant discounts to underlying value with material scope for profit recovery and re-rating.	CPI.L JF.L TRI.L RM.L FUND.L	View
2025 Q1	May 1, 2025	Rockwood Strategic	-3.8%	-3.8%	CAU.L, CPI.L, ELLE.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, KOO.L, MERC.L, NWF.L, RKW.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VQS.L	concentrated, Engagement, Recovery, small caps, turnaround, United Kingdom, value	Fund employs a value investor mindset focused on free cash flow and targeting companies trading at significant discounts to intrinsic value. Portfolio companies are selected based on depressed valuations with mean reversion potential and margin of safety principles.		View
2026 Q1	Apr 28, 2026	Rockwood Strategic	-7.2%	-7.2%	FTC.L, VANQ.L, VID.L	concentrated, Engagement, Recovery, small caps, turnaround, Uk, value		VID.L VANQ.L	View
2024 Q1	Mar 31, 2024	Rockwood Strategic	-	-	AGFX.L, CAPD.L, CAU.L, FCH.L, FLO.L, FTC.L, JFS.L, PRES.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRI.L	Buybacks, Media, small caps, turnaround, United Kingdom, value	The strategy identifies undervalued investment opportunities where potential exists to improve returns through operational, strategic or management changes. The manager believes UK small companies market provides significant investment opportunity due to inefficient pricing of poorly researched companies trading at historically low valuations.		View
2025 Q4	Dec 31, 2025	Green Ash Partners	-	-	6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V	Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations	The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research.		View
2025 Q3	Oct 20, 2025	Rockwood Strategic	-1.9%	7.4%	CAPD.L, CAU.L, CHSC.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, KOO.L, MERC.L, PEN.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRB.L, TRI.L, VEL.L, VQS.L	Engagement, Recovery, small caps, turnaround, United Kingdom, value	Fund employs a value investor mindset focused on free cash flow and targeting companies trading below underlying value. Strategy involves identifying businesses with significant mean reversion potential and margin of safety opportunities. Portfolio positioned to benefit from UK small cap value outperformance versus growth.	FSJ FLO VANQ FSJ FLO VANQ	View
2024 Q4	Jan 30, 2025	Rockwood Strategic	2.3%	25.7%	CAU.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, KOO.L, MERC.L, NWBD.L, PRES.L, RKW.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VANL.L, VQS.L	Concentration, Recovery, small caps, turnaround, United Kingdom, value	Fund targets severely discounted UK small cap valuations with simple average EV/EBITDA of 5.9x and EV/Sales 0.9x. Manager emphasizes buying quality businesses at depressed prices with margin of safety approach. Starting valuations matter significantly for long-term returns.		View
2025 Q4	Jan 12, 2026	Rockwood Strategic	3.5%	11.0%	ADF.L, CAPD.L, CAU.L, CPI.L, CSC.L, EYE.L, FCH.L, FLO.L, FSJ.L, FTC.L, KOO.L, MERC.L, PEN.L, RKW.L, RST.L, SAA.L, STV.L, TET.L, TON.L, TRB.L, TRI.L, TUNE.L, VANQ.L, VLE.L	Engagement, Recovery, small caps, turnaround, United Kingdom, value	Fund employs a value investor mindset focused on free cash flow and margin of safety. Targets businesses trading below underlying value with mean reversion potential. Seeks companies with identifiable assets and proven business models at depressed valuations. Specialist focus on UK small company investments with market caps under £250m. Portfolio concentrated in companies with significant universe providing differentiated opportunities. Less competition in this space creates information advantages. Exclusively focused on UK listed companies benefiting from depressed valuations and domestic investor exodus. Sees scope for optimism with pension fund allocation improvements, falling interest rates, and multiple initiatives to improve UK market conditions.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of FTC-L

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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